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UK PATENT BOX SCHEME SET TO BECOME AN EVEN MORE VALUABLE TAX BENEFIT
The UK Patent Box scheme is set to become an even more valuable tax benefit in the near future. With Chancellor Rishi Sunak’s announcement of higher corporate tax rates from 2023, larger and more profitable companies in the UK will be able to enjoy even greater savings on profits qualifying for Patent Box relief.
Currently, Patent Box allows UK companies to benefit from a reduced 10% corporate tax rate for income derived from qualifying intellectual property, rather than the standard 19%.
FACTORS THAT AFFECT A LENDER’S DECISION ON YOUR LOAN
When you’re applying for a mortgage, auto loan, personal loan, or any other loan, you want to get the best outcome. However, your loan application may not go well all the time. It’s because lenders consider a range of factors to ensure that they are extending the loan responsibly.
If you don’t know what your lender is looking for, it can be more difficult for you to get approval. It would be best to acquaint yourself with the different factors that may significantly affect a lender’s decision on your loan.
KEY PROVISIONS IN NDAS IN A COMPETITIVE M&A SALES PROCESS
In any M&A sales process, the seller’s counsel will negotiate a non-disclosure agreement (NDA) with potential buyers and their legal counsel. The one-way NDA that each buyer executes protects the seller’s confidential information. There could be 30, 40, 50 or more potential buyers in a highly competitive M&A sales process, which means an NDA for each potential buyer. Scott Rissmiller has counselled sellers in two different sales processes in the last nine months that involved over 30 and over 50 NDAs, respectively. While some buyers sign the NDA as provided, many buyers negotiate it. Comments on an NDA from the two types of buyers (i.e., strategic and financial sponsors) will vary, especially regarding certain NDA provisions.
ARCHEGOS LOSSES: UBS TAKES UNEXPECTED $774 MILLION HIT
UBS reported on Tuesday a net income of $1.8 billion for the first quarter, revealing that it had taken a considerable hit to earnings from the collapse of Archegos Capital Management.
The Swiss bank said that it had taken a $774 million hit to revenue as a result of Archegos’s default earlier in the quarter. The hedge fund was a client of UBS’s prime brokerage business.
UBS added that it had ended all exposure to Archegos and that any related losses in the second quarter would be “immaterial”.
UK ECONOMY EXPECTED TO GROW AT FASTEST RATE ON RECORD
The UK economy is predicted to grow at the fastest rate since the second world war this year, according to a widely cited economic forecaster.
The EY Item Club has upgraded its forecast for GDP growth during 2021 from 5% to 6.8%, which would mark the fastest annual growth since 1941. This comes in the wake of relaxing COVID-19 restrictions and optimism that rapid progress with the country’s vaccine programme will enable a swift return to business as usual.
FTSE 100 REBOUNDS AFTER WORST DAY IN TWO MONTHS
The FTSE 100 rose on Wednesday, rallying after a mass sell-off led to a 2% fall in the previous session.
The index rose 0.6%, lifted by oil giants BP Plc’s and Royal Dutch Shell’s respective gains of 2.0% and 1.7%. The surge followed a report from Azerbaijan’s energy ministry said BP’s oil output reached 5.9 million tonnes in the first quarter.
Some stocks continued to slip, however. Just Eat Takeaway.com fell 4.2%, slumping to the bottom of the index, following news that rival Uber Eats plans to expand into Germany.
MEME STOCKS: DOGECOIN RISES AS BITCOIN FALLS BACK
Bitcoin and Ethereum fell during Tuesday trading, extending a price decline that began last week, while joke cryptocurrency Dogecoin rallied further after a record surge.
Bitcoin was down 4.6% by 9.20 AM in London, while Ethereum was down around 5.3%. The world’s two most highly valued cryptocurrencies were trading at $54,763.19 and $2,134.70 respectively.
Meanwhile, Dogecoin was up 18% at $0.4075, a jump that coincided with social media attention on 20 April. Supporters of the cryptocurrency are celebrating the date – which is also International Weed Day – as “DogeDay” and are urging fans to buy up the token in a bid to raise its price to $1.
JPMORGAN TO FINANCE BREAKAWAY EUROPEAN SUPER LEAGUE
JPMorgan confirmed on Monday that it is financing the nascent European Super League, a breakaway group featuring 12 of Europe’s biggest football clubs that threatens to shake up the sport.
Six Premier League teams – Arsenal, Chelsea, Liverpool, Manchester City, Manchester United and Tottenham Hotspur – are involved in the deal, alongside AC Milan, Atletico Madrid, Barcelona, Inter Milan, Juventus and Real Madrid.
KBR ENHANCES ITS CAPITAL STRUCTURE AND FINANCING FLEXIBILITY
KBR announced today that on November 18, 2021, the company successfully closed the fifth amendment to its credit agreement dated April 25, 2018, as previously amended.
Following a strategic shift in the company’s business mix, consistent performance against long-term financial targets, improvement in corporate credit ratings, and the continued resolution of legacy matters, the amendment measurably improves the company’s flexibility and reduces its debt service cost.
COINANALYST LAUNCHES CRYPTO INTELLIGENCE NEWSLETTER GLOBALLY
CoinAnalyst Corp. a company that provides an artificial intelligence-based big data analytics platform (the “Platform”) which delivers detailed AI-powered analysis of market sentiment, fundamentals, and technical indicators to investors in the digital asset sector and other industries, announced today the worldwide distribution of their Crypto Market Letter.
FUTURE FINTECH ANNOUNCES PLANS TO LAUNCH FINANCIAL APP IN THE UK
Future FinTech Group Inc. , a leading blockchain-based e-commerce business and a fintech service provider, announced today that its new subsidiary, FTFT UK Limited (“FTFT UK”), held an inauguration ceremony on November 19, 2021 for the opening of its new office in London, during which FTFT UK announced that it has entered the beta testing phase for its mobile financial app which will enable customers to engage in a comprehensive suite of e-wallet activities. Representatives from the local business and financial sectors, including executives of MasterCard, JP Morgan Chase, China Mobile and Bank of China attended the event.
REMITTER OFFICIALLY PARTNERS WITH VISA READY FOR FINTECH ENABLEMENT CERTIFICATION PROGRAM
Remitter USA Inc., an AI-powered, digital communications and collections platform used to optimize customer engagement and improve collections, is pleased to announce its official partnership with the VISA Ready Fintech Enablement Certification Program.
The Visa Ready program enables partners to accelerate their growth by providing certification guidelines and access to Visa products and go-to-market expertise. The program will allow Remitter to differentiate its solution, establish trust with potential clients and expand its business with the Visa Ready seal of approval.
COMPLYSCI ACQUIRES ILLUMIS, PREMIER TECHNOLOGY PROVIDER TO FINANCIAL SERVICES FIRMS AND AGGREGATOR OF POLITICAL CONTRIBUTION DATA
ComplySci (the “Company”), the leading provider of regulatory technology and compliance solutions for the financial services sector, announced today that it has acquired illumis Inc., a premier data aggregator and technology provider whose solutions are used by financial services firms to identify and mitigate risk from employee political contributions. The transaction is ComplySci’s second acquisition in Q4 2021 and the latest step in the company’s mission to provide private equity firms, hedge funds, broker dealers and other financial services institutions with a comprehensive platform for streamlining and automating employee compliance functions.
WALMART REWARDS MASTERCARD LAUNCHES FIRST-EVER PAYMENT INSTALLMENT PLAN EXPANDING SERVICES AND PAYMENT OPTIONS FOR WALMART CUSTOMERS
Walmart Canada and Duo Bank of Canada are launching the first-ever Walmart Rewards™ Mastercard® Installment Plan to offer Walmart customers even more convenient and flexible payment options.
Customers have said they want more payment flexibility when they shop. The new Installment Plan through the Walmart Rewards Mastercard provides flexible ways to pay for larger ticket items and shopping baskets. Duo Bank is the issuer of the Walmart Rewards Mastercard.
CIRCLE LAUNCHES ‘CIRCLE IMPACT’ TO IMPROVE FINANCIAL INCLUSION, DIGITAL FINANCIAL LITERACY AND HUMANITARIAN RESPONSE VIA DIGITAL CURRENCY
Circle Internet Financial, LLC, a global internet finance firm that provides payments and financial infrastructure to businesses of all sizes today announced the launch of Circle Impact. The initiative is dedicated to measurably improving three key areas of focus: financial inclusion, responsible financial service innovation, and supporting humanitarian efforts through the faster deployment of aid and relief using corruption-resistant real-time payments.
NUULA LAUNCHES FINANCIAL METRICS TOOL, INTEGRATING ACCOUNTING SOFTWARE DATA INTO THE NUULA MOBILE APP
Nuula, a fintech company focused on providing small businesses the tools and the capital they need to succeed, today announced the launch of its Financial Health tool — a new feature that lets small business owners stay on top of key financial metrics from their cloud accounting software right within the Nuula app.
With the Financial Health tool, small businesses can get real-time insights from their QuickBooks, FreshBooks, Wave or other accounting software anytime and anywhere.