World leaders prepared to adopt an early warning system for financial calamities, a commitment to tougher accounting rules and other modest steps to try to prevent crises like the one now threatening the livelihoods of billions of people around the globe.
Nearly two dozen leaders dined in extravagance at the White House on Friday in a prelude to negotiations yesterday over how best to wrestle global economies back from the brink of economic disaster.
The leaders were on track to approve measures to make the world financial system more accountable to investors and more transparent to regulators, said diplomatic sources, speaking on condition of anonymity. To do so, the leaders were expected to endorse more effective accounting rules governing how companies value their assets, a weakness seen as partly responsible for the current financial crisis.
PHOTO: BLOOMBERG
A new early warning system would look for signs of burgeoning problems like those in the US housing market and related overuse of mortgage-backed securities. On Friday, the heads of the IMF, the world’s financial firefighter, and the Financial Stability Forum, a group that includes central banks and major financial regulators, said they would cooperate on “early warning exercises” to detect vulnerabilities.
Bush gave Australian Prime Minister Kevin Rudd a less than warm welcome at the White House dinner amid controversy over a leaked conversation between them, a report said yesterday.
Bush “appeared somewhat standoffish” as he greeted Rudd, the Australian Associated Press reported from Washington.
At the heart of the controversy is a claim in an Australian newspaper last month that Bush displayed embarrassing ignorance by asking Rudd in a telephone call about the crisis: “What’s the G20?”
The allegation has been denied by both Canberra and Washington.
“While other world leaders got big smiles and pats on the back from Mr. Bush, the Australian prime minister had to make do with a brief handshake and a relatively stony face from the president as the pair posed for photographers and TV crews,” the report said.
Two US House of Representatives committees yesterday condemned China’s attempt to orchestrate a crash involving Vice President Hsiao Bi-khim’s (蕭美琴) car when she visited the Czech Republic last year as vice president-elect. Czech local media in March last year reported that a Chinese diplomat had run a red light while following Hsiao’s car from the airport, and Czech intelligence last week told local media that Chinese diplomats and agents had also planned to stage a demonstrative car collision. Hsiao on Saturday shared a Reuters news report on the incident through her account on social media platform X and wrote: “I
‘BUILDING PARTNERSHIPS’: The US military’s aim is to continue to make any potential Chinese invasion more difficult than it already is, US General Ronald Clark said The likelihood of China invading Taiwan without contest is “very, very small” because the Taiwan Strait is under constant surveillance by multiple countries, a US general has said. General Ronald Clark, commanding officer of US Army Pacific (USARPAC), the US Army’s largest service component command, made the remarks during a dialogue hosted on Friday by Washington-based think tank the Center for Strategic and International Studies. Asked by the event host what the Chinese military has learned from its US counterpart over the years, Clark said that the first lesson is that the skill and will of US service members are “unmatched.” The second
STANDING TOGETHER: Amid China’s increasingly aggressive activities, nations must join forces in detecting and dealing with incursions, a Taiwanese official said Two senior Philippine officials and one former official yesterday attended the Taiwan International Ocean Forum in Taipei, the first high-level visit since the Philippines in April lifted a ban on such travel to Taiwan. The Ocean Affairs Council hosted the two-day event at the National Taiwan University Hospital International Convention Center. Philippine Navy spokesman Rear Admiral Roy Vincent Trinidad, Coast Guard spokesman Grand Commodore Jay Tarriela and former Philippine Presidential Communications Office assistant secretary Michel del Rosario participated in the forum. More than 100 officials, experts and entrepreneurs from 15 nations participated in the forum, which included discussions on countering China’s hybrid warfare
MORE DEMOCRACY: The only solution to Taiwan’s current democratic issues involves more democracy, including Constitutional Court rulings and citizens exercising their civil rights , Lai said The People’s Republic of China (PRC) is not the “motherland” of the Republic of China (ROC) and has never owned Taiwan, President William Lai (賴清德) said yesterday. The speech was the third in a series of 10 that Lai is scheduled to deliver across Taiwan. Taiwan is facing external threats from China, Lai said at a Lions Clubs International banquet in Hsinchu. For example, on June 21 the army detected 12 Chinese aircraft, eight of which entered Taiwanese waters, as well as six Chinese warships that remained in the waters around Taiwan, he said. Beyond military and political intimidation, Taiwan
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