GAAR to be transparent, US GDP slows to 2.2%

Economic Affairs Secretary R Gopalan said that the government will ensure that the General Anti Avoidance Rule (GAAR) is transparent and friendly. US economy grew at a tepid 2.2 per cent pace for the first quarter in FY12. Standard & Poor's on Thursday cut its credit rating on Spain by two notches. The Bank of Japan has boosted its bond-buying scheme by a further 10 trillion yen ($124 billion). Samsung Electronics has overtaken Apple to become the world's largest maker of mobile phones according to analysts.