World Bulletin / News Desk
German Chancellor Angela Merkel urged the world's top economies to push ahead with further financial regulation, saying that not enough had been achieved so far.
The global financial crisis has prompted an overhaul of regulation in almost every part of the financial system from over-the-counter derivatives to bank capital requirements.
But Merkel said in her weekly podcast that more was needed.
"In my view, we are not where we ought to be yet," she said.
"We had planned to regulate every financial centre, every financial actor and every financial market product. Significant progress has been made but the rules have not yet been implemented everywhere and we are still missing further areas."
The chancellor pointed to "shadow banks", or non-bank financial institutions that are less regulated than banks, as an area where progress needed to be made.
"For instance the regulation of shadow banks will hopefully be concluded at the next G20 meeting," Merkel said.
Leaders of the world's top economies (G20) made recommendations for regulation a year ago that also include hedge funds, special investment vehicles and repurchase agreements.
Regulators worry that as traditional banks get more heavily regulated, risky credit activities will shift to shadow banks.
Merkel meets with the heads of the International Monetary Fund, World Bank, International Labour Organisation, the World Trade Organisation and the Organisation for Economic Cooperation and Development in Berlin on Tuesday.
One of the topics of discussion will be the euro zone debt crisis. Merkel said tough steps were starting to show results.
"The structural reforms - despite being painful - are beginning to show effects in the individual countries, such as in Ireland and Portugal but also in Greece and Spain."
Finance Minister Wolfgang Schaeuble said on Friday that, while he wanted Greece to stay in the euro zone, that was not yet a done deal.
"We want Greece to stay in the euro zone but Greece has a lot to do. That's not yet decided," Schaeuble told ZDF television.
Greece is due to receive almost 31 billion euros in the next tranche of emergency loans from the euro zone bailout fund, if international inspectors agree that it has implemented reforms set as a condition for aid.
The currency move was part of wider actions by Russian banks to repatriate funds to Russia, lowering their exposure to the risks of possible wider Western sanctions
With memories of riots at the pumps when cheap fuel was rationed for the first time, in 2007, police are on the alert, but do not expect trouble, Interior Minister Abdolreza Rahmani Fazli said
Slovak Economy Minister Tomas Malatinsky said a deal allowing shipment of the gas via an unused pipeline between the two countries was almost ready.
Much lawmaking in Europe, including a sweeping overhaul of banking, is wrapped up in talks between diplomats and lawmakers with no public record of who attended or what was said
Thousands of workers at a factory in Dongguan in the Pearl River Delta run by Hong Kong-listed Yue Yuen Industrial Holdings , the world's largest shoe maker, have been on strike for more than 10 days
Russian Economy Minister Alexei Ulyukayev said last week that Russia could launch a dispute at the world trade body to challenge U.S. sanctions.
A Gazprom source said the $11.4 billion was in addition to the $2.2 billion that Naftogaz already owes for supplies in 2013 and 2014 so far.
Tech giant Apple reported Wednesday a 4.6 percent increase to $45.6 billion in quarterly revenue, beating market expectations after selling 43.7 million iPhones.
The six-day meeting is expected to discuss the CFTA's objectives, the principles that will guide negotiations for the free trade area, and the institutional arrangements needed to conduct negotiations.
Russia has proposed from European Union Energy Commissioner Guenther Oettinger for a three-way meeting on gas between Russia
The southern African country, which ditched its hyper-inflated local currency in 2009, is facing a serious dollar crunch as a result of lack of foreign donor support and investment
The European Commission, in charge of policing member states' public finances, is expected to respond to French projections in early June after European parliamentary elections
The Australian purchase is a signal of confidence in the F-35 Joint Strike Fighter (JSF) programme, which is about 70 percent over budget and years behind schedule
Executives say a plan is needed to tackle surging inflation as economic recession looms.
An agreement between the United States and Japan is crucial for setting the tone for other countries engaged in the TPP
The pipeline was closed as a precaution following the discovery of the fuel store