Russia Widens Probe Into PwC's Dealings With Yukos  

A Russian court has granted a request by the federal tax service to widen the legal probe into audit firm PricewaterhouseCooper's dealings with the defunct oil company Yukos. According to the Interfax news agency, the tax service secured permission for its request that PwC hand over information relating to the registration of foreign companies, the creation of trust agreements and option schemes to control foreign companies, and the “siphoning of assets out of Russia via oil trading firms".

Barclays, RBS get US credit lines

Barclays and Royal Bank of Scotland have been granted $30bn (£15bn) of emergency funds by the US Federal Reserve to bail out American clients caught up in the global credit crisis.

New Zealand Forges Ahead With International Tax Reform The second round of consultation on the revamp of New Zealand’s international tax rules has begun today with the release of an issues paper detailing the proposed tax exemption for active income from the offshore operations of New Zealand businesses.

Democrats Seek To Shutdown Deferred Offshore Compensation US Senator John Kerry (D-Mass.) and US Representative Rahm Emanuel (D-Ill.) have introduced legislation that aims to curb the ability of high-income taxpayers to defer unlimited amounts of offshore compensation.

Europe's Central Bank is on the verge of harming the euro-zone

The more French president Nicolas Sarkozy attacks the European Central Bank for the strong euro, the more he is criticized in the European media by European finance ministers, European Union officials and the ECB itself. The critics are right. The fundamental reason behind France's current economic weakness it its lack of competitiveness even against other euro-zone economies where the euro is not a factor.

Banks agree private rescue plan

The world's biggest banks have endorsed a private rescue plan to restore the world's financial system to health. The plan also has the backing of the US Treasury, which urged private banks to take measures to restore confidence to fragile credit markets.

Swiss Structured Products Fair Declared 'Huge Success'  

Switzerland’s first-ever financial fair for structured products has been declared a "resounding success" by its organisers, Scoach Switzerland Ltd. and the Swiss Structured Products Association (SSPA). The event, which was held on 17-18 October, was attended by more than 4,500 institutional and private investors, who gained overview of the broad range of structured products, the latest trends, and innovations in the marketplace.

2008 Inflation Adjustments Widen Tax Brackets  

Personal exemptions and standard deductions will rise, tax brackets will widen and workers will be able to save more for retirement in 2008, thanks to inflation adjustments announced by the Internal Revenue Service. By law, the dollar amounts for a variety of tax provisions must be revised each year to keep pace with inflation. As a result, more than three dozen tax benefits, affecting virtually every taxpayer, are being adjusted for 2008.