Industry Minister Ed Husic has called for a lowering of corporate tax, either via direct reduction in the company tax rate or through an economy-wide investment allowance, saying either would be easier to sell politically today given Labor has gotten wages moving again.
The United States and Europe are taking steps to acquire or manufacture H5N1 bird flu vaccines to protect at-risk poultry and dairy workers, veterinarians, and lab technicians.
The exhibition “Mediaeval Women of Cyprus” is a joint project by two Turkish Cypriots, Ahmet Hilmi and Semra Bayhanli, showcasing seven large canvasses portraying significant women in the island’s mediaeval history.
Donald Trump was booed and heckled at the Libertarian National Convention for his handling of the COVID-19 vaccine and public health restrictions. He tried to appeal to libertarians by denouncing Joe Biden and asking for their support in the upcoming election. Trump also promised to commute the sentence of Ross Ulbricht if he wins the election.
British Prime Minister Rishi Sunak announced an early general election for July 4, 2024, without the UK government insignia, indicating it was not government business. Sunak continued his announcement despite being drenched in rain, facing criticism for not using an umbrella. The Conservatives lag behind Labour in polls, with Sunak taking a gamble by calling the election early. Both Sunak and Labour leader Keir Starmer are seen as uninspiring choices for prime minister.
Chinese Premier Li Qiang and Japanese Prime Minister Fumio Kishida arrived in Seoul for a trilateral summit with their South Korean counterpart, their first three-way talks in over four years.
The Lithuanian Finance Ministry proposed increasing the corporate tax rate by one percentage point, hiking excise duty on fuel, and introducing a tax on some insurance contracts to raise additional funds for defense.
Office rental rates in Cyprus have reached the highest levels in five years, with prices increasing by about 8.5% year-on-year in the first quarter of 2024. Limassol and Larnaca are leading the way in office rental price increases, with Nicosia showing a steady recovery. Prices for office sales have remained at 2023 levels, with increases recorded in Larnaca and Famagusta district. The demand for modern, Grade A offices is expected to continue throughout 2024, driven by both the private and public sectors.
The construction of the liquefied natural gas terminal at Vassiliko in Cyprus has been plagued with delays and cost increases, with the project not even halfway completed. The project was awarded to a consortium of Chinese, Greek, and Norwegian interests, with the hope of reducing electricity costs for citizens. However, additional costs have been incurred, such as €25 million due to steel price increases during the pandemic. The Audit Office report highlighted serious political responsibilities for the management of the project by the government. The consortium has filed a case demanding an additional €200 million due to delays. The situation is similar with the Larnaca Port and Marina project, where the company has been collecting revenues without starting the agreed-upon works. Overall, these projects have put the Cypriot citizens at risk of bearing additional costs without seeing the completion of the projects.
Oaktree Capital Management has taken ownership of Italian soccer champions Inter Milan after a missed payment from the club’s Chinese majority shareholder. The loan granted by Oaktree in 2021 gave them the potential right to take control of the club in case of a default. Oaktree is committed to working with Inter Milan’s current management team and partners. Suning, the Chinese shareholder, had to get an emergency financing package from Oaktree due to financial difficulties. Inter Chairman Steven Zhang warned fans about the club’s stability being at risk. Oaktree’s move is similar to Elliott Management’s takeover of AC Milan in 2018 after a missed payment by the Chinese businessman.