16 Jan
Member News, Uncategorized

IPTI | Property Tax in the News – January 2024

IPTI’s usual monthly newsletter - the “President’s Message” - contains, inter alia, some summarized news articles from around the world. This IPTI publication - “Property Tax in the News” – contains some of the more interesting news articles concerning property taxes in North America and Europe which is where many of our members have a particular interest. Links to these and more, similarly summarised, articles - from North America, Europe and around the globe - can be found in...

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16 Jan
Member News, New York Related News

Littler | New York City Council Passes Bill that Would Create a Private Right of Action under the Earned Safe and Sick Time Act

On December 20, 2023, the New York City Council passed a bill (Proposed Int. No. 563-A) that would create a private right of action to seek damages and other relief for violations of New York City’s Earned Safe and Sick Time Act (ESSTA). New York City Mayor Eric Adams has 30 days to sign, veto, or take no action.  If he does not veto the bill within 30 days, it will become law. ESSTA permits employees to use ESSTA leave...

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16 Jan
Chapter News

World Bank | Global Economics Prospects Report January 2024 Edition Summary

Global growth is set to slow further this year, amid the lagged and ongoing effects of tight monetary policy, restrictive financial conditions, and feeble global trade and investment. Downside risks to the outlook include an escalation of the recent conflict in the Middle East and associated commodity market disruptions, financial stress amid elevated debt and high borrowing costs, persistent inflation, weaker-than-expected activity in China, trade fragmentation, and climate-related disasters. Against this backdrop, policy makers around the world face enormous...

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16 Jan
Member News

Trepp | Market Pulse: How will the Fed see the Forest when the Trees are Giving Mixed Signs

Last week was heavy on the economic data front, with inflation indicators and quarterly earnings reports galore. The three major equities indices saw weekly gains, with the S&P 500 nearing its record-high of just under 4,800 which the index reached about two years ago.  The S&P 500 ended last week up 1.84%. The 10-year Treasury yield finished last week down about 10 basis points to 3.94% and the 2-year was down almost 27 basis points to 4.14%, putting the 2s/10s...

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16 Jan
Chapter News

IMF | AI Will Transform the Global Economy. Let’s Make Sure It Benefits Humanity. 

AI will affect almost 40 percent of jobs around the world, replacing some and complementing others. We need a careful balance of policies to tap its potential Kristalina Georgieva We are on the brink of a technological revolution that could jumpstart productivity, boost global growth and raise incomes around the world. Yet it could also replace jobs and deepen inequality. The rapid advance of artificial intelligence has captivated the world, causing both excitement and alarm, and raising important questions about its potential...

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12 Jan
Chapter News

ECB | Households and non-financial corporations in the euro area: third quarter of 2023

Households' financial investment increased at annual rate of 1.9% in third quarter of 2023, after 2.1% in previous quarter Non-financial corporations' financing grew at broadly unchanged rate of 0.7% Non-financial corporations' gross operating surplus increased at annual rate of 2.2%, after 5.9% in previous quarter Chart 1 Household financing and financial and non-financial investment (Annual growth rates) Sources: ECB and Eurostat. Chart 2 Data for household financing and financial and non-financial investmentNFC gross-operating surplus, non-financial investment and financing (annual growth rates) Source: ECB and Eurostat. Data for NFC gross-operating surplus, non-financial investment and...

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12 Jan
Member News

EIB and BPCE Lease sign €300 million financial agreement for the green transition of SMEs and mid-caps in France and Europe

The first operation of its kind in France, this EIB contribution will enable Groupe BPCE’s leasing business to offer financing for mobility, energy efficiency and renewable energy self-consumption projects. The financing will be available to its own customers and customers of the Banques Populaires, Caisses d’Epargne, Crédit Coopératif and Banque Palatine. This partnership will act as an accelerator to support small business professionals, small and medium-sized enterprises (SMEs) and mid-caps in their energy transition. The €300 million package is designed...

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12 Jan
Member News

Fenwick | BIS Publishes New FAQs Related to Updated Advanced Computing/Supercomputing Rules

What You Need To Know The Commerce Department’s Bureau of Industry and Security (BIS) has published new FAQs that offer further guidance on two interim final rules that went into effect in November 2023. These rules, for which the BIS is accepting comments until January 17, 2024, expand export controls related to advanced computing and semiconductors, aimed at China and other national security concern countries. The just-published FAQs offer guidance on several areas, including: the new export license exception...

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12 Jan
Chapter News

OECD | The Global Minimum Tax and the taxation of MNE profit – Summary

Background: The Global Minimum Tax (GMT) represents a major step forward in international cooperation on the taxation of multinational enterprises (MNEs). It will ensure that MNEs with revenues above EUR 750 million are subject to a 15% effective minimum tax rate wherever they operate. The GMT, introduced by the Global Anti-Base Erosion (GloBE) Rules, is a key part of Pillar Two of the two-pillar solution. Agreed by over 135 member jurisdictions of the OECD/G20 Inclusive Framework on Base Erosion...

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11 Jan
New York Related News

Troutman-Pepper | New York LLC Transparency Act Enacted

The New York LLC Transparency Act (NYLTA) was signed into law on December 22, 2023. Upon effectiveness on January 1, 2025, all limited liability companies (LLC) that are either formed under New York law or are seeking authority to do business in New York, will be required to disclose, among other information, the identities of their beneficial owners to the NY Department of State, unless a reporting exemption applies. Such beneficial ownership information will be compiled into an internal...

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