Oplecenter Business & Finance News

SINGAPORE – The Organization of Economic Cooperation and Development (OECD) issued a rule intended to help its customers how banks pay taxes.

We shared the banking sector will develop the rules of how the bank helped clients deal with tax, Tax Division, said OECD chief Jeffrey Owens, in Singapore told Reuters on Wednesday (24/3/2010).

Drafting the new rules will involve all banks, especially investment banks. According to Owen, this idea is still being discussed and will be discussed in the OECD meeting next September.

UBS has a tax investigation last year on charges of helping the rich United States (U.S.) hide their money in Swiss accounts. Today, UBS customers secrecy until now still under pressure. As financial institutions from Switzerland, UBS is known customer confidentiality.

OECD has urged financial centers around the world for more transparency and combating tax evasion. OECD has made a gray list the countries that do not apply the standards of international tax in full.

WASHINGTON – The Ministry of Labor United States (U.S.) said new unemployment benefit claims last week period (14-20 March) fell 14 thousand to 442 thousand.

Reporting from Reuters on Thursday (25/3/2010), the average of new claims for the past four weeks fell by 11 thousand to 453,750.

Ministry of Labor in an official statement yesterday said that new unemployment claims on an annual basis fell to 453 thousand. Previously, analysts predict unemployment claims dropped to 450 thousand from the position of the period 28 February to 6 March in the number 457 thousand.

Analysts rate decrease is a signal occurs labor market stabilization. Approximately 8.4 million workers lost their jobs since December 2007 or when the recession began to happen in the U.S

BRUSSELS – After a month of debate, France and Germany finally agreed to rescue the Greeks at the High Level Meeting (summit) European Union (EU) in Germany.

European leaders have agreed to evaluate the rules of the Euro zone by allowing the International Monetary Fund (IMF) provides assistance to Greece. However, the IMF sets out strict rules, especially for Greece which has violated many rules of the Euro Zone.

“Europe and Greece will rise from the crisis with more strength,” said Prime Minister (PM) Greece George Papandreou, was quoted as saying by AFP Friday (26/3/2010).

PM Greece out after French President Nicolas Sarkozy and German Chancellor Angela Merkel was willing to open themselves to rescue Greece.

Despite the agreement, but no announcement details how the funds will be disbursed the EU and the IMF to rescue Greece. Some EU diplomats said loans above 20 billion euros ($ 26, 5 billion). Currently, Greece wrapped 300 billion euros in debt and has an annual budget deficit of the highest.

President of the European Union (EU) Herman Van Rompuy said 16 countries in the Euro zone has been declared a commitment to bilateral loans disbursed as the ultimate assistance if the credit markets dried up. This agreement is a guarantee for the Greek government shareholders that Europe would not “abandon Greece”.

In addition to Greek problem, the government in the Euro zone are asked to set back to prevent the euro value of the currency turmoil and the bond market as happened in Portugal, Ireland, and Spain. Problem Purtugal, Van Rompuy explain different conditions with Greece. In Greece there fraud statistics turned into a crisis.

While Governor of the European Central Bank (ECB) Jean-Claude Trichet assess any breach EU rules will result in very new condition. When asked whether the IMF conditions for Greece could be in accordance with ECB policy, he said if the independence of the ECB can not be violated.

As a result of this agreement, the euro exchange rate down in New York. The euro fell to $ 1, 3277 at 22:00 GMT from the previous day’s position in the $ 1, 3315. “Investors are not satisfied (with the EU agreement),” said research director of the Global exchange rates Forex Trading Kathy Lien

BRUSSELS – Germany at odds with all countries in Europe before the EU summit scheduled for this weekend. The conflict arises because of the pressure to save Greece.

As reported by the AFP, Tuesday (23/3/2010), German Chancellor Angela Merkel said that no question of an urgent decision on the Council of Europe on aid to Greece during the meeting of European leaders for the summit held in Brussels on Thursday and Friday.

Merkel suggested that Greece could ask for debt loans from the International Monetary Fund (International Monetary Fund / IMF) in Washington, he also emphasized that if the necessary decisions in this meeting, could not go on like this. He added that if the European countries risk endangering the stability of the Euro zone and eat speculation.

Meanwhile, European finance ministers last week discussed plans to provide loans to Greece, if necessary, but did not announce any firm decisions. They said they would wait for the political support from top European Union leaders this week.

A senior banking officials warn that the United States Greek debt crisis could hit the U.S. economy. The same thing also conveyed the Head of the Federal Reserve of Atlanta, Dennis Lockhart, who also warned the crisis could Greece have knock-on effect on the U.S. economy.

WASHINGTON – United States welcomed the decision of the Paris Club creditors to cancel Afghanistan debt to its members as an “important step” toward economic sustainability on Wednesday (17/3/2010) local time.

As quoted by AFP on Thursday (18/3/2010), Ministry of Foreign Affairs said in a statement, step 19-member club is a “major achievement” for Afghanistan and show how the world recognizes that

Afghanistan has taken “significant steps” to strengthen its economy.

“Appointment of the debt burden inherited by the government of Afghanistan marks an important step on the path of economic sustainability of Afghanistan,” he added.

“The agreement reached today would apply the treatment completion point under Afghanistan` the Enhanced Heavily-Indebted Poor Countries Initiative `,” the statement said.

“The agreement also recognizes Afghanistan’s performance under the program International Monetary Fund (IMF) and progress in adopting and implementing economic reforms in a very challenging environment,” the statement said.

Informal group of industrialized countries said in a statement it was clear USD585 million and voluntary bilateral debt after the Afghan government promised to allocate the freed resources to fight poverty.

Paris Club said, also decided to cancel an additional USD441 million representing the share of the club in the initiative the IMF and World Bank that provides low-interest loans to the poorest countries of the world.

A number of USD1, 026 billion in debt forgiven by Paris Club, representing about half of the external public debt in Afghanistan in March 2009, or $ 2, 104 billion