Pay cuts at bailout companies: a real-life test case Oct 23, 2009
The federal government has so far injected $240 billion into the group of seven companies under Mr. Feinberg's watchful eye. Acting on a law passed by Congress, the Treasury Department's special pay master has examined the companies' salaries and bonuses and he has spoken: Senior executives at the companies will see their cash pay cut by an average of about 90 percent, while total compensation which includes bonuses will be cut by about 50 percent. (Christian Science Monitor)
Big Bear Airport District names new manager Oct 22, 2009
He was selected from the final group of seven candidates for the position. The board made the announcement Oct. 16. (Big Bear Grizzly, CA)
Israel strongly opposes war crimes report Oct 21, 2009
Tuesday's decision by the Security Cabinet, a group of seven senior ministers, assigned legal, political and diplomatic officials to the lobbying effort, the officials said. The U.N. report, overseen by respected South African jurist Richard Goldstone, has created an uproar in Israel. (MSNBC -- International)
Trichet, Europe Finance Ministers Urge Stronger Dollar After Euro Advances Oct 20, 2009
He also echoed the Group of Seven statement that excessive volatility and disorganized developments in the exchange market was bad for economic development. . (Bloomberg -- Europe)
Keeping people safe more important than cutting deficit: Najib Oct 19, 2009
"If we want to inject a big stimulus package, we must accept the additional deficit. Which is more important? A smaller deficit or the people being safe and comfortable? "The government chooses to save the people, but when the time comes we will tackle and reduce the deficit," he said when replying to a supplementary question from Dr Tan Seng Giaw (DAP-Kepong) at the Dewan Rakyat Monday. Tan wanted to know measures taken by the government to reduce a deficit that had reached 7.6 percent. Najib... (The Star Online, Malaysia)
China to overtake Japan in next two years: analysts Oct 19, 2009
China, still excluded from the Group of Seven richest nations even though it has become a key driver of global economic growth, has been lobbying for a bigger role in groups such as the International Monetary Fund. "Status as the world's second biggest economy may give greater weight to arguments that China should have increased representation and influence in international organisations," Ulrich said. (Business Report, South Africa)
Canada Will Seek Supreme Court Ruling on Plan for New Securities Regulator Oct 17, 2009
While Canada is the only member of the Group of Seven industrialized nations without a national securities watchdog, the governments efforts to create one have been opposed by the French-speaking province of Quebec, which claims it has sole jurisdiction over regulation. Finance Minister Jim Flaherty announced yesterday that 10 of the countrys 13 provinces and territories have signed on to his plan for a national regulator. (Bloomberg -- Canada)
Fujii Told Geithner at G-7 Meeting He Supports a Strong-Dollar Policy Oct 15, 2009
Oct. 15 (Bloomberg) -- Japans Finance Minister said he told his counterpart U.S. Treasury Secretary that he agrees with a strong-dollar policy when they met at a Group of Seven meeting this month. I told him its acceptable for the dollar to strengthen, Fujii told business leaders in Osaka today. (Bloomberg -- Japan)
Bank of Japan Refrains From Comment on Exit Strategy Oct 14, 2009
BOJ Governor Masaaki Shirakawa had signaled an exit to the unconventional steps may be near, telling reporters at a Group of Seven meeting of financial leaders on October 3 that corporate finance was in less need of policy support with credit market conditions improving significantly. But the central bank has faced pressure from government officials against moving too soon. (ABC News -- Wire)
Obama Dollar Retreats Most Against Commodity Producers in Wealth Transfer Oct 13, 2009
8 percent, the highest in the Group of Seven, restoring the worlds largest economy to the 3 percent growth rate of the past two expansions may take years. The U.S. recovery is not yet clearly under way and other parts of the world, particularly emerging markets and commodity- based countries, are ahead of us, said , a senior fellow at the Peterson Institute in Washington and the International Monetary Funds former chief economist. (Bloomberg -- US)
Golf And Rugby Approved For 2016 And 2020 Olympics Oct 10, 2009
Golf and rugby were chosen by the executive board from a group of seven sports hoping to be part of the Games. Baseball, softball, karate, squash and roller sports did not make the initial cut. (ABC 7 News, DC)
US trade performance improves Oct 10, 2009
Group of Seven officials, in a statement this month, welcomed China's ``continued commitment'' to a more flexible currency, which they said would promote balanced international expansion. US policy makers and economists have urged China to further reduce its export reliance by eliminating manufacturing subsidies that make exports cheaper, and allowing the yuan to appreciate against the dollar. (Sydney Morning Herald -- Business)
No. 7 Gamecocks Host Auburn On Senior Day Friday Oct 10, 2009
The group of seven has led Carolina to three consecutive SEC tournament appearances and two consecutive NCAA appearances. APPROACHING THE RECORD Senior defender has started every game of her career, and with 79 career starts is currently second all-time at South Carolina. (Uscsports.com)
Japan m00002397achinery orders rise from record low Oct 9, 2009
Finance ministers from the Group of Seven rich countries warned the recovery remains "fragile" and tried to talk up the U.S. dollar amid fears it could fall farther and disrupt the global economy. The officials said in their closing statement after meeting Saturday in Istanbul that decisive moves by governments had improved conditions for the world economy and financial markets. (Fresno Bee -- Business)
One for the ages Oct 8, 2009
It was their last hurrah, the last game for that core group of seven defenders who had burst on the scene two years earlier, also in a night game in Miami, and grew into one of the best defenses college football has ever seen. "We were almost like a pro team," said defensive tackle and co-captain Steve Smear. (Penn State Sports -- Rivals.com)
I-Believe-in-a-Strong-Dollar Refrain Becomes Relic as China Begs Stability Oct 8, 2009
We recognize that the dollars important role in the system conveys special burdens and responsibilities on us and we are going to do everything necessary to make sure we sustain confidence, Geithner told reporters after attending a meeting of counterparts and central bankers from the Group of Seven in Istanbul on Oct. 3. The comments came after policy makers from China to Russia called for an alternative to the worlds main currency in foreign-exchange reserves. (Bloomberg)
China stands firm againstUS market scramble Oct 8, 2009
But while agreeing to share power with emerging economies, the Group of Seven (G-7) leading industrialized nations, including the US, have continued to lobby Chinese leaders to address skewed global flows in trade and investment by letting the Chinese currency - also known as the renminbi - appreciate faster. "We welcome China's continued commitment to move to a more flexible exchange rate, which should lead to continued appreciation of the renminbi in effective terms and help promote more... (Asia Times Online)
ECB set to hold rates, caution on economy Oct 8, 2009
The Group of Seven countries at meetings in Istanbul stuck to their earlier statement warning against excessive volatility but Trichet said in an interview with Reuters Television on Tuesday that rebalancing the global economy did not mean the dollar should depreciate against the euro. "I don't think he will be more specific and go beyond that," Bank of America's Schmieding said. (Yahoo News -- Press Releases)
Flaherty and Turkish Central Banker Named Top Policy Makers by Euromoney Oct 7, 2009
Flaherty, 59, is overseeing an economy that the predicts will be the fastest growing in the Group of Seven next year after its banking industry largely escaped the financial crisis. None of Canadas 21 banks has sought government funding since credit seized up worldwide in August 2007. (Bloomberg -- Canada)
Canadian Currency Gains as Stock, Commodity Rally Boosts Appetite for Risk Oct 6, 2009
The loonie earlier gained as Group of Seven finance officials refrained from calling for measures to stem the slide in the greenback after a meeting in Istanbul on Oct. 3 and reiterated that excessive volatility and disorderly movements in exchange rates threaten economic growth. The statement came at the end of a week in which global policy makers said a falling dollar risks impeding their recoveries from the recession. (Bloomberg -- Canada)
Financial Stocks Lead Market Rally Oct 6, 2009
Finance ministers of the Group of Seven leading industrial nations meeting in Istanbul over the weekend failed to express support for a stronger U.S. currency as some market participants had expected. Japan threatened intervention in forex markets to support the yen. (BusinessWeek)
Stock price rally could be a bubble Oct 6, 2009
Group of Seven policymakers, who met in Istanbul at the weekend, said prospects for growth "remain fragile". "The real economy is barely recovering while markets are going this way," Roubini said. (Business Report, South Africa)
Japan Finance Minister Fujii Says Weak-Currency Policies Aren't Desirable Oct 6, 2009
Oct. 6 (Bloomberg) -- Japanese Finance Minister said he told Group of Seven officials that governments worldwide shouldnt pursue policies that seek to devalue their currencies. I made the point that its undesirable for individual nations to take a weak-currency policy, Fujii said at a news conference in Tokyo today. (Bloomberg -- Japan)
Finance ministers agree to make G7 history Oct 6, 2009
Finance ministers from the rich Group of Seven countries have surrendered the dominance they have held for a quarter of a century over economic policy-making when the group decided to end regular set-piece gatherings. With power shifting from the west to the bigger developing nations, the G7 agreed at the weekend that from 2011 it would meet informally, and only when there was an issue of mutual interest. (Sydney Morning Herald -- Business)
G7's RMB complex -- Let's call it quits! Oct 6, 2009
BEIJING, Oct. 5 (Xinhua) -- The Group of Seven rich nations have again pushed developing China to appreciate its currency, the RMB yuan, so as to promote a so-called "more balanced growth". On Saturday, G7 central bankers' meeting held in Turkey's Istanbul failed to produce any significant boost to the world economy. (Xinhuanet, China)
U.S. Olympic TV deal likely worth less Oct 6, 2009
"While global growth is forecast to accelerate in 2010, output gaps will persist, unemployment may rise further, and downside risks remain," Geithner said in a statement issued from the Group of Seven meeting in Istanbul, Turkey. He added that while planning for an eventual exit from heavy government support of the financial sector is necessary, the world is not yet in a position to do so. (Honolulu Advertiser)
Euro rises after mixed data Oct 6, 2009
"We will take appropriate steps if one-sided movements become excessive," Hirohisa Fujii said Saturday at a press conference after meeting fellow Group of Seven finance ministers in Istanbul. The Japanese currency hit an eight-month high early last week of 88. (Business Report, South Africa)
G7 calls for firmer Chinese currency Oct 5, 2009
The Group of Seven (G7) rich nations urged China at the weekend to strengthen the yuan, but gave no sign of how it might overcome Chinese resistance to that suggestion or resolve other tensions over global currency rates. G7 finance ministers and central bankers, in a statement after they met in Istanbul, said Beijing should boost its tightly controlled currency to help correct imbalances in global trade, which have been blamed for fuelling the financial crisis. (Business Report, South Africa)
Recovery may disappoint, Roubini warns Oct 5, 2009
The Standard & Poor's 500 Index has soared 51 per cent from a 12-year low in March while Europe's Dow Jones Stoxx 600 is up 48 per cent. The euphoria contrasts with the cautious tone of Group of Seven policy makers, who said after meeting in Istanbul over the weekend that prospects for growth ``remain fragile. . (Sydney Morning Herald -- Business)
Asian stocks retreat on growth worries Oct 5, 2009
Following the US data from Oct. 2, Group of Seven finance chiefs said after a weekend meeting that ``disorderly'' swings in currencies threaten economic growth. Policy makers from France to Canada have signaled worry that a sliding dollar risks impeding their recoveries from the deepest global recession since World War II.. (Sydney Morning Herald -- Business)
Gold holds firm on softer dollar Oct 5, 2009
Finance ministers from the Group of Seven industrialised nations said at a meeting in Istanbul at the weekend that too much volatility in the forex market could hurt the global economy and financial system. - Reuters. (Business Report, South Africa)
Global recovery still fragile, warns G7 Oct 5, 2009
The world economy was growing faster than expected, but the recovery remained "fragile" and threatened by unemployment, finance ministers from the Group of Seven (G7) rich countries said after their meeting at the weekend. They said decisive actions had improved conditions for the economy and financial markets. (Business Report, South Africa)
Japanese Notes Decline as Four-Year-Low Yields Weaken Demand Before Data Oct 5, 2009
The necessity for policy to support commercial and corporate bond markets has receded, Shirakawa told reporters after a meeting of ministers and central bankers from the Group of Seven nations in Istanbul. The bank will decide how to handle its emergency programs in accordance with the improvement in credit markets, he said. (Bloomberg -- Japan)
Former Finance Minister Nakagawa, 56, Found Dead in His Tokyo Residence Oct 5, 2009
appointed finance minister in the new Cabinet of Prime Minister last month, called Nakagawas death regrettable in Istanbul yesterday, where he was attending a meeting of Group of Seven finance chiefs. He did a good job as finance minister, Fujii told reporters. (Bloomberg -- Japan)
Asian Stocks Decline as Roubini, U.S. Data Stoke Economic Growth Concerns Oct 5, 2009
Following the U.S. data from Oct. 2, Group of Seven finance chiefs said after a weekend meeting that disorderly swings in currencies threaten economic growth. Policy makers from France to Canada have signaled worry that a sliding dollar risks impeding their recoveries from the deepest global recession since World War II.. (Bloomberg -- Asia)
Muted response to Iran talks Oct 5, 2009
He wrote that Obama had effectively "turned the group of six into the group of seven" by giving Iran a role, but did not however think that this would allow the USA to halt Tehran's nuclear programme. Pikayev wrote that direct talks with Tehran were "five years overdue" and that the USA was "now acting from a position of weakness". (BBC News -- Africa)
Australian, New Zealand Dollars Rise; G-7 Avoids Criticism of U.S. Dollar Oct 5, 2009
Oct. 5 (Bloomberg) -- The Australian dollar rose for the first time in three days after Group of Seven finance chiefs stopped short of singling out the weaker U.S. currency for criticism, buoying demand for higher-yielding assets. Australias dollar also strengthened after an industry report showed the nations services industry shrank at a slower pace in September. (Bloomberg -- Australia & New Zealand)
Asia Must Embrace Fluctuating Currencies to Assist Recovery, Flaherty Says Oct 5, 2009
The lack of flexibility in some Asian currencies creates imbalances, it creates distortions in the world market place and thats what we are trying to avoid, Flaherty said today in an interview after a Group of Seven meeting in Istanbul. If we are going to have our currencies as market currencies then we all need to have our currencies fluctuate. (Bloomberg -- Canada)
Markets specialist says stocks have risen too fast Oct 5, 2009
The euphoria contrasts with the cautious tone of Group of Seven policy makers, who said after their meeting in Istanbul that prospects for growth remain fragile. The real economy is barely recovering while markets are going this way, Roubini said. (Boston Globe)
G7 Presses for Stronger Yuan Oct 5, 2009
ISTANBUL (Reuters) - The Group of Seven rich nations urged China on Saturday to strengthen the yuan, but gave no sign of how it might overcome Chinese resistance to that suggestion or resolve other tensions over global currency rates. The G7 dominated economic policymaking for two decades, but Saturday's meeting underlined that it could no longer solve global problems without the cooperation of fast-growing economies in the developing world such as China. (ABC News -- Wire)
Don't Resist Reform, G7 Policymakers Tell Banks Oct 5, 2009
The Institute of International Finance (IIF), a group representing some of the world's biggest banks, met in Istanbul at the weekend alongside a conference of finance ministers and central bank chiefs of the Group of Seven rich nations. In years past, the groups have tended to see eye-to-eye. (ABC News -- Wire)
US economic power 'is declining' Oct 5, 2009
Finance ministers from the Group of Seven (G7) richest nations - the US, Japan, Germany, UK, France, Canada and Italy - have also been meeting in Istanbul. The G7 said the world economy was improving but "there is no room for complacency since the prospects for growth remain fragile and labour market conditions are not yet improving.". (BBC News -- Americas)
IMF hails Japan's plan to boost social spending Oct 5, 2009
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Canadian Currency Strengthens as Crude, Gold Advance, IMF Raises Forecast Oct 4, 2009
Oct. 3 (Bloomberg) -- Canadas currency strengthened as commodities including crude oil and gold advanced and Group of Seven nations finance ministers prepared to meet for talks today in Istanbul. The Canadian dollar, nicknamed the loonie for the aquatic bird on the C$1 coin, appreciated 1 percent against its U.S. counterpart. (Bloomberg -- Canada)
Moodie shoots 64 for Navistar lead Oct 4, 2009
Matt Kuchar, John Senden and Vaughn Taylor were a stroke back, and Adam Scott headed a group of seven at 68. The round was stopped because of darkness with a handful of players still on the soggy Atunyote Golf Club course. (News & Observer -- Sports)
G7 welcomes China commitment Oct 4, 2009
ISTANBUL, Oct. 3 (Xinhua) -- Finance leaders of the Group of Seven (G7) richest economies warned Saturday of disorderly movements in exchange rates and welcomed China's commitment to make the exchange rate of its currency more flexible. G-7 Finance Ministers and their central bank governors hold a meeting at the Istanbul Congress Center October 3, 2009. (Xinhuanet, China)
Japan's ex-Finance Minister found dead at home Oct 4, 2009
Nakagawa slurred his speech, at times appeared half asleep and had trouble answering questions from reporters at a news conference following the Group of Seven (G7) financial leaders' meeting in the Italian capital on Feb. 14. A graduate from the University of Tokyo, Nakagawa won his first lower house seat in 1983. (Xinhuanet, China)
Geithner Says Strong Dollar `Important,' Pledges to Maintain Confidence Oct 4, 2009
The U.S. will do everything necessary to maintain confidence in its currency, he told reporters after attending a meeting of counterparts and central bankers from the Group of Seven in Istanbul. This includes reining in budget deficits over time to put the country on a more sustainable path, he said. (Bloomberg -- US)
G-7 Members to Meet Less Often as G-20 Becomes Main Global Economic Forum Oct 4, 2009
Oct. 4 (Bloomberg) -- Group of Seven finance chiefs said they will meet less and issue fewer statements as the G-20 becomes the main arena for setting global economic policy. A week after the G-20s leaders convened in Pittsburgh for the third time in a year, G-7 ministers and central bankers said they would tighten the schedule of their meetings, work in parallel with G-20 events and issue communiqus only on merit. (Bloomberg -- Australia & New Zealand)
Britain, France to lend $4b for poor countries Oct 4, 2009
"If we don't do anything, poverty will increase and it will take much longer for (poor countries) to recover from the crisis, which they had nothing to do with," Darling told reporters at a joint news conference following the meeting of the Group of Seven finance ministers. The pledge from Britain and France was welcomed by the IMF's managing director, Dominique Strauss-Kahn. (The Star Online, Malaysia)
G-7 countries warn recovery 'fragile' Oct 4, 2009
ISTANBUL: The world economy is growing faster than expected, but the recovery remains ``fragile'' and unemployment still looms as a problem, finance ministers from the Group of Seven rich countries said after they concluded their latest meeting on Saturday ... The world economy is growing faster than expected, but the recovery remains 'fragile' and unemployment still looms as a problem, Group of Seven rich countries said. (India Times, India)
G7 finance chiefs to meet amid recovery conern Oct 3, 2009
Finance chiefs from the Group of Seven richest world economies gathered in Istanbul on Saturday for talks on the economic crisis as doubts swirled about the health of the global economy. ISTANBUL (AFP) - Finance chiefs from the Group of Seven richest world economies gathered in Istanbul on Saturday for talks on the economic crisis as doubts swirled about the health of the global economy. (Yahoo! Asia News)
Debate over G7 currency role Oct 3, 2009
GROUP of Seven finance officials meet this weekend in Istanbul to debate whether to surrender the weapon that helped shape currency markets for three decades. One week after the Group of 20 anointed itself the world economy's main policy forum, G7 finance ministers and central bankers may break with tradition and choose not to release a statement on the global economy and currencies, said officials who declined to be identified. (Sydney Morning Herald -- Business)
* All eyes on dollar ahead of G7 meeting Oct 3, 2009
Markets will be keeping a close eye on todays meeting of finance ministers from the Group of Seven leading industrial nations to see if they go beyond the normal platitudes about currencies and try to support the dollar, which has been sold off heavily in recent weeks. The dollar has been in focus since figures earlier this week from the IMF showed that its share of total reserves has fallen to its lowest level since 1995 and the head of the World Bank warned that its status as the worlds... (Taipei Times, Taiwan -- World Business)
Dollar Advances Most Since June as Gobal Policy Makers Voice Their Support Oct 3, 2009
The greenback advanced this week to the highest level versus the euro in almost a month as finance chiefs converging on Istanbul for Group of Seven talks today pushed for a strong dollar. Treasury Secretary pledged support for such a policy, and European Central Bank President said it was extremely important. (Bloomberg -- US)
Dollar Falls on U.S. Job Losses, Speculation Fed Rate Will Stay Near Zero Oct 3, 2009
The euro gained versus the dollar a day before Group of Seven finance officials meet in Istanbul, extending this years advance to 4. 5 percent. (Bloomberg -- Japan)
Shirakawa Says Tankan Survey Results Confirm Economy Is on Way to Recovery Oct 3, 2009
Shirakawa also signaled that the best place for finance chiefs to discuss foreign-exchange matters may be Group of Seven meetings. A broader association, the G-20, was named last month as the top global economic policy forum. (Bloomberg -- Japan)
Dollar mixed on world economic data Oct 3, 2009
Markets will be keeping a close eye on Saturday's meeting of finance ministers from the Group of Seven leading industrial nations to see if they go beyond the normal platitudes about currencies and try to support the dollar. In other late trading Friday, the dollar slipped to 1. (The Star Online, Malaysia)
G7 considering its future, may form smaller group Oct 3, 2009
ISTANBUL (Reuters) - The Group of Seven rich nations hopes to decide its future as an institution on Saturday, with the United States pushing for the creation of a smaller core group that would include China, a G7 official said ... The Group of Seven rich nations hopes to decide its future as an institution on Saturday. (The Star Online, Malaysia -- News)
G-7 fin ministers face dollar concerns Oct 3, 2009
ISTANBUL: Finance ministers from the Group of Seven rich countries face concerns over the future of the U.S. dollar as they meet Saturday in a forum whose role is increasingly in question ... Finance ministers from the Group of Seven rich countries face concerns over the future of the U.S. dollar as they meet Saturday in a forum whose role is increasingly in question. (India Times)
G20 lacks Africa participation: IMF head Oct 3, 2009
The G20 was established as a forum for finance ministers in 1999, when Bill Clinton was president of the United States, but remained in the shadow of the Group of Seven rich countries. Strauss-Kahn said the G20 was devised "not totally on a scientific basis". (Sydney Morning Herald -- Business)
Tokyo investors eye end to market slide Oct 2, 2009
Market players are also eyeing a weekend meeting of finance chiefs from the Group of Seven major industrialised nations to discuss the state of the global economy and financial market stability. The yen's strength is weighing on Japanese share prices as it erodes earnings of export companies. (Sydney Morning Herald -- Business)
Dollar eases against yen ahead of payrolls, G7 Oct 2, 2009
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Yen Poised for Second Weekly Advance on U.S. Jobs Concern, Stocks Decline Oct 2, 2009
Europes single currency was poised for a second week of decline against the dollar on speculation Group of Seven finance officials meeting in Istanbul this weekend will discuss the euros gains. Japans currency touched a two-week high versus the New Zealand dollar as Asian stocks extended a global slump, prompting investors to sell higher-yielding assets. (Bloomberg -- Japan)
Strong Dollar "Very Important": Geithner Oct 2, 2009
Speaking just before departing for Istanbul, Turkey, for a Group of Seven finance ministers' meeting, Geithner said the dollar's "exceptional" role in the global financial system invests the United States with extra responsibility. Questions have been raised about whether the world will be willing to keep financing huge American debts forever or whether they might seek an alternate reserve currency. (ABC News -- Wire)
