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Obama arrives in Canada for economic sum

Obama arrives in Canada for economic sum

Toronto, Ontario (CNN) -- President Obama arrived in Ontario on Friday for a series of high-stakes economic meetings with leaders from around the world.

Obama, who was greeted in Toronto by America's ambassador to Canada, David Jacobson, is set to meet first with his counterparts in the G-8 nations, followed a broader G-20 summit over the weekend.

The meetings are taking place against a backdrop of continued economic uncertainty, with demands for more government stimulus balanced against fears of runaway deficits. At home, the Obama administration is struggling to push a new economic relief package through an increasingly skittish, debt-wary Congress. Overseas -- particularly in Europe -- leaders are increasingly being forced to enact unpopular fiscal austerity measures.

Also hovering over this weekend's meetings is the specter of protests and violence, which have plagued other recent meetings of world economic leaders.

Friday morning, before departing the White House, Obama referred to agreements reached in the first two G-20 summits he attended and added, "This weekend in Toronto, I hope we can build on this progress by coordinating our efforts to promote economic growth, to pursue financial reform, and to strengthen the global economy.

"We need to act in concert for a simple reason: This (recent economic) crisis proved and events continue to affirm that our national economies are inextricably linked -- and just as economic turmoil in one place can quickly spread to another, safeguards in each of our nations can help protect all nations."

Obama fears that a rollback too soon from government stimulus packages would send the world back into recession. The European Union, on the other hand, has sent a letter to all G-20 leaders asking for substantial budget cuts to come no later than 2011.

Also high on the agenda will be reforms to global banking regulations. Although all G-20 nations have pledged banking reforms, the reforms being considered in Europe and North America are diverging. Britain, France and Germany are calling for taxes on banks to pay down deficits and cushion future financial shocks. The U.S. government wants to discourage additional taxes, which officials fear would stunt consumer demand.

The weekend's sessions will offer a first appearance on the world stage for British Prime Minister David Cameron and Japanese Prime Minister Naoto Kan. Both leaders arrived in Toronto on Thursday.

The G-8 meeting opens Friday at Deerhurst Resort in the Muskoka region of Ontario. The G-20 meeting opens Saturday in Toronto.

Tags: Topnews , US

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Spain's Alonso fastest in European GP practice

Spain's Alonso fastest in European GP practice

CNN -- Ferrari's Fernando Alonso edged out the Red Bulls to set the fastest time in opening practice for this weekend's European Grand Prix in Valencia on Friday.
The Spaniard, who was racing on home soil, lapped the street circuit quickest in one minute and 39.283 seconds in the afternoon practice session.
Alonso, whose only victory so far this season came in the opening race in Bahrain, is aiming to reproduce today's form in official qualifying and then Sunday's race.
"This morning, the McLarens were very quick, the Red Bulls are always on front running pace and even Mercedes and Renault are very close," he told the Formula One website.
Our only aim is to be ahead of everyone, otherwise we wouldn't be Ferrari

"However, our only aim is to be ahead of everyone, otherwise we wouldn't be Ferrari."
Sebastian Vettel of Red Bull came second, with his teammate Mark Webber third and Nico Rosberg of Mercedes, who was fastest in the morning session, in fourth place.
But his teammate and seven-time world champion Michael Schumacher again disappointed, only posting the 11th best time on his debut in Valencia.
Schumacher, who finished out of the points in the last grand prix in Canada, has won the European Grand Prix, at different venues, six times.
"I found it quite comfortable to drive even if some of the corners are blind," he told reporters.
"However it's demanding to get the real rhythm which I have not totally found over one lap yet."
It was a generally disappointing day for McLaren, as championship leader Lewis Hamilton came in fifth fastest, followed by Renault's Robert Kubica and Felipe Massa of Ferrari.
Adrian Sutil of Force India managed eighth, just ahead of world champion Jenson Button and last year's winner Rubens Barrichello of Williams in ninth and tenth respectively.
However, reigning world champion Button remains positive the McLaren team can gain some vital points going into what he expects to be a difficult weekend of racing.
"It's going to be a tough weekend for us, but an enjoyable one too, and we should still get some good points from it," he told the Formula One website.

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