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Frustrated US says India, China hindering global corporate tax deal

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Frustrated US says India, China hindering global corporate tax deal

US Treasury Secretary Janet Yellen is trying to save a part of the global corporate tax deal focused on highly profitable multinational firms. India is refusing to engage on issues important to US interests in the negotiations. China has also been “all but absent” in the negotiations for the OECD corporate tax deal. The Pillar 1 negotiations aim to reallocate the taxing right on US-based digital giants, allowing about US0 billion of corporate profits to be taxed in the countries where the companies do business. If the negotiations fail, it could lead to the return of digital services taxes in some countries and potential trade tensions. Italy is seeking to negotiate an agreement with Washington to stop tariffs on imports from countries with digital taxes.

EU data protection board says ChatGPT still not meeting data accuracy standards

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EU data protection board says ChatGPT still not meeting data accuracy standards

The task force at the EU’s privacy watchdog has stated that OpenAI’s efforts to ensure compliance with European Union data rules are not enough, specifically in terms of data accuracy. The report highlighted concerns about the ChatGPT chatbot potentially producing biased or false outputs that may be perceived as factually accurate by end users.

WTI retreats to $77 as Fed dents demand outlook

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WTI retreats to $77 as Fed dents demand outlook

The WTI crude oil price has been on a losing streak for the fifth trading session due to a hawkish outlook on interest rates by Federal Reserve policymakers. Fed officials are uncertain about the disinflation process and are considering further tightening of monetary policy. The next trigger for oil prices will be the OPEC meeting scheduled for June 1 to discuss supply policy.

Listed firms may face 2.5% additional corporate tax in FY25

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Listed firms may face 2.5% additional corporate tax in FY25

Fact: Companies listed on the capital market are expected to face an additional 2.5% corporate tax in the next fiscal year unless they adopt cashless transactions as the government plans to promote a cashless society.

Damianou advocates for robust legislation to secure economic and strategic future

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Damianou advocates for robust legislation to secure economic and strategic future

Fact: Deputy Minister of Research Nicodemos Damianou emphasized the crucial importance of space technology for securing Europe’s economic future, its strategic independence, and its role on the global stage during a gathering of the Space Council in Brussels.

Our View: President acting as deus ex machina needs to end

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Our View: President acting as deus ex machina needs to end

Presidents of the Republic have historically acted as mediators in disputes, trying to find compromises and solutions. However, recent instances where the president intervened in disputes involving big companies from abroad, such as Kition Ocean Holdings and Chevron, did not yield positive results. This has raised questions about the president’s role in such matters and whether ministers should be left to handle them instead.

Tourists reportedly kidnapped, assaulted after meeting man on Limassol beach

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Tourists reportedly kidnapped, assaulted after meeting man on Limassol beach

Limassol Police are investigating a violent incident involving two Latvian tourists who were allegedly lured into a car by a man they met at Pyrgos beach. The women claim they were indecently assaulted and sustained injuries while attempting to escape. One woman suffered a fractured sternum, while the other received treatment for bruising and friction burns. Police are close to identifying the suspect and plan to issue an arrest warrant soon. Charges being considered include kidnapping, indecent assault, grievous bodily harm, and actual bodily harm.

Oil creeps back up after three days of losses

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Oil creeps back up after three days of losses

Oil prices increased on Thursday despite the US Federal Reserve considering further tightening of interest rates due to persistent inflation. Brent crude futures rose by 0.6% to .41 a barrel, while US West Texas Intermediate crude futures also increased by 0.7% to .08. The Federal Reserve discussed the possibility of raising interest rates to combat inflation, which could impact oil demand. Additionally, US crude stocks rose by 1.8 million barrels last week, and global crude markets have been affected by soft refinery demand and ample supply. Russia exceeded its OPEC+ production quota in April and will present a plan to compensate for the error. OPEC+ will meet on June 1 to decide on production cut levels, with expectations of a rollover of current voluntary cuts.

A lever to capture corporate tax scofflaws

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A lever to capture corporate tax scofflaws

Fact: The global minimum tax mandates large multinational enterprises to pay a minimum tax rate of 15% in each country where they operate.

Dollar loses recovery momentum, eyes on PMIs

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Dollar loses recovery momentum, eyes on PMIs

The Dollar Index (DXY) entered a consolidation phase after reaching a weekly high near 105.00.