The European Commission has today launched plans for the biggest reform of EU VAT rules in a quarter of a century. The reboot would improve and modernise the system for governments and businesses alike. Overall, over€150 billion of VAT is lost every year, meaning that Member States miss out on revenue that could be used […]
At today’s meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40% respectively. The Governing Council expects the key ECB interest rates to remain at their present […]
The Executive Board of the International Monetary Fund (IMF) has concluded the Article IV consultation[1] with China. China continues to transition to a more sustainable growth path and reforms have advanced across a wide domain. Growth slowed to 6.7 percent in 2016 and is projected to remain robust at 6.7 percent this year owing to […]
The European Commission has announced a support package of €143 million today for the early recovery and reconstruction needs in Borno State in Nigeria which is suffering from a worsening humanitarian crisis. Nigeria is one of four countries across the globe experiencing or at risk of famine this year, along with Somalia, South Sudan and […]
The Executive Board of the International Monetary Fund (IMF) discussed a staff paper titled “ Social Safeguards and Program Design in PRGT and PSI-supported Programs . ” The paper considers how poor and vulnerable groups can be protected in Fund-supported programs in low-income countries using measures to safeguard and improve public spending on these groups. […]
(Detroit) – JPMorgan Chase & Co. today announced that it will expand the firm’s commitment to Detroit’s economic recovery, expecting to reach $150 million by 2019. The announcement comes as the firm exceeded its initial $100 million, five-year investment two years ahead of schedule. The firm has been able to accelerate its investment to support […]
It appears Americans have run out of excuses for not paying their friends back in a timely manner, whether it’s for a $5 latte or $2,500 vacation. A new survey released today finds 36 percent of adults currently use a person-to-person payments service (P2P), with millennials leading the charge at nearly double that rate (62 […]
The Financial Reporting Council (FRC) has commenced an investigation under the Audit Enforcement Procedure into the conduct of KPMG Audit Plc, in relation to the audit of the financial statements of Rolls-Royce Group plc for the year ended 31 December 2010 and of Rolls-Royce Holdings plc for the years ended 31 December 2011 to 31 […]
Global economic activity is picking up with a long-awaited cyclical recovery in investment, manufacturing, and trade, according to Chapter 1 of this World Economic Outlook. World growth is expected to rise from 3.1 percent in 2016 to 3.5 percent in 2017 and 3.6 percent in 2018. Stronger activity, expectations of more robust global demand, reduced […]
In the years since the global financial crisis, Africa has witnessed a rapid expansion of cross-border banking, led by banking groups based in Africa that are spurring financial and economic integration and transforming the continent’s financial landscape. The expansion is evident across the region. African banks headquartered from Morocco to South Africa have each established […]
