1 Over $12 trillion siphoned out of emerging nations
(Heather Stewart in The Guardian) More than $12tn has been siphoned out of
Russia, China and other emerging economies into the secretive world of offshore
finance, new research has revealed, as David Cameron prepares to host world
leaders for an anti-corruption summit.
A detailed 18-month research project has uncovered a
sharp increase in the capital flowing offshore from developing countries, in
particular Russia and China. The analysis, carried out by Columbia University
professor James S Henry for the Tax Justice Network, shows that by the end of
2014, $1.3tn of assets from Russia were sitting offshore.
Chinese citizens have $1.2tn stashed away in tax
havens, once estimates for Hong Kong and Macau are included. Malaysia, Thailand
and Indonesia – all of which have seen high-profile corruption scandals in
recent years – also come high on the list of the worst-affected countries.
Henry, a former chief economist at consultancy
McKinsey, told the Guardian his research underlined the fact that tax-dodging
was not the only motivation for using tax havens – criminals and kleptocrats
also made prolific use of their services to keep their wealth secret and their
money safe.
2 Greece passes tax and pension reforms (BBC) Greece's
parliament has passed a package of tax and pension reforms, ahead of a crucial
meeting of Eurozone finance ministers on Monday. Controversial austerity
measures could unlock more international bailout money for the country,
allowing it to access a loan instalment of €5bn (£4bn).
Before the vote, protesters in Athens threw petrol
bombs at police, who responded with tear gas. Trade unions say the country
cannot bear another round of austerity. Prime Minister Alexis Tsipras said the
bill aimed for a "sustainable" system that would "have social justice
as its core principle", as only 7.5% of pensioners would see a cut in the
money they got.
He said the finance ministers' meeting meant Monday
would be "a very important day" as debt relief for Greece was on the
agenda after "six long years" of austerity discussions. The debate in
Greece's parliament lasted two days as MPs debated whether or not to install
the unpopular pension and tax reforms. They will reduce some pension payouts,
merge several pension funds, increase social security contributions and raise
taxes for those on medium and high incomes.
The leftist Syriza party secured just enough votes
to pass the measures, thanks to the ruling coalition's tiny majority. In a parliament
of 300 seats, it has 153 lawmakers. Mr Tsipras was elected as prime minister on
an anti-austerity ticket but later signed up to Greece's third international
bailout since 2010. Greece agreed to a third rescue package worth €86bn last
year.
The International Monetary Fund and other European
partners are demanding that Greece implement further austerity measures to
generate nearly €4bn in additional savings - contingency money in case Greece
misses future budget targets. Greece is already looking to implement spending
cuts that will amount to 3% of the country's gross domestic product or €5.4bn
euros by 2018.
3 Millennials will be 75% of workforce by 2025
(Khaleej Times) Organisations must act now to address the human capital dilemma
with technology to attract, engage and support the next-generation workforce to
fuel growth, according to a new study.
While millennials are expected to account for 75 per
cent of the global workforce by 2025, business executives are not thinking too
much about recruiting millennials. This is one key insight stemming from a new
research study from Epicor Software Corporation, a global provider of
industry-specific enterprise software, which underscores the need to address
human capital and next-generation workforce requirements to fuel business
growth.
Only 39 per cent said recruiting millennials was a
"fairly significant" or "major" focus for their
organisations, revealing a critical disconnect as "technology
leadership" and a "skilled workforce" were top growth stimulants
identified by those polled-elements that today's highly connected,
technologically advanced millennials can well facilitate.
Fortunately, many organisations are working to
develop the technology infrastructure that is necessary to attract and support
the workforce of the future. Nearly 80 per cent of business leaders surveyed
have made, or are making, investments in integrated IT infrastructure.
What's more, technology is necessary to prepare
businesses for the next iteration of work encompassing robotics and artificial
intelligence. "Today we're talking about workforce strategies concerning
millennials; tomorrow we'll be talking about key considerations in the next
workplace evolution-when millennials meet machines," said Celia
Fleischaker, senior vice president and chief marketing officer of Epicor
Software.
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