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Central banks warn of new crisis if exit left too late

Sven Egenter and Ian Chua

BASEL

Switzerland (Reuters) - Governments must slash budget deficits decisively and central banks should not wait too long to raise borrowing costs as side effects from measures prescribed to tackle the global recession may create the next crisis, the Bank for International Settlements said.

The global economy as well as financial markets were on the mend, though the recovery remained fragile in the advanced economies and in the euro zone the debt crisis put the recovery at risk, the BIS said in its annual report, published on Monday.

Yuan Completes Biggest Weekly Advance in 18 Months Before G-20

June 25 (Bloomberg) -- The yuan had its biggest weekly gain since December 2008 after China set the currency’s daily reference rate at a record high, allowing appreciation before the Group of 20 meeting tomorrow.

The People’s Bank of China said June 19 it would end a two- year peg to the dollar and manage the yuan with reference to a basket of currencies, noting that the European Union is the nation’s biggest trading partner. The currency closed at its strongest level since 1993, a day before President Hu Jintao attends the G-20 summit in Toronto tomorrow.

Study: Sustainability a Priority for CEOs

By Georg Kell and Peter Lacy

Consumers are a big factor why CEOs are putting more emphasis on sustainability, according to a new study from Accenture and the UN

This week, the UN Global Compact and Accenture Sustainability Services are releasing the largest-ever chief executive study on corporate sustainability. Through an online survey and in-depth one-to-one interviews, nearly 1,000 CEOs, senior business executives, and civil society leaders have contributed to this landmark study on the state and future of responsible business in the 21st century.