News / Economy

    G8 Leaders Ready to Debate Politics of Finance

    Police patrol in front of the Deauville Congress Center, May 22, 2011
    Police patrol in front of the Deauville Congress Center, May 22, 2011
    Lisa Bryant

    The world economy, nuclear safety, the Arab Spring and African development will be on the agenda in Deauville, France, where leaders of the Group of Eight leading economies gather Thursday and Friday.

    Along with the official menu of topics, the one not listed on the Group of Eight agenda may likely dominate discussions by world leaders who gather in Deauville; selecting the next International Monetary Fund chief.

    European leaders are backing French Finance Minister Christine Lagarde, to replace fellow Frenchman Dominique Strauss-Kahn, who resigned as IMF chief earlier this month after being charged with sexual assault.  The post has a traditionally gone to a European.  But emerging economies argue it should be open to their candidates.

    Watch a related report by Mil Arcega


    The director of the Paris office of the European Council on Foreign Relations, Thomas Klau, says a critical test will be whether other G8 members, notably the United States, rally behind Lagarde in Deauville.

    "It would be very interesting of course if the Americans ... if Barack Obama or members of his entourage ... signaled that they were happy with a European and indeed a Lagarde candidacy. That would more or less clinch the deal for her," Klau said.

    The wave of popular uprisings in the Arab world is another hot topic.  The prime ministers of Tunisia and Egypt are expected at the G8 to lobby for massive investment and aid.  Washington has already promised billions of dollars in assistance to both countries.

    Leaders are also likely to discuss Libya, where NATO is waging a military campaign against the Gadhafi regime.

    "There's been considerable concern in Paris and other capitals about the military development in Libya and about the risk of a lasting stalemate and indeed a possible de-facto partition of the country.  And inevitably this is something the leaders are going to discuss," Klau said.

    The G8 has its share of critics.  Leading up to the summit, thousands of anti-globalization activists protested in the northern French city of Le Havre.

    Non-government groups like Oxfam claim G8 leaders have failed to meet aid promises to the poorest nations made during a 2005 summit in Gleneagles, Scotland.

    Oxfam Deputy Director for Advocacy Emma Seery says G8 leaders must not forget these commitments when they meet with counterparts from several sub-Saharan African nations in Deauville.

    "We think it is really important that the G8 does not put aside Africa when they are talking about the Middle East," said Seery. "That is not to say the Middle East should not be on the agenda.  It is a crucial issue facing the world right now and it is great and it is right that the G8 take that seriously."

    The G8 is being hosted by France, which heads the group this year, along with the G20.  The summit will give French President Nicolas Sarkozy a chance to burnish his image as international statesman a year before presidential elections.  But some analysts say French voters are more concerned about jobs and the economy at home than Mr. Sarkozy's reputation abroad.

    You May Like

    Hope Remains for Rio Olympic Games, Despite Woes

    Facing a host of problems, Rio prepares for holding the games but experts say some risks, like Zika, may not be as grave as initially thought

    IS Use of Social Media to Recruit, Radicalize Still a Top Threat to US

    Despite military gains against IS in Iraq and Syria, their internet propaganda still commands an audience; US officials see 'the most complex challenge that the federal government and industry face'

    ‘Time Is Now’ to Save Africa’s Animals From Poachers, Activist Says

    During Zimbabwe visit, African Wildlife Foundation President Kaddu Sebunya says poaching hurts Africa as slave trade once did

    This forum has been closed.
    Comments
         
    There are no comments in this forum. Be first and add one

    Featured Videos

    Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
    Ivorian Chocolate Makers Promote Locally-made Chocolatei
    X
    July 29, 2016 4:02 PM
    Ivory Coast is the world's top producer of cocoa but hardly any of it is processed into chocolate there. Instead, the cocoa is sent abroad to chocolate makers in Europe and elsewhere. This is a general problem throughout Africa – massive exports of raw materials but few finished goods. As Emilie Iob reports from Abidjan, several Ivorian entrepreneurs are working to change that formula - 100 percent Ivorian chocolate bar at a time.
    Video

    Video Ivorian Chocolate Makers Promote Locally-made Chocolate

    Ivory Coast is the world's top producer of cocoa but hardly any of it is processed into chocolate there. Instead, the cocoa is sent abroad to chocolate makers in Europe and elsewhere. This is a general problem throughout Africa – massive exports of raw materials but few finished goods. As Emilie Iob reports from Abidjan, several Ivorian entrepreneurs are working to change that formula - 100 percent Ivorian chocolate bar at a time.
    Video

    Video Tesla Opens Battery-Producing Gigafactory

    Two years after starting to produce electric cars, U.S. car maker Tesla Motors has opened the first part of its huge battery manufacturing plant, which will eventually cover more than a square kilometer. Situated close to Reno, Nevada, the so-called Gigafactory will eventually produce more lithium-ion batteries than were made worldwide in 2013. VOA's George Putic reports.
    Video

    Video Polio-affected Afghan Student Fulfilling Her Dreams in America

    Afghanistan is one of only two countries in the world where children still get infected by polio. The other is Pakistan. Mahbooba Akhtarzada who is from Afghanistan, was disabled by polio, but has managed to overcome the obstacles caused by this crippling disease. VOA's Zheela Nasari caught up with Akhtarzada and brings us this report narrated by Bronwyn Benito.
    Video

    Video Hillary Clinton Promises to Build a 'Better Tomorrow'

    Democratic presidential candidate Hillary Clinton urged voters Thursday not to give in to the politics of fear. She vowed to unite the country and move it forward if elected in November. Clinton formally accepted the Democratic Party's nomination at its national convention in Philadelphia. VOA national correspondent Jim Malone has more.
    Video

    Video Trump Tones Down Praise for Russia

    Republican presidential candidate Donald Trump is toning down his compliments for Russia and Vladimir Putin as such rhetoric got him in trouble recently. After calling on Russia to find 30.000 missing emails from rival Hillary Clinton, Trump told reporters he doesn't know Putin and never called him a great leader, just one who's better than President Barack Obama. Putin has welcomed Trump's overtures, but, as Zlatica Hoke reports, ordinary Russians say they are not putting much faith in Trump.
    Video

    Video Uganda Unveils its First Solar-powered Bus

    A solar-powered bus described by its Ugandan makers as the first in Africa has made its public debut. Kiira Motors' electric bus, Kayoola, displayed recently at a stadium in Uganda's capital. From Kampala, Maurice Magorane filed this report narrated by Salem Solomon.
    Video

    Video Silicon Valley: More Than A Place, It's a Culture

    Silicon Valley is a technology powerhouse and a place that companies such as Google, Facebook and Apple call home. It is a region in northern California that stretches from San Francisco to San Jose. But, more than that, it's known for its startup culture. VOA's Elizabeth Lee went inside one company to find out what it's like to work in a startup.
    Video

    Video Immigrant Delegate Marvels at Democratic Process

    It’s been a bitter and divisive election season – but first time Indian-American delegate Dr. Shashi Gupta headed to the Democratic National Convention with a sense of hope. VOA’s Katherine Gypson followed this immigrant with the love of U.S. politics all the way to Philadelphia.
    Video

    Video Dutch Entrepreneurs Turn Rainwater Into Beer

    June has been recorded as one of the wettest months in more than a century in many parts of Europe. To a group of entrepreneurs in Amsterdam the rain came as a blessing, as they used the extra water to brew beer. Serginho Roosblad has more to the story.
    Video

    Video Commerce Thrives on US-Mexico Border

    At the Democratic Convention in Philadelphia this week, the party’s presumptive presidential nominee, Hillary Clinton, is expected to attack proposals made by her opponent, Republican presidential nominee Donald Trump, to build a wall along the U.S.-Mexico border. Last Friday, President Barack Obama hosted his Mexican counterpart, President Enrique Peña Nieto, to underscore the good relations between the two countries. VOA’s Greg Flakus reports from Tucson.
    Video

    Video Film Helps Save Ethiopian Children Thought to be Cursed

    'Omo Child' looks at effort of African man to stop killings of ‘mingi’ children
    Video

    Video London’s Financial Crown at Risk as Rivals Eye Brexit Opportunities

    By most measures, London rivals New York as the only true global financial center. But Britain’s vote to leave the European Union – so-called ‘Brexit’ – means the city could lose its right to sell services tariff-free across the bloc, risking its position as Europe’s financial headquarters. Already some banks have said they may shift operations to the mainland. Henry Ridgwell reports from London.

    Special Report

    Adrift The Invisible African Diaspora

    World Currencies

    EUR
    USD
    0.8998
    JPY
    USD
    103.32
    GBP
    USD
    0.7594
    CAD
    USD
    1.3176
    INR
    USD
    66.954

    Rates may not be current.