Egypt’s new finance minister faces daunting task
A panel of senior judges will determine in coming days whether George Papaconstantinou should face trial on criminal charges of alleged breach of duty and tampering with a document. A majority of lawmakers voted early Tuesday to lift Papaconstantinou’s immunity from prosecution over the fate of a list of about 2,000 names provided by French authorities in 2010 as Greece’s economy was struck by a major crisis. Greek authorities failed to investigate the data for potential tax evasion, and the names of three of Papaconstantinou’s relatives were allegedly removed from the list. Speaking in Parliament Monday, Papaconstantinou denied wrongdoing, arguing he was the victim of a smear campaign.
Barclays poaches JP Morgan’s Morzaria as new finance boss
MARKET ECONOMICS In a July 2011 ERF paper, Galal said competitive markets should be allowed to allocate resources, improve production and encourage innovation, but should be regulated to prevent anti-competitive behavior and promote a more egalitarian society. “Markets do not function in a vacuum and generally do not produce the best outcomes for society on their own,” he wrote. “Safeguards are necessary to protect consumers from exploitation and ensure that workers have the right to decent working conditions and fair pay.” Galal took the last government of Hosni Mubarak, who was ousted in a popular uprising in early 2011, to task for carving out special deals to please its supporters, such as land allocations and large contracts. “The model relied excessively on market forces, without effective measures to curb abuse of market power, prevent corruption or reduce extreme poverty,” he wrote.
Flaherty Remains at Finance in Canada Cabinet Shuffle
REUTERS/Toby Melville RELATED QUOTES 311.90 +2.15 LONDON (Reuters) – Barclays ( BARC.L ) has poached JP Morgan ( JPM ) executive Tushar Morzaria to become its new finance director from February, offering up to 6 million pounds ($9.1 million) in annual pay and awards to help its recovery from a series of scandals. It ends a lengthy search for a finance director, after Barclays said in February Chris Lucas would step down after six years in the role. Morzaria is currently chief financial officer of corporate and investment banking at JP Morgan Chase, where he has spent the majority of his career. Morzaria, 44, was born in Uganda and moved to Britain in 1971.
Long Serving Flaherty has been Harpers only finance minister, making him the longest serving Conservative at the post in a century. If he stays through 2015, he would become Canada s second-longest serving finance minister since the country was created in 1867. Keeping him at the job may mean a quiet sigh of relief for financial markets because of all the changes at key Canadian economic institutions, Bank of Montreals Doug Porter said. He cited the departure of Mark Carney from the Bank of Canada last month and Julie Dicksons planned retirement from the Office of the Superintendent of Financial Institutions.