G7 powers head to Rome as crisis rages

ROME: G7 finance ministers headed to Rome to discuss the global economic crisis on Friday with a warning from Germany that the world could be plunged back into the dark days of the 1930s, if governments resorted to protectionism.

The G7 industrialised economic powers, all in recession, are under pressure to prove they can work together to stop the rot rather than engaging in a battle of “beggar-thy-neighbour”, and Berlin made it clear the latter was an increasingly real risk. “We will have to do everything to ensure history does not repeat itself,” German Finance Minister Peer Steinbrueck told parliament a few hours ahead of the Rome meeting.

“Right now, I think Germany has a huge interest in ensuring, at international meetings, that the world does not make the same mistakes it made in the 1930s.” He cited the “buy American” clause in an economic stimulus package the U.S. Congress is due to vote on just as the finance ministers of the G7 powers — the United States, Japan, Germany, Britain, France, Italy and Canada — meet over dinner in Rome.

source : jang.com.pk

World offers support as Australia battles fires

SYDNEY: Offers of help and aid have poured in from around the world as Australia battles raging bushfires which have killed 181 people and destroyed entire towns, officials said Tuesday.

Close allies such as Britain, New Zealand and the United States have been joined by nations including Andorra, Brazil and Iran in offering their sympathies or assistance.

US President Barack Obama telephoned Australian Prime Minister Kevin Rudd to offer his condolences over the wildfires after holding the first press conference of his young presidency, the White House said.

"The president offered his prayers to the people of Australia and his condolences to the victims. The president asked if the US could provide assistance to the government and people of Australia to assist with the fire," said Obama spokesman Robert Gibbs.