Key Economic News to Watch This Week: May 6

 

The Group of 7 nations will meet in the UK later this week where discussions will focus on combating tax evasion as well as whether austerity policies are the most effective route for reviving growth.

Monday, May 6

 

The Group of 7 nations will meet in the UK later this week where discussions will focus on combating tax evasion as well as whether austerity policies are the most effective route for reviving growth.

Monday, May 6

The United States Senate votes on a bill that would let states impose sales taxes on out-of-state retailers. Backed by Wal-Mart and Amazon, the bill would end the era of tax-free Internet shopping and give states a chance to collect up to $23 billion a year. Anti-tax groups such as eBay are pressing for the House of Representatives to change or block the bill.

Related: Days of Tax-Free Internet Shopping May Soon Be a Thing Of The Past

Israeli Prime Minister Benjamin Netanyahu travels to Shanghai and Beijing to meet with Chinese government leaders and entrepreneurs as his administration seeks to expand trade ties. His government will also press its case for tougher action on Iran and Syria.

Ernst & Young publishes its annual Africa Attractiveness Survey. Drawing on investor perceptions and official data, the report will provide insights into investment trends, why Ernst & Young believes Africa’s growth story is real, and some of the key challenges that need to be addressed to sustain the region’s progress.

Tuesday, May 7                                    

U.S. President Barack Obama meets his Korean counterpart Park Geun Hye in Washington. North Korea’s missile threat will most likely top the agenda, which also includes trade and regional security issues.

U.S. Secretary of State John Kerry visits Moscow for two days and will meet with Foreign Minister Sergei Lavrov and other Russian officials. Discussions will include the civil war in Syria and Iran’s nuclear programme, as well as Russia’s assistance in the investigation of last month’s Boston Marathon bombings.

The European Commission holds a debate on the future of euro. Speakers include the Commission’s President Jose Barroso, as well as EU Economic and Monetary Commissioner Olli Rehn.

Wednesday, May 8

Bank of England holds its interest rate meeting. Analysts are expecting the bank to leave its base rate and size of QE unchanged, after data showed that the UK narrowly escaped a so-called “triple dip” recession last quarter.

The World Economic Forum on Africa opens in Cape Town under the theme “Delivering on Africa’s Promise”.

Related: The Great East African Dream: Economic Integration for A Better Future

Thursday, May 9

Economy officials from China, Japan, South Korea and 13 other nations gather in Brunei for the first official round of negotiations under the Regional Comprehensive Economic Partnership as regional nations look to expand trade and economic links.

Europe Day is observed across the region.

Friday, May 10

Finance ministers and central bankers from the Group of 7 nations will begin a two-day meeting in Britain that will focus on combating tax evasion as well as whether austerity policies are the most effective route for reviving growth.

Related: Eurozone Close to Ending Era of Austerity

Related: Influential Harvard Paper on Debt and Growth Riddled With Critical Flaws

Saturday, May 11

Pakistan holds a historic general election, after the government completed its first full term in the country’s troubled past.

Egyptian courts hear a trial against deposed leader Hosni Mubarak, accused of being an accessory in the murder of demonstrators during the protests that ousted him.

Sunday, May 12

The Egyptian cabinet will be reshuffled by the end of the week in order to build political consensus around talks with the International Monetary Fund on a $4.8 billion loan programme. Cairo failed to reach an agreement with IMF officials last month. 

Related: Egypt Needs $10 Billion in Aid to Revive Economy, Says EU Official

Related: Qatar To Double Financial Aid To Egypt