ECONOMY

We should start by asking the basic question – what are we trying to tax?

Global economic recovery depends on situation in US due to economic weakness in China, says Chinese Finance Minister Lou Jiwei.

The newly-elected government of India under Narendera Modi presented its maiden budget on 10 July.

Rupee opens slightly firmer at 59.69/dollar on hopes that the budget will boost outlook for foreign inflows.

Official estimates show that capital flight could reach $100bn by the end of 2014.

Nemat Shafik steps in as deputy governor at the Bank of England.

Ukraine agreed a $17bn package with IMF in May but wants more aid to rebuild eastern region.

The abandoned airport seems frozen in time, littered with old boarding passes and debris.

Money will be invested in India's road and rail network.

Bookies William Hill and Paddy Power reveal that two Brits scored massive wins on tiny bets

India expects Union Budget to match Prime Minister Narendra Modi's business-friendly image.

Rebels in Syria control much of the country's oil production facilities.

HSBC confirms that customers have been raising questions over irregularities in the Chinese market.

More than three million SMEs don't have an m-commerce strategy.

SNP's Alex Salmond has continually pledged that Scotland can go it alone with abundant oil revenues.

Weak monsoon rainfall could push growth down to 5.4% in fiscal 2014-15.

The US technology giant has launched a new educational programme to address the region's skills gap.

China Vice Premier Wang Yang said moving too fast on reforms could be fatal to Beijing.

A report from MasterCard predicts that over 18 million people will visit London this year

USD/INR had fallen 0.3% on Tuesday as the railway budget proposed more foreign direct investment into infrastructure development.

Arctic Monkeys and Katie Melua are also said to have sunk funds into tax avoidance scheme Liberty.

Kremlin chief of staff sharpens rhetoric with no end in sight to long-running gas dispute.

Benoit Coeure, who sits on ECB executive board, says UK quitting EU would be 'enormous shock.'

Russian minister says bank's HQ to be decided at Fortaleza summit on July 15-16.

China's June CPI came in at 2.3% year-on-year from 2.5% in May and compared with the consensus of 2.4%. The PPI declined 1.1% while analysts had been expecting a 1% drop.

Shenzhen Overseas Chinese Town was allowed to sell houses in central Shanghai at record prices.

IBTimes UK talks to consumers after Oxford Street was named world's most polluted street.

Writers are struggling to make a living as wages have dramatically fallen since 2005.

Sisi had pledged to focus on helping the poorest in Egyptian society during his election campaign.