More experts are weighing in on Britain’s upcoming referendum on its membership in the EU. A flurry of warnings from bankers, economists, politicians, and experts have bombarded Brits in recent months, with daily discussions at the BBC, The Times, the Telegraph, and other major British publications urging British citizens to vote to remain in the EU.
President Mauricio Macri announced that Argentines holding undeclared assets or cash in overseas accounts could bring it back to Argentina without legal consequences, according to The Wall Street Journal. The government aims to tax offshore money to fund pensions and other programs. Analysts estimate that over $500 billion in Argentine assets remain in overseas accounts, and incoming funds would be taxed anywhere from 0% to 15%.
The United States is accusing the World Bank of failing to learn from past mistakes and asserting that Cambodia is violating human rights. The World Bank’s Board of Executive Directors voted to approve four projects in Cambodia and to loan the nation $130 million in support of those projects.
A number of economic studies show renewed strength in the American economy, helping the Federal Reserve boost its estimates for growth. The Atlanta Federal Reserve’s real-time GDP estimator, GDPNow, has raised its estimates for growth to 2.9%, an increase of 16% from the last estimate. That is the highest growth estimate in over a year.
The boost is being driven by renewed business investment in the United States, which rose from a negative reading to 0.4% thanks to a Census study of durable manufacturing goods.
The South Korean government will implement a new law known as the Improper Solicitation and Graft Act in September, which bans pricey gift exchanges during business transactions, according to Bloomberg.
Critics contend that the law will affect an economy already suffering from low consumption and lackluster GDP growth. Under the mandate, officials cannot receive meals over 30,000 won and gifts over 50,000 won, but journalists and teachers would be subject to the same rules.
In 2015, a handful of nations undertook a social experiment. Urged by groups, including the World Bank, who felt that combatting climate change required an economic incentive, these adventurous countries, and a number of states, regions, and cities, have begun charging companies that produce carbon as part of their operation. In just a year, the benefits of these programs have already begun to show.
American trade policy is failing to shrink the trade deficit with other countries as weak demand crimps services industries throughout the country. The trade balance between the United States and foreign countries rose 3.4% on a month-over-month basis in April, rising to $57.5 billion; however, that also represents the lowest trade deficit since February 2015.
The United Nations (UN) has completed its deployment of monitors sent to investigate human rights abuses in Burundi, according to Africa News. Over 450 people have been killed since last year, when President Pierre Nkurunziza won a third term beyond his official mandate. Three people were murdered in the latest string of killings, including a former army colonel.
Greece has become the focus of a battle between European nations and the International Monetary Fund (IMF). The economically struggling nation that is drowning in debt will not receive any additional aid from the IMF, according to a senior International Monetary Fund official, unless Greece’s creditors in Europe agree to concise debt relief terms.
Unfortunately, for Greece, to date, those European creditors have refused to commit to such detailed debt relief plans, leaving Greece in the middle of a power struggle between the IMF and the Eurozone.
Investors dived into the stock market after American home sales crushed expectations with double-digit gains. New home sales in April soared to 16.6% more than sales in March and 23.8% from a year ago, according to a new report by the Census Bureau.
