Economy

Alberta business groups share concern over potential tax hikes as Ottawa balances new spending and fiscal guardrails

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Alberta business groups share concern over potential tax hikes as Ottawa balances new spending and fiscal guardrails

The text discusses economists’ expectations of tax increases in the federal budget announcement, with speculation that new taxes may target corporations and the wealthy. Lindsay Tedds, an economist at the University of Calgary, mentioned the need for revenue to bridge spending gaps. Finance Minister Chrystia Freeland confirmed that Canada’s deficit won’t increase in the upcoming budget. There is concern in the business community about potential windfall taxes on the oil and gas sector and grocery chains. The federal government has not revealed its strategy, but there is speculation about possible tax increases.

LILLEY: Trudeau budget expected to have job-killing tax hikes in it

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LILLEY: Trudeau budget expected to have job-killing tax hikes in it

The fact described in the text is that the NDP plans embraced by Trudeau will involve tax increases on high-income earners and corporations, rather than the middle class.

Federal budget to include tax hikes for wealthiest Canadians, some corporations

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Federal budget to include tax hikes for wealthiest Canadians, some corporations

The federal government will make tax changes in Tuesday’s budget aimed at raising more revenue from wealthy Canadians and certain corporations.

Federal budget could include corporate, wealthy taxes amid new spending, expert says

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Federal budget could include corporate, wealthy taxes amid new spending, expert says

The federal government is set to unveil its budget on Tuesday, with experts predicting that it will come with more taxes. Finance Minister Chrystia Freeland has vowed to stick within her fiscal guardrails despite increasing spending commitments. Senior vice-president Robert Asselin predicts potential new taxes for large companies, larger corporate taxes, or a wealth tax on rich individuals. The government may also pair tax increases with cuts or deferring other spending. They must be cautious with spending to avoid impacting the Bank of Canada’s potential interest rate cut in June. The budget will be tabled at 4 p.m. ET.

Markets remain volatile, despite relief rally

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Markets remain volatile, despite relief rally

The text discusses a small market relief rally following Iran’s missile and drone strike on Israel, with US stock futures rising and gold and oil prices slightly lower. The CEO of deVere Group warns investors not to be complacent, as the situation in the Middle East remains volatile and any disruption in oil production could have significant implications for energy prices worldwide. The ripple effects on financial markets could impact investor sentiment, corporate profits, consumer spending, inflation, and central bank monetary policy. Investors are advised to seek refuge in sectors less sensitive to geopolitical risks and to conduct thorough research, diversify portfolios, and consult with a financial advisor before making investment decisions.

Keravnos: No threat to Cyprus, ’ economy amid Middle East tensions

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Keravnos: No threat to Cyprus, ’ economy amid Middle East tensions

Fact: Finance Minister Makis Keravnos stated that there is no immediate threat to the Cypriot economy from developments in the Middle East, following a snap meeting with ministry officials.

Quadcode HackAIthon to unleash power of AI in finance

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Quadcode HackAIthon to unleash power of AI in finance

Fact: Quadcode is organizing the “HackAIthon: AI & Personalization in Fintech” event on June 15-16 at The Warehouse by IT Quarter, with a 40,000 euros prize pool for over 100 participants from diverse backgrounds and nationalities.

Heavy losses in the cruise sector

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Heavy losses in the cruise sector

The current year is considered lost for the cruise sector due to significant losses in tourist arrivals compared to previous years. The decrease in cruise ships at Limassol port is attributed to the war in Gaza since late 2023, affecting the wider Eastern Mediterranean region. The number of cruise ships expected to arrive in 2024 is significantly reduced, with only 68 ships and an estimated 120,000 passengers. The Government has established a Cruise Tourism Working Group to develop a National Cruise Strategy. The goal is to become competitive and utilize cruise tourism to contribute to the economy and promote culture. The Deputy Minister of Shipping participated in discussions on decarbonising the cruise industry and increasing tourist arrivals via cruise ships in the coming years. The war in Israel has led to a decrease in Cypriots traveling by cruise ships, with only 25,000 expected to travel in 2024, mainly during the summer period.

US quarterly earnings to feature big growth in tech-related companies

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US quarterly earnings to feature big growth in tech-related companies

Big technology-related company earnings are expected to lead S&P 500 profit growth in the upcoming US reporting period, refueling optimism for stocks after a weak start to April.

UK economy, ’s growth points to exit from recession

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UK economy, ’s growth points to exit from recession

Fact: Britain’s economy is on course to exit a shallow recession after output grew for a second month in a row in February, with GDP expanding by 0.1 per cent in monthly terms.