Glimpse of hope for Obama of recovering financial system, after meeting

On Friday, President Obama said that we are starting to see is ‘glimmers of hope’ across the economy to reporters after a meeting with teams of economy and regulatory also with Federal Reserve Board Chairman, Treasury Secretary and the Chairman of the Federal Deposit Insurance Corp. He also added, “We’re starting to see progress”.

Obama mentioned to improve refinancing of home mortgages, money flows from $787 billions stimulus package and 20% raise in government backed loans to small business over the previous month only. He also said we are still lots of job losses and lots of hardship.

The talks that lastly about one hour, pointed on stabilizing banks, stimulating the economy, the rising unemployed rate, falling strain in the credit markets, the health evaluation of banks and the mortgage refinancing, which also includes “stress tests” being organized by the Fed. The result of the Test, due at the end of this month, are awaited by the financial market.

He also said in the meeting that in the coming next few weeks, you will be seeing other actions by the administration but gave no details.

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Barack Obama plans meeting for bank stress tests

On Thursday, a White House speaker said U.S. President Obama plans to meet with the top financial regulators to talk about the “stress tests” being scheduled at the 19 biggest U.S. banks,

Obama will converse with Treasury Secretary, Federal Reserve Chairman and Federal deposit Insurance Corp Chairman and with top White House economic adviser, on a “wide” range of financial topics.

In an attempt to assess banks’ capital require, the government is testing how they would charge under more unfavorable conditions than are predictable. The markets are worriedly expecting the results that owe at the end of April, to see which firms will probable require more taxpayer help and which firms get a clean bill.

The regulators is expected to present Obama a progress report on what the regulatory stress tests is show the condition of the top banks.

A source well-known with the meeting said regulators plan to also converse with Obama what another steps may require after the tests.

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India lauds Obama climate plan but sees concerns

India's chief climate envoy Shyam Saran said on Friday he welcomed President Barack Obama's policy on climate change but warned there would be no global deal if rich nations insisted on emission targets for all.

"There is no doubt that Obama has brought a renewed focus…(but )negotiations at a key Copenhagen climate summit in December would not yield any results if Western nations linked any cut in their emissions to targets accepted by developing countries"Indian prime minister's special envoy on climate change, said in his first comments on Obama's policy speech.

Saran repeated India's stance that it was not in a position to commit to an emissions target.

About 190 countries are trying to craft a broader climate treaty by December to replace the Kyoto Protocol that only binds wealthy nations to emissions targets between 2008 and 2012.

Rich and poor countries remain divided over funds for clean energy investment and technology transfer, as well as new targets to cut greenhouse gas emissions blamed for causing droughts, floods and disease.Developing nations such as India and China -- among the world's worst polluters -- are exempt from adopting emission targets under the Kyoto Protocol because they need to burn fossil fuels to lift massive chunks of their population out of poverty.

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