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90 seconds at 9 am with BNZ: G20 bicker over US$2 trln rescue funds; Reforms to DPB, widows and dole expected; Industrial action hits Affco, Oceania, Ports of Auckland
Here's my summary of the key news over the weekend in 90 seconds at 9 am in association with Bank of New Zealand, including news that leaders of the world's 20 largest economies met in Mexico over the weekend to work on plans for US$2 trillion worth of rescue funds in case of further financial system strife.
However, an agreement seems a long way off with America insisting Europe increase the size of its own rescue funds before it agrees to an International Monetary Fund (IMF) request for an extra US$500 billion in rescue funds.
Germany is relucant to agree to an increase in Europe's funds, arguing the issues inside the Eurozone are settling down. See more here at Reuters.
Finance ministers at the G20 were far from united, with disputes erupting between America's Tim Geithner and Germany's Wolfgang Schauble. See more here at Bloomberg.
Meanwhile, closer to home, TVNZ is reporting the National-led government is expected to announce welfare reforms later today.
These could include changes to the rules for the Domestic Purposes Benefit which mean single parents with children over 5 years old will be forced to look for part time work, while those with children over 14 would have to look for full time work.
Also, the widows benefit is expected to be abolished and the Unemployment Benefit replaced with a 'Jobseekers' support' benefit.
Elsewhere, industrial action will see more than 2,000 staff stop work this week.
Stuff reports that Talley's Affco meat processing operation has locked out 700 workers over a long-running employment contract dispute and 300 Ports of Auckland staff continue their three week strike this week.
Also, 1,500 staff at the Oceania chain of rest homes will strike this week.
The New Zealand dollar was broadly steady around 83.5 USc over the weekend.