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Daily Archives: July 13, 2014

Fiddling the books? EU to investigate Amazon’s tax rates in Luxembourg

Officials from the European Commission have demanded that Luxembourg hand over documents relating to book retailer Amazon’s tax affairs. The crackdown by the EU has already affected Apple, Starbucks and carmaker Fiat’s financial arm. The European Commission is investigating Amazon to see if its Luxembourg tax base complies with EU …

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Plan of $40bn Nicaragua canal officially approved

Nicaragua has approved a route for a new ship canal to link the Atlantic and Pacific Oceans costing $40 billion. The project would compete with the Panama Canal and could completely change transoceanic trade. The plan would see the canal finished in 2019 and beginning commercial operations in 2020, Reuters …

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BRICS countries near development bank deal to rival IMF, WB

The emerging economies of Brazil, Russia, India, China and South Africa, are a couple of days from agreeing the $10 billion BRICS development bank, as well as a $100 billion currency pool. It could challenge global lenders like the IMF and World Bank. The bank will be called the New …

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US may end controversial five-year ‘easy money’ program in October

The US Federal Reserve said it could end the controversial five-year-old ‘quantitative easing’ program that has pumped about $4 trillion into the US economy as early as October, if there are no signs the economy is still in trouble. “If the economy progresses about as the [Fed] expects, warranting reductions …

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China buys $22bn worth of US homes, leads global pack

Foreign buyers of US residential real estate surged 35 percent last year, with Chinese buyers, searching for moderately priced, safe investments in a sea of economic and political uncertainty, outspending the rest of the world. Chinese buyers spent $22 billion on US homes in the 12-month period ending in March, …

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‘MasterIndex study’  in Georgia discovered high usage

of payment cards by Georgians Tbilisi, Georgia, July 7, 2014 – MasterCard announces the results of MasterIndex study in Georgia. MasterIndex surveys are regularly conducted in different countries by MasterCard, to identify payment cards usage and habits, motivations or barriers. As practice shows, the survey gives very important and reliable …

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Kazakhstan seeks to issue visas in e-format

Kazakhstan’s Foreign Ministry intends to start issuing visas in electronic format. First Deputy Foreign Minister Rapil Zhoshybayev made the remark at a press conference in Astana on July 10. “The ministry initiated amendments to the existing rules of issuing Kazakh visas. The basis of new edition of the rules will …

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Russia pushes for BRICS energy association

Russia is to urge its BRICS counterparts to set up an energy association that will include a fuel reserve, as well as the institute for energy policy, according to Russian presidential aide Yuri Ushakov. “Russia will propose a number of specific issues for consideration, including establishing a BRICS energy association …

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Ukraine gas debt exceeds $5bn, no June payments made – Gazprom

Ukraine’s gas bill has risen another $838 million, after Kiev failed to make a payment for 1.7 billion cubic meters of Russian gas supplied in the first half of June. “The deadline for paying June bills expired yesterday; we again didn’t receive the money from Naftogaz Ukraine. As a result Ukraine’s debt …

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