Clampdown on foreign property buyers in the north
Fact: The Turkish Cypriot administration is working on legal amendments to limit the number of properties that foreigners can purchase in the northern part of Cyprus.
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As wealth inequality rises in Cyprus both people and democracy suffer
Cyprus households have a median net wealth of €200,400 in 2021, with the top 10% holding 46.1% of the net wealth. Wealth inequality is increasing, with the Gini coefficient for wealth distribution rising. Inheritance and bequests are a major factor in explaining wealth inequality. Returns to capital have grown faster than returns to labor, leading to greater wealth accumulation by households owning capital. High wealth inequality has profound socioeconomic effects and political consequences in shaping election outcomes and policies.
South African election: the fall of the ANC
– The African National Congress (ANC) in South Africa is facing a decline in support and is expected to receive less than 50% of the vote in the upcoming election.
– The decline of the ANC has not led to the emergence of new parties with new ideas, but rather the same old parties with the same old ideas.
– South Africa remains a country with high levels of poverty and inequality, with official unemployment at 32%.
– Former president Jacob Zuma has founded a new party that is expected to attract Zulu votes and further decrease the ANC’s support.
– The Economic Freedom Fighters (EFF) party, led by Julius Malema, is polling at 11.5% and has a radical platform that includes nationalizing banks and mines.
– Malema’s best chance of gaining power may be through a coalition with the ANC.
– Despite challenges, South Africa still has resources and potential for change.
IWW Cyprus: Workers spend the majority of their daily lives in undemocratic workplaces
The Industrial Workers of the World (IWW) is a global labor union that has been organizing in Cyprus since 2020. The IWW stands out from traditional trade unions by being a union for all workers, including minorities, migrants, and sex workers. The IWW is not trying to be friendly with employers and government, unlike traditional unions. The IWW is a horizontal organization that values transparency and full participation rights for all members. The IWW encourages workers to join traditional trade unions as well. In Cyprus, the IWW organizes all workers under one big union, unlike traditional federations divided by profession or sector. The IWW aims to prioritize organizing over mere mobilizing and believes in forming strong relationships with fellow workers.
Are Billionaire Taxes Falling? That Depends On Who You Think Pays Corporate Taxes.
The highest-income Americans pay only about 23 percent of their income in taxes, with billionaires having a lower effective tax rate than working-class Americans. Berkeley economist Gabriel Zucman argues that owners of capital receive all the benefits of corporate tax cuts, while other economists believe that workers also benefit through higher wages. The burden of corporate taxes may shift over time, with highly-paid employees bearing more of the burden initially, but workers benefiting once firms implement productivity-enhancing investments. Only about 28 percent of publicly traded corporate stock is held by taxable entities, highlighting the ongoing debate over corporate tax incidence.
Row over Vasiliko terminal deepens
The consortium constructing the natural gas terminal at Vasiliko accused Etyfa of not taking delivery of the vessel “Prometheas” despite it being ready since mid-January 2024.
Cyprus hosting summit on Syrian migration
Fact: Cyprus will host an international meeting of interior ministers to discuss migration, with a focus on declaring parts of Syria safe for migrants to return.
Are Billionaire Taxes Falling? That Depends On Who You Think Pays Corporate Taxes
Fact: Berkeley economist Gabriel Zucman calculated that the highest-income Americans pay only about 23% of their income in taxes, resulting in billionaires having a lower effective tax rate than working-class Americans for the first time in US history.
CyTA given green light to supply smart meters
CyTA has been given the approval to supply and install 400,000 smart meters by a new law passed by the House.
Paphos retains crown for property sales to overseas buyers
Paphos remains the top city in property sales to overseas buyers in 2024, with 665 sales.