Finance & Economics | WPN World People News

The EU has always tended to be more cautious about approving new products than the US, which is why the two regions have clashed over issues such as GMOs and hormones in beef. Now that they are negotiating an ambitious free-trade agreement, the question is whether the EU should become less prudent.

Growing unemployment - especially among the young, leading to their emigration – the loss of small firms and rising poverty rates, even among the middle class, are the key impacts of the economic crisis and adjustment measures designed by the ECB/EU Commission/IMF “Troika” for Greece, Cyprus, Portugal, Ireland, say Employment Committee MEPs in a resolution voted on Thursday. It calls for a jobs and social recovery plan for these countries.

The World Bank Group announced the launch of the 2014 India Development Marketplace (DM) call for proposals so that organizations in India can access overall funding of over $1 million for implementing innovative service delivery approaches in the Northeastern states of Assam, Mizoram, and Meghalaya.

An International Monetary Fund (IMF) mission visited Jamaica during February 5-13, 2014 to conduct discussions on the third review of Jamaica’s IMF-supported program under the Extended Fund Facility (EFF).

Offshore tax evasion remains a serious problem for countries and jurisdictions worldwide, with vast amounts of funds deposited abroad and sheltered from taxation when taxpayers fail to comply with obligations in their home countries.

OECD Secretary-General Angel Gurría and Finance Minister Jutta Urpilainen

The Executive Board of the International Monetary Fund (IMF) completed the tenth review of Portugal’s performance under an economic program supported by a 3-year, SDR 23.742 billion (about €26.87 billion) Extended Fund Facility (EFF) arrangement. The completion of the review enables the immediate disbursement of an amount equivalent to SDR 0.803 billion (about € 0.91 billion), bringing total disbursements under the EFF arrangement to SDR 22.182 billion (about €25.1 billion).

President Obama signed an executive order, raising the minimum wage to $10.10 per hour for federal contractors. Though neither chamber of Congress has passed a minimum wage bill, the president moved forward on his vow to not “stand still,” made during last month’s State of the Union address. Bread for the World is encouraged by this step, and urges Congress to pass legislation that raises the minimum wage for all workers.

More than 300,000 children in Jamaica will benefit from expanded and improved early childhood development (ECD) programs, as a result of US$12 million in additional funding approved by the World Bank’s Board of Executive Directors.

The OECD unemployment rate fell by 0.1 percentage point for the third consecutive month to 7.6% in December 2013. Across the OECD area, 46.2 million persons were unemployed in December 2013, 11.5 million more than in July 2008.