Monday, June 28, 2010

From Creamer Media in Johannesburg, I'm Amy Witherden.

Making headlines:

The International Monetary Fund's (IMF's) focus should shift to benefit developing nations, said South African President Jacob Zuma on Sunday.
Speaking at a Group of 20 (G20) plenary session on the reform of international financial institutions, Zuma said that the IMF, as a quota-based system, should move from developed countries to developing countries, as their need for IMF resources are higher. He said that leaders must show a political will to change the IMF and that the slow movement to reform the IMF was not necessary.
Zuma stated that world leaders should play a greater role in providing strategic direction to the IMF and ensure that an equitable representation is achieved on the board of the IMF to reflect appropriate regional representation. He added that a firm decision on this matter is important for the credibility and legitimacy of the G20.

World leaders searched for a common approach on Saturday to securing an uneven economic recovery that is showing signs of fading. The Group of Eight (G8) industrialised nations were meeting for a second day north of Toronto, followed by a summit of the larger Group of 20 (G20) club of rich and emerging nations.
A global recession has given away to a three-speed recovery, with Asia's growth roaring ahead while the US recovery plods along and Europe lags behind. As a result, G20 unity is fracturing, with leaders disagreeing over how best to safeguard recovery. Unemployment remains high in most advanced economies, and growth has slowed since late last year.
In Europe, where Greece's debt troubles have trained attention on unsustainable public spending, the emphasis is on budget cuts to restore confidence. The US wants the rest of the world to bolster domestic demand and not rely on Americans as consumers of last resort.
Canadian Prime Minister Stephen Harper pointed out that if the G20 is to be the premier international economic forum, it will need to take further steps to protect the recovery and set in motion strong, sustainable and balanced growth.

Five East African countries say that they will not go back on a deal they signed to share River Nile waters that has drawn fierce criticism from Egypt and Sudan.
After more than a decade of talks driven by anger over the perceived injustice of a previous Nile water treaty signed in 1929, Ethiopia, Uganda, Tanzania, Rwanda and Kenya signed a deal last month without their northern neighbours. The five signatories have given the other Nile Basin countries - Egypt, Sudan, Burundi and the Democratic Republic of the Congo - one year to join the pact.
Stretching more than 6 600 km from Lake Victoria to the Mediterranean, the Nile is a vital water and energy source for the nine countries through which it flows. Sunday's meeting of the Nile Basin Initiative ended with open disagreements on the issue.

Also making headlines:

China dismisses US allegations that Beijing is blocking a new trade agreement, saying that the US that is stalling progress in the World Trade Organisation's long-running Doha Round.
Cooperative Governance and Traditional Affairs Minister Sicelo Shiceka considers regulating initiation schools after reports of many boys dying from botched circumcisions.
Peaceful polling in a landmark Guinea election on Sunday offered voters their first chance to freely choose a leader since the coup-prone West African State won independence from France in 1958.
And, Group of Eight countries say that the global economic crisis threatens to undermine 2015 global targets for halving extreme poverty around the world.

That's a roundup of news making headlines today.