Countries are divided on whether to comply with, fight against, or ignore the global minimum tax agreement known as Pillar Two. Compliance involves adopting three taxes to reach a 15% tax rate on corporate income, while fighting against it could lead to trade wars. Ignoring Pillar Two may result in businesses needing to engage in tax planning to protect themselves from liability.
The United Arab Emirates’ economy grew 4.3% year-on-year in the fourth quarter of 2023, with non-oil GDP surging 6.7% in the same period.
Google is considering acquiring HubSpot, a US marketing software maker with a market value of billion, to enhance its ability to compete against Microsoft in offering cloud-based applications to companies.
Bitcoin is a pioneering cryptocurrency that was introduced in 2009 by Satoshi Nakamoto. It operates on a decentralized network powered by blockchain technology and has a limited supply of 21 million coins. Bitcoin’s value is characterized by steady growth and appreciation over the long term. Successful Bitcoin investment requires thorough research, a long-term perspective, diversification of the portfolio, risk management, discipline, and patience.
Office rental rates in Cyprus have reached the highest levels in five years, with prices increasing by about 8.5% year-on-year in the first quarter of 2024. Limassol and Larnaca are leading the way in office rental price increases, with Nicosia showing a steady recovery. Prices for office sales have remained at 2023 levels, with increases recorded in Larnaca and Famagusta district. The demand for modern, Grade A offices is expected to continue throughout 2024, driven by both the private and public sectors.
Energean plc announced a significant find in offshore Egypt, continued natural gas supply in Israel, and declared a first quarter dividend of 30 cents a share. The company’s production for the first quarter was 142,000 boed, with 82% gas, representing a 49% year-on-year increase. Success was recorded in the Abu Qir infill well drilling campaign in Egypt, with preliminary analysis indicating gas-initially-in-place volumes of approximately 87-129 billion cubic feet. The well encountered around 270 feet of net pay across formations, with first production expected in Q3 2024.
Fact: An ‘unprecedented mass claim’ of Laiki and Bank of Cyprus depositors and bondholders amounting to US0 million was dismissed at the International Arbitral Tribunal of the World Bank.
Fact: The Digital Yuan, also known as e-CNY or Digital Currency Electronic Payment (DCEP), is the virtual version of China’s official currency, the Renminbi (RMB), developed and issued by the People’s Bank of China (PBOC).
Fact: The global minimum tax mandates large multinational enterprises to pay a minimum tax rate of 15% in each country where they operate.
The World Bank’s ICSID tribunal rejected a 0 million claim by depositors and bondholders of Laiki Bank and the Bank of Cyprus, finding the bail-in measures implemented during the financial crisis to be a legitimate exercise of Cyprus’ regulatory power.