Cricket World Cup: Grand ceremony launches tournament
The 10th Cricket World Cup has been launched following a $30m (£18.6m) opening ceremony in Bangladesh.
All 14 captains were paraded in rickshaws around the Bangabandhu Stadium in Dhaka as 3,500 performers demonstrated local cultures.
Indian singer Sonu Nigam, Bangladesh-based Runa Laila and Canadian Bryan Adams provided further entertainment.
The more modern stadium in Mirpur hosts Saturday's tournament opener, in which Bangladesh host favourites India.
The 49-match, six-week tournament is spread across cricket-crazy south Asia, with Sri Lanka and India also hosting matches. Of the original four host nations, Pakistan was forced to withdraw over security fears.
A number of commentators felt the highlight of the two-hour spectacle was an aerial cricket match, where high-flying acrobats hit and chased a laser-beamed ball against a vertical backdrop of a pitch.
Speaking four years after a poorly received World Cup in the Caribbean, Bangladesh prime minister Sheikh Hasina said: "I hope that the games will be memorable and exciting."
ICC president Sharad Pawar, addressing 21,000 spectators, said: "Our flagship event provides the stage on which players have the rare opportunity to create legend and to write their own chapter in the history of this great sport.
"The greatest cricketers in the world will grace this event and I am sure that their ability, whether with bat or ball, will provide excitement and enjoyment for all cricket lovers."
The often chaotic roads in Dhaka witnessed relatively light traffic on Thursday with the government declaring a half-day public holiday so its people could return home in good time to view the opening ceremony on television.
It is the first time the country, which is slowly making a mark in world one-day cricket if not the five-day Test version, has helped stage the showpiece event which features eight matches in Bangladesh, 12 in Sri Lanka and 29 in India, including the 2 April final, in Mumbai.
Bangladesh, whose first six matches will be in Mirpur and Chittagong, are enjoying their moment in the sporting spotlight.
National board president Mostafa Kamal said: "We will be able to improve our image if we can successfully hold the opening ceremony and host the World Cup matches slated for us."
NFL, NFLPA agree to enter mediation
Less than three weeks from the expiration of the collective bargaining agreement, the NFL and its players' union agreed Thursday to mediation in their labor dispute.
The Federal Mediation and Conciliation Service, an independent U.S. government agency, will oversee negotiations in Washington beginning Friday.
"Any time that both sides of negotiations can get together, whether through conventional means of bargaining or mediation, to come to an agreement that can benefit all parties, it is a good thing," NFLPA president Kevin Mawae told The Associated Press in an e-mail.
Friday will be the first of seven straight scheduled days of negotiations between the league and the players' union.
The two sides agreed to meet twice a week two weeks ago, yet have met only once since.
"Personally, I would be surprised if they met more than two or three days in a row," one source familiar with the talks told ESPN NFL Insider Adam Schefter.
FMCS director George H. Cohen can make suggestions and recommendations, but he has no authority to impose settlements. Coming to an agreement on a new collective bargaining agreement still will be up to the two parties.
"Our agency director will be working with the parties to assist them in reaching a voluntary, mutually acceptable agreement," FMCS public affairs director John Arnold said in a telephone interview with The Associated Press.
After holding separate discussions with representatives from the league and the union, Cohen said both sides accepted an invitation from his agency to get involved in the stalled negotiations.
"Due to the extreme sensitivity of these negotiations and consistent with the FMCS's long-standing practice, the agency will refrain from any public comment concerning the future schedule and/or the status of those negotiations until further notice," Cohen said.
The collective bargaining agreement between the league and the players expires at 11:59 p.m. ET on March 3. Last week, talks broke down, leading to the cancellation of one planned session.
NFL spokesman Greg Aiello told The Associated Press in an e-mail: "We are now in mediation."
The league also switched an owners meeting from Fort Lauderdale, Fla., on March 3, to Chantilly, Va., on March 2-3.
In a statement, NFLPA spokesman George Atallah said: "The NFLPA has always focused on a fair collective bargaining agreement through negotiations. We hope that this renewed effort, through mediation, will help the players and owners reach a successful deal."
Indianapolis Colts center Jeff Saturday, an executive board member of the NFLPA, told ESPN's "NFL Live" on Thursday that he was "excited" about the prospect of entering mediation. "It can do nothing but help," Saturday said.
The biggest issue separating the owners and players is how to divide about $9 billion in annual revenues. Under the old deal, the owners receive $1 billion off the top, and they want to increase that to $2 billion before players get their share.
Among the other significant points in negotiations: the owners' push to expand the regular season from 16 games to 18 while reducing the preseason by two games; a rookie wage scale; and benefits for retired players.
The NFL and union went more than two months without holding any formal bargaining sessions, until a meeting Feb. 5, the day before the Super Bowl.
The NFL filed an unfair labor practice charge against its players' union with the National Labor Relations Board on Monday.
The league's filing said the union "consistently has failed to confer in good faith" during negotiations for a new contract and the union's "conduct amounts to surface bargaining and an anticipatory refusal to bargain."
Aiello told the AP the mediation would not have an effect on the NLRB complaint.
Indianapolis Colts owner Jim Irsay recalled the last CBA negotiations in 2006, which resulted in a deal that the owners opted out of in 2008.
"Since the last time, things have broken off and guys have gone their separate ways," Irsay said Thursday. "I remember that happened the last time and [then-commissioner] Paul Tagliabue ended up texting [union chief] Gene Upshaw and said, 'Why don't we get back together.' So you never know when something positive can happen and something good can get done.
"I don't have a strong anticipation something will get done before [March 3], but I think it's possible."
Player sources told ESPN senior NFL analyst Chris Mortensen that last week's talks ended when owners walked away from the negotiating table when the NFLPA proposed to take an average of 50 percent of all revenue generated by the league.
However, other sources familiar with the talks told Mortensen and Schefter that the negotiations broke off when the union characterized its documents as an "illustration" that NFL officials believed represented a proposal for revenue sharing between owners and players.
The FMCS website says it "provides free mediation services in contract negotiation disputes between employers and their unionized employees. All the parties have to do is make a request."
Bulls nip Spurs for fourth straight win
Derrick Rose had a career-high 42 points and the Chicago Bulls headed into the All-Star break with an impressive 109-99 victory over the NBA-leading San Antonio Spurs on Thursday night.
Luol Deng had 19 points and Carlos Boozer finished with 15 for Chicago, which shot 54 percent in its fourth consecutive win. The Bulls improved to 38-16 after winning 41 games last season.
Once again hearing "M-V-P! M-V-P!" chants, Rose was at his best when San Antonio challenged Chicago in the fourth quarter. He had 13 points in the final period, answering Spurs baskets with acrobatic drives and long jumpers.
Rose's long 3-pointer as the shot clock expired with about 3 minutes left gave Chicago a 101-90 lead and took the steam out of one San Antonio rally. He also finished with eight assists and five rebounds.
Tony Parker scored 26 points and All-Star Manu Ginobili added 16 for San Antonio, which had won six of seven. Reserve Gary Neal made four 3-pointers and finished with 16 points.
Chicago led 83-75 after three quarters and grabbed control early in the fourth. Ronnie Brewer kickstarted a 11-2 run with a dunk and finished it off with a jumper that made it 94-80 with 8:08 remaining.
Tim Duncan had 14 points and nine rebounds hours after Spurs coach Gregg Popovich announced he would replace Yao Ming in the Western Conference's starting lineup for Sunday's All-Star game in Los Angeles.
Duncan enters the break with career-low averages in points and rebounds, but is a key reason why San Antonio leads the NBA with a 46-10 record.
The Spurs trailed for much of the night in the finale of their annual rodeo road trip but challenged Chicago with several bursts. Rose and the Bulls had an answer each time while improving to 25-4 at home in their best start at the United Center since 1997-98 championship team won 25 of its first 27 home games.
Duncan hit a running hook and Parker converted a three-point play to help San Antonio pull within two with 4:49 left in the third. But Deng stopped the spurt with a 3-pointer and Boozer had three straight points to make it 79-71.
Even with the loss, it was a banner first half for San Antonio, which set several franchise records for fastest starts. The Spurs went 6-3 on their nine-game trip and open the second half with a three-game homestand.
Rose grabbed a microphone before the game and thanked the fans for making him Chicago's first All-Star starter since Michael Jordan in 1998.
The dynamic point guard then put on another show as the Bulls finished a strong start to the season that established them as one of the NBA elite teams once again.
Rose slithered through San Antonio's stout defense for 21 points in the first half, making eight of 12 shots from the field. He scored Chicago's last six points of the second quarter, connecting on a nice runner, a jumper and two free throws to give the Bulls a 58-51 lead at the break.
Injury forces Baugh, Barath out World Cup
West Indies have suffered another setback in their preparation for the World Cup.
Official sources have confirmed that Carlton Baugh Jr and Adrian Barath have suffered hamstring injuries, and will return home earlier than scheduled from the tournament. Baugh retired out on 29 during the team’s second World Cup warm-up match on Tuesday, and Darren Bravo was required to keep wicket. Barath did not bat or field in the match. He has also been struggling with his injury, and is also likely to miss the tournament, which opens on Saturday, and will be co-hosted by India, Sri Lanka, and Bangladesh. West Indies Cricket Board officials are awaiting the outcome of final tests on Baugh and Barath, but it’s hardly likely they will decide to allow them to stay on the sub-continent, considering the format of the competition, and the limited time available. This would mean that either opener Devon Smith, or veteran left-hander Shivnarine Chanderpaul could open the batting for West Indies in the competition.
There is also the possibility of a recall for wicketkeeper/batsman Denesh Ramdin, following his solid start to the regional first-class championship. But the WICB had previously announced batsman Kirk Edwards and wicketkeeper/batsman Devon Thomas as two of their three World Cup reserves, and they are likely to be chosen. No official replacements however, have been named, and the WICB will also have to submit a request for a change of personnel to the tournament's event committee for approval before confirming their replacements. West Indies open the World Cup against South Africa next Thursday at the Feroz Shah Kotla Stadium in Delhi, India. Darren Sammy’s side have been drawn in Group-B, where they will also face Netherlands, Bangladesh, Ireland, England, and co-hosts India.
Digicel Carib Cup date changed
The Finals of the 2012 Digicel Caribbean Cup will be contested between June and July.
Jack Warner, president of the Caribbean Football Union, announced on Monday that the region's premier tournament will undergo a massive transformation for the 2011-12 season.
competition
The announcement followed a CFU Congress on Monday.
"The 2010 edition of this competition catapulted Caribbean football into another chapter of our great story," said Warner, who is also a vice-president of the sport's World governing body.
"But we cannot sit idly by and allow our leading ship to sail on seas of uncertainty. Our actions plant the seeds that become our fate, and eventually blossoms into our destiny, a destiny of greatness."
Warner hopes that the switch of dates for the tournament would allow the region's best players to make themselves available after playing in overseas leagues, and that they contest the finals.
"Our game is developing, and we as administrators must continue to pursue strategies, which will foster further growth," he said. "We must strive for excellence.
"I am cognisant of all of the complaints made by our members over the difficulties they encounter in gaining access to their internationally based players."
international talent
He added: "But this competition must be used as a device to propel our talent on to the world stage, and by allowing our federations greater access to their international talent, we will ensure that the standard of the competition is lifted.
About two-dozen teams took part in last year's DigiCup, which was contested between September and December, and was won by Jamaica.
The congress also decided to review, with CONCACAF, the format and regulations for the Caribbean Club Champions Cup, which decide the CFU's three berths in the CONCACAF Champions League.
The Club Champions Cup will be staged from March to May 2011, and regional bosses intend to implement changes, which would result in an increase in the participation level for the 2012 tournament.
Palin: America 'on a road to ruin'
Sarah Palin delivered a harsh critique of President Obama's budget proposal during a rare Q-and-A session Thursday, and urged lawmakers to resist raising the nation's debt ceiling.
Palin warned that Obama's budget fails to address the "$14 trillion dollar debt that will bring America to her knees."
The former vice presidential nominee's comments on the nation's fiscal state were delivered during a luncheon hosted by the Long Island Association, which bills itself as as the largest business organization in New York.
Many of the questions were focused on the economy and fiscal policy, and provided a glimpse into the thinking of the possible 2012 presidential candidate.
Palin was quick to criticize the spending levels in Obama's fiscal 2012 budget, and took the president to task for failing to propose entitlement reform.
"What President Obama is doing and what this administration is supporting is America being on a road to ruin, unless we do take seriously this monumental debt," she said.
Surprise! Obama, GOP agree on these cuts
Palin also said she is thankful for lawmakers who are prepared to vote against raising the nation's debt limit, which is a cap set by Congress on the amount of debt the federal government can legally borrow.
"To me, all that is going to do is create this allowance for more big spenders to get in there and say 'more debt ceiling, OK we are going to keep spending then up to that ceiling,' " Palin said.
Actually, raising the debt ceiling is not an agreement to spend more money. The need to raise the debt ceiling reflects prior legislative decisions that both Democrats and Republicans made to spend more.
Palin said a failure to increase the debt ceiling would not necessarily result in a government shutdown. She noted that the government would continue to collect revenue that can be used to service the nation's debt.
"There are a lot of people though who are saying shut her down, if that's what it takes," Palin said. "Let it be for a week or two there this message that is sent to our politicians who are so tone deaf to what the people of America are saying."
If lawmakers fail to authorize an increase in the debt limit, the Treasury Department can raise funds for a limited time to meet federal obligations without exceeding the debt ceiling.
But Treasury Sec. Tim Geithner has warned lawmakers that even a short-term breach of the ceiling could have devastating implications.
"Even a very short-term or limited default would have catastrophic economic consequences that would last for decades," Geithner wrote earlier this year in a letter to lawmakers.
At a minimum, a default could pummel U.S. bonds, the dollar and U.S. investors' portfolios. And that, in turn, could create a debt crisis for the United States that would likely be even harder to combat than the financial crisis of 2008, Geithner said.
Borrowing costs would rise across the board -- for federal, state and local governments, and for businesses and consumers, he said. Millions of jobs could be lost and stock prices, home values and retirement savings would suffer, Geithner added.
Treasury unveils new financial services watchdog
A powerful new "financial policy committee" (FPC) at the Bank of England has been unveiled by the government.
It will oversee the government's new system of regulators, set to replace the Financial Services Authority (FSA).
FPC members will include Donald Kohn from the US Federal Reserve, and Sir Richard Lambert, until recently head of the Confederation of British Industry.
The FSA will be split up into two new bodies tasked with curbing risk-taking by banks, and protecting consumers.
The moves follow Chancellor George Osborne's decision last summer to abolish the old FSA, whose previously hands-off approach to financial regulation was criticised in the wake of the 2008 financial crisis.
Outside experts
The new 12-person committee will be organised along similar lines to the Bank of England's existing monetary policy committee, with a mixture of internal appointees and independent experts from outside the Bank.
The Treasury has announced who will sit on an interim version of the FPC during a transition period this year until the FSA is formally scrapped. Members will include:
- Mervyn King, the Bank governor, who will chair the committee
- four other senior Bank of England staff
- Donald Kohn, who served as number two at the US Federal Reserve during the financial crisis
- Sir Richard Lambert, formerly head of the CBI
- Michael Cohrs, an investment banker who has worked at Deutsche Bank and Goldman Sachs
- Alastair Clark, a long-time adviser to the Bank and the Treasury about financial stability
- Lord Turner and Hector Sants, respectively chairman and chief executive of the FSA
The committee will eventually have a fifth independent expert added to it.
Its job will be to spot and contain risks within the UK financial system, and to work with regulators in other countries when the risks are international in nature.
In order to stop risky financial activities from simply migrating into unregulated parts of the economy, the FPC will also be allowed to expand its own remit.
However, in order to prevent the FPC from being too draconian in clamping down on the banks' activities, it will also be required to consider the longer-term impact of its decisions on economic growth.
Financial police
The committee will oversee, and have the power to instruct, two new financial watchdogs to be formed out of the carcass of the FSA, outlined in a new government paper.
A "Prudential Regulation Authority" will ensure that banks and other financial firms do not take on too much debt or make excessively risky investments.
The authority will work closely with the Bank committee, and will be able to temporarily penalise excessive lending - or certain types of loans like mortgages - in order to stop market bubbles from forming.
Meanwhile a "Financial Conduct Authority" (FCA) will be tasked with protecting consumers from sharp practices, and making sure that workers in the financial services sector comply with rules.
In the worst case, it will be able to ban financial products that it deems inappropriate for ordinary customers and censor promotions it considers misleading.
Peter Vicary-Smith, chief executive of the consumers association Which?, gave the new regulator an enthusiastic reception.
"It's... encouraging that the new regulator looks set to ditch the FSA's hands-off approach to product regulation and be willing to intervene immediately to ban toxic products," he said.
"The FCA must proactively stand up for the interests of consumers and actively promote competition, so that there are stronger incentives to treat customers fairly and offer good value for money."
The FCA will also be given a role in policing competition amongst financial firms.
Stocks end at fresh multi-year highs
U.S. stocks ended at fresh multi-year highs Thursday, as investors focused on an upbeat manufacturing report and looked past indications that inflation is heating up.
Dow Jones industrial average (INDU) edged up 30 points, or 0.2%, with 21 of the Dow's 30 components heading higher. Shares of Intel (INTC, Fortune 500) led the advance, while American Express (AXP, Fortune 500) lagged.
The S&P 500 (SPX) rose 4 points, or 0.3%, with Sears Holding (SHLD, Fortune 500) leading the way. Meanwhile, the Nasdaq (COMP) ticked up 6 points, or 0.2%, with Research in Motion (RIMM) among the biggest gainers.
All three of the major indexes finished the session at their highest levels in more than two years for a second day on Thursday.
Investors have been in a bullish mood so far this year, as the outlook for the U.S. economy improves. While inflationary concerns are now creeping into the picture -- with key readings on inflation this week showing that prices are rising more than expected -- investors remain assured that the Federal Reserve remains willing to step in if conditions deteriorate.
"Inflation has been the story du jour lately, and there's definitely a concern about the rising cost of commodities and how that's going to affect the margins of companies," said Tyler Vernon, CIO of Biltmore Capital.
"But at the same time, the Fed continues to be focused on the stock market and supporting the market. So at this point any news is good news, because investors are just thinking the Fed will step back in if things start slowing down," he added.
Is the stock rally getting ridiculous? - The Buzz
While stocks may take a breather in coming weeks, the trend is likely to remain positive until the Fed pulls the plug on its quantitative easing policy, said Dean Barber, president of Barber Financial Group.
"We're up significantly from where we were in September of last year, so I doubt it's sustainable, but we'll continue to be in a gradual, slightly upward trend at least through the summer," he said.
Economy: The consumer price index for January rose 0.4% month-to-month seasonally adjusted, compared to expectations of a 0.3% increase. The core CPI -- which excludes food and energy prices -- rose 0.2% month-to-month, compared to an expected increase of 0.1%.
The report follows on the heels of the government's Producer Price Index, a measure of wholesale inflation, which came out Wednesday. That index rose 0.8% in January, which was also larger than expected.
"Inflation is definitely out there, with both reports coming in hotter than expected," said Vernon.
Because the Producer Price Index is rising at a faster pace than the consumer price index, this indicates that companies aren't passing on the cost of raw materials to consumers, which Vernon said is a concern as companies' margins start to shrink.
In fact, 25% of companies in the S&P 500 that have reported earnings this season had lower margins because of rising commodity costs, he added.
Not only do rising prices hurt companies' margins, it means that the Federal Reserve may eventually be unable to continue propping up the economy with its policy of quantitative easing, he said.
"In the short term that's good news for stocks as investors get out of fixed income and look for a home in stocks, but in the longer term it represents issues, because investors are looking at the fact that if we're getting inflation, the Fed can't continue its process of of supporting the market."
Higher prices - coming soon to U.S. shores
Meanwhile, the government's weekly report on the number of people filing for jobless benefits jumped to 410,000 for the week ended Feb. 12, which was close to expectations. The report was expected to show an uptick to 408,000, from 383,000 in the previous week.
The preliminary Philadelphia Fed index, a regional reading on manufacturing, surged to 35.9 in February from 19.3 in January. The index was forecast to rise modestly to 21.
Keith Springer, president of Springer Financial Advisors, said the balance of good news like the Philadelphia Fed Index and weaker news like the report on jobless claims provides "a Goldilocks environment where the economy is not growing too fast to make the Fed stop the easing but not slow enough to give us a double dip." And this is what will help the momentum continue, he said.
Currencies and commodities: The dollar rose modestly against the Japanese yen, the British pound, and the euro.
Barber said the devaluing of the dollar through the Fed's quantitative easing is not only boosting the stock market, but causing commodity prices to climb.
"Prices aren't increasing because of increased demand -- the Fed is pumping so much money into the system and purposely devaluing the dollar, and that's where inflation is coming from," said Barber. "People are buying gold, gold, gold, and things like wheat, corn and cotton have all been driven higher too."
Gold futures for April delivery rose $10 to settle at $1,385.10 an ounce. Oil for March delivery gained $1.37 to settle at $86.36 a barrel.
The World Bank said in its latest report on the global food crisis that its price index jumped 15% between last October and last month, hovering just below its 2008 peak. Wheat, corn, sugar, fats and oils have led the price increases.
Companies: Redbox is planning a subscription movie streaming service to compete with Netflix (NFLX), according to news reports. Shares of Coinstar (CSTR), Redbox's parent company, gained nearly 8%.
Shares of Timberland (TBL) surged 30% after the outdoor goods maker logged a jump in fourth-quarter profit that widely beat economists' expectations.
Weight Watchers International (WTW) also reported a solid quarter, posting earnings per share that blew past expectations. Shares of the weight loss company soared more than 45%. The better-than-expected earnings also benefited NutriSystem (NTRI), with shares of the company rising more than 6%.
Shares of Dr. Pepper Snapple Group (DPS, Fortune 500) rose 6% after the soft drink company reported an 11% jump in earnings per share. The company's net sales rose to more than $1.4 billion.
Shares of Williams Partners (WMB, Fortune 500) -- a company focused on natural gas transportation, processing and storage -- jumped 8% after the company said it would hike its dividend and split into two entities. The company also raised its guidance for 2011-2012.
The stock price for Cliffs Natural Resources (CLF) climbed more than 7% after the company reported that it doubled its full-year revenue to $4.7 billion.
World markets: European stocks finished little changed. Britain's FTSE 100 was flat, the DAX in Germany edged lower by 0.1% and France's CAC 40 was barely above breakeven.
Asian markets ended higher. The Shanghai Composite edged higher 0.1%, the Hang Seng in Hong Kong rose 0.6% and Japan's Nikkei ticked up 0.3%.
Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 3.58% from 3.62% late Friday.
US inflation rises 0.4% on higher food and energy costs
US prices rose 0.4% in January compared with the previous month, mostly due to rising food and fuel prices.
The rate of change was the same as seen in December.
The Consumer Price Index rose by 1.6% over the last year, before seasonal adjustment, the Department of Labor said.
The core rate of inflation, which strips out food and energy costs, rose by 0.2% - the largest rise in more than a year.
This measure has increased by 1% over the last 12 months, still within the Federal Reserve's effective target of closer to 2%.
Food prices increased by 0.5% in January with the food-at-home index increasing by 0.7%, the largest gain since 2008.
And airline fares increased for the fifth month in a row, rising 2.2% in January, as carriers faced higher fuel costs.
However, the data showed that some goods and services were getting cheaper - including the price of both new and used cars, hotel rates and computer equipment.
"With the unemployment rate still at 9%, there will be plenty of downward pressure on underlying prices and so we don't expect core inflation to trend upwards," said Paul Ashworth, an economist at Capital Economics.
European inflation
Inflation is currently causing concern in Europe with the eurozone's annual inflation rate rising to 2.4% in January, up from December's figure of 2.2%.
The European Central Bank's inflation target is just below 2%.
In the UK, the Consumer Prices Index annual inflation rate rose to 4% in January, up from 3.7% in December.
Earlier on Thursday, Andrew Sentance, a member of the Bank of England's rate-setting panel, warned in a speech that the Bank was underestimating inflationary pressures in the UK economy.
G20 meeting urged to act on food price inflation
The G20 begins a two-day meeting on Friday against a background of rising food and commodity prices.
Finance ministers and central bankers from 20 of the world's biggest developed and developing nations will gather in Paris.
They are being urged to tackle the issue of price inflation affecting basic goods, like food and fuel.
Ahead of the meeting the International Monetary Fund warned that these have increased economic imbalances.
Earlier this week, the World Bank said food prices were at "dangerous levels" and had pushed 44 million more people into poverty since last June.
John Lipsky, first deputy managing director of the IMF, told the BBC that the G20 needed to work to remedy the instability: "There is great concern over the obvious high volatility of basic commodity prices especially food."
French President Nicolas Sarkozy, who is currently the head of the G20, has argued that commodity speculators should be reigned in in order to reduce food price spikes and volatility.
Unchecked speculation
Meanwhile, more than 100 European and international organisations led by the World Development Movement (WDM) have signed a statement warning the G20 of what they see as the dangers of unchecked speculation.
Julian Oram of the WDM said: "By taking action now to curb excessive speculation on food, G20 leaders could save lives, reduce chronic hunger and prevent civil and political unrest."
Rapid food price inflation in 2008 sparked riots in a number of countries. At that time, the World Bank estimated 125 million people were in extreme poverty.
The World Bank also called on this week's G20 meeting to address the problem, saying in a report that rising food prices were an aggravating factor of the unrest in the Middle East, although not its primary cause.
Some analysts have pointed to the difference between speculation, which can provide up-front money to a farmer to plant new crops, for example, and market manipulation, which is designed purely as a play on prices.
Currency and trade
Mr Lipsky said the market for food and other basic commodities was heavily burdened by controls and subsidies: "I think it would be very useful for the G20 to look at these markets in much better detail and see if they can be improved to better serve the global community and not be a source of instability and worry."
Other key imbalances on the menu will include currency and trade.
Mr Lipsky said that the idea was that some of the fast-growing "surplus" countries, like China, whose exports far outweigh its imports, have been relying too much on exports to fuel growth, while deficit countries, like the UK and the US, who buy in more than they export, rely too much on domestic demand to fuel their growth.
Currency values are at the heart of this, with critics arguing the Chinese keep their currency artificially low to make its exports more attractive.
China denies this.
Although G20 countries have been working for some time on how to correct mismatches in the global economy they have not reached agreement even over what criteria they should use as a starting point.
Summit host Christine Lagarde, the French finance minister, said her focus was going to be on finding those criteria: "What we want to achieve Friday and Saturday is to identify a list of indicators, measuring tools, that will allow us to identify imbalances, then the causes of these imbalances, so that we can propose methods to coordinate our economic policies."
The list includes countries' trade deficits or surpluses, budget deficits and levels of debt.