UK mortgage approvals hit 18-month high in March, Bank of England says
The number of mortgages approved by British lenders rose to an 18-month high in March, with 61,325 mortgages approved, the highest total since September 2022.
inflation
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.
Uganda taxation: Is targeting small business the answer?
– Uganda has a fiscal deficit of 5.6 percent in 2023
– World Bank suspended funding to Uganda over anti-homosexuality law
– Traders in Kampala protested against high taxes and enforcement tactics
– Uganda has a narrow tax base, with tax collections totaling less than 14 percent of GDP
– Only 1 million Ugandans pay tax out of a population of almost 50 million
– Top 1,000 taxpayers contribute more than three-quarters of all tax revenue collections
– Uganda’s tax regime is less effective than many of its Sub-Saharan counterparts
– Tax regime is perceived as unfair by ordinary citizens
– Tax laws have elements of being progressive, particularly in personal income taxation
– Uganda faces challenges in raising sufficient funds for public services and economic development
– Reforms are needed in personal income tax rates, VAT threshold, presumptive tax thresholds, and business taxation
– Greater transparency in public spending and service delivery can improve taxpayer morale and compliance
Eyes on Eurozone inflation and GDP
The text discusses market updates including GDP data for the Euro area and Germany, US economic docket, US Dollar performance, US Treasury bond yield, Japan’s intervention in foreign exchange markets, EURUSD gains and losses, Retail Sales data from Germany, Private Sector Credit and Retail Sales data from Australia, PMI data from China, AUDUSD performance, GBPUSD performance, and Gold price movements.
Gov. Phil Murphy’s corporate tax to fund NJ Transit should be derailed
Fact: Trenton lawmakers are considering a new tax on businesses to fund NJ Transit, proposed by Gov. Phil Murphy.
First-quarter figures for Malaga province suggest another record year for tax revenue | Sur in English
Fact: Authorities in Malaga province have collected record taxes for three years in a row, with tax revenues increasing by 65.8% in the first quarter of 2024 compared to the same period last year.
Consumers face record Easter costs as food prices surge
Consumers are facing the most expensive Easter in at least five years, as food prices have soared. A comparison with 2019 prices shows that consumers could pay 50% more for traditional Easter foods this year. The increase is attributed to global supply chain disruptions, inflation, the war in Ukraine, rising interest rates, and instability in the Middle East. The cost of 12 Easter staples has risen by 48.65% since 2019, with small, locally-reared lambs now costing €12.43 per kilogram, up 96% from 2019, and minced pork at €6.06 per kilogram, a 69.27% increase. The price of traditional flaounes has also gone up, with consumers now paying €13.27 per kilogram, a 56.29% increase from 2019.
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.
Biden Embraces a Wealth Tax to Address Racial Wealth Inequality
President Biden and Treasury Secretary Janet Yellen have proposed a massive wealth tax redistribution scheme, including taxes on unrealized gains, in their Fiscal Year 2025 proposal.
Euro gives up gains ahead of US, Eurozone data
The EURUSD pair is struggling to hold above the round-level resistance of 1.0700 in European trading as investors await key economic indicators in the Eurozone, including preliminary Q1 GDP and CPI data. ECB policymakers have differing opinions on interest rate cuts, with some expecting cuts to start in June and potentially continue at a pragmatic pace, while others are concerned about higher service inflation and are not convinced that inflation will return to target in a timely manner. In Monday’s session, investors focused on German preliminary inflation data for April.