Hourly News updated 10:00 2011/11/11

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Chinese President Hu Jintao has arrived in Hawaii for the Leaders Meeting of the Asia-Pacific Economic Cooperation.

At the two-day meeting, leaders of the 21-member group are expected to discuss economic growth in the Asia-Pacific region, along with strengthening regional economic integration¹ and expanding trade.

 

 

APEC to address global financial instability

Following the recent G20 summit in France, this year's APEC forum² is expected to provide another opportunity for the leaders in the Asia-Pacific region to discuss global issues, particularly the current financial crisis in Europe.

Although the APEC forum in Hawaii is unlikely to produce big-ticket agreements, experts say its real value is to move forward the progress that has been achieved over the past few years in driving economic growth in the region.

Shen Minghui is an Asia-Pacific studies expert with the Chinese Academy of Social Sciences.

"What is the driving force behind sustainable development? I think on the one hand, it comes from free, convenient trade and investment; and on the other hand, it comes from deepening regional economic integration, which could mean promoting free trade areas here. Last year, the leaders agreed on how to start that. This year, they may focus on how to achieve it in details."

APEC is a non-binding economic bloc³ that aims to promote free trade and economic cooperation among its member economies.

 

 

RMB not ready to join basket of currencies: IMF chief

IMF chief Christine Lagarde says the time is not yet right for the Chinese currency, Renmingbi, to be included in IMF's Special Drawing Rights, or SDRs.

"I don't think the time has yet come, but there is a clear understanding that it will come in due course, and it will be a factor of the internationalization of the currency."

She made the comments following meetings with the Chinese leadership on the sidelines of the Beijing International Finance Forum.

The IMF created SDRs in 1969 to supplement its member countries' official reserves.

 

 

Gas burst in SW China's unlicensed coal mine kills 21

21 miners have been killed by a powerful explosion in a coal mine in Yunnan.

22 others remain trapped in the mine, which is in Shizong county, which is near the city of Qujing in the eastern part of Yunnan near the border with Guizhou.

The private coal mine has been operating without a license⁵ for a year.

Hundreds of rescuers are taking turns, making their way into the pit to try to find survivors⁶.

 

 

Deaths in fresh quake in Turkey caused by negligence⁷: expert

Experts in Turkey are now pinning the blame on negligence for the loss of 10 lives in Wednesday's 5.6 magnitude earthquake in Van.

A number of engineers are now suggesting that the inspections⁸ on the buildings that were left standing⁴ after the original quake in Van two weeks ago weren't good enough.

This latest quake, which hit at an extremely shallow depth, actually knocked down more buildings than the 7.2-magnitude quake that hit on October 23rd.

On top of the 10-people killed, 27-others were hurt in the latest quake in eastern Turkey.

 

 

Negotiators seal deal for Russia's WTO accession

The World Trade Organization finally approved the terms of Russia's accession after more than 18 years of talks.

As part of the accession, Russia has concluded 30 bilateral⁹ agreements on market access for services, and 57 for goods.

The country has also agreed to cap its average import tariffs¹¹ at 7.8 percent, and at 10.8 percent for imports of agricultural products.

Russia's accession is expected to be formally endorsed¹² at the WTO Ministerial Conference in Geneva next month.

 

 

Former ECB vice¹⁰ president named as Greece's new PM

Former European Central Bank vice-president Lucas Papademos has been named as Greece's new prime minister.

The announcement comes following days of negotiation¹³ efforts among political leaders to reach a deal.

Papademos will replace Greece's outgoing Prime Minister George Papandreou who decided¹⁴ to resign after a disastrous¹⁵ call for a referendum on the European aid package.

The new government will be sworn in this Friday.

 

 

Liberian incumbent¹⁶ president wins run-off: preliminary results

Preliminary results now indicate that Liberia's incumbent President, Ellen Johnson-Sirleaf, has won the run-off election.

Results indicate that Johnson-Sirleaf has won the run-off election by a nearly 10-to-1 margin¹⁷.

Initial figures indicate that the turnout for the vote came in at roughly 37-percent of the eligible¹⁸ voters.

Johnson-Sirlef's opponent, Winston Tubman, boycotted¹⁹ the run-off campaign, citing fraud in the first round of voting.

The victory will keep Johnson-Sirlef in office for another 6-year.

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