BRIC demand bigger share of IMF votes

The leading emerging BRIC nations (Brazil, Russia, India and China) maintain their demand for a 7 percent shift in voting power to developing countries at the International Monetary Fund, Brazil’s Finance Minister Guido Mantega said on Saturday.

He was speaking a week after the G20 meeting of leading world economies in Pittsburgh where the BRICs had agreed the shift to developing countries should be 5 percent. 

Reuters

G7 presses for stronger yuan

The Group of Seven rich nations urged China on Saturday to strengthen the yuan, but gave no sign of how it might overcome Chinese resistance to that suggestion or resolve other tensions over global currency rates.

The G7 dominated economic policymaking for two decades, but Saturday’s meeting underlined that it could no longer solve global problems without the cooperation of fast-growing economies in the developing world such as China.

Reuters

G24 nations urge significant IMF vote shift

The Group of 24 nations have called for a significant shift in IMF voting power to developing nations and a doubling of members’ quotas to raise more resources for the global financial institution.

The G24, which includes emerging and developing countries from Latin America, Africa, the Middle East and Asia, called for a "political commitment” to shift 7 percent of quota shares from rich to developing countries.

Reuters

IFC to work with private sector to buy toxic assets

ISTANBUL - The head of the International Finance Corp said on Saturday that the group plans to work with private equity funds, debt servicing companies and major banks to soak up toxic assets held by banks in emerging markets.

The IFC, the World Bank’s private-sector lender, said this week it would contribute up to $1.5 billion toward a proposed $5 billion global scheme that would invest in or mobilize investment to buy up distressed assets.

Reuters

Kenya airways pays dividend

In spite of the   difficult market conditions and the  strike action against the Kenya airways has proposed to pay a small dividend of one Kenyan shilling per ordinary share.

The airline also reaffirmed its drive towards becoming the dominant African airline offering connections to the key south and west African business hubs, with passengers connecting through Nairobi from the airlines’ long-haul flights to Europe and the near and far east.

Agencies