World finance chiefs threaten to close loopholes and force multinationals to pay more taxes
GSK has said it opposes bribery and was cooperating with the investigation. On Wednesday, the Chinese drug regulator launched a crackdown on misconduct in its pharmaceutical market, though it gave no indication it was linked to the GlaxoSmithKline probe. The State Food and Drug Administration said the campaign is aimed at stamping out unauthorized drug production, improper online drug retailing and sales of fake traditional Chinese medicines. The new Chinese leadership that took power in November has promised to improve China’s health system and rein in surging costs of medicine and medical care that are fueling public frustration.
Stashing profits offshore may soon get tougher for companies, thanks to an ambitious plan released Friday by the finance chiefs of leading world economies aimed at forcing multinationals to pay more taxes. CAPTION By Associated Press, PARIS Stashing profits offshore may soon get tougher for companies, thanks to an ambitious plan released Friday by the finance chiefs of leading world economies aimed at forcing multinationals to pay more taxes. Low tax payments by major global companies including Google, Amazon, Facebook and Starbucks have sparked public anger in Europe recently, as governments are struggling with high debts, low growth and austerity measures that are hitting ordinary taxpayers. More business news In Detroit, residents grapple with poverty and joblessness Zachary A. Goldfarb Auto companies have fewer workers, leading to a better business model but less value for the citys people.
Draft G20 finance ministers communique
A range of factors continue to weigh on global growth prospects, including post-financial crisis deleveraging in the private sector and impaired credit intermediation, fiscal drag and still incomplete rebalancing of global demand, as well as structural impediments to growth in some countries. In addition, policy uncertainty has recently triggered an increase in financial markets volatility and financial conditions have tightened. This has mostly affected emerging market economies, and some of them experienced a large increase in local bond yields, depreciation of currencies and liquidity pressures against the backdrop of reversing capital flows. 3. To address these challenges and to place the global economy on a path to stronger, more sustainable and more balanced growth, we are building on our recent policy actions by developing a comprehensive St.