Former President Donald Trump used a dubious accounting maneuver to claim improper tax breaks from his troubled Chicago tower, according to an IRS inquiry uncovered by The New York Times and ProPublica. Losing a yearslong audit battle over the claim could mean a tax bill of more than $100 million. The 92-story, glass-sheathed skyscraper along … Read more
The EU struck a deal on Tuesday to implement internationally-agreed banking reforms intended to avert a repeat of the 2008 financial crisis. The European Commission first proposed the banking law in October 2021 but there has been a greater focus on banks following the collapse of lenders in the United States triggered market turbulence earlier … Read more
“See whatever is happening elsewhere in the world right now the good part is that there is no economic impact or there is very minor or almost negligible economic impact happening on India as an economy,” says Vikas Khemani, Carnelian Capital Advisors. A lot of parallels have been drawn that this is not like 2008 … Read more
The Centre is planning to double the loan amount for street vendors under Pradhan Mantri Street Vendor’s Atma Nirbhar Nidhi scheme, a major outreach to the largely-migrant beneficiary segment. Under the PM-SVANidhi, a special micro credit facility introduced for street vendors in July 2020 amid the first lockdown after the Covid-19 outbreak, loans are offered … Read more
Sri Lankan Finance Minister Ali Sabry resigned Tuesday just a day after he was appointed to the post by President Gotabaya Rajapaksa, as the island nation suffers a crippling economic crisis. “Whilst I regret the inconvenience caused, I believe I have always acted in the best interests of the country,” a statement from Sabry said, … Read more
UBS and Credit Suisse have made further progress in how they would stabilise and restructure themselves in a financial crisis, Swiss financial watchdog FINMA said on Thursday. Big Swiss banks must demonstrate how they would right themselves in the event of an emergency, or how they can be restructured or liquidated without obstacles while maintaining … Read more
More than a decade on from the financial crisis, regulators are spooked once again that some companies at the heart of the financial system are too big to fail. But they’re not banks. This time it’s the tech giants including Google, Amazon and Microsoft that host a growing mass of bank, insurance and market operations … Read more
A mistake from 2008 may return to haunt India’s economyIn all the 30 most severe credit boom episodes around the world, where credit in the economy grew at a speed faster than the economy itself for five years or so, GDP growth in the next five years halved in those countries. This includes Japan in … Read more
By Ferdinando Giugliano The “elephant chart” has been the most influential graph of the past decade in economics. It showed that in the 20 years before the financial crisis, global income growth largely benefitted two groups of people: the middle classes of emerging markets, such as China, and the ultra-rich around the world. Meanwhile, the … Read more