Economy

• Thursday, February 27th 2014 - 00:31 UTC

  IMF lets fresh air in and addresses income inequality and redistribution debate

  

  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.

• Wednesday, February 26th 2014 - 23:04 UTC

  Falklands/Malvinas: Argentina has “no conflict hypothesis” says Defense head

  

  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.

• Wednesday, February 26th 2014 - 06:58 UTC

  Gibraltar announces discount on passenger dues to attract more cruise vessels

  

  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.

• Wednesday, February 26th 2014 - 06:50 UTC

  How much does the taxman take, according to PWC and OECD?

  

  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.

• Tuesday, February 25th 2014 - 20:43 UTC

  Repsol board approves the YPF compensation deal worked out with Argentina

  

  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.

• Tuesday, February 25th 2014 - 04:41 UTC

  Falklands oil company completes 3D survey; prepares drilling program for next year

  

  Falkland Oil and Gas Ltd, FOGL, announced on Monday the completion of its 3D seismic survey offshore the Falkland Islands. This is the third and final 3D survey prior to the next drilling program, which is expected to commence in early 2015, said the company in a release.

• Tuesday, February 25th 2014 - 04:36 UTC

  Mexican billionaire Slim and Protto group, to become main shareholders of New York Times

  

  Mexican magnate Carlos Slim and the Italian group Proto will be the principal shareholders of the US daily The New York Times (NYT), said sources at the Proto Organization. This is because Slim plans to exercise at the end of this year warrants he received when he made a major loan to the newspaper company, according to a report in Bloomberg.

• Tuesday, February 25th 2014 - 04:21 UTC

  US embassy support for Argentina's move to orthodox economics

  

  The US embassy's business adviser in Buenos Aires, Kevin Sullivan, has welcomed negotiations between the Argentine government and Spanish corporation Repsol over the expropriation of YPF, as well as further talks with the Paris Club over the payment of outstanding debt commitments.

• Tuesday, February 25th 2014 - 04:19 UTC

  Barca pays 13.5m Euros on the contract of Neymar after charges of tax-fraud

  

  Barcelona have made a payment of 13.5 million Euros ($18.53 million) to the Spanish treasury, after they were charged last week with tax fraud in the signing of Brazil forward Neymar.

• Tuesday, February 25th 2014 - 04:13 UTC

  Pope overhauls Vatican finances and names Secretariat for the Economy

  

  Pope Francis has taken his boldest step yet to overhaul the Vatican's scandal-plagued finances, creating a new department with broad powers to oversee all of its economic and administrative affairs, the Vatican announced on Monday. The Secretariat for the Economy will answer directly to the pope and will be headed by Australian Cardinal George Pell, currently the archbishop of Sydney.