As day two came to a close in Lough Erne, G8 leaders made progress towards tightening regulations on tax-dodgers, but remained eerily quiet on Syria

G8 pushes for tax reform; silence on Syria

As day two came to a close in Lough Erne, G8 leaders made progress towards tightening regulations on tax-dodgers, but remained eerily quiet on Syria

The IMF suggests the rise of a “three speed economy”; the EU is in the slow lane, the US in the middle and emerging markets in the fast route

Recovery “alarmingly uneven”

The IMF suggests the rise of a “three speed economy”; the EU is in the slow lane, the US in the middle and emerging markets in the fast route

With Mark Carney having been appointed Governor of the Bank of England, the first non-Briton to hold the position, many anticipate that his progressive methods will help revive a moribund economy. But he’s not without his critics.

The heir to King’s throne

With Mark Carney having been appointed Governor of the Bank of England, the first non-Briton to hold the position, many anticipate that his progressive methods will help revive a moribund economy. But he’s not without his critics.

It’s not uncommon for companies to pay over the odds for coveted acquisitions, but Rio Tinto’s disastrous record of misevaluation and carelessness under Tom Albanese is difficult to beat

The great Rio writedown

It’s not uncommon for companies to pay over the odds for coveted acquisitions, but Rio Tinto’s disastrous record of misevaluation and carelessness under Tom Albanese is difficult to beat

RBS boss to step down at the end of the year

Stephen Hester to step down after five years as CEO of the bailed-out bank

Japan bounces back in first quarter

Japan’s economy experienced more growth in the first quarter of 2013 than originally anticipated, according to a report by the Cabinet Office

Bundesbank cuts Germany’s growth outlook

Europe’s largest economy has downgraded its growth forecast for this year and next following structural problems throughout much of the surrounding euro-area

EU lowers sanctions for Chinese solar panels



After facing pressure trade commissioner temporarily reduces levy to stimulate negotiations

Bank of Japan split on stimulus strategy

Lack of consensus presents new governor challenge in how to end long-standing deflation

China may no longer be ahead of the curve when it comes to the export market, as many global companies are now looking to reshore their manufacturing

Changing tides for Chinese production

China may no longer be ahead of the curve when it comes to the export market, as many global companies are now looking to reshore their manufacturing

Energy market opportunities in the Gulf region

Strong government investment and low taxes and debt levels make the Gulf Cooperation Council a strong prospect for the future. World Finance looks at some of the region’s top performers, in the 2013 GCC Investment and Development Awards

The $4trn question

Foreign exchange is a growing market, thanks in part to accessible mobile trading platforms. With much success the industry continues to grow and innovate, attracting more and more traders

By leveraging Colombian capital markets for over 20 years, Protección has remained dedicated to its clients, and continues to develop throughout the Latin American region

Increasing investment opportunities

By leveraging Colombian capital markets for over 20 years, Protección has remained dedicated to its clients, and continues to develop throughout the Latin American region

Emery Mukendi Wafwana and Associates maintains that “sustainable investment resides in legal protection”, and nowhere is this more strongly the case than in the fertile grounds of the Democratic Republic of Congo’s mining sector

The challenges of a lucrative mining sector

Emery Mukendi Wafwana and Associates maintains that “sustainable investment resides in legal protection”, and nowhere is this more strongly the case than in the fertile grounds of the Democratic Republic of Congo’s mining sector

Hedging emerging market currency risk

No set of risk-avoidance guidelines can ever be 100 percent accurate, but investors would still do well to acknowledge the rules of the game, say Dr Jonathan Fullwood and Dr Jessica James of Commerzbank

By nurturing and developing its most vital assets, MENA-based Burgan Bank has seen its employee management development programme create a successful and positive business model

Investing in compassionate banking

By nurturing and developing its most vital assets, MENA-based Burgan Bank has seen its employee management development programme create a successful and positive business model

Starting out as the first Islamic financial institution in Qatar three decades ago, Qatar Islamic Bank has maintained a strong foothold in the market, and is set to continually take charge globally

Setting the benchmark for Islamic banking

Starting out as the first Islamic financial institution in Qatar three decades ago, Qatar Islamic Bank has maintained a strong foothold in the market, and is set to continually take charge globally

MasterForex has been at the forefront of innovation in online forex trading since its inception in 2006. As it expands into emerging markets, the trading platform's performance continues to impress

Mastering the trade

MasterForex has been at the forefront of innovation in online forex trading since its inception in 2006. As it expands into emerging markets, the trading platform’s performance continues to impress

Successful in closing white label contracts with major banks, tailoring and packaging offerings for asset managers and hedge funds and in the fast lane on API trading, Saxo Bank is as focused as ever

Rewriting the rules for online trading

Successful in closing white label contracts with major banks, tailoring and packaging offerings for asset managers and hedge funds and in the fast lane on API trading, Saxo Bank is as focused as ever

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Highest corporate tax
rates in Europe

European countries are scrambling to raise every last penny of funds through taxes. But some countries may have gone too far...

Belgium

Though all business taxes in Belgium can be paid online with little effort and preparation, the rates are still sky-high at 57.7 percent, including a staggering 50.8 percent total rate on profits only in social security contributions.

Belarus

In Belarus, a company spends up to 338 hours annually preparing for and paying ten different taxes and duties. The total tax rate has incredibly been lowered to 60.7 percent, from 117.5 percent in 2008.

France

A company in France pays seven different taxes and duties, the sum of which can amount to 65.7 percent of profits; though President François Hollande has announced a wave of business tax rate cuts coming up.

Estonia

A business in Estonia pays 67.3 percent of profits in tax, 37.2 percent exclusively in social security contributions. The country has gone against the grain in Europe by raising businesses taxes from 48.6 percent in 2008 to the current rates.

Italy

While corporate income tax (IRES) in Italy is limited to 38 percent of taxable profit, a company operating in Italy can expect to pay 14 other taxes and duties, including social security contributions, bringing their total payable tax to 68.7 percent of profits, according to the World Bank.

Norway

Norway taxes motor fuels twice, with a road use tax and a CO2 emissions tax. Combined with strikes in the energy sector that have curbed output, the price of gas at a local pump has soared to $10.12 per gallon.

Turkey

Though Turkey sits on the Suez Canal and neighbours many oil rich countries, the price of a gallon of average gas clocks in at $9.41 in Turkish pumps, because of a 60 percent share of taxes. 

Israel

Like Turkey, Israel is surrounded by oil-rich neighbours, but drills very little itself. Gas prices are controlled by the government, so about half of the $9.28 per gallon goes to taxes.

Hong Kong

There are few gas stations in Hong Kong, but the ones available charge up to 76 percent more per gallon than mainland China, where the government caps the cost of fuel. A gallon at the pumps will cost around $8.61 on the island.

Netherlands

Expensive labour costs make the Dutch petrol prices the dearest in Europe, at $8.26 per gallon; though the 57 percent tax add-ons don’t help.

The credit crisis

8 February 2007
HSBC warns of subprime mortgage losses

2 April 2007
New Century goes bus

14 September 2007
Wholesale markets have dried up

17 March 2008
Rescue of Bear Stearns

7 September 2008
Rescue of Fannie Mae

15 September 2008
Lehman Brothers file for bankruptcy

3 October 2008
US congress approves $700bn bailout

14 February 2009
$787bn stimulus approved by congress

 

The effects of the current financial crisis are global and irrefutable. With the collapse of Lehman Brothers, the domino effect of irresponsible public monetary policies, huge levels of unsustainable debt, and a deregulated financial sector, has escalated to the point where no corner of the globe has been left untouched.

1973 oil crisis

October 1973
Syria and Egypt launch an attack on Israel on Yom Kippur and set off a twenty day war;

1977
US President Carter creates Department of Energy, which develops the US strategic petroleum reserve

 

The Organisation of Petroleum Exporting Countries (OPEC) used their oil reserves as a weapon with the Arab Oil Embargo against those who supported Israel. By January 1974, world oil prices were four times higher than they were at the start of the crisis, especially in the US, and the shock led to a huge drop in the stock market with NYSE losing $97bn in just six weeks.  The embargo lasted five months, and the effects are still seen today.

German hyperinflation

1922-1923

Hyperinflation
1923 – 1924
Stabilisation

 

The trouble began when Germany missed a repatriation payment, worth about one third of the German deficit in this period. Inflation was already high but by 1923 it was raging. Prices doubled within hours, and by late 1923, it cost 200bn marks to buy a single loaf of bread. People burned money as it was cheaper than buying firewood. Germany eventually regained control of its economy when it introduced the Rentenmark into circulation in 1923, and then the Reichmark in 1924.

The Great Depression

1929-1933
The Great Crash
1934-1939
Recovery and Recession

 

After the decadence of the Roaring Twenties, the 1930s saw the biggest economic slump of all time. The stock market crashed on 29 October 1929, and optimism and decadent living tumbled along with the figures. The GDP fell from $103.6bn in 1929, to $66bn in 1934 and the subsequent years of recovery were the most dramatic in US history.

1907 bankers’ panic

1907
Otto Heinze and his brother Augustus Heinze bought shares of United Copper.

 

The stock market was already cautious over the tight money supply, but the US was thrown into a depression after the stock market fell nearly 50 percent from its peak in 1906. The Heinze brothers thought they could influence market shares but ended up bankrupting lenders that provided the financing to buy the stock. A chain reaction left nine institutions bankrupt. By February 1908, the panic was over and the government created the Federal Reserve system, to prevent banks from exercising too much control over the economy.