1 Tough times for Arab world (Ahmed Mokhtar in
Khaleej Times) The beginning of 2015 apparently doesn’t have any signs of
contentment or quiet days ahead. January was a sad month for the world,
beginning with the horrific attack on Charlie Hebdo newspaper in Paris on
January 7. A few days later, the Arab world lost King Abdullah bin Abdulaziz Al
Saud, who was one of its wise leaders. The grief continues with the volatile
situation in many Arab lands, including Yemen, Syria, Iraq, Libya and Egypt.
From a security perspective, the ongoing war with
militant organisations in the region doesn’t appear to be ending anytime soon,
especially with Yemen’s internal conflicts over power, and Daesh’s announcement
that their militants will attack neighbouring countries from Libya to achieve
their dream of establishing a ‘Caliphate’.
As for the political situation, the effort spent by
the Kingdom of Saudi Arabia, the United Arab Emirates and Kuwait to reach
reconciliation between Cairo and Doha is crucial to guarantee a united Arab
nation in the face of many dangers. These problems and dangers require a
serious initiative from the various Arab organisations like the Arab League or
the Gulf Cooperation Council.
The current year might be considered a decisive year
for the future of the Arab region. Whether it will be an evidence of the
ability of the Arab states to unite visions and actions, or it will leave the
region as an arena for conflicts and instabilities? Most countries around the
world create
scenarios for
what the global map would look like in a period extending to 50 years, but the
Arab countries still lack that. Will this year be the beginning of future
planning for the Arab world?
2 Obama for tax on overseas profits (BBC) US
President Barack Obama plans to close a tax loophole that allows US firms to
avoid paying taxes on overseas profits, the White House says. His 2016 budget
will impose a one-off 14% tax on US profits stashed overseas, as well as a 19%
tax on any future profits as they are earned.
The $238bn raised will be used to fund road projects
in the US. The spending plan, including the proposal on overseas profits, would
require approval from the Republican-controlled Congress to be made law,
something seen as unlikely.
Research firm Audit Analytics calculated last April
that US firms in total have $2.1 trillion-worth of profits stashed abroad. It
found US conglomerate General Electric had the most profit stored overseas at
$110bn.
Tech giants Microsoft and Apple and drugs companies
Pfizer and Merck all featured in the top five. No tax is currently due on
foreign profits as long as they are not brought into the US. The tax rate is
far lower than the current US top corporate tax rate of 35%.
3 UK business leaders’ confidence falls again (Terry
Macalister in The Guardian) Business confidence has fallen for another quarter
as companies become more cautious about their prospects in the year ahead,
according to a survey by a leading accountancy body.
Fewer businesses are as confident about their
prospects as they were last quarter. The banking and construction sectors are
considerably more pessimistic with investment falling and concerns about skills
shortages, but the Institute of Chartered Accountants in England and Wales
(ICAEW) said most executives were still upbeat about the prospects for the
wider British economy. IT and communication businesses remain particularly
upbeat.
The institute runs the survey with the accountancy
firm Grant Thornton. “The decent UK business growth that has been achieved over
the last couple of years has put the UK in one of the strongest positions among
global economies as we entered the year. Yet, in the context of a highly
unpredictable election, coupled with uncertainties across the eurozone and the
UK’s relationship with the EU, some jitters are inevitable,” said Scott Barnes,
chief executive of Grant Thornton.
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