LONDON: ‘ Osborne ill equipped to get productivity increased as capitalism in markets are changing modus operandi ‘

#AceFinanceReport – Sept.05: Finance chiefs from the world’s leading economies broadly agree on the need to undertake structural reforms to boost productivity against a backdrop of loose monetary policy, Britain’s Chancellor George Osborne said on Saturday.

Monetary policy has been a key focus at a meeting of finance ministers and central bankers from the Group of 20 in the Turkish capital Ankara this week, but several policy makers have also called for accelerated structural reforms.

“I’m very clear, as indeed are many people sitting around the table, that countries need to live within their means,” Osborne told Reuters in an interview, when asked whether there had been discussion of a need for more fiscal stimulus.

“What I think we’re all agreeing on is that there does need to be, alongside the very accommodative monetary policy in many countries you see, real structural reforms.”

A delegate who had seen the latest version of a draft communique from the meeting said it included wording that an overemphasis on monetary policy would not yield balanced growth.

Osborne said “productivity” had been the buzzword in the Ankara meetings, but that turning that into a coherent programme of reforms was a challenge for many countries.

On the outlook for China, whose slowdown and market turmoil have cast a shadow over the global economy, Osborne said he saw grounds for optimism.

“What you see is a commitment to that move from an investment-led economy to a consumption-led economy,” he said, adding that the continuation of the reform programme was in the interests of the G20 as a whole.

“We don’t want to see that blown off course. The messages we’ve been receiving here about that have been encouraging.”

The G20 finance chiefs will agree to calibrate and communicate monetary policy carefully to avoid triggering capital flight, but will not call an expected U.S. rate rise a risk to growth, according to a draft text seen by Reuters.

Many emerging market economies are concerned that when the U.S. Federal Reserve raises borrowing costs, investors will withdraw from other markets and buy dollar assets, weakening other currencies and creating turbulence as capital flees.

“I think the challenge for the emerging markets is to make sure that they are ready for the exit from accommodative monetary policy whenever that happens, whenever that decision is made,” Osborne said.

“There’s quite a lot of focus on the emerging markets, not just China and the stock market there, but on their readiness for this exit from accommodative monetary policy and making sure that they’re undertaking the structural reforms.”

(Reporting by Nick Tattersall; Editing by Randall Palmer and Jan Strupczewski)

Osborne says many in G20 see need to live within their means

Finance chiefs from the world’s leading economies broadly agree on the need to undertake structural reforms to boost productivity against a backdrop of loose monetary policy, Britain’s Chancellor George Osborne said on Saturday.

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‘ Putin seeks to de-dollarise but a possible new currency ” Altyn” may harken back to the days of the Gold Horde ‘

#AceFinanceNews – Featured Report:Sept.05: When Russian President Vladimir Putin submitted a bill aimed to help de-dollarize the post-Soviet space, it came as no surprise for many in the former U.S.S.R.

' New Currency to be named Altyn '

‘ New Currency to possibly be named Altyn meaning Gold or Gold Horde ‘ 

My post – On August 28, Putin asked parliament to ratify a treaty among members of the Commonwealth of Independent States that would expand the use of their national currencies — instead of the dollar or euro — in foreign trade payments and financial services.

The move came as the ruble and other currencies across the region continue to suffer. It followed months of calls in Russia for the creation of a single currency for the Eurasian Economic Union, which comprises Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan.

The proposed name: the “altyn.”

For many, altyn sounds less Russian than Turkic — an impression that is completely accurate and raises many questions.

The word, although not Slavic, is inseparable from the history of Russian statehood, as are many other Turkic-origin words related to the Russian government and financial system.

So, why altyn?

Starting in the 15th century, the altyn was a major currency in what we today call Russia.

Many relate its name to the Turkic word “altyn” — gold.

But there is another explanation. If we look at the exchange rate of the altyn against another former Russian monetary unit, the denga (also Turkic: tanga or tenge), we will see that one altyn was equal to six half-dengas. Six in Turkic is “alty” — and here lies the root of the currency’s name.

The Golden Horde, of which many Russian principalities and territories were part — and of which Muscovite Russia was certainly a successor — had half-denga coins.

Denga, like altyn, is of Turkic origin. The Russian word “dengi” — money — is derived from denga.

The altyn and the denga circulated in Russia for centuries, until the end of the 18th century. Later, the name altyn went completely out of usage after the image of St. George on a horse with a spear started being engraved on the back of the coin. Spear is “kop’ye” in Russian, and the word “altyn” was gradually replaced by a derivative of kop’ye — “kopeyka” or kopeck.

The half-kopeck coin survived the Russian Revolution and was in use in the Soviet Union until 1928.

Another trace of the altyn, the three-kopeck coin, continued to circulate until the Soviet breakup of 1991.

Echoes of the altyn also rang out in the Russian word “pyatialtynnik” or “pyatialtynny” — meaning “five altyns” and used as a synonym for a 15-kopeck coin.

As for denga, it is the root not only of the Russian “dengi” but also the national currency in the Turkic-speaking Kazakhstan — the tenge. Over in Turkmenistan, another Turkic-speaking Central Asian nation, the tenge is the smallest monetary unit, with 100 tenges making one manat.

The smallest monetary unit in Kazakhstan is called the “tyin” — a Turkic world that was used by tens of millions of Soviet citizens for the Russian kopeck.

In the Russian language, it was preserved in “poltinnik” (half-a-tyin), which was used originally for 50 kopecks (half a ruble), but in the modern Russian language is used to replace the word “fifty” — as in 50 rubles, or even $50.

And someone who turns 50 in Russia might say, “Mne poltinnik stuknul” — I hit 50 (or, more literally, 50 hit me).

While history is often rewritten to serve political aims or conform to current societal preferences, languages still carry historic “proofs.”

The Russian history strongly connected with the history of the Turkic-speaking Volga area, and many regions of the North Caucasus and Central Asia, is a part of the common history of the former subjects of the Golden Horde.

After all, such important Russian words related to statehood as “kazna” (state treasury), “kaznachei” (accountant), “tamozhnya” (customs) — from “tamga” (mark or stamp) — are remnants of the state system of the empire called the Golden Horde.

Others include “yarlyk” (label), “tyurma” (prison), “karaul” (guard), “yamshchik” (postman), and many more.

We shall see whether the altyn will return to the former Soviet space. Or should we say the post-Golden Horde space?

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MOSCOW: ‘ China backs Putin’s idea of developing Russia’s Far East ‘

Russian President Vladimir Putin attends a meeting with Chinese President Xi Jinping at the Great Hall of the People in Beijing#AceFinanceNews – Sept.05: Chinese Vice Premier Wang Yang said on Saturday that Russia’s push to revamp its run-down Far East region coincided with Beijing’s strategy, backing President Vladimir Putin’s drive for new sources of growth.

At the Eastern Economic Forum in the Pacific Port of Vladivostok on Friday, Putin promised favorable business conditions and state support to Asian and domestic investors willing to come to Russia’s most remote land. “The Far East development strategy coincides with China’s strategy of north-east rebirth,” Wang said.

Original Article:–business.html

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SEOUL: ‘ South Korea seeks China’s support for new Asia development bank ‘

#AceFinanceNews – Sept.05: South Korea’s top economic official on Saturday asked for China’s support in setting up a new Asian development bank that is partly aimed at denuclearizing communist North Korea. In a meeting with his Chinese counterpart (Yonhap News) reported.

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