The G20 countries agree on tax information sharing in order to curb tax evasion by large international corporates who rely on differences in tax laws to shift their investments to various countries in order to evade tax. There is a proposal of having profits being taxed in the country where economic activities that produced the profits were carried out. Plan scheduled for full implementation by 2015.
BRICS $100B Contingency Fund Plan Unveiled
The countries that form part of the BRICS i.e. Brazil, Russia, India, China and South Africa unveiled their plan to form a contingency fund of $100B in order to cushion their economies in times of global financial declines. This comes even as news on the plan by the US on tapering its monthly internal borrowing of $85B is predicted to cause economic shake-ups in the developing nations due to capital flight. The BRICS and especially India face the full wrath of the tapering.
G20 Summit Held at Saint Petersburg in Russia
G20 leaders met at Saint Petersburg on Thursday last week. The main theme was on the global economy but matters Syria dominated most of the informal meetings; with the President Obama lobbying for more countries to support it in its bid to have a military intervention to what is termed as “Syria’s government use of chemical weapons on its own citizens.”
I. South Africa Gold Strike Ended
II. EU Court annulled sanctions placed on Iranian firms previously alleged to be supporting the nuclear weapon projects in Iran.
III. Uwezo Fund was launched in Kenya to give credit to youth and women groups to enable them take part in their 30% share of all government tenders worth about Ksh. 200B.
IV. Kenyan Legislatures at the Parliament passed a motion to detach Kenya from the Rome Statute; stating that the ICC court is “a political tool meant to suppress the African continent and its leaders.”
V. Nairobi County Governor Dr. Kidero slapped the Nairobi County Women Representative at his office in before media cameras when the latter stormed his office with a huge mob to protest with city council workers.
VI. Nairobi County Senator used abusive words against Caroline Mutoko a seasoned radio presenter at KISS100 in a morning show where he accused her and Chipukizi for interfering with his private family life.