Washington  - US President Barack Obama defended the spending outlined in his budget Tuesday, saying investments in health care, energy and education are essential to long-term economic growth and eventually bringing deficits under control.

Obama defended the 3.6-trillion-dollar budget proposal that have been the subject of intense criticism from Republican and some Democratic members of Congress who warn it will pass along huge deficits to future generations.

Washington - US officials on Tuesday rejected calls from China and Russia for the international community to shift towards a global reserve currency that could replace the dollar.

At a congressional hearing in Washington, Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke said they opposed the idea that was floated by China's central bank head earlier Tuesday.

London/Strasbourg, France  - British Prime Minister Gordon Brown on Tuesday played down reports of a rift between the United States and Europe over what is needed to stimulate the global economy, saying harmony would prevail at the Group of 20 summit.

Addressing the European Parliament in Strasbourg, Brown said he was confident that "the whole of Europe will agree with (US President Barack) Obama" that the stimulus package will be "sustainable and robust".

New York  - The meeting of the world's 20 leading economies in London on April 2 has the potential of making profound changes in the global economy that is suffering a deep recession, United Nations Secretary General Ban Ki-moon said Monday.

"The stakes at the London summit are large," Ban told the UN General Assembly, which convened to discuss the world economic downturn, triggered initially by a US financial crisis and which threatens funding for UN programmes.

Washington - US Treasury Secretary Tim Geithner plans to unveil later Monday details of a public-private investment programme that will mop up toxic assets and build new capital for banks to help recover from the financial crisis.

Anticipation of the announcement already sent Asian markets on the upswing as they opened Monday morning.

Geithner is expected to provide many of the details that investors were looking for when he gave the broad outline of the Obama administration's rescue plan some weeks ago.

Buenos Aires  - Argentina's agricultural producers were to launch a week-long strike starting Saturday to press for lower taxes.

The Argentine Rural Confederation said Friday that it would stop selling grains and livestock, set up roadblocks and thwart exports for a week.

They are protesting the government's refusal to lower taxes on the country's main crop, soya beans, as well as its handling of the crippling drought that has wiped out many farmers.