Awards introduction

Since 2007, the World Finance Awards have been celebrating achievement, innovation and brilliance in their annual awards. Anybody can make that claim, but World Finance really is different. Whilst we boast legitimately independent, expert thought on our judging panel, who can draw on 230 years of financial journalism experience, more importantly, our award winners – and even our award nominees – are chosen by you, our readership. Every year, we seek your assistance in recognising industry leaders, eminent individuals, exemplary teams and distinguished organisations, which we believe represent the benchmark of achievement and best practice in a variety of fields – and every year, we turn to our readers to help as we strive to recognise an ever-widening spectrum of services, markets, industries and organisations. We believe that by consulting our readers we can better identify the groups that are confronting the issues which face us at this complex juncture, and our awards will rise above the status of participation certificate and actually be an endorsement of their work.

At World Finance, we relish hearing about new experts and burgeoning markets. Our awards are the only industry honours given on the basis of voter participation, and we actively welcome, and consider, any and all submissions to our nomination process.

Whether it’s businesses large or small, individuals in niche sectors or a category you think we might be overlooking, we’d love to hear from you.

To vote, and for more information, please select from the following:

Banking Awards 2013 – Vote now

Construction Awards 2013 – Vote now

Infrastructure Investment Awards 2013 – Vote now

Oil & Gas Awards 2013 – Vote now

Technology Awards 2013 – Vote now

 

And now the small print…
The panel has been wary to avoid the danger of bias towards criteria such as depth of practice and size of company, which skew so many other industry awards in favour of the larger firms with global networks, leaving the excellent work of smaller, nationally-based firms and those operating in niche areas, unrecognised. The awards are designed to redress this balance, not to favour the smaller firms, but to publicly recognise that the services they provide are every bit as valuable to their clients as those of their larger counterparts.

For its 2012 awards World Finance has taken the decision not to list nominations for the awards as this naturally means that only those companies already recognised by the panel would be eligible to win. The panel believes strongly that the awards are at their fairest and most transparent when readers are able to vote for any company or individual that they believe deserves the accolade, rather than handing them out to the same old blue chips every year – a criticism that has rightly been levelled at other high profile awards, where the same handful of teams seems to scoop the award every year.

To promote fairness within this polling structure, voting patterns are carefully scrutinised for signs of tactical voting.

PLEASE NOTE: Votes cannot be limited to one per IP address as this would prevent large numbers of individuals submitting votes from their workplace at large organisations, but the panel carefully exercises its expertise in ensuring that suspicious or inappropriate companies receiving large numbers of votes are properly probed. As part of any such investigation our web team will be able to check if statistically significant numbers of votes for a suspicious company originated from the same individual or group of IP addresses, and whether the details of these voters match the identifying IP address. Any data accessed for such purposes will be treated as confidential.

Voters are being encouraged to suggest additional categories if they feel that the existing categories don’t cover all the aspects they feel deserve recognition in a given sector. Any additional awards the panel deem to be appropriate will be added to the nomination form for other users to vote on.

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The May – June 2013 Issue

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.