Protectionism may take away gains from globalisation: Prime Minister

Prime Minister Narendra Modi has said that rise in protectionism threatens to take away the gains from globalisation. At the G20 Summit, Modi stressed that the grouping should speak in one voice to support and sustain a regime of openness. Commenting on the issue, Prime Minister told the media, “The decision on demonetisation has dealt a blow to corruption, boosted digitisation and enlarg

Solar power to be cheapest form of power generation: Study


A study has said that wind energy and solar power will be the cheapest form of power generation in every G20 country, including India, by the year 2030. The study carried out by Greenpeace Germany revealed that in about half of the G20 countries, renewable energy has been cheaper or equal in price to electricity generated from dirty coal or hazardous nuclear power plants since 2015.

G20 rejects protectionism, wants to act against money laundering, corruption

Rejecting emerging protectionist trends, the G20 countries, including India, on Saturday agreed to keep the markets open and fight protectionism, including all unfair trade practices and hinted at advancing the implementation of international standards on transparency to fight corruption, tax evasion, money laundering and terrorist financing.

In a major step against black money genera

Modi decries protectionism, says G20 must lead on major issues

 Criticising the threat to globalisation posed by protectionism in some leading G20 nations, Prime Minister Narendra Modi on Friday exhorted the grouping to assume the leadership on major global issues and said India stood ready to carry forward the fight against corruption and black money.

"The rise in protectionism threatens gains from globalisation. G20 must speak in

Trudeau: G20 will tell Trump he should take lead on climate change

BERLIN - Canadian Prime Minister Justin Trudeau told a German newspaper on Friday the leaders of G20 countries meeting in Hamburg would tell U.S. President Donald Trump he should take the lead in addressing climate change.

Trump decided last month to pull the United States out of the Paris accord on climate change, saying it would wipe out U.S. jobs. Climate policy is

Chinese companies must diversify funding as banks deleverage: vice finance minister

HAMBURG - Chinese enterprises are too reliant on bank finance because of their lack of capital market access, its vice finance minister said on Thursday, promising to continue pushing the financial sector to deleverage while developing alternative sources of finance.

Speaking on the eve of the G20 summit in Hamburg, Zhu Guangyao also said China was closely monitoring

EU, Japan seal free trade in signal to Trump

BRUSSELS  -

Japan and the European Union agreed a free trade pact on Thursday to create the world's biggest open economic area and signal resistance to what they see as U.S. President Donald Trump's protectionist turn.

Concluded in Brussels on the eve of meetings with Trump at a summit in Hamburg, the "political agreement" between two

Ahead of G20 summit, Putin calls sanctions "covert form" of protectionism

BERLIN - Russia is in favour of an open and rules-based trade order to boost global growth, and sanctions imposed against Moscow are a "covert form" of protectionism, President Vladimir Putin was quoted as saying on Thursday ahead of a G20 summit in Germany.

"I'm convinced that only open trade relations based on uniform norms and standards can stimu

G20 to discuss steel overcapacity as tensions simmer over U.S. tariff plan

WASHINGTON -

G20 leaders will discuss steel overcapacity at this week's summit in Germany, European officials said, as tensions rise over U.S. President Donald Trump's plan to use a Cold War-era law to restrict steel imports for national security reasons.

    Trump launched an investigation into the matter in April, in a move that dip

Ahead of fractious G20, Germany and China pledge new cooperation

BERLIN - Ties between China and Germany are about to enter a new phase, China's president said, as he met the German chancellor before a G20 summit that is expected to highlight their differences with the United States on a host of issues.

President Xi Jinping and Chancellor Angela Merkel pledged on Wednesday to work together more closely on a range of issues, two

Companies have to open up about climate risks: Shell CEO

LONDON  - Climate change poses one of the biggest long-term risks to the global economy and companies, including big oil and gas firms such as Shell, have to be open about how the risks will affect them, its chief executive said on Tuesday.

Shell, one of the biggest oil and gas producing firms in the world, is under growing pressure from some shareholders to impr

G20 watchdog says no let up in correspondent banking decline

LONDON - The decline in correspondent banking, a crucial channel for moving cash from one country to another, shows no sign of slowing despite measures agreed in 2015 to stem the slide, global regulators said on Tuesday.

Banks have been pulling out of the business for a variety of reasons from not making enough money to industry consolidation to the fear of falling fo

Abe expected to agree EU-Japan trade deal on Thursday -EU

BRUSSELS- The European Union and Japan expect to commit to signing a free trade deal on Thursday, the EU said, in what both see as a push back against a feared U.S. turn toward protectionism under President Donald Trump.

Confirming on Tuesday that Japanese Prime Minister Shinzo Abe would meet heads of EU institutions in Brussels on the eve of a G20 summit with Trump a

India gets good ranks on FSB's reform report card to G20

The Financial Stability Board (FSB), an international body for global financial system, listed India among countries that are 'compliant or largely compliant' on implementation of priority area reforms, reported PTI. Ahead of the G20 Summit in Germany to be attended by Prime Minister Narendra Modi, among other world leaders, the FSB today submitted its status report on progress in finan

As anti-G20 protests begin, Merkel says growth must be inclusive

BERLIN - With an eye on anti-globalisation protests brewing in Hamburg before this week's G20 summit, Chancellor Angela Merkel said on Sunday leaders will have to focus on sustainable and inclusive economic growth rather than their own prosperity.

In her weekly podcast, the German chancellor said this year's G20 summit will delve into issues championed by prot

2/07/2017 4:41:21 PM | Posted in World Market More News read full news
G20 watchdog says fintech doesn't pose threat to financial stability

By Huw Jones

LONDON  - The rise of fintech does not pose any compelling risks to financial stability, according to a review by global regulators, but this may change as the sector grows.

While financial technology is changing how financial services and information are being delivered, there is no evidence that services like crowdfunding, "robo"

Germany to focus on free, fair trade at G20 summit, says Merkel

BERLIN - Germany wants to make progress in its presidency of the Group of Twenty leading economies on improving free and fair trade and will try to get broad agreement on open markets at next month's leaders' summit, Chancellor Angela Merkel said on Tuesday.

She cautioned, however, that this might not be easy with U.S. President Donald Trump.

"O

G20 must tackle distortions on global steel markets - German minister

BERLIN   The world's 20 biggest economies must jointly tackle the causes of imbalances on global steel markets, German Economy Minister Brigitte Zypries told Reuters on Tuesday, adding she had addressed the issue also in talks with Chinese counterparts.

"We must work together on the causes of market distortions and we can only do so at the G20 level

China data delay leaves FSB in the dark on riskiest shadow banking assets

By Michelle Price

HONG KONG The Group of 20 (G20) economies’ financial risk monitoring agency has criticised Beijing for being slow in providing key financial data from China, leading to the delay in a report on the risks the world faces from shadow banking.

China failed to provide data to the Financial Stability Board (FSB) in time for its annual &quo

Europe admits G20 economies will miss extra growth target

VALLETTA - European Union finance ministers admitted on Saturday that the world's 20 biggest economies (G20) will miss their target of generating additional economic growth through reforms by 2018 and called for reflection on why they have failed.

G20 economies agreed in 2014 to boost growth in their economies by at least an additional 2 percent over 5 years throu

Hamburg G20 Summit to focus on economic resilience, digitalisation

Global economic resilience and digitalisation will be among the key areas of focus of the G20 Summit to be held in Hamburg on July 7-8, Andreas Lux, Head of the German G20 Presidency Team Global, said here on Friday.

Speaking at an interactive session organised by the German Embassy here, Lux said that the summit of 20 major economies would aim at ensuring the continuity of key issues

G-20 Framework Working Group discusses global economy

The G-20 Framework Working Group (FWG) in its third meeting here discussed the various issues pertaining to global economy along with the agenda on inclusive growth.

The two-day meeting that concluded on Wednesday was hosted by the government and Reserve Bank of India (RBI). 

"G-20 FWG discussed the current state of the global economy as well as G-20 agenda on incl

Policy uncertainty, protectionism can impact global economy - China finance minister

BEIJING  - China's Finance Minister Xiao Jie, who attended last week's G20 meeting, warned that momentum seen in the global economy could be curbed by policy uncertainties and the rise of protectionism.

G20 finance ministers and central bankers, in their communique issued following a gathering in the German resort town of Baden-Baden, dropped a pledge to

World stocks baulk at G20's protectionism shift, dollar six-week low

By Jamie McGeever

LONDON  - World stocks opened the week on a cautious footing on Monday after the G20's decision to drop a pledge to avoid trade protectionism, while the U.S. Federal Reserve's conservative rate guidance continued to push the dollar lower.

Asian stocks were mixed, European stocks fell as much as 0.3 percent and U.S. futures poin

Analysis - G20 ministers give Mnuchin space to define Trump trade agenda

By David Lawder

BADEN BADEN, Germany  - Wary of their first official encounter with U.S. President Donald Trump's blustery trade agenda, the world's top finance officials were relieved to find new Treasury Secretary Steven Mnuchin polite and business-like over the weekend.

But they yielded ground to the newcomer's push for the Group of 20 ma