WORLD

IB Times interviewed Michael Yoshikami, president of YCMnet Advisors of Walnut Creek, Cal. To get his views on the recently completed G20 summit in Seoul, Korea.

U.S. economic policy is stuck in the pre-1970s era, which had higher population growth. Before 2008, this outdated policy caused boom-and-bust cycles. Now, it is failing to boost economic growth and possibly endangering the world financial system.

A major question emerging here in Seoul on the final day of the G-20 Summit, as world leaders personally powwow on global dilemmas, is this: Can the U.S. and China play nice?

Rebalancing will also mean moving focus from the financial sector.

Nigeria could report Iran to the UN Security Council on illegal arms shipment, if any sanctions were breached. Speaking to reporters in the capital Abuja, Nigerian foreign minister stated that the consignment originated from Iran, a detail also confirmed by the Iranian government. Iran is forbidden from exporting any weapons from its territory. However, Nigeria is yet to notify the UN on the incident.

Japan will start free trade talks with the European Union next spring, alarmed by the head start made by its main manufacturing rival in Asia, South Korea, which signed a pact with the European bloc last month.

Leaders at the G20 spent as much time promoting the process itself as the real accomplishments of the summit. Most said that while there was little in the way of concrete rules, there were a number of steps in the right direction.

France and the International Monetary Fund will work together to develop criteria for the establishment of an international monetary mechanism to establish equity among currencies, and will have something tangible to present to the G-20 nations, and the rest of the world, next year, said French President Nicolas Sarkozy, in a press briefing at the close of the Seoul G-20 Summit.

Replying to a question whether his relationship with other G20 leaders suffered because of some electoral setbacks back home, he said his relationship with some of the leaders was far better now than two years ago when he first took over the office.

Brazilian Finance Minister Guido Mantega touted the voice developing nations had in the G20 process and getting the Chinese delegation to change its mind. But he was hit with tough questions about the G20 process and whether it made any real difference to the world economy.

U.S. President Barack Obama said the G20 economies have been successful in putting the world economy back on the path of recovery, but admitted that the progress was not fast enough as expected, especially in creating more jobs.

Pakistani authorities on Friday accused the Taliban- and Al-Qaeda-linked insurgents for the Thursday's attack on the CID building in Karachi which killed 17 people. More than 140 have been injured in the blast and police believe that more than 1,000kg of explosives were used in the attack, making it the biggest blast ever to hit the country's financial capital.

The economy grew 0.4 percent in the Euroarea and the EU27 in the third quarter, a little lesser than expectations, according to a report by Eurostat.

Ireland's grip on the slippery debt-mired track is giving way fast as bond yields widened to a level with Greece’s before Athens went broke and was bailed out, fueling speculation that the country could be soon looking for international financial assistance.

The leaders of the G20 countries completed their summit in Seoul, South Korea with an agreement to push for “market-determined” currency exchange rates, to enhance exchange rate flexibility, and to establish a timetable to lay out “indicative guidelines” for global economies to confront trade imbalances by the first half of next year.

The People's Republic of China (PRC) is set to grow at an annual average rate of 8 percent for many years to come, but the country needs to carry out broad structural reforms to ensure that prosperity is shared by all, a leading PRC investment official said on Friday.

The G20 statement differs little from [that of ] the October meeting. The statement calls for market-determined exchange rates, gradual adjustments in imbalances and condemns trade protectionism

Myanmar's pro-democracy leader Aung San Suu Kyi is likely to be released on Saturday. The ruling military government on Friday reportedly signed the orders authorizing the release of Suu Kyi who has been under house arrest for over 15 of the past 20 years.

Leadxers' Declaration

Indian gold demand is likely to recover near to its pre-credit crunch level following the fall in demand in 2009, said World Gold Council (WGC) on Friday in a report titled India: Hear of Gold.

The Group of 20 at its summit in Seoul announced setting up of an SME Finance Innovation Fund with $ 28 million in fresh commitments and another $510 million drawn from their existing commitments in other funds.

Indian economy is likely to grow 8.5 percent in the current financial year and 9 percent in 2011-12, said Prime Minister Manmohan Singh on Friday in a speech at the plenary session of the G20 summit in Seoul.

Finance Minister Pranab Mukherjee has said banking sector needs to support growth trajectory heading towards 9 percent or more in the coming years in the economy while giving due attention to the asset quality and prudent provisioning to balance emerging returns and risks.

The Group of 20 at its summit in Seoul is likely to commit millions of dollars fund to help finance small and medium enterprises and innovative financing models.

There has been “big progress” in the negotiations between world political leaders as they seek to hammer out an agreement and compromise on major economic issues on the final day of the G20 summit in Seoul, South Korea.

Aid to developing nations is not a major issue at the G-20 Summit, but at least one NGO says it should be.

Carrying flags representing their various organizations, and hundreds of cardboard stop signs declaring Stop the G-20!, approximately 4,000 protestors marched Thursday afternoon from Seoul Station through the Dongsam-gu district shouting slogans and singing labor hymns, while thunder rolled, rain fell and a silent column of hundreds of riot police in yellow slickers and wielding neon batons kept pace along the marchers' flank.

The much anticipated, talked about, and at times criticized program of the second round of quantitative easing has begun.

As Palestine marks the death anniversary of former PLO chairman Yasser Arafat, his legacy is seen fading, while the Palestinian cause is sorely missing the leadership he offered.