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UK to ramp up fight against offshore tax evasion LONDON: Britain plans to toughen its rules on cash hidden offshore in a new bid to crack down on people evading tax, the government said on Saturday.Under a proposed new criminal offence, tax officials will only have to show that income on money held by individuals outside Britain is taxable and undeclared in order to secure a prosecution.Currently, British tax officials have to prove that an individual was deliberately trying to hide undeclared income from the authorities."The message is clear with this new criminal offence: if you are evading tax, there is no safe haven and we will find you," finance minister George Osborne said in a statement.He has been closing loopholes used by individuals and corporations to avoid paying tax as he tries to eliminate Britain's wide budget deficit. The government has pushed for new international information-sharing agreements to make it easier to crack down on tax evasion.Britain will ...

IMF, World Bank push for price on carbon WASHINGTON: The IMF and World Bank on Friday urged finance ministers to impose a price on carbon, warning that time was running out for the planet to avoid worst-case climate change.The heads of the two global economic institutions convened ministers from 46 countries -- including the United States, China, India and European powers -- on the sidelines of spring meetings in Washington to press the case for urgent climate action.UN Secretary-General Ban Ki-moon, joining the ...
World finance chiefs cautious on growth and Ukraine WASHINGTON: The world's leading economic policymakers expressed concern about the Ukraine crisis on Friday, as they pledged once again to find ways to boost global growth through new reforms. But little concrete came from the meeting of G20 finance ministers and central bank chiefs -- and Australia's Treasurer Joe Hockey admitted members' growth plans are "clearly inadequate."And they were cautious in speaking about Ukraine, despite rising tensions within the group, which includes key antagonists Russia, ...
IMF says Ukraine's debt is sustainable; Fund can lend to Kiev WASHINGTON: The International Monetary Fund is able to lend to Ukraine because the country's debt is sustainable, the head of the IMF's European department, Reza Moghadam, said on Friday."Debt in Ukraine is sustainable," Reza Moghadam said in a news conference during the IMF and World Bank spring 2014 meetings. He noted that Ukraine's external debt, which has suffered as a result of the country's political crisis and tensions with Russia, was only around 30 percent ...
India car sales shrink for second year NEW DELHI: Sales of India's once-booming passenger car segment shrank for a second year, hit by a sharp economic slowdown and high borrowing costs that kept customers away from showrooms, data showed Friday.The Society of Indian Automobile Manufacturers (SIAM) said it hoped for a "moderate improvement" this year with a new government due to take power after marathon elections in the country of 1.2 billion that began this week.Passenger car sales contracted by 4.59 percent ...
Britain to trumpet economic recovery LONDON: British finance minister George Osborne will later Friday hail the nation's economic recovery, one year after the International Monetary Fund had warned that his austerity policies were "playing with fire".Osborne will defend his economic policies in a key speech in Washington, where he is attending the annual World Bank/IMF spring meetings."Our economy has grown faster than any other in the G7 over the last year and is now forecast by the IMF to do ...
German inflation hits three-year low in March FRANKFURT: The rate of inflation in Germany, Europe's biggest economy, fell to its lowest level in more than three years in March, official final data showed on Friday. The cost of living rose by 1.0 percent on a 12-month basis this month, down from 1.2 percent in February, the federal statistics office Destatis said in a statement.The last time inflation in Europe's biggest economy was lower was in June 2010.Using the Harmonised Index of Consumer ...


Index Closing Chg%
Arrow DJIA 16,408.54 0.10
Arrow Nasdaq 4,095.52 0.23
Arrow S&P 1,864.85 0.14
Arrow FTSE 6,625.25 0.62
Arrow DAX 9,409.71 0.99
Arrow CAC-40 4,431.81 0.59
Arrow Nikkei 14,516.27 0.68
Arrow H.Seng 22,760.24 0.28
Arrow Sensex 22,628.84 1.58

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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln