Economy

Development in Larnaca even without the mammoth investment in the port and marina

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Development in Larnaca even without the mammoth investment in the port and marina

Larnaca stakeholders are concerned about the €1.2 billion investment in the marina and port, but the city’s building boom and other planned investments of hundreds of millions of euros are positive signs for development. At the Property Show Larnaka 2024 conference, the Chamber of Commerce, businessmen, and other stakeholders expressed confidence that the redevelopment of the port and marina will proceed. Businessmen highlighted new projects and foreign investor interest in Larnaca. The city’s development will continue with major projects like the Larnaka-Land of Tomorrow development by Petrolina Group, costing over €1 billion. Other major developments are planned by Patroklos Group and Quality Group.

President says government will continue to stand by workers

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President says government will continue to stand by workers

President Nikos Christodoulides assured workers that the government will continue to stand by them in every fair demand.

Rep. Blake Moore, Treasury Secretary Janet Yellen argue over whether Trump-era tax cuts benefitted the middle class

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Rep. Blake Moore, Treasury Secretary Janet Yellen argue over whether Trump-era tax cuts benefitted the middle class

Tax policy has an impact on the economy, with Utah Rep. Blake Moore and Treasury Secretary Janet Yellen disagreeing on whether former President Donald Trump’s tax framework or President Joe Biden’s proposed one is more beneficial. Moore argues that the Tax Cuts and Jobs Act of 2017 helped strengthen the economy, while Yellen believes the Trump-era tax cuts disproportionately benefited the wealthy. Biden has proposed raising the corporate tax rate to 28%, with the administration aiming to increase taxes for billionaires and corporations to reduce the national debt. Yellen assures that families earning less than 0,000 will not face a tax hike under Biden’s plan.

Fox Business Host Attacks Biden’s ‘Woke’ Tax Plans as Anti-White

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Fox Business Host Attacks Biden’s ‘Woke’ Tax Plans as Anti-White

Larry Kudlow asserted that President Biden’s tax policies are part of “racial warfare against white folks” and criticized the push for Diversity, Equity, and Inclusion initiatives. Biden’s proposed tax policies include raising the capital gains tax, which Kudlow believes unfairly targets white people who disproportionately hold assets. Kudlow argued that these policies are antithetical to traditional American values and will harm the economy. Biden has also proposed a 25 percent minimum income tax on those worth at least 0 million and raising the corporate tax rate.

German economy skirts recession, helped by construction and exports

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German economy skirts recession, helped by construction and exports

The German economy grew more than expected in the first quarter, with gross domestic product rising 0.2 per cent. The economy skirted a recession thanks to the construction sector and exports.

Municipalities are key players in energy democracy

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Municipalities are key players in energy democracy

Local authorities must support the creation of renewable energy communities, which are cooperatives involving residents and stakeholders in renewable energy production, distribution, and consumption. Municipalities play a key role in empowering these communities to reduce carbon emissions, promote sustainability, and lower energy bills.

Digital Taxation around the World

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Digital Taxation around the World

Digital Taxation around the World | Tax Foundation Skip to content taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. policies, a significant number of countries adopted unilateral tax measures targeted at digital businesses, … Read more

Congratulations, you survived another tax season—and paid a higher rate than top American companies

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Congratulations, you survived another tax season—and paid a higher rate than top American companies

Fact: The pharmaceutical industry pays the lowest effective tax rate in 2022 at 11.6%, with some companies like Pfizer and Abbvie paying even lower rates.

G7 agree deal to quit coal by 2035, but with caveat

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G7 agree deal to quit coal by 2035, but with caveat

Energy ministers from the G7 countries have agreed to end the use of coal in power generation by the first half of the 2030s. However, there is a caveat that allows for flexibility based on each country’s net-zero pathways. Germany and Japan, which heavily rely on coal-fired power plants, have been given room for manoeuvre. The agreement on coal aligns with the goal set at the COP28 climate summit to phase out fossil fuels. Additionally, the G7 countries recognize the need to reduce Russian energy revenues to support Ukraine but did not reach a common position on potential sanctions on Russian LNG.

Cyprus, ’ cash reserves to aid government amid global uncertainty

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Cyprus, ’ cash reserves to aid government amid global uncertainty

The Public Debt Management Office (PDMO) released its annual report for 2023, stating that the robust cash reserves of the Republic of Cyprus are expected to support the government in addressing uncertainty in the global economy. The report highlighted that the strong cash position of Cyprus will help limit negative impacts on cost-risk indicators to moderate levels. Additionally, the reduction in debt in 2023 amounted to €740 million, mainly due to strong economic growth. The majority of Cyprus’ short-term debt is distributed over the period 2024-2028, with 2028 representing the year with the highest annual debt maturity concentration. The PDMO intends to issue at least one benchmark bond per year to cover the government’s financing needs. The surpluses of the Social Insurance Fund are invested in the government annually, with investments amounting to €10.61 billion at the end of 2023.