Liechtenstein deal 'to net £1bn'

A breakthrough deal to recover lost tax from Britons holding bank accounts in Liechtenstein will net £1bn, Chancellor Alistair Darling has said. HM Revenue & Customs struck an agreement last month with the Alpine tax haven to exchange information. Up to 5,000 British investors are thought to have funds in secret accounts in the country - which would mean an average pay-back of £200,000.

The Revenue has requested details of 100,000 offshore accounts worldwide. Tackling offshore evasion tax evasion and tax havens was "not only fair" but "particularly important... especially at a time when we expect public spending in the period ahead to be tighter", Mr Darling told the CBI Scotland annual dinner.
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G20 pledges tougher bank action

Finance ministers from the world's most powerful economies have agreed a series of measures to try to regulate the global banking system. They want a system that rewards long-term performance rather than short-term risk-taking. However the G20 meeting in London did not agree on specific limits on the amounts individual bankers get paid. Britain, the US and Canada opposed the idea, but the Financial Stability Board is to examine the issue.

It will report back to the summit of G20 leaders in Pittsburgh, Pennsylvania later this month. The G20 countries agreed on measures requiring banks to disclose the pay and bonuses of their highest-paid employees and to allow bonuses to be "clawed back" if decisions which seemed successful later go wrong.
Source: www.bbc.co.uk

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Further decline in Indian exports

India's exports declined at an annual rate of 28% in July, the 10th month in a row of falls, after the weak global economy continued to hit demand. The country exported $13.6bn (£8.2bn) of goods and services during the month, the official figures showed. At the same time, India's imports were down 37% to $19.6bn in July. Last week, the Indian government announced a series of measures to help exporters, including tax breaks and better access to finance. The latest export figures come a day after the Central Statistical Organisation said the country's economy expanded at an annual rate of 6.1% between April and June, up from 5.8% from January to March, lifted by government stimulus spending.
Source: www.bbc.co.uk

Posted by: Skyline College a premium MBA, BBA, Mass Communication and Travel & Tourism institute in Delhi and Gurgaon.

Airline losses 'hit $1bn a month'

Airlines are likely to have lost more than $6bn (£3.7bn) in the first half of 2009, according to the International Air Transport Association (Iata). This figure - an average of $1bn a month - is double the amount Iata said in December that airlines would lose during the whole of 2009. Airlines made losses between April and June, when they would usually make 50% of their annual profits, Iata said.

Meanwhile, budget airline SkyEurope has filed for bankruptcy. The loss-making Slovakian airline, which was set up in 2001, has suspended all flights with immediate effect. And American Airlines has said it is cutting 921 flight attendant jobs as it deals with a downturn in passengers, and lower revenue.
Source: www.bbc.co.uk

Posted by: Skyline College a premium MBA, BBA, Mass Communication and Travel & Tourism institute in Delhi and Gurgaon.