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APEC Ministers Responsible for Trade Issue Statement on COVID-19

Trade Ministers agree to work together towards a healthy, resilient and inclusive Asia-Pacific community.




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Japan-Korea relations after Abe’s war anniversary statement: Opportunity for a reset?

In remarks delivered at the Heritage Foundation, Evans Revere discussed Prime Minister Abe’s statement marking the 70th anniversary of the end of WWII, and how the statement could in fact improve Japan-Korea relations.

      
 
 




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Statement of Martin Neil Baily to the public hearing concerning the Department of Labor’s proposed conflict of interest rule


Introduction

I would like to thank the Department for giving me the opportunity to testify on this important issue. The document I submitted to you is more general than most of the comments you have received, talking about the issues facing retirement savers and policymakers, rather than engaging in a point-by-point discussion of the detailed DOL proposal1.

Issues around Retirement Saving

1. Most workers in the bottom third of the income distribution will rely on Social Security to support them in retirement and will save little. Hence it is vital that we support Social Security in roughly its present form and make sure it remains funded, either by raising revenues or by scaling back benefits for higher income retirees, or both.

2. Those in the middle and upper middle income levels must now rely on 401k and IRA funds to provide income support in retirement. Many and perhaps most households lack a good understanding of the amount they need to save and how to allocate their savings. This is true even of many savers with high levels of education and capabilities.

3. The most important mistakes made are: not saving enough; withdrawing savings prior to retirement; taking Social Security benefits too early2 ; not managing tax liabilities effectively; and failing to adequately manage risk in investment choices. This last category includes those who are too risk averse and choose low-return investments as well as those that overestimate their own ability to pick stocks and time market movements. These points are discussed in the paper I submitted to DoL in July. They indicate that retirement savers can benefit substantially from good advice.

4. The market for investment advice is one where there is asymmetric information and such markets are prone to inefficiency. It is very hard to get incentives correctly aligned. Professional standards are often used as a way of dealing with such markets but these are only partially successful. Advisers may be compensated through fees paid by the investment funds they recommend, either a load fee or a wrap fee. This arrangement can create an incentive for advisers to recommend high fee plans.

5. At the same time, advisers who encourage increased saving, help savers select products with good returns and adequate diversification, and follow a strategy of holding assets until retirement provide benefits to their clients.

Implications for the DoL’s proposed conflicted interest rule

1. Disclosure. There should be a standardized and simple disclosure form provided to all households receiving investment advice, detailing the fees they will be paying based on the choices they make. Different investment choices offered to clients should be accompanied by a statement describing how the fees received by the adviser would be impacted by the alternative recommendations made to the client.

2. Implications for small-scale savers. The proposed rule will bring with it increased compliance costs. These costs, combined with a reluctance to assume more risk and a fear of litigation, may make some advisers less likely to offer retirement advice to households with modest savings. These households are the ones most in need of direction and education, but because their accounts will not turn profits for advisors, they may be abandoned. According to the Employee Benefits Security Administration (EBSA), the proposed rule will save families with IRAs more than $40 billion over the next decade. However, this benefit must be weighed against the attendant costs of implementing the rule. It is possible that the rule will leave low- and medium-income households without professional guidance, further widening the retirement savings gap. The DoL should consider ways to minimize or manage these costs. Options include incentivizing advisors to continue guiding small-scale savers, perhaps through the tax code, and promoting increased financial literacy training for households with modest savings. Streamlining and simplifying the rules would also help.

3. Need for Research on Online Solutions. The Administration has argued that online advice may be the solution for these savers, and for some fraction of this group that may be a good alternative. Relying on online sites to solve the problem seems a stretch, however. Maybe at some time in the future that will be a viable option but at present there are many people, especially in the older generation, who lack sufficient knowledge and experience to rely on web solutions. The web offers dangers as well as solutions, with the potential for sub-optimal or fraudulent advice. I urge the DoL to commission independent research to determine how well a typical saver does when looking for investment advice online. Do they receive good advice? Do they act on that advice? What classes of savers do well or badly with online advice? Can web advice be made safer? To what extent do persons receiving online advice avoid the mistakes described earlier?

4. Pitfalls of MyRA. Another suggestion by the Administration is that small savers use MyRA as a guide to their decisions and this option is low cost and safe, but the returns are very low and will not provide much of a cushion in retirement unless households set aside a much larger share of their income than has been the case historically.

5. Clarifications about education versus advice. The proposed rule distinguished education from advisement. An advisor can share general information on best practices in retirement planning, including making age-appropriate asset allocations and determining the ideal age at which to retire, without triggering fiduciary responsibility. This is certainly a useful distinction. However, some advisors could frame this general information in a way that encourages clients to make decisions that are not in their own best interest. The DoL ought to think carefully about the line between education and advice, and how to discourage advisors from sharing information in a way that leads to future conflicts of interest. One option may be standardizing the general information that may be provided without triggering fiduciary responsibility.

6. Implications for risk management. Under the proposed rule advisors may be reluctant to assume additional risk and worry about litigation. In addition to pushing small-scale savers out of the market, the rule may encourage excessive risk aversion in some advisors. General wisdom suggests that young savers should have relatively high-risk portfolios, de-risking as they age, and ending with a relatively low-risk portfolio at the end of the accumulation period. The proposed rule could cause advisors to discourage clients from taking on risk, even when the risk is generally appropriate and the investor has healthy expectations. Extreme risk aversion could decrease both market returns for investors and the “value-add” of professional advisors. The DoL should think carefully about how it can discourage conflicted advice without encouraging overzealous risk reductions.

The proposed rule is an important effort to increase consumer protection and retirement security. However, in its current form, it may open the door to some undesirable or problematic outcomes. With some thoughtful revisions, I believe the rule can provide a net benefit to the country.



1. Baily’s work has been assisted by Sarah E. Holmes. He is a Senior Fellow at the Brookings Institution and a Director of The Phoenix Companies, but the views expressed are his alone.

2. As you know, postponing Social Security benefits yields an 8 percent real rate of return, far higher than most people earn on their investments. For most of those that can manage to do so, postponing the receipt of benefits is the best decision.

Downloads

Publication: Public Hearing - Department of Labor’s Proposed Conflict of Interest Rule
Image Source: © Steve Nesius / Reuters
     
 
 




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Should "Progressives" Boycott Whole Foods Over CEO's Statements on Health Care?

I am constantly amazed at the level of political discourse in the US. So a debate about health care degenerates into scares about "death panels" and boycotts of Whole Foods because their CEO is against it. It is all a bit much, and a complete mystery




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Minimalist cork and brass wallet makes a stylish statement with renewable materials

If you'd like to get the junk out of your back pocket or purse, consider downsizing into a wallet such as this one, which holds just the essentials.




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Connecticut Teen Creates Fashion Statement in Fight Against Global Warming

When 16-year-old Sam Allen realized his devotion to fashion and the fight against global warming could potentially work wonders together he enlisted the help of a few friends and set out to create a line of clothing that would make a difference… Enter




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GST update on statement taken during the course of investigation proceedings

The provision contained in section 136 of the CGST Act, 2017 also states that a statement made and signed by a person on appearance in response to any summons issued under section 70 during the course of any inquiry or proceedings under this Act shall be relevant for the purpose of proving in any pr




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FIFA statement




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COVID-19: Lucknow Police asks Kanika Kapoor to record her statement

A day after Bollywood singer Kanika Kapoor explained the controversies regarding her having tested corona positive last month; the Lucknow Police pasted a notice at her house, asking her to record her statement.

Kanika Kapoor has been charged under IPC Section 269 (negligent act likely to spread infection of disease dangerous to life) and Section 270 (malignant act likely to spread infection of disease dangerous to life) of the IPC.

Deepak Kumar Singh, ACP, Krishna Nagar said that the singer will have to come to the police station and give her a written statement. Further action will be taken after this.

On Sunday, Kanika took to Instagram to express her gratitude to the health workers who treated her. She also wrote that several stories were doing the rounds and she was fully aware and knew that some information has been misrepresented.

According to Kanika, she arrived in Mumbai on March 10 from the UK. During this time, she was scanned at the international airport. Until that time no advisory had been issued that required her to quarantine herself.

She had come to Lucknow to meet her family on March 11, when there was no scanning system for domestic flights. On March 14 and 15, Kanika went to lunch and dinner with her friends.

She pointed out that all the people she had interacted with in the UK, Mumbai, and Lucknow are healthy and their reports have also come up negative.

Catch up on all the latest entertainment news and gossip here. Also, download the new mid-day Android and iOS apps.

Mid-Day is now on Telegram. Click here to join our channel (@middayinfomedialtd) and stay updated with the latest news




statement

Fashion: Here's how you can make a stunning style statement in plastic

Style book

The sheer dresses and skirt trend is still going strong and if you wish to go a little edgy, try a sheer skirt or trousers over a bodysuit or shorts like Balmain

In a world of oversharing, you can show off the stylish contents of your bag with clear pieces like Chanel’s. Pair a formal trouser suit with the playful bag or plastic shoes

Dia Mirza in an Amit Aggarwal dress made using recycled plastic

Wear clear heels (by Prabal Gurung) or clear-strapped footwear that will help make your legs look longer

Be the fun person in your workroom by carrying a clear briefcase. pic courtesy/ instagram. com/helmut lang

MIU MIU does girly chic with this edgy winter plastic coat over a paillete dress


Go plastic




statement

Irrfan Khan's wife Sutapa Sikdar and sons release a family statement

The brilliant Irrfan Khan passed away on April 29, 2020, after battling neuroendocrine cancer for over two years. The actor has left behind a huge void in the lives of his family, friends and fans. Irrfan Khan is survived by his wife, Sutapa Sikdar, and his sons Babil and Ayaan.

In an official family statement, Irrfan's wife Sutapa and sons have asked us to think of this as a gain, not a loss. The family writes, "How can I write this as a family statement when the whole world is taking it as a personal loss? How can I begin to feel alone when millions are grieving with us at the moment? I want to assure everyone that this is not a loss, it is a gain. It's a gain of the things he taught us, and now we shall finally begin to truly implement it and evolve. Yet, I want to try to fill in the things that people don't already know."

The statement further read, "It's unbelievable for us but I would put it in Irrfan's words, 'it's magical' whether he is there or not, and that's what he loved; he never loved one-dimensional reality. The only thing I have a grudge against him is - he has spoiled me for life. His strive for perfection doesn't let me settle for ordinary in anything. There was a rhythm which he always saw in everything, even in cacophony and chaos, so I have learnt to sing and dance to the music of that rhythm, even with my tone-deaf voice and two left feet."

"Funnily, our life was a masterclass in acting, so when the dramatic entry of the "uninvited guests" happened, I had by then learnt to see harmony in the cacophony. The doctor's reports were like scripts which I wanted to perfect, so I never miss any detail that he sought for in his performance. We met some amazing people in this journey and the list is endless, but there are some whom I have to mention, our oncologist Dr. Nitesh Rohtogi (Max hospital Saket) who held our hand in the beginning, Dr. Dan Krell (UK), Dr. Shidravi (UK), my heartbeat and my lantern in the dark Dr. Sevanti Limaye (Kokilaben hospital). It's difficult to explain how wondrous, beautiful, overwhelming, painful and exciting this journey has been."

I find these two and a half years to have been an interlude that had its own beginning, middle and culmination with Irrfan helming the role of the orchestra conductor, separate from the 35 years of our companionship. Ours was not a marriage, it was a union. I see my little family, in a boat, with both my sons Babil and Ayaan paddling it forward, with Irrfan guiding them, "wahan nahi, yahan se modo". But since life is not cinema and there are no retakes, I sincerely wish my children sail this boat safely with their father's guidance in mind and rockabye through the storm. I asked my children, if possible, if they could sum up a lesson taught by their father that has been important to them...

Babil: Learn to surrender to the dance of uncertainty and trust your faith in the universe.
Ayaan: Learn to control your mind and to not let it control you."

"Tears will flow as we plant a raat ki rani tree, his favourite, in the place where you have put him to rest after a victorious journey. It takes time but it will bloom and the fragrance will spread and touch all the souls whom I won't call fans but family for years to come."

The Angrezi Medium actor was admitted to Mumbai's Kokilaben Dhirubhai Ambani hospital with a colon infection, where he passed away. Irrfan's most memorable works include Salaam Bombay!, Maqbool, The Namesake, A Mighty Heart, Paan Singh Tomar, Life of Pi, The Lunchbox, Haider, Gunday, Piku, Talvar, and Hindi Medium, amongst others.

Catch up on all the latest entertainment news and gossip here. Also, download the new mid-day Android and iOS apps.

Mid-Day is now on Telegram. Click here to join our channel (@middayinfomedialtd) and stay updated with the latest news




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Kris Srikkanth: Michael Clarke's 'sucked up to Kohli' statement is ridiculous

Asserting that sledging cannot help teams win matches, former India batsman Krishnamachari Srikkanth has rubbished Michael Clarke's claims that the Australian team were being nice to Virat Kohli's men during the 2018/19 Test series Down Under. "You do not win matches just by sledging. Aussie's loss is a loss, his (Clarke) statement was ridiculous I would say," Srikkanth said while speaking on Star Sports 'Cricket Connected' show. "If you ask Nasser Hussain or Sir Vivian Richards who are experienced players, you can never score runs or get wickets through sledging.

"You need to play good cricket and showcase determination; you need to bowl well to get wickets and bat well to achieve targets. Sledging cannot help in any way according to my opinion," he added. Clarke had also said current Australian players were too scared to "sledge" Kohli and in order to protect their million dollars IPL deals, they "sucked up" to the India captain which resulted in their cricket becoming "soft".

However, former India batsman VVS Laxman feels players can't win an IPL contract by just being nice to a particular player. "Just by being nice to someone doesn't get you a place in IPL. Any franchise will look at the player's calibre and value add to the team, which gives them desired results by winning matches/tournaments," Laxman said while speaking on the same show.

"These are the kind of players who get IPL contracts. So just being nice to someone will not earn you a spot in the IPL," he added.

Kohli's men had become the first-ever Indian team to register a Test series win in Australia in 2018-19. It was the first time since 1947, that India were able to register a Test series victory in Down Under as they defeated the Tim Paine-led side 2-1 in the four-match rubber.

Catch up on all the latest sports news and updates here. Also download the new mid-day Android and iOS apps to get latest updates.

Mid-Day is now on Telegram. Click here to join our channel (@middayinfomedialtd) and stay updated with the latest news

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever




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Tax-News.com: EU Finance Ministers Issue Joint Statement On Digital Taxation

The finance ministers of France, Germany, Italy, and Spain have put their names to a statement calling for countries to reach an agreement on solving the tax challenges of the digital economy by the end of 2020.




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Tax-News.com: EU Finance Ministers Issue Joint Statement On Digital Taxation

The finance ministers of France, Germany, Italy, and Spain have put their names to a statement calling for countries to reach an agreement on solving the tax challenges of the digital economy by the end of 2020.




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The OECD Working Group on Bribery expresses its serious concern regarding the situation of the Commission for the Prevention of Corruption (CPC) in Slovenia.




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Statement by the OECD regarding the status of the accession process with Russia & co-operation with Ukraine

Further to a meeting of its governing Council on 12 March 2014, the OECD has postponed activities related to the accession process of the Russian Federation to the OECD for the time being.




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U.S Secretary of State, Hillary Rodham Clinton's statements at the OECD Ministerial Council Meeting 2011

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A moderate recovery is under way in major advanced economies after two years of subdued growth. Overall, most indications point to a continued underlying strengthening of the pace of growth, helped by accommodative monetary policy and reduced fiscal drag.




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Statement by OECD Secretary-General Gurría on Attack in Turkey

Turkey, an OECD member country, has endured several attacks in recent times. Each of these deeds is an offense to our collective freedoms, values and way of living. We categorically condemn these terrible acts.




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Statement of outcomes of the Fourth Meeting of the OECD Taskforce on Tax and Development

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Statement from OECD Secretary-General Angel Gurría on the “Panama Papers”

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Joint statement on the fight against illicit financial flows, by OECD Secretary-General Angel Gurría and Thabo Mbeki, Chair of the High Level Panel on Illicit Financial Flows from Africa

The issue of illicit financial flows (IFFS) is at the forefront of the international agenda. Both the OECD and the High Level Panel have focused attention on this problem and have identified ways in which to tackle it.




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Statement of OECD Working Group on Bribery on Spain’s efforts to amend its Penal Code and to enforce its foreign bribery offence

The OECD Working Group on Bribery supports Spain’s efforts to further reform its Penal Code to bring its anti-bribery law into line with its international obligations under the OECD Convention on Combatting Bribery of Foreign Public Officials in International Business Transactions.




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Statement of OECD on Japan’s Efforts to Increase Foreign Bribery Enforcement

Due to serious concerns about the extremely low level of enforcement of Japan’s offence of bribing foreign public officials – just three prosecutions since 1999 – the OECD Working Group on Bribery recommended in December 2013 that Japan establish an Action Plan to organise police and prosecution resources to be able to proactively detect, investigate and prosecute cases of foreign bribery by Japanese companies.




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Statement by the National Contact Points for the OECD Guidelines for Multinational Enterprises - One Year After Rana Plaza

This statement was adopted by National Contact Points on 25 June 2014 during their 15th Meeting.




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Statement of the OECD Working Group on Bribery on France’s implementation of the Anti-Bribery Convention

After a comprehensive review in October 2012, the OECD Working Group on Bribery asked France, through a series of concrete recommendations, to intensify its actions to fight the bribery of foreign public officials and undertake important reforms.




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International Anti-Corruption Day Statement by Drago Kos, Chair of the OECD Working Group on Bribery

International Anti-Corruption Day provides us all with a unique opportunity to reflect on the progress we have made over the past year in the global fight against corruption, but also to think about the work that remains to be done in the years ahead.




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Statement of the OECD Working Group on Bribery on Belgium’s limited implementation of the Anti-Bribery Convention

The OECD Working Group on Bribery has serious concerns regarding Belgium’s limited efforts to comply with the OECD Anti-Bribery Convention.




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Statement of the OECD Working Group on Bribery on Finland’s limited implementation of the Anti-Bribery Convention

The OECD Working Group on Bribery expresses its serious concern with Finland’s continued failure to implement the OECD Anti-Bribery Convention.




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Statement of the OECD Working Group on Bribery on Slovenia’s limited implementation of the Anti-Bribery Convention

The OECD Working Group on Bribery expresses its serious concern regarding the situation of the Commission for the Prevention of Corruption (CPC) in Slovenia.




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Statement of OECD Working Group on Bribery: Ireland’s Laws for Combating International Bribery need Urgent Reform

Ireland still needs to make substantial progress on key recommendations issued three times since March 2007 by the OECD Working Group on Bribery with regard to improving its domestic criminal law as it applies to bribery by Irish individuals and companies in their international business transactions.




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Statement of OECD Working Group on Bribery: Russia’s Legislation for Combating International Bribery needs Reform as a Matter of Urgency

Russia still needs to make substantial progress on key recommendations issued by the OECD Working Group on Bribery in 2012 and 2013.




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Statement of the OECD Working Group on Bribery on Italy's implementation of the Anti-Bribery Convention

The OECD Working Group on Bribery commends Italy for the adoption of a Bill on 15 March, by the Italian Senate, which, if adopted by the Chamber of Deputies, would significantly extend the statute of limitations to allow more time to prosecute and sanction foreign bribery cases.




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Statement of OECD Secretary-General on the death of two members of the UN Group of Experts on the Democratic Republic of the Congo

“I am deeply saddened to learn about the tragic deaths of Michael Sharp and Zaida Catalan, members of the UN Group of Experts on the Democratic Republic of the Congo (DRC). On behalf of my Organisation, I wish to convey our condolences to their families and colleagues from the UN and beyond, who had the pleasure of working with them."




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OECD Health Ministerial Statement 2017

OECD Health Ministers meeting in Paris have underlined their commitment to tackling important challenges facing health systems around the world. E.g. improving the delivery of high-quality care for all; addressing how to pay for effective health technologies; measuring health system performance on the basis of what it delivers to people, as well as making better use of health data; and making health systems more people-centred.




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Statement of OECD on Japan’s Efforts to Increase Foreign Bribery Enforcement

Due to serious concerns about the extremely low level of enforcement of Japan’s offence of bribing foreign public officials – just three prosecutions since 1999 – the OECD Working Group on Bribery recommended in December 2013 that Japan establish an Action Plan to organise police and prosecution resources to be able to proactively detect, investigate and prosecute cases of foreign bribery by Japanese companies.




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Statement from OECD Secretary-General Angel Gurría on the execution of Japanese journalist Kenji Goto

It was with immense sadness that I learned of the tragic execution of Kenji at the hands of the terrorists from Islamic State. We strongly condemn this terrible and odious act, as well as other killings carried out by ISIS.




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Written Statement to the International Monetary and Financial Committee - April 2013

The OECD provides an update on global economy in this statement to the International Monetary and Financial Committee - April 2013.




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Statement to the German Bundestag's Finance Committee Hearing on the Draft Bank-Separation Law

This statement by Adrian Blundell-Wignall and Paul Atkinson was presented to the German Bundestag's Finance Committee Hearing on the Draft Bank-Separation Law (Drucksache 17/12601) on 22 April 2013.




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World Bank/IMF Spring 2015 meetings: Written statement to the International Monetary and Financial Committee

Written statement by OECD Secretary-General Angel Gurría for the IMFC during the World Bank Group/International Monetary Fund 2015 Spring meetings in Washington, DC.




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Statement of the OECD Working Group on Bribery on Belgium’s limited implementation of the Anti-Bribery Convention

The OECD Working Group on Bribery has serious concerns regarding Belgium’s limited efforts to comply with the OECD Anti-Bribery Convention.




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Written Statement to the International Monetary and Financial Committee - April 2013

The OECD provides an update on global economy in this statement to the International Monetary and Financial Committee - April 2013.




statement

Global Economic Outlook - Written Statement for the IMFC

A moderate recovery is under way in major advanced economies after two years of subdued growth. Overall, most indications point to a continued underlying strengthening of the pace of growth, helped by accommodative monetary policy and reduced fiscal drag.




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The global economy: strengthening growth and job creation - Statement at G20 Leader's Summit

Statement made by the Secretary-General during session 1 of the Leader's Summit in Brisbane.




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Statement by the National Contact Points for the OECD Guidelines for Multinational Enterprises - One Year After Rana Plaza

This statement was adopted by National Contact Points on 25 June 2014 during their 15th Meeting.




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Statement of OECD Secretary-General on the death of two members of the UN Group of Experts on the Democratic Republic of the Congo

“I am deeply saddened to learn about the tragic deaths of Michael Sharp and Zaida Catalan, members of the UN Group of Experts on the Democratic Republic of the Congo (DRC). On behalf of my Organisation, I wish to convey our condolences to their families and colleagues from the UN and beyond, who had the pleasure of working with them."




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Wirecard under investigation over statements to investors

German regulator looks at group’s statements ahead of KPMG special audit report




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Facebook, Reddit, Google, LinkedIn, Microsoft, Twitter and YouTube issue joint statement on misinformation

In an unprecedented move to reassure customers and flag the potential for misinformation about COVID-19 on their platforms, all of the major social media companies and their parent corporations issued a joint statement on their efforts. “We invite other companies to join us as we work to keep our communities healthy and safe,” the statement […]




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Powerful House committee demands Jeff Bezos testify after ‘misleading’ statements

Amazon is in hot water with a powerful congressional committee interested in the company’s potentially anticompetitive business practices. In a bipartisan letter sent Friday to Jeff Bezos, the House Judiciary committee demanded that the Amazon CEO explain discrepancies between his own prior statements and recent reporting from The Wall Street Journal. Specifically, the letter addressed […]




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Kyly Clarke's statement after Michael split from girlfriend Pip Edwards

Michael Clarke recently split from fashion designer Pip Edwards after a brief romance that began following his separation from wife Kyly last year.