JPMorgan to grow India headcount by 5-7 per cent for next few years
JPMorgan Chase plans to grow its headcount in India by 5-7% annually over the next few years.
Companies
Dubai, ’s sovereign wealth fund ICD posts 68 per cent jump in 2023 profit
The Investment Corporation of Dubai reported a 68% increase in net profit in 2023, reaching a record high of 60.8 billion dirhams.
Latest Amendments In The Bulgarian Corporate Income Tax Act For Multinational And Large National Ent
Eurofast is a regional business advisory organization with local advisers in over 21 cities in South East Europe, Middle East & the Baltics. They serve as a one-stop shop for investors and companies seeking professional services.
Fact: The Bulgarian Corporate Income Tax Act has been amended to introduce an additional tax for multinational and large national enterprise groups, effective from January 1, 2024.
Saudi Arabia sets up new Aramco share sale that could raise $13.1 billion
Saudi Arabia’s government filed papers to sell a new stake in state oil giant Aramco that could raise as much as .1 billion.
Global minimum tax (GMT): An overview
Fact: The Global Minimum Tax (GMT) sets a proposed rate of 15% on profits and was approved at the October 2021 Summit in Rome with an effective date of 2024.
Russian FinMin introduces first corporate and personal tax hike in two decades
Russia’s Finance Ministry has proposed amendments to the tax code, including raising corporate income taxes and introducing a progressive personal income tax scale. The changes are expected to be passed by the State Duma before autumn 2024 and come into force in 2025. The proposed changes include raising corporate income tax to 25%, reintroducing a 5% income tax rate for IT companies, and setting thresholds for the progressive personal income tax scale. The reforms are estimated to increase consolidated budget revenues by RUB2.6 trillion in 2025. Despite the changes, Russia’s progressive personal income tax remains modest compared to other BRICS countries. The implementation of a progressive income tax could have negative impacts on economic growth and macroeconomic indicators.
Daleela embarks on first voyage for 2024
The Daleela passenger and car ferry has resumed its sailings from Limassol to Piraeus for the third season, with increased ticket sales compared to last year. The ferry will operate exclusively from Limassol, with departures on Wednesdays and Sundays from Limassol and Tuesdays and Fridays from Piraeus. Ticket prices have slightly increased from last year, with the ferry receiving a €5.5 million annual subsidy. The ferry link between Cyprus and Greece was reinstated in 2022 after 20 years, supported by a state subsidy approved by the European Commission.
Animals collapse, water shortages bite amid India’s searing heat
Animals collapsed and people jumped on water tankers with buckets amid shortages due to blistering summer heat in north India. Delhi recorded temperatures touching 47 C (116.6 F) and saw its first heat-related death. Authorities are investigating a 52.9 C reading in one area. Delivery personnel are spending more time on scooters due to the heat, and companies like Zomato are taking measures to help them. The extreme temperatures have also led to more fires in several parts of the country. India, along with other countries in Asia, is experiencing unusually high temperatures, which scientists attribute to human-driven climate change. India has set a target of becoming a net-zero emitter by 2070.
Limassol games studio receives $3 million investment , — The Games Fund joins journey ‘from Cyprus to global charts’
Juicy Button Games, a new independent games studio based in Cyprus, has successfully completed a million seed round led by The Games Fund. The investment will fuel the development of an innovative mobile-first 4x strategy game from their headquarters in Limassol, Cyprus. The founding team of Juicy Button Games includes Alexander Kravchuk, Anton Sinelnikov, and Aleksandr Zaytsev, who have a track record of creating successful mobile games. The Games Fund is a specialist early-stage VC fund with offices in Cyprus and New York that invests in outstanding video game developers and GameTech companies.
EU markets watchdog warns companies over calls with analysts
The European Securities and Markets Authority (ESMA) advised companies not to share market sensitive information with external analysts before financial statements are released.