The Reserve Bank of India (RBI), India's central bank, has reduced repo rate by 25 basis points to 6.50 percent, indicating an over five-year low. After the rate cut, home loans will be cheaper by half a percentage.
Legal & Regulatory
Volkswagen Faces Lawsuit From Deceived Dealerships of Napleton Group In Illinois Court
Three Volkswagen dealerships operating in Illinois and Florida has sued the German automaker for being deceived through the diesel-gate scam. The dealerships also accuse VW for illegally favoring some dealers and forcing retailers into financing arrangements with a company-lending affiliate. The plaintiffs have sought class status for the suit and appropriate compensation from the accused.
Ashoka Buildcon Staged a Sharp Recovery After 20% Plunge in Stock Market
One of India's largest highway and road developers prepared to recover after a massive loss in Wednesday. The company's stock slumped following the raid of tax officials.
Yen Hits 17-Months’ High Against US Dollar, Forecast For Further Appreciation
The Japanese yen has reached the top hitting a 17-month high on Tuesday. The appreciation takes place following advice from Japanese Prime Minister for cautious market intervention by authorities. Addition of value to yen cause downward trend in Nikkei average index on the same day leading towards a 18% drop during this year.
Canada’s RBC Denied Facilitating Tax Evasion in Connection to Panama Papers Leak
The Royal Bank of Canada has released an official statement, explaining that the bank is not guilty for any illegal activities including tax evasion in connection to shell company set up as mentioned in leaked papers from Panama’s Mossack Fonseca. The bank claimed to have high standards to ensure clients would not use its services to evade tax.
Latest News
The Panama Papers documents leak suggest that Ukrainian President Petro Poroshenko might be using an offshore company to evade tax. However, the president has denied such accusations, saying that he has not been managing the assets since he became president in 2014.
Nordea Bank of Sweden and DNB ASA of Norway, largest lenders of the respective countries, have been accused of aiding in tax dodging by the leaked ‘Panama Papers’. DSAs of the respective countries have summoned them to explain their roles over the allegations. However, both the banks have denied any wrongdoing while reiterating commitments for upholding laws.
The US Justice Department considers any credible allegation for violation of Federal Laws under its geographical territory very seriously. The department has been conducting its war against corruption through seizing assets related to illicit activities. Following leak of ‘Panama Papers’, it has been reviewing documents related to tax dodging through offshore accounts.
Following the leak of documents related to tax dodging by a Panamanian Firm, governments around the globe has initiated probe in this regard. Tax payers are righteous to know the state actions in unearthing the probable tax abating which has prompted the authorities to investigate. However, the leaked documents have provided an opportunity to earn penalty from the probable tax dodgers.
Panama Papers documents leak ties Argentinian President Mauricio Macri to an offshore company. In a statement in response to many accusations, President Macri revealed that he was never a stakeholder in the company, and that he was not involved in any wrongdoings in regard to that.
Cyprus-based lender RCB has denied reports of extending unsecured loans. Latest British media reports turned spotlight on alleged role of RCB in providing unsecured loans to people close to Vladimir Putin, President of Russia. Cyprus Central Bank said it was probing into the issue.
The US government doesn't seem be in favor of giving total access to Iran on its financial system. US President Barack Obama said the government is not looking to permit the use of its financial system in dollar-denominated deals with Iran.
The history’s biggest confidential documents leak revealed Russian elites, mostly Mr Putin’s inner circles, as clients of an offshore law firm in Panama. The offshore money trail connected to Mr Putin’s allies is worth $2 billion.
GSK Got Positive Recommendation for Its Gene Therapy for Bubble Boy Disease, Expecting Approval Soon
A gene therapy for Bubble Boy Disease has received positive evaluation from European regulatory panel, paving a way for official approval. Currently, there’s no gene therapy for the disease, and the therapy would enhance patient’s success in survival and even recovery.
