With a newly liberalised economy and political stability, Montenegro is eager to join the EU and become a prime destination for international business
As the EU struggles to get its economy back on track and wrestles with the concept of what sort of union it will look like in the future, many have forgotten that a number of neighbouring countries are actively looking to join it. There are currently eigh...
A new tax agreement and bearer shares registration law look set to change things in Argentina and Uruguay. But how transparent are they, and how could they affect local communities?
Argentina and Uruguay have recently entered into a tax information exchange agreement, which has had an impact on the business communities in both countries. The same happened with the recent passing of the Uruguayan law on shares registration. Our goal ...
As Macau’s gaming industry continues to expand, increased regulation is now inevitable, but keeping on top of the changes will allow investors to reap the rewards, writes João Nuno Riquito of Riquito Advogados
The rapid and exponential growth of Macau’s economy – driven by the gaming industry – has filled the region with a permanent presence of world players from gaming and gaming-related businesses. 10 years have passed since the new concessions (and the...
Nigeria’s impressive economic growth seemed to be faltering in 2011 as the global recession took its toll, but recent legislative changes suggest a brighter financial future, says Koye Edu, Managing Partner of Jackson Etti Edu
Over the past decade, Nigeria’s economy has witnessed substantial growth, and the economy grew at an annual average of 7.4 percent. In 2011, economic growth dropped marginally by 0.18 percent. At the outset of 2012, the big question was whether Nigervia...
As financial markets become globally entwined, international legal professionals are offered the chance to analyse the impact on evolving Asian banks
The International Bar Association (IBA), established in 1947, is the world’s leading organisation of international legal practitioners, bar associations and law societies. The IBA influences international law reform, shaping the future of the legal pgen...
Always a popular location for professional investors, Luxembourg is increasing its appeal as a destination for efficient and transparent business transactions
Luxembourg is a leading jurisdiction in private equity transactions, providing a diverse range of vehicles and instruments to meet investor needs. The flexible tax and legal environment has made the country one of the most attractive locations for fi7250 ...
Balancing consultancy with taxpayer defence is no easy task, but there are clear-cut and pioneering solutions to every taxing dispute on an international scale, explains Thierry Afschrift
Afschrift Law Firm specialises in domestic and international tax law, and law relating to white collar crime. Established in Brussels in 1994, the firm has expanded over the years and now has abuy generic viagra presence in Antwerp, Geneva, Luxembourg, Ma...
Thanks to legislation introduced in recent years, Nigeria’s financial market is becoming more open and pragmatic. Detail Commercial Solicitors is known for its innovative approach
Detail Commercial Solicitors has earned its reputation on the back of work done over the years that has pushed boundaries in the Nigerian business environment. According to Detail’s Lead Partner, Ayuli Jemide, the firm has definitely had some wind assis...
Modernising Bahrain’s labour laws has changed employee rights, protecting individuals from unfair treatment, writes Sheikha Haya Al Khalifa, Principal Partner, Haya Rashed Al Khalifa Attorneys
On September 2 2012, Bahrain ushered in a new era of employment regulation as the Legislative Decree Law No. 36 of 2012 took effect. The aim of this is to promulgate the labour law of the private sector (the ‘New Labour Law’). The New Labour Law sees ...
Peru has long since been the quietest of the emerging South American powerhouses. Without an eccentric leader or an upcoming World Cup, it has quietly developed into a modern and efficient democracy
Nestled between the cold waters of the Pacific, the foothills of the northern Andes and the southern seat of the Amazon, lies the country of Peru. With less than 30 million inhabitants, it is one of the smaller South American nations. But over the past de...
Mozambique’s economic revival has been remarkable. Fernanda Lopes, Managing Partner at Fernanda Lopes and Associates, believes that as growth continues, the nation will be reliant on legal firms to ensure a smooth passage
Hailed as one of sub-Saharan Africa’s success stories, the Republic of Mozambique has made a remarkable transformation from one of the world’s poorest countries in the 1970s, to enjoying one of its strongest growth rates throughout the recent global e...
Oscos Abogados believes that Mexico’s insolvency legislation is currently too unforgiving, not allowing for the concepts of fresh starts or creditor protection, and that a system more like the one in the US would help foster growth
It’s easy to assume that the insolvency business is a gloomy Dickensian one, with serious-faced professionals presiding over the demise of the collapsed dreams of business success. Perhaps some insolvency practitioners are like that, but Dario Oscos, Se...
With operations in over 100 countries, WTS has taken the opportunity to define its brand, refining its tailor-made products and solutions
Within the scope of its continuous expansion course, WTS has adapted a new brand strategy. The consulting group has developed a new logo and corporate design, under which the firm has united its tax, legal and consulting divisions. Furthermore, WTS is con...
Nigeria has a promising economy fraught with infrastructural difficulties that require legal expertise to navigate. Ayuli Jemide, Dolapo Kukoyi and Aderemi Oguntoye of Detail Commercial Solicitors speak to World Finance about how their firm is best placed to be that guide
Nigeria has long been touted as one of Africa’s most attractive destinations for investment, with an emerging financial sector and a manufacturing industry that has the capacity to fuel economic growth. At $415bn, the country is currently the 30th-large...
Gregory P Joseph Law Offices has worked as a small but effective entity since 2001, and is now a stable and well-respected legal practice
Gregory P Joseph Law Offices practices exclusively in the field of commercial litigation. The head of the firm, Greg Joseph, is President of the US Supreme Court Historical Society, a past President of the American College of Trial Lawyers and former Chai...
European countries are scrambling to raise every last penny of funds through taxes. But some countries may have gone too far...
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
Syria and Egypt launch an attack on Israel on Yom Kippur and set off a twenty day war;
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.
1923 – 1924
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 Crash
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.
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.