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Canadian Conservative Leader Pierre Poilievre has pledged to review the capital gains tax hike if elected prime minister, but he has not committed to repealing the measure. Poilievre, whose party is leading in the polls ahead of an expected 2025 election, stated that he would include the tax hike in a review of the tax system within 60 days of taking office. However, he has not yet decided whether he would roll back the capital gains move. Poilievre has also promised a tax reform task force that would lead to income tax cuts for the working and middle classes, as well as a crackdown on offshore tax havens. He aims to boost Canada's productivity by cutting taxes and making the country more attractive for investment. [Extracted from the article]

Canadian Conservative Leader Pierre Poilievre has announced that he will vote against the government's proposal to raise the capital gains tax inclusion rate. This decision has put an end to speculation about where he stands on the issue. Poilievre has promised to advocate for workers and not the business establishment, and he has also pledged to create a new tax cut that would reduce the share of taxes paid by the poor and middle class. However, he did not provide further details on which taxes he would cut and did not explicitly promise to reverse the capital gains hike. The government's proposal to increase the capital gains tax inclusion rate aims to fund policies for housing construction and school food programs, but Poilievre argues that it will drive investments and jobs out of the country. [Extracted from the article]

Canadian Conservative Leader Pierre Poilievre has announced that he will vote against the government's proposal to raise the capital gains tax inclusion rate. While the vote is still expected to pass with the support of the New Democratic Party, Poilievre's statement clarifies his position on the issue. He has promised to advocate for workers and not the business establishment, and if elected, he would create a new tax cut that reduces the share of taxes paid by the poor and middle class. The statement did not provide further details on the specific taxes Poilievre would cut, and it did not explicitly pledge to reverse the capital gains hike. [Extracted from the article]

President Javier Milei of Argentina has reiterated his controversial campaign promise to close the country's central bank. Despite doubts about his commitment, Milei stated that the institution will be shut down "sooner or later." He also predicted that December's inflation figure will be below 30%, showcasing the success of his economic team. However, Argentina's annual inflation rate is still expected to surpass 200%, making it the country with the highest consumer price gains in Latin America. Milei's decision to abandon some of his more extreme advisers and his staff-level agreement with the International Monetary Fund suggest a potential moderation of his ambitions. [Extracted from the article]

Senate Democrats, in a framework outlining international tax proposals, suggested the global rate should be three-quarters of the domestic rate, which would put the global rate at 18.75% if the domestic rate is 25%. Keywords: ALLTOP; BUSINESS; ECOTOP; EXE; GEN; GOV; LAW; NORTHAM; TOP; US; WORLD; WWTOP; WWTOPAM; WWTOPEU EN ALLTOP BUSINESS ECOTOP EXE GEN GOV LAW NORTHAM TOP US WORLD WWTOP WWTOPAM WWTOPEU Treasury Secretary Janet Yellen will have to manage two separate sets of delicate negotiations this fall around a global corporate-tax accord, each with clashing deadlines that could threaten the ultimate success of the deal. [Extracted from the article]

Keywords: 1147L; 13347Z; PFAVH@CB; ALLTOP; BON; BUSINESS; CONS; CONSD; COS; EUROPE; FRX; GOV; INDUSTRIES; LIFESTYLE; MARKETS; NORTHAM; TEC; TOP; TRAVEL; US; WORLD; WWTOP; WWTOPAM EN 1147L 13347Z PFAVH@CB ALLTOP BON BUSINESS CONS CONSD COS EUROPE FRX GOV INDUSTRIES LIFESTYLE MARKETS NORTHAM TEC TOP TRAVEL US WORLD WWTOP WWTOPAM There's still at least one thing Americans do better than anyone else in the world: Corporate bankruptcies. Filing Spike At least a dozen big foreign corporations, including airlines, oil drillers and satellite companies, filed bankruptcy cases last year in the U.S., according to court records and a law school tally. [Extracted from the article]

Terry Smith, a popular money manager in the UK, experienced a decrease in pay for the first time since 2016 due to a decline in assets and profits. His firm, Fundsmith LLP, saw a 14% decrease in profit to £50 million and an 8% decrease in assets under management to £36.4 billion as clients withdrew their money. The firm's flagship Fundsmith Equity fund, which manages £23 billion, had its first slowdown in over a decade, with a 3% return in the latest financial year. However, the earnings statements do not provide a complete picture of the firm's operations. Smith has also been moving his interests away from Britain through legal entities in tax havens, such as Seychelles, and has transferred most of his stake in his asset manager to a trust in Seychelles. He has been sending a larger portion of his wealth to Mauritius since 2015, making payments of hundreds of millions of pounds to a company based on the island. Despite the decrease in pay and assets, Smith still manages smaller funds in the UK and a vehicle for private investors in Mauritius. [Extracted from the article]

Billionaire money manager Terry Smith experienced his lowest payday in seven years, with his funds seeing a decline in assets and profits. Smith, who manages the UK's largest retail equity fund and resides in Mauritius, received £31.1 million ($38.2 million) in the past year, down from £36.4 million. Fundsmith LLP, the firm he manages, reported a 14% decrease in profit to £50 million and an 8% decrease in assets under management to £36.4 billion. The firm's flagship Fundsmith Equity fund, which manages £23 billion, had its first slowdown in over a decade, returning only 3% in the latest financial year. However, the earnings statements do not provide a complete overview of the firm's operations. It was previously reported that Smith became a billionaire and has moved his interests away from Britain through legal entities in tax havens, leading to a trust in Seychelles. Smith has also transferred a significant portion of his wealth to Mauritius since 2015. The firm's turnover dropped from £358.1 million to £278.5 million. [Extracted from the article]

"Uruguay made a conscious decision to be a services hub", Castilla says. JHSF is expanding its Fasano las Piedras gated community near Punta del Este, where homes can sell for several million dollars. (Bloomberg Businessweek) -- At the Atlantic resort of Punta del Este in Uruguay, signs of an influx of wealthy residents are everywhere. [Extracted from the article]

"We welcome the IRS's conclusion of its audit phase which will provide us with the opportunity to work through these issues at IRS Appeals, a separate division of the IRS charged with resolving tax disputes." (Bloomberg) -- Microsoft Corp. will appeal a decision by the US Internal Revenue Service that the software maker owes at least $28.9 billion in taxes related to how it allocated income and expenses among global subsidiaries from 2004 to 2013. [Extracted from the article]

(Bloomberg) -- US authorities are looking into what representations Adani Group made to its American investors following a scathing short seller's report that accused the company of using offshore companies to secretly manipulate its share prices. A spokesperson for Ahmedabad, India-based Adani Group said it was not aware of any subpoenas to investors. [Extracted from the article]

A spokesperson for Ahmedabad, India-based Adani Group said it was not aware of any subpoenas to investors. (Bloomberg) -- US authorities are looking into what representations Adani Group made to its American investors following a scathing short seller's report that accused the company of using offshore companies to secretly manipulate its share prices. [Extracted from the article]

A spokesperson for Ahmedabad, India-based Adani Group said it was not aware of any subpoenas to investors. (Bloomberg) -- US authorities are looking into what representations Adani Group made to its American investors following a scathing short seller's report that accused the company of using offshore companies to secretly manipulate its share prices. [Extracted from the article]

Adani Group and SEBI did not respond to emails seeking comments on the court-led scrutiny and the panel's report. (Bloomberg) -- India's top court and markets regulator are facing their biggest opportunity to show the country's determination to police its most powerful companies as they investigate the bombshell allegations lobbed at the Adani Group by Hindenburg Research. [Extracted from the article]

The court had also asked the Securities and Exchange Board of India, or SEBI, in early March to separately investigate Hindenburg's accusations of corporate fraud, which the group has denied. (Bloomberg) -- India's top court and markets regulator are facing their biggest opportunity to show the country's determination to police its most powerful companies as they investigate the bombshell allegations lobbed at the Adani Group by Hindenburg Research. [Extracted from the article]

Varadkar noted that it could help Ireland avoid the kinds of spending cuts and tax hikes the country faced following the 2008 financial crisis. (Bloomberg) -- The European Union doesn't want to get "stuck in the middle" of a dispute between the US and China and should take a more unified stance toward the competition between the two powers, according to Ireland's Prime Minister. [Extracted from the article]

(Bloomberg) -- The European Union doesn't want to get "stuck in the middle" of a dispute between the United States and China and should take a more unified stance toward the competition between the two powers, according Ireland's Prime Minister. Varadkar also addressed the Irish government's recent statement about surging corporate tax income, which is expected to help the country widen its budget surplus to €10 billion ($11 billion) this year and to €16.2 billion in 2024. [Extracted from the article]

(Bloomberg) -- The European Union doesn't want to get "stuck in the middle" of a dispute between the United States and China and should take a more unified stance toward the competition between the two powers, according Ireland's Prime Minister. Varadkar noted that it could help Ireland avoid the kinds of spending cuts and tax hikes the country faced following the 2008 financial crisis. [Extracted from the article]

But in the world of equity capital markets, where the largest exchanges of shares tend to occur, it's become the standard way of doing business during periods of uncertainty. (Bloomberg) -- Bankers are increasingly using confidential talks with investors to ensure that their US initial and secondary public offerings are successful as market conditions become more challenging. "The mistake that was made in the SVB offering was that they announced their capital need publicly before they had secured capital", said Steve Maletzky, head of equity capital markets at William Blair & Co. ©2023 Bloomberg L.P. [Extracted from the article]

Mauritius Services In recent years, Fundsmith's annual statements include a reference to a Mauritius-based company called Fundsmith Investment Services Ltd. (FISL), which has been charging the UK asset manager ever-larger sums for "services" or "delegated services", without any additional detail. (Bloomberg) -- He's been dubbed Britain's Warren Buffett, an old-fashioned and hugely popular stock picker who tells people to invest in companies they understand. [Extracted from the article]

The yield on US two-year bonds - among the most sensitive to policy changes - fell more than 20 basis points on Friday and is down over 40 basis points since the Fed decision on Wednesday. UK government bonds also got a boost from the Bank of England's decision to hike its policy rate by a quarter-point while saying inflation in the second quarter may be lower than previously expected. US swap rates linked to policy meeting dates show traders are betting on rates being reduced later this year even as Fed Chair Jerome Powell insisted Wednesday that cuts are not his "base case.". [Extracted from the article]

(Bloomberg) -- Silicon Valley Bank's collapse and the ensuing market chaos could have been mitigated if its last-gasp $1.3 billion stock offering had been more fully negotiated in secret, dealmakers say. "The mistake that was made in the SVB offering was that they announced their capital need publicly before they had secured capital", Maletzky said. [Extracted from the article]

A stronger dollar is negative for commodities like bullion that are priced in the US currency. (Bloomberg) -- Gold rose above $2,000 an ounce for the first time in more than a year after banking crises in the US and Europe triggered a return to haven buying. [Extracted from the article]

(Bloomberg) -- Silicon Valley Bank's collapse and the ensuing market chaos could have been mitigated if its last-gasp $1.3 billion stock offering had been more fully negotiated in secret, dealmakers say. In fact, to Steve Maletzky, head of equity capital markets at William Blair & Co., the deal failed because SVB publicly introduced risk to depositors and investors by announcing a need for capital. [Extracted from the article]

Analysts point to state-owned lenders' relatively stable asset quality and strong government support for their outperformance. (Bloomberg) -- Immunity from external volatility is benefiting Chinese lenders as investors rush to safety amid a spiraling global banking crisis. [Extracted from the article]

(Bloomberg) -- Economist Nouriel Roubini has partnered with Goldman Sachs Group Inc. to launch the first in a suite of planned financial products that offer investors an alternative safe haven in a big market crash. "Traditional safe haven assets are long-duration dollar fixed income instruments such as long-dated Treasuries", Roubini said in an interview. [Extracted from the article]

(Bloomberg) -- Gold jumped the most in a day's trading since November as Silicon Valley Bank's collapse led investors to seek haven in bullion and concerns surrounding the financial industry mount. Read More: Copper, Gold Tells Us Market Thinks Fed's Job Got Harder Spot gold added 2.4% to $1,914.05 an ounce as of 4:20 p.m. in New York. [Extracted from the article]

The bank failure has also driven a massive shift in expectations for more hikes by the Fed, with swaps markets now seeing no more increases this year as the most likely outcome. (Bloomberg) -- Gold extended gains and copper dropped as the collapse of Silicon Valley Bank soured risk sentiment and curbed expectations for more aggressive rate hikes by the Federal Reserve. [Extracted from the article]

US data released late last week painted a mixed picture of the economy as the Federal Reserve mulls picking up the pace of interest-rate hikes. (Bloomberg) -- Gold kept rising in Asia - after jumping 2% on Friday - as investors flocked to havens following the collapse of a US bank, while base metals also gained amid increasing bets that the Federal Reserve will scale back interest-rate hikes. Bullion climbed to a one-month high and base metals pushed higher as the dollar and Treasury yields slumped on speculation the Fed will slow the pace of interest-rate hikes. [Extracted from the article]

(Bloomberg) -- Gold kept rising in Asia - after jumping 2% on Friday - as investors flocked to havens following the collapse of a US bank. Inflation figures due Tuesday may be critical in determining the central bank's next move, while the SVB fallout is also likely to have an impact. [Extracted from the article]

That's the view of Mitsubishi UFJ Morgan Stanley Securities Co. and RBC Capital Markets, who see a risk US sovereign debt will relinquish its biggest two-day gain since the onset of the pandemic after authorities guaranteed access to SVB deposits. (Bloomberg) -- US 10-year Treasury yields may snap back up to 4% as government efforts to quash contagion risks from the collapse of Silicon Valley Bank damp demand for haven assets. [Extracted from the article]

The failure of Silicon Valley Bank - the second-largest collapse of an American lender in history - has spurred nervousness about potential spillover effects across the financial system and prompted regulators to move to protect depositors' funds on Sunday. (Bloomberg) -- Gold kept rising in Asia - after jumping 2% on Friday - as investors flocked to havens following the collapse of a US bank. [Extracted from the article]

Shorter-dated Treasury yields plummeted for a second day and traders shifted expectations for how big the next hike from the Federal Reserve might be, now favoring a quarter-point move at the March meeting instead of a half. (Bloomberg) -- Government bonds surged and stocks slid as signs of distress at a California lender spurred broader worries over the US banking sector's debt holdings. "Broader banking concerns may put question marks behind the pace the Fed is able to raise interest rates", said Christoph Rieger, head of fixed-rate strategy at Commerzbank AG. [Extracted from the article]

(Bloomberg) -- Government bonds surged and stocks slid as signs of distress at a California lender spurred broader worries over the US banking sector's debt holdings. "Broader banking concerns may put question marks behind the pace the Fed is able to raise interest rates", said Christoph Rieger, head of fixed-rate strategy at Commerzbank AG. [Extracted from the article]

(Bloomberg) -- Government bonds surged and stocks slid as signs of distress at a California lender spurred broader worries over the US banking sector's debt holdings. "Broader banking concerns may put question marks behind the pace the Fed is able to raise interest rates", said Christoph Rieger, head of fixed-rate strategy at Commerzbank AG. [Extracted from the article]

(Bloomberg) -- Government bonds surged and stocks slid as signs of distress at a Californian lender spurred broader worries over the US banking sector's debt holdings. "Broader banking concerns may put question marks behind the pace the Fed is able to raise interest rates", said Christoph Rieger, head of fixed-rate strategy at Commerzbank AG. [Extracted from the article]

"Broader banking concerns may put question marks behind the pace the Fed is able to raise interest rates", said Christoph Rieger, head of fixed-rate strategy at Commerzbank AG. Money markets eased rate-hike wagers by as much as 18 basis points, pushing pricing for the terminal rate below 4% for the first time since Feb. 28. [Extracted from the article]

(Bloomberg) -- The tiny island of Mauritius spent years trying to clean up its image as a base for murky money launderers and shell firms. But setting up 38 companies in Mauritius, as Hindenburg alleges Adani did in their report, "looks very abnormal", she said. [Extracted from the article]

(Bloomberg) -- A billionaire and "close" partner of oligarch Roman Abramovich has become the first person to challenge the UK's Russian sanctions regime in a London's court. Shvidler, a British citizen who saw his private jets impounded by the UK, says he's suffered "serious hardships" since being designated last March, and sought to push back against a government minister who dubbed him a Putin crony. [Extracted from the article]

(Bloomberg) -- A billionaire and "close" partner of oligarch Roman Abramovich has become the first person to challenge the UK's Russian sanctions regime in a London's court. The UK said Shvidler has had a "close relationship for decades" with Abramovich and profited from their connections. [Extracted from the article]

Credit Flashes Warning That Ride-or-Die Rally Is Losing Steam The EU has become one of Europe's biggest borrowers in public debt markets since the pandemic struck, and frequently sees hefty demand for its syndicated offerings. (Bloomberg) -- More than $100 billion of orders have flooded in for the European Union's latest bond offering, a sign that investors want the safety of haven assets as they turn pickier on new debt. [Extracted from the article]

Abu Dhabi's International Holding Co., which invested about $400 million in Adani Enterprises Ltd.'s follow-on share sale, said the funds have been returned after the Indian billionaire pulled the deal. On Wednesday, the flagship company of Gautam Adani pulled a record 200 billion-rupee ($2.4 billion) share sale after a selloff triggered by Hindenburg Research's report engulfed his group in turmoil. [Extracted from the article]

The top arrangers - ICICI Securities Ltd., Jefferies Financial Group Inc. and SBI Capital Markets Ltd. - will get half of the total fees, while seven other banks will share the remainder, the people said. (Bloomberg) -- Investment banks are set to receive about 1 billion rupees ($12 million) in total fees after helping Indian tycoon Gautam Adani pull off a closely watched follow-on share sale, according to people familiar with the matter. [Extracted from the article]

(Bloomberg) -- Indian billionaire Gautam Adani pulled off a closely watched $2.5 billion equity sale for his flagship company, earning some reprieve after his empire was rocked by allegations of fraud by short seller Hindenburg Research. The benchmark S&P BSE Sensex has eked out gains over the past two days after tumbling on the Adani allegations last week. [Extracted from the article]

(Bloomberg) -- The record $2.5 billion share sale by Gautam Adani's flagship firm was fully subscribed on the final day, offering Asia's richest man a reprieve after his empire was rocked by allegations of fraud by short seller Hindenburg Research. Adani Group Chief Financial Officer Jugeshinder Singh had said in November that after tapping strategic investors in recent years, the conglomerate was looking for a wider investor base that doesn't mind a company investing in long-term projects that can take time to show returns. [Extracted from the article]

(Bloomberg) -- The selloff in Adani Group shares continued on Tuesday as Asia's richest man seeks to complete a $2.5 billion equity sale by its flagship firm amid the turmoil triggered by short-seller Hindenburg Research. For Adani's sale, retail investors had bid for 4% of the shares on offer to them, while the company's employees bid for 13% of the shares for their category. [Extracted from the article]

Adani Share Sale Fate Hangs in Balance as Rout Hits $75 Billion The additional pledge comes at a time when the tycoon's flagship Adani Enterprises Ltd. is holding a follow-on share sale and trying to boost investor confidence despite Hindenburg's allegations that include Adani Group operating a web of companies in tax havens. (Bloomberg) -- The Adani Group pledged more shares of its ports arm to lenders, reflecting the growing spotlight on the conglomerate's liquidity amid a short seller attack that has wiped out $75 billion from the market value of Gautam Adani's empire. [Extracted from the article]

Investor Bill Ackman earlier said the report is "highly credible" and that there's too much liability exposure for the banks involved in Adani's ongoing share sale. (Bloomberg) -- As the selloff in Adani Group shares goes on, the key question on investors' minds is whether short-seller Hindenburg Research has done enough damage to derail the flagship firm's $2.5 billion equity sale. [Extracted from the article]

Still, Adani Enterprises' shares remain below the floor price set for the follow-on equity sale. (Bloomberg) -- Billionaire Gautam Adani's 413-page attempt to restore confidence in his business empire is falling flat with investors, as stock-market losses deepen and key dollar bonds sink to fresh lows. [Extracted from the article]

Royal families of Gulf states such as Saudi Arabia, the United Arab Emirates and Qatar own more than £1 billion ($1.2 billion) of UK real estate via offshore tax havens like Jersey and the British Virgin Islands, the Guardian newspaper reported. Among the holders of the properties is Sheikh Mansour, the owner of Manchester City football club and the deputy prime minister of the UAE. Gulf Royals Own £1 Billion UK Property Via Tax Havens: Guardian. [Extracted from the article]