Determined to regain market confidence and to rescue a failing eurozone from the brink, Germany and France have called for a common European 'economic government' to be established, spearheaded by an appointed leader, and for the fiscal and economic policies of eurozone member states to be dovetailed in order to strengthen the euro as a common currency.

In H1 2011, ABLV Group successfully reached its financial goals. Gradual economic recovery and increasing financial market activity facilitated achievement of great results, but most important was the effective business strategy chosen by the bank and thorough implementation of it. In terms of certain key indicators, progress of ABLV Bank was better than that of the market in general, allowing the bank to take leading positions in the Latvian banking sector.

Cyprus's largest commercial bank, the Bank of Cyprus, has called on the Cypriot government to make radical decisions to reduce the budget deficit and quash speculation that Cyprus will require an EU-funded bailout.

According to figures released by the Company Registry, the number of companies registered in Hong Kong at the end of June this year reached above 900,000.

The European Commission has asked the Council for authorization to begin negotiating changes to agreements signed in 2004 by Switzerland, Liechtenstein, Monaco, Andorra and San Marino on the taxation of savings income received by European Union (EU) residents under the Savings Tax Directive.

The US Internal Revenue Service has responded to pressure from foreign governments and banks by delaying a controversial law that requires financial groups to report their American clients to the US tax authorities.

Guernsey, Jersey and the Isle of Man were among a number of offshore jurisdictions on a withdrawn US “blacklist".

On July 17, 2011, the Italian parliament enacted Law Decree n. 98/2011 (the Decree"), concerning urgent measures for Italian financial stabilization. The decree introduced a number of changes to existing tax law, the main features of newsalert.

Hong Kong’s Financial Services and the Treasury Bureau (FSTB) has confirmed that dividends paid to Hong Kong investors by companies in mainland China will be subjected to a 10% withholding tax.

On 9 June 2011, the Latvian parliament ratified the Latvia-Russia double tax treaty signed in Moscow on 20 December 2010. The treaty is planned to come into force on 1 January 2012 after being ratified by the Russian State Duma.