Japan will propose at the upcoming Group of 20 Washington summit the doubling of the current 340 billion dollars provided to the International Monetary Fund to help strengthen its capacity to address financial crises and is willing to pledge 100 billion US dollars of its reserves, according to government sources in Tokyo.
US President George W Bush has admitted the financial system needs reforming, but insists the credit crunch was not a failure of the free-market system. Speaking Thursday in New York, Mr Bush said that while financial markets did need some new regulation and more transparency, free trade should not be restricted.
Economic activity is expected to fall by 0.9% in the United States in 2009, by 0.5% in the Euro area and by 0.1% in Japan as OECD countries enter a protracted slowdown, according to latest projections.
The Euro-zone has officially slipped into recession after EU figures showed that the economy shrank by 0.2% in the third quarter. This follows a 0.2% contraction in the 15-nation area in the previous quarter from April to June. Two quarters of negative growth define a technical recession.
British Prime Minister Gordon Brown has urged leaders of the G20 developed and emerging economies to resist calls for protectionism. Speaking in New York ahead of the weekend G 20 summit on the widening global financial crisis PM Brown said protectionism was the road to ruin.
Foreign Secretary David Miliband and Chilean Foreign Minister Alejandro Foxley signed Friday in London a Memorandum of Understanding on Educational Scholarships, the first of its kind and which will help increase the number of Chilean students in the UK.
A deal on the Doha round of trade talks could be reached within weeks and a summit of industrial and emerging countries this weekend must send a clear signal to achieve this, the EU top trade official said.
The Bureau of the Alliance of Liberals and Democrats for Europe (ALDE) began this week a three day meeting in Gibraltar under the theme of Gibraltar in the EU.
A United Nations-backed conference of major wheat producing countries has concluded with a call for urgent international action prevent and control a dangerous fungus that can cause heavy damage to wheat crops and threatens food security.
Former Governor of the Falkland Islands and a past British ambassador to Peru has been fined by the Financial Services Authority (FSA) for insider dealing in an AIM-listed mining company which he chaired, reports Thursday edition of The Times.