China bars Glaxo finance chief from leaving

Nechelput continues to work in his role as finance director for the company’s China unit. (AP Photo/Kirsty Wigglesworth, File) JOE McDONALD July 18, 2013 BEIJING (AP) Drug manufacturer GlaxoSmithKline, under investigation on suspicion its employees bribed Chinese doctors, said Thursday the finance director for its local unit has been barred from leaving China. The executive, Steve Nechelput, has not been questioned or arrested and is free to travel within China, the British company said in a statement. It said it had been aware of the travel restrictions since the end of June. Nechelput continues to work in his role as finance director for the company’s China unit.

Pakistan launches media campaign to boost Islamic finance

An investor, with henna-dyed hair, monitors an electronic board displaying stock prices at Karachi Stock Exchange July 16, 2010. REUTERS/Akhtar Soomro/Files

The central bank is rolling out a five-year plan for Pakistan’s Islamic banking sector, which follows religious principles such as bans on interest and pure monetary speculation. “There still prevails a significant population that is either unaware of Islamic banking or have confusions and misconceptions about its current paradigm,” said central bank governor Yaseen Anwar at the launch of the campaign on Thursday. The campaign, developed alongside local Islamic banks, would help the industry reach ambitious targets including a doubling of its branch network in five years and a 15 percent share of the banking system, Anwar added. As of March, the industry held an 8.7 percent share of banking assets and 9.7 percent of deposits, central bank data shows. The country’s Islamic banking industry includes five fully-fledged Islamic banks and five takaful (Islamic insurance) firms, with an additional 12 conventional banks offering services through Islamic windows.

Pope Francis Names Panel to Overhaul Vatican Finance Structure

On July 10 the Vatican said it may extend its probe of suspicious bank transactions to people beyond Nunzio Scarano, the prelate arrested. Scaranos funds were frozen at the IOR. In 2012 the Holy See , the Vaticans central administration, posted a profit of 2.19 million euros ($2.83 million) even as donations from Catholics throughout the world fell, according to a July 4 statement. Last years earnings compare with a 14.9 million-euro deficit in 2011, the Holy See said today in a statement . The Vatican bank, formally known as Institute for the Works of Religion or IOR, last year gave the Pope a contribution of 50 million euros, the Holy See said.


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