It's the law. (Panorama).TRADE The World Trade Organization ruled that Canada violated trade subsidy rules when it granted low-interest loans to a customer of Canadian aircraft maker Bombardier. The ruling found in favor of Brazil, which has disputed the subsidies for six years. The World Trade Organization sided with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. in a dispute over the "Havana Club" rum trademark. In the most recent ruling in the longstanding case, the WTO See World Trade Organization. ruled that liquor manufacturer Bacardi is entitled to use the name of the Cuban rum. French spirits giant Pernod Ricard has maintained that it owns the rights, having bought them from the government of Fidel Castro, which seized Havana Club from its original owners in 1960. In preparation for the Free Trade Area of the Americas The Free Trade Area of the Americas (FTAA) (Spanish: Área de Libre Comercio de las Américas (ALCA), French: Zone de libre-échange des Amériques (ZLÉA), Portuguese: Área de Livre Comércio das Américas and a trade pact with the European Community, the Caribbean Common Market Standards Council has been replaced by the Caricom Regional Organization for Standards and Quality (Crosq).The new body will develop regional regulations that meet World Trade Organization requirements. It will also police standards for goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. traded among Caricom nations. Barbados will serve as Crosq headquarters. BRIBERY An adviser to Australia's Normandy Mining has filed a lawsuit claiming Newmont Mining, based in Denver, Colorado, paid millions of dollars in bribes to boost its stake in South America's largest gold mine. The U.S lawsuit claims Newmont and its minority partner in Peru, Compania de Minas Buenaventura, paid Peru's former spy chief Vladimiro Montesinos to extort To compel or coerce, as in a confession or information, by any means serving to overcome the other's power of resistance, thus making the confession or admission involuntary. To gain by wrongful methods; to obtain in an unlawful manner, as in to compel payments by means of threats of and bribe Peruvian judges into granting Newmont a greater stake in the Yanacocha mine. Newmont, Buenaventura and French state-owned company Bureau de Recherches Geologiques et Minieres, or BRGM BRGM Bureau de Recherches Géologiques et Minières (France) , were joint owners of the mine in northern Peru. The lawsuit claims BRGM wanted to sell its 25% stake to the Australian miner but the Peruvian Supreme Court in 1998 ruled that Newmont and its Peruvian partner had a first option to buy. TAXES Argentina has cut the value-added tax value-added tax (VAT), levy imposed on business at all levels of the manufacture and production of a good or service and based on the increase in price, or value, provided by each level. on debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. transactions in an effort to stimulate retail and electronic purchases. The taxes now range from 16% to 18%, depending upon the type of bank account; previously, they were 21%. The tax reduction does not apply to financed purchases. As part of the measure, retailers in all cities of 50,000 or more residents were required as of March 31 to accept debit cards. On June 30, the requirement will be extended to all communities with at least 5,000 residents. SOURCE: National Law center for Inter-American Free Trade (natlaw@natlaw.com): Translegal Inc. (translegal@earthlink.net) |
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