Barack Obama will host the G8 summit at his Camp David presidential retreat in the Maryland countryside instead of Chicago as first scheduled, the White House said.

THE combined capacity of the eurozone’s permanent and temporary bailout funds will remain at €500 billion for now, but will be reviewed in March and may be raised by the permanent fund’s board of governors once it is operational, according to a draft treaty.

Europe’s debt drama dominated talks among leaders of the Group of 20 leading economies in Cannes today with Greece’s government facing potential collapse.

The world’s major economic powers are pledging to launch a bold effort to deal with a chronic slowdown in growth and a European debt crisis that are threatening to push the global economy into another recession.

Hackers launched cyber attacks on French government computers in search of information about the Group of 20 leading economies, the budget minister says.

EUROPEAN Union leaders agreed yesterday on a common position to press for curbs on bonuses in the financial sector at the summit of G20 developed and emerging economies on September 24-25, EU diplomats said.

THE European Union Trade Commissioner Peter Mandelson has apparently learned nothing from the collapse of the world trade talks in Geneva, the Irish Creamery Milk Suppliers Association leader Jackie Cahill claimed yesterday.

A top Commonwealth official said today that the European Union must agree to greater cuts in farm subsidies and tariffs to make this week’s World Trade Organisation meeting a success.

Finance ministers of the Group of 20 nations agreed to freeze the assets of terrorists and implement a sweeping UN resolution against terrorist financing.