What is going on around the globe? We’re here to give you a savvy and succinct snapshot of the top finance news that’s shaking up the sector. How will a no-deal Brexit impact us? Will the US-China Trade War get resolved in 90 days? What else went down at the G-20 Summit? Let’s take a whirlwind worldwide trip to find out.
If there’s a no-deal Brexit outcome, the UK economy is likely to crash. This is what the City of London Corporation has revealed with the latest financial sector stats. In 2017, PwC reported that UK financial institutions paid £75 billion in tax – but this number has already increased by 4%. Is a knock-on effect from the first year of the bank corporation tax surcharge going to make this worse?
Donald Trump and Xi Jinping came to a tentative truce at the G-20 Summit, which means the US-China Trade War is technically on hold – for 90 days, at least! However, POTUS has suggested he will impose more tariffs at the end of the 3-month period without any qualms. The “Tariff Man” (that’s what Trump calls himself) agreed to delay the next tax rise if a deal can be struck between the superpowers in the meantime.
Voleo has been chosen to join Finland’s OP Financial Group’s 2018 Wealthtech Partnership Program. This partnership will see Voleo working to create a new social trading platform to the European market. Why? Because Voleo encourages and pioneers a human-technology collaboration, including social tech and AI, which aligns with OP’s digital vision. Does it align with yours too?
BlackRock has announced it is selling off its portfolio of 14 solar parks based in France, which will be split among a variety of investment and asset management companies. After the Photovoltaic (PV) parks were constructed and refinanced by BlackRock, this new sale of their de-risked portfolio is notably the first transaction of its kind to take place on the French renewable energy market.
Financial Transaction Tax (FTT) is coming to Spain as part of a wave which is introducing the new tax system to the financial sector. After France and Italy imposed tax on financial transactions, Spain has become the next European country to follow suit. The initiative also has a big incentive, as its set to raise €8.45 billion for Spanish firms as they progress with FTT into 2019.
As well as the US-China Trade War talks, the G-20 Summit, which took place in Buenos Aires from 30th November to 1st December, raised other issues among world leaders (it wasn’t just about Trump, you know?) Hot topics up for discussion included the importance of investing in AI and human capital to make the digital revolution as inclusive as possible.
Learn more about the financial news that affects you by attending The Summit for Asset Management (TSAM) London on 28th February.