Investors scour the globe for shelter as Wall Street shakes
Global investors are looking at European and emerging market assets to protect themselves from turbulence in US stocks and bonds due to stubborn inflation.
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Walmart to shut all health clinics in US over lack of profitability
Walmart is closing all 51 of its health clinics and shutting its virtual health care operations due to lack of profitability and unsustainable business model.
US Justice Department takes step to make marijuana use a less serious crime
The U.S. Justice Department is moving to make marijuana use a less serious federal crime by recommending it be reclassified as a schedule three drug with lower penalties. This shift could bridge the gap between state and federal cannabis laws, leading to more research, medical use, lighter criminal penalties, and increased private investment in the cannabis sector. President Joe Biden initiated a review of the drug’s classification, and public support for marijuana legalization has significantly increased. Reclassifying marijuana could also benefit cannabis businesses by allowing their shares to be listed on major stock exchanges, receiving more generous tax deductions, and facing fewer restrictions from banks.
Musk disbands Tesla EV charging team, leaving customers in the dark
Elon Musk made an abrupt decision to lay off employees who ran Tesla’s electric vehicle charging business, leaving automakers uncertain about the future of the Tesla Supercharger network.
Coca-Cola bets on pricey sodas, international demand to lift annual sales forecast
Coca-Cola raised its annual organic sales forecast after topping first-quarter results as customers in the US and international markets spend more on its sodas and juices.
Biden administration takes step to make marijuana use a less serious crime
The U.S. Department of Justice is considering reclassifying marijuana as a schedule three drug, which would indicate a moderate to low potential for physical and psychological dependence. This potential policy change could be the biggest shift in federal cannabis policy in 40 years.
Averof urges restitution for 2013 bank , ‘haircut’ victims
Disy MP Averof Neophytou proposed a legislative amendment to provide partial restitution to those who lost their bank savings in the 2013 ‘haircut’. The Solidarity Fund, which has cash reserves of about €200 million, could immediately pay out €8,000 for every €100,000 lost in the haircut. The Solidarity Fund was initially allocated €55 million in start-up funds and aims to provide relief to legacy Laiki depositors and bank bondholders affected by the 2013 bail-in.
France shares more proposals with Israel over southern Lebanon
French officials have proposed measures to ease tensions between Israel and Hezbollah, as the cross-border strikes between the two sides have been escalating over the past six months. The proposals aim to implement U.N. resolution 1701 and include Hezbollah pulling back 10km from the Israeli border and Israel halting strikes in southern Lebanon. France, with historical ties to Lebanon, is trying to work as an intermediary to prevent a wider regional conflict.
Amid debate about inheritance tax, rising share of personal income tax and indirect tax remains a concern
– During the election campaign, the Congress emphasized social justice and welfare in its manifesto.
– Prime Minister Narendra Modi accused the Congress of having communal intentions with its plans for a caste census and distribution of surplus government land.
– The Congress defended its manifesto, stating that rising wealth inequality in the country needs to be addressed.
– The Finance Ministry released data showing an increase in net tax collections, driven by personal income tax and securities transaction tax.
– The share of corporate tax has been decreasing while personal income tax has been increasing.
– Direct taxes have been decreasing while indirect taxes have been increasing.
– A bulk of those who file personal income tax earn an annual income of ₹1 lakh-₹5 lakh.
– The effective personal income tax rate in India is among the highest compared to other BRICS countries.
– Poorer citizens and the middle-class are shouldering a higher share of the tax burden due to the rising share of personal income tax and indirect taxes.
McDonald, ’s set for weak sales growth as US fast-food chains grapple with muted traffic
McDonald’s is expected to report a sequential drop in sales growth for the fourth straight quarter as low-income consumers remain hesitant about eating out.