World leaders have sanctioned the reforms to the International Monetary Fund (IMF) which will give emerging economies like Brazil, China and India greater clout, and hailed the Basel III accord that toughens rules on banks’ capital requirements. The G-20 countries, the world’s leading economies, have been meeting in Seoul, South Korea 11 and 12 November.
US concerns to limit trade surpluses to four percent of a country’s GDP were given short thrift in the face of stiff opposition from the world’s two major exporters, China and Germany. Instead, countries committed themselves to a study of “indicative guidelines” concerning trade imbalances. China has come under pressure from industrialized countries who say its currency is under-valued and favours its massive export sector.
The talks were overshadowed by the US Federal Reserve’s announcement a week ago that it would issue $600bn in currency in order to buy US Treasuries, a move widely seen as designed to weaken the US currency, which would cause an influx of speculative capital into emerging countries. The summit’s final declaration says that leaders would heed “market-based exchange rates” and resist the temptations of “competitive devaluation”. It also gives the nod to countries to put in place capital controls to counter capital inflows.
The city of Puebla, 120 km east of Mexico City, has inaugurated a taxi service for women by women who drive pink cars. In Puebla the drivers undertake 160 hours of first aid and self-defense training before they can drive a pink taxi. Their passengers can preen themselves in two mirrors in the back seat and drive in the knowledge that their whereabouts are tracked by GPS, reports Le Monde. Fares are about 10 percent higher than usual.
Other cities in addition to Mexico City are studying the concept with a view to copying it. Dubai and Moscow already have women-only taxis, reports the Korea Times, which says that Seoul is to introduce the concept in December 2009.
In 2008, 87 women reported being raped in taxis in Mexico City and a woman is murdered every six hours country-wide.
North and South Korea will hold talks this week on preventing flooding along their common border and on family reunions, despite signs that North Korea will test more missiles. The news comes a day after the North fired five short-range KN-02 surface-to-surface test missiles 12 October. The government in Seoul condemned the launches, saying they violated several UN Security Council resolutions.
North Korea agreed last week to resume six-party talks to resolve the question of the North’s illegal nuclear programme if Washington DC agrees to bilateral talks first.
The need for talks between the two Koreas became more urgent after North Korea opened a dam 6 September and released millions of tonnes of water which swept away six people south of the border. BBC, Romandie News
