Leaders urge world finance reform

Beijing | October 25

BBC - Asian and European leaders have called for comprehensive reform of the global financial system.

Ending a summit in Beijing, they also urged the International Monetary Fund (IMF) to play a greater role in helping countries hit by the market turmoil.

UN chief Ban Ki-moon called for action to help affected developing nations.

Chinese Prime Minister Wen Jiabao said Beijing would take an active role at a summit of world leaders to be held in Washington next month.

Leaders attending the 43-nation Asia Europe Meeting (Asem) agreed to "undertake effective and comprehensive reform of the international monetary and financial systems".

**Financial crisis: World round-up


adrena October 25, 2008 - 6:55pm
( categories: News | Global )

CANADA:

Background: One of the world's richest nations - thanks partly to immigration. The North American Free Trade Agreement, involving Canada, the US and Mexico, has brought a trade boom. Has been asserting sovereignty in the Arctic with the possible bounty from previously-untapped reserves of oil and gas at stake.

Key data: Gross National Income per capita: $39,420 (World Bank, 2007)

Latest: The Bank of Canada cut its key interest rate by a quarter point, to 2.25%, on 21 October.

This is the second cut this month - the bank cut the rate by half a percentage point on 8 October in a co-ordinated effort with other central banks.

On 10 October, Finance Minister Jim Flaherty attempted to ease the credit crunch by announcing CAN$25bn ($21bn) of asset-swaps between the country's major banks and the government-owned Canada Mortgage and Housing Corporation (CMHC). The Bank of Canada said three days later it would provide exceptional liquidity to the financial system "as long as conditions warrant".


Tolerating prostitution is tolerating abuse and torture of women and children.

adrena October 25, 2008 - 7:06pm

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