Latest news with #EuronewsBusiness
Yahoo
21-05-2025
- Business
- Yahoo
US voters will soon vote via smartphones, businessman Andrew Yang says
It's undeniable, mobile phones have become essential items in our lives. We use them for everything: communicating with other people, showing off our best pictures, booking gym classes, managing our finances, and even paying for our groceries. Yet, there is one thing most people still don't use their smartphones for: voting in elections. Since Estonia became the first country in the world to introduce internet voting in local government council elections in 2005, this use of technology has been a topic of debate in the political arena. Some experts fear it could undermine democratic standards by threatening voter privacy and compromising the integrity of elections due to potential interceptions and security vulnerabilities. Others opt for a more positive stance, arguing that online voting could increase voter turnout, strengthening democratic systems. United States entrepreneur Andrew Yang is part of the latter group. He joined My Wildest Prediction to explain why, according to him, smartphone voting could revolutionise American politics. Yang is an entrepreneur, a former US presidential candidate with the Democratic Party, and the founding co-chair of the Forward Party. My Wildest Prediction is a podcast series from Euronews Business where we dare to imagine the future with business and tech visionaries. In this episode, Tom Goodwin talks to Andrew Yang, a US businessman and former presidential candidate. 'My wildest prediction is that Americans will be voting on their smartphones in the next eight years,' Andrew Yang told Euronews Business. In describing how this process could work, Yang cited the US organisation Mobile Voting, a nonprofit, nonpartisan initiative working to make smartphone voting a reality. Looking at Mobile Voting's trials, Yang explained that voting by smartphone would not be mandatory, but one option of a hybrid system, allowing people to choose whether to vote digitally or in person. He also noted that the digital ballots would have a paper backup once received by the election offices, adding a layer of verification. According to Yang, mobile voting could profoundly change the US political system. 'Smartphones have been a net negative in terms of the functioning of democracy in America and most countries; it's about time they did something good,' he said. For this reason, Yang believes that resistance to online voting stems less from security concerns and more from a fear of disrupting the existing two-party status quo in the US. Related AI will create new jobs but fuel US domestic terrorism, Scott Galloway says Yang is convinced that mobile voting could make voting more accessible, boost voter turnout and reduce US polarisation. According to him, greater participation would especially impact the US primaries, which have historically been characterised by very low participation. In 2022 primaries, for instance, the turnout of all eligible voters was 21.3%, meaning that the presidential candidates were chosen by a minority. Thanks to a greater participation through mobile voting, Andrew Yang thinks US politics could move away from the biparty system and take into consideration a broader range of opinions. 'That's why we have to improve accessibility, so that you can expand the franchise,' Yang told Euronews Business. He argued that mobile voting could have influenced the outcome of recent US elections: 'It would have changed the type of candidates that were getting through the primaries, if you had a more representative electorate.' Yang thinks that a shift in politics can be helpful in tackling major problems. According to the businessman, US politics needs a structural change to address some important economic questions. 'We're looking for a hero or a villain to save us, a person to change everything, but what's required is changing the underlying system,' he told Euronews Business. We're looking for a hero or a villain to save us, a person to change everything, but what's required is changing the underlying system. Looking ahead, Yang is pessimistic about the trajectory of the US economy. He fears that without bigger political participation, socio-economic inequalities in the country will only continue to deepen.
Euronews
07-05-2025
- Business
- Euronews
Europe's top tax breaks for the rich – see how countries compare
ADVERTISEMENT European governments are grappling with budget constraints. Weak growth, trade shocks, and ageing populations continue to hit state coffers — while countries are also scrambling to boost defence spending. Against this backdrop, European nations are competing to attract and retain the wealthy, hungry for the investment and tax revenue they may bring. Euronews Business explores the tax perks on offer, along with the pushbacks against them. An earlier version of this article can be found here. Italy Italy is a popular destination with expats not only for its culture and climate, but also because of its tax perks. On the face of it, the country has relatively high levies on personal and corporate income, although there are tax incentives available to foreigners. One of the most well-known is its flat tax regime, which allows wealthy individuals to pay a fixed sum on all foreign-sourced income. This is regardless of the amount earned. The annual fixed fee has recently been increased to €200,000, from the previous €100,000. The advantage is available for up to 15 years, and it's also only open to those who have not been tax residents in Italy for at least 9 out of the last 10 years. Given the cost of the flat tax, it's only interesting for very high-net-worth individuals. "Italy is very popular," tax and immigration advisor David Lesperance told Euronews Business. "When the flat tax was €100,000, one of my clients told me that's what he paid his accountant every year. You've got to remember that, with the lump sum tax, there are no compliance costs for tax planning." Switzerland Switzerland also has a type of lump-sum scheme (forfait fiscal), although the Swiss state claimed last year that fewer than 0.1% of its taxpayers were charged using this method. The way it works is that, instead of collecting fees based on income or wealth, some Swiss regions calculate a rate based on an individual's expenses. While the lump-sum scheme can be interesting for the super rich, the state has put in place a minimum tax base. ADVERTISEMENT This is the higher of two figures: either seven times your annual rent or the rental value of your primary property, or higher than CHF 429,100 (around €455,000) - as of 2024. These thresholds apply at a federal level, although specific regions can increase the minimum sum. You're eligible for the forfait fiscal if you have no Swiss citizenship, and if you are coming to live in the country for the first time - or after an absence of 10 or more years. Beneficiaries are also forbidden from holding employment or running a business in Switzerland. ADVERTISEMENT This means the scheme is intended to lure a small number of rich expats who have passive income. Portugal Tax perks have become a polemic topic in Portugal due to the soaring cost of living, which has been partially stoked by the arrival of wealthy foreigners. Even so, after scaling back benefits in 2023, the Portuguese government has now reintroduced tax breaks for expats (Non-Habitual Residence 2.0). "Portugal had the NHR regime which allowed you to live in Portugal for up to 10 years and not pay much tax on foreign income," explained Gregory Goossens, a tax lawyer at Taxpatria. ADVERTISEMENT In particular, this attracted a large number of retirees, who decided to relocate to Portugal and pay no income tax on their foreign pension income. For those who were generating income in Portugal, specific activities were taxed at a favourable rate of 20%. Related Average salaries across Europe: Which countries have the highest pay? Personal income tax rates in Europe: Where do workers pay the highest and lowest taxes? As well as upsetting locals, the NHR system prompted criticism from Nordic states, who were observing an exodus of their older citizens. Finland and Sweden notably made formal requests to change their double tax treaty rules with Portugal. ADVERTISEMENT This would allow them to impose levies on the pensions of their migrating expats. In response to pressure, Portugal has now altered its tax breaks to "focus on people with an education who can really contribute something to the Portuguese economy", explained Goossens. Under the NHR 2.0 rules, highly qualified professionals can secure a 20% personal income tax rate for 10 consecutive years, along with tax reductions on certain sources of foreign income. Foreign pensions are excluded from this exemption, meaning they are fully taxable under standard rates. ADVERTISEMENT Shell companies Another way that rich individuals can enjoy low effective tax rates is through the use of shell companies, according to the EU Tax Observatory. The body notes that these firms are "in a grey zone between avoidance and evasion" in the sense that they are designed to avoid income tax. Individuals sheltering assets in this way decide to place their wealth in the name of a company they control, instead of classing it as personal income. A key feature of a shell company is that it has no active business operations. Withdrawals from the company are taxed at normal rates, although the taxpayer can harbour the excess in the holding firm. ADVERTISEMENT Setting up such a structure is particularly profitable in countries where the rate of corporation tax is low. Interesting countries are therefore Ireland (12.5%), Hungary (9%), Bulgaria (10%) and Cyprus (12.5%). While the OECD has been working with member states to introduce a global minimum corporate tax rate of 15%, this only applies to firms earning more than €750 million. More than 140 countries have signed up to the deal, but implementation is still a work in progress. ADVERTISEMENT A tax haven for one isn't paradise for all Tax planning cannot simply revolve around one or two types of rate, but rather a whole host of factors must be considered, experts told Euronews. Fees to keep in mind include taxes on personal and corporate income, capital gains, inheritance, and wealth - as well as social security charges. In addition to the locations listed above, countries such as Malta and Monaco can all be considered fiscally advantageous, but it all depends on the nature of someone's income. In some cases, this means even famously high-tax areas such as Belgium can be called havens. ADVERTISEMENT As the OECD continues efforts to raise corporation tax, it is yet to be seen whether this will encourage conversations around other rates and diminish tax perks. "Nations would not provide tax breaks or specialist visas to the wealthy unless they resulted in a greater overall benefit to the state than the cost," argued Jason Porter, business development director at Blevins Franks Financial Management. "You could say whatever tax they collect will be greater than they would have without the encouragement, as the individuals concerned are unlikely to have moved there otherwise." "It is also important to realise what the total benefit might entail, including the property market, spending in local businesses and the potential for entrepreneurial investment locally." ADVERTISEMENT The trade-offs of wooing wealthy foreigners is a question that continues to dominate political debates, with the push and pull set to continue.
Yahoo
07-05-2025
- Business
- Yahoo
Europe's top tax breaks for the rich – see how countries compare
European governments are grappling with budget constraints. Weak growth, trade shocks, and ageing populations continue to hit state coffers — while countries are also scrambling to boost defence spending. Against this backdrop, European nations are competing to attract and retain the wealthy, hungry for the investment and tax revenue they may bring. Euronews Business explores the tax perks on offer, along with the pushbacks against them. An earlier version of this article can be found here. Italy Italy is a popular destination with expats not only for its culture and climate, but also because of its tax perks. On the face of it, the country has relatively high levies on personal and corporate income, although there are tax incentives available to foreigners. One of the most well-known is its flat tax regime, which allows wealthy individuals to pay a fixed sum on all foreign-sourced income. This is regardless of the amount earned. The annual fixed fee has recently been increased to €200,000, from the previous €100,000. The advantage is available for up to 15 years, and it's also only open to those who have not been tax residents in Italy for at least 9 out of the last 10 years. Given the cost of the flat tax, it's only interesting for very high-net-worth individuals. "Italy is very popular," tax and immigration advisor David Lesperance told Euronews Business. "When the flat tax was €100,000, one of my clients told me that's what he paid his accountant every year. You've got to remember that, with the lump sum tax, there are no compliance costs for tax planning." Switzerland Switzerland also has a type of lump-sum scheme (forfait fiscal), although the Swiss state claimed last year that fewer than 0.1% of its taxpayers were charged using this method. The way it works is that, instead of collecting fees based on income or wealth, some Swiss regions calculate a rate based on an individual's expenses. While the lump-sum scheme can be interesting for the super rich, the state has put in place a minimum tax base. This is the higher of two figures: either seven times your annual rent or the rental value of your primary property, or higher than CHF 429,100 (around €455,000) - as of 2024. These thresholds apply at a federal level, although specific regions can increase the minimum sum. You're eligible for the forfait fiscal if you have no Swiss citizenship, and if you are coming to live in the country for the first time - or after an absence of 10 or more years. Beneficiaries are also forbidden from holding employment or running a business in Switzerland.
Yahoo
23-04-2025
- Business
- Yahoo
Some 90% of the global population will live in cities by 2080, urbanist Greg Clark says
My Wildest Prediction is a podcast series from Euronews Business where we dare to imagine the future with business and tech visionaries. In this episode, Tom Goodwin talks to Greg Clark, an expert on sustainable urban transition. Today, around 4.4 billion people, just over half the global population, reside in urban areas. This urbanisation trend is expected to continue in the coming years, raising important questions: How will people feed themselves? How will they navigate their cities? Will they have access to clean air and clean energy? To address these doubts, My Wildest Prediction talks to Greg Clark, a global urbanist and advisor, who shares his thoughts on the future of cities. 'By 2080, that's 55 years away, there will be more than 10 billion human beings,' Clark said about his wildest prediction. 'Almost 90% of us will be living in cities and in urban areas,' he added. According to Clark, the human population will have reached its numerical peak by 2080. Yet, he explained that disruptors like climate change, wars and pandemics may cause the peak to happen even earlier. Clark believes that after the global population crosses the 10 billion mark, the world will begin to experience trends already visible in parts of the world, such as people living longer on average while having fewer children. 'Eventually, the total population will stabilise, and then it will begin to decline,' he added. Clark emphasised that population growth will require building adaptable and sustainable cities. He noted that once global numbers start to decline, there would be a need for strategies to redistribute the world population in ways that preserve the planet's well-being. 'So it's a bit of a quest,' he added, 'I think it's a bit of a frontier of discovery'. Greg Clark's prediction of an increasing urbanisation does not come without challenges. The urbanist highlighted the hidden consequences of urban concentration of population, such as inequality and environmental pollution, that are often overshadowed by the economic productivity and growth that cities drive. 'Permanent population growth and permanent economic development,' he said, 'I think we have to revise all of that and start to think differently'. Clark outlined food, housing, and transport as critical sectors that will require major innovation to accommodate growing urban populations. He expressed optimism about the transport sector, citing progress in low-emission vehicles, shared mobility, and the revival of walking and cycling as signs that effective solutions are already taking shape. Related A world without passports, with entrepreneur Karoli Hindriks Nomad working will continue to rise, Rory Sutherland predicts 'The housing and the food problems are going to take more ingenuity,' Clark noted. He emphasised the need to transform food systems through urban farming, agri-tech, water efficiency, and synthetic food innovation, while also addressing the housing crisis by building more affordable, well-serviced homes and shifting the mindset from housing as investment to housing as an amenity. Clark also noted that inequality in cities often leads to higher crime rates, threatening safety and eroding the overall civic experience. 'So crime and insecurity related to inequality is the thing which I think we're going to have to work on much more than we have been,' he said. Clark argued that, along with tackling urban challenges through technology and infrastructure, a lasting solution must also involve reconciling cities with the natural world. 'Nature is coming back into cities whether we like it or not,' said Clark as he stressed on integrating nature into the urban landscape, 'Whether it returns as a pandemic, an infestation of rats, or something else, it's a choice we must make'. Nature is coming back into cities whether we like it or not. He highlighted the importance of developing what he called organic cities, saying that integrating nature into urban spaces could address many pressing challenges, from flooding and overheating to improving air quality. Clark also pointed out the abundance of resources, such as timber and natural processes for water recycling and light filtration, which could make cities more sustainable. Additionally, he noted that many cities were originally designed with nature in mind, and returning to these roots could help create a better future. 'But in the end,' remarked Clark, 'I think what you have to do is say, 'this is about the future of the human race. Are we going to be able to manage and maintain our habitat in ways that will support life when we've gone?''
Euronews
09-04-2025
- Business
- Euronews
Productivity is overrated, according to work futurist Dom Price
ADVERTISEMENT My Wildest Prediction is a podcast series from Euronews Business where we dare to imagine the future with business and tech visionaries. In this episode, Tom Goodwin talks to Dom Price, a work futurist at Sydney-based software company Atlassian, about his commitment to making companies re-evaluate their approach to success. Productivity is one of the most valued qualities by both companies and individuals. In a 2022 survey by EdTech company Headway, over half of the 1 million participants from across Britain, the US and Australia said that they prioritised productivity over health, financial gain, and happiness. But in trying to efficiently turn inputs into outputs, is something more significant being overlooked? According to Dom Price, a work futurist at Sydney-based software company Atlassian, focusing too much on productivity may cause people to ignore the broader impacts of their decisions. Price joins My Wildest Prediction to share his ideas on how work and its impact on society could be reframed. Is productivity the right metric? 'My wild one is we get rid of the fetish around productivity,' Price told Euronews Business when asked about his wildest prediction. 'I don't know any leader that has the desire to have on their gravestone 'Was productive',' Price remarked. "So if it's not that desire, then what are we doing it for?' I don't know any leader that has the desire to have on their gravestone 'Was productive'. Dom Price Work Futurist Among the issues Price identified with productivity is that it rarely considers broader goals like creating a sustainable impact, personal fulfilment, or building a more meaningful society. Price is also sceptical about using productivity as a method to measure efficient work, as, according to him, this metric is difficult to quantify. In the pursuit of measuring and boosting productivity, individuals and companies risk adopting approaches that may diminish creativity. For instance, applications that track human-device interaction to measure productivity do not take the time spent on free thinking into account. As a result, they may mislabel these periods as unproductive, potentially discouraging individuals from coming up with original ideas. 'I had a real example of this a few years ago—a company using surveillance software. They nearly fired the chief of staff to the CEO,' Price said. He described how in reality the employee had spent an entire day building a presentation for the CEO, 'But she wasn't connected while she built it. So no keystroke was recorded'. Related You can spend all your week in meetings and feel lonely, says Bruce Daisley Business psychologist Susan Kahn shares tips on how to listen more at work The cost of productivity Price thinks that material outcomes like a higher profit margin overshadow several intangible costs. He recounted his conversation with a call centre owner, who explained how he could reduce between one-third and a half of his workforce using AI. 'So what happens to that society?' said Price. ADVERTISEMENT 'Microsoft made some money because they sold you some co-pilots. Your shareholders are better off. None of your staff is a shareholder, by the way. So what happens to those 30 or 1000 employees that get displaced?' Price described how, while aspiring for more efficient outcomes only on material terms, companies put little to no emphasis on the emotional and human elements of the workplace. He said that instead of coming up with strategies that focus solely on maximising gains, companies could try introducing practices to put the individual at the forefront. Price shared an idea he terms: 'My User Manual'. It is essentially a document through which employees can articulate key aspects of themselves, such as their values, preferred feedback style, common irritants, working habits, and personal circumstances. 'It's your operating system, and you share it with each other,' he added. ADVERTISEMENT For instance, the document may include details about family life or time zone differences that could impact availability—such as noting that early morning meetings might be difficult due to school drop-offs. Price also mentioned that the work environment can be enhanced by increasing flexibility and letting employees know that they're not restricted to important tasks at the office. He argued that people tend to produce more original ideas when they're not held back by the fear of potential consequences.
