globalEDGE Blog

China has become what Huffington Post refers to as, “the world’s factory”, and has remained one of the top manufacturing countries in the world. However, the Chinese economy is undergoing a drastic change, transforming from manufacturing and big industry to a service based economy. By switching to services, around 85 million jobs will be spread across the globe, and the question rises as to where these jobs are going to be relocated.

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The European Union is a political and economic union consisting of 28 European countries. Originally created in 1958 under the name European Economic Community (EEC), the group of countries strictly began as an economic union. However, over time, the EEC started expanding its work into political matters across Europe and, in 1993, the European Economic Community developed into the European Union. Great Britain, one of the countries in the European Union, is now debating on withdrawing its membership, known as a Brexit, and parting ways with the other European Union countries.

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File under: Sweden, Tourism

Sweden is a relatively small but prosperous country which is a part of the Scandinavian countries in the Northern part of Europe. The country itself has about 10 million people (roughly the same as the State of Michigan) and an area size similar to the State of California. While Sweden is a unique, wealthy, and equal opportunity country, it is seldom one of the first countries that people think of or plan to go to when they visit Europe. Now, Sweden wants to change that.

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A big topic in finance, and more specifically tax, is base erosion and profit shifting (BEPS). The BEPS project is a way to readjust the taxation of profits with the location of economic activities. The goal is to eliminate incidences of tax avoidance around the world once BEPS is implemented. The OECD, G20, and the United States are currently working together to recommend and propose policies to take place under BEPS.

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The Gulf Corporation Council (GCC) countries have come together to reach an agreement regarding implementing the VAT (Value Added Tax) system by the end of 2018. This agreement may come as a surprise to many people, since the GCC region was known for its tax-free perks and massive income from oil. However, the circumstances now prove to be otherwise. The plunge of oil prices since last year has immensely reduced government revenues, making it a necessity for the GCC countries to find new sources of revenue and diversify their portfolio.

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File under: China, Venezuela, Economy

Venezuela is home to the largest oil reserves in the world. However, the vast amount of oil exports could not save Venezuela from the economic crisis it is now experiencing. The International Monetary Fund has predicted that the overall GDP for Venezuela will fall by 8 percent, and the inflation rate will rise by 720 percent in 2016.  Economic turmoil has caused extensive damage to the country, and Venezuela is in need of change to help save the country from economic collapse.

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Most of us will spend large portions of our lives working, at businesses and companies producing many different goods or services. Attitudes about the workplace, work-life balance, and business can change drastically, depending on where you are and who you are talking to. One factor that accounts for many of these differences is age, especially comparing the so called millennial generation to its predecessors. Globally, millennials have different opinions about the workplace than older generations, generally being more open to new opportunities, expecting flexibility, and hoping for a more engaging work experience.

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