IMF admits: we failed to realise the damage austerity would do to Greece

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Athens officials react to report with glee, saying it confirms that the price extracted for country’s bailout package was too high The Guardian – Larry Elliott, Phillip Inman and Helena Smith in Athens The International Monetary Fund admitted it had failed to realise the damage austerity would do to Greece as the Washington-based organisation catalogued mistakes made during the bailout of the ... Read More »

With poor returns, India loses sheen for private equity firms

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While the period between 2000-13 saw investments by private equity firms in the domestic market increase, the returns have been below benchmark levels and, in fact, on a southward journey. For instance, this 13-year period saw cumulative investments of around $94 billion, of which exits in cost terms were of $18.3 billion — which at 1.7 times gave a return ... Read More »

Energy company’s $11 billion transfer to Singapore rings tax avoidance alarm bells

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EXCLUSIVE An energy company operating in Australia transferred more than $11 billion to the low-tax jurisdiction of Singapore in a single year, heightening concerns that Australia is being duped by tax-minimising multinationals. The Sydney Morning Herald – Heath Aston, Political reporter The extraordinary scale of funds being moved out of the country by individual companies is revealed in an internal Australian Tax ... Read More »

The Greek crisis and the clash of philosophies within the EU

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Web exclusive Europe’s World Listening to German Finance Minister Wolfgang Schäuble and his Greek counterpart Yanis Varoufakis speaking about the recent Eurogroup agreement on Greece, one could be forgiven for thinking they were talking about two completely different texts. There are obviously deep differences between them over substance and status that are far from being resolved. FUTURE EUROPE WRITTEN BY: ... Read More »

Gujarat govt inflated revenue surplus figure: CAG

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The Comptroller and Auditor General (CAG) has slammed the Gujarat government for violating norms of accounting standards by showing revenue expenditure of more than Rs 1,600 crore as capital expenditure and thus inflating the revenue surplus in 2013-14. The Financial Express – By: PTI | Ahmadabad The Bharatiay Janata Party (BJP) government in the state violated the Indian Government Accounting Standard ... Read More »

British firms could be linked to slavery, murder and ecological abuse overseas – NGO

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RT - Hundreds of British firms operating abroad may be implicated in severe human rights abuses such as modern slavery, poverty-level wages, beatings, killings and environmental damage, an international NGO warns. A report released by the Business and Human Rights Resource Centre on Wednesday found that British businesses impact heavily on communities and individuals around the globe. The NGO’s research ... Read More »

Weak euro boosts eurozone manufacturing, says PMI survey

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BBC – Manufacturing and jobs are picking up in the eurozone thanks to the weaker euro, according to a survey. Markit’s purchasing managers’ index (PMI) for the manufacturing sector rose to a 10-month high of 52.2 in March as eurozone factories benefited from the weaker currency. It is the 23rd consecutive month that the index has been over 50, indicating growth ... Read More »

RBI relaxes bad loans provisioning rules for banks

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The Financial Express  – By: Reuters | Mumbai | The Governor Raghuram Rajan-led Reserve Bank of India (RBI) on Monday relaxed provisioning rules against bad loans by allowing banks to set aside up to 50 percent of floating provisions from 33 percent. Floating provisions are the amount that banks set aside that are above the mandatory provisioning requirement against bad ... Read More »

New doubt on Greek bailout

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Greek proposals for a revised bailout program don’t have enough detail to satisfy the government’s international creditors, eurozone officials said, making it more likely that Athens will need to go several more weeks without a new infusion of desperately-needed cash. Officials from Greece’s leftist government were in Brussels over the weekend to present the proposals to officials from the European ... Read More »