Fearing layoffs amid budget crisis, Oakland’s unions put blame on unpaid business taxes
Fact: Oakland is facing a 7 million deficit, leading to potential budget cuts and layoffs for public employees.
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Three dead in New Caledonia as riots rage after Paris approves voting change
Three people have been killed in unrest in New Caledonia after France’s National Assembly approved changes to voting rules in the Pacific island.
MPs rush bill to extend hotel license grace period
– Currently over 90 per cent of hotel businesses are not able to secure the required certificates for a full operating license.
– Lingering concerns that the bill does not include adequate provisions relating to fire safety regulations.
EU Commission: two firefighting aircraft to Cyprus
The European Commission will reinforce Cyprus’ firefighting fleet with two aircraft this summer, amid increased risks of forest fires.
Parliament to amend legislation on hotel operations
Approximately 93% of local hotels have been rendered technically illegal due to recent legislative actions. The proposed amendment aims to address issues within the hotel industry, particularly concerning contracts with foreign tour operators and insurance companies. The amendment targets the transitional period during which hotels can operate without meeting basic law requirements. The proposed changes stipulate that hotels can operate without meeting requirements if architectural plans and necessary permissions are submitted by the end of 2024. This legislative move follows laws in 2019 that granted existing hotels a five-year grace period to comply with regulations. Deputy Minister Koumis attributed delays in license acquisition to the high number of expansions and announcements made by hotels in recent years. Koumis reassured that the proposed extension strengthens safety measures.
Criminal gangs, profiteers thrive in Gaza as cash shortage worsens misery
A shortage of banknotes in Gaza is causing chaos, with only a few ATMs operational in the southern city of Rafah. Residents are facing long waits and sometimes paying fees to access cash, as armed gangs exploit the situation. The conflict has led to a lack of liquidity in the enclave, with hundreds of millions of shekels stuck in bank vaults. Essential goods remain scarce, and some merchants are profiteering from the shortage by charging high commissions. Gaza’s economy relies heavily on Israel, which has blocked cash imports since the start of the war.
EU bolsters Cyprus’ firefighting capacity for warmer-than-average summer
The European Commission will provide Cyprus with two light aircraft to enhance its firefighting capabilities this summer due to the increased wildfire risks in the Southeastern Mediterranean region. The Air Tractor models will be leased by Cyprus, with costs covered by the EU through the RescEU mechanism. The aircraft will be available for deployment to other EU countries if necessary. RescEU activations have increased significantly in recent years, with Cyprus activating the mechanism eight times since 2016. Wildfires have affected 500 million hectares globally in 2023, with Greece, Spain, and Italy being the hardest hit. The focus this year is on strengthening firefighting personnel, with additional firefighters being sent to France, Greece, Portugal, and Spain for the third consecutive summer from various EU countries.
Will markets keep up gains this year?
The CEO of a financial advisory and fintech firm predicts that the US and European stock market rallies will continue despite the US central bank potentially not cutting rates until 2025. The expectation is based on strong earnings growth, especially in AI-focused companies, and positive economic forecasts from institutions like the IMF and Bloomberg. Additionally, signs of economic rebound in China and Europe are contributing to the optimistic outlook. The anticipation of interest rate cuts in response to a potential economic slowdown is also seen as a factor that could bolster equities. Savvy investors are advised to adopt strategic approaches to capitalize on the upward momentum while managing potential risks. April’s US consumer price index report is awaited, with traders hoping for no return to rate hikes by the Federal Reserve. Both narratives point to a likely continuation of stock market gains, with investors advised to top up their portfolios judiciously with guidance from financial advisors.
Insurers Face Crisis with Hundreds of Billions of Won in Corporate Tax Increases
Fact: IFRS 17 stands for the International Financial Reporting Standard issued by the International Accounting Standards Board in May 2017.
One day we flood, the next day we burn
Two major wildfires have already occurred in Cyprus, one due to mishandling of explosives and the other for unknown reasons. Despite the country’s vulnerability to wildfires due to its dry climate, efforts to acquire aerial firefighting assets have been unsuccessful. Assistance from neighbouring countries, such as Jordan, has been requested during emergencies. The lack of proper firefighting resources has resulted in devastating consequences, with firefighters losing their lives and significant areas of land being burned. The country faces a state of neglect and lack of progress in crucial projects.