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China bars GlaxoSmithKline finance director Steve Nechelput from leaving country amid bribery investigations
The three charges against Papaconstantinou are breach of trust, doctoring an official document and dereliction of duty. If convicted, he faces a prison sentence. Papaconstantinou served as finance minister from October 2009 to June 2011, and was finance minister when Greece negotiated its first international bailout. Because he is a lawmaker, Parliament has to approve the lifting of immunity before any prosecution can proceed.
German finance minister says multinationals must pay fair taxes
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.
Federal Reserve intent on slowing, then exiting a bond-buying program that created $85 billion a month, news that has sent ripples through emerging nations. “The Fed announcement led to a broad echo especially in emerging nations. So, I can imagine that the topic will be discussed in Moscow, especially as the central bankers, the relevant actors, are at the table with us,” Schaeuble said. Emerging nations have seen dramatic investment outflows since the Fed announced its exit plan, forcing policy responses around the globe. Fed Chairman Ben Bernanke, who will not be present in Moscow, has stressed he will only stop the money-printing press if he sees strong evidence of a U.S.