London  - The government of Prime Minister Gordon Brown is to give nervous British consumers an early Christmas present on Monday, when he is expected to cut Value Added Tax (VAT) in an effort to lift the national economy out of recession, media reports said on Sunday.

The consumption tax is expected to be cut from 17.5 per cent to 15 per cent, as part of a comprehensive fiscal stimulus package to be unveiled by Chancellor of the Exchequer Alistair Darling, Britain's finance minister.

Such a tax cut is expected to cost the government some 12.5 billion pounds (18.5 billion dollars). In total the government will support the national economy to the tune of at least 15 billion pounds.

Lima  - Leaders of the Asia-Pacific Economic Cooperation (APEC) forum meeting spent the weekend in Lima continuing to tiptoe a balance between regulation and protectionism as the world tackles the ongoing economic and financial crisis.

Their efforts crystallized on the stalled Doha Round of World Trade Organization (WTO) talks, declaring their intention to reach a WTO agreement by next month. Launched in 2001, the Doha round made only halting advances amid rich and poor countries disagreeing on trade in areas such as services and agricultural commodities.

Lima  - The 21 leaders of the Asia-Pacific Economic- Cooperation (APEC) forum meeting Saturday in Lima focused on the need to restore confidence and contain the long-term impact that the global financial crisis is having on the region.

Leaders including US President George W Bush, Chinese leader Hu Jintao and Russian President Dmitry Medvedev issued a statement after the start of their two-day meeting.

The document repeated large portions of the G20 declaration issued last week in Washington, where nine APEC members took part.

Leaders in Lima noted that they discussed "the actions APEC members are taking, individually and collectively, to restore confidence" and to keep the region "on a path of long-term growth."

Brussels  - The European Union is prepared to extend emergency financial assistance to Latvia, officials reported Saturday.

Lima  - The annual Leaders' Meeting of the Asia-Pacific Economic Cooperation (APEC) forum was formally opened Saturday in Lima.

Peruvian President Alan Garcia made brief remarks to praise the "vision" of APEC's founders to anticipate the "economic fate" of the world.

Then he asked reporters to leave the room as the leaders of the organization's 21 economies, sitting at a round table, went about discussing behind closed doors the current economic and financial crisis, among other issues.

The meeting took place in the so-called "Pentagonito," the small Pentagon, as the Peruvian Army Headquarters in the San Borja district of Lima are known locally.

Lima - The annual Leaders' Meeting of the Asia-Pacific Economic Cooperation (APEC) forum was formally opened Saturday in Lima.

Peruvian President Alan Garcia made brief remarks to praise the "vision" of APEC's founders to anticipate the "economic fate" of the world.

Then he asked reporters to leave the room as the leaders of the organization's 21 economies, sitting at a round table, went about discussing behind closed doors the current economic and financial crisis, among other issues.