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The Executive Board of the International Monetary Fund (IMF) has approved a one-year successor arrangement for Poland under the Flexible Credit Line (FCL) ) in the amount equivalent to SDR 13.69 billion (about US$20.43 billion; 1,000 percent of quota). The Polish authorities intend to treat the arrangement as precautionary and do not intend to draw from the FCL.

The OECD's Committee on Fiscal Affairs is now completing its work on two transfer pricing projects which the OECD Council will be asked to approve by the end of July in the form of revisions to the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations (TPG): its review of Comparability and Profit Methods and its report on the Transfer Pricing Aspects of Business Restructuring.

New York: A United Nations provider of emergency logistics support has upgraded port facilities and implemented training that will form the basis of a new university degree as part of its long-term commitment to the tsunami-ravaged region of Indonesia's northern Sumatra region.

New York: Judges at the United Nations-backed war crimes court in Sierra Leone has ordered the high-profile British model Naomi Campbell to give evidence later this month about a blood diamond in the ongoing trial of the notorious former Liberian president Charles Taylor.

New York: The head of the United Nations agency that promotes industrial development to help countries eradicate poverty has urged Kazakhstan to invest in renewable energy to raise efficiency, boost energy security and tackle climate change.

New York: Proper regulation of wildlife trade is needed to ensure the continued survival of animals and plants in the wild, the United Nations Environmental Programme (UNEP) urged as it marked the 35th anniversary of a key international agreement.

New Delhi: The Government has accepted the Report of Shri Nandan Nilekani led Experts' Committee on Electronic Toll Collection (ETC).

New Delhi: The Directorate General of Employment and Training, Ministry of Labour and Employment released its first Annual Report to the People on Employment in New Delhi today. One of the central ideas of the Report is that high economic growth and growth of quality employment reinforce each other. Recognizing low level of earnings and poor working conditions of casual labourers and a part of self employed workers, the Report argues for increasing the share of organised sector employment in total employment of the country, particularly in the manufacturing and service sectors.

KOLKATA: The Communist Party of India (Maoist) has questioned the sincerity of the union home minister Palaniappan Chidambaram's suggestion to the human rights and social activist Swami Agnivesh for initiating a dialogue between the Union government and CPI(Maoist). Spokesman of party's central committee Azad in a letter to Agnivesh termed Chidambaram's letter of 11 May this year - highlighted by the mainline media - as “apparently genuine” but “lacks seriousness and is intended only to satisfy people like you who have been insisting on peace.

KOLKATA: A major financial scam in Assam, allegedly involving several ministers and ruling party MPs, has come to light, causing embarrassment to Chief Minister Tarun Gogoi and the Congress party just as they were getting ready for the State Assembly elections next year.