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Indirect transfers via P-notes (participatory notes) should be kept out of the retrospective tax net, the panel of experts on GAAR recommended.

The panel led by Parthasarathi Shome recommended in its report that the government's move to tax indirect transfers should not apply to foreign institutional investment (FII) via P-notes.

US banking giant, American Express has entered into an agreement with world's largest retailer, Walmart to launch new prepaid access account called, Bluebird.

The account, which is aimed at helping customers better manage their personal finances, will offer a replacement to the debit and checking accounts. The new service will allow customers to access services like deposits by smartphone and mobile bill pay, fee transparency, and no minimum balance, monthly, annual or overdraft fees.

UK's banking giant, Barclays has announced that it has entered into a deal to acquire the UK savings and loan business of Dutch bank ING.

The acquisition, which will bring 1.5 million customers to the bank, indicates that the bank is beginning to recover from the fallouts of the rigging scandal and displays confidence of the company to its shareholders and customers.

According to a consultation paper, the authorities in Singapore are considering classifying all tax crimes as money laundering (ML) predicate offences.

The Monetary Authority of Singapore (MAS) has issued the consultation paper seeking views of several members of the society. MAS says that most of the serious tax crimes will be treated as predicate offences from 1 July

The retail sector shares have outperformed all other sectors on the stock exchanges in New Zealand over the three months period.

Retail sector stocks have risen between 15 per cent and 32 per cent, which is faster than all other sectors on the domestic stock exchange market. The benchmark NZX50 Index recorded an increase of 12 per cent during the period.

UK's Prime Minister David Cameron has asserted that the government will stay on its current economic strategy despite gloomy forecasts for the British economy.

Some believe that the government needs to change its strategy as the economy is predicted to shrink by 0.4 per cent during this year. The International Monetary Fund downgraded the growth forecast from 0.2 per cent to a contraction of 0.4 per cent during the year.