Multinational Financial System – Lost Worlds http://lost-worlds.com/ Tue, 21 Jun 2022 22:46:04 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://lost-worlds.com/wp-content/uploads/2021/05/cropped-icon-32x32.png Multinational Financial System – Lost Worlds http://lost-worlds.com/ 32 32 Global foreign direct investment recovered to pre-pandemic levels in 2021, but uncertainty lingers in 2022 https://lost-worlds.com/global-foreign-direct-investment-recovered-to-pre-pandemic-levels-in-2021-but-uncertainty-lingers-in-2022/ Tue, 21 Jun 2022 22:43:22 +0000 https://lost-worlds.com/global-foreign-direct-investment-recovered-to-pre-pandemic-levels-in-2021-but-uncertainty-lingers-in-2022/

Foreign direct investment (FDI) flows recovered to pre-pandemic levels last year, reaching nearly $1.6 trillion, but the outlook for this year is bleaker, according to the latest report on the investment in the world of UNCTAD.

The report titled International Tax Reforms and Sustainable Investing said that to cope with an environment of uncertainty and risk aversion, developing countries must obtain significant assistance from the international community.

“The need for investment in productive capacity, in the Sustainable Development Goals (SDGs) and in climate change mitigation and adaptation is huge. Current investment trends in these areas are not unanimously positive,” said Rebeca Grynspan, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD).

“It is important that we act now. Even though countries are facing very alarming immediate problems related to the cost of living crisis, it is important that we are able to invest for the long term.

From a low base in 2020, global FDI flows rose 64% to $1.58 trillion last year, driven by the momentum of booming mergers and acquisitions (M&A) activity and the rapid growth in international project funding due to loose funding and large infrastructure stimulus packages.

While the recovery benefited all regions, almost three-quarters of growth was concentrated in developed economies, with FDI flows up 134% and multinational corporations posting record profits.

Flows to developing economies rose 30% to $837 billion – the highest level on record – largely on strength in Asia, partial recovery in Latin America and the Caribbean and once again in Africa. The share of developing countries in global flows remained slightly above 50%.

The reinvested earnings component of FDI – profits retained in the foreign affiliates of multinational companies – accounted for the bulk of global growth, reflecting the record rise in corporate profits, particularly in developed economies.

The top 10 economies for FDI inflows in 2021 were the United States, China, Hong Kong (China), Singapore, Canada, Brazil, India, South Africa, Russia and Mexico .

outlook 2022

This year, the business and investment climate has changed dramatically, as the war in Ukraine has led to a triple crisis of high food and fuel prices and tighter financing. Other factors darkening the horizon for FDI include further impacts of the pandemic, the likelihood of further interest rate hikes in major economies, negative sentiment in financial markets and a possible recession.

Despite high profits, investment by multinational companies in new overseas projects was still one-fifth below pre-pandemic levels last year. For developing countries, the value of greenfield ads remained stable.

Signs of weakness are already being felt this year. Preliminary data for the first quarter shows greenfield project announcements down 21% globally, cross-border M&A activity down 13% and international project financing deals down 4%.

“UNCTAD predicts that the growth momentum of 2021 cannot be sustained and that global FDI flows in 2022 are likely to follow a downward trajectory, remaining stable at best,” the report said. “However, while flows are expected to remain relatively flat in value terms, new project activity is likely to suffer further from investor uncertainty.”

Variations between regions: overview of Africa, Latin America and industrialized economies

FDI in Africa reached a record $83 billion last year, but this was significantly affected by a single intra-company financial transaction in South Africa in the second half of 2021. Flows increased in Southern Africa, in East Africa and West Africa, while Central Africa remained stable and North Africa. tear down.

Developing Asia, which receives 40% of global FDI, saw its flows increase in 2021 for the third consecutive year to reach a record level of $619 billion. FDI in China increased by 21% and in Southeast Asia by 44%, but South Asia did the opposite, falling by 26% while flows to India fell to 45 billion dollars.

In 2021, FDI in Latin America and the Caribbean increased by 56%, with the 74% growth in South America being supported by increased demand for raw materials and green minerals.

Structurally weak, vulnerable and small economies grew by 15% to 39 trillion, but the inflow to least developed countries, landlocked states and small island developing states combined accounted for only 2.5% of the total in 2021, compared to 3.5% in 2020. The impact of the pandemic has intensified fragility and investments in sectors relevant to the SDGs – in particular food, agriculture, health and education – continued to decline.

“In 2022, FDI flows to developing economies are expected to be strongly affected by the war in Ukraine and its wider ramifications, as well as macroeconomic factors, including rising interest rates,” the report said. “Fiscal space in many countries will be significantly reduced, especially in oil- and food-importing developing economies.”

Investing in the Sustainable Development Goals

After taking a heavy hit in the first year of the pandemic, international investment in the SDGs jumped 70% last year. But most of the growth in the recovery has come from renewable energy and energy efficiency, where the value of projects has reached more than three times the pre-pandemic level.

“Although the 2021 recovery in value terms is positive, investment activity in most SDG-related sectors in developing economies, as measured by the number of projects, remained below pre-pandemic levels” , says the report.

“Across developing Asia, investment in SDG-relevant sectors has increased significantly,” the report said. “The value of international project financing in these sectors increased by 74% to $121 billion, mainly due to strong interest in renewable energy. »

International project funding is increasingly important for Sustainable Development Goals and climate change related investments. Some positive steps in these areas in 2021 could be tested this year.

Announced international project finance deals reached a record 1,262 projects last year and their value more than doubled to $656 billion.

The introduction of a global minimum tax on foreign direct investment will have important implications for the international investment climate, but both developed and developing countries stand to benefit from increased revenue.

About UNCTAD

The United Nations Conference on Trade and Development (UNCTAD) is the principal United Nations agency responsible for trade and development. It is a permanent intergovernmental body created by the United Nations General Assembly in 1964.

UNCTAD is part of the UN Secretariat and has 195 member countries, one of the largest in the UN system.

UNCTAD helps developing countries to access more equitably and more efficiently the benefits of a globalized economy. We provide economic and trade analysis, facilitate consensus building and offer technical assistance to help developing countries use trade, investment, finance and technology for inclusive and sustainable development.

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SFO details not one, but two funds linked to NZ First https://lost-worlds.com/sfo-details-not-one-but-two-funds-linked-to-nz-first/ Sun, 19 Jun 2022 22:41:22 +0000 https://lost-worlds.com/sfo-details-not-one-but-two-funds-linked-to-nz-first/

By Tim Murphy for the press room

As New Zealand’s first fraud trial enters its third week, the Serious Fraud Office explains how party donations were diverted to a second account beyond the control of elected officials.

Photo: RNZ / Simon Rogers

The money donated to support the New Zealand First Party went into the account of a company owned by one of the two men now responsible for obtaining funds by deception – even before the NZ First Foundation was created and started to take funds beyond the reach of party officials.

The Serious Fraud Office described the extent of funding received by the company in 2015-2016, and its expenditures, then the establishment of the foundation in 2017 and the receipt of $677,885 which donors believed was to support the political party NZ First.

Two men, whose names are removed, each deny two charges of obtaining by deception and are being tried in Auckland High Court before Judge Pheroze Jagose. The SFO alleges that the money received by the company and the foundation was used without the permission of party officials and was not reported to the Electoral Commission as political donations as would be the case for cash on an official party account.

Prosecution witnesses explained how they were approached to make a donation and who provided them with company and foundation account numbers, and party officials testified to their lack of knowledge of accounts, funds raised and how they were spent.

A picture emerged of a party struggling to pay its bills and modernize its databases, sharp divisions between board members and officials over the secrecy covering the foundation and the company, and internal warnings as early as 2018 that the establishment put New Zealand First at political and investigative risk. A witness for the prosecution had written to the president and party secretary that year:

“The political risk and legal liability here is unnecessarily high”, and “We’ve spent years rigging things… We have a chance to set the standards and do things above the edge.”

The defense noted that the head of NZ First, Winston Peters, was not among the prosecution witnesses and suggested that Peters knew the background of certain donations and supported the expenses of the foundation.

The SFO case is expected to conclude on Monday or Tuesday, with the defense set for the remainder of this week and a further fortnight if necessary.

A former SFO senior investigator accountant, Fiona Reid, told the court she worked on the case from February 2020, after media revelations about the foundation and the donations.

The SFO executed a search warrant at the home of at least one of the defendants, obtained detailed banking transactions, emails and text messages between party officials, the defendants, MPs including Peters and his partner Jan Trotman, and interviewed over 40 people who had given money between 2015 and 2019.

Reid said: “I couldn’t find any of the donations received by [company name suppressed] and the foundation’s accounts were reported as party donations to the Electoral Commission.”

However, she said: ‘Based on my analysis, the funds were used for the benefit of the party.

She traced the history of the company, of which one of the defendants was the sole director, and listed the total filings linked to NZ First in 2015-2016.

His accounts received $42,000 from party MPs as donations or loans, $28,600 from one defendant, $8,000 from the other, $4,614 from party official Apirana Dawson, $15,000 from a New Zealand bank account and $68,996 in donations or pledges.

He spent $154,466 during that time, including $92,000 for a political party database system known as Nation Builder, which remained under the control of that company or its successor, $41,000 for websites and digital consultants, $10,000 for graphic design projects and $4,190 for a 2017 NZ First campaign contractor work.

Donations deposited into the company’s account included three donations from prior prosecution witness Ron Woodrow of $9,998, $4,999 and $4,999 between 2016 and 2017, $14,000 from Peter Kraus in 2015, a month of 1,000 $ from horse breeder David Ellis over 10 months. in 2016-17, and $15,000 from racing figure Sir Peter Vela in March 2017.

Pre-trial evidence showed that some key party officials did not know at the time the background of the company whose bank account was receiving the money or who was in control of it.

Reid showed that for a payment made by the company to Nation Builder, Winston Peters emailed a party official directly in April 2017, when the multinational software company suspended access to NZ First due to the no -payment of fees, confirming that a payment had been made. .

She said that when NZ First’s “executive committee” cleared the party’s deal with the defendant’s company in 2015, it stipulated that NZ First would “open a specific bank account” to deposit money into. However, Reid found no evidence for this account.

The SFO found no standard business documents for the business in question – “no typical documents like financial statements or records or business activity [it] had driven. The only thing we identified were bank statements with a handwritten annotation. There were no GST returns or income tax records located.”

Reid went on to outline the total monies received and spent by the New Zealand First Foundation, which earlier prosecution evidence said was established in February 2017 – weeks before the party council approved a motion aimed at developing the concept.

The SFO had gone through the foundation’s bank account transactions with ASB. An initial email from the second defendant to the bank requesting a credit card stated: ‘This account is a stand-alone account for the purpose of furthering the interests of the New Zealand first party.’ But since it was classified as a “company”, the credit card could not be issued.

The foundation collected $899,220 during the period under investigation, Reid said.

A total of $677,885 came from donations and pledges of support to NZ First, and $213,335 was deposited from NZ First Inc accounts. Vector, the powerline company, paid $8,000 (for MMP environmental policy briefings to senior company officials by the NZ First Foundation, hosted by Vector’s government relations manager, Nicholas Albrecht).

Withdrawals from the foundation’s account included $190,461 for Nation Builder, $79,000 for one of the defendants through his business, $80,000 for that defendant’s family member, $64,000 for a manager from the party who worked on the Nation Builder database business for the defendant’s company and $14,000 in taxes for Inland Revenue for the defendant’s family member.

Congressman Clayton Mitchell was reimbursed $18,363 for expenses and Peters’ partner Trotman received $4,685 in reimbursement for airline flights.

The foundation paid $9,643 for boxer Joseph Parker to address its convention, $7,453 for a Wellington Cup party hospitality event and $430 per fortnight in rent for the family member of the defendant works from home for foundation business.

Reid’s testimony is expected to continue after another prosecution witness, whose identity has been suppressed.

The story was first published on Newsroom website.

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Global Tacrolimus Market to Surpass US$9,380.2 Million by 2030 https://lost-worlds.com/global-tacrolimus-market-to-surpass-us9380-2-million-by-2030/ Fri, 17 Jun 2022 18:30:00 +0000 https://lost-worlds.com/global-tacrolimus-market-to-surpass-us9380-2-million-by-2030/

SEATTLE, June 17, 2022 /PRNewswire/ — According to Consistent market informationthe Global tacrolimus market is estimated at US$6,485.3 million in 2022 and should present a CAGR of 4.7% during the forecast period (2022-2030).

Key Trends and Analysis of the Global Tacrolimus Market:

The major players operating in the market are focusing on adopting inorganic growth strategies such as business deals in order to increase their market shares. For example, in January 2022Aequus Pharmaceuticals Inc., a growing specialty pharmaceutical company, announced that it has agreed to an extension of terms with Sandoz, a global leader in generic pharmaceuticals and biosimilars, for its tacrolimus promotional service agreement at immediate release to December 31, 2022. Aequus launched promotional efforts in Canada in 2016 for Sandoz’s generic tacrolimus.

Request a sample copy of this report @ https://www.coherentmarketinsights.com/insight/request-sample/2298

Main market takeaways:

The Global tacrolimus market is expected to show a CAGR of 4.7% during the forecast period, due to increasing product approvals by regulatory bodies. For example, in November 2020Glenmark Pharmaceuticals Ltd., a global research-based pharmaceutical company, has obtained final approval from the United States Food and Drug Administration (US FDA) for Tacrolimus Capsules USP, 0.5mg, 1mg and 5mg, the generic version of Prograf Capsules, 0.5mg, 1mg and 5mg from Astellas Pharma US, Inc., a Japanese multinational pharmaceutical company.

Among the product types, tacrolimus injections segment is expected to lead the segment growth during the forecast period. Tacrolimus injection is used with other medicines to prevent rejection (attack of the transplanted organ by the recipient’s immune system) in people who have had kidney, liver, or heart transplants. Tacrolimus injection should only be used by people unable to take tacrolimus by mouth.

Based on applications, immunosuppression segment is expected to dominate the segment growth over the forecast period, owing to increase in research and development of tacrolimus by key players. For example, in September 2021TFF Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, announced top results from its Phase 1 clinical trial for tacrolimus inhalation powder in lung transplantation, showing a promising safety profile and demonstrating that levels Drug therapeutics can be achieved at low doses.

Key players operating in the global tacrolimus market include Novartis AG, Mylan NV, Astellas Pharma Inc., Dr. Reddy’s Laboratories Ltd., Pfizer Inc., Abbott, Senju Pharmaceutical Co. Ltd., Glenmark Pharmaceuticals Ltd., Lupine Limited and Vibcare Pharma Pvt. ltd.

Customization request @ https://www.coherentmarketinsights.com/insight/request-customization/2298

Detailed segmentation:

Global tacrolimus market, by product type:

  • Tacrolimus capsules and tablets
  • Tacrolimus ointment
  • Tacrolimus Injection
  • Tacrolimus granules

Global Tacrolimus Market, By Application:

  • Immunosuppression
  • Dermatitis
  • Others

Global tacrolimus market, by end user:

  • Organ Transplant Centers
  • Hospitals
  • Clinics
  • Others

Global tacrolimus market, by region:

  • North America
  • Europe
    • By country:
      • UK
      • Germany
      • Italy
      • France
      • Spain
      • Russia
      • Rest of Europe
  • Asia Pacific
    • By country:
      • China
      • India
      • Japan
      • ASEAN
      • Australia
      • South Korea
      • Rest of Asia Pacific
  • Latin America
    • By country:
      • Brazil
      • Mexico
      • Argentina
      • Rest of Latin America
  • Middle East & Africa
    • By country:
      • GCC countries
      • Israel
      • South Africa
      • Rest of Middle East & Africa

Buy this full report now @ https://www.coherentmarketinsights.com/insight/buy-now/2298

About Us:

Consistent market information is a global market intelligence and advisory organization focused on helping our plethora of clients achieve transformational growth by helping them make critical business decisions. We have our head office at Indiahaving a sales office in the financial capital of the world in the United States and sales advisers in UK and Japan. Our client base includes players from various industries in more than 57 countries around the world. We create value for our clients through our highly reliable and accurate reports. We are also committed to playing a leading role in providing insight in various post-COVID-19 sectors and to continuing to deliver measurable and sustainable results to our clients.

Contact us:

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Consistent market information

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SOURCE Consistent Market Information

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Economic news: Active Super, NSW Circular, Pacific Green, GFANZ, Zurich, Uber, etc. https://lost-worlds.com/economic-news-active-super-nsw-circular-pacific-green-gfanz-zurich-uber-etc/ Tue, 14 Jun 2022 06:44:52 +0000 https://lost-worlds.com/economic-news-active-super-nsw-circular-pacific-green-gfanz-zurich-uber-etc/

Memorandum of Understanding on the Merger of Active Super and Vision Super Sign

super active and Vision Super have signed a Memorandum of Understanding (MOU) and will undertake due diligence to decide whether a merger is in the best financial interests of the members of both funds. Both pension funds are member benefit funds of a similar size serving current and former local government employees in NSW and Victoria.

Active Super is one of six Australian funds to be certified carbon neutral by Active climate and has won the SuperRatings Infinity Award seven times for environmental and ethical responsibility. In the event of a merger, the fund will manage approximately $26 billion on behalf of approximately 169,000 member accounts.

NSW Circular becomes an independent not-for-profit organization

NSW Government Research and Innovation Network NSW Flyer became a new independent non-profit organization Flyer Australia. The government-funded body is created by the office of the Scientist and Chief Engineer NSW and hosted by UNSW Sydney to support change away from waste and towards a circular economy.

Green bonds beat forecasts in emerging markets

A new report has revealed that the global green bond market has exceeded most expectations in emerging markets and developing economies in 2021. European asset manager Amundi and World Bank Group member IFC published on Emerging Markets Green Bond Report 2021 which signals the rebound due to growing demand from domestic and international investors, combined with increased issuance by new and existing issuers. The value of green bonds issued in emerging markets and developing economies more than doubled in 2021 to a record $95 billion, from $41 billion in 2020.

Pacific Green and Shell enter into energy optimization agreement

Shell Energy Europe entered into an agreement with a photovoltaic supplier Pacific Green Technologies to provide dispatch exchange and optimization services for the 99.98 MW Richborough Energy Park battery energy storage system in the UK.

Pacific Green Technologies is an American provider of sustainable clean technologies that helps solve the challenges of global warming, green energy and resource scarcity. Vice President Shell Europe and Africa, Tom Summers, said the battery systems project will help the UK’s transition to a flexible, low-carbon energy system.

GFANZ Launches Asia-Pacific Network for Financial Institutions to Net Zero

Practitioner-led Global Coalition of Financial Sector Institutions Glasgow Financial Alliance for Net Zero (GFANZ) announced the formation of an Asia-Pacific network, with the creation of a regional advisory board to accelerate net zero action across Asia-Pacific, and the opening of its first Asia-Pacific office in Singapore supported by Singapore Stock Exchange, Temasek and the Monetary Authority of Singapore.

According to supported by the UN Race to zero campaign, Asia-Pacific needs US$13.6 trillion (AUD$19.5 trillion) in investment this decade to advance the transition to net zero and avoid the worst impacts of climate change. The network will support engagement with financial institutions and policy makers in the APAC region and ensure that the work towards net zero is inclusive and applicable to all.

Zurich Insurance announces new sustainability goals

multinational insurance company Zürich Insurance group announced new sustainability goals and initiatives in Australia and New Zealand. The company aims to reduce emissions from its local operations by 60% by 2025 and 76% by 2029. It plans to reduce emissions from printed paper by 70% by 2025 and reduce the intensity carbon of its local investment portfolio by 25%. cent by 2025 with the aim of having a carbon neutral portfolio by 2050.

The company divested from several major issuers identified in its portfolio and partnered with Reforestan Australian platform that connects companies and their customers to regenerate local ecosystems and absorb CO2.

Auction activity in capitals is significantly lower

Auction activity was significantly lower in capitals this week, reflecting tough selling conditions, analysis from CoreLogic found. A total of 1393 houses were auctioned with a success rate of 58.5%. This is the lowest clearance rate since the start of the year for most capitals, including Sydney, Melbourne, Brisbane and Canberra.

Uber invests $26 million in the Australian electric vehicle market

Uber announced a $26 million investment in Australia’s electric vehicle market, with the aim of helping push the needle towards zero emissions by 2040. The investment will provide a 50% service reduction fee for driver-partners using battery electric vehicles on the platform until mid-2025.

Environmental Training Opportunity in Greater Melbourne

Applications are now open for an environmental training program through the Town of Stonnington, in Melbourne’s inner southeast. The free program runs over 12 sessions from August to November, for community members who are passionate about the environment and creating local change. Successful applicants will participate in interactive training workshops with a range of experts, learn about council environmental initiatives and connect with local community groups and traditional owners. Applications for the Town of Stonnington Environmental Champions Program will close on Sunday July 10th.

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Plans for a minimum tax on multinational profits will have major implications for investment policy – UN report https://lost-worlds.com/plans-for-a-minimum-tax-on-multinational-profits-will-have-major-implications-for-investment-policy-un-report/ Thu, 09 Jun 2022 18:08:38 +0000 https://lost-worlds.com/plans-for-a-minimum-tax-on-multinational-profits-will-have-major-implications-for-investment-policy-un-report/

Developing countries could lose tax revenue due to capacity and legal constraints on implementing necessary reforms.


Geneva, June 9, 2022 – According to UNCTAD World Investment Report 2022 published on June 9.

The report titled International Tax Reforms and Sustainable Investing provides a guide for policy makers to navigate complex new tax rules and to adjust their investment strategies.

The proposed reforms, scheduled for 2023 or 2024, aim to discourage multinationals from shifting their profits to low-tax countries. The main implications are:

  • Increase in multinational tax revenue for most countries.
  • Increase in taxes on foreign profits of multinationals.
  • Potential downward pressure on new investment by multinationals.
  • Reduced effectiveness of low tax rates and tax incentives to attract investment.
  • Urgent need for Investment Promotion Agencies (IPAs) and Special Economic Zones (SEZs) to review investment attraction strategies.

“While tax reforms will increase revenue collection for developing countries, from the perspective of attracting investment, they present both opportunities and challenges,” said UNCTAD Secretary-General, Rebecca Grynspan.

She added: “Developing countries face constraints in their responses to reforms, due to a lack of technical capacity to deal with the complexity of tax changes, and due to investment treaty commitments that could hamper effective fiscal policy action. The international community has an obligation to help.

Impact in countries

Tax rates on foreign profits of multinationals will increase. Foreign affiliates that pay tax rates lower than the minimum on profits declared in the host countries will be subject to a top-up. In addition, multinationals will reduce profit shifting and pay host country rates on a broader profit basis.

The estimated increase in effective tax rates faced by multinationals is conservatively estimated at 2 percentage points. This corresponds to an increase in tax revenues paid by multinationals to host countries of around 15% – closer to 20% for large companies directly affected by the reforms.

Both developed and developing economies stand to benefit significantly from increased revenue collection. Offshore financial centers stand to lose a substantial share of the income received from foreign subsidiaries.

For smaller developing countries – which typically have lower rates – applying the top-up tax could make a big difference in raising revenue.

However, the flip side of the increased tax revenue is the potential downward pressure on the volume of investment that will be exerted by the increased tax on foreign direct investment activities. UNCTAD estimates that cross-border investment in productive assets could decline by 2%.

Political implications

The planned reforms will have major implications for national investment policy makers and investment promotion institutions, as well as their standard tools. Tax incentives are widely used for investment promotion, including as part of the value proposition of most special economic zones.

International investment policymakers and negotiators of international investment agreements (IIAs) need to consider the potential constraints that IIA commitments may impose on the implementation of key reform provisions.

If IIA provisions prevent host (often developing) countries from applying additional taxes or removing incentives, the minimum tax increase will fall to the (mainly developed) home countries. Host countries would lose tax revenue without providing any benefit to investors.

“The tax revenue implications for developing countries of the constraints posed by international investment agreements are a major source of concern,” the report notes, adding that the international community, alongside or in the context of negotiations on the reforms taxes, should alleviate the constraints that disadvantage developing countries.

“We need to dramatically scale up technical assistance to support the implementation of reforms, and we need a multilateral solution to remove the implementation constraints posed by IIAs. As a stopgap measure, we need a mechanism to return the additional revenues collected by developed home countries that should have flowed back to developing host countries,” the report says.

Meanwhile, the report shows that global foreign direct investment has recovered to pre-pandemic levels in 2021, but uncertainty looms in 2022. (Please see attached press release UNCTAD/PRESS/PR/2022/ 008)

Explore Interactive visualization of UNCTAD data on FDI inflows and outflows in countries and regions over the past 30 years.

About UNCTAD

UNCTAD logo courtesy of UNCTAD.

The United Nations Conference on Trade and Development (UNCTAD) is the principal United Nations agency responsible for trade and development. It is a permanent intergovernmental body created by the United Nations General Assembly in 1964.

UNCTAD is part of the UN Secretariat and has 195 member countries, one of the largest in the UN system.

UNCTAD helps developing countries to access more equitably and more efficiently the benefits of a globalized economy. We provide economic and trade analysis, facilitate consensus building and offer technical assistance to help developing countries use trade, investment, finance and technology for inclusive and sustainable development.

]]> BioMed Leaders KRBP, NMLSF, VERU, AIMLF Latest Report https://lost-worlds.com/biomed-leaders-krbp-nmlsf-veru-aimlf-latest-report/ Tue, 07 Jun 2022 14:31:21 +0000 https://lost-worlds.com/biomed-leaders-krbp-nmlsf-veru-aimlf-latest-report/

NEW YORK, June 07, 2022 (GLOBE NEWSWIRE) — Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from the CEOs of: Kiromic BioPharma (NASDAQ:KRBP), Nova Mentis Life Sciences (OTC: NMLSF) (CSE: NOVA), Veru Inc. (NASDAQ: VERU) and AI/ML Innovations (OTC: AIMLF) (CSE: AIML). As the global pharmaceutical market surpasses $1.3 trillion (Statista), emerging technologies and healthcare research innovations are unlocking new opportunities for exponential growth. As the biotech sector rebounds from cyclical lows, institutional investors are increasingly eyeing early-stage biotech stocks for alpha-generating upside potential. The Wall Street Reporter highlights the latest comments from industry thought leaders who are shaping our world today and in the decades to come:

Pietro Bersani, CEO of Kiromic BioPharma (NASDAQ: KRBP): “The Gamma Delta T Cell Pipeline Grows to Five”
Kiromic BioPharma (NASDAQ: KRBP), a clinical-stage biotherapeutics company using its proprietary DIAMOND® artificial intelligence (AI) and data-mining platform to discover and develop cell and gene therapies focused on immuno-oncology, is engaged in a sponsored research agreement with principal investigator James W. Welsh, MD of the University of Texas MD Anderson Cancer Center.
As part of the two-year SRA, preclinical in vivo data will be generated from Kiromic’s Gamma Delta T cell allogeneic therapies. This SRA is intended to evaluate the efficacy and patient safety outcomes to support three investigational new drug applications (INDs) to the United States Food and Drug Administration. KRBP CEO Pietro Bersani said, “We believe SRA will enable us to efficiently and rapidly generate key in vivo data that will demonstrate the synergistic benefits of our Gamma Delta T cell therapies in combination with existing cancer treatment modalities. . total number of our product candidate therapies to five. We expect to begin activation of the Delta T cell clinical trial by the end of this year. We believe that using non-genetically engineered Gamma Delta T cells as our first-in-human study is ideal for establishing the tolerability and safety of our proprietary allogeneic cell therapy platform. »
News from Kiromic BioPharma (NASDAQ: KRBP): https://www.wallstreetreporter.com/2022/06/07/kiromic-biopharma-nasdaq-krbp-significantly-expands-gamma-delta-t-cell/

AI/ML Innovations (OTC: AIMLF) (CSE: AIML) Chairman, Tim Daniels: “AI/ML holds key patents for a multi-billion dollar market in wearable healthcare devices”
AI/ML Innovations (OTC: AIMLF), a featured presenter on Wall Street Reporter’s “Next Super Stock” investor conference series, recently updated investors on digital health portfolio growth initiatives from AIMLF, including HealthGauge, a wearable personal health monitoring and management system, using artificial intelligence and machine learning, and Tech2Heal, a European innovator in mental health apps.

AIMLF’s landmark patent stance for wearable health monitors is particularly attractive to investors – which could allow AIMLF to collect licensing fees and royalties on the $13.8 billion worth of devices. smart wearables (expected to reach $37.4 billion by 2028. Source: Verified Market Research). AIMLF is now beginning to license its technologies to healthcare apparel companies and collect royalties. With typical royalties of 2% of gross sales, the AIMLF could potentially generate significant recurring revenue from companies infringing on its broad patent position in the nearly $14 billion healthcare apparel market.
Watch AI/ML Innovations (OTC: AIMLF) (CSE: AIML) NEXT SUPER STOCK Video:
https://www.wallstreetreporter.com/2022/05/31/next-super-stock-ai-ml-billion-dollar-patent/

AIMLF’s Health Gauge subsidiary recently obtained a patent from the United States Patent and Trademark Office (US Patent No. 11183303), entitled “Wearable Health Monitors and Methods of Monitoring Health”. The patent covers cardiovascular monitoring, predictive health analytics, behavioral analytics, and 64 other claims, including the use of multiple wearable health monitor configurations, in conjunction with biological signal analysis methods and health metrics monitoring (via Health Gauge AI-based software) to help the user achieve their personal health and wellness goals.

AIMLF reports ramping growth in its portfolio company Tech2Heal, a European innovator in mental health apps. Tech2Heal is positioned for explosive revenue growth as European healthcare mandates now provide around €2,500 per patient per year for mental well-being. Tech2Heal has just signed with a French multinational manufacturer, to provide mental wellness support to its 170,000 employees worldwide, and further corporate contracts are in the works. Tim Daniels also updated investors on AIML’s growing pipeline of health technology M&A opportunities, which could have a positive impact on maximizing shareholder value in the months ahead.
Watch AI/ML Innovations (OTC: AIMLF) (CSE: AIML) NEXT SUPER STOCK Video:
https://www.wallstreetreporter.com/2022/05/31/next-super-stock-ai-ml-billion-dollar-patent/

Nova Mentis Life Sciences (OTC: NMLSF) (CSE: NOVA) CMO Marvin Hausman, MD: “Nova Psilocybin-based therapeutic showing great promise for autism and Othe Neuro-inflammatory disorders »
Nova Mentis Life Sciences (OTC: NMLSF) (CSE: NOVA), a guest presenter at Wall Street Reporter’s NEXT SUPER STOCK investor conference, advances new psilocybin therapies, targeting autism spectrum disorders, a need unmet medical device with multi-billion dollar market potential. NMLSF’s Chief Medical Officer, Dr. Marvin Hausman, MD, has decades of success promoting new drugs through FDA regulatory pathways, through to commercialization, generating billions of dollars in revenue. Dr. Hausman is now bringing the “same playbook” to NMLSF for his psilocybin therapies targeting Fragile X, and then potential expansion to treat other neuroinflammatory disorders, including Alzheimer’s and Parkinson’s. The NMLSF plans to submit a clinical trial application to Health Canada for a Phase 2A study evaluating its psilocybin microdose therapy for fragile X syndrome in the coming weeks.

NMLSF is a world leader in first-class psilocybin therapies and complementary diagnostics for neuroinflammatory disorders. NMLSF is the first biotechnology company to obtain “Orphan Drug Designation” from the FDA in the United States and European Union for the use of psilocybin in the treatment of FXS. In his interview with The Wall Street Reporter, Dr. Hausman explains his strategy for advancing NMLSF’s drug pipeline through commercialization, as he has successfully done with other new drugs over his decades-long career. .
Watch the NEXT SUPER STOCK Nova Mentis (OTC: NMLSF) (CSE: NOVA) video: https://www.wallstreetreporter.com/2022/03/25/next-super-stock-nova-mentis-life-sciences-otc-nmlsf-billions-opportunity-w-autism-psilocybin/

“The recently completed preclinical study of repeating low doses of our psilocybin drug – every other day for 2 weeks, showed clinical responses that far exceeded our expectations. We significantly modulated behavioral and cognitive defects , such as recognition memory, in the FXS.” The NMLSF plans to submit a clinical trial application to Health Canada in the coming weeks for a Phase 2A study evaluating psilocybin microdose therapy for FXS. “Autism Spectrum Disorders (“ASD”) and in particular FXS, the largest genetic cause of ASD, continue to have unmet medical needs. NOVA scientists over the past two years have cast the groundwork for the development of a potential new psilocybin-based microdose treatment for ASD,” said NMLSF Chief Medical Officer Dr. Marvin S. Hausman, MD.
Watch the NEXT SUPER STOCK Nova Mentis (OTC: NMLSF) (CSE: NOVA) video: https://www.wallstreetreporter.com/2022/03/25/next-super-stock-nova-mentis-life-sciences-otc-nmlsf-billions-opportunity-w-autism-psilocybin/

Veru Inc. (NASDAQ: VERU) CEO Mitchell Steiner, MD: “Sabizabulin takes important step in fight against COVID-19”
Veru Inc. (NASDAQ: VERU), an oncology biopharmaceutical company, today announced positive efficacy and safety results from a planned interim analysis of the Phase 3 COVID-19 clinical trial, randomized, double-blind, placebo-controlled trial evaluating oral sabizabulin 9 mg versus placebo in 150 hospitalized COVID-19 patients at high risk of acute respiratory distress syndrome (ARDS). The Independent Data Safety Monitoring Board unanimously recommended that the Phase 3 study be terminated early due to its efficacy, and further noted that there were no safety issues. been identified.
CEO Mitchell Steiner, MD said, “This study represents an important milestone in the global fight against COVID-19, as sabizabulin is the first drug to demonstrate a clinically and statistically significant reduction in deaths in hospitalized patients with COVID-19. Moderate to severe COVID-19. We are confident that sabizabulin, with its dual antiviral and anti-inflammatory properties that demonstrated positive efficacy and safety results in the Phase 3 COVID-19 study, may be the oral therapy that has greatly need hospitalized patients with moderate to severe COVID-19. ”
News from Veru Inc. (NASDAQ: VERU): https://www.wallstreetreporter.com/2022/04/11/verus-novel-covid-19-drug-candidate-reduces-deaths-by-55/

WALL STREET JOURNALIST

Wall Street Reporter (est. 1843) is the leading provider of financial information, focused on giving investors direct access to CEOs of promising publicly traded companies and market experts. www.WallStreetReporter.com. Nothing in this news summary should be construed as investment advice. Quotes/content may be edited for brevity and context. Full disclaimer and relevant SEC 17B disclosures here: https://tinyurl.com/2x4eznd5

About Wall Street Reporter’s Next Super Stock conference:

NEXT SUPER STOCK live from The Wall Street Reporter! The conference is dedicated to showcasing select companies that have put in place near-term catalysts that can drive transformational growth (and stock appreciation) in the months ahead. Click here to join the next live stream event: https://www.wallstreetreporter.com/next-superstock-online-investor-conference/

CONTACT:

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]]> Watch Subaru Crosstrek with CVT Conquer Devils Hot Tub in Moab https://lost-worlds.com/watch-subaru-crosstrek-with-cvt-conquer-devils-hot-tub-in-moab/ Sun, 05 Jun 2022 22:51:09 +0000 https://lost-worlds.com/watch-subaru-crosstrek-with-cvt-conquer-devils-hot-tub-in-moab/

Don’t think the Subaru Crosstrek is a legit off-roader? Well, maybe this video of a CVT-equipped Subaru Crosstrek tackling one of the toughest obstacles on the legendary Moab, UT off-road course will change your mind. Ultimately, you don’t need locking differentials and air suspension to enjoy off-roading after all.

The Subaru Crosstrek debuted in 2012 as a more rugged version of the Subaru Impreza sedan. The Subaru Crosstrek treatment features a raised suspension, beefier exterior and unique aluminum wheels compared to the Impreza it’s based on. Thanks to Subaru’s symmetrical all-wheel-drive system, the Subaru Crosstrek can send power to the grippiest wheels, making it an excellent off-road ally.

Power isn’t the Subaru Crosstrek’s forte, as it has to settle for just 148 horsepower (110 kilowatts) and 145 lb-ft (196 Newton meters) of torque from its 2.0-liter FB20B 2.0-liter flat. -4. In 2021, Subaru introduced the Crosstrek Sport, which features a new 2.5-liter flat-4 that produces 182 horsepower (136 kilowatts) and 176 lb-ft (239 Newton meters) of torque. The Crosstrek featured in the video is a gen 1, meaning it has a weaker motor and can’t rely on horsepower to fix issues.

The Subaru Crosstrek owner in this video modified his Subaru with a raised suspension, off-road wheel and tire setup, and a more aggressive front bumper for better approach angles. These little tweaks were more than enough to help this little Subaru tackle the Devil’s Hot Tub, an obstacle that has challenged off-roaders for decades.

Even with full-pressure tires and open differentials, this little Subaru Crosstrek pulled itself out of the Devil’s Hot Tub with a little help from momentum management. Since the Crosstrek has open differentials, it struggles to handle power when one wheel is in the air over tough obstacles.

Does this video prove that the Subaru Crosstrek is a real off-roader? Or is it still just a slightly upgraded Impreza hatchback?

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BioMed stocks in motion: PDSB, NMLSF, TNXP, AIMLF; https://lost-worlds.com/biomed-stocks-in-motion-pdsb-nmlsf-tnxp-aimlf/ Thu, 02 Jun 2022 14:26:49 +0000 https://lost-worlds.com/biomed-stocks-in-motion-pdsb-nmlsf-tnxp-aimlf/

NEW YORK, June 02, 2022 (GLOBE NEWSWIRE) — Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from the CEOs of: Tonix Pharmaceuticals (NASDAQ: TNXP), Nova Mentis Life Sciences (OTC: NMLSF) (CSE: NOVA), PDS Biotechnology (NASDAQ: PDSB) and AI/ML Innovations (OTC: AIMLF) (CSE: AIML). As the global pharmaceutical market surpasses $1.3 trillion (Statista), emerging technologies and healthcare research innovations are unlocking new opportunities for exponential growth. As the biotech sector rebounds from cyclical lows, institutional investors are increasingly eyeing early-stage biotech stocks for alpha-generating upside potential. The Wall Street Reporter highlights the latest comments from industry thought leaders who are shaping our world today and in the decades to come:

Frank Bedu-Addo, CEO of PDS Biotechnology (NASDAQ: PDSB): “FDA Fast-Track Highlights Potential of Versamune Platform”
PDS Biotechnology Corporation (NASDAQ: PDSB), a clinical-stage immunotherapy company developing a growing portfolio of molecular-targeted cancer immunotherapies and infectious disease vaccines based on proprietary Versamune® T-cell activation technologies and The company’s Infectimune™, today announced that the United States Drug Administration (FDA) has granted Fast Track Designation to PDS0101 in combination with Merck’s anti-PD-1 therapy, KEYTRUDA® (pembrolizumab). PDS0101 in combination with KEYTRUDA® is being studied in the multicenter, open-label, Phase 2 VERSATILE-002 trial for the treatment of recurrent or metastatic HPV16 positive head and neck cancer in collaboration with Merck. PDSB CEO Frank Bedu-Addo, Ph.D said, “We are delighted that the FDA has granted Fast Track Designation for PDS0101 in combination with KEYTRUDA®. The prevalence of HPV-associated head and neck cancer continues to rise, leaving this affected group with limited treatment options to date. Receiving this designation underscores the potential of the Versamune® platform and the need for a new therapy that could improve outcomes for people with this devastating disease.
PDS Biotechnology (NASDAQ: PDSB) NEWS: https://www.wallstreetreporter.com/2022/06/02/pds-biotechnology-nasdaq-pdsb-granted-fda-fast-track-designation-for-lead-candidate-pds0101/

Nova Mentis Life Sciences (OTC: NMLSF) (CSE: NOVA) CMO Marvin Hausman, MD: “Nova Psilocybin-based therapeutic showing great promise for autism and Othe Neuro-inflammatory disorders »
Nova Mentis Life Sciences (OTC: NMLSF) (CSE: NOVA), a guest presenter at Wall Street Reporter’s NEXT SUPER STOCK investor conference, is advancing new psilocybin therapies, targeting autism spectrum disorders, a need unmet medical device with multi-billion dollar market potential. NMLSF’s Chief Medical Officer, Dr. Marvin Hausman, MD, has decades of success promoting new drugs through FDA regulatory pathways, through to commercialization, generating billions of dollars in revenue. Dr. Hausman is now bringing the “same playbook” to NMLSF for his psilocybin therapies targeting Fragile X, and then potential expansion to treat other neuroinflammatory disorders, including Alzheimer’s and Parkinson’s. The NMLSF plans to submit a clinical trial application to Health Canada for a Phase 2A study evaluating its psilocybin microdose therapy for fragile X syndrome in the coming weeks.

NMLSF is a world leader in first-class psilocybin therapies and complementary diagnostics for neuroinflammatory disorders. NMLSF is the first biotechnology company to obtain “Orphan Drug Designation” from the FDA in the United States and European Union for the use of psilocybin in the treatment of FXS. In his interview with The Wall Street Reporter, Dr. Hausman explains his strategy for advancing NMLSF’s drug pipeline through commercialization, as he has successfully done with other new drugs over his decades-long career. .
Watch the NEXT SUPER STOCK Nova Mentis (OTC: NMLSF) (CSE: NOVA) video: https://www.wallstreetreporter.com/2022/03/25/next-super-stock-nova-mentis-life-sciences-otc-nmlsf-billions-opportunity-w-autism-psilocybin/

“The recently completed preclinical study of repeating low doses of our psilocybin drug – every other day for 2 weeks, showed clinical responses that far exceeded our expectations. We significantly modulated behavioral and cognitive defects , such as recognition memory, in the FXS.” The NMLSF plans to submit a clinical trial application to Health Canada in the coming weeks for a Phase 2A study evaluating psilocybin microdose therapy for FXS. “Autism Spectrum Disorders (“ASD”) and in particular FXS, the largest genetic cause of ASD, continue to have unmet medical needs. NOVA scientists over the past two years have cast the groundwork for the development of a potential new psilocybin-based microdose treatment for ASD,” said NMLSF Chief Medical Officer Dr. Marvin S. Hausman, MD.
Watch the NEXT SUPER STOCK Nova Mentis (OTC: NMLSF) (CSE: NOVA) video: https://www.wallstreetreporter.com/2022/03/25/next-super-stock-nova-mentis-life-sciences-otc-nmlsf-billions-opportunity-w-autism-psilocybin/

AI/ML Innovations (OTC: AIMLF) (CSE: AIML) Chairman, Tim Daniels: “AI/ML holds key patents for a multi-billion dollar market in wearable healthcare devices”
AI/ML Innovations (OTC: AIMLF), a featured presenter on Wall Street Reporter’s “Next Super Stock” investor conference series, recently briefed investors on digital health portfolio growth initiatives from AIMLF, including HealthGauge, a wearable personal health monitoring and management system, using artificial intelligence and machine learning, and Tech2Heal, a European innovator in mental health apps.

AIMLF’s landmark patent position for wearable health monitors is of significant interest to investors – who could position AIMLF to collect licensing fees and royalties on 13 global smart wearable health devices $.8 billion (expected to grow to $37.4 billion by 2028. Source: Verified Market Research.) AIMLF is now beginning to license its technologies to healthcare apparel companies and collect royalties. With typical royalties of 2% of gross sales, the AIMLF could potentially generate significant recurring revenue from companies infringing on its broad patent position in the nearly $14 billion healthcare apparel market.
Watch AI/ML Innovations (OTC: AIMLF) (CSE: AIML) NEXT SUPER STOCK Video:
https://www.wallstreetreporter.com/2022/05/31/next-super-stock-ai-ml-billion-dollar-patent/

AIMLF’s Health Gauge subsidiary recently obtained a patent from the United States Patent and Trademark Office (US Patent No. 11183303), entitled “Wearable Health Monitors and Methods of Monitoring Health”. The patent covers cardiovascular monitoring, predictive health analytics, behavioral analytics, and 64 other claims, including the use of multiple wearable health monitor configurations, in conjunction with biological signal analysis methods and health metrics monitoring (via Health Gauge AI-based software) to help the user achieve their personal health and wellness goals.

AIMLF reports ramping growth in its portfolio company Tech2Heal, a European innovator in mental health apps. Tech2Heal is positioned for explosive revenue growth as European healthcare mandates now provide around €2,500 per patient per year for mental well-being. Tech2Heal has just signed with a French multinational manufacturer, to provide mental wellness support to its 170,000 employees worldwide, and further corporate contracts are in the pipeline. Tim Daniels also updated investors on AIML’s growing pipeline of health technology M&A opportunities, which could have a positive impact on maximizing shareholder value in the months ahead. .
Watch AI/ML Innovations (OTC: AIMLF) (CSE: AIML) NEXT SUPER STOCK Video:
https://www.wallstreetreporter.com/2022/05/31/next-super-stock-ai-ml-billion-dollar-patent/

Seth Lederman, MD, CEO of Tonix Pharmaceuticals (NASDAQ: TNXP): “Expanding the Vaccine Pipeline”
Tonix Pharmaceuticals (NASDAQ: TNXP), a clinical-stage biopharmaceutical company, announced United States Patent and Trademark Office Patent No. 11,345,896 to the Company on May 31, 2022, titled “Synthetic Chimeric Poxviruses includes claims covering synthetic horse pox virus, the basis for the company’s TNX-8011 vaccine being developed to protect against monkeypox and smallpox and for the company’s Recombinant Pox Virus (RPV) platform to protect against other pathogens, including SARS-CoV-2. This patent is expected to grant Tonix exclusivity in the US market until 2037, excluding any patent term extension or patent term adjustment.
TNXP CEO Seth Lederman, MD said, “This patent is an important step in protecting our expanding pipeline of vaccines that address known and potentially new pathogens. smallpox. TNX-18401 and TNX-18501 are engineered to express SARS-CoV-2 variant spike proteins omicron and BA.2, respectively. Horsepox was one of the first viruses ever generated by synthetic biology and remains among the most important.
Tonix Pharmaceuticals (NASDAQ: TNXP) NEWS: https://www.wallstreetreporter.com/2022/06/02/tonix-pharmaceuticals-nasdaq-tnxp-announces-issuance-of-us-patent/

WALL STREET JOURNALIST

Wall Street Reporter (est. 1843) is the leading provider of financial information, focused on giving investors direct access to CEOs of promising publicly traded companies and market experts. www.WallStreetReporter.com. Nothing in this news summary should be construed as investment advice. Quotes/content may be edited for brevity and context. Full disclaimer and relevant SEC 17B disclosures here: https://tinyurl.com/2x4eznd5

About Wall Street Reporter’s Next Super Stock conference:

NEXT SUPER STOCK live from The Wall Street Reporter! The conference is dedicated to showcasing select companies that have put in place near-term catalysts that can drive transformational growth (and stock appreciation) in the months ahead. Click here to join the next live stream event: https://www.wallstreetreporter.com/next-superstock-online-investor-conference/

CONTACT:

WALL STREET JOURNALIST

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www.WallStreetReporter.com

]]> Treasurer Jim Chalmers says he hopes the Greens have learned from the ‘mistake’ of rejecting Labor’s emissions trading scheme https://lost-worlds.com/treasurer-jim-chalmers-says-he-hopes-the-greens-have-learned-from-the-mistake-of-rejecting-labors-emissions-trading-scheme/ Tue, 31 May 2022 06:02:33 +0000 https://lost-worlds.com/treasurer-jim-chalmers-says-he-hopes-the-greens-have-learned-from-the-mistake-of-rejecting-labors-emissions-trading-scheme/ Treasurer Jim Chalmers blasted the Greens for a decade of ‘climate inaction’ and dismissed suggestions that its key jobs summit was just a ‘feast of talk’.

Treasurer Jim Chalmers hit out at the Greens and said he hoped the party had “learned” from the “mistake” of opposing Labor’s emissions trading scheme in 2009.

In an extensive interview with Sky News Australia chief anchor Kieran Gilbert, Mr Chalmers said the Greens’ decision to reject the then Prime Minister’s Carbon Pollution Reduction Program (CPRS) Kevin Rudd, had led to a “decade of climate inaction”.

“I hope they learned from that earlier period,” he said.

Broadcast more about politics with Flash. More than 25 news channels in one place. New to Flash? Try 1 month free. Offer ends October 31, 2022

“I think this mistake is obvious, we now have a decade of climate inaction because of this decision.

“I hope they learned from this with respect, but our intention is to implement the policy that we adopted in the election.”

Labor’s plan to introduce an emissions trading scheme in 2009 was seen as the mechanism to tackle what Mr Rudd described as the ‘great moral challenge of our generation’.

But the Greens – under the leadership of Bob Brown – rejected the proposal, arguing that the policy set emissions reduction targets far too low and was “locked in failure”.

The decision to reject the CPRS has been identified as a critical moment that has led to division over climate change politics over the past decade.

The then Labor government twice failed to get the bill through the Senate – partly due to opposition from the Greens – and then dropped the proposal before the 2010 federal election.

Mr Chalmers said the Albanian government was focused on implementing its current slate of climate policies – including a target to cut emissions by 43% by 2030 – but ruled out changing its proposals.

“We want to work with everyone who shares our goals of bringing cleaner, cheaper energy into the system,” he said.

“We want to work collaboratively, but we intend to implement the policy that we carried out in the elections.”

Mr Chalmers last week warned of the “catastrophic” economic situation inherited from the Morrison government following briefings with the Finance and Treasury Departments.

Despite the budget shortfall expected to total more than $78 billion in the 2022/23 financial year, Mr Chalmers on Tuesday ruled out the introduction of a fiscal repair tax.

“We are not considering a tax on budgetary repairs. Our first port of call is to cut spending,” the treasurer told Sky News Australia.

When pressed again by Gilbert whether there would be a similar move in Labour’s first term, Mr Chalmers insisted the government was focusing on ‘cutting spending’ instead.

“No, we haven’t considered a budget repair tax,” he said.

“We’ve been looking at tax changes for multinationals, cutting spending, improving the quality of spending so we can grow the economy faster without adding to those inflationary pressures.”

Mr Chalmers also hit back at suggestions that his jobs summit was just a ‘talkfest’ leading to a ‘mothballed’ political agenda.

He said the jobs summit was a “great opportunity” to connect unions, businesses and governments to tackle rising costs of living, falling wages and record high debt.

“There is a real appetite across the country to see where we can find common ground and start addressing these big economic issues,” the treasurer said.

“We are thinking about the perfect time for that, so of course there is the summit that we want to be broad and inclusive and from which a jobs white paper will come.

“Our intention for this summit is to tap into this real appetite people have to work together.”

Mr Chalmers’ flagship proposal recalls Bob Hawke and Paul Keating’s national economic summit held just a month after the 1983 election to adopt a consensus national strategy.

]]>
FPCCI urges reduction of flat tax for Tier 1 retailers https://lost-worlds.com/fpcci-urges-reduction-of-flat-tax-for-tier-1-retailers/ Sun, 29 May 2022 01:00:00 +0000 https://lost-worlds.com/fpcci-urges-reduction-of-flat-tax-for-tier-1-retailers/

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed a presumptive high income tax reduction for Tier 1 integrated retailers and their goods suppliers in line with the withholding rate. source applied to the FMCG sector.

“A lower turnover tax rate of 0.25% will be prescribed for each integrated retailer to facilitate voluntary compliance by non-integrated retailers,” the FPCCI said in its proposals for the 2022-23 budget.

“Blanket immunity shall be granted to all retailers from sales tax and income tax assessment and audit procedures of prior tax periods/years who register and integrate with FBR within a given time frame, unless specific information is available to FBR from third party sources regarding tax evasion.”

The FPCCI stated that with the exception of computer voting for the selection of audits and withholding control procedures, there should be blanket immunity for integrated retailers against modification of the on-site verification of evaluation procedures.

“Integrated retailers face technical complications related to FBR POS software limitations, including lack of technical expertise/resources, connectivity and system maintenance, while various other technical issues also add to compliance risk. “

He urged the government to establish city-specific, centralized and dedicated areas within tax offices for integrated retailers. “Therefore, all issues of integrated retailers can be resolved through a one-stop shop for technical and operational issues and an audit-free environment can be ensured.”

The apex trade body also suggested the authorities introduce special reduced income tax rates to encourage fully integrated retailers who displayed transparent turnover and resulting profits, compared to non-integrated companies. who filed their declarations without being integrated or exhaustively checked.

“This reduction could be introduced by a tax credit of 20 to 50% for 3 to 5 years. This will build confidence and sustainability for onboarded and compliant taxpayers until the entire industry is onboarded. »

Regarding the withholding tax regime, the apex trade body has proposed that varying withholding tax rates are the biggest challenge for filing tax returns.

“Currently, there are different withholding taxes on imports of different goods. Such as raw materials face WHT at 2%, plant and machinery (1%) and supplies (4.5%). Due to multiple rates, companies are also reluctant to register on the list of active taxpayers. It is recommended that withholding tax rates be within the range of 0-1% and in no case exceed 1%,” the FPCCI said in its budget proposals.

He proposed that the withholding tax on imports under Part I, Part II and Part III of the Twelfth Schedule under Section 148 be revised to 0%, 0.5% and 1% respectively.

The number of withholding taxes is also to be reduced by 25 and currently due to the multiplicity of taxes for the business sector it is reduced to 36% (29% normal tax + 2% workers provident fund + 5% worker participation fund), the trade body said.

He said the higher tax rate was effectively a deterrent for multinational groups to set up their businesses in Pakistan.

The FPCCI proposed that the previous policy of reducing corporate tax rates be reinstated and that the corporate tax rate be gradually reduced to 25%.

The employer should have the right to spend the worker welfare fund on their employees, being an eligible expense, he suggested to the government and added that the advance ruling facility should also be made available. of the resident taxpayer.

“Locals cannot be discriminated against with respect to goods or investments of foreign origin in terms of policy facilitation, which is also expressed within the framework of WTO TRIMs. It should also be clarified that the advance ruling will be valid even if the non-resident taxpayer, after obtaining the ruling, becomes a resident. He recommended that the minimum turnover tax be reduced.

The current 1.25% minimum turnover tax rate is high and unjustified because the minimum tax must be paid regardless of the entity’s profitability, the trade association said.

The FPCCI also recommended that the government restore the situation before the 2016 finance law with regard to the exemption of intercompany dividends in articles 59AA and 59B as it was before the 2016 finance law.

The Finance Act 2016 excludes entities entitled to group relief under Article 59B entirely from the exemption.

Alternative Dispute Resolution Committee (Section 134A) Subsection (4) of Section 134A provides that the committee appointed under subsection (2) shall decide a dispute by consensus.

Generally, in any dispute resolution by arbitrators, the majority decision is an acceptable standard. It was also proposed to replace the words “by consensus” with the words “by majority”.

FPCCI suggested that claims regarding FBR’s ADRC application could be transferred to FTO, which could resolve these issues under Section 33 of the FTO Order.

“Under the provisions of Section 33, FTO may make arrangements to resolve complaint issues at the local office level and by forming honorary advisory committees to resolve issues. In addition, FBR will always have the opportunity to make a representation against FTO’s decision before the President of Pakistan,” FPCCI said.

Over the six-year audit period (section 174), the trade association was of the view that this section allows the commissioner to require the financial records for audit purposes, therefore companies are required to keep records for a period of six years. “Such a long audit period only adds unnecessary cost and burden to businesses and gives discretionary powers to the assessment officer and recommends reducing the audit period from the existing six years to three years. “

Regarding the power of the commissioner to vary the assessment order (section 122 5A), he stated that under section 122 5A the commissioner has the right to vary the assessment order as he just think. “This causes serious difficulties for taxpayers because now, due to this explanation, the tax authorities are using the explanation as a means of tax collection instead of a deterrent.” The FPCCI also recommended the removal of Section 122 5A to increase the ease of doing business.

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