TOKYO—Japan is not considering reviewing future national sales tax rates as the current 10 percent levy provides a vital source of funding the social security spending to support its aging population, the finance minister said on Friday. Shunichi Suzuki told reporters after a cabinet meeting that Japan must tackle spending and revenue reform to win…
Japan Has No Plans to Review Sales Tax Rates, Finance Minister Says
London Is Top Global Finance Center but Lags in Key Areas, Says Study
LONDON—London remains the top global financial center, according to a study from its own financial district, but is outgunned by New York and Singapore in access to talent, while Paris is adding competition from the European Union. The study from the City of London Corporation selected seven centers that feature in other research on financial…
Federal Documents Hint at Sweeping Economic Impact From Central Bank ‘Digital Loonie’
OTTAWA—Internal government documents show Finance Department officials believe there could be sweeping implications for the economy if the Bank of Canada ever issued its own cryptocurrency. The Bank of Canada has spent years looking at whether to introduce a digital currency, but so far hasn’t seen an immediate need to issue one. In one briefing…
German Finance Watchdog Fines Deutsche Bank for EURIBOR Controls
FRANKFURT—The German financial regulator BaFin on Wednesday said it had fined Deutsche Bank $10 million for controls related to the Euro Interbank Offered Rate (EURIBOR), a setback for the nation’s largest lender as it seeks to restore its reputation. The fine of 8.66 million euros ($9.77 million) is the first imposed by BaFin under a…
Germany’s Incoming Finance Minister Rings Alarm Bell on Inflation
BERLIN—Germany’s incoming Finance Minister Christian Lindner on Tuesday vowed to champion solid public finances and a reduction of debt levels across the euro zone so that the European Central Bank (ECB) could fight inflation without hesitation if needed. Lindner’s comments, posted on Twitter, came after data showed on Monday that German consumer price inflation accelerated…
Climate Considered a “First-Order Risk” in the Financial System: Expert
Guy Debelle, Deputy Governor of the independent Reserve Bank has said that the climate is now considered a first-order risk to the Australian finance sector at CFA Australia Investment Conference on Oct 14. “Most Australian financial institutions now recognise climate as a risk,” he told the conference. He also added that in recent years in…
Climate Change Considered a ‘First-Order Risk’ in Financial System: Expert
Guy Debelle, deputy governor of the Reserve Bank of Australia has said that the climate is now considered a “first-order risk” to the Australian finance sector at CFA Australia Investment Conference on Oct 14. “Most Australian financial institutions now recognise climate as a risk,” he told the conference. He also added that in recent years…
Credit Suisse Looks to Recoup Supply Chain Finance Fund Recovery Costs
ZURICH—Credit Suisse is looking to recoup the external costs it is incurring to recover money for investors in its insolvent supply chain finance funds linked to Greensill, the Swiss bank said on Thursday. “The recovery work that (Credit Suisse Asset Management) CSAM is doing on behalf of fund investors inevitably incurs external expenses, which are…
US Treasury’s Yellen Urges Irish Finance Minister to Take Global Tax Deal
September 23, 2021
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WASHINGTON—U.S. Treasury Secretary Janet Yellen urged Paschal Donohoe, the finance minister of low-tax Ireland, to take a “once in a generation opportunity” for a global deal that would stop a race to the bottom on corporate tax rates, the Treasury said on Wednesday. Despite pressure from Yellen and European Union officials, Ireland has not wavered…
Banks Beware, Outsiders Are Cracking the Code for Finance
LONDON—Anyone can be a banker these days, you just need the right code. Global brands from Mercedes and Amazon to IKEA and Walmart are cutting out the traditional financial middleman and plugging in software from tech startups to offer customers everything from banking and credit to insurance. For established financial institutions, the warning signs are…
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