Italy could raise €1bn a year from the introduction of a tax on financial transactions but it will hurt small savers and investors more than hedge funds and banks, according to Italy’s brokers association Assosim.
French President Nicolas Sarkozy has unveiled a Twitter account ahead of appearing on French television tonight where he is expected to announce his candidature for the upcoming presidential elections.
A European financial transaction tax (FTT) may not counteract disruptive market behaviour and will slow down economic growth rendering it “undesirable,” the Dutch central bank has stated.
French presidential candidate François Hollande, favourite to win presidency in France’s elections this April, has declared war on his “true enemy”: finance.
2011 was a mixed year for Luxembourg with the number of funds registered rising 4.84% to 3,833, but assets under management falling €101bn to €2,059bn. Its fund association says regulation is the key deterrent to new investment.
Europe’s economy could suffer a drop of up to 2% in its struggling recovery because of the proposed financial transaction tax, according to a report published today by the Alternative Investment Management Association.
The UK fund management industry faces complete transformation if the financial transaction tax – or Tobin tax – is implemented, commentators have warned.
The European Commission’s latest briefing has reaffirmed the institution’s commitment to push through a financial transaction tax during the recently started Danish presidency of the Union.
The former Manchester United football player, part-time Hollywood actor and potential politician Eric Cantona has announced he is vying for the support of 500 elected officials in order to run in the French presidential election in April.
UK prime minister David Cameron has vowed to veto a European-wide financial transaction tax unless it is imposed globally.
The current economic crisis presents a “historic opportunity…to lay the foundations of rebalanced medium-term growth” says Didier St Georges (pictured) on Carmignac Gestion’s investment committee.