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Restrictive EU law could benefit London’s Asian art scene

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“Where there is energy and dynamism, there is a market,” says Henry Howard-Sneyd, longtime chair of Asian art at Sotheby’s and founding member of the Asian Art in London (AAL) event, which takes place at the end of this month. Howard-Sneyd is only too aware of the “constant flux and flow of the Asian art market”, as he puts it. He and his colleagues in London have witnessed waves of new buyers from Japan in the 1980s and ’90s and from China more recently, whose aggressive bidding peaked in 2015.

Tastes have changed and power has shifted to New York, Hong Kong, mainland China and Paris. Yet this autumn season offers a reinvigorated London scene, with world-class, museum-quality pieces again on offer in saleroom and gallery, in part thanks to a forthcoming EU law on artwork origins.

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Iwona Tenzing, whose gallery Tenzing Asian Art is making its debut at the Frieze Masters art fair next week, cited not only the “unparalleled exposure to an international audience” as a reason to show at the fair but also uncertainties arising from a 2019 EU law restricting the importation of “non-European” art into the bloc, which is expected to become operational by June 2025. Briefly, this requires proof that an object more than 200 years old and valued in excess of €18,000 was legally exported from the country of origin (itself not necessarily easy to determine, given changing geographical borders).

For works of art that left those countries centuries or even a few decades ago, this may prove an impossible paperchase. A theoretically laudable law aiming to restrict the illicit trade in cultural property is likely to have a profound effect on collectors, dealers and auction houses, and give London, which has lost ground to Paris, a distinct advantage now that it is outside the EU.

Tenzing, which has galleries in San Francisco and Hong Kong, will unveil a Tibetan thangka (scroll painting in distemper and gold on cloth) of the Buddha Vairocana dating to the late 12th or early 13th centuries, described as one of the rarest and most significant surviving examples of the period and priced at several million dollars.

Detail of a 12th-century painting on cloth of several Buddha-like figures, with variying skin colours, seated next to each other in rows
Detail from ‘Buddha Vairocana and his Entourage’, a 12th- or 13th-century Tibetan painting made on a scroll, being sold at Tenzing Asian Art © Courtesy: Tenzing Asian Art

Asian art has always been shown at Frieze Masters, but the arrival of the veteran Chinese art specialist Gisèle Croës in 2018 proved a game-changer. As a member of the fair’s selection committee, she argued for a more global representation of art and for an expansion of its range of older art, Croës explains from her Brussels gallery. At her suggestion, New York dealer Carlton Rochell joined the fray, contributing outstanding Buddhist and Hindu sculpture — Khmer, Indian and Gandharan. Last year, another New York dealer, Japanese specialists Thomsen Gallery, arrived; Erik Thomsen reported sales of several important works. This year, Thomsen’s folding screens and scroll paintings will be complemented by gold lacquer boxes, medieval stoneware jars and ikebana baskets.

Croës’s own stand also reflects Frieze Masters’ expansion into the realm of the more traditional antiques fair. Lined with late 18th- or early 19th-century Chinese wallpaper panels, she has created the “salon of a collector”, with lacquer furniture, imperial champlevé enamel garden stools — thought to have belonged to Marcel Proust — and bejewelled silver and silver gilt jardinieres (prices €40,000-€350,000).

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Two bejewelled, highly decorated rectangular vases which, instead of containing actual flowers, contain artificial plants with branches made from gold, silver and copper, and flowers made from  precious stones and metals
Two matching jardinieres from China’s Qianlong period (1736-1795), decorated with silver, gilt copper, jade, rock crystal, mother of pearl, rose quartz, ruby and enamel © Courtesy Gisèle Croës

Hong Kong/London-based newcomer Rossi & Rossi is presenting painters from the postwar Bombay Progressive Artists’ Group. Gana Art joins three existing gallerists from Seoul, presenting a solo show of Kim Kulim, a central figure of the Korean avant-garde. Shibunkaku of Kyoto presents postwar Japanese calligraphy, paintings and ceramics.

As Howard-Sneyd points out, this emphasis on Modern and contemporary ceramics, painting and printmaking in the broad London scene marks one of the biggest shifts in taste since the launch of AAL in 1998. The first of such citywide initiatives bringing together specialist galleries, auction houses and museums, the event reflects unusually close collaboration between the art trade this year: the leading auction houses are giving space in their showrooms to visiting commercial galleries and private dealers for the first time.

Three main ground-floor spaces at Sotheby’s will present stock from 12 galleries, including a show by the blue-chip contemporary Asian art specialist Sundaram Tagore, with jewellery, textiles, arms and armour among the mix. Altogether, the seven participating auction houses are adding 21 auctions of Asian and Islamic art to the 25 or so dealer shows. The most spectacular auction lot promises to be an exceptionally rare pair of 16th-century Chinese wucai or “five-enamel” polychrome “fish” jars and covers, with golden carp swimming among swaying lotus and other flora (Sotheby’s, est £600,000-£1mn). Only one other complete pair is known to survive.

Two roundish porcelain jars with lids, lavishly decorated  with paintings of goldfish, carp, lotus and aquatic flora
Two wucai ‘fish’ jars and covers, from the Jiajing period (1521-1567) © Courtesy Sotheby’s

In their own gallery in Clifford Street, leading London dealer Eskenazi focuses on the painterly early blue-and-white porcelains from the Yuan and early Ming dynasties ($500,000 to more than $1mn). Included here is another great rarity, a large guan (jar) from circa 1320-52, its panels ornamented with applied and incised flowering shrubs in underglaze copper red. Daniel Eskenazi is expecting to see Chinese clients and US museum curators returning to London. “When there is a critical mass of high-quality works at auctions, fairs and dealer exhibitions, true collectors do come.”

Frieze Masters, October 9-13, frieze.com. Asian Art in London, October 30-November 8, asianartinlondon.com

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how to win the White House

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In just one month about 150mn Americans will vote for Democratic vice-president Kamala Harris or Republican Donald Trump to be US president. Both say the election is the most important in the country’s history.

But the winner of the popular vote does not necessarily win the White House. The US’s unique Electoral College system means that slates of electors from the states decide the winner. But most states vote reliably Democratic or Republican. Only a few are prone to switching — the so-called swing states.

Waffle chart showing electoral college votes in the US. Kamala Harris Democrat: 191 solid dem; 35 lean dem. Donald Trump Republican: 125 solid rep; 94 lean rep. 93 tossup.

This year, there are seven swing states — and each features a razor-edge race inside 1.5 points, according to Financial Times poll tracking. Together they account for just 93 of the Electoral College’s 538 votes and 18 per cent of the population. But they are the target of all Trump’s and Harris’s campaign money and energy.

Within that subset of states is another important sliver of voters: the undecideds. An Ipsos poll released this week said that this group accounts for only 3 per cent of likely voters in the battleground states — a tiny number reflecting America’s deep polarisation. Winning a majority of these people who haven’t yet made up their minds could decide the election, giving them huge potential power.

Swing states presidential election poll trackers. Source:  FT research, FiveThirtyEight. Latest poll Sep 29-30. Biden vs Trump polls shown before Jul 21, Harris vs Trump polls shown after

Who are these undecided voters? Some are male union voters who once gravitated to left-wing Bernie Sanders but now lean to Trump; or suburban conservatives turned off by the Maga rhetoric. Others are Latinos wavering on Harris because of the US’s high cost of living, or young voters who were put off by President Joe Biden’s age but are now in play for Harris. Many are women — of all political stripes, but especially conservatives — motivated by restrictions imposed on abortion in recent years, a central campaign issue for Harris.

But the two campaigns are also trying to win another broader segment of the public: people disengaged from the political process. This century, turnout in US presidential elections among eligible voters has averaged between 54 per cent in 2000 and 67 per cent in 2020, leaving a big pool to draw from. Both sides are firing up their turnout machines in the swing states, though Trump’s campaign is winning a registration race in most battlegrounds.

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Map showing the number of electoral college votes in the "blue wall" tossup states in the US election

Pennsylvania

The most critical state in the so-called blue wall, a reference to the states that Democrats — the blue party — won in presidential elections from 1992 to 2012 and again in 2020. Trump cracked the wall in 2016. Each now has a popular Democratic governor.

Pennsylvania (19 electoral votes) stretches from Philadelphia near the eastern seaboard to the industrial city of Pittsburgh in the west. It is the most populous battleground, most frequently polled, and the biggest prize of the whole election.

Harris and Trump have visited Pennsylvania frequently and spent far more on ads there than anywhere else: $187mn and $146mn, respectively. Trump was injured in July in an assassination attempt near Butler, in the rural west.

Harris’s success will depend on turning out Democratic voters in the largest cities and making gains in wealthier suburbs while limiting her losses to Trump in rural, conservative areas. Republicans have been winning the voter-registration battle in recent weeks.

Both campaigns have courted blue-collar voters in a state where manufacturing and energy production are big employers. Harris and Trump sided with the steelworkers’ union in opposing the takeover of Pittsburgh-based US Steel by a Japanese company. Harris has disavowed her previous opposition to fracking, the drilling technique crucial to Pennsylvania’s huge shale gas industry. But Trump has pummelled her on the issue.

Michigan

Michigan (15 electoral votes), home to Detroit and the hub of the US car industry, went to Biden by less than 3 points in 2020. Democrats performed strongly there in the 2022 midterm elections, when governor Gretchen Whitmer was re-elected and voters overwhelmingly backed a measure to protect abortion rights.

But Michigan has also emerged as a hub of resistance to the Biden administration’s stance on Israel’s war in Gaza, where the huge Palestinian death toll has angered Michigan’s relatively numerous Arab-American voters and progressives in college towns such as Ann Arbor. Harris might need to make up for defections from her party.

Blue-collar workers are also a focus of both campaigns in Michigan. While Harris touts her support for a new electric vehicle industry and the federal support for manufacturing, Trump has attacked Democrats for jeopardising Michigan jobs to fight climate change. Affluent suburbs surrounding Detroit and Grand Rapids will be pivotal.

Wisconsin

Wisconsin (10 electoral votes) is an especially heated blue wall battleground with high political engagement and fierce ideological divisions: in 2020, it had highest voter turnout of any swing state.

The Republican party chose Milwaukee, the state’s largest city, for its convention to nominate Trump, and Harris flew into Milwaukee during the Democratic convention in Chicago to hold her own rally. The electorate in Wisconsin is disproportionately white compared with other battleground states, but a strong tradition of union organising could benefit Harris. She will also need to secure strong support in the capital, Madison, among state employees and University of Wisconsin students.

Maps showing a decades-long Democratic shift in the suburbs of Milwaukee, Wisconsin

Both campaigns will also focus on the traditionally Republican Milwaukee suburbs of Waukesha county, where Biden in 2020 improved on Hillary Clinton’s vote in 2016, and in crucial Demoratic-leaning cities near the border with Minnesota.

One factor in Wisconsin’s farmland areas will be attitudes to Trump’s planned tariffs. The state’s farmers were hit hard by Republican trade policies during his term in the White House.

Map showing the number of electoral college votes in the southern tossup states in the US election

Georgia

Biden was the first Democrat to win Georgia (16 electoral votes) since Bill Clinton in 1992. His party followed up by winning two pivotal Senate races in 2021, giving Democrats control of the chamber.

Democrats have gained from growing support in Atlanta’s once-Republican suburbs and strong get-out-the-vote operations in the city itself, as well as Savannah and Augusta. Democratic US Senator Raphael Warnock, the pastor at the Atlanta church where civil rights leader Martin Luther King Jr used to preach, has become a pivotal motivator for the Democratic base.

Maps showing that in Atlanta, majority-black areas swung slightly towards Trump, but a combination of increased turnout and their enduring strong pro-Democrat lean meant they still added more new votes for the Democrats than the Republicans

But the rest of Georgia remains overwhelmingly conservative. Trump has also made inroads with Georgia’s Black population, especially on the economy. He has a tense relationship with Republican governor Brian Kemp, who refused to help him overturn the 2020 election result, although Kemp has now endorsed Trump.

North Carolina

Barack Obama won the presidential vote in North Carolina (16 electoral votes) in 2008, but no Democrat has since.

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Polls show that Harris is running as strongly in North Carolina as in Georgia, propelled by her strength in the so-called Research Triangle university cities of Raleigh, Durham and Chapel Hill as well Charlotte and Greensboro, the other big metropolitan areas.

The Republican campaign has been rocked by a scandal involving Mark Robinson, who Trump has praised and endorsed in the run to be North Carolina’s governor. On a pornographic message board Robinson referred to himself as a “black NAZI!” and supported reinstating slavery, along with many other graphic comments, according to a CNN report.

Map showing cumulative rainfall along the path of Hurricane Helene between September 26 to 28

Beyond that, a big wild card in the battle for North Carolina is whether the devastation in the western part of the state due to Hurricane Helene will affect voting patterns or turnout.

Map showing the number of electoral college votes in the south-western tossup states in the US election

Arizona

If either Harris or Trump sweep the “blue wall” and the south-eastern battlegrounds, the election will be over by the time the focus turns west. But if the result is split east of the Mississippi River, two states with fast-growing populations and a big share of Hispanic voters could settle the race.

Biden brought once reliably conservative Arizona (11 electoral votes) into the Democratic fold in 2020.

But as the only battleground state bordering Mexico, Arizona is on the frontline of a fight over immigration — among the election’s biggest issues. Trump has consistently attacked Harris for presiding over a surge of immigration, and promised mass deportations of undocumented people if he wins.

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Maps showing that in Arizona, majority-Latino areas swung slightly towards Trump, but a combination of a sharp rise in turnout and their pre-existing pro-Democrat lean meant they still added more new votes for the Democrats than the Republicans

Harris, who visited a border town in Arizona late last month, has criticised Trump for blocking a bipartisan compromise in Congress this year that would have toughened immigration policy, just so he could campaign on the issue.

Democrats have succeeded in recent years in capturing votes from mainstream Republicans disenchanted with Trump. But Republicans have been gaining ground among Latinos. The fate of Maricopa county, which includes Phoenix and its suburbs, is likely to be crucial to the state’s result.

Democrats also hope that a measure on the ballot in November to include the right to an abortion in the state constitution will drive turnout for Harris. Currently, state law allows abortions up to 15 weeks of pregnancy.

Nevada

Nevada (six electoral votes), home to gambling meccas Las Vegas and Reno, has voted for Democrats in every presidential election since 2004.

But it is vulnerable for Harris, partly because of the gains Trump is making among Hispanic voters, and because the state’s economy has been particularly tough on middle- and lower-income households.

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Inflation in the region has outpaced the nationwide rate in recent years, while the unemployment rate of 5.4 per cent is the highest of any US state, undermining Harris’s economic pitch.

Democrats’ successes in Nevada stem from a successful turnout operation around Las Vegas mobilised by the Culinary Workers Union. If it works again, it could help Harris offset some other weaknesses in Nevada. But with just a month left before election day, the result in Nevada — and the presidential race itself — is as uncertain as a Caesars Palace crapshoot.

Additional data visualisation by Jana Tauschinski

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I’m a single mum-of-two & and I’ve been forced by council to move home three times in a MONTH – my kids aren’t safe

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I'm a single mum-of-two & and I've been forced by council to move home three times in a MONTH - my kids aren't safe

A SINGLE mum-of-two has been forced to move house three times in one month and fears her kids aren’t safe.

Harlie Swann, 29, has been living in temporary housing for 13 years, along with her kids; Frankie, 8, and Finnlie, 2.

Harlie Swann with her boys, Finnlie, 2, and Frankie, 8

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Harlie Swann with her boys, Finnlie, 2, and Frankie, 8
Harlie said the constant moves come down to discovering each home is unsafe

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Harlie said the constant moves come down to discovering each home is unsafe

The Croydon resident was first moved into temporary accommodation after having Frankie at 21.

Harlie told MyLondon they lived there for seven years but after Frankie’s ADHD diagnosis, the home was no longer suitable.

Finnlie also has complex learning difficulties and Harlie fears “constantly moving around” is taking its toll on them all.

The family are due to move into a property in Lambeth this week marking the third time in a month Croydon Council have ripped their stability away from them.

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Harlie said the constant moves come down to discovering each home is unsafe – for anyone to live in, let alone children.

In a previous home in West Norwood, the family were exposed to sewage spurting up the sink, persistent mould, and damp.

Due to the extent of the problem, environmental health assessors had to get involved.

Luckily the next house and latest home was deemed “fine on the paperwork”, Harlie explained.

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However, when they moved in they discovered a major leak problem and improper fire-safe windows.

According to Harlie, the council said “don’t unpack we’ll find you somewhere else, then they found me this place in Streatham this Monday (September 30).

You’ll be arrested for falling asleep in public as October 1 law goes into effect but snoozing in certain spot is exempt

“It’s an absolute nightmare,” she said.

A neighbour even told Harlie that the previous tenants put up with the same problems yet the council still deemed it safe to move into.

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Harlie, who experienced being homeless as a teenager said: “I saw things that no 16-year-old should have seen by living in these horrible places, and around a lot of concerning people.”

One night, she even slept in a police cell because she was so young.

She continued: “I feel like I’ve gone through so much but still, nobody is willing to give me and my kids somewhere stable and safe to live.”

Harlie’s eldest, Frankie, who has regular ADHD therapy needs extra care right now as he cannot attend school.

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She said: “He needs that permanent stability.

“I go to Child and Adult Mental Health Services (CAMHS) three times a week with him, he is in intense therapy.

“There’s a shortage of ADHD medication at the moment, which means he’s not taking his medication.

“The school have said they can’t have him there any more because he had an issue with the teachers.

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“Because of this I’m having him stay with me at home, but this is all going on at home and they’re expecting me to deal with all of this.

“It’s too much.”

Temporary accommodation or interim accommodation is organised by the council and exists for people who are at risk of becoming homeless.

People will live there until a permanent home can be found.

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Harlie said: “They can make me move out in 24 hours because it’s classed as interim emergency accommodations.

“It’s not even temporary accommodation, it’s the lowest of the low basically.

“If they then decide I’m moving you again I will have to pack up all my stuff again.

“I’m in a constant state of not knowing what the hell I’m meant to be doing.”

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Harlie feels the council don't truly understand the trauma her family are experiencing

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Harlie feels the council don’t truly understand the trauma her family are experiencing
Harlie has had to put her career on hold to cope

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Harlie has had to put her career on hold to cope

Harlie feels she is experiencing “one problem after another” and the family “need to be in a set routine”.

She continued: “The kids also get a lack of attention as well, because my time feels like it’s constantly filled with emails to the council.”

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Harlie feels the council don’t truly understand the trauma her family are experiencing.

She said: “I have so many letters from the GP, CAMHS, the school and social workers.

“Nothing like that seems to make a dent with them, nothing seems to help with me getting a more permanent place to stay.

“I don’t care where they place me, they could place me anywhere.

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“However, because I’ve got them it makes it that much bit harder, especially with all of their requirements.”

In an attempt to secure a forever home, for the past nine years Harlie has bid for council housing via the local bidding system.

Each time she has been left empty handed.

She said: “I don’t understand why I haven’t been given that yet.

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“I know everybody’s circumstances are different but it hurts.”

Harlie is also a trained teaching assistant and has qualified as a parent group leader for local children’s centres but due to Frankie’s needs and her housing situation, she’s had to put her career on hold.

She told MyLondon that having to move so much is putting pressure on her financially.

Having to pay for three moving vans in two weeks has left her with “no money left”, she said.

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She hopes her new home will give the family the stability they need but fears it could result in yet another disappointment.

Harlie said: “I’m a good tenant, I’ve always looked after my properties.

“There just must be a mark against my name, because I constantly feel like I’m at the bottom of the pile.”

Croydon Council have been approached for a comment.

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What to do if your temporary housing isn’t safe

TEMPORARY housing is somewhere to live in the short-term. Some people might have to live in temporary accommodation for years before councils make a final offer of housing.

Here are a list of problems which could cause the council to move you.

  • You cannot afford it
  • You are overcrowded
  • It is in need of repairs or in poor condition
  • It is hard to access because of a health condition or disability
  • It is too far to travel to your workplace or your children’s schools
  • You are at risk of things like domestic abuse or racial violence

If this happens, Shelter recommends to:

  • Accept the offer for the property even if you don’t want to live there
  • Tell the council why your house is unsuitable

Your council should offer your alternative housing if your home is deemed unsuitable.

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Investors grab European equities to gain cheap US exposure

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Investors seeking returns from the buoyant American market are turning to European stocks which have significant US exposure but are trading at a discount to their transatlantic counterparts, equity investors say.

Groups such as UK defence group BAE Systems, France’s Schneider Electric and pharmaceutical giant Novo Nordisk are among the big European names that have risen sharply this year as investors hunt for cheaper, similar versions of top-performing US companies.

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BAE has risen 17 per cent, Schneider is up 29 per cent and Novo Nordisk has gained 11 per cent.

“The fact you’re able to get these businesses at a lower valuation is being overlooked,” said Dev Chakrabarti, chief investment officer for concentrated global growth at AllianceBernstein, which holds positions in several Europe-based companies with large US exposure, including SAP.

“That’s a pricing inefficiency that we continue to exploit, and we do expect to get paid on that inefficiency,” Chakrabarti added.

Friday’s strong US jobs data strengthened investors’ expectations that America will pull off a so-called soft landing, in which inflation falls rapidly but it maintains robust growth and strong employment. However, sentiment for the outlook in Europe has been more negative, where business activity has slowed as inflation has fallen.

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Dozens of large European companies generate the bulk of their sales in the US. Novo Nordisk, which makes the best-selling Ozempic and Wegovy weight-loss drugs, earns close to 60 per cent of its revenues from the US, while the market is nearly 50 per cent of defence giant BAE Systems’ turnover.

However Denmark’s Novo Nordisk, Europe’s largest company by market capitalisation, has trailed US competitor Eli Lilly, whose shares have soared 51 per cent this year.

Some investors argue this makes the European group the more attractive investment, as it trades at a price-to earnings ratio to December 2025 of 27 times, compared with 39 times for its US rival, according to data from FactSet.

Steven Smith, an equity investment director at Capital Group, said he saw opportunities in European pharmaceutical and semiconductor businesses, with these multinationals trading at discounts against their American peers.

“Where there’s a European and US equivalent, the former is trading at a valuation discount and we would say that’s an opportunity,” Smith added.

Phil Macartney, a European equities fund manager at Jupiter Asset Management, said it was picking companies such as data provider Experian, power group Schneider Electric and software maker SAP, which have both US exposure and were likely to benefit from further interest rate cuts. “The earnings power has remained with them,” he said.

Louise Dudley, a portfolio manager at Federated Hermes, said that pairing European companies’ improved governance — including workforce conditions and robust plans for the transition to net zero — with US exposure was one further advantage.

“A European-based company that meets these standards but has exposure to the US market as a growth driver is an attractive company,” Dudley added.

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In July Goldman Sachs urged clients to build positions in about 45 European businesses with large US exposure to leverage higher growth, as the 12 month forward price-to-earnings ratio on its basket of selected stocks was at the time trading at its lowest level since the global financial crisis.

Sharon Bell, an analyst at Goldman Sachs, said: “European companies have always been very global. This isn’t unusual . . . what’s changed is the US has gone on a much bigger premium.”

The bank has since changed its rating to “no active recommendation” as stocks have risen. Even so, the basket — which includes Novo Nordisk, BAE Systems and Stellantis — remains below its longtime average.

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Colombia leader plans to pass budget by decree

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Colombia’s president Gustavo Petro plans to issue the national budget by decree after lawmakers refused his proposed spending increases, his finance minister said — a move unprecedented since the current constitution was enacted more than three decades ago.

His government, the first from the left in Colombia’s modern history, had sought a 523tn peso ($126bn) budget for 2025, but a congressional committee rejected that last month and demanded lower spending. Some lawmakers accused Petro of seeking to bolster support with giveaways ahead of 2026 elections.

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Petro and finance minister Ricardo Bonilla said in response that they would push the package through by decree, a manoeuvre permitted by Colombia’s constitution but not used since it was adopted in 1991.

“The rule is clear that if congress is unable to make a decision — and there was no debate — then the government can pass it by decree,” Bonilla told the Financial Times.

“The norm states that the budget is a government initiative and therefore it is the government that has all the power to make decisions,” he said. “But there is nothing extraordinary about that, nor is it true when people say that this is some kind of fiscal dictatorship.”

The government has until October 20 to secure next year’s budget through congress, which Bonilla said was impossible. Instead, the government will issue a budget decree between October 21 and December 30.

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Any decree would probably be challenged in the constitutional court, Bonilla admitted. “There’s every possibility that [the decree] will be challenged and the court will have to decide, but the court has ruled [in favour of] decree power in the past and I don’t think it will change its opinion,” he said.

Ricardo Bonilla
Finance minister Ricardo Bonilla admits that any decree could be challenged in the constitutional court © Santiago Mesa/Bloomberg

Petro, who in his youth belonged to an urban guerrilla group, took office in 2022 promising to overhaul the country’s orthodox economic model, which has been underpinned by public-private partnerships.

His pension reform was passed in June, but he has been widely frustrated by lawmakers rejecting proposals to expand the state’s role in the health system and tighten labour laws.

Petro has often painted policy setbacks as a “soft coup” by shady elites and opposition politicians, and has floated the possibility of drafting a new constitution.

His critics argue his threats over the budget indicate a desire to resist the country’s system of checks and balances. Mauricio Cárdenas, finance minister from 2012 to 2018, said Petro was emulating Mexico’s former president Andrés Manuel López Obrador, who used budgeted cash transfers to consolidate support.

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“The government understands that one of the strategies that can be used to increase its support is by providing more cash transfers,” Cárdenas said, adding that Petro’s inability to work with congress represented a “failure”. “It shows weakness and that Petro is not willing to compromise.”

Bonilla said that while “every budget has political components”, opposition claims that the government wanted to influence the 2026 election “are without any sense”.

Petro has also bristled against the central bank, last week making an unusual call on its board to issue money to victims of Colombia’s decades-long, ongoing civil war.

Petro’s approval ratings have hovered around 35 per cent for months.

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The budget dispute comes as Colombia’s economy struggles to regain momentum. Growth is forecast at a sluggish 1.7 per cent this year, and while inflation fell to an annual 6.1 per cent in August, it remains well above the government’s year-end target of 3 per cent. 

The peso has lost 9.76 per cent of its value against the dollar since June, while the central bank’s easing cycle is likely to keep pressure on the currency. 

The country’s fiscal deficit is expected to reach 5.6 per cent of GDP at the end of this year, while the government in June announced a 20tn pesos ($4.7bn) spending cut to comply with the fiscal rule, a policy overseen by an independent committee that is designed to prevent public finances from deteriorating.

The government has said it will push a tax reform through congress to raise $2.89bn for its proposed 2025 budget increase, in part by raising taxes on betting. If the budget were to be decreed but thrown out by the constitutional court, that would leave the government with a smaller 503tn pesos ($118.8bn) budget approved.

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Political risk is hurting investor confidence, said Andrés Pardo, head of Latin America strategy at XP Investments.

“On one hand the budget issue sends negative signals to the markets over this inconsistent, erratic and unrealistic management of public finances,” Pardo said. “And on the other hand, the government is perpetuating a populist narrative of discrediting institutions.”

Bonilla blamed congress for the budget impasse. “This time, the problem is that congress did not want to negotiate,” he said.

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Brits risk being fined £1,000 by HMRC if they don’t take action TODAY

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Brits risk being fined £1,000 by HMRC if they don’t take action TODAY

BRITS have just hours left to tell HMRC if they need to register to make a Self Assessment tax return.

You must tell the tax office by today, October 5 if you need to complete a tax return and have not sent one before.

There are just hours left to inform HMRC if you need to register for a Self Assessment tax return.

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There are just hours left to inform HMRC if you need to register for a Self Assessment tax return.Credit: Getty

The assessment is used by the government body to collect income tax.

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This tax is usually deducted automatically from people’s wages, pensions and savings.

However, people and businesses with extra income must report it in a tax return.

It is worth noting that this is not the date you need to file your Self Assessment, just the date you need to register your intention to file.

If you are not sure whether you need to register you can complete a simple assessment on the gov.uk website.

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It is particularly important to register this year especially if you sell clothes or other items on websites such as eBay or Vinted.

That is because since the beginning of 2024 firms like Vinted have to pass on customer data to HMRC if a user sells 30 or more items, or earns over £1,700, in a year.

While the reporting rules have changed, this is not a new tax.

Those who earn more than £1,000 outside their regular employment were already required to file a Self Assessment tax form with HMRC.

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The deadline to submit the return for the 2023/24 tax year – and pay any tax you owe – is January 31, 2025 online.

But there’s an earlier deadline of October 31 this year if you file via post.

I’ve made £1.5k on Vinted – the mistake that affects the algorithm and the EXACT number of pictures to take to make cash

It is worth bearing in mind that HMRC will fine you £100 for failing to file your return by the deadline.

Then, a £10 daily fine applies every day you don’t submit your tax return.

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When do I need to file a tax return?

It is not just online sellers who are required to fill out a tex return.

The rule applies to the following:

  • Your income from self-employment was more than £1,000
  • Earned more than £2,500 from renting out property
  • You or your partner received high-income child benefits and either of you had an annual income of more than £60,000
  • Received more than £2,500 in other untaxed income, for example from tips or commission
  • Are limited company directors
  • Are shareholders
  • Are employees claiming expenses over £2,500
  • Have an annual income over £100,000

You can register online via the GOV.UK website.

To register online you must log on to your business tax account on the HMRC website and select ‘Add a tax to your account to get online access to a tax, duty or scheme’.

If you do not already have sign in details, you’ll be able to create them when you sign in for the first time.

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If you do not want to register online you must send a form to the following address: Self Assessment, HM Revenue and Customs,
BX9 1AN, United Kingdom.

After you submit your form you will then get a unique taxpayer reference code (UTR) and activation code from the HMRC.

It’s a 10-digit number and it might just be called a tax reference.

This tends to arrive in the post 15 days after you register for a tax return.

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Upon receiving the UTR you can then file a Self Assessment tax return online via the GOV.UK website or by post.

If you file by post the deadline is October 31 2024.

However, if you file online you have up to January 31, 2025.

Check out our step-by-step guide on filling out a tax return here.

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Do I need to pay tax on my side hustle income?

MANY people feeling strapped for cash are boosting their bank balance with a side hustle.

The good news is, there are plenty of simple ways to earn some additional income – but you need to know the rules.

When you’re employed the company you work for takes the tax from your earnings and pays HMRC so you don’t have to.

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But anyone earning extra cash, for example from selling things online or dog walking, may have to do it themselves.

Stephen Moor, head of employment at law firm Ashfords, said: “Caution should be taken if you’re earning an additional income, as this is likely to be taxable.

“The side hustle could be treated as taxable trading income, which can include providing services or selling products.”

You can make a gross income of up to £1,000 a year tax-free via the trading allowance, but over this and you’ll usually need to pay tax.

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Stephen added: “You need to register for a self-assessment at HMRC to ensure you are paying the correct amount of tax.

“The applicable tax bands and the amount of tax you need to pay will depend on your income.”

If you fail to file a tax return you could end up with a surprise bill from HMRC later on asking you to pay the tax you owe – plus extra fees on top.

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Kris Kristofferson, singer, songwriter and actor, 1936-2024

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The year was 1970 and Johnny Cash wanted to perform a hangover lament called “Sunday Morning Coming Down” on his primetime television show. ABC network executives were nervous about a line in the song: “I’m wishin’, Lord, that I was stoned.” Couldn’t Mr Cash change “stoned” to “home”? No, Mr Cash would not. As the cameras rolled in the Nashville theatre and the Man in Black delivered the line, he looked up to the balcony where the song’s writer was sitting — Kris Kristofferson.

Kristofferson, who has died aged 88, broke the Nashville mould. Songs such as “Help Me Make It Through the Night” and “Me and Bobby McGee” brought emotional daring and depth to country music, better known for folksy sentimentality and conservatism. Rarely satisfied with his work, including a successful Hollywood side-career, he was less sure of his achievements than his admirers. They were effusive. According to one of his idols, Bob Dylan: “You can look at Nashville pre-Kris and post-Kris, because he changed everything.”

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Born in Texas in 1936, Kristofferson grew up in an officer-class military family. He excelled at sports at his Californian high school and had two prizewinning essays published in The Atlantic magazine. In 1958, he won a Rhodes scholarship to Oxford university to study English literature. There he fell hard for William Blake, from whom he learnt, in Kristofferson’s words, “if you buried your talent, sorrow and desperation would pursue you throughout life”.

Johnny Cash and Kris Kristofferson in 1978
Johnny Cash and Kris Kristofferson on stage in 1978. Cash became his mentor © CBS/Getty Images

He wrote most of a novel while in Britain: its rejection by a New York editor wounded him severely. He also recorded songs in London as Kris Carson, but the “Yank at Oxford”, as he was cornily promoted, came to naught. In 1960, he joined the US army as a helicopter pilot. To his parents’ anger, he left in 1965 to try his hand as a Nashville songwriter. With a young family to support, including medical bills for one of his children, he took an irregular variety of jobs, from oil-rig helicoptering to record-studio janitor. 

Country’s great maverick, Johnny Cash, became his mentor. He brought Kristofferson out to perform with him at the Newport folk festival in 1969 and wrote the sleeve notes for his protege’s self-titled debut album the following year. It featured “Me and Bobby McGee”, a beautifully tender elegy about parted hobo lovers, and “Help Me Make It Through the Night”, perhaps the most romantic song about a fleeting sexual encounter ever penned. 

Kristofferson could combine vivid characterisation, tantalising scenarios, deep feelings and philosophical epigrams within the brief compass of a song. “Freedom’s just another word for nothin’ left to lose,” from “Me and Bobby McGee”, was worthy of Dylan. Other country songwriters shared his literary sophistication, such as Bobbie Gentry and Jimmy Webb. But Kristofferson was coloured by rock music and the counterculture too. The singer Merle Haggard called him “Nashville’s own hippie”.

Kris Kristofferson and Rita Coolidge
Kris Kristofferson and Rita Coolidge, his second wife, released albums together until they divorced in 1980 © Hulton Archive/Getty Images

His songs were covered by acts ranging from Frank Sinatra to Janis Joplin. His own recordings, sung in craggy drawl, made him a big star in the 1970s. Alongside the likes of Haggard and Cash, he represented “outlaw country”, a challenge to Nashville’s squaresville character. He and his second wife, the singer Rita Coolidge, were a golden couple who released a series of joint albums until their divorce in 1980.

Kristofferson’s good looks — bearded, tousle-haired, redolent of outdoor ruggedness and late nights indoors — attracted attention from Hollywood, home of the beautiful people. He brought a square-jawed charisma to films by Sam Peckinpah and Martin Scorsese. Music critics complained that acting was a distraction from music, a concern that niggled at him. A persistent sense of discontent (“that old familiar pain,” as he sang in “Best of All Possible Worlds”) fuelled the heavy drinking and infidelities that wrecked his first two marriages. 

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He sobered up after hitting rock bottom on the set of A Star Is Born in 1976, a box office hit with Barbra Streisand in which he played the lead but hated making. Both his film and music careers headed south in the 1980s, but Kristofferson’s personal life reached a state of calm with marriage to his third wife Lisa Meyers in 1983 (who survives him, as do his eight children). He formed a supergroup, The Highwaymen, with fellow outlaws Cash, Willie Nelson and Waylon Jennings in 1985 and continued working as a solo artist up to 2021.

“Never’s just the echo of forever,” he declared in the song “Please Don’t Tell Me How the Story Ends”. The laureate of the break-up song leaves behind an imperishable body of work.

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