WORLD FINANCE NEWS BRIEF
Some $9 trillion in emergency public spending has been rolled out so far, while global borrowing via bonds and loans hit a record high of $2.6 trillion in April.
Governments clearly reckon they can get away with taxes that target specific sectors, companies or people, especially those that are seen as having come out of this crisis relatively well-off.
The European Union is mulling a series of taxes, to be raised directly by its executive arm in Brussels, to help fund the pandemic recovery in the 27-nation bloc.
They include a tax on high-carbon-emission imports, a tax on digital firms and a tax on 70,000 large multinational companies that access the EU’s single market and its 450 million consumers.
And while a levy on big EU firms might seem like a job killer, it would go towards funding a 750 billion-euro ($840 billion) recovery plan that pours cash back into the bloc.
The smoke signals of higher taxes are going to get more visible as governments get settled into their new role as drivers of the world economy.
In a carefully worded post on Chinese social media platform WeChat on Wednesday, HSBC said that Peter Wong, chief executive of the lender’s Asian businesses, had signed a petition in support of the legislation.
Nonetheless, HSBC’s move is likely to be contentious with both politicians in the UK, where the bank is based,
Last week China bypassed the city’s legislature to approve a plan to impose national security laws on Hong Kong.
“Blackstone has prided itself on generating strong investment returns and avoiding losses which has encouraged its existing investors to return and attracted new clients. Blackstone can now offer a broader set of strategies, including more income-focused, lower risk return streams, to new investors and attract a larger share of the wallet from existing clients,” said Michael Cyprys, an analyst at Morgan Stanley.
Global real estate assets under management have tripled since the start of the decade to reach a record €3.2tn at the end of 2019.
GCC NEWS BRIEF
Businesses that begin operating again as Dubai begins easing restrictions will have to follow strict guidelines to prevent the spread of Covid-19, authorities that have announced.
Additionally, the airport will be open for UAE residents and transit passengers after authorities’ approval. Other facilities that can now resume operations include clinics and educational and training institutes, as well as child learning and therapy centres.
China is an ever-more important customer for Middle Eastern oil producers as they scramble to find buyers in the wake of the coronavirus.
The region’s petro-states shipped about one in every three of their crude exports last month to the Asain Country.
Their push into China comes with its oil demand having all-but recovered from the pandemic.
Increased Chinese purchases are helping push prices higher.
China, where the virus emerged, is regaining its thirst for energy even while the pandemic continues to throttle consumption elsewhere.
Revisions in Iraq’s exports to China now show it gaining ground on Saudi Arabia in April, a different picture than the data showed a month ago.