guaranteed rental schemes | Business news and markets: as it happened – May 29, 2013
We will regularly inspect your property, to ensure it is well-maintained and that everything is as it should be, ready for when you do get a tenant again. We will also continue to advertise your property, to show it to prospective tenants and to keep you informed every step of the way. And you can relax knowing that all the while this property is empty, you are still guaranteed rent payments and are still receiving a monthly guaranteed rental income.
The European Commission has warned that France’s economic resilience is diminishing as it grants a raft of extensions for members to meet budget deficit targets.
• EU Commission warns on French resilience as eases austerity guaranteed rental schemes
• OECD trims UK 2013 growth forecast to 0.8pc
• OECD calls for QE in eurozone as it cuts growth forecasts
• European Commission to flex muscle on ‘failing’ economies
• IMF cuts China 2013 growth forecast to 7.75pc
• France’s central bank head warns FTT could ‘destroy’ jobs
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17.25 And that is where we are going to close the blog today.
As always you can follow all of the news here and we will be back bright and early tomorrow morning.
Thanks for following and have a good evening.
17.10 The European Central Bank’s twice-yearly Financial Stability Review is out and it says that eurozone systemic stress is at its lowest point in two years, thanks to its own policies.
Stress in the euro area financial sector has fallen from previous peaks. Several indicators suggest that euro area systemic stress is at its lowest point in two years. ECB policies have been a key factor underpinning this decline in stress.
It added that to consolidate progess, there had to be further fundamental adjustments made at a national level alongisde ongoing EU initiatives.
However, it said financial stability remained “fragile”, with “several vulnerabilities in the interaction between sovereigns, banks and the macroeconomy” persisiting.
The review highlighted four key risks:
1. A further decline in bank profitability, linked to credit losses and a weak macroeconomic environment. Continued and prompt progress in proactively tackling bank balance sheet problems is needed.
2. Renewed tensions in sovereign debt markets due to low growth and slow reform implementation. Progress in adjusting public finance vulnerabilities should not unravel. Beyond this, continued momentum is needed towards completing a genuine EMU, notably including a full banking union and a strengthening of fiscal frameworks.
3. Bank funding challenges in stressed countries. Continued steps at both the national and European level are needed to tackle remaining fragmentation in bank funding. Furthermore, bank funding markets will benefit from a predictable and consistent approach to bank supervision and resolution across Europe; the launch of the single supervisory mechanism will be a key milestone in this respect.
4. Reassessment of risk premia in global markets, following a prolonged period of safe-haven flows and search for yield. Stable and predictable policies are key to the prevention of such a risk reversal. To reduce the losses of such a possible risk reversal, banks and supervisors should ensure that bank capital buffers are sufficient.
In Germany the Dax was down 1.7pc, in France the Cac shed 1.8pc, in Spain the Ibex was down 0.9pc, while in Italy the FTSE Mib slid 1.6pc.
16.39 The FTSE 100 failed to stage a recovery today after losing ground at the open and has closed down 2pc at 6,627.17, after jumping 1.6pc on Tuesday. Yusuf Heusen, a sales trader at spread-betting firm IG, said:
Once again the uptrend is looking under threat. Yesterday’s impressive gains are a distant memory as the FTSE gives up the ground gained on Tuesday and back to levels seen last Thursday. It’s been a while since we’ve seen such volatility in both directions, which is at least a welcome reminder that markets can go down as well as up, but two consecutive triple-digit days suggests a market that doesn’t know whether it’s coming or going.
16.15 Also speaking at the OECD’s week-long forum has been Norway’s Prime Minister Jens Stoltenberg.
He said it was not acceptable that companies did not have to pay their share of taxes while the “poorer public” did.
By using aggressive tax planning, international corporations can avoid paying their fair share of taxes. This is not acceptable.
With public finances under strain in many countries, and people having to endure higher taxes and poorer public services it’s not acceptable that big companies can avoid paying their fair share of taxes.guaranteed rental schemes
We cannot accept that international corporations do not contribute at all. We should all be concerned about erosion on national tax bases.
He was speaking ahead of tomorrow’s briefing on the OECD’s project on base erosion and profit shifting, which Mr Stoltenberg said would help the international community address aggressive tax planning, with the aim of ensuring a “level playing field” for companies based in different countries.
It will require broad international co-operation, but the good news is that stopping tax erosion, and tax evasion, and limiting the use of tax havens is a win-win situation.
It expands the tax base, it increases tax revenues, and it allows us to reduce tax rates. Therefore we should strengthen our national efforts to plug tax holes in our respective national tax codes. Also we should strengthen our international efforts through tax treaties.
Norway’s Prime Minister Jens Stoltenberg addresses the OECD Week
15.56 Time for everyone’s favourite subject – tax.
Over in Paris, nine more countries have signed up to a tax deal which will see them exchange information in a bid to clamp down on individuals and businesses using offshore accounts to avoid paying tax.
Austria, Luxembourg and Singapore were among those to sign the agreement today the Organisation for Economic Co-operations’ (OECD) week-long forum at its headquarters in Paris, adding their signature to the more than 50 countries globally, including the US and UK, that have already adopted it.
Those countries will now automatically swap tax information, in a bid to clamp down on businesses and companies that use their secretive banking system to avoid paying tax, allowing joint multi-party tax investigations.
The OECD’s Secretary-General Angel GurrÃa hailed it as an “historic moment†for the convention during the signing ceremony.
In the past 2 years more than 60 countries have signed the Convention or stated their intention to do so, marking an important milestone on the road to closer cooperation and more transparency – to making the international system fair to all taxpayers.
Singapore’s Deputy Prime Minister and Minister for Finance, Mr Tharman Shanmugaratnam said his island-country was committed to tax cooperation but called on other states to sign the agreement to make it work fully.
Signing the Convention reflects Singapore’s commitment to tax cooperation based on international standards, but the standards can only work if all financial centres come on board.
The new tax protocols will also affect entities based in Luxembourg such as Amazon and will eventually allow for faster transmission of data to HM Revenue and Customs and other tax authorities around the world.
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