From: [email protected] [mailto:[email protected]] On Behalf Of Jack Bauer Sent: Thursday, January 21, 2010 6:44 AM Subject: EconomicWar> G-7 Chiefs Hide Out in Arctic Circle for Meeting on Global Financial Regulation Convergence
Arctic Outpost Gives Canada Chance to Heal G-7 Split (Update1) By Theophilos Argitis Jan. 18 (Bloomberg) -- U.S. Treasury Secretary Timothy F. Geithner <http://search.bloomberg.com/search?q=Timothy+F.%0AGeithner&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1> , European Central Bank President Jean-Claude Trichet <http://search.bloomberg.com/search?q=Jean-Claude+Trichet&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1> and their Group of Seven counterparts face few distractions when they meet in an Arctic outpost to rein in diverging policies on the future of bank regulation. Canadian Finance Minister Jim Flaherty <http://search.bloomberg.com/search?q=Jim+Flaherty&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1> will host G-7 <http://www.g7.utoronto.ca/finance/index.htm> finance chiefs and central bankers Feb. 5-6 in Iqaluit, a town 195 miles south of the Arctic Circle. He says he’ll press for more unity after the U.S., U.K. And France imposed levies on banks or bonuses even after Group of 20 leaders in September promised to “raise standards together.” “We’re trying to have a synchronized approach and clearly some jurisdictions are going in different directions,” Flaherty said in a Jan. 12 interview in Swift Current, Saskatchewan. President Barack Obama <http://search.bloomberg.com/search?q=Barack+Obama&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1> announced plans this month for a tax on financial institutions to recoup losses from the Troubled Asset Relief Program and cut the deficit, a levy Flaherty has said Canada won’t impose. The U.K. Government, meanwhile, placed a 50 percent tax on bank-employee bonuses of more than 25,000 pounds ($40,400). France has also moved to impose a one-time tax. G-7 countries also differ on whether to tax financial transactions, with the U.K. And other European governments backing such a measure and the U.S. And Canada opposed. Sufficient Capital Canada is concerned that “hubris” is returning to the financial industry and momentum for reforms will wane, a Canadian finance department official said today on the condition he not be identified by name. G-7 officials will also assess whether banks are sufficiently capitalized, he said. Efforts by Canada, which holds the G-8 presidency this year, to narrow differences come as its bank executives call for more certainty and uniformity in regulations. Canada’s five largest banks -- Royal Bank of Canada <http://www.bloomberg.com/apps/quote?ticker=RY%3ACN> , Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal <http://www.bloomberg.com/apps/quote?ticker=BMO%3ACN> and Canadian Imperial Bank of Commerce -- are all among North America’s 20 largest banks <http://www.bloomberg.com/apps/quote?ticker=MXNA0FN%3AIND> by market value, having largely escaped the credit crisis. Unlike the U.S. And U.K., Canada didn’t require a bailout of its banking industry. At a conference last week in Toronto, Royal Bank Chief Executive Gordon Nixon <http://search.bloomberg.com/search?q=Gordon+Nixon&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1> called for “fairly straightforward” rules “that the marketplace can understand.” He also said regulations should be universal to ensure a “level playing field across the system.” Return to Roots Having the meeting in Iqaluit will help the G-7 -- Canada, the U.S., Japan, the U.K., France, Germany and Italy -- return to its “roots” of the 1970s and 1980s when talks were more candid, Flaherty said. The need for policy makers to convene regularly grew out of the turmoil that followed the abandonment of the Bretton Woods system of fixed currencies and the oil shock of the 1970s. The location “forces them to be intimate,” John Kirton <http://search.bloomberg.com/search?q=John+Kirton&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1> , director of the G-20 Research Group <http://www.g20.utoronto.ca/> at the University of Toronto, said in a telephone interview. “They are going to have a frank discussion about realistically what they can do given the internal obstacles they face.” The G-7 will also discuss ways of encouraging some Asian countries to allow their currencies to trade more freely to help resolve global imbalances, Flaherty said on Jan. 15. Increasingly Optimistic Since the G-7 finance ministers last met Oct. 3 in Istanbul, officials have become increasingly optimistic that a recovery is under way. Trichet said Jan. 11 that there has been “confirmation of the progressive normalization” of the global economy. The MSCI <http://www.bloomberg.com/apps/quote?ticker=MXWO%3AIND> World Index has surged 74 percent to 1,198.24 from its low of 688.64 on March 9, 2009. The London interbank offered rate <http://www.bloomberg.com/apps/quote?ticker=US0003M%3AIND> , or Libor, that banks charge for three-month loans, was at 0.24875 percent today, matching the record low first reached Dec. 21. Canadian organizers are scheduling “fireside” chats and dogsled rides to encourage bonding. Inuit leaders will also hold a traditional feast. Delegations have been asked to limit their numbers because of lodging constraints in the town of just over 6,000 people. Canada has prepared contingency plans in case of a blizzard, according to the finance department. The average temperature <http://www.theweathernetwork.com/weather/canu0014> in Iqaluit in February is 29 degrees Celsius below zero (minus 20 degrees Fahrenheit). February, 1979, registered the coldest temperature on record when adjusting for wind chill, at minus 66 degrees <http://climate.weatheroffice.gc.ca/climate_normals/results_e.html?Province=ALL&StationName=iqaluit&SearchType=BeginsWith&LocateBy=Province&Proximity=25&ProximityFrom=City&StationNumber=&IDType=MSC&CityName=&ParkName=&LatitudeDegrees=&LatitudeMinutes=&Lon> Celsius. Duck-down Parkas To protect officials, Canada has purchased 38 duck-down parkas <http://www.canada-goose.com/141pr_heli_arctic_parka_.htm> from Canada Goose Inc. <http://www.canada-goose.com/home.htm> , which also supplies coats to the U.S. Antarctic Program <http://www.usap.gov/> . The parkas, which retail for $675 at Paragon Sports <http://www.paragonsports.com/> Co. LLC in New York, were initially developed for commercial helicopter pilots. “Our outerwear is the uniform of choice in the coldest places on earth,” said Dani Reiss <http://search.bloomberg.com/search?q=Dani+Reiss&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1> , president of the Toronto- based company, who showcased the jackets for Flaherty. The meeting will be the first since finance chiefs agreed in October to meet less and issue fewer statements as the larger Group of 20 becomes the main arena for setting economic policy. “The initial G-7 meetings were fireplace-chat type meetings, fireside get-togethers with a small group of ministers and we’re trying to get back to that,” Flaherty said. “That’s what we ought to try to do if the G-7 is going to continue to play a significant role.” PLEASE join me!!!! You DO Have the Right to Flip Off a Cop!!! 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