Flaherty Remains at Finance in Canada Cabinet Shuffle

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July 17, 2013 by apicomely

British head of finance for GlaxoSmithKline is banned from leaving China after officials accuse the company of bribing politicians

Keeping him at the job may mean a quiet sigh of relief for financial markets because of all the changes at key Canadian economic institutions, Bank of Montreals Doug Porter said. He cited the departure of Mark Carney from the Bank of Canada last month and Julie Dicksons planned retirement from the Office of the Superintendent of Financial Institutions. Its probably more welcome than usual to have consistency at finance, Porter, chief economist at the Toronto-based lender, said by e-mail. Flahertys last budget plan — delivered March 21 — seeks to limit spending growth over the next five years to the rate of inflation.

Greece’s former finance minister should be prosecuted, lawmakers say

Former socialist Finance minister George Papaconstantinou at the Greek Parliament in Athens on January 17, 2013.

Police accuse British firm GlaxoSmithKline of bribing officials and doctors and have placed travel restrictions on GlaxoSmithKline’s head of finance Steve Nechelput, a UK national, a spokesman for the drugmaker said today. The ban was imposed at the end of June and Mr Nechelput continues to carry out his work in China, as well as being free to move around the country. He has not been questioned, arrested or detained by police, the spokesman added. Beijing is preventing Steve Nechelput, drug company GlaxoSmithKline’s head of finance for China, from leaving the country.

Finance minister scales back budget cuts

If convicted, he faces a prison sentence. Papaconstantinou served as finance minister from October 2009 to June 2011, and was finance minister when Greece negotiated its first international bailout. Because he is a lawmaker, Parliament has to approve the lifting of immunity before any prosecution can proceed. In a secret ballot late Monday, 220 deputies in the 300-seat Parliament voted in favor of the former minister being prosecuted for at least one charge, and 166 for all three.

The Knesset approved a first reading of the budget in June but the plan then faced a fresh hurdle in the form of challenges from the Finance Committee. Lapid also agreed to relinquish a planned tax on the purchase of a second apartment, and instead will impose an altered tax increase on luxury apartment purchases. The current 5% purchase tax on apartments valued at NIS 5 million ($1.39 million) or more will be increased to 6% and applied to apartments worth NIS 4.5 million ($1.25 million) or more. In addition, a suggested health and national insurance tax on nonworking mothers will not be applied, and cuts in child benefits will be reduced.

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