Digital services taxes adopted by India, Italy and Turkey discriminate against U.S. companies and are inconsistent with international tax principles, the U.S. Trade Representative’s office said on Wednesday, paving the way for potential retaliatory tariffs, Reuters reported.
North Korea’s leader, Kim Jong-un, admitted on Tuesday that his efforts to rebuild the country’s moribund economy have failed, as he opened his country’s biggest political event amid deepening economic trouble caused by the one-two punch of international sanctions and the coronavirus pandemic, the New York Times reported. “Our five-year economic development plan has fallen greatly short of its goals in almost all sectors,” Mr. Kim said in his opening speech to the ruling Workers’ Party’s eighth congress that began in Pyongyang, the capital, on Tuesday. Mr.
While many have celebrated the start of the New Year filled with hope, one expert believes that 2021 will be difficult for directors, officers, and their advisers due to a projected increase in insolvency claims against them, Insurance Business Magazine reported. “The view from specialists across our network is that while legislative measures… have offered some protection to directors of companies facing financial difficulties, insolvency claims will be a strong driver of D&O risk in 2021,” said Simon Konsta, partner at Clyde & Co. London.
Indian courts may rule in coming months on cases involving billions of dollars in distressed assets, and the decisions could clarify what roles banks play in helping companies devastated by the pandemic, Bloomberg News reported. What may be among the first of the verdicts could also be one of the most important: the Supreme Court may decide within weeks on requests by big borrowers seeking relief on repayments and defaults, in what’s being called the loan moratorium case.
The authorities in Tokyo requested on Monday that restaurants and bars close by 8 p.m. to prevent further spread of the coronavirus, an announcement that came after the Japanese prime minister, Yoshihide Suga, said that the central government would consider declaring a state of emergency in the capital and in three surrounding prefectures for the first time since April, the New York Times reported.
Manufacturers across Europe ended 2020 on a high while Asian factory activity expanded moderately thanks to robust demand in regional giant China, surveys showed, but the prospect of tougher coronavirus curbs clouded the outlook for the recovery, Reuters reported. Despite hopes that vaccination programmes being rolled out will eventually quell the virus, a resurgence of infections is forcing many countries to reimpose strict controls on economic activity, possibly hurting large exporters such as China and Germany.