Spain: From Red To Black
Global Finance Magazine » Tax & Accounting
by Tiziana Barghini
1w ago
In the past decade, leaving aside the Covid-19-induced recession, Spain’s economy has performed better than the European average. The year 2024 looks to be no different; Spanish GDP is expected to expand to double the average in the euro area: between 1.9% and 2.1%, according to different estimates, versus a range of 0.8% to 1% for its peers. And this is likely to remain true in 2025 as well. “Things are going great, but the engines of growth are being exhausted.” says Miguel Cardoso, chief economist for Spain at BBVA Research. A generous fiscal policy, which has helped support the economic ex ..read more
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New Sovereign Wealth Funds Have New Remits
Global Finance Magazine » Tax & Accounting
by Efraim Chalamish
2w ago
The previous decade saw a wave of sovereign wealth funds (SWFs) driven by a commodity market boom and foreign exchange reserves. Governments from Chile to the United Arab Emirates (UAE) use sovereign financial vehicles to diversify their economies and investment portfolios, secure intergenerational wealth and provide stability against shock events while aiming for better financial returns in more lucrative asset classes. This SWF growth has provided markets with additional liquidity, and many of these funds have become leading limited partnerships in financial markets. Many other governments a ..read more
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Indian Exchanges Move To T+0: Up Next Is Real-Time Settlement
Global Finance Magazine » Tax & Accounting
by Aaron Chaze
2w ago
In keeping with its intense focus on introducing cutting-edge digital infrastructure to its finance and banking systems, India in March became the first among major global financial market to implement T+0 settlement on its stock exchanges. Equity trades will now be settled on the same day they are made. Initially, the T+0 standard is being applied to 25 large-cap, blue-chip stocks, and upon satisfactory performance, will be extended to the rest of the market. The sped-up settlement cycle is a step up from India’s previous one-day settlement system. Indian exchanges started T+1 in 2021 with a ..read more
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Dubai Shines Again As Greenfield FDI Hotspot
Global Finance Magazine » Tax & Accounting
by Mark Townsend
2w ago
Dubai has once more topped the rankings of global cities attracting the most greenfield foreign direct investment (FDI). Last year the buccaneering emirate garnered 1,070 greenfield FDI projects, according to emirates news agency WAM, citing data from fDi Markets. In total, Dubai pulled in 1,650 FDI projects in 2023, amounting to just over 39 billion dirhams, or around $10.7 billion, an increase of 39% over the previous year’s figure. It also ranked first globally for greenfield FDI in several key sectors, including consumer goods, energy, e-commerce, and tourism. Greenfield FDI refers to eith ..read more
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Regulation Struggles To Keep Pace With Global Gig Economy
Global Finance Magazine » Tax & Accounting
by Bill Hinchberger
2w ago
As outsourcing to freelancers spreads, lawmakers and regulators around the world are scrambling to keep pace. Accordingly, companies working the new trend into their business model must be wary of running afoul of a fast-changing legal and regulatory landscape. Due diligence can be especially tricky for firms that use freelancers located in multiple jurisdictions—even within countries, such as the US, that have federal systems. Plus, governments everywhere from Brazil to Serbia to the UK are moving the goalposts. Governments often couch the new rules as defending exploited workers. But many in ..read more
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Shock Therapy Produces A Fiscal Surplus
Global Finance Magazine » Tax & Accounting
by Thomas Monteiro
2w ago
President Javier Milei’s controversial plan to shock Argentina’s economy back into growth has chalked up a significant win. After years of rising debt, the country has now posted four consecutive months of fiscal surplus, the first in 16 years. It now eyes a full year of positive balances. The country also posted a positive financial surplus, including interest payments, in April. Against a current 40% interest rate, the figure reached 17.4 billion pesos ($19.6 million). The International Monetary Fund (IMF) has lauded the government’s economic blueprint, with its combination of austerity poli ..read more
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Freelancing Boom Goes Global
Global Finance Magazine » Tax & Accounting
by Bill Hinchberger
2w ago
Use of freelancers of all types, even temporary CFOs, has mushroomed in the last five years. Here’s why more employers around the world are moving away from the full-time staff model. The surging numbers tell the story. A major hiring shift is transforming how businesses find and utilize talent and how that talent finds and establishes relationships with companies that need its skills. Outsourcing work to freelancers is by no means a new phenomenon, but as the figures indicate, in the past five years it has jumped to an entirely new level. What once was incidental and supplemental is now routi ..read more
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Polls Suggest Right-Wing Surge In EU Elections
Global Finance Magazine » Tax & Accounting
by Luca Ventura
2w ago
If polls are any indication, French President Emmanuel Macron is on track to be the biggest loser of the upcoming European Parliament elections. On June 6 and 9, some 400 million citizens in all 27 EU member states will be eligible to choose their representatives in the continental legislative body. Not only has Macron’s Renew centrist coalition consistently polled well behind the far-right National Rally party led by the new enfant terrible of French politics, Jordan Bardella, but now it is staring at the possibility of a humiliating third-place finish behind the left-wing coalition spearhead ..read more
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Panama’s New President Faces Bumpy Path Ahead
Global Finance Magazine » Tax & Accounting
by Nic Wirtz
2w ago
José Raúl Mulino is the president-elect of Panama, following his victory in the May 5 polls. The balloting saw the highest turnout since the end of military rule in 1989, and with 34.23% of the vote, Mulino beat his closest rival by almost 10 points. “It has been a very difficult campaign full of all kinds of obstacles,” Mulino said. “I will definitely do what I have to do to move this country forward.” Restoring confidence in Panama’s economy tops the incoming chief executive’s agenda, but several headline issues could sidetrack him. These include a campaign promise to close the Darién Gap wi ..read more
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China’s US Debt Sales Fuel Speculation
Global Finance Magazine » Tax & Accounting
by Mark Townsend
3w ago
Talk of de-dollarization is back on the table after new data from the US Treasury Department revealed that China offloaded close to $50 billion in US Treasuries in the first quarter and had reduced its holdings by more than $100 billion in the year through to March 2023. The revelations come as China and the US are locked in an increasingly tense stand-off involving trade and China’s intentions toward Taiwan. Belgium, which is often referenced as a proxy custodian for China’s debt holdings, reportedly disposed of more than $20 billion of Treasuries in the same period. Not everyone is convinced ..read more
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