Egypt’s new finance minister faces daunting task
64 in Russia by assets. Martin Bureau/Agence France-Presse Getty ImagesDominique Strauss-Kahn is on the board of a Rosneft unit. Vedomosti, the leading Russian business newspaper, reported that Rosneft may be seeking to raise the profile of the bank by hiring a former International Monetary Fund director. Russian government-owned businesses and many in the private sector have for years recruited Western business and political figures for seats on their boards, positions that often pay lavishly.
Gov. Cuomo dismisses criticism that he is taking advantage of campaign finance law loopholes
Cuomo has dismissed criticism that he is taking advantage of loopholes in campaign finance law that have helped him raise more than $6 million since January. By Kenneth Lovett / NEW YORK DAILY NEWS Wednesday, July 17, 2013, 4:54 AM Gov. Cuomo has raised more than $6 million since January. Related Stories Career Government Employee Under Fire ALBANY Loopholes? What loopholes?
China Won’t Have Large Stimulus This Year, Finance Minister Says
Galal, Egypt’s sixth finance minister in less than three years, will struggle to convince his angry compatriots to accept economic austerity after 30 months of political chaos that has pushed many of them into poverty. Those familiar with his academic work say it has focused not just on economic growth but on ensuring that the poor benefit. “Dr Galal describes himself as an ‘eclectic’ economist. He has been a long and firm believer in the importance of inclusive growth and education in contributing to inclusion and competitiveness,” said Amina Ghanem, a former deputy finance minister. “Fiscal policy for him would not be a budget deficit number, it would be about growth, empowerment and human development,” said Ghanem, who served under four finance ministers until shortly before Mohamed Mursi was elected president in mid-2012.
The government responded to the global financial crisis in 2008 with a 4 trillion yuan ($586 billion at the time) stimulus and a wave of bank lending. From a policy perspective, China wont roll out large-scale fiscal stimulus policies this year, said Lou, who became finance minister in March. China will promote economic growth and job creation and fine-tune policies, while keeping the fiscal deficit size unchanged. Lou said in a press briefing at the Washington meetings last week that growth as low as 6.5 percent may be tolerable in the future. While the government in March set a 2013 growth goal of 7.5 percent, Lou said hes confident 7 percent can be achieved this year.