Berlin/London  - Europe's two leading central banks are expected to deliver another round of hefty 50-basis points cuts in interest rates Thursday amid signs of the deepening global recession.

Washington, March 4: American researchers at George Mason University say that workplace discrimination can increase in times of economic turmoil, as employees then feel threatened by outside factors like finances.

Lead researcher Eden King says that a study has revealed that people, who support diversity programs, have changing attitudes in times of economic strife.

The study also suggests that those in hiring positions may be less likely to hire a minority job applicant in an economic downturn, she adds.

Sydney  - The former world-beating Australian economy has joined most of the rest of the developed world and shifted into reverse, official figures released Wednesday showed.

National accounts showed the gross domestic product (GDP) contracted by 0.5 per cent in the quarter ending December.

The figures prompted falls in the stock market and in the value of the local currency as modest growth had been expected.

Beijing  - China announced another 15-per-cent hike in its annual military budget on Wednesday, amid international concern following similar large increases in recent years.

The draft defence budget for 2009 is set at 480.686 billion yuan (70.2 billion dollars), a rise of 62.482 billion yuan, or 14.9 per cent, from last year, a spokesman for China's nominal parliament told reporters.

Washington  - British Prime Minister Gordon Brown arrived at the White House Tuesday for talks with US President Barack Obama expected to focus largely on the global economic crisis.

The two leaders were to explore ways to boost the global economy as Obama weighs whether to ask Congress for billions of more dollars in funding to bail-out the finance sector. The meeting comes about one month ahead of the Group of 20 summit in London.

Paris  - In the future, no country, no institution and no financial product must be allowed to remain beyond market regulation, the French and German finance ministers said in Paris on Tuesday.

France's Christine Lagarde and her German counterpart Peer Steinbrueck also agreed that action must be taken in the future against any financial centre that does not cooperate in the fight against tax fraud and money laundering.

The Organization for Economic Cooperation and Development (OECD) is to prepare a "black list" of uncooperative countries for the next G20 summit, to be held in London on April 2.