With problems to tackle, SNP veteran Swinney set to be Scotland, ’s new leader
John Swinney was elected as the new leader of the Scottish National Party (SNP) and is set to replace Humza Yousaf as Scotland’s first minister.
government
President to meet UN envoy for Cyprus talks restart
Fact: Holguin will arrive on Tuesday evening in Cyprus, where she will stay until May 14.
Digital Services Taxes in Europe, 2024
The text discusses the implementation of Digital Services Taxes (DSTs) in Europe and the efforts to replace them with a new international tax system called Pillar One. The United States has responded to DSTs with retaliatory tariff threats, urging countries to abandon unilateral measures. About half of all European OECD countries have either announced, proposed, or implemented a DST, impacting mainly U.S. companies.
India, ’s Modi casts vote as giant election reaches halfway mark
Prime Minister Narendra Modi voted early in India’s general election, seeking a third straight term. The election began on April 19 and will be held in seven phases, with nearly one billion people eligible to vote. Modi urged citizens to participate in the “festival of democracy” while taking care of their health due to rising summer temperatures.
Ministry acknowledges need to improve startup visa scheme
Fact: The innovation certificate offers a 50 per cent tax exemption for investments in innovative businesses, with a total of 38 certificates granted to qualifying applicants last year.
Cambodia says it will cut shipping through Vietnam by 70% with new China-funded Mekong canal
Cambodia plans to cut shipping through Vietnamese ports by 70% due to a .7 billion China-funded upgrade of a canal connecting the Mekong River basin to the Cambodian coast.
Japan tells US that Biden’s ‘xenophobia’ comment is regrettable
Japan has expressed regret over U.S. President Joe Biden’s comment that “xenophobia” is hindering the country’s economic growth. Despite this, Japan’s ties with the United States remain strong, with Tokyo aiming to strengthen them further. Biden had stated that immigration has been beneficial for the U.S. economy, contrasting it with countries like China, Japan, Russia, and India, which he claimed are struggling due to being xenophobic towards immigrants. Japan, known for its homogeneity, has been hesitant about immigration but is facing a labor shortage due to declining birthrates and an aging population. Prime Minister Kishida mentioned the possibility of inviting skilled workers to Japan but ruled out a comprehensive immigration program, citing resistance within Japanese society towards continuous immigration from overseas.
Amazon to spend nearly $9 bln to expand cloud infra in Singapore
Amazon Web Services (AWS) plans to invest S billion in expanding its cloud computing infrastructure in Singapore over the next four years. Additionally, AWS has already invested S.5 billion in the Asia Pacific Region until 2023, with a total planned spend of more than S billion by 2028. Other tech giants like Apple and Microsoft are also making significant investments in the region, indicating the growing interest in Southeast Asia’s tech market.
Gasoline demand growth to slow this year on EV growth
Global petrol demand growth is expected to halve in 2024 due to a shift to electric cars in China and the United States, as well as a return to normal consumption levels after the COVID-19 pandemic.
Canada hikes taxes and regulation as the neighboring U.S. economy booms
The text discusses the concept of tall poppy syndrome, which refers to tearing down successful individuals or ventures. It also mentions Canada’s widening productivity gap, with Canadian workers producing 71% of the GDP per hour produced by U.S. peers in 2022. Additionally, the government of Prime Minister Justin Trudeau recently announced an increase in capital gains taxes.