November 8, 2010 |
Polishing a pair of black men's dress shoes, Ji Soon-dol said he was honored to take an economic hit for the sake of his country. In preparation for this week's Group of 20 economic summit here, merchants at the mammoth Coex mall have been told the site will be off-limits to shoppers while it hosts the two-day forum. "It's a big deal for South Korea," the shoe repairman said. "We all must do our part. " Seoul has summit fever. All around the capital, banners proclaim the gathering of the world's 20 leading economies as the nation's biggest showcase since the 2002 soccer World Cup, a chance for this economic powerhouse to show that it has joined the world's heavyweights.
October 30, 2010 |
North and South Korean soldiers traded gunfire Friday along the heavily guarded DMZ, an exchange that raised tensions before world leaders gather here next month for the G-20 economic summit. Officials here said North Korean soldiers fired two rounds toward a guard post along the border and that South Korean troops immediately fired back. "Two shots were fired from a North Korean military guard post ? around 5:26 p.m., and we immediately returned fire with three shots as under the rules of engagement," said an official from the Joint Chiefs of Staff.
October 24, 2010 |
Officials of the world's major economic powers agreed Saturday to take steps to head off what one nation has warned could become a currency war, but the Obama administration fell short of securing an agreement to correct large trade imbalances threatening the global economy. Concluding two days of talks in South Korea, Treasury Secretary Timothy F. Geithner and other finance ministers of the Group of 20 leading economies also moved to give emerging nations such as China and India a bigger voice in the International Monetary Fund.
October 23, 2010 |
An Obama administration proposal to set global curbs on the trade surpluses and deficits of major countries drew immediate opposition Friday from some key American allies and trading partners, underscoring the enormous challenge in restoring stability to the global economy. Treasury Secretary Timothy F. Geithner unveiled the idea Friday before the start of a two-day meeting of finance ministers of the Group of 20 nations' finance ministers in South Korea. The U.S. also wants G-20 nations to commit not to undervalue their currencies to gain an edge in global markets ?
June 28, 2010 |
Leaders of the world's biggest economies acknowledged there is no one-size-fits-all solution to the world's economic troubles, agreeing in Toronto to halve the budget deficits of most industrialized nations by 2013, while giving each country the leeway to cut spending at its own speed. The compromise was the result of divisions between the Obama administration, which emphasizes the need to continue stimulating growth and job creation, and some of its principal allies, which have grown alarmed over soaring debt levels.
June 27, 2010
Toronto FC and the Galaxy played to a scoreless draw Saturday night amid nearby G20 Summit protests that prevented several thousand fans from attending the game at BMO Field. Subway shutdowns, altered bus routes and the uncertainty over road closings contributed to the smaller-than-usual crowd. The attendance was announced at 18,809, though it didn't reflect the actual number of fans in the stands. The Galaxy (10-1-3) is playing without stars Landon Donovan and Edson Buddle, members of the U.S. team eliminated from the World Cup earlier Saturday.
June 27, 2010 |
In a last-minute turn in global climate talks, international negotiators agreed over the weekend to adopt more ambitious plans than expected to trim government subsidies to oil companies worldwide, part of a broader effort to reduce greenhouse-gas emissions. Earlier this week, negotiators were hammering out an agreement among the top 20 industrialized and emerging nations that called for each to take "voluntary" measures to cut production and consumption incentives. But privately under pressure from the Obama administration over the last two days, the group now is preparing to sign an agreement that omits the word "voluntary."
June 27, 2010 |
Police said they arrested more than 400 people after a demonstration against the Group of 20 summit turned violent in downtown Toronto and braced for more possible trouble Sunday. Police spokeswoman Michelle Murphy said 412 people had been arrested across the city after what she described as "quite a messy protest" on Saturday. They face charges ranging from mischief to assaulting police, Saturday's protest started as a peaceful demonstration, but rapidly turned into a riot after groups of masked anarchists broke away from the main crowd, smashing store windows and banks and torching at least two police cars.
June 27, 2010 |
They smiled for photos and announced agreement on everything from nuclear containment to development efforts in Africa on Saturday, but world leaders gathered in Toronto have a tougher challenge as they get down to brass tacks on the best way to keep the global economic recovery from stalling. Going into Sunday's meetings with the Group of 20 industrialized and emerging nations, the Obama administration was pressing leaders to stay the course they set more than a year ago to promote growth through government investment in the economy.