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G20 finance ministers aim for more growth

Lew Says U.S. Recovery ?Inextricably Linked? to European Economy

JIM HEINTZ July 20, 2013 MOSCOW (AP) The Group of 20's finance ministers said Saturday their countries consider strengthening economic growth and creating jobs to be top priorities. In a communique at the end of their meeting in Moscow, the ministers noted that although there are signs of stronger economies in the United States and Japan, the group of 17 European Union countries that use the euro continues to suffer from recession and that economic growth in emerging markets is comparatively slow. The ministers also said they were "mindful of the risks and unintended negative side effects of extended periods of monetary easing." They did not directly address the situation in the U.S., where speculation that the Federal Reserve may soon wind down its bond-buying program has roiled markets around the world especially in developing economies. 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.

Russian Finance Minister Anton Siluanov, left, speaks to Russian Labor Minister Maxim Topilin at a meeting of the Group of 20 finance ministers in Moscow, Russia, Friday, July 19, 2013. Stashing profits offshore may soon get tougher for companies, thanks to an ambitious plan released Friday by the finance chiefs of leading world economies aimed at forcing multinationals to pay more taxes. (AP Photo/Alexander Zemlianichenko)

If convicted, he faces a prison sentence. Papaconstantinou served as finance minister from October 2009 to June 2011, and was finance minister when Greece negotiated its first international bailout. Because he is a lawmaker, Parliament has to approve the lifting of immunity before any prosecution can proceed. In a secret ballot late Monday, 220 deputies in the 300-seat Parliament voted in favor of the former minister being prosecuted for at least one charge, and 166 for all three.

Finance House P.J.S.C. : Insurance House Appoints New Chief Executive Officer

stimulus was imminent, boosting demand for fixed-income assets around the world. First Visit In the first visit by a U.S. treasury secretary since the crisis began -- and on his third visit to Europe since taking the post in February -- Lew met with Greek Prime Minister Antonis Samaras and Finance Minister Yannis Stournaras to discuss economic recovery and job creation. Greece has gone a long way in the last 12 months, Samaras said after the meeting, according to an e-mailed statement from his office. German Finance Minister Wolfgang Schaeuble also visited Athens last week on his first such trip, warning the country that there are no shortcuts to austerity -- even as he opened the possibility of further debt relief.

Greece's former finance minister should be prosecuted, lawmakers say

Former socialist Finance minister George Papaconstantinou at the Greek Parliament in Athens on January 17, 2013.

It is certainly an honor to be part of this family. I intend to strengthen IH's position to be a leading company in the insurance industry in the UAE. It is a big responsibility to build up on what Insurance House has achieved so far in the UAE market. Insurance House has invested in the right people and infrastructure to realise its growth plans which shall enhance my mission".

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