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News File Submitted by: Pooja Khullar G20 seals IMF power shift; vows to avoid currency devaluationGroup of 20 finance leaders struck a deal on Saturday to refrain from competitive currency devaluations although they failed to agree on firmer language that might have shored up the U.S. dollar.At a meeting in South Korea, the growing clout of the developing world was recognized in a surprise deal to give them a bigger voice in the International Monetary Fund which was charged with policing global stability. Conti..The 20 members pledged in a communiqué to refrain from competitive devaluations of their currencies, developed economies vowed to cut their budget deficits over time and all to take action to reduce current account imbalances. China set to get big chunk ok global satellite market by 2015Bracing up to launch a host of new satellites, including a communication satellite for Pakistan next year, China has said it aims to become a major global player in the international aerospace industry by 2015 to get a big chunk of the commercial satellite market. China is set to re-launch itself on the global aerospace industry with plans to take 10 per cent share of the worlds commercial satellite and 15 per cent of the commercial launch business by 2015, Yin Liming, President of China Great Wall Industry Corp, (CGWIC) told state run China Daily . China’s rapid economic growth continues to slowChinas rapid growth slowed in the latest quarter as Beijing steered its expansion to a more sustainable level, possibly cutting its contribution to a global recovery. The worlds second-largest economy grew 9.6 percent in the July-September quarter over a year earlier. That was down from the previous quarters 10.3 percent but still by far the highest of any major economy. Beijing is trying to restore normal economic conditions following a huge stimulus that helped China quickly rebound from the global crisis. Communist leaders want to guide growth to a manageable pace and encoura