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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: G8 spies economic danger signs as summit begins AFP - Thursday, July 9 L'AQUILA, Italy (AFP) - - Leaders of the world's most powerful countries warned Wednesday that the economy remains in danger and backed away from pledges to tackle global warming as they began their annual summit. ADVERTISEMENT The build-up to the Group of Eight gathering in L'Aquila, which was devastated by an earthquake less than 100 days ago, was also overshadowed by turmoil in China which prompted President Hu Jintao to hurry back to Beijing. US President Barack Obama and about two dozen other heads of state and government were flown in a buzzing fleet of helicopters to the small Italian town for discussions focused largely on kickstarting the global economy. They will also tackle issues such as climate change, food security, and the continuing standoff with Iran and North Korea over their nuclear programmes. As talks started in a military barracks, it emerged that a draft summit declaration made no mention of a previous pledge to halve greenhouse gas emissions by 2050 and there were few concrete economic measures. They also have yet to reach an accord on condemning Tehran's crackdown on post-election protests, Italy's foreign minister said on the sidelines of the meeting, as diplomats said Russia was holding out against sanctions. "On Iran, we will find the right wording," he pledged, but added: "The important thing is that the international community does not tolerate violence and the violation of human rights." The delicacy in choosing its words over Iran contrasted starkly with the G8's stance on North Korea. Frattini said they will issue a strong condemnation of Pyonyang's missile tests last weekend. In part of concerted attempts to kickstart the world economy, the leaders agreed that 70 to 80 dollars was a fair price to pay for a barrel of oil, a spokeswoman for Russian President Dmitry Medvedev told reporters. "The G8 leaders... agreed that this price is fair," the spokeswoman Natalya Timakova said. Ahead of the summit, British Prime Minister Gordon Brown and French President Nicolas Sarkozy had said they wanted to stabilise oil prices after 12 months in which a barrel of crude fluctuated between 32 and 147 dollars. According to a copy of a joint declaration on the economy agreed at a working lunch, the G8 leaders may have detected some positive signs of recovery but do not believe the global economy is safe yet. "While there are signs of stabilisation, including recovery in stock markets ... the situation remains uncertain and significant risks remain to economic and financial stability," said the statement. The communique was vague however about what further steps were needed. "We commit... to continue to provide macro-economic stimulus consistent with price stability and medium-term fiscal sustainability," said the text. "Exit strategies will vary depending on economic conditions and public finances," it added. The summit brought together leaders from the United States, Canada, Japan, Russia, Britain, France, Germany and Italy. But in a sign of the shifting balance of power, much of the discussion will be expanded to include emerging powers India, China, Brazil and South Africa. They pledged to rein in the growing practice of cash-rich but land-poor countries' snapping up African farmland to ensure continuing food stocks. "We will work with partner countries and international organisations to develop a joint proposal on principles and best practices for international agricultural investment," said a draft Development and Africa communique. Following recent food price rises, countries including China, South Korea and Gulf states as well as some companies have started buying land in Africa to ensure stable food supplies. NGOs have derided the practice as naked "land-grabbing" which risks destabilising food security in developing countries. It is the biggest international gathering since a landmark Group of 20 summit in April when one trillion dollars was committed to the International Monetary Fund and other global bodies to help struggling economies. Efforts to combat global warming also featured prominently on the agenda, but a European Union official said the G8 had dropped a pledge to halve global greenhouse gas emissions by 2050. "There is indeed a very strong commitment to identify the global goal for substantially reducing global emissions by 2050, but there is no 50 percent" mentioned in a draft declaration, the official said, on condition of anonymity. Kazuo Kodama, spokesman for Japanese prime minister Taro Aso, told reporters the G8 countries remained committed to the principle, but had failed to convince major emerging economies such as India and China to go along. "Our leaders tried hard to convince the emerging economies in the out-reach five. They didn't agree to embrace the target," he said, predicting that the G8 countries would put more pressure on the developing economies. Obama is one of a number of leaders taken on a tour by Italian Prime Minister Silvio Berlusconi of the villages at the epicentre of the April 6 quake which claimed 299 lives. "Obviously our hearts were broken by the death and destruction that took place after the earthquake," said Obama after meeting Italian President Giorgio Napolitano in Rome. 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