WASHINGTON - PRESIDENT Barack Obama on Wednesday proposed the most 'sweeping' regulatory overhaul since the 1930s, vowing to stop future meltdowns in a financial system humbled by lax oversight, greed and huge debts.

The reforms, which must be approved by Congress, will inject the government deeper into financial markets and industries in a bid to tame the recklessness which saw a mortgage meltdown tip the world into deep economic crisis.

WASHINGTON - CREDIT ratings agency Standard & Poor's on Wednesday said the US government was likely to keep its top triple-A credit rating for the foreseeable future, despite a severe recession.

S&P said the US government has the highest long- and short-term ratings it assigns and 'the 'AAA' long-term rating on the US is not likely to change in the near term.'

MOSCOW, June 17 (Reuters) - The leaders of Russia and China on Wednesday trumpeted fast-growing bilateral trade and investment as symbols of a closer political relationship which also underlined the importance of emerging markets globally.