G20 Unveils $1T Plan to Boost Global Economy

(AP) - Top finance officials from rich and developing countries today pledged to maintain stimulus measures to boost the global economy, warning that the fledging recovery that provided the backdrop to their meeting is by no means assured. Group of 20 finance ministers also promised a crackdown on bankers' pay—but stopped short of a European push for a cap on bonuses after US and British objections. More»

(NEWSER) - President Obama and Hu Jintao of China met today at the G20 summit in London and agreed to close cooperation on issues ranging from the economic crisis to global security, Time reports. Obama will travel to China later this year. Meanwhile, high-level representatives will meet in Washington during the summer to launch a "strategic and economic dialogue.” More»

November's G-20 agreement is abandoned as nations erect commerce barriers

(NEWSER) - The global recession has protectionism making a comeback, the New York Times reports, dimming hopes that leaders can create lasting solutions to the crisis at April’s Group of 20 economic summit in London. The last G-20 meeting, held in November, yielded an agreement to promote free trade that was quickly abandoned, with 17 members since adopting 47 measures restricting trade. More»

Chinese Internet addresses cited in attack seeking G20 docs

(NEWSER) - Hackers have broken into French finance ministry computers in a “spectacular” attack, prompting the government to take 10,000 machines offline, AFP reports. The attackers reportedly sought information "related to the French presidency of the G20 and to international economic affairs," says a security official. The cyberattack occurred in December, and has been linked to Chinese Internet addresses. The government has leads in the case, said the country’s budget minister. More»

French, American presidents meet at White House

(NEWSER) - President Obama and Nicolas Sarkozy discussed ways to stabilize the world economy and prevent another global financial crisis today at the White House ahead of the G8 and G20 meetings, Bloomberg reports. While the two countries would seem to be at odds on world finance—many French officials believe that the US dollar should be used less often as an international reserve currency—Sarkozy acknowledged that the dollar has a "key role." More»