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Jul202013

G20 finance ministers aim for more growth, job creation








Pakistan launches media campaign to boost Islamic finance




An investor, with henna-dyed hair, monitors an electronic board displaying stock prices at Karachi Stock Exchange July 16, 2010. REUTERS/Akhtar Soomro/Files

In a separate statement, IMF head Christine Lagarde said the meeting saw constructive discussions on the spillover effects of monetary policies, the implications of recent market volatility, and the need for balanced and credible fiscal strategies. The global economy remains too weak and unemployment is too high in many countries, she said. There has also been an increase in financial market volatility and tightening of financial conditions. The G-20 communique called on members to ensure that international and our own tax rules do not allow or encourage multinational enterprises to reduce overall taxes paid by artificially shifting profits to low-tax jurisdictions. On Friday the Organization for Economic Cooperation and Development unveiled a 15-point plan for a united front to fight tax avoidance by multinational companies. If adopted, the measures would close loopholes and allow countries to tax profits held in offshore subsidiaries. It would also target such practices as deducting the same expense more than once, in more than one country.















Demonstrators hold trays with bites decorated with small portraits of the government members during a protest in front of the delegation of the Spanish government in Catalonia, in Barcelona, Spain, Thursday July 18, 2013. Spain?s prime minister brushed off demands he should resign after text messages emerged showing he had a cozy relationship with a disgraced political party treasurer who amassed 47 million euros ($61 million) in secret Swiss bank accounts. The spectacle of alleged greed and corruption has enraged Spaniards hurting from austerity and sky high unemployment with no end in sight. (AP Photo/Emilio Morenatti)

It said it had been aware of the travel restrictions since the end of June. Nechelput continues to work in his role as finance director for the company's China unit. (AP Photo/Kirsty Wigglesworth, File) JOE McDONALD July 18, 2013 BEIJING (AP) Drug manufacturer GlaxoSmithKline, under investigation on suspicion its employees bribed Chinese doctors, said Thursday the finance director for its local unit has been barred from leaving China. The executive, Steve Nechelput, has not been questioned or arrested and is free to travel within China, the British company said in a statement.







Is there morality in personal finance?






The campaign is part of an overhaul of Islamic finance activities in Pakistan, which also includes the establishment of a country-level sharia board and new rules for sharia-compliant financial products. The central bank is rolling out a five-year plan for Pakistan's Islamic banking sector, which follows religious principles such as bans on interest and pure monetary speculation. "There still prevails a significant population that is either unaware of Islamic banking or have confusions and misconceptions about its current paradigm," said central bank governor Yaseen Anwar at the launch of the campaign on Thursday. The campaign, developed alongside local Islamic banks, would help the industry reach ambitious targets including a doubling of its branch network in five years and a 15 percent share of the banking system, Anwar added. As of March, the industry held an 8.7 percent share of banking assets and 9.7 percent of deposits, central bank data shows.







China bars Glaxo finance chief from leaving




FILE - This April 28, 2010 file photo shows the GlaxoSmithKline offices in London. Drug manufacturer GlaxoSmithKline, under investigation in China on suspicion its employees bribed doctors, said Thursday, July 18, 2013 its finance director for the country has been barred from leaving. The executive, Steve Nechelput, has not been questioned or arrested and is free to travel within China, the British company said in a statement. It said it had been aware of the travel restrictions since the end of June. Nechelput continues to work in his role as finance director for the company

An acquaintance recently told me hes almost free from six figures worth of debt . Of course, I asked him how he did it. I stopped feeling sorry for myself, he told me. I wanted to go out to eat, and I couldnt.




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Jul202013

G20 finance ministers tackle unemployment - eurozone crisis Friday as it happened








Finance Latest News: GSK Sends Three Executives to China to Handle Crisis






US treasury secretary Jack Lew has issued a brisk message to the Europeans to pull their socks up and get the economy moving again. Lew writes in the FT () When the finance and labour ministers of the Group of 20 leading nations gather today in Moscow, getting people back to work must be top of the agenda. In many parts of the world, such as Europe, growth is too weak to drive job creation, and it is critical to take steps to bolster private hiring. We have an enormous stake in Europe's success. Recalibrating the pace of fiscal consolidation, so that a fall in activity does not require more cuts, is a step in the right direction.








Police charge against demonstrators in Madrid as a wounded man lays unconscious on the pavement. Czuko Williams/Demotix/Corbis

Emerging nations have seen dramatic investment outflows since the Fed announced its exit plan, forcing policy responses around the globe. Fed Chairman Ben Bernanke, who will not be present in Moscow, has stressed he will only stop the money-printing press if he sees strong evidence of a U.S. recovery, and on Wednesday left open the option of changing the plan if the economy shifted. Schaeuble said a European Union paper setting out medium-term fiscal plans were an "appropriate and important" target on the way to proving the world's 20 biggest developing and developed nations were committed to consolidating budgets. In a document, EU finance ministers say that the lack of an agreement on a credible medium-term fiscal consolidation plan in the United States was a risk to the global economy.







German finance minister says multinationals must pay fair taxes






Finance Sat, Jul 20, 2013, 6:09 AM EDT - U.S. Markets closed YOUR FRIENDS' ACTIVITY Remind me when I share | Not you? Log out of Facebook How to remove this experience Finance Latest News: GSK Sends Three Executives to China to Handle Crisis Link 17 hours ago, Wochit GlaxoSmithKline has sent its head of emerging markets and two other top executives to China to lead the drugmaker's response to an unfolding crisis over alleged bribery and corruption. Disappointing earnings from two American technology giants, Microsoft and Google, weighed on markets after a stellar run that has seen Wall Street?s main indexes post a series of all-time highs. The Standard & Poor?s 500-stock index fell 0.2 percent, the Dow Jones industrial average lost 0.3 percent, and the Nasdaq composite slumped 0.9 percent.




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