Link to the article: Channel 4
Last Modified: 30 Mar 2009
By: Channel 4 News
While the world sinks into economic turmoil China's own $500bn stimulus plan is set to boost local markets and exports. So should the west be looking east for recession salvation?
The real action at this week's global summit is less about the G20 than the two countries dubbed the G2 - China, and America.
China's economy is slowing but still booming and is set to grow by at least 6.5 per cent this year, according to the World Bank.
So can China really save the world - and does it want to?
Chinese ambassador, Fu Ying, speaks to Jon Snow about the country's economic growth.
Monday, 30 March 2009
Fixing a broken economy
Link to the article: Channel 4
Last Modified: 30 Mar 2009
By: Jon Snow
As world leaders gather to solve the global economy crisis Channel 4 News reports from G20 on whether the city blamed for causing the crash can fix it.
World leaders seeking a Big Fix for the global recession meeting this week are just a champagne cork's pop away from the City of London.
More than any other financial centre, the City flourished during the boom. Now those "white, blue eyed people" are seen as a cause of the crash and not just by the Brazilian president.
But amidst the squabbles and pre-summit positioning, two clear objectives are apparent.
Fix Number One: to cooperate to revive the world's economies, with or without a further commitment to spend more public money.
Fix Number Two: to identify the failures in the global financial and economic system that caused the crash, and mend them.
But as Gordon Brown insists we are in this together can London rise to the challenge and solve the crisis?
Last Modified: 30 Mar 2009
By: Jon Snow
As world leaders gather to solve the global economy crisis Channel 4 News reports from G20 on whether the city blamed for causing the crash can fix it.
World leaders seeking a Big Fix for the global recession meeting this week are just a champagne cork's pop away from the City of London.
More than any other financial centre, the City flourished during the boom. Now those "white, blue eyed people" are seen as a cause of the crash and not just by the Brazilian president.
But amidst the squabbles and pre-summit positioning, two clear objectives are apparent.
Fix Number One: to cooperate to revive the world's economies, with or without a further commitment to spend more public money.
Fix Number Two: to identify the failures in the global financial and economic system that caused the crash, and mend them.
But as Gordon Brown insists we are in this together can London rise to the challenge and solve the crisis?
Betting on 'casino capitalism'
Link to the article: Channel 4
Last Modified: 30 Mar 2009
By: Faisal Islam
Is funding a deregulated system the real reason behind the global crash? Channel 4 news looks at whether the financial gamble is the real recession villain.
Britain may have Sir Fred Goodwin to demonise but for much of the world "casino capitalism'" is to blame.
The financial system where gambling on large bets took over the job of markets allocating money to productive parts of the economy is at the centre of the global recession blame game.
Is there a consensus on the part this system played in the crash and can world leaders agree a plan to fix it?
Last Modified: 30 Mar 2009
By: Faisal Islam
Is funding a deregulated system the real reason behind the global crash? Channel 4 news looks at whether the financial gamble is the real recession villain.
Britain may have Sir Fred Goodwin to demonise but for much of the world "casino capitalism'" is to blame.
The financial system where gambling on large bets took over the job of markets allocating money to productive parts of the economy is at the centre of the global recession blame game.
Is there a consensus on the part this system played in the crash and can world leaders agree a plan to fix it?
Sunday, 29 March 2009
Pressure on Swiss banks
Link to the article: Channel 4
Last Modified: 29 Mar 2009
By: Darshna Soni
Switzerland will come under more pressure to allow other countries to see its banking records, with the issue high on the agenda at the G20 summit next week.
Several countries have pushed for the Swiss to be added to a blacklist, or even threatened with sanctions, forcing Switzerland to make some concessions.
But with a financial economy built on discretion, it's fighting attempts to make it go further.
Last Modified: 29 Mar 2009
By: Darshna Soni
Switzerland will come under more pressure to allow other countries to see its banking records, with the issue high on the agenda at the G20 summit next week.
Several countries have pushed for the Swiss to be added to a blacklist, or even threatened with sanctions, forcing Switzerland to make some concessions.
But with a financial economy built on discretion, it's fighting attempts to make it go further.
Summit 'will not solve crisis'
Link to the article: Channel 4
Last Modified: 29 Mar 2009
By: Alex Thomson
The Chancellor Alistair Darling has warned the problems of the international economy will not "get sorted in one day" at the G20 summit this week.
As world leaders head to London, he accepted there would be no announcement of a new stimulus package, in other words new coordinated tax cuts and spending.
Last Modified: 29 Mar 2009
By: Alex Thomson
The Chancellor Alistair Darling has warned the problems of the international economy will not "get sorted in one day" at the G20 summit this week.
As world leaders head to London, he accepted there would be no announcement of a new stimulus package, in other words new coordinated tax cuts and spending.
Saturday, 28 March 2009
Scottish building society collapses
Link to the article: Channel 4
Last Modified: 28 Mar 2009
By: Julian Rush
The biggest building society north of the border becomes the latest victim of the economic slump.
He has talked of saving the world - or at least saving the banks - but tonight on the eve of the G20 summit, the financial turmoil has reached Gordon Brown's own backyard, as the Dunfermline Building Society is wound up.
It means yet another high street lender is on the verge of breaking up, hammering home the fragility of the global economy, as world leaders prepare to meet in London.
Banks may now get the solvent bits but it is looking like the taxpayer will pick up its toxic debts.
Tonight, the prime minister insisted savers at the Dunfermline Building Society would be protected.
The government is now considering a range of options, including underwriting some of the institution's toxic assets.
Link to article: Dunfermline chairman's anger 29.03.09 (Channel 4 News)
Last Modified: 28 Mar 2009
By: Julian Rush
The biggest building society north of the border becomes the latest victim of the economic slump.
He has talked of saving the world - or at least saving the banks - but tonight on the eve of the G20 summit, the financial turmoil has reached Gordon Brown's own backyard, as the Dunfermline Building Society is wound up.
It means yet another high street lender is on the verge of breaking up, hammering home the fragility of the global economy, as world leaders prepare to meet in London.
Banks may now get the solvent bits but it is looking like the taxpayer will pick up its toxic debts.
Tonight, the prime minister insisted savers at the Dunfermline Building Society would be protected.
The government is now considering a range of options, including underwriting some of the institution's toxic assets.
Link to article: Dunfermline chairman's anger 29.03.09 (Channel 4 News)
Germany warns on euro stability
Link to the article: Euronews
Germany has warned that the stability and credibility of the single European currency will be under threat if European member states do not return to policies of fiscal discipline after the worst of the crisis is over.
The comments came from German Finance Minister Peer Steinbrueck in a speech to the Bundestag lower house of parliament.
They were the strongest yet from a leading politician in Germany, which is worried about a surge in debt and deficit levels in the euro zone.
Steinbrueck said the issue was of “decisive importance” for the bloc’s citizens and financial markets.
Later, at a conference, the Finance Minister expressed doubts as to whether the various debt-financed stimulus packages around the world could stop the worst global downturn in 80 years.
Germany has warned that the stability and credibility of the single European currency will be under threat if European member states do not return to policies of fiscal discipline after the worst of the crisis is over.
The comments came from German Finance Minister Peer Steinbrueck in a speech to the Bundestag lower house of parliament.
They were the strongest yet from a leading politician in Germany, which is worried about a surge in debt and deficit levels in the euro zone.
Steinbrueck said the issue was of “decisive importance” for the bloc’s citizens and financial markets.
Later, at a conference, the Finance Minister expressed doubts as to whether the various debt-financed stimulus packages around the world could stop the worst global downturn in 80 years.
Renewed calls for a fundamental financial shake-up
Link to the article: Euronews
There have been more calls for a new world financial order – this time at a meeting of centre-left governments in Chile. There was tight security for the Progressive Leaders’ Summit which heard demands that are becoming increasingly familiar – for fundamental change and a rejection of protectionism to turn around the global financial crisis.
The host, Chile’s president Michelle Bachelet, said: “The crisis cannot be combated by pushing the people and the workers aside. It should be fought by putting the people first.”
There have been more calls for a new world financial order – this time at a meeting of centre-left governments in Chile. There was tight security for the Progressive Leaders’ Summit which heard demands that are becoming increasingly familiar – for fundamental change and a rejection of protectionism to turn around the global financial crisis.
The host, Chile’s president Michelle Bachelet, said: “The crisis cannot be combated by pushing the people and the workers aside. It should be fought by putting the people first.”
Britain’s Brown urges IMF reform
Link to the article: Euronews
British premier Gordon Brown has called for major reform of the International Monetary Fund, saying the body is not able to tackle the global financial crisis.
The comments came ahead of a pre-G20 warm up summit being hosted by Chile’s President Michelle Bachelet.
Speaking in the Chilean city of Vina del Mar, Brown said the IMF was not able to respond to the world’s current needs.
‘‘We cannot have an International Monetary Fund that simply deals with the balance of payments crisis in individual countries. That was the old world. We need an international institution, a new International Monetary Fund, that can deal with global and not local competition, international flows of capital, not just natural flows of capital and global open economies and not just the sheltered economies of the past. So we must reform the International Monetary Fund,’‘ said Brown.
British premier Gordon Brown has called for major reform of the International Monetary Fund, saying the body is not able to tackle the global financial crisis.
The comments came ahead of a pre-G20 warm up summit being hosted by Chile’s President Michelle Bachelet.
Speaking in the Chilean city of Vina del Mar, Brown said the IMF was not able to respond to the world’s current needs.
‘‘We cannot have an International Monetary Fund that simply deals with the balance of payments crisis in individual countries. That was the old world. We need an international institution, a new International Monetary Fund, that can deal with global and not local competition, international flows of capital, not just natural flows of capital and global open economies and not just the sheltered economies of the past. So we must reform the International Monetary Fund,’‘ said Brown.
Friday, 27 March 2009
Business Update: UK in GDP fall
Link to the article: Reuters Video
(02:16) Report
Mar 27 - The British economy has fallen deeper into recession, with GDP falling 1.6 per cent in the final three months of 2008.
# German inflation falls
# G20 won't discuss new global reserve currency
# Trouble ahead for Commerzbank
Jim Drury reports.
(02:16) Report
Mar 27 - The British economy has fallen deeper into recession, with GDP falling 1.6 per cent in the final three months of 2008.
# German inflation falls
# G20 won't discuss new global reserve currency
# Trouble ahead for Commerzbank
Jim Drury reports.
London echoes of 1933 in G20 summit
Link to the article: Reuters Video
(01:43) Report
Mar 27 - London played host to an international conference on the global economy in 1933 that failed to achieve a united action plan.
As London prepares to play host to the G20 summit aimed at finding a global solution to the economic crisis, many are reflecting on the last time a similar summit was held in London.
The 1933 London Economic Conference brought together representatives from 66 countries, aiming to tackle economic problems, revive international trade, and restoring the gold standard amid the Great Depression after the end of World War One.
It was widely seen as a failure.
Matt Cowan reports.
(01:43) Report
Mar 27 - London played host to an international conference on the global economy in 1933 that failed to achieve a united action plan.
As London prepares to play host to the G20 summit aimed at finding a global solution to the economic crisis, many are reflecting on the last time a similar summit was held in London.
The 1933 London Economic Conference brought together representatives from 66 countries, aiming to tackle economic problems, revive international trade, and restoring the gold standard amid the Great Depression after the end of World War One.
It was widely seen as a failure.
Matt Cowan reports.
Spoof FT hits London ahead of G20
Link to the article: Reuters Video
(02:04) Report Mar 27
A group of anti-capitalism protesters have distributed a mock copy of London's famous Financial Times newspaper. Anti-capitalism protesters are vowing to make their voices heard when world leaders gather in London next week for the G20 summit. A group of them have distributed a mock newspaper to commuters urging them to join their protest against the great and the good. Jim Drury reports.
(02:04) Report Mar 27
A group of anti-capitalism protesters have distributed a mock copy of London's famous Financial Times newspaper. Anti-capitalism protesters are vowing to make their voices heard when world leaders gather in London next week for the G20 summit. A group of them have distributed a mock newspaper to commuters urging them to join their protest against the great and the good. Jim Drury reports.
Why the G20 protesters are marching
Link to the article: Channel 4
Last Modified: 27 Mar 2009
By: Channel 4 News
Channel 4 News online surveyed a selection of the groups protesting around the G20 to find out why they are doing it.
We asked some of the organisations supporting the Put People First protest on Saturday, the G20 meltdown march on Wednesday and the Climate Camp to tell us why they are protesting and what it would take for them to consider their protest a success.
We also asked them to limit their answers to the length of a Twitter post - just 140 characters (including spaces) per answer. Some managed the challenge better than others.
Last Modified: 27 Mar 2009
By: Channel 4 News
Channel 4 News online surveyed a selection of the groups protesting around the G20 to find out why they are doing it.
We asked some of the organisations supporting the Put People First protest on Saturday, the G20 meltdown march on Wednesday and the Climate Camp to tell us why they are protesting and what it would take for them to consider their protest a success.
We also asked them to limit their answers to the length of a Twitter post - just 140 characters (including spaces) per answer. Some managed the challenge better than others.
Thursday, 26 March 2009
Euro-crash: Slovakia bucks trend
Link to the article: BBC Newsnight
Amid all the economic turmoil one country in Eastern Europe seems to have avoided the collapse of its banking system and, so far, even recession. It joined the Euro in January and Paul Mason concludes his tour of Eurocrash tour in the Slovak capital, Bratislava.
Amid all the economic turmoil one country in Eastern Europe seems to have avoided the collapse of its banking system and, so far, even recession. It joined the Euro in January and Paul Mason concludes his tour of Eurocrash tour in the Slovak capital, Bratislava.
Wednesday, 25 March 2009
Fears of direct action at the G20
Link to the article: Channel 4
Last Modified: 25 Mar 2009
By: Jonathan Rugman
As world leaders gather in London for the G20 summit next week, Jonathan Rugman asks: will public anger be translated into direct action?
The anti-globalisation movement is convinced that its time has come again.
While we may not all want to break the windows of famous bankers, it is surely true that there is a widespread sense of anger among the public about the conduct of banks and even the economic system itself.
It is a decade since anti-globalisation protests made headlines in Seattle, but their agenda was eclipsed by fears over terrorism in the wake of 9/11.
Last Modified: 25 Mar 2009
By: Jonathan Rugman
As world leaders gather in London for the G20 summit next week, Jonathan Rugman asks: will public anger be translated into direct action?
The anti-globalisation movement is convinced that its time has come again.
While we may not all want to break the windows of famous bankers, it is surely true that there is a widespread sense of anger among the public about the conduct of banks and even the economic system itself.
It is a decade since anti-globalisation protests made headlines in Seattle, but their agenda was eclipsed by fears over terrorism in the wake of 9/11.
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