Tag Archives: business and government finance

Officials in Switzerland are pushing back on Biden’s ‘tax haven’. | Government. & Politics | Instant News

“The OECD has confirmed this in writing to Switzerland in 2020,” said Roesch. “We reported this to the US Treasury last week, as this is not the first time the new government has made this statement.”

He said Swiss Finance Minister Ueli Maurer would make US Treasury Secretary Janet Yellen aware of the information “as early as possible”.

While Biden is calling for foreign tax havens, anti-corruption activists say the United States should also scrutinize rules that help tax avoidance get closer to home.

The London-based Tax Justice Network last year named the US as the world’s second-largest proponent of financial secrecy, after the Cayman Islands and ahead of Switzerland.

Delaware, the state Biden has represented in the Senate for 36 years, has long had a reputation for allowing wealthy companies and individuals to hide the true beneficiaries of the anonymous shell companies listed there.

Tax Justice Network expert Nick Shaxson said over the years, there have been “outbreaks in both homes” in the US and Switzerland, but each country has also cleaned up its actions in recent years. He specifically cited the waning US reforms. the days of the Trump administration.

“Despite the cleanup, Switzerland is still a tax haven,” said Shaxton, author of “Treasure Islands,” a book on tax havens. Although it has become increasingly difficult for the US or citizens of other developed countries to hide money in Switzerland, it is still fairly easy for people from “weaker” countries to do so, he said.


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ICE Publishes Update on UK Emissions Trading Scheme Ahead of First UK Emissions Auction on 19 May | Business | Instant News

LONDON – (BUSINESS WIRE) – 30 Apr 2021–

Intercontinental Exchange, Inc. (NYSE: ICE), the leading global market data, technology and infrastructure provider, announced today that, ahead of the UK’s first auction of emission allowances for the UK Emissions Trading Scheme (UK ETS) due to commence on 19 May, the Department of Business Strategy, Energy and Industry (BEIS) The UK government has published updated guidance on eligibility criteria for participating in the auction.

Updated guides can be found here. Bidders must register with ICE. Market participants interested in bidding on UK ETS auctions should contact [email protected].

ICE first appointed is hosting emissions auctions on behalf of BEIS following announcements from the UK Government and the Devolved Administration of plans to launch UK ETS to replace UK participation in EU ETS.

Full details of the UK Allowance (UKA) auction, including the auction calendar, can be found here. ICE plans to launch a UKA Futures contract on May 19, coinciding with the launch of its first auction, with UKA Daily Futures following on May 21, subject to regulatory approval. This will be evident at ICE Clear Europe along with the ICE global environmental complex, including European Union Allowances (EUA), California Carbon Allowances (CCA) and California Carbon Offsets (CCOs).

“We believe ETS UK will be very important in supporting the UK’s climate ambitions,” said Gordon Bennett, Managing Director of Utility Markets at ICE. “Reliable and liquid carbon and energy benchmarks are essential for the market to provide an efficient transition from high to low carbon energy generation and carbon trading and captioning programs have proven to be very successful policy tools in reducing emissions.”

ICE offers customers access to the largest and most liquid environmental market in the world. More than 14 gigatons of carbon traded on ICE annually, which is equivalent to about 40% of the world’s total annual energy-related emissions footprint based on current estimates.

ICE has been at the forefront environmental market for nearly two decades. A broad and growing group of stakeholders use price signals from the market and the ICE index to help assess climate transition risks in their portfolios, and access liquidity pools for compliance purposes, manage risk, and allocate capital to benefit from energy transition opportunities.

About the Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes offering our customers access to essential workflow tools that increase operational transparency and efficiency. We operate exchange, including The New York Stock Exchange, and cleaning the house which helps people invest, raise capital, and manage risk across various asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and a platform that helps our customers take advantage of opportunities and operate more efficiently. In ICE Mortgage Technology, we are transforming and digitizing the US residential mortgage process, from consumer engagement to loan registration. Together, we transform, streamline and automate the industry to connect customers with opportunity.

ICE and / or its affiliates’ trademarks include the Intercontinental Exchange, ICE, ICE block design, NYSE and the New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of the Intercontinental Exchange, Inc. and / or its affiliates are located here. The Key Information Documents for specific products covered by EU Packet Retail and Insurance-based Investment Product Regulations can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS)”.

Safe Harbor Statements under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risk and uncertainty. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in these forward-looking statements, see ICE Securities and Exchange Commission (SEC) filings, including, but not limited to, risk factors in ICE’s Annual. Report in Form 10-K for the year ended December 31, 2020, as filed with the SEC on February 4, 2021.


Source: Intercontinental Exchange

See the source version at businesswire.com:https://www.businesswire.com/news/home/20210430005307/en/

CONTACTS: ICE Media Contacts:

Rebecca Mitchell

[email protected]

+44 7951 057351

ICE Investor Contact:

Mary Caroline O’Neal

[email protected]

(770) 738-2151



SOURCE: Intercontinental Exchange

Business Wire Copyright 2021.

PUB: 04/30/2021 08:00 / DISC: 04/30/2021 08:01


Business Wire Copyright 2021.


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Court: Germany must share the climate burden between old, young | Business | Instant News

BERLIN (AP) – In a ruling hailed as groundbreaking, Germany’s top court said Thursday that the government should set clear goals to reduce greenhouse gas emissions after 2030, arguing that existing laws risk placing too much of a burden on curbing climate change. in the younger generation.

The verdict is a victory for climate activists from Germany and elsewhere who – with the support of environmental groups – have filed four complaints with the Constitutional Court arguing that their rights are threatened by a lack of adequate targets over the next decade.

Like other EU countries, Germany aims to reduce emissions 55% below 1990 levels by 2030.The law passed two years ago sets specific targets for sectors such as heating and transportation during that period, but not for the purpose long term from cut emissions to “net zero” by 2050.

The 2019 regulation “permanently pushes the burden of a very high emission reduction to the period after 2030,” the judge said in his decision.

The Court supports the argument that the goal of the 2015 Paris climate agreement is to keep global warming below 2 degrees Celsius (3.6 degrees Fahrenheit), ideally no more than 1.5 C (2.7 F), by the end of this century compared to pre- industry. should become a benchmark for policy makers. He ordered the German government to set new targets from 2030 onwards until the end of next year.

In a striking precedent, the court also acknowledged the idea that Germany had a limited emissions “budget” before the Paris goal became impossible. Although they do not specify how much Germany shares the global carbon budget, scientists say at current levels those emissions could be exhausted in less than a decade.

Lawyer Felix Ekardt, who brought up one of the cases, called the ruling “groundbreaking” for Germany.

“Germany’s climate policy needs to be massively adjusted,” he told reporters.

Roda Verheyen’s fellow lawyers say the decision likely means a German plan to phase out coal use by 2038 needs to be put forward, in order to realistically reach the country’s long-term emissions targets.

“A simple calculator shows that this is necessary,” he said.

Germany has managed to reduce its annual emissions from the equivalent of 1.25 billion tonnes of carbon dioxide in 1990 to around 740 million tonnes last year – a reduction of more than 40%.

The current target will require cutting 178 million tonnes by 2030, but reductions of 281 million tonnes in each of the following decades.

The judges said it would be wrong to let one generation “use up a large chunk of the CO2 budget with a relatively light abatement burden, if it simultaneously means that the next generation is left with a radical abatement burden and their lives are faced with comprehensive limitations of freedom. “

Climate activists expressed joy at the verdict.

“With today’s decision, generational justice has been achieved,” said plaintiff Luisa Neubauer, a member of the Fridays for Future group. “Because our freedom and future rights are no less important than the rights and freedoms of the current generation.”

Germany’s main industry lobby group, BDI, is calling for transparent and viable targets to give companies the assurance needed to plan and develop new technologies and make the investments needed to shift from fossil fuels to carbon-free alternatives.

Environment Minister Svenja Schulze said after his decision that he would propose new measures for Europe’s biggest economy in the coming months.

The court’s decision is unanimous in the hands of the environmental activist party Green, which leads in several polls ahead of Germany’s national elections on Sept. 26.

Annalena Baerbock, the Green Party candidate to replace Angela Merkel as chancellor, called for “concrete action, here and now.”

He said the Greens wanted to double the rate of expanding wind parks, solar fields and other renewable energy sources over the next five years, banning the sale of new combustion-engine vehicles from 2030, advancing the deadline for ending coal. use and set additional emission targets after 2030.

The UK earlier this month announced it would reduce emissions by 78% from 1990 levels by 2035, the most ambitious target of any industrialized country. The UK is to host this year’s international climate summit in Glasgow in November.

Christiana Figueres, who as UN climate chief played an important role in negotiating the Paris accord, said the unanimous ruling from a German court made clear the need to accelerate efforts to reduce emissions.

“We need to focus on short-term mitigation and emission reduction,” he said, adding that this urgency was reflected in last week’s climate summit hosted by President Joe Biden, who announced doubling US targets for 2030, now aims to reduce emissions by 52% from 2005 levels.

The case law in Germany is part of a global effort by climate activists to force governments to take urgent action to tackle climate change.

One of the first cases brought in Netherlands, in which the Supreme Court two years ago confirmed a decision requiring the government to reduce emissions by at least 25% by the end of 2020 from benchmark 1990 levels.

In February, a Paris court ruled that out the French government has failed to take adequate action to fight climate change in the case brought by four nongovernmental organizations.


Follow AP climate coverage on https://apnews.com/Climate

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.


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European Parliament to highlight post-Brexit trade deal | World | Instant News

By SAMUEL PETREQUIN Associated Press

BRUSSELS (AP) – EU lawmakers are set to officially ratify the post-Brexit deal between the EU and the UK amid ongoing tensions between London and Brussels over Northern Ireland’s trade rules.

The agreement, which was finalized on Christmas Eve, has been ratified by the UK Parliament and is conditionally entered into force pending the approval of the European Parliament.

Due to disagreements over how to implement trade rules in Northern Ireland, some EU legislators previously threatened to withhold ratification votes, but most lawmakers supported the deal.

Voting results will be announced on Wednesday, nearly five years after British voters decided to withdraw from the bloc.

“This deal is not good because Brexit is not good. The situation is also complicated because we can’t be sure how trustworthy the British government really is, “said Terry Reintke, vice president of the Greens / EFA group at the European Parliament.” However, this agreement can be a starting point for reconstructing what we lost to Brexit. “

Top EU officials and their British counterparts have so far failed to find common ground in implementing the so-called Northern Ireland protocol, which is designed to circumvent the tough border between Northern Ireland and EU member Ireland, and to ensure the bloc’s integrity. single market.


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Australia rules out adding J&J vaccine to inoculation plans | World | Instant News

But the government shrugged off the target after notifying last week that Pfizer is now the preferred choice for people under 50 because of the potential risk of rare blood clots associated with AstraZeneca.

A man in the state of Victoria who received an injection of AstraZeneca on March 22 had to be hospitalized for a blood clot. The second case was reported Tuesday of a woman who was inoculated in the state of Western Australia and admitted to hospital in Darwin, regulators said in a statement.

With 700,000 doses of AstraZeneca injected in Australia since early March, the two cases are equivalent to a frequency of freezing 1-in-350,000, regulators said. British authorities say the risk of such blood clots is 1 in 250,000 in the country.

The government has doubled Pfizer’s orders to 40 million doses and Hunt said shipments of an additional 20 million doses were expected in the last three months of 2021.

“That means a significant sprint for those who weren’t vaccinated by then,” said Hunt, referring to the government’s hopes of having the population inoculated this year.

Australia hopes to deliver 4 million doses of the two vaccines by the end of March, but only injected 1.2 million doses on Monday.

An 80-year-old Australian man on Monday became Australia’s first COVID-19 death this year and 910 since the pandemic began.


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