India's inflation is set to zoom with the announcement by the Manmohan Singh government on the freeing up of petrol and diesel prices. The announcement has raised hopes of a further decontrol of the oil sector over the next few years, which could help balance public finances and let private companies challenge state-run firms' decades-old retailing monopoly.
Group of 20 leaders pledged on Sunday to push for agreement on greater voting power for emerging economic powers in the International Monetary Fund by the next summit in Seoul, South Korea, in early November.
Air China said late on Friday that it would buy 20 Boeing 777-800 airplanes for $1.4 billion.
The head of the International Monetary Fund, Dominique Strauss-Kahn, said on Sunday the G20 nations' target to halve their deficits by 2013 was not as important as the measures they implement to reduce debt.
Deficit pledges made by Group of 20 leaders on Sunday won't provide a big boost for financial markets, with uncertainty about the strength of global economic recovery still the larger concern for investors.
World leaders ditched plans to welcome Beijing's shift toward greater exchange rate flexibility at a G20 summit in Toronto on Sunday, highlighting China's sensitivity over the issue.
World leaders agreed on Sunday to take different paths for cutting budget deficits and making their banking systems safer, a reflection of the uneven and fragile economic recovery in many countries.
World leaders agreed on Sunday to take separate paths toward shared goals of lasting growth and safer banks as two years of global crisis give way to a fragile economic recovery.
Europe must solve its sovereign debt crisis so as not to endanger the uneven global economic recovery, which is led by China and emerging economies, central bankers said on Sunday.
World leaders put the finishing touches on plans to build a more stable global economy on Sunday but backed away from one-size-fits-all pledges as two years of crisis give way to an uneven recovery.
Group of 20 leaders will not make explicit reference to China or China's exchange rate in the statement they are to issue at the end of their meeting on Sunday, two sources familiar with the document said.
With a global recession behind them, world leaders meeting on Sunday will seek to show they can bolster a fragile economic recovery while also cutting massive government debt levels.
Europe's focus on cutting deficits is absolutely wrong, Argentine President Cristina Fernandez said on Saturday, citing her country's experience with austerity she said helped lead to a huge default in 2001.
World leaders dropped a commitment on Saturday to complete the troubled Doha trade round this year and vowed to push forward on bilateral and regional trade talks until a global deal could be done.
World leaders moved away on Saturday from lockstep policy pledges to secure economic recovery, leaving countries leeway to chart their own courses in taming government debt and clamping down on banks to prevent another financial crisis.
(Corrects reference to Doha round in paragraph 7)
Chinese officials, in an abrupt change of emphasis, said on Saturday they welcomed discussions about currencies as part of global economic talks, but insisted Bejing alone should determine policy on the yuan.
World leaders must focus on bolstering growth in a global economy still scarred by crisis, Treasury Secretary Timothy Geithner said on Saturday as the heads of the Group of 20 nations gathered in Canada.
World leaders neared agreement on Saturday to halve their budget deficits within three years but, fearing spending cuts would jeopardize a fragile recovery, they planned to allow each country to set its own pace.
A draft communique from the Group of 20 wealthy and emerging countries welcomes China's move to make its currency more flexible and its efforts to boost domestic demand, a G20 official said on Saturday.
World leaders hoping to shore up a fragile economic recovery will leave it to individual countries to decide how best to repair battered budgets without stunting growth.
World leaders cast about for a common approach on Saturday to securing an uneven economic recovery that is showing signs of fading.
