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India to push G20 to raise share of taxes on firms where they earn `excess profit` India will push its Group of 20 partners at a meeting it is hosting to support its proposal to raise the share of taxes multinational companies pay to countries where they earn "excess profits", government officials said. India's proposal, which has not been previously reported, could temper optimism among G20 members such as Australia and Japan that the meeting of finance ministers and central bankers in Gujarat would make progress on a long-awaited overhaul of global corpor...
India to push G20 to raise share of taxes on firms where they earn `excess profit`
India to push G20 to raise share of taxes on firms where they earn `excess profit`
Source: Reuters
18/07/2023 5:22:44 PM
G20 to discuss international debt architecture, more loans to developing nations Global finance chiefs will meet in India next week to discuss increasing loans to developing nations from multilateral institutions, reforming the international debt architecture and regulations on cryptocurrency, Indian officials said. The finance ministers and central bank governors from the Group of 20 (G20) nations will also discuss a multilateral agreement on taxing conglomerates with cross-border operations, while the Russian war in Ukraine was also bound to come up, they said. Th...
G20 to discuss international debt architecture, more loans to developing nations
G20 to discuss international debt architecture, more loans to developing nations
Source: Reuters
13/07/2023 2:33:24 PM
Spanish GDP grows by 5.5% in 2022 Spain's gross domestic product (GDP) grew by 5.5 per cent in 2022, surpassing an earlier expectation of 4.4 per cent by the government, according to official data. The data published on Friday by the Spanish Statistical Office (INE) also revealed that this figure has put to shame even more optimistic forecasts, such as the 4.7 per cent expected for 2022 by the Organization of Economic Cooperation and Development (OECD), and the 5.2 per cent forecast by the International Monetary Fund (...
Spanish GDP grows by 5.5% in 2022
Spanish GDP grows by 5.5% in 2022
Source: IANS
25/03/2023 12:30:32 PM
Over 55 delegates to attend 3-day G20 meetings in Amritsar  Over 55 delegates from G20 member countries, guest countries and invited organisations comprising OECD, Unesco and Unicef will be attending the three-day Second G20 Education Working Group meeting, beginning here on Wednesday. The Ministry of Education is hosting seminars, an exhibition and working group meetings. The seminar on 'Strengthening research and promoting innovation through richer collaboration' will be organised at Khalsa College by IIT Ropar with collaborative...
Over 55 delegates to attend 3-day G20 meetings in Amritsar
Over 55 delegates to attend 3-day G20 meetings in Amritsar
Source: IANS
15/03/2023 8:50:26 AM
First G20 Anti-corruption Working Group Meet concludes The first meeting of the G20 Anti-corruption Working Group (ACWG) that began on March 1, concluded on Friday with a call for strengthening law enforcement cooperation for action against corruption and related economic crimes. Rahul Singh, Additional Secretary, DoPT & Chair, G20 ACWG said that over the past three days, there have been intensive and productive deliberations on several key focal areas pertaining to asset recovery, fugitive economic offenders, formal and informal channels ...
First G20 Anti-corruption Working Group Meet concludes
First G20 Anti-corruption Working Group Meet concludes
Source: IANS
4/03/2023 9:56:32 AM
Growth projection of 7% for current financial year very realistic: Anantha Nageswaran Chief Economic Advisor V Anantha Nageswaran has said high frequency data indicate buoyant economic growth momentum and the 7 per cent GDP growth estimate for the current fiscal is very realistic. He also said that there are enough signs that manufacturing is in good health. According to him, the GDP growth forecast of 6.5 per cent for the next fiscal is well within the range of forecast by other agencies like OECD and ADB but there are downside risks. He stated ‘Inflation is softenin...
Growth projection of 7% for current financial year very realistic: Anantha Nageswaran
Growth projection of 7% for current financial year very realistic: Anantha Nageswaran
Source: Accord Fintech
1/03/2023 10:22:49 AM
Oil prices fall more than $2 on Russian oil price cap talks Oil prices fell by more than $2 a barrel on Wednesday as the Group of Seven (G7) nations looked at a price cap on Russian oil above where the crude grade is currently trading. Brent crude futures fell $2.71, or 3.07%, to $85.65 a barrel at 1314 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down $2.39, or 2.95%, at $78.56 a barrel. Both contracts rose by more than $1/bbl earlier in the day, but "pared gains following reports that the G7 price cap on Russian oil co...
Oil prices fall more than $2 on Russian oil price cap talks
Oil prices fall more than $2 on Russian oil price cap talks
Source: Reuters
23/11/2022 8:12:40 PM
India set to be the second-fastest growing economy in the G20 in FY 2022-23: OECD India is set to be the second-fastest growing economy in the G20 in FY 2022-23, despite decelerating global demand and the tightening of monetary policy to manage inflationary pressures, according to OECD 's latest economic outlook. GDP growth will slow to 5.7% in FY 2023-24, as exports and domestic demand growth moderate. Inflation will crimp private consumption but moderate at the end of the projection period, helping, along with improved global conditions, to boost growth to 6.9% in FY...
India set to be the second-fastest growing economy in the G20 in FY 2022-23: OECD
India set to be the second-fastest growing economy in the G20 in FY 2022-23: OECD
Source: Dion Global Solutions Ltd
23/11/2022 3:23:59 PM
UK to be second weakest performer of world's big economies next year The UK will be the second weakest performer among the world's big economies next year as the global economy continues to suffer the knock-on effects of the biggest energy shock in four decades, a leading international institution has warned, according to a medua report. The Paris-based Organisation for Economic Cooperation and Development (OECD) said of the members of the G20 group of leading developed and developing nations, only Russia would suffer a bigger contraction than Britain i...
UK to be second weakest performer of world's big economies next year
UK to be second weakest performer of world's big economies next year
Source: IANS
23/11/2022 10:17:35 AM
Explainer: What India can expect at COP27 climate summit in Egypt? Against a backdrop of weather extremes and geopolitical crises, two upcoming UN summits -- the climate change conference in Egypt and the biodiversity summit in Canada to which India is a crucial Party to both -- are considered to be pivotal moments in global efforts to address the interlinked global warming and extinction crises. Unlike other "gap" reports, including last week's UNEP Emissions Gap report, which describe a divide between mitigation ambition and the emissions ...
Explainer: What India can expect at COP27 climate summit in Egypt?
Explainer: What India can expect at COP27 climate summit in Egypt?
Source: IANS
4/11/2022 5:19:36 PM
OECD retains India`s GDP growth projection at 6.9% for FY23 The Organisation for Economic Cooperation and Development (OECD) in its latest Interim Economic Outlook has retained the India’s Gross Domestic Product (GDP) growth projection at 6.9 per cent for the current financial year (FY23) despite the global economy losing momentum in wake of the Russia-Ukraine war. In the June 2022 Economic Outlook, the OECD projected the GDP growth for India at 6.9 per cent. It said ‘Softer external demand is a factor in India’s projected slowdown f...
OECD retains India`s GDP growth projection at 6.9% for FY23
OECD retains India`s GDP growth projection at 6.9% for FY23
Source: Accord Fintech
27/09/2022 9:35:18 AM
Lower oil prices defy robust forecasts for global demand Oil prices have tumbled by around a quarter in the past three months, largely due to fears of a prolonged slump in global energy demand. But no major forecaster is actually predicting one.     Two of the most closely followed predictors of global oil demand, the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) - the West's energy watchdog - see it growing by between 2% and 3% this year and next. That's nearly doubl...
Lower oil prices defy robust forecasts for global demand
Lower oil prices defy robust forecasts for global demand
Source: Reuters
16/09/2022 4:46:43 PM
Climate finance provided by developed nations reached $83.3bn: OECD Climate finance provided and mobilised by developed countries for climate action in developing countries reached $83.3 billion in 2020, a new OECD analysis said on Friday. This is a further four per cent increase from 2019 and followed a one per cent increase from 2018 to 2019. However, it still falls short of the goal for developed countries to provide and mobilise $100 billion a year for developing countries by 2020. The increase in 2020 climate finance was primarily driven by a rise ...
Climate finance provided by developed nations reached $83.3bn: OECD
Climate finance provided by developed nations reached $83.3bn: OECD
Source: IANS
30/07/2022 10:07:44 AM
Government working on to reduce compliance issues with focus on ease of doing business: Rupa Dutta The principal economic advisor with the Department for Promotion of Industry and Internal Trade (DPIIT) Rupa Dutta has said that the government is working on to reduce compliance issues with a focus on ease of doing business and has introduced the Insolvency and Bankruptcy Code (IBC) keeping that in mind. She said the government is taking steps for a prospective future and measures are needed to sustain the growth momentum as India is now the fastest growing economy in the world.  Dut...
Government working on to reduce compliance issues with focus on ease of doing business: Rupa Dutta
Government working on to reduce compliance issues with focus on ease of doing business: Rupa Dutta
Source: Accord Fintech
7/07/2022 2:06:44 PM
IRDAI should exercise caution, be customer friendly while relaxing regulations: Experts  The Indian insurance regulator should move cautiously while making changes to the over two decade old regulations that seems to have prevented companies going belly up like several finance companies, said experts. The Insurance Regulatory and Development Authority of India (IRDAI) has made some regulatory changes and is also mulling more. The new IRDAI Chairman Debashish Panda told the life and non-life insurers that every Indian should have an insurance policy. He also told th...
IRDAI should exercise caution, be customer friendly while relaxing regulations: Experts
IRDAI should exercise caution, be customer friendly while relaxing regulations: Experts
Source: IANS
4/07/2022 1:40:09 PM
OECD upgrades Argentina's 2022 growth forecast to 3.6% The Organization for Economic Cooperation and Development (OECD) has upgraded its economic growth forecast for Argentina in 2022 to 3.6 per cent, or 1.1 percentage points higher than its previous December forecast. In its "OECD Economic Outlook" report, the organisation highlighted the agreements Argentina's government reached with different external creditors as a factor that "will reduce uncertainty and help gradually reduce long-standing macroeconomic imbalances"...
OECD upgrades Argentina's 2022 growth forecast to 3.6%
OECD upgrades Argentina's 2022 growth forecast to 3.6%
Source: IANS
9/06/2022 8:54:16 AM
'Mexico needs comprehensive reform to boost economic growth' Mexico needs a "comprehensive reform agenda" to boost investment and economic growth, the Organization for Economic Cooperation and Development (OECD) said. The OECD Economic Survey of Mexico noted that more robust economic growth and more jobs, combined with increased social spending, would help reduce poverty and improve social cohesion, reports Xinhua news agency. "Mexico has great potential to become a high-growth economy, with higher living standards for all," s...
'Mexico needs comprehensive reform to boost economic growth'
'Mexico needs comprehensive reform to boost economic growth'
Source: IANS
22/02/2022 5:26:10 PM
US reaches interim deal with 5 nations on digital services tax The US announced that it has reached a deal with Austria, the UK, France, Italy and Spain on digital services taxes (DSTs) during the interim period prior to the implementation of Organization for Economic Cooperation and Development (OECD) global tax agreement. The OECD announced in July that over 130 countries and jurisdictions have joined a two-pillar framework to reform international corporate taxation rules, which has recently been endorsed by G20 financial leaders, Xinhua news agency...
US reaches interim deal with 5 nations on digital services tax
US reaches interim deal with 5 nations on digital services tax
Source: IANS
23/10/2021 12:11:17 PM
Ireland decides to join OECD int'l tax agreement The Irish government has agreed to join an international agreement to reform the global tax rules to address the challenges arising from the digitalisation of the global economy, according to a statement released by the Irish Department of Finance. "The Government has given approval today for Ireland to sign up to the political agreement at the OECD (Organisation for Economic Co-operation and Development) Inclusive Framework on a new tax framework to address the tax challenges of digi...
Ireland decides to join OECD int'l tax agreement
Ireland decides to join OECD int'l tax agreement
Source: IANS
8/10/2021 9:08:48 AM
OPEC+ raises 2022 oil demand growth forecast LONDON/DUBAI - OPEC+ revised up its 2022 oil demand forecast ahead of a meeting of the oil producing group on Wednesday, amid U.S. pressure to raise output more quickly to support the global economy. Two OPEC+ sources said the group's experts revised the 2022 oil demand growth forecast to 4.2 million barrels per day (bpd), up from the previous forecast of 3.28 million bpd. OPEC+ expects global oil demand to grow by 5.95 million bpd in 2021 after a record drop of about 9 mi...
OPEC+ raises 2022 oil demand growth forecast
OPEC+ raises 2022 oil demand growth forecast
Source: Reuters
1/09/2021 11:02:33 AM
India joins OECD/G20 inclusive framework tax deal India has joined the Organisation of Economic Co-operation and Development (OECD) and the G20 inclusive framework tax deal that is working towards addressing the tax challenges arising from the digitalisation of the economies globally. Majority of the OECD and G20 members, including India, on Thursday adopted the Inclusive Framework on Base Erosion and Profit Shifting that contains a high-level statement outlining consensus solution to address tax challenges arising in a digitised economy....
India joins OECD/G20 inclusive framework tax deal
India joins OECD/G20 inclusive framework tax deal
Source: IANS
2/07/2021 5:26:15 PM
130 countries support global minimum tax for world's largest corporations US Treasury Secretary Janet Yellen and the Organization for Economic Cooperation and Development (OECD) announced on Thursday that 130 countries, including Switzerland, China and India, have agreed to back a global minimum corporate tax rate of at least 15 per cent, a policy priority for the Joe Biden administration, which has proposed major tax hikes on corporations to fund investments in infrastructure and social services, Forbes reported. OECD said that 130 countries have joined a new t...
130 countries support global minimum tax for world's largest corporations
130 countries support global minimum tax for world's largest corporations
Source: IANS
2/07/2021 9:39:41 AM
G20 to endorse OECD deal on global minimum corporate tax - draft BRUSSELS  - The world's financial leaders will endorse on July 9-10 a deal setting a global minimum corporate tax and call for technical work to be finished so they can approve the framework for implementation in October, their draft communique showed. "After many years of discussions and building on the progress made last year, we have achieved an historical agreement on a new, fair and stable international tax architecture," the draft said. "We endorse the core...
G20 to endorse OECD deal on global minimum corporate tax - draft
G20 to endorse OECD deal on global minimum corporate tax - draft
Source: Reuters
22/06/2021 2:23:58 PM
World economy to grow at 6% this year: OECD The global economy could grow by "nearly 6 per cent" this year, the Organization for Economic Co-operation and Development (OECD) said on Monday, while warning that recovery from the Covid-19 pandemic-related losses will be "very uneven". Growth will be driven by the world's three main economic powers, with China's gross domestic product (GDP) set to expand by more than 8 per cent, dpa news agency quoted the Paris-based OECD as saying in its 2021 Economic Outloo...
World economy to grow at 6% this year: OECD
World economy to grow at 6% this year: OECD
Source: IANS
31/05/2021 2:41:16 PM
OECD pegs India`s economic growth rate at 12.6% for 2021-22 The Organization for Economic Co-operation and Development (OECD) in its interim economic outlook has raised the projection for India’s economic growth rate by 4.7 percentage points at 12.6 per cent for 2021-22. That would enable India to retain its earlier tag of the fastest growing large economy in the world. OECD said activity moved above pre-pandemic levels in India, helped by strong fiscal and quasi-fiscal measures and a recovery in manufacturing and construction. However, it pe...
OECD pegs India`s economic growth rate at 12.6% for 2021-22
OECD pegs India`s economic growth rate at 12.6% for 2021-22
Source: Accord Fintech Pvt. Ltd
10/03/2021 10:55:42 AM