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Where's moi Tycoon BankeR ??? Bank of America reports $1 billion loss AFP - 2 hours 23 minutes ago NEW YORK (AFP) - – Bank of America on Friday announced a steeper-than-expected net loss of 1.0 billion dollars in the third quarter, linked to hefty writedowns of assets from Merrill Lynch and other charges. The total loss for shareholders was even larger, at 2.24 billion dollars, or 26 cents per share, five cents worse than expected by most analysts. The company paid special dividends of 1.2 billion dollars, including 893 million to the US government for its capital injections. The largest US bank by assets said its results were "negatively impacted by continued weakness in the US and global economies and stress on the consumer, which continues to result in high credit costs." Like some other major banks, Bank of America faced headwinds in mortgage and consumer segments, offset by stronger results from investment banking. Credit card operations lost 1.0 billion dollars and home loans lost 1.6 billion. Its global markets trading operations however posted a profit of 2.1 billion dollars. The overall results were hurt by 2.6 billion dollars in writedowns on some assets, including from Merrill Lynch, the troubled brokerage giant acquired by Bank of America at the height of the financial crisis. But the company said this was due to "the market's improved view of Bank of America's credit cost." The group also took a 402 million dollar pretax charge to pay the US government to terminate its asset guarantee program. Chief executive Kenneth Lewis, who is stepping down at the end of the year, said the bank performed well excluding these "non-core" costs. "Excluding those items, our revenue continued to hold up well," Lewis said. "Obviously, credit costs remain high, and that is our major financial challenge going forward. However, we are heartened by early positive signs, such as the leveling of delinquencies among our credit card customers." Revenue net of interest expense rose 32 percent to 26.4 billion dollars in the quarter. The disappointing results from Bank of America came on the heels of stronger-than-expected profits from its key peers -- JPMorgan Chase, Goldman Sachs and Citigroup. Bank of America has expanded during the global crisis, absorbing giant lender Countrywide Financial as well as Merrill Lynch. Unlike some of its peers, it has not repaid the government for its capital. It received 25 billion dollars under a program to shore up capital in the banking system and another 20 billion to help it absorb Merrill Lynch. Under an agreement announced Thursday, Lewis agreed to work without pay for 2009 on the recommendation of the government "pay czar" overseeing compensation to bailed-out firms.

Rev. Moon marries 45,000 in global mass wedding By HYUNGJIN KIM, Associated Press Writer - Thursday, October 15 ASAN, South Korea – It was his wedding day, but Choi In-seok admitted to a twinge of nervousness Wednesday about spending the rest of his life with the woman hand-picked for him by the Unification Church. The 34-year-old English teacher was among 45,000 people worldwide who took part in a mass wedding that was the largest in a decade _ and quite possibly the last for the church's controversial founder, the Rev. Sun Myung Moon. Moon, who turns 90 in January, has turned day-to-day leadership of the Unification Church over to three sons and a daughter. But the self-proclaimed "Messiah" returned to the altar Wednesday to bless tens of thousands of newlyweds in a special ceremony that also honored his 50th wedding anniversary. In Moon's church, marriage and family are core to spirituality. Since the early years of his religious leadership, he has paired off couples who believe he is blessed with divine insight. As the mass weddings grew in scale, so did the theatricality, with Moon and wife Han Hak-ja donning high priest-style white gowns and towering caps and marrying off tens of thousands in stadiums and arenas as protesters shouted outside. Moon calls his method of pairing followers from different nations part of a plan to encourage world peace. "My wish is to completely tear down barriers and to create a world in which everyone becomes one," he wrote in his recent autobiography. Critics call it proof he brainwashes adherents into turning their lives, and possibly their livelihoods, over to the church. In recent years, the blessing ceremonies have been smaller. In the past, many couples met for the first time on their wedding day; these days, they often meet several times in advance. On Wednesday, gone were the robes and the theatrics. Moon wore a simple black suit with a rose pinned to his lapel as he sprinkled holy water and read out the wedding vows before leading the newlyweds in a loud "Hurrah!" Many of the brides at Asan wore white wedding dresses and veils, or Japanese kimono or Korean hanbok, while men were clad in black suits and red ties with white scarves wrapped around their necks. About a quarter were new couples in unions arranged by the church; the rest were renewing their wedding vows. Some 20,000 more around the globe, from Norway to Brazil, gathered in churches and living rooms to join the festivities by watching a live webcast. Marriage, Fumi Oliver said in Washington, "is the best way to make peace." A native of Japan, she married an American, the Rev. Zagery Oliver, 12 years ago. "International, intercultural, ###### marriage is the best way to make peace," she said. Laudicea Corina de Padua called her wedding in Sao Paulo, Brazil, a dream come true. "Taking part in a mass wedding only adds to the profoundness _ I barely have the words to describe what I feel," said the 40-year-old, dressed in a shimmering wedding gown. Brazilian church leaders hand-picked 38-year-old metalworker Manoel Marcelino dos Santos as her husband. "Marrying in this way, with so many other people around the world, will give more strength to our union," he said. "It feels like they are all a part of us." In South Korea, Tunl Badrakh, a 23-year-old Mongolian student, cradled a portrait of her 21-year-old husband from Mongolia, who wasn't able to make it to South Korea. She said he took part in the ceremony via Internet. And not everyone was happy Wednesday. One bride in South Korea sat forlornly in a lawn chair with a black jacket thrown over her white wedding dress, tears streaming down her face. "I came here against my will," she said. "I'm too young to get married. I don't understand why I have to do something like this." She refused to give her name or age, saying only that she was a student. Choi In-seok, the English teacher, tied the knot Wednesday with kindergarten teacher Kim Shin-ah. "I'm so happy," he said. "Today's wedding doesn't only mean our happiness but also our entire families' happiness." Kim, 31, broke into a smile as she described her new husband as "reliable." Both come from devout Unification Church families in South Korea _ a background that he says wasn't easy growing up. He said he fought friends who called him a "cult member" during the height of the controversy over the church's practices. "People say things are better now but there's still some prejudice against us," he said. Conscious of the stigma attached to being a Unificationist, he didn't invite any friends to Wednesday's ceremony and instead plans to hold an "ordinary" wedding in a few months' time. He also confessed to lingering worries about marrying a woman chosen for him by his parents and the church. He tried to shake those fears, saying that receiving the Moons' blessings will ensure him "a good life." But when his wife walked away, he admitted: "Frankly speaking, I'm a little bit concerned." Associated Press writers Jean H. Lee in Seoul and Soo Bin Park in Asan; Bradley Brooks in Sao Paulo, Brazil; Catherine Shoichet in Mexico City; Jessica Gresko in Washington and Kristen Gelineau in Sydney contributed to this report. On the Net: http://www.familyfed.org http://www.reverendsunmyungmoon.org http://www.iunificationist.org

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"New" Michael Jackson single appears old Tue, Oct 13, 2009 Reuters LOS ANGELES/LONDON (Reuters) - Michael Jackson's new single "This Is It" was released online and on radio on Monday but fans and music experts quickly spotted striking similarities to an 18-year-old recording. "This Is It" was promoted as a new Jackson recording and was released around the world nearly four months after the "king of pop" died in Los Angeles of a prescription drug overdose at the age of 50. It will be available to buy as part of a two-disc album that hits the shelves internationally on October 26 and in North America on October 27 to coincide with the global limited release of the Jackson rehearsal footage movie "This is It" on October 28. Fans said the "This Is It" song has the same melody and almost identical lyrics to a little-known 1991 recording by Puerto Rican singer SaFire. A version of the SaFire song, called "I Never Heard," was posted on YouTube on Monday. In Los Angeles, 1960s teen idol and songwriter Paul Anka told celebrity web site TMZ.com that he had written the song with Jackson in 1983, and that Jackson himself had recorded it under the title "I Never Heard" in the early 1990s. Sony Music's Columbia/Epic Label Group and executors of Jackson's estate did not immediately return calls for comment. But TMZ.com quoted executor John Branca as saying, "We acknowledge that Michael and Paul wrote this song together." Anka told the website that those handling Jackson's estate had apologized for "ripping off my song." The "This Is It track, which features backing vocals by Jackson's brothers, opens with a soft, soulful introduction and the lines: "This is it, here I stand/I'm the light of the world, I feel grand." Jackson's other executor, John McClain, who is also a co-producer of the "This is It" album, had said in a statement on Monday that the song "only defines, once again, what the world already knows -- that Michael is one of God's greatest gifts." Some critics begged to differ. Jon Pareles, the chief pop critic of The New York Times, said in a blog it "won't be on anyone's list of best Michael Jackson songs, even if it's a long list" and hoped there was something better in the Michael Jackson vaults of album outtakes. The "This Is It" movie is based on rehearsal video shot in Los Angeles in the weeks before Jackson's planned 50 comeback concerts in London. It was the subject of a $60 million deal between Jackson's estate and concert promoter AEG Live and Sony Pictures. Sales of Jackson's records spiked after his death and the release of the movie and album will add to the value of the "Thriller" singer's estate, estimated at around $400 million. Sony Music said the first disc of the album will feature some of Jackson's greatest hits plus two versions of the "new" single. The second disc will include unreleased versions of some of the singer's classic tracks and a spoken word poem entitled "Planet Earth" performed by Jackson and never heard before. Sony Pictures and Sony Music are units of Sony Corp.

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RBS Coutts eyes more wealth managers AFP - Wednesday, October 14 SINGAPORE (AFP) - – RBS Coutts, the private arm of the Royal Bank of Scotland, said on Tuesday it plans to hire 200 wealth managers in Asia as it tries to latch on to an expected explosion of millionaires in the region. This follows a report that a third of its staff in Singapore had left en mass, with many believed to have gone because of rows over pay. The Financial Times said on Tuesday that the resignations included about 20 key managers as well as around 50 support staff, some of whom were handling wealthy Indian and Indonesian clients. But the bank said it would be taking on the 200 new wealth managers over the next five years and would be aiming to double its business the region. RBS Coutts' hiring plans came as a report was released showing the Asia-Pacific super-rich population was set to pick up as markets such as China and India grow. "In Asia, where we see tremendous growth in private wealth, RBS Coutts is very much in a growth mode," a spokesman said in a statement to AFP. The spokesman confirmed the FT report but said the departures account for less than 15 percent of RBS Coutts' regional headcount and there had been no impact on its business. "Staff volatility in the private banking industry is not unusual, especially in Asia where it is still relatively new compared to the more mature state of private banking in Europe," the RBS Coutts spokesman said. "Given the improving economy, there have been increased recruitment activities in many sectors, including private banking." RBS Coutts is owned by RBS which is majority owned by Britain's taxpayers after being bailed out in the global financial crisis. The Asia-Pacific Wealth Report on Tuesday said the number of high networth individuals (HNWIs) in the region fell 14.2 percent to 2.4 million in 2008 due to the global economic downturn. It also said the wealth of the HNWIs -- people with investable assets of at least 1 million US dollars -- fell 22.3 percent to 7.4 trillion US dollars. But the study -- by Merrill Lynch Wealth Management and financial consultancy Capgemini -- said the numbers are expected to pick up as conditions improve. The combined wealth of Asia Pacific HNWIs is forecast to grow 8.8 percent annually until 2018, faster than the global average of 7.1 percent, the report said.

RBS Coutts sees staff exodus in Singapore Reuters - Wednesday, October 14 By Saeed Azhar SINGAPORE - More than a quarter of the staff at the Singapore office of private bank RBS Coutts have quit in a mass resignation and some are joining Swiss rival BSI. The defections could be a sign that job-hopping is beginning to pick up in Asia's competitive wealth-management market, which is recovering from last year's market meltdown. RBS Coutts, part of Royal Bank of Scotland Group Plc, said on Tuesday "a little over 70 people" had resigned from the bank. The departures come a few months after Hanspeter Brunner, former co-CEO of RBS Coutts, and Raj Sriram, head of its South Asia unit, left the wealth manager, sources said. Both executives are joining BSI and some staff will join them, the sources told Reuters. The sources did not want to be identified because the hirings at BSI were not public. BSI was not available for comment. Lugano-based BSI, a unit of Italy's insurance group Generali <GASI.MI>, currently has around 50 people in its Singapore branch and a smaller number in Hong Kong where it has representative office status, a source said. BSI's Singapore chief executive Nicola Battalora told Reuters in an interview in May that BSI was looking to expand in Asia and hire bankers. Factors contributing to the exodus of RBS Coutts employees include moves by parent RBS to defer staff bonuses as well as concerns about asset sales by RBS in Asia. "It's about the money. It's always about the money in private banking," the source said. RBS was rescued by the British government last year and its bonus payments to staff have been under scrutiny. An RBS Coutts spokesman in Singapore said the staff who left were about 28 percent of the Singapore staff and 15 percent of the wealth manager's Asia staff. He did not say why the staff left. EXPANSION The RBS Coutts spokesman said the bank plans to hire 200 more staff in Asia over the next five years and aims to double its assets in the same period. Currently it has a staff of 500 and manages 17 billion Swiss francs in Asia. UBS and Citigroup are ranked as the top two players in Asia. Private banks and boutique firms are vying to tap the growth of millionaires in Asia. High net-worth individuals' wealth in Asia-Pacific is seen climbing 8.8 percent a year for the next 10 years, according to Merrill Lynch/Capgemini. One industry expert said the exodus from RBS Coutts reflected the state of the private banking industry in Asia. "Sadly the Asian private bank market remains a market that depends on raiding existing mature business and mature relationship managers from other banks," said Roman Scott, managing director of private equity firm Calamander Capital in Singapore. "There is continued dire shortage of experienced, mature RMs ."

Unreleased Michael Jackson Song Features Background Vocals From Brothers Posted Sun Oct 11, 2009 10:48pm PDT by Billy Johnson, Jr. in Hip-Hop Media Training Be sure to take a box of Kleenex with you when you see Michael Jackson's "This Is It." Expect people to be crying when watching Michael's posthumous concert film which hits the big screen on Wednesday, October 28. If seeing footage of a healthy Michael effortlessly firing through production numbers just days before his death does not tug on the heart strings of fans, hearing his previously unreleased song, "This Is It," during the film's closing credits will definitely evoke emotion. The song was released Monday at midnight on MichaelJackson.com. The song's opening lines are prophetic, as they succinctly summarize what the late King of Pop represents to his global listeners: "This is it, here I stand I'm the light of the world I feel grand This love I can feel And I know yet we're sure it is real" For a second, you feel as though Michael recorded this track for this very moment. The lyrics are actually about gently ending a relationship with a lover. A regular and orchestra version of the compositon appears on the "This Is It" album released internationally on October 26 and in North America on October 27. The rendition featured on the MichaelJackson.com website is a classic Michael ballad. The music is soft and complimentary. The electric and bass guitars, violins, and piano are light, not over produced. Michael's voice shines through, displaying the passion he did on "She's Out Of My Life," "Heal The World," and "I Just Can't Stop Loving You." Hearing his brothers' perfect subtle supporting harmony sweetens the offering in typical Jackson 5 form. This song makes us miss him that much more. Disc 1 of the 2-CD set includes a compilation of hits. Disc 2 includes demo recordings of "She Out Of My Life," "Wanna Be Startin' Somethin'," and "Beat It." See "This Is It" album complete tracklisting below: Disc 01 "Wanna Be Startin' Somethin'" "Jam" "They Don't Care About Us" "Human Nature" "Smooth Criminal" "The Way You Make Me Feel" "Shake Your Body (Down To The Ground)" "I Just Can't Stop Loving You" "Thriller" "Beat It" "Black Or White" "Earth Song" "Billie Jean" "Man In The Mirror" "This Is It" "This Is It (Orchestra Version)" Disc 02 "She's Out Of My Life (Demo)" "Wanna Be Startin' Somethin' (Demo)" "Beat It (Demo)" "Planet Earth (Poem)"

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Singapore growth forecast revised up between —2.5% and —2.0% Channel NewsAsia - Monday, October 12 Singapore: The economic growth forecast for 2009 has been revised upwards to between —2.5% and —2.0%, the Ministry of Trade and Industry said in a news release Monday. It also said the Singapore economy expanded by 0.8% year—on—year in the third quarter of 2009 with growth driven by the biomedical and electronics sector and improvements in the trade—related and tourism sectors of the economy on the back of a gradual stabilisation in global economic conditions. This is the first such growth in five quarters. Advance estimates by the MTI show that in the third quarter of 2009, Singapore’s GDP expanded by 14.9% on a seasonally—adjusted quarter—on—quarter annualised basis, following a 22.0 per cent expansion in the second quarter of the year. In year—on—year terms, the economy grew by 0.8%, compared to a 3.2% contraction in the preceding quarter. MTI noted that a clear but modest recovery is underway globally, at least for the next three or four quarters. However it also cautioned that economic activity will probably remain below pre—crisis levels because a sustained recovery in private consumption and investment in the developed economies is needed to support growth momentum into the second half of 2010. It added that Singapore’s economic prospects in 2010 will be closely tied to the conditions in the external environmen with trade—dependent sectors more likely to continue to benefit from a gradual resumption in global and regional trade flows in 2010. In its latest economic report card Singapore’s manufacturing sector showed an expansion by 35% on a seasonally—adjusted quarter—on—quarter annualised basis, on the back of the previous quarter’s spike of 59%. This increase was primarily due to demand in higher value active pharmaceutical ingredients in the biomedical manufacturing cluster, as well as greater electronics restocking activities as consumers bought more electronic products. However, the construction sector declined by 0.6% compared to an expansion of 33% in the previous quarter as construction for industrial building projects slowed down. The services producing industries expanded by 9.5% on a seasonally—adjusted quarter—on—quarter annualised basis in the third quarter of 2009, compared to 8.3% in the preceding quarter. The trade—related and tourism sectors also improved while financial services sector posted modest growth. CNA/sf

Singapore dollar eases on profit-taking after MAS policy Reuters - 2 hours 6 minutes ago SINGAPORE, Oct 12 - The Singapore dollar eased on Monday as investors took profits from its recent gains after the central bank stuck to a neutral bias in its policy review but appeared wary about prospects for exports and global growth. In an expected move, the Monetary Authority of Singapore , which steers monetary policy by managing the currency within a undisclosed trade-weighted band, kept its zero appreciation policy unchanged. The move came as the economy expanded 0.8 percent in the third quarter of 2009 from a year earlier, returning to growth after three quarters of annual contraction. The Singapore dollar fell as far as 1.4010 per U.S. dollar, down nearly 0.4 percent from Friday's close and compared to levels of 1.3950 just before the policy announcement. "U.S. dollar/Singapore dollar is higher on profit taking and also on comments from MAS that the economy is not seen sustaining strong third-quarter expansion and that export demand has yet to recover fully for a place that lives and dies on exports," said a trader. The Singapore dollar rose as high as 1.3876 per dollar on Thursday in line with its regional peers, its highest since August. The currency has gained 10 percent against the dollar since early March, buoyed by optimism about the global economy. "Inflation is well under control. Thus there is no pressing need for Singapore to tighten policy now," said David Cohen, economist at Action Economics in Singapore. "Singapore is keeping its policy neutral against a basket of currencies, so this represents continued appreciation against the U.S. dollar, which has been weakening against the rest of the world," he said. The MAS targets Singapore dollar's nominal effective exchange rate -- its relative value compared with a basket of currencies of trading partners -- instead of setting interest rates. In April, the central bank lowered the centre of the currency band to help stimulate the economy, which leapt out its worst ever recession in the second quarter. Reporting by Vidya Ranganathan and Kevin Yao; Editing by Kim Coghill Singapore economy grows 0.8 percent in Q3: govt AFP - Monday, October 12 SINGAPORE, Oct 12, 2009 (AFP) – Singapore's economy grew by an estimated 0.8 percent in the three months to September from a year ago, the first such growth in five quarters, the government said Monday. While gross domestic product (GDP) will fall in 2009, the government amended its full-year 2009 forecast to a contraction of 2.0 to 2.5 percent, well below the previous estimate of negative 4.0 to 6.0 percent. "A clear but modest recovery is underway globally, at least for the next three or four quarters," the ministry of trade and industry said in a statement. The year-on-year expansion confirmed Singapore's recovery from the worst recession in its history, which began in the second quarter of 2008.

Dollar facing 'power-shift': analysts AFP - Monday, October 12 LONDON (AFP) - – The dollar's position as the world's leading reserve currency faces increased pressure as the financial crisis allows emerging economies greater influence on the world stage, analysts said. A report last week in The Independent claiming that China, Russia and Gulf States are among nations prepared to ditch the dollar for oil trades has heightened the uncertainty surrounding the US currency's future. The dollar slumped against rivals last week in the wake of the British daily's controversial report. "The US dollar is being hurt by the continued talk of a shift away from a dollar-centric world," said Kit Juckes, an analyst at currency traders ECU Group. "Three conclusions stand out very clearly. Firstly, the shift in economic power away from the G7 economies is continuing. "Secondly, there is a growing acceptance amongst those winners that one consequence of this power shift will be to strengthen their currencies. "And finally, as long as the US economy is not strong enough for any rise in interest rates to be conceivable for a long time, the dollar's underlying downtrend will remain in place," added Juckes. The Independent, under the front-page headline "The Demise of the Dollar", reported last Tuesday that Gulf states, together with China, Russia, Japan and France, were considering replacing the dollar as the currency for oil deals. "In the most profound financial change in recent Middle East history, Gulf Arabs are planning -- along with China, Russia, Japan and France -- to end dollar dealings for oil," wrote The Independent's Middle East correspondent Robert Fisk. They would switch "to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar," added Fisk, citing Gulf Arab and Chinese banking sources. The report was denied by a host of countries, including Kuwait, Qatar and Russia, while France dismissed it as "pure speculation." Even so, the United Nations itself last week called for a new global reserve currency to end dollar supremacy, which had allowed the United States the "privilege" of building up a huge trade deficit. UN undersecretary-general for economic and social affairs, Sha Zukang, said "important progress in managing imbalances can be made by reducing the (dollar) reserve currency country's 'privilege' to run external deficits in order to provide international liquidity." Zukang was speaking at the annual meetings of the International Monetary Fund and World Bank, whose President Robert Zoellick recently warned that the United States should not "take for granted" the dollar's role as preeminent global reserve currency. Meanwhile at a G20 summit in Pittsburgh last month, world leaders unveiled a new vision for economic governance, with bold plans to fix global imbalances and give more clout to emerging giants such as China and India. Following the summit, US Treasury Secretary Timothy Geithner repeated Washington's commitment to a strong dollar. But last week the finance chief was left to watch as traders used The Independent's report as an opportunity to push lower the troubled US unit. The report "has helped concentrate the minds of traders and investors alike, and has given them another excuse to take the dollar lower," GFT Global Markets analyst David Morrison told AFP. "Despite what the Fed and other central bankers say, a weaker dollar is desirable because it is necessary to rebalance the global economy. "As long as the decline is gentle and orderly, then they're happy. But aggressive selling would spook the markets," he added. Commerzbank currency analyst Antje Praefcke agreed that the market's reaction was significant because it showed that the dollar was on a downward trajectory. "The questionable article in the Independent was of course disclaimed," Praefcke said. "It is nonetheless an interesting study of the pscychological factors which are currently putting pressure on the dollar. Even if conspiracy theories turn out to be nonsense, the dollar is subsequently able to retrace only some of its losses."

The demise of the dollar October 6, 2009 By Robert Fisk Independent News and Media Limited In a graphic illustration of the new world order, Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading In the most profound financial change in recent Middle East history, Gulf Arabs are planning - along with China, Russia, Japan and France - to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar. Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars. The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years. The Americans, who are aware the meetings have taken place - although they have not discovered the details - are sure to fight this international cabal which will include hitherto loyal allies Japan and the Gulf Arabs. Against the background to these currency meetings, Sun Bigan, China's former special envoy to the Middle East, has warned there is a risk of deepening divisions between China and the US over influence and oil in the Middle East. "Bilateral quarrels and clashes are unavoidable," he told the Asia and Africa Review. "We cannot lower vigilance against hostility in the Middle East over energy interests and security." This sounds like a dangerous prediction of a future economic war between the US and China over Middle East oil - yet again turning the region's conflicts into a battle for great power supremacy. China uses more oil incrementally than the US because its growth is less energy efficient. The transitional currency in the move away from dollars, according to Chinese banking sources, may well be gold. An indication of the huge amounts involved can be gained from the wealth of Abu Dhabi, Saudi Arabia, Kuwait and Qatar who together hold an estimated $2.1 trillion in dollar reserves. The decline of American economic power linked to the current global recession was implicitly acknowledged by the World Bank president Robert Zoellick. "One of the legacies of this crisis may be a recognition of changed economic power relations," he said in Istanbul ahead of meetings this week of the IMF and World Bank. But it is China's extraordinary new financial power - along with past anger among oil-producing and oil-consuming nations at America's power to interfere in the international financial system - which has prompted the latest discussions involving the Gulf states. Brazil has shown interest in collaborating in non-dollar oil payments, along with India. Indeed, China appears to be the most enthusiastic of all the financial powers involved, not least because of its enormous trade with the Middle East. China imports 60 per cent of its oil, much of it from the Middle East and Russia. The Chinese have oil production concessions in Iraq - blocked by the US until this year - and since 2008 have held an $8bn agreement with Iran to develop refining capacity and gas resources. China has oil deals in Sudan (where it has substituted for US interests) and has been negotiating for oil concessions with Libya, where all such contracts are joint ventures. Furthermore, Chinese exports to the region now account for no fewer than 10 per cent of the imports of every country in the Middle East, including a huge range of products from cars to weapon systems, food, clothes, even dolls. In a clear sign of China's growing financial muscle, the president of the European Central Bank, Jean-Claude Trichet, yesterday pleaded with Beijing to let the yuan appreciate against a sliding dollar and, by extension, loosen China's reliance on US monetary policy, to help rebalance the world economy and ease upward pressure on the euro. Ever since the Bretton Woods agreements - the accords after the Second World War which bequeathed the architecture for the modern international financial system - America's trading partners have been left to cope with the impact of Washington's control and, in more recent years, the hegemony of the dollar as the dominant global reserve currency. The Chinese believe, for example, that the Americans persuaded Britain to stay out of the euro in order to prevent an earlier move away from the dollar. But Chinese banking sources say their discussions have gone too far to be blocked now. "The Russians will eventually bring in the rouble to the basket of currencies," a prominent Hong Kong broker told The Independent. "The Brits are stuck in the middle and will come into the euro. They have no choice because they won't be able to use the US dollar." Chinese financial sources believe President Barack Obama is too busy fixing the US economy to concentrate on the extraordinary implications of the transition from the dollar in nine years' time. The current deadline for the currency transition is 2018. The US discussed the trend briefly at the G20 summit in Pittsburgh; the Chinese Central Bank governor and other officials have been worrying aloud about the dollar for years. Their problem is that much of their national wealth is tied up in dollar assets. "These plans will change the face of international financial transactions," one Chinese banker said. "America and Britain must be very worried. You will know how worried by the thunder of denials this news will generate." Iran announced late last month that its foreign currency reserves would henceforth be held in euros rather than dollars. Bankers remember, of course, what happened to the last Middle East oil producer to sell its oil in euros rather than dollars. A few months after Saddam Hussein trumpeted his decision, the Americans and British invaded Iraq. Read also: 'China will overtake America, the only question is when' 'The end of the dollar spells the rise of a new order'