Search Results for: International business

Keith Nuthall
INTERNATIONAL Monetary Fund (IMF) policies towards borrower countries will henceforth be influenced by their capacity to implement Financial Action Task Force (FATF) recommendations on fighting money laundering. IMF directors have agreed these assessments “do not contravene the prohibition of the Fund to exercise law enforcement powers”.…

BY KEITH NUTHALL
GREECE is being threatened with legal action by the European Commission over its failure to abide by European Union (EU) rules insisting on international open tendering for its schoolbook production. The Commission has warned Greece of European Court of Justice action for allowing the national Organisation for the Publication of Schoolbooks to order supplies from between 80-90 Athens-area publishers and printers every year, without launching a tender.…

BY KEITH NUTHALL
A SPECIALIST ferrous metal United States government committee has criticised the recent free trade agreement struck between the US and Australia that will remove tariffs on iron, steel and related products traded between the two countries. The federal inter-sector advisory committee on ferrous ores and metals has concluded the although the deal itself does promote US interests, there are a number of elements that fail to cover concerns “which certainly affect our sector’s economic interests and the equity and reciprocity for the US overall that we seek in US trade agreements.”…

BY KEITH NUTHALL
AN ITALIAN law protecting large businesses in financial difficulties from closure has been deemed illegal under European Union (EU) state aid rules, with the European Commission ordering the repayment of any government grants authorised under its terms. The ruling could expose insurance companies to significant commercial risk, given that the law – “urgent measures in favour of employment” – applies to companies with more than 1,000 employees under a specific Italian insolvency proceeding (amministrazione straordinaria).…

BY KEITH NUTHALL
THE INTERNATIONAL Finance Corporation (IFC) of the World Bank is lending US$40 million to Turkish steel pipe specialist Borusan Holding A to help improve its financial and operational performance, implement quality control initiatives, and strengthen the Borusan group’s corporate governance.…

BY KEITH NUTHALL
THE EUROPEAN Bank for Reconstruction and Development (EBRD) has agreed to formally associate itself with the international Extractive Industries Transparency Initiative (EITI). The bank will henceforth work with the initiative, developing “practical ways to promote its principles”, notably that mining companies disclose their financial relationships with governments.…

BY KEITH NUTHALL
THE GOVERNMENTS and international institutions of the European Union (EU) need to better prepare for cooperative responses to large-scale natural and mad-made disasters that inevitably cause damage on a cross-border scale, the European Environment Agency (EEA) has claimed.…

BY ALAN OSBORN
FOLLOWING the terror attacks in Madrid the International Maritime Organisation (IMO) has urged member countries to speed up implementation of agreed new measures for promoting safety at sea. The new maritime security regime is due to enter into force on July 1, but a number of members, mostly developing countries, have admitted they cannot meet the deadline because of lack of resources and training.…

BY KEITH NUTHALL
MONACO is all about money. A glamorous speck of high-rises looming above the French Riviera, it is famous for wealthy glamour, tax exiles, racing-cars and gambling. Given this cocktail, it is hardly surprising that this, Europe’s second smallest country by geography, has attracted allegations that it has been the site of money laundering.…

BY KEITH NUTHALL
THE WORLD’S increasing reliance on cars is threatening efforts to combat climate change, according to a report published by the Paris-based International Energy Agency (IEA). Although its report ‘Oil Crises and Climate Challenges’ found that oil consumption has been declining since 1973 in every other industrial and service sector, soaring transport demands meant overall levels have not declined.…