Policymakers should begin developing fiscal insurance options, such as modernized adjustment assistance and expanded capital ownership, to mitigate the potential risks of large-scale worker displacement and increased income inequality caused by artificial intelligence. Source link
Aug 12 (Reuters) – Wildfires and heatwaves pose a growing medium- and long-term fiscal risk for Greece and the wider region, a senior adviser to Prime Minister Kyriakos Mitsotakis said, as the government boosts investment to shore up its tourism-dependent economy. Michael Arghyrou, the prime minister’s chief economic adviser, said Athens was pursuing investments in water and energy infrastructure in tourism hotspots while examining measures to improve insurance coverage against climate-related losses. • “These events are becoming a more significant and, in many respects, more frequent and severe risk phenomenon,” Arghyrou told Reuters. “This is a medium, long-term fiscal risk, not just for Greece, but the whole of the Mediterranean area.” • To address those risks, the government is pursuing an investment strategy aimed at strengthening water and energy infrastructure in tourism hotspots from Mykonos to Santorini, while also seeking to attract private capital, Arghyrou told Reuters. • The strategy also targets Epirus, the North Aegean islands, Thessaloniki, Crete, Rhodes and the Peloponnese, where the release of Christopher Nolan’s film “The Odyssey” has fueled growing …
The hits keep coming for the Philadelphia Museum of Art: On Tuesday, the Philadelphia Inquirer reported that the museum is suffering a growing deficit, according to preliminary documentation reviewed by the paper. For the fiscal year 2025-2026, which ended on June 30, the museum had a deficit of $10 million on a $76.5 million budget. That deficit is nearly double the $5.4 million it experienced in the previous fiscal year. And, according to the Inquirer, museum leaders expect the deficit to either remain flat or grow to as much as $15.9 million this year. Related Articles News of the growing deficit comes just over eight months since the museum abruptly ousted its director, Sasha Suda, in October 2025, and replaced her with museum veteran Daniel Weiss. Suda was dismissed after around three years in the post after an ill-fated museum rebrand from the Philadelphia Museum of Art to the Philadelphia Art Museum. Suda sued the museum, accusing board members of “misusing Museum funds for personal gain,” as her lawsuit put it. An investigation at the …
Mr Haskel’s nomination comes after former chairman Richard Hughes resigned last December over the mistaken early publication of its forecasts. Source link
Burnham insists he will stick to fiscal rules Source link
Burnham will break fiscal rules to borrow, banks warn Source link
TOKYO, June 17 : Japan is moving toward temporarily cutting its consumption tax on food to 1 per cent in what would be the first effective reduction of its kind, further straining its already worsening finances without any clear signal on how it would be funded. The proposal, presented by a senior executive of the ruling Liberal Democratic Party (LDP) to a government panel on Wednesday, would slash the current 8 per cent food levy for two years from April next year and serve as a bridge until an income-linked benefit system is introduced. It would also be paired with targeted cash benefits for low- and middle-income households worth about 600 billion yen ($3.75 billion) annually, broadly equivalent to the final 1 per cent of the food tax. “Overall, we intend to effectively reduce the consumption tax on food and beverages to zero,” Itsunori Onodera, an LDP lawmaker who chairs the working group of the government panel on the social security system, told reporters. The move is a notable shift in tax policy. Since the …
TOKYO, June 8 : Panasonic Holdings said on Monday it plans to start mass production of battery cells for data centre applications at a plant in the U.S. state of Kansas in the financial year 2028, which ends March 2029. Here are some details: • The company said it would allocate about 350 billion yen ($2.18 billion) of its previously announced 500 billion yen investment in AI infrastructure over fiscal 2026-2028 to its Energy unit, which supplies Tesla, and 150 billion yen to its Industry segment. • Panasonic Energy also plans to build a third plant in Mexico with mass production scheduled for the fiscal year 2028. • Panasonic Energy CEO Kazuo Tadanobu said the unit’s 950 billion yen sales target for data centre-related energy storage systems in the 2028 financial year was a “minimum commitment”, adding that the business would aim to lift sales to more than 1 trillion yen. ($1 = 160.1900 yen) Source link
YOKOHAMA: Nissan on Wednesday (May 13) reported an operating profit of ¥58.0 billion (US$367.60 million) for the year that ended in March, as an improved cost performance and a one-off boost tied to US emissions regulations offset a hit from Washington’s tariffs. Analysts, according to an LSEG survey, expected the automaker to report a fiscal year loss of ¥60 billion. In the year-earlier period, it posted a profit of ¥69.8 billion. Nissan, like other carmakers, faces pressure from US tariffs, intense competition from Chinese electric vehicle makers in Europe and elsewhere, as well as higher material costs and supply risks from the US-Israeli war on Iran. CEO Ivan Espinosa is trying to return the automaker to growth after years of turmoil and is cutting jobs, manufacturing sites and the number of cars in its global line-up. The results were slightly better than the company’s forecast for a ¥50 billion profit that was released about two weeks ago. The company said US tariffs pushed down the full-year profit by ¥286 billion. For the current fiscal year, …
TOKYO, April 27 : Nissan Motor on Monday said it expects to post an operating profit of 50 billion yen ($313.99 million) for the fiscal year that ended in March, a turnaround from a previous forecast of a loss of 60 billion yen. The Japanese automaker said the change was driven by a one-time benefit related to the revocation of U.S. emissions regulations, an improved cost performance and favourable foreign exchange effects. For the fiscal year, the company now expects a net loss of 550 billion yen, an improvement from a previous forecast for a loss of 650 billion yen. The company will unveil its full-year earnings results on May 13. It said it expects automotive free cash flow to be positive in the second half of fiscal 2025. ($1 = 159.2400 yen) Source link
