Income inequality can lead to slower or less sustainable economic growth, while redistribution of income, when measured, does not hurt and can even help an economy, IMF staff found in a research study released on Wednesday. Although the study by IMF economists does not reflect the Fund's official position, it is another sign of a shift in its thinking about income disparity.
The meeting of the Organization of American States (OAS), Permanent Council convened to evaluate the possibility of holding a meeting of ambassadors to address the current political situation in Venezuela, has been postponed after pressure from the Venezuelan Government, said Carlos Ponce, coordinator for the Latin American and Caribbean Network for Democracy (Redlad).
Minister of Defense Agustín Rossi said Argentina has no conflict hypothesis regarding the Falklands/Malvinas Islands, strongly denying statements from a British newspaper which argued the UK was closely monitoring Argentina's investment in military procurement.
Britain's oil and gas industry has warned it faces its biggest challenge in 50 years due to the low levels of exploration. Industry body Oil and Gas UK said only 15 wells were drilled last year. That was despite strong levels of investment, reaching a record last year and sustained this year.
In a bid to attract more cruise ships to Gibraltar, the Minister for the Port, Neil Costa, has announced changes to the Port Rules, which regulate the amount of discount on passenger dues. The amendment allows ‘repositioning’ calls from the Mediterranean to the Caribbean or vice-versa to benefit from a 100% markdown on passenger dues.
Tax rates do vary dramatically depending on which country you live in. The accountancy firm PricewaterhouseCoopers (PWC) has crunched the numbers for the G20 nations. For each country, they calculated how much a high earner on a salary of $400,000 (£240,000) in 2013, with a mortgage of $1.2m (£750,000), would have left after all income tax rates and social security contributions.
Brazil's federal police started on Tuesday a two-day work stoppage to demand better wages and improved security for the World Cup.
FIFA recognized the terrible conditions for migrant workers in Qatar, host of the 2022 World Cup, at a European Parliament hearing but fell short of calling for an end to the kafala visa system which enslaves people working in the country.
Spanish oil major Repsol's board approved on Tuesday in Madrid a definitive 5 billion dollars settlement from Argentina over assets seized in 2012, drawing a line under a two-year battle for compensation.
Gibraltar will play against the might of Germany, Scotland, Poland, the Republic of Ireland and Georgia in Group D of the qualifying rounds in the Euro 2016 football championships. Gibraltar’s first match is a home-fixture on 7 September against Poland.