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HONG KONG, June 27 (Reuters) - A series of brutal attacks in Hong Kong is shining a light on mental health in a city that has suffered from particularly acute strains while lacking sufficient resources to provide proper care for all who need it, mental health groups say. A city government spokesman, asked about the state of mental health, referred Reuters to a meeting the administration organised this month aimed at exploring more ways to address mental health problems and support people who suffer from severe mental disorders. Mental health experts point to the COVID-19 pandemic as a major factor in the increase in mental health issues, as it has been in many places. 'EXHAUSTION'Judy Blaine, a researcher and consultant on mental wellbeing, says it is the compounding of stresses that takes a toll on Hong Kong's people. Carol Liang, deputy CEO of the group Mind Hong Kong, said waiting times for cases deemed non-urgent can be as long as 90 weeks in the Hospital Authority system.

Persons: Abby Choi, Judy Blaine, Hong, Blaine, Carol Liang, Hong Kong, Farah Master, Anne Marie Roantree, Robert Birsel Organizations: Hong Kong Foundation, Organization, Reuters, Hospital Authority, Organisation for Economic Cooperation, Development, Thomson Locations: HONG KONG, Hong Kong, Beijing, Hong

☆ Swiss referendum set to back global minimum corporate tax, climate goals
▼ + stars: | 2023-06-18 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

SummarySummary Companies Swiss set to back 15% minimum business taxMinimum tax backed by business groupsClimate law, rejected in 2021, set to passExtension to COVID-19 law also set to win approvalZURICH, June 18 (Reuters) - Swiss voters looked set to approve proposals to introduce a global minimum tax on businesses and a climate law that aims to cut fossil fuel use and reach zero emissions by 2050, projections by public broadcaster SRF showed on Sunday. The projections, based on counted votes, showed 88% of those who voted in Sunday's national referendum backed raising the country's business tax to the 15% global minimum rate from current average minimum of 11%, while 55% supported the climate law. In 2021, Switzerland joined almost 140 countries that signed up to an Organisation for Economic Cooperation and Development (OECD) deal to set a minimum tax rate for big companies, a move aimed at limiting the practice of shifting profits to low tax countries. The climate law, brought back in a modified form after it was rejected in 2021 as too costly, has stirred up more debate with those campaigning against it gaining traction in recent weeks. We want the additional tax revenue to stay in the country, and be used to improve its attractiveness for businesses," said Christian Frey, from Economiesuisse, a lobby group.

Persons: SRF, Christian Frey, Noele Illien, John Revill, Emma Farge, Tomasz Janowski, Frances Kerry, Hugh Lawson Organizations: ZURICH, Economic Cooperation, Development, Google, Nestle, Reuters Graphics, Thomson Locations: COVID, Switzerland, Economiesuisse

High debts, rising interest rates and a wilting economy has produced a toxic cocktail for Sweden's commercial property companies, with several cut to junk by rating agencies. Sweden and Germany are among the worst affected by a widening property slump on the continent, according to Eurostat. Swedish officials are worried that banks could compound property companies' troubled by cutting credit, triggering firesales that would further drag down the market. Financial markets minister Wykman said he had held discussions with banks, property companies and investors about the entire commercial property market. This week, analysts at JP Morgan said big banks in Sweden, which had 1 trillion Swedish crowns of property exposure, were 'ill-prepared' for losses.

Persons: Niklas Wykman, Wykman, Ilija Batljan, Batljan, JP Morgan, Finland's, SEBa.ST, Chiara Elisei, Sinead Cruise, John O'Donnell, Toby Chopra Organizations: Organisation for Economic Cooperation, Development, Financial, Reuters, Eurostat, OECD, Reuters Graphics, SBB, JP, Thomson Locations: STOCKHOLM, FRANKFURT, Europe, Sweden, Germany, Stockholm, Swedish, Spain, Ireland, London

☆ Analysis: Global tax deal at risk as first pillar teeters
▼ + stars: | 2023-06-16 | by ( Leigh Thomas | ) www.reuters.com time to read: +5 min

Reuters GraphicsDIGITAL SERVICE TAXWhile the global minimum tax was always expected to bring in far more revenue, the collapse of plans to redistribute taxing rights would not come without consequences. The Biden administration backed the deal in 2021 in part because it requires other countries to abandon existing or planned digital services taxes targeting big U.S. tech groups. France, which the Trump administration hit with tariff action over its digital services tax before the Biden administration suspended it, has said that it will keep the tax in place as long as Pillar I of the deal is not resolved. Against that background, U.S. companies are eager to see progress on a multilateral solution that would get rid of unilateral digital services taxes. U.S. Treasury Secretary Janet Yellen told CNBC last week that the bill had little chance of passing and that the United States would get on board with the global minimum.

Persons: Peter Barnes, Biden, Trump, Megan Funkhouser, Janet Yellen, Barnes, Leigh Thomas, Christian Kraemer, David Lawder, Catherine Evans Organizations: PARIS, Google, Fiscal Association, Republican, U.S . Congress, Economic Cooperation, Development, Reuters, OECD, Information Technology Industry Council, Republicans, Treasury, CNBC, Trump, Thomson Locations: United States, Paris, France, Washington, U.S, United, Berlin

☆ Low-tax Switzerland votes on global minimum corporate tax rate
▼ + stars: | 2023-06-14 | by ( John Revill | ) www.reuters.com time to read: +4 min

In 2021 almost 140 countries including Switzerland agreed to an Organisation for Economic Cooperation and Development (OECD) deal to ensure large companies pay a minimum tax rate of 15%, to prevent them trying to avoid taxation by transferring profits to low tax countries. Reuters GraphicsEach of Switzerland's 26 cantons can set its own corporate tax rate, but the federal government would impose a top-up tax to ensure companies are paying 15 percent, raising up to 2.5 billion Swiss francs ($2.76 billion) in tax revenue. She said last month, "this minimum tax is coming, with or without Switzerland." Swiss Holdings, a group representing 62 multinationals in Switzerland including Nestle, Johnson & Johnson, and IKEA, supported the minimum tax. Stefan Kuhn, Head of Tax and Legal at KPMG Switzerland, said the top-up tax "gives cantons the money to do something smart to remain competitive."

Persons: Arnd, Fabian Molina, Karin Keller, Johnson, Christian Frey, Stefan Kuhn, Kuhn, John Revill, Alexandra Hudson Organizations: REUTERS, Switzerland Broad, Economic Cooperation, Development, GFS, Google, Nestle, Reuters, Union, Social Democrats, Sutter, OECD, Swiss Holdings, Johnson, IKEA, KPMG Switzerland, Alexandra Hudson Our, Thomson Locations: Bernese, Lake Zug, Zug, Switzerland, ZURICH, Swiss, GFS Bern, Germany, Japan, Basel, Economiesuisse

☆ Oil prices rise as Saudi output cuts outweigh weak demand signals
▼ + stars: | 2023-06-07 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

U.S. crude stocks fell by about 450,000, according to data from the Energy Information Administration, compared with estimates for a 1 million build. Diesel inventories rose by 5.1 million barrels, while markets had estimated a build of 1.33 million. Gasoline inventories also rose more-than-expected at 2.8 million barrels, compared with estimates for a build of 880,000 barrels. Wednesday's data also showed that crude oil imports into China, the world's largest oil importer, rose to their third-highest monthly level in May as refiners built up inventories. A weaker greenback helps demand as oil becomes cheaper for foreign buyers.

Persons: Dennis Kissler, refiners, Morgan, Arathy Somasekhar, Ahmad Ghaddar, Yuka Obayashi, Muyu Xu, David Goodman, Mark Potter, Bernadette Baum, Sharon Singleton Organizations: Brent, U.S, West Texas, Saudi, OPEC, BOK Financial, Energy Information Administration, Federal, Organisation for Economic Cooperation, Development, Thomson Locations: HOUSTON, Saudi, China, Houston, London

☆ OECD sees limited growth pick-up as rate hikes weigh
▼ + stars: | 2023-06-07 | by ( Leigh Thomas | ) www.reuters.com time to read: +3 min

Growth would then accelerate only slightly next year to 2.9% - unchanged from March's forecast - as the impact of rate hikes by major central banks over the last year increasingly drags on private investment, starting with housing markets. The U.S. Federal Reserve's main interest rate was seen peaking soon at 5.25-5.5%, with "modest" rate cuts in the second half of 2024. The OECD forecast the U.S. economy would grow 1.6% this year before slowing to 1% in 2024, with the lagged effect of rate hikes hitting the world's biggest economy particularly hard. In March, the OECD saw growth of 0.8% in 2023 and 1.4% in 2024. Similarly, UK growth was seen rising from 0.3% in 2023 to 1% in 2024 as real income growth starts to improve.

Persons: nudging, Leigh Thomas, Mark Potter, Bernadette Baum Organizations: OECD, Organisation for Economic Cooperation, Development, World Bank, Reuters, U.S, Federal, ECB, The Bank of Japan, Thomson Locations: Central, PARIS, Paris

☆ Morning Bid: Fearless VIX, China miss, Canada hike?
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +4 min

Wall St's 'fear index', the VIX (.VIX) gauge of implied S&P500 equity volatility, closed below 14 on Tuesday for the first time since February 2020 - more than 5 points below its 33 year average. What's more, the OECD saw Fed rates peaking after just one more hike to the 5.25-5.5% range and "modest" cuts next year. Oil prices remain lower on the week despite new Saudi output cut plans and year-on-year prices are still falling at 36%. Events to watch for later on Wednesday:* Bank of Canada key policy interest rate announcement* U.S. April trade balance. Federal Reserve issues Consumer Credit report for April* Britain's Prime Minister Rishi Sunak travels to Washington to meet with U.S. President Joe Biden* U.S. corporate earnings: Campbell Soup, Brown-FormanReuters GraphicsReuters GraphicsReuters GraphicsReuters GraphicsBy Mike Dolan, Editing by Louise Heavens <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.

Persons: Mike Dolan, you'd, eked, Tayyip Erdogan, Mehmet Simsek, Rishi Sunak, Joe Biden, Campbell, Brown, Forman, Louise Heavens Organizations: U.S, Organisation for Economic Cooperation, Development, World Bank, OECD, Bank of Canada, Canadian, Bank of, Federal, Britain's, Forman Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, York, Saudi, Asia, Bank of Canada, Washington

OECD senior tax official John Peterson declined to comment about the outcome of the meeting, citing confidentiality rules. However, he said if one country compensates a multinational with "targeted benefits, for example in the form of grants or tax credits" it would no longer be able to raise revenues from a top-up tax. In that case, the company "will simply be subject to additional top-up tax, equal to the same amount, in another jurisdiction." Decisions on compensation would be taken case by case and no direct link would be established between handouts and the top-up tax, the source added. Asked whether the planned rules could be considered a direct subsidy to offset multinationals' higher taxes, the OECD declined to comment as Vietnam's plans had not been finalised.

Persons: John Peterson, Nguyen Thanh Lam, Francesco Guarascio, Phuong Nguyen Organizations: OECD, Economic Cooperation, Development, Vietnam, Reuters, Samsung Electronics, Intel, Samsung, Thomson Locations: Vietnam, HANOI, China, Hanoi, Korea, handouts

HANOI, May 30 (Reuters) - Samsung and other foreign companies are pushing Vietnam to introduce a multi-million-dollar reform that would compensate them for higher levies they face from next year under a global overhaul of tax rules, a source involved in the talks said. The discussions precede the introduction from January of a minimum tax rate of 15% for large multinationals under a landmark global reform led by the Organisation for Economic Cooperation and Development (OECD). The global rule requires companies paying less in a low-tax jurisdiction to face a top-up levy in their home country. Samsung's tax rate varies by district, and ranged between 5.1% and 6.2% in 2019 in the two northern provinces where it produces smartphones, according to government data cited by local media. Smaller companies that are not within the scope of the new global rules may also receive handouts, the source said.

The agreement came after the European Union, which participates in the G7, inched closer this month to passing legislation to regulate AI technology, potentially the world's first comprehensive AI law that could form a precedent among the advanced economies. The G7 leaders said they "need to immediately take stock of the opportunities and challenges of generative AI", a subset of the technology popularised by the ChatGPT app. A month later, EU lawmakers urged world leaders to find ways to control AI technologies, saying they were developing faster than expected. The United States so far has taken a cautious approach on governing AI, with President Joe Biden last month saying it remained to be seen whether AI is dangerous. While acknowledging differences on how AI should be regulated, the G7 leaders agreed on Friday to create a ministerial forum dubbed the "Hiroshima AI process" to discuss issues around generative AI, such as copyrights and disinformation, by the end of this year.

☆ Pension reform defiance brings new blood to French trade unions
▼ + stars: | 2023-05-18 | by ( Leigh Thomas | ) www.reuters.com time to read: +5 min

Interest is growing among younger and private sector workers, where unions tend to be less well represented. Vacheron said that more than 30% of the CGT's recent joiners were under the age of 35 while 70% were coming from the private sector, which traditionally is dominated by the CFDT. "Since the retirement reform is contested by the young and old, public and private sector workers, they see a utility in belonging to unions, unions are attractive," Vacheron said. "Unions are rebuilding themselves from the ground up through recruitment and not only street protests," sociologist Michel Wieviorka said. Labour relations consultant Stephanie Matteudi-Lecocq said that the momentum coming from pension reform pushback could ultimately put unions back on more solid footing in companies.

LONDON, May 12 (Reuters) - Global commercial oil inventories were close to their long-term seasonal average at the end of the first quarter of 2023 following massive releases from the U.S. Strategic Petroleum Reserve (SPR) over the previous 12 months. In the countries of the Organisation for Economic Cooperation and Development (OECD), commercial stocks of crude and refined products stood at 2,804 million barrels at the end of March (“Short-Term Energy Outlook”, EIA, May 12). Commercial petroleum inventories had increased by 200 million barrels compared with the same month a year earlier but over the same time the U.S. SPR was depleted by 195 million barrels. The progressive normalisation of inventories took the upward pressure off oil prices and calendar spreads over the past year. Related columns:- Oil market has absorbed surprise production cut by OPEC⁺ (April 26, 2023)- Oil market has fully absorbed impact of Russia's invasion of Ukraine (March 9, 2023)John Kemp is a Reuters market analyst.

Vaping involves heating a liquid that contains nicotine in an e-cigarette which is vaporized and inhaled by the user. “Vaping was sold to governments and communities around the world as a therapeutic product to help long-term smokers quit,” Butler said. “It was not sold as a recreational product – in particular not one for our kids. Vaping concerns across the worldResearchers have found links between nicotine addiction among adolescents and children as a result of increased vaping habits. Meanwhile, the United Kingdom is also tackling high-levels of youth vaping but is pushing it as an alternative to help long-term smokers quit.

The case for investing in India — a nation of 1.4 billion — is clear, and only bolstered by recent geopolitical shifts. As Western leaders look to boost economic cooperation with countries that share similar values, India, the world’s largest democracy, stands to gain. Arun Sankar/AFP/Getty ImagesIndia’s so-called “demographic dividend,” the potential economic growth arising from a large working-age population, represents a major opportunity. A recent Air India order for more than 200 Boeing planes could support more than 1 million American jobs. One consistent with our democratic values, and another not.”‘Economic miracle?’Beyond geopolitics, India’s economic and demographic fundamentals are driving business interest.

☆ Explainer: Macron pension reform ends cherished French exception
▼ + stars: | 2023-04-18 | by ( Leigh Thomas | ) www.reuters.com time to read: +5 min

CAN THE FRENCH RETIRE EARLIER THAN OTHERS IN EUROPE? French pension payments as a share of pre-retirement earnings are comfortably higher than elsewhere. That is nearly double the OECD average of 7.7%, with only Italy and Greece spending more than France. In France the average effective age people leave the labour market is 60.4, well below the OECD average of 63.8. Macron's government says that raising the retirement age will plug a 13.5 billion euro shortfall the pension system would otherwise be running by 2030.

☆ Italy can cut massive public debt with migrant inflows, Treasury data shows
▼ + stars: | 2023-04-13 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

The Treasury estimates that a 33% increase in registered migrants in Italy would lead to a fall in public debt in 2070 by "over 30" percentage points more compared to a no-migrants-growth scenario. "Given the demographic structure of migrants entering Italy, the effect on the resident population of working age is significant," the Treasury said. The DEF also said migrant inflows can offset the negative impact on public debt of a shrinking population. Births in Italy dropped to a new historic low below 400,000 in 2022, national statistics bureau ISTAT said last week. Italy's public debt is targeted in the DEF to fall to 140.4% of gross domestic product (GDP) in 2026 from 142.1% this year.

☆ OECD hikes growth outlook, but warns recovery fragile
▼ + stars: | 2023-03-17 | by ( Leigh Thomas | ) www.reuters.com time to read: +3 min

After growth last year of 3.2%, the world economy is on course to expand 2.6% as central bank tightening takes full effect, the Organisation for Economic Cooperation and Development said in its interim economic outlook. The Paris-based organisation raised its forecast for global growth from 2.2% in its last Economic Outlook in November, citing a decline in energy and food prices and China's easing of its anti-COVID restrictions. Setting aside turmoil in financial markets following SVB's failure and continued worries about Swiss lender Credit Suisse, the European Central Bank hiked interest rates by a further half percentage point on Thursday to fight inflation. The OECD forecast that U.S. economic growth would slow from 1.5% this year to 0.9% next year as higher interest rates cooled demand. The OECD had previously forecast 0.5% and 1.4% growth respectively.

☆ Growth is slowing in Indonesia and events thousands of miles away are playing a part
▼ + stars: | 2023-03-16 | by ( Sponsor Post | Created Insider Studios With Fcdo | ) www.businessinsider.com time to read: +6 min

However, Russia's invasion of Ukraine, which has dented economies around the world, is contributing to growth slowing down in Indonesia. The food sector has been strongly affected by the war in Ukraine, which has disrupted wheat and fertilizer imports into Indonesia. After recording economic growth of 5.3% in 2022, the strongest for almost a decade, Indonesia is now braced for growth to slow down intensified by Russia's invasion of Ukraine. With weakening commodity and energy prices denting export earnings, Indonesia is contending with economic headwinds as fears of a global recession mount. Indonesia, one of Asia's success stories of recent years, has been less hard-hit than many emerging economies by the war in Ukraine.

Companies Barclays PLC FollowLONDON, Feb 15 (Reuters) - Barclays (BARC.L) on Wednesday said it was tightening lending criteria for coal power and would stop financing oil sands exploration and production, but did not announce new restrictions on oil and gas lending as some rivals have. Announcing results for 2022, Barclays said it will stop financing all oil tar sands companies, as well as new oil sands pipelines, whereas previously it had said it would work with those firms undertaking efforts to reduce their emissions. Barclays also set its first emission-cutting target for the automotive manufacturing industry, with a pledge to reduce emissions intensity by between 40% and 64% by 2030 against a 2022 baseline. The bank said it was on track to meet its 2030 targets with reductions in financed emissions for industries including energy, power and steel. Reporting by Tommy Reggiori Wilkes; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

LONDON, Feb 10 (Reuters) - The two investment obsessions of the year so far - artificial intelligence and super-tight labour markets - meet head on. Far from relaxing, should office or home-based workers now fret that we're in for anything but a tight jobs market over the coming years? Morgan Stanley's thematic research team said this week it was inundated with enquiries about generative AI during its recent client visits. Much like the pandemic, fear of automation could have as big an economic impact as its actual spread. US jobs growth by sectorMcKinsey chart on automation worldwideFathom chart on US vs China AIThe opinions expressed here are those of the author, a columnist for Reuters.

☆ OECD sees revenue gains from new tax pact reaching $250 billion
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

The OECD estimated that the minimum tax would yield $220 billion, or 9% of global corporate income tax - up from a previous estimate of $150 billion. Meanwhile, the re-allocation of taxing rights under the first pillar of the reform was now expected to cover $200 billion in multinationals' profits, up from $125 billion previously. The increase was mainly due to higher multinational profits now than a couple of years ago, with 50% coming from large digital groups, the OECD said. As a result of more profit being covered, the second pillar was now seen generating tax gains of between $13 billion and $36 billion. At the same time, low-tax investment hubs where multinationals have booked their profits until now would end up surrendering more taxing rights than they are allocated, the OECD said.

☆ Davos 2023: Colombia pushes LatAm corporate tax accord
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

DAVOS, Switzerland, Jan 17 (Reuters) - Colombia is looking to supplement a global deal setting minimum tax levels for multinationals with an additional accord among its fellow Latin American countries, finance minister Jose Antonio Ocampo said on Tuesday. Ocampo said the OECD-brokered deal, which is expected to take effect in 2024, did not adequately reflect the interests of many developing economies. And there is still a bias in favour of (countries that host) the headquarters of multinationals," he said in Davos. Ocampo said he was approaching Brazil and Chile initially with the proposal, and planned to discuss it with Mexico. For daily Davos updates in your inbox sign up for the Reuters Daily Briefing hereReporting by Mark John in Davos; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

The most likely scenario would see the government raising the retirement age to 64 from 62 currently. But polls show pension reform is unpopular. Some 47% want no change to the retirement age and 25% want retirement to be earlier than now. Macron had to put his first pension reform bid on ice in 2020 as the government rushed to contain the COVID outbreak and save the economy. Now, although recent strike action has been limited to specific sectors, such as refineries and airlines, outrage over pension reform could easily spark broader protests.

☆ Emmanuel Macron presses ahead with pension reform as French discontent swells
▼ + stars: | 2023-01-08 | by ( ) edition.cnn.com time to read: +3 min

Pension reform in France, where the right to retire on a full pension at 62 is deeply cherished, is always a highly sensitive issue and even more so now with social discontent mounting over the surging cost of living. Hundreds of yellow vests took to the streets of Toulouse, France, on Saturday to protest against Macron's reforms, such as the planned pension reform and the unemployment reforms. Alain Pitton/NurPhoto/Getty ImagesStrike threatMacron had to put the pension reform on ice in 2020 as the government rushed to contain the Covid outbreak and save the economy. Although recent strike action has been limited to specific sectors, such as refineries and airlines, outrage over pension reform could easily spark far broader protests. Polls show pension reform is unpopular.

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