Analysis: Morningstar DBRS Just a day to the UK general election on 4th July and a change in government looks imminent. The Labour party has continued to lead in the voting intention polls and if polls prove right, Labour will form the next government. After 14 years of a Conservative-led government, a change to Labour … Read more
Investment is the engine of growth.A permanently high corporation tax (CT) rate could severely damage future investment into the UK and stifle homegrown entrepreneurship at a time when this country needs both desperately.Is there an alternative? Perhaps our nearest neighbour provides the perfect example.Let’s look at Ireland’s experience of a long-term tax strategy and a … Read more
The Saskatchewan government ended the last fiscal year with a $182-million surplus, lower than the original forecast but higher than other predictions.Increased tax revenues and a strong economy helped the province avoid a deficit, Finance Minister Donna Harpauer said Thursday.Saskatchewan initially forecasted a $1-billion surplus, but larger expenses on the agriculture sector reduced that figure, … Read more
Former President Donald Trump huddled with congressional Republicans Thursday in his first visit to Capitol Hill since the partisan violence of January 6, 2021. Then he reportedly promised a Business Roundtable gathering of CEOs that he would cut the corporate tax rate to 20% if he wins another term in the White House.The 2017 Republican … Read more
Fitch has raised the sovereign credit rating for Cyprus by a notch, with the country’s president saying this is a “vote of confidence” and a reward for maintaining a resilient economy. The rating agency said it upgraded Cyprus from ‘BBB’ to ‘BBB+’, which indicate that expectations of default risk are currently low. According to Fitch, … Read more
The government balance in Cyprus for January-April 2024 had a surplus of €665.2 million, almost double compared to the same period in 2023. This surplus was due to an increase in revenues outpacing expenditures, giving the Government more flexibility in its social policy.
The International Monetary Fund praised Cyprus for its strong economic performance, commending the country for its substantial primary surpluses, efforts to reduce public debt, quick recovery from the pandemic, and resilience in dealing with external shocks. The IMF recommended measures to further strengthen the economy, including phasing out electricity subsidies and VAT exemptions, and advised against further cost-of-living adjustments to wages. Other recommendations included reforms to the justice system, labor markets, and vigilance regarding systemic risks in the real estate market.
Moody’s upgraded the outlook on the government of Cyprus to positive from stable, reflecting confidence in strong fiscal and debt outcomes. Moody’s anticipates that Cyprus will continue to achieve significant fiscal surpluses, projected at around 2.3-2.4 percent of GDP for 2024-25. Finance Minister Makis Keravnos stated that the government will continue to responsibly support economic activity to ensure growth and employment while maintaining healthy public finances.
The US presidential elections are scheduled for November 2024 and are considered instrumental for the global economy due to the size of the US economy, the central role of the US dollar, and the country’s vast energy reserves and geopolitical importance.
Jose Raul Mulino won the presidential election in Panama, replacing his former boss Ricardo Martinelli on the ballot. Mulino’s pro-investment and pro-business government plans to prioritize unity and addressing economic issues. He faces the challenge of mending social divisions and restoring faith in the government. Mulino plans to focus on infrastructure investment, higher minimum wage, and job creation. The new government will also need to address issues like corruption, public debt, and the closure of a major copper mine. Mulino will take office on July 1 for a five-year term.