G20: Finance chiefs hold pre-summit meet in London

OTTAWA — Given troubling signs of a decelerating global economy, it is not surprising financial leaders from the world’s most advanced nations will look at ways to recharge growth when they meet this week in the U.K. But it is unclear how much effort — and what results, if any — can be expected from the Group of Seven finance ministers and central bankers during what is being described at an informal gathering in the county Buckinghamshire, northwest of London.

GYEONGJU, South Korea (MNI) - The meeting of Group of 20 finance ministers and central bank chiefs ended here Saturday amid claims that real progress has been made on addressing the global imbalances and the spats over currency interventions that have dogged the global economic recovery.

World finance chiefs from the G7 and G20 countries have met in Washington to assess progress on combating the global economic crisis. Some of the officials gathered in the US capital also reported possible "green shoots" of recovery.

In the wake of criticism that Canada isn't living up to its G20 responsibilities, Jim Flaherty, the finance minister, has released a letter he wrote to the heads of all the major financial institutions, reminding them of the principles on bank compensation endorsed by G20 leaders at their meeting in Pittsburgh on Sept 25.

Faced with a financial and economic crisis, G20 leaders pledged at the 2009 Pittsburgh summit to undertake massive reforms in the banking sector in order to prevent a repeat of the meltdown.Two years later, the heads of the world's most powerful economies meet again this week, at the G20 summit in the French resort of Cannes.Here is a recap of the three key areas in which regulations were to have been tightened up and of the status of the reforms:BASEL III

More than 100 global business leaders including Microsoft founder Bill Gates have confirmed they will attend next month's G20 business summit in Seoul, organisers said Sunday.They said Gates, who now co-chairs the charitable Bill and Melinda Gates Foundation, would be among 112 executives taking part in the November 10-11 event on the sidelines of the G20 leaders' summit on November 11-12.In a statement, organisers said 35 business chiefs are from the manufacturing or IT sectors, 28 from finance, 25 from energy and 24 from logistics, maritime or other sectors.