French President Nicolas Sarkozy said Saturday that he wanted to work with Russia to give developing nations a larger say in how to regulate the global economy. Global financial institutions such as the World Bank and International Monetary Fund — created at the Bretton Woods conference in New Hampshire 1944 — are outdated and must be replaced, Sarkozy told an economic forum in St. Petersburg hosted by Russian President Dmitry Medvedev. "We all need to think about the foundations for a new international financial system. We've been based on the Bretton Woods institutions of 1945, when our American friends were the only superpower," Sarkozy said. "My question is: Are we still in 1945? The answer here is, 'no,'" he said. While the Bretton Woods conference took place in 1944, the International Monetary Fund was officially established a year later, when the 29 countries that had participated signed its Articles of Agreement. Sarkozy said the United Nations has too many members … [Read more...] about France, Russia vow to promote global role of G-20
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14th Int’l Garment Industry on show in HCMC Nearly 200 businesses from 10 nations and territories around the globe attended the 14th Vietnam International Textile & Garment Industry Exhibition (VTG 2014) which opened in HCM City on October 29. On display at nearly 360 pavilions were hi-tech equipment in the garment and textile sector with well-known brand names such as Artrend, Da Kong, Tajima and Weltex. From the beginning of the year, Vietnam’s garment and textile sector has gradually secured a firm foothold in the international market with a turnover of more than US$15 billion. Especially, local found materials make up nearly 50%, a considerable increase compared to the previous years. However, as these materials are not of high quality, Vietnam still has to import materials to produce high-end products. This year’s event is expected to help local businesses access the latest machines and equipment and the most suitable material source. The event will run … [Read more...] about BUSINESS IN BRIEF 30/10
When the world’s top finance ministers and central-bank chiefs meet in Dresden this week, they may struggle to stick to an agenda set by their German hosts that doesn’t mention Greece. The Group of Seven meeting starting on Wednesday will officially focus on big-picture themes of economic growth, tax evasion and strengthening the global financial architecture. Yet the most pressing matter for many of the policy makers attending is whether Greece can stay in the euro, and whether the world can handle the consequences if it can’t. Time is running out for the Mediterranean country to reach agreement with its German-led creditors over economic reforms needed to unlock bailout funds before loans from the International Monetary Fund come due next month. That’s leading non-European observers, like officials from the U.S. Treasury, to warn of unpredictable consequences if Greece and its partners don’t manage to avert a default. “There are no major pressing … [Read more...] about The G-7’s problem: can the world deal with a Greek default?
Poor patients in Vietnam and other developing countries could suffer a significant hike in the price of medicine brought on by a regional trade pact that has been impossible to track. The latest round of negotiations for the 12-nation Trans-Pacific Partnership (TPP) wrapped up Monday in Australia with a sunny joint statement issued by high-ranking trade officials noting “significant progress.” But soon afterward, Reuters reported that “no breakthrough was forthcoming on the thorniest questions.” "There is no prospect for an agreement on market access (between Japan and the United States) at the moment," Japanese Economics Minister Akira Amari was quoted by the newswire as telling a news conference in Sydney on Monday. American political wonks note that congressional Democrats view approval of another free trade agreement as political suicide—a position that became poignantly public when Democratic Senate Majority Leader Harry Reid denied President Barack … [Read more...] about Vietnam, developing countries brace for toll on cutting edge drugs under Pacific trade draft