Economy

ROUNDUP: Germany presents G20 wish list, calls for more regulation

Germany presents G20 wish list, calls for more regulation Berlin  - German Chancellor Angela Merkel called Saturday for unified international rules for the financial markets, on the eve of a meeting with the heads of Europe's leading economies.

There could no longer be "blank spots" where regulations don't apply in the wake of the financial meltdown, Merkel said in her weekly video podcast.

2ND ROUNDUP: Obama meets US mayors on "front lines" of recession

2ND ROUNDUP: Obama meets US mayors on "front lines" of recessionWashington  - President Barack Obama met with dozens of the country's mayors at the White House Friday, promising close cooperation but urging them to spend government funds wisely in order to halt the country's economic slide.

US cities and states have faced huge budget shortfalls in the country's year-long recession, forcing many to contemplate cutbacks in services just as demand for government benefits is rising.

FEATURE: Unemployment threatens Iraq's future

Unemployment threatens Iraq's futureBaghdad  - Mostafa Hussein, a young man from Baghdad, once dreamed of joining Iraq's security forces to help end the fighting that has torn his country apart in recent years.

And so Hussein joined the Sunni tribal police as a first step. He tried not to let the death threats he received as a result bother him. Undeterred, he applied for a job with the Iraqi police.

When the police turned him down, Hussein did not give up. He tried bribing his way into a job, also without success. All the government jobs, he said, are reserved for friends and relatives of government officials.

Estonian government wins no confidence vote over budget cuts

Estonian government wins no confidence vote over budget cuts Tallinn  - The Estonian government survived a no confidence vote on Friday, which it had tied to plans for scathing budget cuts in a high-stakes bid to deal with the country's troubled economy.

The coalition government of Andrus Ansip won the vote in the national parliament, or Riigikogu, by 61 votes to 35.

It had tied the no confidence vote to plan for a special budget aimed at saving around 8 billion kroons (690 million dollars) from public finances.

Mexico's central bank again cuts interest rates

Mexico's central bank again cuts interest rates Mexico City - Mexico's central bank cut the leading interest rate by 25 basic points Friday to leave it at 7.5 per cent.

This was the second interest rate cut in Mexico in little over a month.

The Bank of Mexico said the global financial crisis continued to get tougher, and said that, although inflation has shown a downward trend since January, "the strong financial turbulence that was observed recently represents a risk."

Obama meets US mayors on "front lines" of economic crisis

Obama meets US mayors on "front lines" of economic crisis Washington  - US President Barack Obama met with dozens of the country's mayors at the White House Friday, promising closer cooperation but urging local authorities to spend a massive government stimulus package wisely.

US cities and states have faced massive budget shortfalls in the year-long recession, forcing many to contemplate cutbacks in services just as demand for government benefits is rising.

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