canada

G7 will try to use frozen Russian assets to help Ukraine

by

The G7 is considering using future income from frozen Russian assets to support Ukraine, with the potential of providing Kyiv with a loan of up to billion. The group is also addressing concerns about China’s industrial practices and aims to sign off on a global minimum tax rate for multinationals. Additionally, the G7 is urging Israel to maintain banking links between Israeli and Palestinian banks to ensure vital transactions can continue.

Janet Yellen says America won’t back a billionaire tax

by
Janet Yellen says America won't back a billionaire tax

World leaders are considering a global tax on the world’s richest people, but the U.S. does not support the idea.

Job growth and productivity spike in AI-exposed sectors

by
Job growth and productivity spike in AI-exposed sectors

AI is leading to increased productivity in sectors heavily exposed to it, with AI jobs experiencing notable growth. For every job posting requiring AI specialist skills in 2012, there are now seven job postings. Growth in jobs demanding AI skills has significantly outpaced all jobs since 2016, growing 3.5 times faster. Jobs that necessitate AI skills carry up to a 25 per cent average wage premium in some markets. Sectors most exposed to AI are experiencing nearly fivefold higher labor productivity growth compared to sectors less exposed to AI. Jobs that require AI specialist skills carry a significant wage premium, up to 25 per cent on average in the US. Skills demanded by employers in occupations more exposed to AI are changing at a 25 per cent higher rate than in less exposed occupations. 69 per cent of CEOs expect AI will require new skills from their workforce, rising to 87 per cent of CEOs who have already deployed AI.

Globe editorial: The Liberals are ripping up Canada’s trump card for productivity growth

by
Globe editorial: The Liberals are ripping up Canada’s trump card for productivity growth

The Trudeau government introduced the Accelerated Investment Initiative in late 2018 to encourage corporate investment by allowing companies to expense the cost of new equipment and systems. However, the policy is set to expire by 2028, leading to an increase in effective tax rates on new investments. The Liberals are focusing on redistributionist efforts and targeted tax credits, rather than extending the sector-neutral accelerated capital-cost allowances program. This approach limits the impact on productivity-enhancing assets and may hinder overall economic growth.

What we know about the crashed helicopter carrying Iran’s president

by
What we know about the crashed helicopter carrying Iran’s president

The helicopter that crashed in Iran, killing the president and foreign minister, was a Bell 212 model. Bell developed the aircraft in the late 1960s for the Canadian military, and it is used globally for various purposes. The Bell 212 can carry passengers, cargo, and mount weapons. Non-military organizations and countries like Japan, the United States, and Thailand operate the Bell 212. Iran’s current fleet includes Italian-built naval versions of the helicopter. The most recent fatal crash involving a Bell 212 was in 2023 off the coast of the United Arab Emirates. Iran has managed to keep its aviation fleets flying through a combination of smuggled parts and reverse-engineering. The accident does not automatically fall under global rules for air accident probes, and it is unlikely that Iran will seek outside help for the investigation.

UK’s infected blood scandal could and should have been avoided, inquiry finds

by
UK’s infected blood scandal could and should have been avoided, inquiry finds

An infected blood scandal in Britain led to 3,000 deaths and thousands more contracting hepatitis or HIV due to doctors and governments fault. Over 30,000 people received infected blood in the 1970s and 1980s, destroying lives, with some blood products being made from high-risk donations. The government hid the truth to save face. Prime Minister Rishi Sunak is expected to apologize on behalf of the state. The scandal rocked trust in the medical establishment. The infected blood products were used for transfusions and treatments, with some haemophiliacs receiving Factor 8 concentrates with a high risk of infection. Between 80 and 100 people became infected with HIV by transfusion, and about 26,800 were infected with Hepatitis C. The British inquiry found systemic failures and lack of meaningful apology or redress. The inquiry does not have the power to recommend prosecutions. Former health minister Edmond Herve in France was convicted for his role in the scandal.

Why the American-Anglo-Canadian plan of 1978 failed

by
Why the American-Anglo-Canadian plan of 1978 failed

The Soviet Union influenced Akel to reject a solution plan proposed by the US, UK, and Canada for the Cyprus problem in 1976. The Soviet Union did not want the Cyprus problem to be solved by a US initiative, as it would strengthen the US’s prestige in the region and maintain tension in Greece-Turkey relations.

Why Cayman? Cayman Islands Vs Barbados: Offshore Business Showdown

by
Why Cayman? Cayman Islands Vs Barbados: Offshore Business Showdown

The Cayman Islands and Barbados are competing for entrepreneurs’ attention as offshore business destinations. The Cayman Islands offer a tax-neutral environment with no corporate, capital gains, or sales taxes, while Barbados has low corporate tax rates and a network of double taxation agreements. Both locations have advantages in terms of business setup, legal frameworks, and lifestyle amenities. The choice between the two islands depends on specific priorities and business goals.

Diplomats urge LGBT rights progress in Cyprus

by
Diplomats urge LGBT rights progress in Cyprus

– Diplomatic missions in Cyprus issued a joint statement in support of human rights for all individuals, regardless of sexual orientation, gender identity, gender expression, or sex characteristics.
– The statement praised Cyprus for progress in recognizing and protecting LGBTQI+ rights, including legislation criminalizing conversion therapies.
– Encouraged Cyprus to consider removing legislative exclusion of same-sex couples in civil union from adoption and to make progress on legal gender identity recognition and recognition of same-sex marriages conducted abroad.
– Highlighted the need for continued work towards a reality where everyone is treated with dignity and respect, regardless of sexual orientation.