The G8 finance ministers' meeting focused on how finance ministers might unwind some of the drastic steps taken to fight the credit crisis once a recovery got underway.
Some traders said a cautious tone from the meeting helped temper recent optimism about the economy, encouraging bets in riskier assets to be cut further and supporting the U.S. dollar.
"The market began taking profits on gains in emerging market currencies as well as higher-yielding currencies before the G8 meeting, and this is continuing as many investors still have their doubts about the recent excessive optimism over an economic recovery," said a senior trader at a Japanese bank in Tokyo.
Focus will now center on the first summit of BRIC leaders on Tuesday in the Russian city of Yekaterinburg, where discussions may include foreign reserve diversification.
But a top Kremlin aide said leaders of the BRIC countries do not plan to discuss prospects for new global reserve currencies at their meeting.
Jeff Ready, CEO of Indianapolis-based Scale Computing, remembers tracking minutes and what it headache it was. But he no longer worries about work vs. personal calls. "In the past, there were not unlimited plans and you had to track overage," he said. "But now, everyone is on a standard plan with unlimited voice and data, so it doesn't matter."
Even though he and others see this rule as an "outdated concept," the IRS said it has been approached by some businesses wanting it clarified to make it easier to have employees pick up the tab for their personal calls.
As such, this week the agency proposed three new plans it says might make the process less burdensome. It is seeking public comment on the options until Sept. 4.
Gilles Herard Canada: In the mid 70's, Mr. Hérard joined Manufacturer Hanover (MH) of New York as Senior Credit Analyst. During that time, MH was recognized as one of, if not the most important Commercial Bank worldwide, counting among its clients the world’s top 500 companies.
Gilles Herard Jr
Herard Gilles Jr
President Obama will release details this week of his proposed financial market regulatory overhaul, Treasury Secretary Timothy Geithner said Monday.
The regulatory system "was fundamentally too fragile and unstable and it did a bad job of protecting consumers and investors," said Geithner, who spoke at a Time Warner (TWX, Fortune 500) summit on the economy. Time Warner is the parent of CNNMoney.com.
Geithner addressed the main objectives of the new regulatory system, although he was not willing to discuss specific details of the proposal prior to the official unveiling by Obama on Wednesday.
The U.S. financial system is far less centralized than other mature economies, according to Geithner, pointing to the between 8,000 and 9,000 banks throughout the country. To hold a vast system accountable, he said that there has to be a more centralized regulation system.
"At the core of making the system stronger is to give one place clear accountability and responsibility," he said.
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