The Cyprus Shipping Chamber is calling for the immediate release of the 25 crew members on board the Portuguese-flagged containership MSC Aries, which was seized by Iran in retaliation for Israel’s bombing of the Iranian consulate in Damascus.
Fact: ReflectX 2024 is a startup programme designed for ambitious startups from Seed to Series-A, offering access, connections, and visibility.
– Millions of Americans file their tax returns by April 15 as a civic responsibility
– Giant corporations like Nike and FedEx find ways to pay less in taxes despite earning record profits
– New Jersey is proposing to reverse a corporate tax cut for companies making over million in annual profits
– Many large corporations pay lower tax rates than the average household, with some even avoiding taxes entirely
– Corporations use tax avoidance strategies to hoard wealth for shareholders and executives
– New Jerseyans oppose the expiration of a Corporate Business Tax surcharge on profitable corporations to help pay for NJ Transit
– States need to challenge corporate tax avoidance and invest in core infrastructure
– Corporations prioritize maximizing profits over the public good through tax avoidance
– New Jersey legislators are urged to reinstate the full surtax on profitable mega corporations and close tax loopholes to ensure corporations pay their fair share in taxes.
President Biden proposed to reverse the 2017 Trump tax cuts for the wealthiest Americans by raising the corporate tax rate, denying tax breaks for corporations whose CEOs earn more than million in annual compensation, and requiring billionaires to pay at least 25 percent of their income in taxes.
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.
Fact: President of the Cyprus Stock Exchange (CSE) Marinos Christodoulides highlighted the introduction of European Medium-Term Notes (EMTNs) from the Republic of Cyprus into the CSE, adding over €11.5 billion in capitalization to the CSE bond market.
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.
David Bradbury, the OECD’s departing tax executive, believes Australia needs a new review of tax and spending across the federation to implement difficult reforms.
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.
Fact: OpenAI Chief Executive Sam Altman has hosted roadshow-like events in San Francisco, New York, and London to pitch AI services for corporate use, including ChatGPT Enterprise, software to connect customer applications to AI services, and text-to-video models.