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Obama, who has pressed Europe for more growth-boosting measures like those he pursued at home, used his closing statement to remind eurozone leaders that the stakes were high and there could be “enormous” costs if they failed.
Marc Chandler, currency strategist at Brown Brothers Harriman, said: “It is significant that a group as weighty as the G8 backs Greece and reinforces the idea that Europe needs a strong union.
In another move to shore up shaky global growth, the G8 leaders said they would monitor oil markets closely and stand ready to seek an increase in supplies if needed. While crude oil prices have declined by 10% over the past month, the threat of tighter sanctions on Iran loom next month.
The G8 said the global economic recovery shows promising signs but “significant headwinds persist”.
Instead it recognised a need to combine budgetary discipline with a growth strategy. This strengthens the hand of newly elected socialist French President François Hollande before a crucial European Union dinner on Wednesday to discuss growth.
The G8 said it had “an interest” in specific measures from Europe, signalling it wants concrete steps from a dinner meeting of European Union leaders later this week and an EU summit in June.
Cameron, after an early morning gym workout with Obama, said he detected a “growing sense of urgency that action needs to be taken” on the eurozone crisis. London relies heavily on international finance and banking instability would strike a fresh blow to an economy already in recession.
“Contingency plans need to be put in place and the strengthening of banks, governance, firewalls—all of those things need to take place very fast,” he told reporters.
European leaders seemed keen to stress that they would stand firm in protecting their banks, after news of escalating bad loans raised the specter that rescuing Spain‘s banks would crash the eurozone’s fourth largest economy.
Hollande suggested using European funds to inject capital into Spain‘s banks, which would mark a significant acceleration of EU rescue efforts. But there was no direct mention of Spain in the communiqué or any indication of action leaders would take to combat the financial stresses.
Obama and Merkel, on opposite sides of the growth-versus-austerity debate almost since the US president took office in 2009, discussed what one White House aide called an “emerging consensus” in one-on-one talks after the Camp David summit.
There already had been signs of a softening in Germany‘s austerity stance as the G8 meetings began.
Germany‘s largest industrial union, IG Metall, struck its biggest pay deal in 20 years early on Saturday. The 4.3% pay increase, more than double Germany‘s inflation rate, will boost worker buying power in the eurozone’s richest nation and lift consumption. That is something the United States has urged as a means to bolster overall growth throughout the world’s second largest economic region.
G8 leaders also raised pressure on Iran over its nuclear programme, which they suspect has military objectives, by committing to a common approach. They pledged to implement sanctions fully against Tehran and indicated they would act together to lower oil prices if needed.
“Our hope is that we can resolve this issue in a peaceful fashion that respects Iran’s sovereignty and its rights in the international community, but also recognises its responsibilities,” Obama told reporters.
Dhaka - Tour rookie Sadom Kaewkanjana of Thailand stole the limelight after carding his personal-best round of a nine-under-par 62 to storm to the top of the leaderboard, seizing the halfway lead at the Bangabandhu Cup Golf Open on Thursday.
In tennis, they call it a tiebreaker. In football, it’s a penalty shootout. The system that decides who lifts the trophy is essential because in sports people naturally want to settle the question of who is “the best”. The situation is very different in politics, but the problem is that the system is pretty much the same.
Canada's Mark Arendz skied to his 10th career world para Nordic ski championship podium finish after winning the silver medal in the 10-kilometre cross-country skate-ski race on Sunday.
Canada's Mark Arendz skied to his 10th career world para Nordic ski championship podium finish after winning the silver medal in the 10-kilometre cross-country skate-ski race on Sunday in Prince George, B.C.
Arendz, of Hartsville, P.E.I., battled through the chilly, hard packed conditions to post a second-place time of 27 minutes 52.5 seconds.
It's his second medal of the weekend after claiming bronze in the men's standing middle distance biathlon race on Saturday.
"It was awesome today. After yesterday, I was feeling like it was coming, but wasn't quite there," said the 28-year-old Arendz.
"Today I started to get it on the last two laps. I knew it was going to be close so every little second and movement was going to be important. It was great to be able to pull it off in the last lap and get second."
Benjamin Daviet of France clocked 25:27.1 for gold while Ukraine's Grygorii Vovchynskyi was third at 26:54.7.
Kyle Barber, of Lively, Ont., placed 11th at 33:51.8.
Will your holiday cost more because of the EU referendum?
Brits due to go on holiday soon are likely to face increased costs due to a weaker pound.
THE intervention of London Mayor Boris Johnson - who announced he would campaign for the UK to exit the EU - is having an effect on the value of the pound.
The news has come as a blow to UK holidaymakers.
London Mayor Boris Johnson has come out in favour of Britain leaving the EU.
Uncertainty surrounding the future of Britain’s place in Europe has caused the pound to lose value against other currencies, increasing the cost for Brits to holiday overseas.
Investors are said to be worried about the possible economic fallout of a decision to leave.
The pound fell against all major currencies on this morning (Monday). It was down 2 per cent against the dollar to $1.41, the lowest since early 2009. The pound also dropped 1.3 per cent lower against the euro.
The market reaction implies that a ‘Brexit’ (Britain exiting the EU) is negative for the pound and UK sovereign bonds.
The news that Johnson was joining the Brexit campaign prompted betting firm Ladbrokes to cut the odds on the U.K. leaving the EU from 15/8 to 2/1.
The crucial referendum on Briain’s European future is set to be held on June 23 2016.
Opinion polls show Europe’s second biggest economy is bitterly divided over the issue, with large numbers of voters still undecided.
Many large banks, like HSBC, have already spoken out in favour of Britain staying in the EU. Sections of the financial industry are worried about the impact of a Brexit on trade, investment and financial services.
Prime Minister David Cameron announced the date on Saturday after striking a deal to give Britain “special status” within the EU in an attempt to keep the country inside the 28-nation union.
He argues that being part of the club is good for the British economy, but his opponents say EU membership is costly, creates regulatory red tape and allows unlimited immigration.
The pound to dollar exchange rate has tested a seven-year low having tapped 1.4750 on Monday.
The good news attached to a weak pound is a respite for British manufacturers and exporters.
However if you are heading on holiday soon, you may want to put a little extra aside to compensate for increased costs.
Coffee morning and crafts. Bilthorpe Library weekly from 10.30-11.30am.
Book Sale. Rumbles Cafe, Clipstone Vicar Water Country Park. Book sale, weekly from 11am-2pm.
Zumba. South Forest Leisure Centre, Edwinstowe 6-7pm. £3.50.
Meeting. Concerned about someone’s drinking. Friends’ Meeting House, from 7.30-9pm. Contact helpline 02074 070215.
Fitness Kettlebell workout (Hell’s Belles) Wednesday 10.30am 45 mins for £3, Monday 5.30pm and Friday 10.30am EXPRESS SESSION 20 mins for £2.
Interfaith Network. Encourages people of different faiths in the district to get together and share ideas and experiences. Meets last Wednesday of month at Mansfield CVS, 36 Wood Street, 6pm-7.30pm. For information contact Alan Lloyd on Mansfield 651177 or John Wood on Mansfield 672467.
Bingo. Palterton Welfare. Weekly bingo doors open at 7pm for a 7.40pm start. Admission 50p.
Street Sports. Shirebrook Academy. Weekly 8.30-9.30pm for young people aged 14-plus, free of charge, mainly football is played at sessions. No need to pre-book. Contact 01246 242365.
Keep Fit. Legs, bums and tums. At Meden School, Warsop weekly at 6.45pm.
Sequence Dance. Whaley Thorns Community Hall. Sequence Dance. Weekly from 2-4pm.
Baby Talk for mums with new babies, 1 - 2.30pm. Mansfield Baptist Church, Rosemary Street.
Coffee Morning., New Bassett House Home for Older People, Shirebrook at 11am. All welcome.
Christmas tree light switch on. At Bilsthorpe Welfare from 5.30pm. Hot Dogs, Santa Claus, Carol singing and other activities.
WeightWatchers. Community Church Hall, Kirkby 6.30pm weekly. Contact Helen Allsop on Mansfield 660797.
Prayer Group. St Wilfrid’s Parish Hall Kirkby Meets every week 2-3pm, all welcome.
Children’s Street Classes. The Regency Dance Centre, Sutton. Every week, from 6pm-6.30pm (5-9 years) and 6.30-7.15pm (10-plus). Contact 07947813328.
Social bowls. Over 50s at Lammas Leisure Centre weekly from 4.30-6.30pm. Everyone welcome.
Sequence Dancing. St Mary Magdalene Church Hall, Sutton, evenings.
ballroom; 5.45 - 6.30pm freestyle/street dance and 6.30-7.15pm Zumba. Contact Leanne 07757119259.
Line Dancing. St Mary’s Church rooms, Edwinstowe. Line dancing for beginners weekly from 1.30-3pm.
Zumba. Farnsfield Village Centre, Upper Hall, New Hill, NG22 8JN. Zumba weekly from 10.15– 11.00am.
on the Mansfield Runners Facebook page.
Men’s Group. MIND St John’s Street, weekly from 1.30-4.30pm. Contact Mansfield 658044.
Meeting, Shirebrook Christian Centre. ‘Nite-Lite’ meeting from 7-9pm. All welcome.
Zumba Gold - 9.30am - lower impact with FIT4FUN. Ladybrook Community Centre Contact 07863 987271.
from noon-2pm. Operating on a voucher system. Vouchers can be obtained from all local schools, CAB, health visitors and many other places. Contact 07716439740.
Mansfield Spiritualist Centre. 7.30pm @ Mansfield Spiritualist Centre. Our Divine Healing Service. All welcome.
Coffee Shop 10am - 1.30pm Mansfield Baptist Church, Rosemary Street.
Christmas Fair, Samworth Church Academy 5.30-7.30pm.
Toddler Sessions: Huthwaite Leisure Centre weekly, from 9.15-11am. Soft play and crafts with juice and snacks. Contact 457130.
Kirkby Dance Academy. Festival Hall. Weekly four to 10 year olds at 4.30pm; 11-18 year olds at 7pm.
Zumba. Summit Centre, Kirkby weekly at 6pm with Fit4Fun. Contact 0786 398 7271.
Zumba. Cuckney Village Hall weekly, between 5.30 - 6.15pm. For further details contact Chris on 07748 774 142.
Meeting. Mansfield Family Life Centre. A multicultural charity (opposite Water Meadows) hosts a luncheon club, presentations and other activities on Monday and Friday at 12.30pm. £5 for over 60s. Contact Marlon or Ann at 01623 422 808.
Kittys Craft Club. Meets weekly, from 7-9pm. Refreshments available. Warsop Methodist Church, on Clumber Street. £3. Contact 07856363622.
Singing Group. 521 for over 50s. Sessions take place every two weeks on a Friday, from 1-3pm, for pleasure, fun and relaxation. The first two trial sessions are free. Contact Jenny on Mansfield 835946.
Art Group. Rainworth SS Simon and Jude’s: New friends welcome at an informal art group, 1.45 pm to 3.30 weekly. Develop your artistic skills with drawing or painting in friendly group, with tea and biscuits; plus a few tips from the more experienced. Don’t be shy - give it a try!
Impact for 10 to 14 years old, 5.30 – 7.00pm Mansfield Baptist Church, Rosemary Street.
Bingo. Huthwaite Leisure Centre to raise money for Amazon Breast Cancer charity, 8-10:30pm.
Prayer Walk. Every week at 7pm prayer walk around Huthwaite. Meet in the All Saints’ car park.
Dancing. The Regency Dance Centre, Sutton, Adult ballroom and Latin American social dance. Weekly, from 8pm-10.30pm. Contact 07947813328.
Carnival. Forest St Baptist church, Kirkby, open for cakes and hot food from 6pm onwards.
Christmas tree light up. Outside Cator Hall, Eakring at 6pm. Mulled wine and mince pies all welcome.
Knit n’ natter, every third Saturday in month. Mansfield Library from 10am-noon. All welcome, beginners and experienced.
Coffee morning. Old Meeting House, Stockwell Gate, weekly 10am-noon.
Zumba Toning. 9.30am FIT4FUN. Ladybrook Community Centre Contact 07863 987271.
Flea Market 10 til noon. The Treasury, Bolsover Street. Bric-a-Brac, clothes, toys, books, collectables, many bargains. Refreshments available. In aid of St. Lawrence’s, Mansfield.
Mansfield Spiritualist Centre. Drop in Healing Clinic. From 10.00am - midday. Private Sittings available by appointment 2nd & 4th Saturdays of each month. Contact Jean Stevens on Mansfield 842143.
FREE children’s film club St Alban’s Forest Town.
St Nicholas’ Yuletide Grotto. Sherwood Forest Country Park, Edwinstowe until Sun 21 Dec 11am – 4pm (last admission 3.45pm) £5 per child incl small gift Car park £3 at weekends.
Yuletide Treasure Trail. Until Sun 4 Jan : 11am – 3pm at Sherwood Forest Country Park, Edwinstowe, £1 per trail leaflet.
Christmas Fayre. SS Simon and Jude’s, Rainworth 10am till 12noon.
Coffee Morning. Bilsthorpe Hospice Support Group in the Village Hall. 10am to 12 noon everyone welcome.
Christmas Bazaar. At Christ Church, Ironville, on December 6th & 7th, which will include stalls-with seasonal gift ideas, gifts and games; there’s to be a raffle (the first prize being a Christmas hamper,) a special tombola competition, together with a Christingle making activity. Light seasonal refreshments will be available on both days. Admission to the church will be free.
Display of Decorated Trees. At Ironville. All donated/sponsored for the occasion from 10.00am until 4.00pm and on the Sunday after a service at 11.00 0’clock, from 12.00noon until 4.00pm.
Christingle Service. Christ Church, Ironville at 4.00 o’clock.
Crafters Market. 10 am -2pm Clipstone Village Hall, come along and show your support for local crafters. To book a stall contact Donna Moore on 07792764695 or email donnajmoore@hotmail.co.uk. Indoor Car Boot All Saints Centre , Common Road, Huithwaite. Indoor car boot sale on the first Saturday of every month, from 10am-12.30pm. Refreshments available. Free admission. To book a table for £5 call 07950 724665.