IMF's Lagarde confident on 'action-oriented' G-20 plan

An "action-oriented" plan by the G-20 to add an extra two percentage points to global growth over five years has a good chance of succeeding, International Monetary Fund chief Christine Lagarde said on Sunday.
Speaking at a meeting of the Group of 20 world economies in Sydney, Lagarde also praised Australia's presidency of the gathering.

(Read more: Global growth target ambitious but achievable: France)

The G-20 said in a communiqué on Sunday that they would develop policies to lift their collective gross domestic product by an additional 2 percent over the coming five years, generating over $2 trillion in additional output and creating tens of millions of new jobs.

"We believe that if the reforms that have been identified are adhered to and delivered by the various authorities then that is a goal that can be achieved and possibly exceeded," Lagarde told reporters on Sunday.

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CNBC's Oriel Morrison interviews IMF chief Christine Lagarde

The G-20– which collectively represent 85 percent of the global economy –have until November when the next G-20 summit takes place in Brisbane, Australia, to finalize their own strategies to implement the structural reforms necessary to up growth by 0.5 percent per year, Reuters reported.

(Read more: G20 aspires to faster economic growth, road map sketchy)

"The beauty of the plan is that it's going to rely essentially on domestic measures that will be beneficial for domestic markets," Lagarde told CNBC on the sidelines of the G-20 meeting. "It's not some 'far-fetched plan out in the clouds," she added.

The IMF forecasts 3.7 percent global growth in 2014 and 4 percent in 2015.

Aus Fin Min: G-20 needs to commit to growth targets

Australia's Finance Minister Mathias Cormann, says he hopes the G-20, which meets this weekend, can commit to a plan of action that will strengthen the global economy.

Speaking about the fallout of an unwinding of U.S. monetary stimulus on frail emerging markets, Lagarde said the U.S. Federal Reserve did have an open mind about the implications of its actions for the developing world.

(Read more: Australian Finance Minister: 'We could do better')

"Clearly during the discussions yesterday and today, there was an open mind on the part of the chairman of the Fed to understand the issues and listen to the concerns and what you call the angst of the emerging market economies," she told CNBC.

Lagarde added that it was important to remember that emerging market economies were subject to their own nuances and should not be bundled together.

"You can't just put all emerging market economies into one bucket… and assume that they are all the same. They are all very different. Some of them have taken policy measures in order to resist potential volatility and that has proven efficient," she said.

JPMorgan avoids third showdown over Dimon role

JPMorgan Chasehas avoided a third successive showdown with shareholders at its annual meeting in Florida by convincing activists to forgo a vote on whether the bank should split the roles of chairman and chief executive.
Jamie Dimon holds both positions and last year's meeting in Tampa saw a contentious vote over whether to strip him of one of the roles in the wake of the "London whale" trading fiasco. After lobbying from both sides, the bank ultimately quelled revolt over the issue.
(Read more: Jamie Dimon - the most influential on Wall Street)

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Jamie Dimon

On Thursday it announced that it had managed to remove it from the agenda altogether.
Lee Raymond, lead independent director of JPMorgan's board, said: "Engagement with shareholders is important and facilitates a better understanding of governance practices and communications that promote the best interests of the company and its shareholders."
(Read more: Fined billions, JPMorgan Chase will give Dimon a raise)
The proposal was already a watered-down version of the 2013 proposal. Rather than calling for Mr Dimon to be stripped of one of the roles, it only advocated splitting the positions when he eventually steps down from the helm of JPMorgan.

Private sector key to economic growth: JPMorgan Int'l Chairman

Jacob Frankel, chairman of JPMorgan Chase International, says the private sector must pick up the slack in the global economy and is key to sustaining economic growth.

Timothy Smith of Walden Asset Management, representing the sponsor of the proposal to separate the roles, said: "We are pleased with the positive response from the company and are confident that the goodwill stimulated from both of the agreements announced today will lead to productive ongoing work regarding these important governance matters."

To attempt to assuage shareholders' concern that the dual structure concentrates too much power in the hands of a single person, the board has strengthened the role of Mr Raymond, codifying his responsibilities for holding Mr Dimon to account.
That change follows a similar move at Goldman Sachs, which was also sufficient to neutralise an attempt to split the chairman and chief executive roles held by Lloyd Blankfein.
(Read more: Dimon: Economy's starting to fire on all cylinders)
JPMorgan said it had also managed to satisfy a group of nuns, who agreed to withdraw their proposal that the bank should be forced to produce a report to shareholders into its "multiple scandals", ranging from the London whale to mis-selling of mortgage-backed securities.
The Sisters of Charity of Saint Elizabeth said they were agreeing to withdraw their proposal after JPMorgan had pledged to write a similar report.The thaw in relations between the bank and the nuns comes only weeks after JPMorgan's lawyers told the Securities and Exchange Commission that their proposal was "materially false and misleading".
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Nigeria suspends central bank chief

Nigeria's president on Thursday suspended the governor of the country's central bank for "financial misconduct" and said his tenure was "characterized by various acts of financial recklessness".

"This particular step has been taken to rescue the central bank and re-position it," Reuben Abati, the media adviser to Nigerian President Goodluck Jonathan, told CNBC Africa.

Governor Lamido Sanusi is widely respected after undertaking reforms to the banking sector since his appointment in 2009 and was named central bank governor of the year for 2010 by Banker magazine.
(Read more: Africa now paying a 'democratic dividend')

He has been a vocal critic of the government's track record in tackling corruption. Recently he alleged that $20 billion in oil revenue had gone missing and wrote to President Jonathan to question the shortcomings.

Jason Alden | Bloomberg via Getty Images

Lamido Sanusi, governor of the Central Bank of Nigeria

Nigeria's state oil firm has denied failing to account for the money, saying the claim was "unsubstantiated".
Sanusi, who was out of the country, said he was unaware of what accusations the president's office was referring to and questioned the legality of his dismissal.
"I don't know what they are talking about. When I come back I will see what those allegations are," he told CNBC Africa.

(Read more: Frail EMs hot topic for G-20 meeting)

"There is also the legal question of (the) president, who does not have the legal authority to remove the central bank governor. Even if I challenged it – I will not go back to the job, but I think it would be in the interest of the institution for the court check if the president has the power," he said.
However, Abati said Sanusi had been under investigation since mid-2013, and that the central banker had been aware of this.
"He was aware of it and he was queried," Abati told CNBC Africa. "What you probably have in this situation, is a case of a man who knows that he has a case to answer and who has taken steps – preemptive steps – to prevent certain outcomes."

He added that "many Nigerians" approved of the suspension.
"I do not believe that anybody should have any anxiety about what happens hereafter. Indeed, what I have seen online is that many Nigerians – if not the majority of them – have been saying that the suspension of Mr Lamido Sanusi has been long overdue," he said.

Meanwhile, Sanusi said he hoped the news would not damage the Nigerian economy, as the bond market closed unexpectedly and the Nigerian naira spiked to 169 to the dollar.
"I also hope the position of the central bank will be protected. I have been fortunate to do some good work on the banks in terms of stability, I would not want to see all of that unravelled," he said.
(Read more: A make or break speech for Zuma?)

Sanusi's deputy, Sarah Alade, will replace him on an acting basis.
Sanusi said: "I think she is a very competent person, I have every confidence in her, I am very happy for her. Like I said I have no regrets, no ill feelings. I am happy and proud of what I have done," he said.
Abati refused to rule out the possibility that the Nigerian government might seek to prosecute Sanusi for his alleged offenses.

"I believe our government will do so if there are any grounds, but it is not for me to determine that," he told CNBC.