Finance & Economics | WPN World People News

In November 2016 compared with October 2016, the seasonally adjusted volume of retail trade fell by 0.4% in the euro area (EA19) and by 0.1% in the EU28, according to estimates from Eurostat, the statistical office of the European Union. In October the retail trade volume increased by 1.4% in the euro area and by 1.3% in the EU28.

Accountants, bankers, lawyers and other advisors who enable offshore tax evasion will face tough new sanctions from 1 January 2017.

The European Investment Fund (EIF) and RCB Bank (RCB) have signed the first EFSI agreement in Cyprus, which will provide EUR 10 million to innovative small and medium-sized enterprises (SMEs). This agreement benefits from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe. Following the signature, the EFSI is now active in all EU 28 Member States.

The net wealth of euro area households fell by about 10 percent between 2010 and 2014, mainly due to lower house prices, according to the results of the second wave of the Eurosystem’s Household Finance Consumption Survey (HFCS). Overall, real estate prices fell during the financial and economic crisis. The survey also shows that inequality in the euro area had increased slightly since the first wave of the HFCS, which was conducted in 2010.

In a landmark case that could affect the future of EU trade agreements, the Advocate General of the European Court of Justice has said that national parliaments should have the right to vote on a trade agreement between the EU and Singapore.

The Board of Executive Directors of the World Bank approved the Second Fiscal Sustainability and Investment Climate Development Policy Credit (DPC2) of US$24 million for Bhutan on December 21, 2016.

On December 9, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Bolivia.

The World Bank has received a contribution of US$2.0 million from the Swedish International Development Agency (Sida) to provide Technical Assistance (TA) for improved solid waste management practices in Bosnia and Herzegovina.

The World Bank on December 21, approved a US$ 235 million credit for the Bihar Rural Roads Project to improve and effectively manage the state's rural road network.

At the invitation of the Salvadoran authorities, an International Monetary Fund (IMF) team, led by Mr. Daniel Kanda, visited San Salvador from December 14 to 20, 2016 to assess the political support of the authorities and the parliamentary opposition for a policy agenda consistent with the recommendations of the 2016 Article IV Staff Report.