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OECD vows to 'change the game' with new tax rules PARIS: The OECD on Tuesday put forward new proposals it said would "change the rules of the game" for companies which avoid paying huge amounts of tax by exploiting international loopholes. Pascal Saint-Amans, head of tax at the OECD, said that 44 countries representing 90 percent of the world economy had agreed on the need to stop companies taking advantage of different regimes by means of what are known as tax optimisation strategies.Many of these strategies are legal, but are sometimes at the limit of the law.The seven items of the action plan will "change the rules of the game" to ensure companies pay taxes where they make their profits, he told journalists at the offices of the Organisation for Economic Cooperation and Development in Paris.The basic principle behind the proposals is that tax should be paid in the country where it is generated, and to prevent international tax agreements ...

US producer prices flat in August WASHINGTON: US producer prices were unchanged in August from July, the Labor Department reported Tuesday, adding fresh evidence of tame inflation in the modestly growing economy.The department's flat producer price index reflected declines in food and energy prices, down 0.5 percent and 1.5 percent, respectively.Excluding food and energy prices, which can be volatile month-over-month, core PPI also was flat.The flat overall PPI number was expected, but analysts on average estimated core PPI would increase 0.1 ...

Russia to deploy reinforcements to Crimea area: minister MOSCOW: Russia's defence minister called on Tuesday for the deployment of reinforcements to the Crimea and southern Russia, citing the worsening crisis in Ukraine and buildup of foreign forces nearby. Sergei Shoigu said it was a "priority" to deploy a "full and self-reliant group of troops in the direction of Crimea."Cited by Russian news agencies, he said the "situation in Ukraine has sharply worsened and the foreign military presence has increased very close to our ...

French PM sticks to reform plan ahead of crunch confidence vote PARIS: French Prime Minister Manuel Valls pledged Tuesday to stick to the disputed economic reform plan that he has championed, ahead of a crunch parliamentary vote of confidence."Nothing must let us deviate from our commitment to save 50 billion euros ($65 billion) within three years," he told parliament, referring to the Socialist government's Responsibility Pact that aims to kickstart growth in the country with huge spending cuts.Copyright AFP (Agence France-Presse), 2014

UK inflation slips back, house price growth hits seven-year high LONDON: British inflation edged down last month but house price growth surged in July at the fastest annual pace since in seven years, official data showed on Tuesday.Consumer prices rose 1.5 percent on the year in August, the lowest increase since May, compared with 1.6 percent in July, the Office for National Statistics said.Economists taking part in a Reuters poll had expected inflation to fall to 1.5 percent.Compared with the previous month, the consumer price ...

Turkey warns credit rating agencies over negative assessments ISTANBUL: Turkey stepped up its criticism of credit rating agencies on Tuesday, with President Tayyip Erdogan warning it could cut ties with Moody's and Fitch and his prime minister saying the country did not have the ratings it deserves.Both Moody's and Fitch have in recent weeks warned of the potential impact of continued political uncertainty following former prime minister Erdogan's August 10 victory in the country's first direct presidential election.Local media quoted Erdogan as telling ...

Egypt targets 11pc budget deficit in fiscal 2014/15 CAIRO: Egypt is targeting a budget deficit of around 11 percent for the fiscal year that began in July and aims to boost economic growth to 5-6 percent within three years, Finance Minister Hani Dimian told a conference on Tuesday.Political turmoil since the 2011 uprising that ousted Hosni Mubarak has hurt Egypt's economy and hit investor confidence. The government is now walking a fine line between trying to cut its deficit whilst luring investors and ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 15, 2014
Reserves $13.414 bln