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There was a lot of talk, but not much action at the Group of Seven (G-7) meeting in Tokyo on Saturday, where finance ministers and central bank governors discussed how to minimize what U.S. Secretary of the Treasury Henry Paulson, Jr., referred to as the "spillover of capital markets to the modern global economy" - that is, the global turmoil that has built up in markets since last August...
Translation: The G-7 chiefs are looking at the same economic horizon but from different vantage points, given the unique economic circumstances in each of their countries. The hope for a concerted effort by banks to lower interest rates in Europe and Japan, for example, simply won't happen. "The fact is that the European Central Bank faces inflation risk and the Bank of Japan won't move either way," says Kenichi Kawasaki, Lehman Brothers' chief economist for Japan, last Thursday...
...that we had discord amongst ourselves, we just noticed differences respective to each of our economic situations...and the degree of impact," said Japanese finance minister Fukushiro Nukaga, who co-chaired the G-7 meeting with Bank of Japan governor Toshihiko Fukui. "But we're here to work in partnership to overcome this difficulty." The U.S. was "taking on the central role" Nukaga said, adding that "each country will do what they can, respectively...
There was, however, at least one specific point of agreement: the importance of the joint-initiative of Japan, Britain and the U.S. to start a climate-change fund in cooperation with the World Bank. "There's clearly a role for a fund aimed and focused at technology and technology adoption in developing markets," says Paulson. "We have no chance of solving this problem unless we accelerate the use of clean technology and come up with incentives for the private sector." Japan hopes to take the lead in climate change when it hosts the Group of Eight summit in Hokkaido...
...Sydney is one of the world's most cosmopolitan cities: about 3 in 10 residents come from overseas, representing 170 countries. In asserting that Hong Kong was the 14th richest city in the world, you used a 2005 list prepared by PricewaterhouseCoopers. More recent data, compiled by the European Bank UBS in 2006, ranked Sydney at No. 18 and Hong Kong at No. 40. Stuart Pearson, Sydney...