New UK Regulations

New UK Regulations

UK authorities are tightening regulation of companies. First of all, England, but not least also Scotland and Wales, have been one of the most attractive jurisdictions for international business for several decades. Elementary business registration and extremely low requirements for running companies annually attracted tens and hundreds of thousands of international entrepreneurs. However, from March 4, 2024, it was decided to subject certain aspects to greater control. Now the authorities will more seriously check companies’ contact information, registration addresses and reports with confirmation statements. In principle, nothing particularly terrible has happened so far, but we still recommend that our clients and partners pay attention to the state of their British companies. It is expected that warnings and notifications will come at first, but it is always best to act proactively in order to avoid unnecessary difficulties.

Future of power

The first miracle of 2024 is already here!
China has invented a nuclear battery for smartphones that does not need to be charged. The development from Betavolt is smaller than a coin – even with such a miniature battery, any gadget will work for 50 years without recharging. According to engineers, the development is completely safe. Ideal for business, right?

Happy Holidays!

We are pleased to congratulate everyone on the upcoming Holidays! We sincerely wish to take a break from the hardships of business in these wonderful days. Let your successes be even more epic in 2024, but achieving them would be much easier. Merry Christmas and Happy New Year! All the best! 🎅

EURC

“Circle” has added support for the Solana blockchain for its euro-pegged stablecoin EURC. The coin already works on the Avalanche, Ethereum and Stellar blockchains; support for the stablecoin is ready to be provided by popular DeFi platforms and wallets in the network ecosystem such as Jupiter Exchange, Meteora, Orca and Phoenix. EURC on Solana can already be used through Circle Mint and its API.

Cryptocurrency trading

The Austrian subsidiary of Raiffeisen Bank – Raiffeisenlandesbank Oberösterreich – is preparing to launch cryptocurrency trading in early 2024. The initiative is being developed in cooperation with local crypto firm Bitpanda and will offer all of the latter’s listed digital assets (more than 2,500).

Rise of cryptocurrency.

The Kobeissi Letter stated that for the first time in several years this November, 12 cryptocurrencies’ capitalization on Platform X increased by $600 billion over the past year, representing a 75% increase. Bitcoin made a 120% increase in value over the same period. This increase in liquidity is considered an important indicator – it shows the recovery of cryptocurrencies from a crysis.

Current interest rates status.

European Central Bank head – Christine Lagarde – said on the 16th of October that interest rates would remain high enough “for as long as necessary” to curb inflation. Lagarde said rates would remain high as upward pressure on prices “remains strong” in the 20 countries that use euros. She added that the Central Bank remains committed to ensuring that inflation returns to its medium-term target of 2% in a timely manner.

UK Economical state

The Bank of England has raised interest rates 14 times since the end of 2021. The Center for Economics and Business Research said debt taken on during the pandemic, higher borrowing costs and the cost of living crisis will push more businesses into bankruptcy, especially in the retail and hospitality sectors. Around 7,000 businesses are likely to fail every quarter in 2024 as high interest rates cause financial strain and the UK economy enters recession. The bank may begin to cut interest rates in an attempt to stimulate demand. However, the Bank has signaled that interest rates are likely to remain high for longer as it grapples with high inflation.

Tax Cuts in UK

The unveiling of a massive tax cut ahead of next year’s general election will put the UK’s ‘dreaded’ public finances in even greater danger and risk a nightmarish scenario of even higher interest rates. Paul Johnson of the Institute for Fiscal Research urged both major parties to be honest about the serious tax and spending choices they face if they come to power. Rishi Sunak is still under intense pressure from his own MPs to cut taxes in March ahead of the next election. While the prime minister has made it clear that reducing inflation is his only economic priority for the moment, officials have privately hinted that he is interested in cuts such as lowering the income tax to 2p.

India is growing.

India in the foreseeable future can not only significantly develop financially, but generally become the second largest economy in the world. More and more analysts come to this opinion, including one of the largest investment banks in the world – Goldman Sachs. According to a recent report, due to an extraordinary demographic surge (not so long ago, India overtook China in population), the country will have to increase production capacity, expand the service sector and develop infrastructure. Advances in technology and innovation will be another determinant of economic growth. Investments will also affect the development of the country. Experts called the critically small role of women in the economy the main negative factor – almost 80% of the female population does not work at all. India is currently the fifth largest economy in the world behind Germany, Japan, China and the US.