first_img More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldDiscovery23+ Sports Stadiums Around the World That Are Abandoned NowDiscoveryZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Show Comments ▼ BRICs to get IMF influence Tags: NULL Sharecenter_img KCS-content THE INTERNATIONAL Monetary Fund has agreed a landmark deal that will hand more power to emerging economies, whose clout in the IMF has not kept up with their economic ascent. Europe will give up two of its eight seats on the 24-member board, which will be taken up by Brazil, Russia, India and China. In total, more than six per cent of the voting rights will be transferred. It is still unclear which European countries will miss out, although chancellor George Osborne has insisted that Britain will not give up any of its voting rights.Still, the deal catapults China over the heads of Germany, France and Britain, to become the third most powerful member of the IMF, up from sixth spot currently.IMF managing director Dominique Strauss-Kahn called the agreement historic. “This makes for the biggest reform ever in the governance of the institution,” he said.The announcement was made as finance ministers from the Group of 20 major economies met in South Korea. They also agreed to shun competitive currency devaluations but stopped short of setting targets to reduce trade imbalances that are clouding global growth prospects.Key points in G20’s deal to avert a currency war● Pre-summit meetingFinance ministers from the G20 nations met in the South Korean city of Gyeongju over the weekend to thrash out a deal ahead of the G20 summit in Seoul on 11 and 12 November. ● Currency truceThe group released a communique after the meeting, promising to “move towards more market determined exchange rate systems that reflect underlying economic fundamentals and refrain from competitive devaluation of currencies”. ● The role of the USThe G20 said “advanced economies, including those with reserve currencies, will be vigilant against excess volatility and disorderly movements in exchange rates,” in a nod towards the US’s responsibility in keeping rates stable. ● Trade imbalancesThe group will “pursue the full range of policies conducive to reducing excessive imbalances” but gave no details. ● Basel IIIAs expected, the G20 said it will accept the Basel III banking capital rules in their entirety at its full meeting in November● After-hours meetingUS Treasury secretary Tim Geithner held talks with the Chinese vice-premier after the G20 meeting in an attempt to patch up growing tensions between the two economic powers● Will it work?Analysts were divided. Some had hoped for a deal similar to the Plaza Accord in 1985, which was put in place by the G5 to manage the depreciation of the dollar. Sunday 24 October 2010 11:34 pm whatsapplast_img read more