IMF NEEDS SAFEGUARD
IMF - Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement at the conclusion of the Group of 20 (G20) Summit in Hamburg, Germany:
"I would like to warmly congratulate Chancellor Merkel and the German authorities on their steady leadership of the G20 this year and on hosting the Leaders Summit in the beautiful city of Hamburg.
"In my discussions with Leaders I noted the good news that the global economic recovery is on track, broad-based, and expected to continue into next year. At the same time, I warned about complacency and risks, including elevated financial vulnerabilities, low productivity, and rising inequality."
"The current period of growth should be used as an opportunity: to further safeguard the financial sector--by building up capital buffers and strengthening corporate and bank balance sheets; to address the issue of stagnant real wages--which can undermine the recovery and fuel discontent; and to confront the problem of excessive current account imbalances--with both surplus and deficit countries playing their part."
"In line with the Hamburg Action Plan, I emphasized five priorities:
- Step up trade reform. An essential part of this effort must be to reduce barriers, subsidies, and other measures that distort trade. We can strengthen the global trading system by reaffirming our commitment to well-enforced rules that promote competition while creating a level playing field.
- Increase productive infrastructure investment. This would boost employment and growth in the short-term and productivity over the medium-term.
- Promote financial inclusion. Increased access to finance, especially for women, is critical to support sustainable growth--and will create millions more jobs.
- Invest in human capital. To better equip populations to deal with the challenges of technological and structural economic shifts. This is especially important in the context of increased automation and the use of artificial intelligence.
- Accelerate labor market reforms. This includes expanding people's access to the labor market, improving flexibility, and reducing informality. A crucial dimension is to close the gender gap in terms of female labor force participation -- which is good for increasing growth, reducing inequality, and diversifying economies.
"I strongly welcome the G20's focus on climate change, the sustainable development goals, and the challenges facing low-income countries. I commend, in particular, Germany's leadership in launching the Compact with Africa, which is designed to boost private investment across the continent. The countries involved in the first wave of this effort are already receiving support from the IMF–to help strengthen their macroeconomic frameworks and institutions, including by increasing support for capacity development. "
"I am encouraged that the Hamburg Action Plan includes an emphasis on strengthening the global financial safety net, with a strong, quota-based, and adequately financed IMF at its center. I am also pleased that the G20 Leaders highlighted the importance of the IMF continuing to provide capacity development in the area of anti-money laundering and countering the financing of terrorism."
"I would like to express my deep appreciation to the German government for their generous hospitality throughout the G20 presidency. My particular thanks go also to the City of Hamburg and especially to the men and women who worked around the clock to ensure public safety and a successful outcome of the meetings, and I wish a speedy recovery to the people that suffered injuries during the protests in recent days.
"Finally, in my discussions with G20 Leaders, I said that just as the global crisis generated the momentum for effective multilateral action, so too we must use the global economic recovery to continue our collaboration to address risks and ensure strong, sustainable, balanced and inclusive growth. In this context, the IMF looks forward to working closely with the Argentinian Presidency of the G20 in 2018."
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Libya’s oil production increased steeply to the current level of 850,000 b/d from a low point in August 2016 of below 300,000 b/d. Production surpassed 1 million b/d in July.
- Revenue of $7.9 billion increased 6% sequentially - Pretax operating income of $1.1 billion increased 11% sequentially - GAAP EPS, including Cameron integration-related charges of $0.03 per share, was $0.39 - EPS, excluding Cameron integration-related charges, was $0.42 - Cash flow from operations was $1.9 billion; free cash flow was $1.1 billion
“The combination of GE Oil & Gas and Baker Hughes closed on July 3, and we are pleased with our progress during our first operating quarter. Despite the continuing challenging environment, we delivered solid orders growth and secured important wins from customers, advanced existing projects and enhanced our technology offerings in the quarter. We also achieved key integration milestones and made significant progress working as a combined company. I am now more convinced than ever that we combined the right companies at the right time,” said Lorenzo Simonelli, BHGE chairman and chief executive officer.
U.S. Rig Count is up 360 rigs from last year's count of 553, with oil rigs up 293, gas rigs up 69, and miscellaneous rigs down 2 to 2. Canada Rig Count is up 59 rigs from last year's count of 143, with oil rigs up 38 and gas rigs up 21.