The Basic Gateway to ICT Solutions Mr. Michael Fun, the Chief Executive of Basic Gateway, talks about how his company is working towards enhancing ICT security and network connectivity through strategic partnerships.
19th November 2009, Perdana Ballroom, Putrajaya International Convention Center, Putrajaya.
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Establishing a New Global Order The G20 Summit 2009 in Pittsburgh October 2009
The leaders of the world's major and emerging economies in the G20 grouping met once more on the 24th and 25th of September in Pittsburgh, USA in an attempt to agree on and finalise measures that will prevent a repeat of the current global financial crisis. However, the financial crisis was not all that was on the agenda at the summit as climate change and nuclear disarmament were also among other pertinent issues discussed at the summit. International Business Review presents in the following pages highlights from the summit.
Fruitful proceedings
There was a lot of buzz surrounding the latest G20 Summit even before the event itself was staged. At the top of everyone's mind was whether there would be a collective, unanimous
agreement among the world leaders on implementing financial regulations that will curtail the repeat of the recession. Also driving the optimism was the positive outcome from discussions ahead of the United Nations Climate Change Conference Copenhagen 2009 in December.
Some drama occurred before the Summit when President Nicolas Sarkozy again issued a threat that France will leave the G20 if the body does not agree on putting curbs on bankers' bonuses. Other EU leaders were also feeling the pressure to do more to combat the economic crisis, as they have been accused of not doing enough about it by their people.
Looking to build upon the successes of the G20 Summit in London in April and to follow through the G20 leaders' promises, the Pittsburgh summit saw them pledging once more to do "everything necessary to ensure recovery, to repair our financial systems and to maintain the global flow of capital." Having understood that this is still not enough even though the world has seen the worst of the economic crisis and that full recovery remained incomplete, the leaders have agreed upon several important issues.
These include agreeing to launch a framework that lays out the policies and the way to act together to generate strong, sustainable and balanced global growth; implement strong international compensation standards aimed at ending practices that lead to excessive risk-taking; toughening the regulatory system for banks and other financial firms so as to rein in the excesses that had led to the crisis; phase out fossil fuel subsidies; and lastly, reaching an agreement in Copenhagen on climate change.
To many observers around the world, the G20 Summit in Pittsburgh was a thoroughly overwhelming success and has brought about a renewed sense of optimism that the world is on the right track towards stabilising the global economic system. And by designating the G20 as the premier economic forum on which international economic co-operation will be spearheaded, the members of G20 have ensured that matters pertaining to the global economy are shared among everyone in the global community and not just among the rich, industrialised countries of the G8. Thus the final G20 Summit of 2009 comes to a successful conclusion, and the leaders will certainly be hoping to meet in Canada in 2010 with the world economic situation looking far better than it was a year ago.
