Wellington - New Zealand's 4-month-old conservative government moved Tuesday to relax rules governing foreign investors, hoping to attract more outside capital to the country, which has been in recession since early last year.

Finance Minister Bill English said overseas investment could play an important role in an economic recovery and job creation.

Announcing a review of the Overseas Investment Act, English said the current law was cumbersome and the rules often difficult to interpret.

He said an application to buy land near the sea, or otherwise declared "sensitive" because of historical or cultural importance to the indigenous Maori population, had to pass 27 different criteria.

Nicosia, Mar 17: The Federation of Gulf Cooperation Council (GCC) Chambers of Commerce and Industry have urged the governments of the six states to adopt a more comprehensive aid package aiming to stimulate growth and reduce the effects of the global financial crisis on businesses in the Gulf region.

The Emirates Business wrote on Monday that according to a study it had obtained, the Chambers expected the crisis to spread to other sectors in addition to oil, banks and construction.

Washington  - US President Barack Obama laid out a new effort Monday to help small businesses struck hard by a Wall Street crisis that has cut off their access to loans.

The administration's new plan is designed to jump-start lending by directly investing in frozen credit markets, boosting loan guarantees and forcing the 21 banks that have accepted emergency government funds to report monthly on their loans to US companies.

Kiev  - Manufacturing in the former Soviet republic of Ukraine is down by nearly a third over 2008 indicators, but recent data gives hope an economic turnaround is in sight, Prime Minister Yulia Tymoshenko said Monday.

"Practically in all sectors with the exception of energy we already are registering positive growth, and some industries are up as much as 20 per cent," she claimed, in comments reported by Interfax.

Reykjavik  - Iceland's battered economy is showing some signs of improvement with inflation appearing to have peaked, the head of a delegation from the International Monetary Fund (IMF) said Friday.

"The crisis has led to a sharp drop in economic activity, but a late-year turnaround remains within reach," delegation head Mark Flanagan said, adding that "the krona has stabilized and inflation appears to have peaked."