Arab Today, arab today japan and libya crises pose risks for global recovery
Last Updated : GMT 11:09:12
Arab Today, arab today
Arab Today, arab today

China meeting warns of souring inflation

Japan and Libya crises pose risks for global recovery

Arab Today, arab today

Arab Today, arab today Japan and Libya crises pose risks for global recovery

Fact file on the emerging economies of Brazil, Russia, India, China and S.Africa.
Sanya  - AFP

Fact file on the emerging economies of Brazil, Russia, India, China and S.Africa. Sanya  - AFP Leaders of the top emerging economic powers meeting in China on Thursday warned volatile commodity prices posed risks for the global recovery and voiced fears about capital inflows. Inflation has been rising on higher food, energy and metal prices due to Japan's nuclear disaster and the Libya conflict, while investors worried about the global outlook have poured money into fast-growing emerging economies.
"Excessive volatility in commodity prices, particularly those for food and energy, poses new risks for the ongoing recovery of the world economy," Brazil, Russia, India, China and South Africa - or BRICS nations - said in a joint summit communique.
The five nations said they would "carry out closer cooperation on food security", adding that the international community needed to work together to increase production capacity of commodities in general, not just food.
Russian President Dmitry Medvedev, Chinese President Hu Jintao, Brazil's Dilma Rousseff, South Africa's Jacob Zuma and Indian Prime Minister Manmohan Singh gathered for the talks on Thursday on China's southern Hainan island.
It marked the third annual meeting for the leaders of the four original BRIC nations, and the first in an expanded format that included South Africa, which was invited to join the bloc late last year.
Together, the five countries represent more than 40 percent of the world's population, and their combined GDP accounted for 18 percent of the global total in 2010, according to the International Monetary Fund.
They said emerging economies were threatened by "massive" capital flows which have been blamed for pushing up their currency values.
The leaders meanwhile welcomed discussion about the role of the IMF's international reserve asset, noting the global crisis had exposed the "inadequacies and deficiencies" of the current monetary and financial system.
"We support the reform and improvement of the international monetary system, with a broad-based international reserve currency system providing stability and certainty," the statement said.
French President Nicolas Sarkozy and US Treasury Secretary Timothy Geithner last month called for a widening of the basket of currencies underlying the IMF's Special Drawing Rights (SDR) during a G20 seminar in China.
The West wants to see the yuan become part of the SDR basket as part of its efforts to prod Beijing into opening up its tightly managed and controversial currency regime.
The issue was unlikely to have been raised at the summit as it is a contentious one -- Brazil believes the yuan is undervalued, giving China an edge on exports and hurting the South American nation's trade balance.
The BRICS state development banks also agreed to open credit lines in their national currencies, Russia's state development bank Vnesheconombank said in a separate statement, which would reduce their reliance on the dollar
The leaders said nuclear power would continue "to be an important element in future energy mix of BRICS countries".
The announcement came even after Japan declared the disaster at the Fukushima Daiichi nuclear plant, which was hit by the March 11 quake-tsunami, was a level seven emergency - the worst rating on an international scale.
"International cooperation in the development of safe nuclear energy for peaceful purposes should proceed under conditions of strict observance of relevant safety standards," the leaders said in their statement.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today japan and libya crises pose risks for global recovery Arab Today, arab today japan and libya crises pose risks for global recovery

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Turkey says ends its military operation

GMT 07:53 2017 Thursday ,30 March

Turkey says ends its military operation
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today 'Underwater wasteland' worries

GMT 10:32 2017 Thursday ,30 March

'Underwater wasteland' worries
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Mercedes, VW recall million vehicles in China

GMT 09:16 2017 Wednesday ,29 March

Mercedes, VW recall million vehicles in China
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Trump moves to roll back Obama climate measures

GMT 08:39 2017 Wednesday ,29 March

Trump moves to roll back Obama climate measures

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 07:50 2017 Thursday ,30 March

Breaking trans barriers one barbell

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday