Global economy & markets

Kenya to begin privatisation drive

The move to sell stakes in state-owned companies is aimed at “fiscal consolidation and spurring economic development”, Kenya’s finance ministry said.

Chinese companies still see promise in EU despite de-risking

Nine out of ten Chinese enterprises see more opportunities than challenges in the EU market in “green” and digital fields, according to a survey.

EU watchdog sets out capital, liquidity rules for stablecoin issuers

The European Banking Authority has proposed minimum requirements for the reserve of assets that back stablecoins and other digitised tokens.

Tax rates, uncertainty hold back the UK, AICPA & CIMA report says

A new report comparing other economies says that a high marginal tax rate in the UK acts as a disincentive to productivity.

Global fund managers sharpen their bank scrutiny following 2023 crisis

Research shows that 80% of fund managers are looking to diversify their counterparties to mitigate the effects of banking crises.

Nestlé, Volvo among 130 companies urging COP28 fossil fuels phase-out

COP28 begins in Dubai on 30 November as more scientists warn that the world is not on course to meet the goals of the 2015 Paris agreement.

Driving public sector productivity

Driving public sector productivity will become increasingly important, and management accountants have a significant role to play.

IAASB amends auditing standards in response to IESBA revisions

Also, a letter from standards-setters to the ISSB addresses areas of concern in global sustainability standard reporting, and IPSASB updates conceptual framework to reflect IASB revisions.

Global economic losses from extreme weather could hit $5 trillion

When adjusted for the extreme weather events probability, the estimated loss is $710 billion over a five-year period.

New York remains top financial centre, with London in second place

London closed the gap slightly with New York, with Singapore closely in third place, a six-monthly survey found.

UK inflation to be highest among big economies in 2023, says OECD

The Paris-based organisation projects UK headline inflation to average 7.2% over 2023 and slowing to 2.9% in 2024.

AICPA & CIMA respond to corporate governance code consultation

The FRC seeks to update the UK Corporate Governance Code to ensure it aligns with changes to legal and regulatory requirements set out by the UK government.

Why is the US suing Google for antitrust violations?

The US is seeking an injunction barring Google from continuing the alleged anticompetitive practices, rather than a monetary penalty.

UK and India announce partnership to promote sustainable growth

As part of the UK-India Economic and Financial Dialogue, India will explore having its companies listing on the London Stock Exchange.

UK businesses plan lowest price rises since Feb 2022

Businesses expect to raise prices by 4.9% and see wage increases of 5% over the coming year, a Bank of England CFO survey found.

Inflation no longer top challenge for finance executives, survey shows

US business and industry leaders still have concerns, but optimism is on the rise, according to the quarterly Business and Industry Economic Outlook Survey.

UK sustainability disclosure standards expected next year

UK-endorsed sustainability disclosure standards, expected in summer 2024, will be based on those from the IFRS.

ESG opportunity for China’s business leaders

Two China-based business leaders discuss how a commitment to carbon net zero is allowing finance to lead their companies towards business opportunities.

Reports highlight the impact of employees’ financial concerns

Employers and employees benefit from a culture where conversations about money are “normalised”.

Euro zone moves to a trade surplus in June as Russia imports fall

The 20 countries that make up the euro zone saw a 0.3% increase in exports to the rest of the world and a 17.7% decrease in imports over 12 months.

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