Budgetary challenges within EU member states have focused attention on the sustainability of the European Stability and Growth Pact, according to a report by Standard & Poor’s. ‘Devolution of taxation responsibilities to sub-national governments in a number of member states, and the existing political and taxation autonomy of some sub-national governments in others, may hamper the ability of member states to meet their obligations under the pact,’ said Myriam Fernández de Heredia, a credit analyst with Standard & Poor’s. Portugal, Germany and France have been subjected to the European Commission’s excessive deficit procedure, the report noted. Devolution of tax and responsibilities has generally been less pronounced on the revenue side, thereby widening budgetary gaps, noted de Heredia. In some cases, notably Denmark, however, where devolution has been more pronounced on the revenue side, the central or federal government has reclaimed taxation control to reduce tax burdens, said Standard & Poor’s.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.