Latest news with #GGF
Daily Mirror
04-08-2025
- Health
- Daily Mirror
Rachel Reeves must slap VAT on private healthcare, warns ex-Labour leader Neil Kinnock
Ex-Labour leader Lord Neil Kinnock said Rachel Reeves should remove the VAT exemption on private healthcare in the same way she did with private schools in this autumn's Budget Rachel Reeves should slap VAT on private healthcare to raise billions for the NHS, ex-Labour leader Lord Neil Kinnock has said. The prominent politician said Rachel Reeves should remove the VAT exemption in the same way she did with private schools in this autumn's Budget. He said the move would raise 'vital funding' for public services and be 'widely supported' by the public. It comes as . The Chancellor is battling to plug a hole in the public finances following recent Government U-turns on cuts to disability benefits and the winter fuel allowance. Labour is constrained by how it can raise money after pledging in the election not to hike income tax, national insurance or VAT. But removing a VAT exemption on private healthcare could provide an opportunity for Ms Reeves to raise cash without breaking her election promise. Lord Kinnock told the i newspaper: 'Introducing VAT on private health provision could provide vital funding for the NHS and social care. 'After 14 years of underinvestment, many people are turning to private healthcare not out of choice, but because they cannot afford to wait. This has increasingly led to unequal access to care. Ending the VAT exemption to generate much-needed revenue is a reasonable and widely supported step.' Analysis by the Good Growth Foundation (GGF) think tank, which supports the policy, found more than £2billion could be raised by applying 20% VAT to private acute healthcare. This would excluding putting VAT on the use of private hospitals. Private acute healthcare covers short-term care and treatment for illnesses or injuries but does not include things like optician and dental appointments. The GGF said the area of care was worth £12.4bn in 2024. Some 55% of Brits support a 'windfall tax' on private healthcare firms, with 17% against it, according to a poll of 2,054 adults by the think tank in June. Praful Nargund, GGF's founder, said: 'We are sleepwalking into a two-tier healthcare system, and we have to back our NHS. 'The NHS is in a dire state: from 8am GP scrambles to months-long waits for cancer care, this is simply not good enough. People are being forced to go private for care they should get for free. 'That's not a system in need of tweaks – it's a system on the brink, in need of major reform. A windfall tax on private healthcare would be a bold, fair first step to fund the innovation and change we need in the NHS.' During the election, Labour pledged to scrap the VAT exemption enjoyed by private schools to pay for 6,500 new teachers for state schools. From January this year, all private education and boarding services became subject to VAT at the standard rate of 20%. The Department for Education says ending tax breaks on private schools will help raise around £1.8billion per year by the 2029/30 financial year. Education Secretary Bridget Phillipson has faced fury over the policy from right-wing parties. Critics claim it will put pressure on state schools as they will have to accept kids from families who can no longer afford private schools, if their provider chooses to hike fees to pay for the VAT uplift. In December, Ms Phillipson said she had received abuse over the policy but added: 'I'll wear that as a badge of honour if it means that we drive up standards in state schools and invest in better life chances for our children.'
Daily News Egypt
22-06-2025
- Business
- Daily News Egypt
Egypt's Beltone Leasing secures $20m from German-managed funds
Beltone Leasing and Factoring, a subsidiary of Egypt's Beltone Holding, has secured $20m in funding from two impact investment funds managed by Germany-based Finance in Motion GmbH. The funding is divided equally, with $10m from the SANAD Fund for MSME and $10m from the Green for Growth Fund (GGF), the company said. The agreement has a repayment tenor of five years. SANAD's contribution will be used to support financial inclusion for micro, small, and medium enterprises (MSMEs) and low-income households across the Middle East and North Africa (MENA). The portion from GGF will be allocated to financing renewable energy, energy efficiency, and sustainable resource use initiatives in MENA and neighbouringregions. The company said the transaction is part of its strategy to deliver non-bank financial solutions that promote economic empowerment and environmental sustainability, in line with Egypt's Vision 2030 and its commitment to sustainability across its operations. Amir Ghannam, Deputy Head of NBFIs for Leasing, Factoring, and Consumer Finance, said: 'Securing foreign currency funding from institutions like SANAD and GGF enhances our ability to diversify our capital base and offer more competitive financing solutions. This funding will enable us to strengthen our support for MSMEs while accelerating green projects that contribute to a more sustainable and resilient future.' Sherif Hassan, Group Treasurer and Managing Director of Debt Capital Markets, said: 'This funding reflects our strong collaboration with Finance in Motion and our commitment to channeling strategic capital to grow Beltone Leasing and Factoring. It also highlights our focus on ESG-driven financing, in line with the broader Beltone's mission to support sustainable and impactful growth.' Both funds are managed by Finance in Motion GmbH, an impact asset manager focused on sustainable development in emerging economies, in collaboration with development finance institutions, private investors, and governments.
Los Angeles Times
22-06-2025
- Business
- Los Angeles Times
Accounting Firm Growth Spurned by Acquisitions, Global Expansion and New Services
For Southern California's many accounting firms, acquisitions have been a means of expansion as the industry consolidates to streamline operations and enhanced technology. Over the past year, a flurry of acquisitions has also been supplemented by new offerings, such as legal services and global expansion with employees in foreign countries that provide services to support U.S. operations. One of the largest mergers of the past year was CBIZ's $2.3-billion acquisition of Marcum LLP, which closed on November 1. The combined firm is expected to have combined annualized revenue of approximately $2.8 billion. Smaller firms have also been the targets of acquisition as aging partners seek exit plans and firms utilize artificial intelligence and offshore resources to optimize operations. It's a trend that mirrors the wider business climate, according to Aldrich CPAs + Advisors. The firm conducted a survey of more than 100 owners and executives at private companies in California, Oregon and Washington and found that 61% received at least one unsolicited offer to be purchased within the past 12 months, and nearly a quarter of those surveyed received three or more unsolicited offers. Competition to acquire accounting firms has been fierce, but local firms have been able to execute mergers despite interest from national firms. In October, GHJ Accounting, Tax and Advisory Firm acquired Los Angeles-based GGF, which provides audit, tax and consulting services to entrepreneurial businesses and individuals. 'We are proud to integrate GGF into the GHJ family to strengthen our ability to deliver exceptional value to our clients. Their strong client relationships and tailored approach make them a perfect strategic fit for our firm,' said Tom Barry, GHJ managing partner, in a statement. Firms are also expanding by adding new services beyond traditional audit and tax advisory. Two firms quickly took advantage of an Arizona Supreme Court ruling in 2021 that allowed nonlawyers to have an economic interest in law firms under the state's Alternative Business Structure program. The Arizona Supreme Court granted a special license to Big Four firm KPMG to operate a law firm in February. In addition to KPMG, Aprio acquired Radix Law, a Scottsdale-based firm, and launched Aprio Legal in February under the alternative business structure. However, a state law proposed in California may limit the impact of the Arizona ruling. Assembly Bill 931 would prohibit California attorneys from sharing legal fees with out-of-state firms operating under alternative business structures such as those that exist in Arizona and Utah, where non-lawyers, including private equity firms and corporations, may invest in or own law firms. Aprio's addition of a law firm complements its nationwide acquisition spree that included Woodland Hills firm Kirsch Kohn & Bridge in November. The Kirsch Kohn & Bridge acquisition added five partners and more than 30 local professionals. Nationally, it has expanded its footprint with firms in Atlanta, Austin, Baltimore, Denver and Chicago. Plus, it added cybersecurity firm Securitybricks. Firms have also expanded their reach globally by opening new offices worldwide to support operations. For example, Weaver credited its West Coast growth partly due to long-term progress reflected by the firm's global footprint and official expansion into India. It opened four new offices since the beginning of 2025 in India: Kochi, Coimbatore and Bengaluru opened in January, while Weaver's Chennai office opened in March. At Long Beach-based Windes, local tax partner Guy Nicio, who serves on the firm's board of directors, leads its growing Philippines team, which provides employee support and client services. HCVT continued to invest in its Armenia operations, reinforcing a commitment to build infrastructure that supports future growth.
Zawya
22-06-2025
- Business
- Zawya
$20mln agreement reinforces Beltone Leasing and Factoring's role in driving sustainable finance in the region
Cairo – Beltone Leasing and Factoring, a wholly owned subsidiary of Beltone Holding, has secured USD 20 million in funding from two leading impact investment funds managed by Germany-based Finance in Motion GmbH: the SANAD Fund for MSME and the Green for Growth Fund (GGF). The funding is equally divided, with USD 10 million from each fund, with a repayment tenor of five years. SANAD's contribution will support financial inclusion for micro, small, and medium enterprises (MSMEs) and low-income households across the Middle East and North Africa (MENA). GGF's portion will be dedicated to financing renewable energy, energy efficiency, and sustainable resource use initiatives in MENA and neighboring regions. This transaction marks a key milestone in Beltone Leasing and Factoring's strategy to deliver innovative non-bank financial solutions that promote economic empowerment and environmental sustainability, aligned with Egypt's Vision 2030. It also reflects Beltone's commitment to advancing sustainability across all its operations. Amir Ghannam, Deputy Head of NBFIs for Leasing, Factoring, and Consumer Finance, said: 'Securing foreign currency funding from institutions like SANAD and GGF enhances our ability to diversify our capital base and offer more competitive financing solutions. This funding will enable us to strengthen our support for MSMEs while accelerating green projects that contribute to a more sustainable and resilient future.' Sherif Hassan, Group Treasurer and Managing Director of Debt Capital Markets, said: 'This funding reflects our strong collaboration with Finance in Motion and our commitment to channeling strategic capital to grow Beltone Leasing and Factoring. It also highlights our focus on ESG-driven financing, in line with the broader Beltone's mission to support sustainable and impactful growth.' Both funds are managed by Finance in Motion GmbH, a globally recognized impact asset manager focused on advancing sustainable development in emerging and developing economies, in collaboration with development finance institutions, private investors, and governments. About Beltone Leasing and Factoring: Beltone Leasing and Factoring, a subsidiary of Beltone Holding, specializes in providing leasing and factoring solutions and services. The company holds a leading position in the Egyptian leasing and factoring market, owing to its strong contribution to delivering innovative financial solutions to small and medium-sized enterprises as well as large companies across strategic sectors. These sectors include real estate development, logistics support services, transportation, healthcare, education, pharmaceuticals, food and beverages, printing and packaging, chemicals, and oil. About Beltone Holding: Beltone Holding (Egyptian Stock Exchange Code: is a leading provider of financial services with a distinguished track record spanning decades in the Middle East and North Africa. The Company offers a comprehensive and expanding range of financial solutions and services, including securities brokerage, underwriting and advisory services, asset management, research, and direct investment, as well as non-banking financial services such as leasing, factoring, consumer finance, venture capital, microfinance, real estate finance, and small and medium-sized enterprise (SME) financing. The company has an ambitious vision to revolutionize the financial sector in the region, leveraging the global expertise and knowledge of its team to provide innovative, value-added solutions, create additional opportunities for its clients, enhance market value, and achieve impactful results. For more information, please visit the company's website: Investor Relations: ir@ About SANAD The SANAD Fund for MSME finances micro, small, and medium enterprises and low-income households in the Middle East and North Africa and selected countries in sub-Saharan Africa via qualified local lenders. SANAD thereby fosters economic development and job creation – including youth employment – agriculture, affordable housing, and innovations in finance and financial technologies. SANAD strives to meet these goals by providing debt and equity financing to its local partners. The SANAD Technical Assistance Facility multiplies the fund's development impact and outreach through capacity-building with partner institutions, developing financial infrastructures according to the principles of responsible finance and conducting much required R&D. An impact investment fund advised by Finance in Motion, SANAD's investors include the KfW Development Bank, which initiated the fund; the German Federal Ministry for Economic Cooperation and Development (BMZ); the European Union; Switzerland's State Secretariat for Economic Affairs (SECO); OeEB, the Development Bank of Austria; Germany's GLS Bank and GLS Treuhand; the Dutch development bank FMO; and Calvert Impact Capital. For more information on the SANAD Fund for MSME, please visit: About the GGF The Green for Growth Fund promotes energy efficiency and renewable energy in Southeast Europe, the Caucasus, the Middle East, and North Africa. By providing refinancing to local financial institutions, GGF helps businesses and households access sustainable energy solutions, fostering energy efficiency and reducing carbon emissions. GGF was initiated as a public-private partnership by the European Investment Bank and Germany's KfW Development Bank, with financial support from the European Union, BMZ, and other international investors. Finance in Motion GmbH, Germany, serves as GGF's advisor. About Finance in Motion Finance in Motion is a global impact asset manager focused exclusively on sustainable development in emerging markets and developing economies. The company structures, manages, and advises impact investment funds that bring together public and private investors to address climate change, strengthen biodiversity conservation, foster the sustainable use of natural resources, improve livelihoods, and promote economic opportunities. For more information, please visit us at: Media contact Nusha Westhoff Marketing & Communications Email: press@
Hindustan Times
20-06-2025
- Business
- Hindustan Times
Prices of 6,000 sq ft luxury floors in South Delhi surge 105% in three years: Alternative Investment Fund
The price of luxury independent floors in South Delhi has risen as much as 105% in the last three years on the back of demand and investor interest, a report by an Alternative Investment Fund has said The price of luxury independent floors in South Delhi has risen as much as 105% in the last three years on the back of demand and investor interest, according to a report by Golden Growth Fund (GGF), a Category-II real estate focused Alternative Investment Fund (AIF). With growing interest from startup founders and businessmen, South Delhi has emerged as an end-user destination with privacy and customised space as primary needs of these ultra-rich habitants. Its connectivity to the office hubs in Gurugram and Noida; and the airport adds to its appeal, it said. According to the report, in Category-A colonies, between June 2022-June 2025, the average price for a 2500 sq. ft. floor has risen by approximately 100% from ₹8 to 11 crore to ₹16 to 22 crore while for a 6000 sq. ft. floor, the price has risen by 105% from ₹18 to 22 crore to ₹36 to 45 crore, it said. In Category-B colonies, between June 2022-June 2025, the average price for a 2500 sq. ft. floor has risen by approximately 70% from ₹5 to 6.5 crore to ₹8.5 to 11crore while for a 3200 sq. ft. floor, the price has risen by approximately 64% from ₹8 to 11 crore to ₹13 to 18 crore, it noted. 'South Delhi is today the most premium real estate market with per sq. ft. rate in a Category-A colony ranging between ₹60,000- ₹90,000 and in Category-B colony between ₹36,000- ₹56,000 depending upon floor and colony,' said Ankur Jalan, CEO, Golden Growth Fund. 'The return on investment is another factor that has added to the growing interest,' he said. In an earlier report, GGF said the redevelopment potential of South Delhi is worth ₹5.65 lakh crore across 42 MCD Regulated colonies with plots (occupied and vacant) in Category A and B colonies alone accounting for over ₹5.35 lakh crore. 'The real estate market in the last three years has been bullish. However, what separates South Delhi from the rest is the consistent demand, reliable and safe investment and substantial returns. Besides, it also boasts of safety of the asset against depreciation of capital,' Ankur Jalan said. Some of the Category-A and B colonies are Mayfair Garden, Panchsheel Park N Block, Panchsheel Park S and E Blocks, Sadhana Enclave, Anand Niketan, Vasant Vihar, Shanti Niketan, Westend, Chankyapuri, Golf Links, JorBagh, Sundar Nagar, Maharani Bagh, Chirag Enclave, GK, Green Park, Gulmohar Park, Niti Bagh. Also Read: South Delhi bungalows gain on Lutyens' with airport connectivity and customization perks 'HNIs, NRIs and family offices, who earlier invested in local properties without the cushion of compliance and safety, are making investments in AIFs that invest in these colonies. With returns as high as 18-20% without the hassle of maintenance, AIFs have opened a new avenue for these investors, Jalan said. Golden Growth Fund is a category II Real Estate focussed Alternative Investment Fund (AIF), a unique financial vehicle specifically designed for real estate investments in South and Lutyens' Delhi, India's poshest colonies.
