In the near future, the Cyprus property market is expected to continue on its dynamic path, however, it will not be a bed of roses, and strategic planning will be crucial to navigate changes and challenges ahead. In the next couple of years, we should expect to experience moderate growth as high interest rates stabilise … Read more
Pictured: Teva’s site in Canada/iStock, JHVEPhoto Teva Pharmaceuticals on Tuesday announced that it has agreed to pay $750 million to put an end to what it calls a “historical income tax issue” in Israel. Under an agreement with the Israel Tax Authority, Teva will make its settlement payment in yearly installments, from 2024 to 2029. … Read more
Arkansas Economic Development Commission executive director Clint O’Neal says the push to lower Arkansas’ top personal income tax rate below four percent as well as drop the corporate income tax rate will open the door for more business to come to the state. Gov. Sarah Sanders is calling the Arkansas General Assembly into session Monday … Read more
Water being pumped into the north from Turkey was cut off on Tuesday due to a fault at the pumping station near Panagra.
Cyprus is facing a severe water shortage with reservoir levels at a record low. The lack of rainfall has left many dams below average capacity, with the largest dam, Kouris, holding only 41.9 million cubic meters of water compared to 61 million last year. Overall, national water storage is at just 42.1% of capacity, down from 65.6% last year. The situation is expected to worsen as temperatures rise in the approaching summer months.
The ICT sector in Cyprus has shown significant growth, with a 283% increase in GVA from 2011 to 2023, positioning Cyprus fourth in the EU27 for ICT growth. Despite this growth, the employment rate of ICT specialists in Cyprus remains at the EU average of 4.6%, indicating a need for more specialists to catch up with the sector’s growth.
Israel plans to allow more oil tankers to dock at a Red Sea port in Eilat despite environmental risks. The government wants to revoke restrictions on the amount of oil that can be unloaded at a jetty in the city, which sits near a coral reef. The curbs imposed in 2021 were eased temporarily during the Gaza war. EAPC, the state-owned company operating the pipeline, wants to receive more oil, but environmental regulators and Eilat’s mayor oppose the plan. Israel is pushing to ensure energy security amid conflicts with various groups. Netanyahu’s office recommended easing restrictions to include fuel for trade and domestic use. The environment ministry expressed concerns about the risks of more oil deliveries and cited past mishaps. EAPC welcomed the government’s U-turn, emphasizing the strategic importance of the Eilat facility for energy delivery. Israel imports most of its oil through seaborne trade, and the Emirati oil deal could be worth about million a year for EAPC. The Energy Ministry emphasized the need to handle oil deliveries properly to sustain the terminal economically.
– Prime Minister Rishi Sunak called a summer election in the UK, surprising many and giving a modest boost to the pound.
– Keir Starmer’s Labour Party has been leading in opinion polls since Sunak took power in 2022.
– UK equities tend to be quite flat in the six months after a national election, with the FTSE 250 outperforming the FTSE 100.
– The pound is sensitive to election time, reflecting international investor opinion about the UK and expected government policies.
– Sectors like Natwest Group, housebuilders, and the water sector will be under scrutiny during the election.
– Bond market investors will closely examine the two parties’ spending plans, especially Labour’s, to ensure bond market stability.
– Credit default swap markets currently price the UK as if it had a higher credit rating than it actually does.
Türkiye is set to implement a minimum corporate tax on multinational companies, following a global agreement reached by approximately 140 countries under the OECD for a 15% global minimum tax. This new regulation aims to prevent countries from claiming taxes that could be rightfully due to Türkiye. The tax collection process under the new regime involves countries being able to claim the difference if a multinational company’s subsidiary pays less than 15% in corporate tax. Failure to implement the global minimum tax could result in Türkiye losing its taxation rights to other countries. The OECD estimates that after the global minimum tax is in place, only 7% of corporate profits will be taxed below the 15% threshold, leading to an increase in corporate tax income for governments globally.
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.