Posts Tagged ‘Oecd’
Wednesday, March 17th, 2010
The Norwegian Prime Minister Jens Stoltenberg has announced that his government will limit spending of oil revenue beginning in 2011 as a safeguard against overheating the economy and forcing interest rates up.
Norway has traditionally kept the majority of oil and gas revenue in a wealth fund offshore to avoid over-stimulation of the local economy. However, in reaction to the global economic crisis, the government has been forced to spend record amounts of petrodollars in order to keep the economy afloat.
The centre-left government led by Stoltenberg has not as yet revealed when a return to the oil-spending policy that limits the country to a 4 percent spend of oil wealth in a normal year may come about. Norway’s central bank, along with market analysts and the OECD have all criticised the 2009 and 2010 spending levels which are well over the limit according to an Interactive Investor report.
“We will start the work today, and it will be a budget which will contribute to keeping interest rates low and secure Norwegian jobs,” said Stoltenberg ahead of a three-day conference to discuss the fiscal plan for 2011.”We have said that we need to reduce the spending of oil money next year… How quick and how much we will (cut) each year, is what we will decide through this work,” he claimed.
A new, less expansive fiscal policy has been deemed necessary to avoid hampering an economic recovery and to ensure stability of the local currency–which is trading at its highest level since the start of the recession in August 2008.
Tags: Economic Recovery, Fiscal Plan, Fiscal Policy, Global Economic Crisis, Interactive Investor, Interest Rates, Investor Report, Jens Stoltenberg, Market Analysts, Norway, Norwegian Prime Minister, Oecd, Oil And Gas, Oil Money, Oil Revenue, Oil Wealth, Petrodollars, Recession, S Central, Safeguard
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Thursday, March 11th, 2010
An information sharing contract has been signed between the Nordic nations and the Bahamas, intended to hinder Nordic tax evasion.
The contract signed yesterday allows Nordic tax authorities access to information on taxes paid and deposits made by Nordic citizens in the Bahamas and will help them track and assess those trying to hide taxable assets overseas.
The contract is the latest in a joint Nordic campaign against tax fraud and was signed at the Danish Embassy in Paris yesterday.
The project has been enthusiastically endorsed by the OECD and has strengthened the position of the Nordic nations on the world stage, RUV reports.
Since project negotiations began in 2007, similar contracts have come into force with Aruba, Andorra, the Bahamas, Bermuda, Guernsey, Isle of Man, Jersey, the Antilles, the Cayman Islands, British Virgin Islands, Anguilla, Turks and Caicos Islands, Gibraltar, the Cook Islands, Samoa and San Marino.
Denmark has also independently signed similar contracts with St. Lucia, St. Vincent and Grenadine, St. Kitts and Nevis and Antigua and Barbuda.
Tags: Antigua And Barbuda, British Virgin Islands, Danish Embassy, Fraud Probe, Gibraltar, Grenadine, Guernsey, Information Sharing, Isle Of Man, Lucia St, Nordic Nations, Oecd, St Kitts And Nevis, Tax Authorities, Tax Evasion, Tax Fraud, Taxable Assets, Turks And Caicos, Turks And Caicos Islands, World Stage
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Monday, February 15th, 2010
(Icelandic government press release): The negotiation committee representing the Icelandic government met today with representatives of the UK and Dutch governments in the Icelandic embassy in London. At this meeting the negotiation committee presented a proposal for a new solution to the Icesave dispute, based on the agreement reached between government and opposition parties in the Icelandic parliament Althingi.
Heading the negotiation committee is US attorney Lee C. Buchheit. Other members of the committee are the Permanent Undersecretaries of the Ministries of Finance and Foreign Affairs, Guðmundur Árnason og Einar Gunnarsson respectively, Icelandic attorneys Jóhannes Karl Sveinsson and Lárus Blöndal, the latter representing all the parliamentary opposition parties. They are advised by Donald J. Johnston, former Secretary-General of the OECD, as well as experts from the corporate advisory firm Hawkpoint and the international law office Ashurst.
Following the meeting the parties are assessing the situation.
Tags: Ashurst, Attorneys, Corporate Advisory Firm, Donald J Johnston, Dutch Governments, Einar, Embassy In London, Foreign Affairs, Government Press, Hawkpoint, Lee C, Negotiation, New Solution, Oecd, Opposition Parties, Parliament, Parliamentary Opposition, Press Release, Proposal, Secretary General
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Friday, October 23rd, 2009
The Icelandic Government submitted yesterday its answers to a questionnaire from the European Commission as part of ongoing preparations for Iceland’s application for membership of the EU. All ministries and a number of agencies contributed to this effort, which resulted in more than 2600 pages of answers, in addition to annexes and attachments, 8870 pages in total. The answers will form the basis for the Commission’s opinion to the European Council regarding Iceland’s readiness for formal candidate status.
The approximately 2500 questions from the Commission were aimed at obtaining a comprehensive overview of Iceland’s legal system, administration, organisation of government structures and a host of legislative and other issues. The answers are descriptive in their nature and do not reflect negotiating objectives.
Questions and answers are divided into a general part – political criteria and economic criteria – and 33 separate parts based on 33 chapters of the EU enlargement; first chapter on free movement of goods, second chapter on freedom of movement for workers, etc.
Significant efforts went into completing the answers seven weeks after the questionnaire was formally presented by Enlargement Commissioner Olli Rehn on 8 September 2008. Answers were already available in many chapters due to Iceland’s long-standing cooperation with the EU legislative process through the EEA Agreement and international organizations such as the OECD, the WTO and the UN.
Experts from within and outside the administration contributed to the answers. The Foreign Affairs Committee of the Parliament of Iceland (Althingi) provided important input and were well informed throughout the process, as well as interested organisations and groups such as the Farmer’s Association and the Federation of Icelandic Fishing Vessel Owners, The Association of Local Authorities in Iceland, labour and employer associations, the Consumers’ Association of Iceland, the Consumer Spokesman and University Experts.
The European Commission has already started to review the answers in close cooperation with Icelandic authorities in preparation for its opinion to the European Council.
The answers can be found at: http://evropa.utanrikisraduneyti.is/evropa/adildarferli/svor/
(Press release from the Icelandic Ministry for Foreign Affairs)
Tags: 2500 Questions, 8 September, Althingi, Candidate Status, Consu, Consumers Association, Economic Criteria, Eea Agreement, Employer Associations, European Commission, Foreign Affairs Committee, Freedom Of Movement, Government Structures, Interested Organisations, Legislative Process, Local Authorities, Oecd, Political Criteria, Seven Weeks, Vessel Owners
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Monday, September 14th, 2009
The Icelandic government and the Glitnir Bank resolution committee have come up with two options for the future of the company and its eventual re-privatisation. Creditors are being asked to vote for their preferred option before the end of the month.
The government’s favourite option is to turn over 95 percent of the bank to its creditors and retain a five percent stake. This way the government would not need to inject further funds itself, BBC News reports.
The alternative is for the government to keep the bank and repay investors with bonds which would leave them in charge of 90 percent of the bank by 2015. The bonds would be sold at a price allowing the government a return on its investment, the Ministry of Finance said.
The OECD recently described Iceland’s state ownership of its banks as an effective temporary solution; but warned that the banks should be re-privatised as soon as practically possible.
Tags: Banks, Bbc, Bonds, Creditors, Glitnir Bank, Investors, Ministry Of Finance, News Reports, Oecd, Percent Stake, Preferred Option, Resolution Committee, Temporary Solution
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Friday, September 4th, 2009
It is not a good time to be an Icelander. It’s not just in the pocket that Icelanders are feeling the pain of recession, but also in their national pride.
Tags: Banks, Good Time, Iceland, National Pride, Oecd, Recession
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Thursday, September 3rd, 2009
Minister of Finance Steingrímur J. Sigfússon announced yesterday that improvements on the financial environment in Iceland are already being worked on in response to OECD’s report on the banking collapse and the steps Iceland must take towards economic recovery.
Tags: Collapse, Economic Recovery, Finance Minister, Financial Environment, Iceland, Improvements, Minister Of Finance, Oecd
Posted in Iceland | No Comments »
Thursday, September 3rd, 2009
Minister of Finance Steingrímur J. Sigfússon announced yesterday that improvements on the financial environment in Iceland are already being worked on in response to OECD’s report on the banking collapse and the steps Iceland must take towards economic recovery.
Tags: Collapse, Economic Recovery, Finance Minister, Financial Environment, Iceland, Improvements, Minister Of Finance, Oecd
Posted in Iceland | No Comments »