After pandemic restrictions were relaxed across the country in 2021, the British economy grew by 7.5 percent, its strongest year of growth since the Second World War. According to The Office for National Statistics, the rise in the gross domestic product, which exceeded Bank of England projections, came despite a 0.2% contraction in the economy in December because of the outbreak of Omicron, which led to tougher restrictions. With the UK sighting the fastest growth in the G7 last year along with GDP remaining at the GDP pre-pandemic levels in December, Chancellor of the Exchequer, Rishi
The United Arab of Emirates secured the first position worldwide in the latest Global Entrepreneurship Index. UAE outperformed major global economies like the US, Japan, UK, Canada, South Korea, and some major EU countries. The nation has the highest total score of 6.8 by a clear margin having approved in 11 of the 13 framework conditions. It was named as the best place to start a new business followed by 6.3 scored by the Netherlands, 6.2 by Finland, 6.1 by Saudi Arabia, Lituania with 6.1 and 5.7 by South Korea. In the last years, GEI ranked Emirates in the fourth position which is com
A final stage of talks in Vienna has resulted in progress that led to a 2% drop in oil prices early on Tuesday. Talks to bring Iran and the United States back to the Iran nuclear deal reached a crucial stage. The New York Stock Exchange reported that as of 10:32 a.m. Eastern Standard Time, WTI Crude was trading at $89.58 a barrel, down by 1.91% on the day. The price of Brent Crude fell 1.88% to $90.93 as diplomats from Iran and the countries still part of the Joint Comprehensive Plan of Action (JCPOA) resumed talks to salvage the deal on Tuesday. In the midst of pressure for results, the t
On Monday, France's Finance Minister said the country is creating a multi-billion euro fund to boost investment in Europe's tech sector, so it can compete against US and Asian firms. Mr. Bruno Le Maire said if European tech start-ups are to reduce their dependence on foreign firms, they will need far higher levels of financing. On Tuesday, he added that a new fund of funds will be announced along with his German counterpart Christian Lindner, who said it would feed between 10 and 20 funds worth up to one billion euros (S$1.5 billion) to finance tech companies. Mr. Le Maire said, “O
On Wednesday, India’s Prime Minister Mr. Narendra Modi announced the digital currency's launch by the RBI and said that the digital rupee can be exchanged for cash. The statement was proposed in the Union Budget will open new opportunities in the fintech sector. PM said, “The digital rupee will revolutionize the fintech sector by creating new opportunities and lessen the burden in handling, printing, logistics management of cash”. He further added the Central Bank Digital Currency (CDBC) will be in the digital form for the physical rupee which will be regulated by the RBI. This sy
On Wednesday, The House Of Representatives along with the Senate ratified a reconciled bill amending the 85-year-old law that stopped foreign ownership of public utilities to 40%. The new bill allowed full foreign ownership of telecommunication and railway services. The announcement came from the Philippine Congress regarding opening up one of the world's most restrictive economies. Earlier the lawmakers agreed in their version of the bill regarding railway, shipping, and telecommunication should be further opened to foreign investors. The bill’s sponsor, Senator Grace Poe said that a
On Thursday, the Purchasing Manager’s Index (PMI) released survey data which shows UAE’s non-oil sector continuing to expand sharply in January. The report showed a high increase in new work led to a further significant increase in output in the non-oil sector Strong sales in Expo 2020 had boosted the business activity once again within the nation along with a broad recovery in economic conditions from the pandemic. IHS Markit UAE Purchasing Managers' Index (PMI), which measures operating conditions in the non-oil private sector economy, fell from 55.6 in December to 54.1 in January
On Tuesday (Feb 1), Nirmala Sitharaman, India's finance minister, proposed a $713 billion (39.5 trillion rupees) expansion in the economy's annual spending for the fiscal year beginning in April. As India stages a world-beating recovery from the pandemic, the government is vowed to devote more resources to promoting growth. India is targeting a deficit of 6.4% of GDP for the next fiscal year and hopes to build high tax revenues and increase the privatization of state firms. Finance Minister said that she will be left with a budget shortfall of 6.4% of gross domestic product, this is 6.1
For the first time in the United Arab Emirates history, the government plans to introduce a federal tax on corporate earnings. As part of this effort, it is dismantling a levy-free tax regime that had made it a global magnet for businesses. From June 2023, the government is set to introduce a 9% federal corporate tax on profits earned by businesses. Employees in the UAE will not be directly affected by this new taxation, but consumers could be indirectly affected if corporations raise prices as a knee-jerk reaction. Thomas Vanhee, the Partner, Aurifer Middle East Tax Consultancy, said,
On Wednesday, a free trade agreement stuck between Singapore and a bloc of countries comprising Colombia, Chile, Peru, and Mexico. Through the agreement, local companies will now be able to bid for government projects in the Americas, which together represent the eighth largest economy in the world. Singapore's first direct free trade agreement, or The Pacific Alliance-Singapore Free Trade Agreement (PASFTA), is with the Pacific Alliance, a bloc with a combined economic output of more than $2.6 trillion. These negotiations have lasted over four years. The Pacific Alliance continues simi