China bars Glaxo finance chief from leaving

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July 21, 2013 by apicomely

G20 finance ministers aim for more growth

On Wednesday, the Chinese drug regulator launched a crackdown on misconduct in its pharmaceutical market, though it gave no indication it was linked to the GlaxoSmithKline probe. The State Food and Drug Administration said the campaign is aimed at stamping out unauthorized drug production, improper online drug retailing and sales of fake traditional Chinese medicines. The new Chinese leadership that took power in November has promised to improve China’s health system and rein in surging costs of medicine and medical care that are fueling public frustration. China has suffered repeated scandals over fake or shoddy medications, some of which caused deaths and injuries. Regulators have launched repeated crackdowns on false advertising and other violations, but with limited success.

Further Progress on Housing Finance

The finance chiefs of the world’s leading economies hope to force multinational companies to pay more taxes by closing loopholes that have allowed them to stash profits overseas. (AP Photo/Alexander Zemlianichenko) View Larger From left, Central Bank Governor Jens Weidmann and German Finance Minister Wolfgang Schauble attend a group photo ceremony after a meeting of the Group of 20 finance ministers in Moscow, Russia, Saturday, July 20, 2013. The finance chiefs of the world’s leading economies hope to force multinational companies to pay more taxes by closing loopholes that have allowed them to stash profits overseas. (AP Photo/Alexander Zemlianichenko) View Larger Russian Finance Minister Anton Siluanov, left, speaks to Russian Labor Minister Maxim Topilin at a meeting of the Group of 20 finance ministers in Moscow, Russia, Friday, July 19, 2013.

Pope Francis Names Panel to Overhaul Vatican Finance Structure

The legislation further seeks to ensure that smaller banks continue to play a role in housing finance. The Hensarling approach thus has the desirable features of moving to a housing finance system driven by private incentives while protecting taxpayers and ensuring the participation of banks of all sizes. The government role in the new system would be sharply defined, with regulators focused on oversight and setting standards rather than providing insurance. The Federal Housing Administration would continue to guarantee mortgages under the Hensarling proposal but would focus on first-time home buyers with moderate incomes.

Scaranos funds were frozen at the IOR. In 2012 the Holy See , the Vaticans central administration, posted a profit of 2.19 million euros ($2.83 million) even as donations from Catholics throughout the world fell, according to a July 4 statement. Last years earnings compare with a 14.9 million-euro deficit in 2011, the Holy See said today in a statement . The Vatican bank, formally known as Institute for the Works of Religion or IOR, last year gave the Pope a contribution of 50 million euros, the Holy See said. The new body set up by the pontiff will be led by Joseph FX Zahra, currently chairman of Middlesea Insurance Co Ltd.

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