Lebanon: toothless watchdog ‘unable to properly monitor election’ — www.thenationalnews.com
Highlights:
– The electoral campaign officially started on January 10 but the commission, without a budget, has not been able to hire the 40 or so necessary media, observers.
– The head of Lebanon’s supervisory commission for elections, retired Judge Nadim Abdelmalak said that 45 complaints for media violations registered since the last election in 2018 are still pending at the publications court, which deals with all media matters.
– I’ll tell you why this commission was created,” he continued. “It’s to satisfy the international community and say that Lebanon is working according to transparency and accountability, but unfortunately that is only in name.”
– George Adwan, the head of parliament’s administration and justice committee, told that parliament was unable to reform the 2017 electoral law because it was “divided” between “those who wanted a completely new electoral law and those who wanted to keep it with [some] reforms.”
– Mr Abdelmalak said ” If we resign now, there will be no general election,” he said”.
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UAE: Over 20,000 requirements to set up businesses cancelled by local, federal entities – News | Khaleej Times — www.khaleejtimes.com
Highlights:
– The cancellations of requirements made by ADDED and multiple local and federal partner entities, effectively align the emirate’s regulatory environment with economic growth priorities and span various sectors such as healthcare, transportation, food and agriculture, public health, and environment.
– Sameh Al Qubaisi – Executive Director of ADDED’s Executive Affairs Office – elaborated: explains further, “We introduced our user-friendly ‘Investor Journey’ portal, showcased at GITEX Technology Week 2021, to support investors with the information and services required to set up a commercial business in Abu Dhabi.
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Ras al-Khaimah: Casino Operator Wynn Plans Resort With Gaming Facilities in UAE – Bloomberg — www.bloomberg.com
Highlights:
– The project, set to be built on Al Marjan island in the UAE emirate of Ras Al Khaimah.
– The planned resort is scheduled to open in 2026 and will include more than 1,000 rooms.
– Ras Al Khaimah’s Tourism Development Authority said it will consider the “social, cultural, and environmental landscape of the Emirate,” as it comes up with regulations.
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Why a Swiss Bank for the Super Rich Is Luring Young People Still Building Wealth – Bloomberg — www.bloomberg.com
Highlights:
– Robo advisers, which offer services tuned to Gen Z and millennial investors needs, have surged in popularity and managed $785 billion at the end of 2020, according to Backend Benchmarking. Wealthfront and Betterment were early entrants, but players like Vanguard Personal Advisor Services and Edelman Financial Engines now control a huge chunk of the assets.
– “The advisory world is getting more digital and cheaper, and that’s what young people are buying,” said Eric Balchunas, an analyst for Bloomberg Intelligence. “It’s a foreshadow of where the whole advisory world is going to go.”
– This still-rich-but-not-ultra-rich portion of the market hasn’t yet been meaningfully tapped by the bank.
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Singapore’s Wary Crypto Embrace Leaves Binance CEO CZ in the Cold – Bloomberg — www.bloomberg.com
Highlights:
– An affiliate of the world’s largest cryptocurrency exchange had just withdrawn its application to run a bourse in Singapore.
– The real reason for the withdrawal was that Binance’s affiliate didn’t meet Singapore’s criteria for protecting against money laundering and terrorist financing
– the city-state embraces the technologies of cryptocurrency and has launched a framework for regulating the industry when other countries such as China have opted for outright bans. On the other, it doesn’t want its people getting burned by speculation, is wary of the criminal risks and is extremely picky about who it lets in.
– Some 170 firms applied, But about 100 applicants have already withdrawn or been rejected.
– When Binance left, it became a statement that Singapore doesn’t welcome the big boys,” said Anndy Lian, the chairman of cryptocurrency bourse BigONE Exchange. “Many people are going for Dubai, because they see Singapore as not welcoming, and don’t know the real reasons behind that.”
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Rising Energy Price Cap, Tax Increases, High Inflation—Coming to U.K. in April – Bloomberg — www.bloomberg.com
Highlights:
– The Centre for Economics and Business Research forecasts a 1,980-pound rise in overall annual living costs — even before payroll taxes go up.
– The recent surge in wholesale energy costs means regulated gas and electricity prices will increase sharply. Prices are already rising in Europe, but April’s one-off increase will push U.K. energy-price inflation above its continental peers in one move.
– April’s tax rise will see the U.K. raise an additional 14 billion pounds from working households this year via national insurance contributions, a form of payroll tax, and by freezing thresholds. Another 12 billion pounds will come from businesses in 2023 when corporate taxes rise.
– According to the Organisation for Economic Cooperation and Development, the U.K. is leading the way in Europe on fiscal repair — normalizing borrowing levels faster than Germany, France, Italy and Spain.
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