India recently revised its tax treaty with the island nation of Mauritius. The revisions should help close loopholes that allowed investors to use the island nation as a tax shelter. The move comes after the infamous “Panama Papers” revealed similar tax sheltering and thrust the issue to the forefront of the public consciousness around the world.
In a 309-30 vote, the French parliament extended a state of emergency allowing police to detain people in their homes, among other measures, according to AFP. The latest version of the emergency declaration restricts police raids on homes, but the overall plan violates civil liberties and human rights. The state of emergency will extend until May 26.
Nigerien leaders have asked the European Union for one billion euros to tackle a wide-scale migration problem, according to Reuters. Niger is using a transit route by many West African migrants in order to reach the EU. Niger is one of the world’s poorest countries and has been the target of repeated attacks by terrorist organizations.
Concerned about protecting the rights of long ostracized groups that are, just now, beginning to gain legal and cultural recognition around the world, the World Bank Group announced plans to protect the interests of lesbian, gay, bisexual, transgender, and intersex (LGBTI) individuals.
As job growth remains extremely weak and labor market indicators stay negative, the Federal Reserve is considering ignoring inflation in the short-term as it sets monetary policy. Federal Reserve Bank of Chicago President Charles Evans said in a conference in London that the central bank might need to ignore high inflation in setting its monetary policy.
“Overshooting a little bit just to make sure you get to 2% strikes me as quite sensible,” he said, while acknowledging that inflation has been above the Federal Reserve’s 2% target for several months.
Total nonfarm payrolls rose 160,000 in April, far short of the 202,000 consensus expectations from economists and a steep decline from the 208,000 jobs gained in March. “Job gains occurred in professional and business services, health care, and financial activities. Job losses continued in mining,” according to the Bureau of Labor Statistics. In total, professional and business services added 65,000 jobs in the month, the biggest contributor to job gains. The unemployment rate was unchanged at 5%.
The Organization for Economic Cooperation and Development (OECD) has called a special summit of the world’s leading diamond producers to take place on May 23 in Dubai, United Arab Emirates (UAE). The purpose of the meeting is to discuss the issue of rough diamond valuation, which is an issue that has plagued the diamond trade for many years.
Central Bank Governor Valter Filipe da Silva stated that Angola needs to rid the banking sector of money laundering and terrorist financing, according to Reuters. To Angola’s credit, the globally operated Financial Action Task Force removed the Southern African state from its blacklist after officials instilled various reforms, but additional policies are necessary.
On Tuesday, the World Bank reported that fresh water scarcity could be the biggest problem facing the economies of the world. Economies across large portions of the planet could shrink dramatically by 2050 as climate change causes fresh water scarcity issues.
A few regions may suffer particularly badly. One standout is the Middle East, where gross domestic products (GDP) could slip by as much as 14% unless the region comes up with ways to significantly reallocate the supply of fresh water.
By official decree, King Felipe VI approved a new election for June 26 after December elections resulted in a fractured parliament, according to the Associated Press. The June election marks the first reelection since Spain was under dictatorship and the southern European nation will remain under a caretaker government as political parties fail to reach a consensus. Experts warn that Spain’s economic gains could be in jeopardy if the next election fails to bring a resolution.
