Topic category 1

The International Monetary Fund said it more frequently agreed to delete information from staff reports in response to member countries’ requests during the global financial crisis and the European debt turmoil.

In a review of its transparency policy, the Washington-based IMF said 17 percent of published staff reports were subject to deletions in 2012, compared with 10 percent before the last review, which was done in 2009. The rate was highest among advanced economies, with a 35 percent average in the 2009-2012 period, according to the report.

Finance ministers from the G20 group of leading nations have formally backed plans to tackle international tax avoidance and evasion.

A statement issued earlier supports the automatic exchange of tax information between countries.

It also backs plans by the Organisation for Economic Cooperation and Development to stop firms moving their profits across borders to avoid taxes. The OECD said some firms "abuse" current rules to avoid tax.

Poland is turning to international lenders to fund a growing budget deficit at loan rates that are lower than those available from debt markets.

China's growth has slowed significantly in recent months. But even its current pace of expansion may be unsustainable unless the country starts making significant and systemic changes to its economy, and soon, the International Monetary Fund warned Wednesday.

Spain's economic problems could tempt its banks to cut lending further, but they need to resist this and boost their capital ratios by cutting cash dividends or issuing new shares instead, The International Monetary Fund said. The IMF, which is monitoring Spain's banking reforms after a European bailout last year, said in a report on Monday the lenders' solvency had improved.

But economic problems including record unemployment had left the sector mired in a deepening credit crunch.

Barclays Plc (BARC) appointed Cedric Lizin head of its wealth and investment management division in the Middle East and North Africa as Britain’s third-biggest lender by market value seeks to expand in the region.

Lizin, who joined the London-based bank in 2007 as chief operating officer for the Asia Pacific region, also leads Barclays wealth management joint venture in Japan with Sumitomo Mitsui Banking Corp. and
SMBC Nikko Securities, the London-based bank said in an e-mailed statement today.

Vietnam’s GDP growth this year projected to reach 5.3%, compared with 5.2% in 2012, World Bank says in report released today in Hanoi. * Vietnam economic growth in 2014 seen at 5.4% * Vietnam 2013 inflation seen at 8.2%, 2014 inflation at 7.9%

* Vietnam 2013 fiscal deficit seen at 4% of GDP, current-account surplus at 5.6% of GDP * Vietnam’s macroeconomic conditions are improving, report says, citing moderate inflation, stable exchange rate, increased reserves, reduced country risks * Vietnam decision to adjust exchange rate rather than continue to defend currency was a “welcome move”

Standard & Poor's upgraded its outlook on Ireland's credit rating on Friday, saying its debt may fall faster than expected, nurturing European Union hopes for at least one bailout success story.

The upgrade to positive from stable on Ireland's BBB-plus rating comes ahead of a planned year-end exit from its EU/IMF bailout, and backs its status as Europe's strongest bailed out economy amid political turmoil in Portugal and Greece.

Latvia's bid to become the 18th country in the euro area won final approval from European Union finance ministers, ensuring that the former Soviet republic will start using the single currency on Jan. 1, 2014.

The ministers set the conversion rate for the lats at 0.702804 per euro, the last hurdle in Latvia's euro push after the government in the capital Riga met budget-deficit, government-debt, interest-rate and inflation targets.

The International Monetary Fund (IMF) downgraded its global growth outlook for 2013 on Tuesday, and warned of three "new risks" that threaten to derail the global economic recovery.

In its latest World Economic Outlook report, the IMF downgraded its global growth forecast for this year to 3.1 percent, having predicted 3.3 percent growth in April. It also downgraded its growth outlook for next year to 3.8 percent, from 4.0 percent.