Finance & Economics | WPN World People News

Leaders of the G-20, representing the world's largest advanced and developing economies, adopted a plan to boost global economic growth by more than $2 trillion over five years, by investing in infrastructure and increasing free trade.

The World Bank’s Board of Executive Directors approved US$3 million for the Second Economic Support Development Policy Operation, which will support efficient public service delivery and long-term fiscal sustainability in the Republic of Kiribati.

“This has been a very productive year for the G20. I would like to congratulate the Australian authorities, particularly Prime Minister Tony Abbott, Treasurer Joe Hockey, and Reserve Bank of Australia Governor Glenn Stevens, for warmly hosting us, and for their effective leadership, which resulted in excellent discussions and pragmatic outcomes, embodied in the Brisbane Action Plan. I look forward to continuing our dialogue next year under the Turkish Presidency.

The conference of the Asia-Pacific Economic Cooperation (APEC) forum in Beijing, culminating in a summit meeting Nov. 10-11, promises to be a watershed moment for the Asia-Pacific and for the world.

The World Bank’s Board of Executive Directors approved US$3 million for the Second Economic Support Development Policy Operation, which will support efficient public service delivery and long-term fiscal sustainability in the Republic of Kiribati.

The European Commission has cleared under the EU Merger Regulation the proposed acquisition of joint control over New Alitalia of Italy by Alitalia Compagnia Aerea Italiana S.p.A. ("Alitalia CAI") of Italy, and Etihad Airways PJSC ("Etihad") of the United Arab Emirates. New Alitalia will take over Alitalia CAI's aviation business. The decision is conditional upon Alitalia CAI and Etihad's commitment to, in particular, release slots to a new entrant at the airports of Rome Fiumicino and Belgrade. Currently Alitalia CAI and Air Serbia, which is jointly controlled by Etihad, are the only carriers offering direct flights on the Rome–Belgrade route. The Commission had concerns that the monopoly created by the transaction on the Rome–Belgrade route could lead to higher prices and a loss of service quality for passengers. The commitments address these concerns.

Euro area1 annual inflation was 0.4% in October 20142, up from 0.3% in September. A year earlier the rate was 0.7%. European Union1 annual inflation was 0.5% in October 2014, up from 0.4% in September. A year earlier the rate was 0.9%. These figures come from Eurostat, the statistical office of the European Union.

The European Commission has proposed an amendment to the rules on the adjustment of EU budget contributions from Member States. This comes after the current automatic system had this year led to a demand for exceptionally large additional payments from some countries. The proposed changes to the rules would provide for an extended deadline for payment until 1 September of the next year, interest free, under exceptional circumstances. The extension would kick in, if additional payment requests are over a certain threshold: for an individual Member State, if they are requested to pay more than twice their regular monthly payment to the EU budget; for all countries, if the total requested adjustment is more than half of the total monthly contribution of all Member States.