Finance

G20 finance chiefs seek early signing of digital service tax treaty

Published

2 years ago

July 27, 2024

G20 finance chiefs seek early signing of digital service tax treaty

The finance chiefs of the Group of 20 economies agreed Friday to aim for the signing “as soon as possible” of a tax treaty that would target digital giants and multinationals, underscoring the need for a fairer and progressive taxation system with the super-rich also in mind.

Wrapping up two days of talks in Rio de Janeiro, the G20 economies also reiterated their commitment to ensuring stability in the foreign exchange market, on the view that excessive and disorderly fluctuations would negatively impact their financial systems at a time of a strong dollar.

Many countries are currently engaged in finalizing the text of a digital service tax treaty for fairer taxation. The objective is to require companies to pay a fair share of tax in countries where they do not have a physical presence but generate profits by offering services.

Japanese Finance Minister Shunichi Suzuki speaks at a press conference after a meeting of G20 finance ministers and central bank governors wrapped up in Rio de Janeiro on July 26, 2024. (Kyodo)

Brazil, chair of the G20 this year, has placed importance on addressing inequality and proposed taxing the super-rich as part of the efforts to make taxation fairer.

“It is important for all taxpayers, including ultra-high-net-worth individuals, to contribute their fair share in taxes,” the G20 said in its outcome document on international tax cooperation.

“Aggressive tax avoidance or tax evasion of ultra-high-net-worth individuals can undermine the fairness of tax systems, which comes along with a reduced effectiveness of progressive taxation,” it said.

The signing of the treaty has faced hurdles, with the most recent goal of June missed. Critics blame the likes of Apple Inc., Google LLC and other global tech giants for failing to shoulder their fair share of tax.

“We think highly of the joint document on international tax cooperation, the first of its kind for the G20,” Japanese Finance Minister Shunichi Suzuki told a press conference after the meeting.

The G20 took up a range of issues affecting the global economy, including the impact of Russia’s war in Ukraine and geopolitical risks.

The finance ministers and central bank governors took note of the increasing likelihood of a “soft landing” for the global economy, adding that upside and downside risks are balanced.

“Well-calibrated” monetary policy has helped ease inflation, and central banks will adjust their policies in a “data-dependent” manner, they said in a joint communique.

The ministerial talks coincided with a sharp rise of the yen against the dollar, with some market players betting the Bank of Japan will raise interest rates next week, a positive factor for the Japanese currency.

U.S. presidential candidate Donald Trump has recently singled out the yen and Chinese yuan in taking issue with the dollar’s strength. Market expectations that Trump, viewed as pro-business and pro-tax cuts, will return to the White House have sent share prices higher.

During the meeting, Japan expressed its “concern” about excessive volatility in the currency market, according to Masato Kanda, the country’s top currency diplomat.

Aggressive interest rate hikes in the United States have strengthened the dollar against other currencies, which in turn has raised concern among some emerging economies about the depreciation of their own currencies and capital flight.

Despite the release of the outcome documents, the G20, which also includes China and Russia, failed to bridge rifts over certain issues like Russia’s invasion of Ukraine and the conflict in the Middle East.

“Some members and other participants considered that these issues have an impact on the global economy and should be treated in the G20, while others do not believe that the G20 is a forum to discuss these issues,” Brazil said in its chair’s summary.

The gap between Western nations that have condemned Moscow’s invasion of Ukraine and imposed sanctions, and others like Russia and China has prevented the G20 from issuing consensus documents after meetings in recent years.

The G20 includes the Group of Seven — Britain, Canada, France, Germany, Italy, Japan and the United States plus the European Union — as well as Australia, India, Saudi Arabia, South Korea and South Africa among others.

Related coverage:

G7 finance chiefs say excessive forex moves bad for global economy

G20 finance chiefs fail to issue joint statement amid war in Ukraine

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Finance

Downtown Cincinnati hotel gets final public approval, but private financing still in flux

Published

2 hours ago

March 12, 2026

Press Room

Downtown Cincinnati hotel gets final public approval, but private financing still in flux

CINCINNATI (Cincinnati Business Courier) – The plan to build a new $540 million, 700-room Marriott convention center hotel downtown got its final public approval Wednesday, with the Port of Greater Cincinnati Development Authority agreeing to sell $130 million in tax-exempt bonds to finance the project.

The closing on the financing, however, is not expected for another 60 to 90 days. The private financing is still being finalized, although good progress is being made, said Greg Hahn, vice president of public finance for the Port.

“It’s a tough project to finance,” Hahn said, adding that the city, county, state, the Cincinnati Center City Development Corp. and Atlanta-based private developer Portman Holdings have been working “to bring this to life.”

Read the full story from the Cincinnati Business Courier.

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Finance

How to make your offer stand out in a competitive housing market

Published

14 hours ago

March 11, 2026

Press Room

How to make your offer stand out in a competitive housing market

With the weather finally thawed and kids out of school, spring and summer are the busiest seasons for homebuying. This can mean more options to choose from on the market — but it can also mean more competition.

Going through the work of putting together an offer on a house you are excited about, only to get beat out by other buyers, can feel like a major letdown. So, how can you make your home offer stand out if you are wading into a hot housing market? From having your own affairs in order to being flexible and savvy in the offer you craft, here are some tricks you can implement to improve your odds of winning out.

Have everything in order before bidding

If you are trying to buy in a fast-moving, competitive market, it is vital that you have all your ducks in a row before you get to the point of submitting an offer on a home. This means working with an experienced, knowledgeable real estate agent you can trust, and already having mortgage preapproval in hand, so you have a ballpark idea of how much you will actually be able to borrow.

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The former will help you ensure you are putting your best (and most strategic) foot forward when you make an offer, and the latter will provide peace of mind for the seller, given that “in a competitive market, sellers will likely have multiple offers to choose from and will look for a buyer who is able to close on the sale,” said Zillow.

Understand the market, the property and the seller

When it comes to this, the real estate agent you work with can make all the difference. “Their deep market knowledge allows agents to identify accurate comparable listings and help buyers price offers more strategically,” said USA Today. They will also “know how quickly homes are selling in a given area and can communicate quickly and effectively with listing agents.”

An agent can often get insight into what is most important to a particular seller — whether that is a quick closing timeline, the security of a cash offer or an above-listing price — and help ensure your offer checks those boxes.

Consider ways to sweeten your offer

Depending on what feels reasonable and is doable for you, there are a number of steps you can take to make your offer more enticing, including:

Increase your earnest money deposit. This is a deposit made upfront to demonstrate your seriousness about and ability to purchase the home. Typically, it is “around 1% to 3% of the purchase price,” but “in a competitive market, you may choose to increase this to 5% or higher to stand out and prove your commitment,” said Investopedia.

Add in an escalation clause. With an escalation clause, your offer automatically increases, up to a specified maximum, if another buyer in the running outbids you. This can “help you stay in the running if another offer comes in for slightly more than yours,” said Rocket Mortgage, though it is not always necessary or even allowed in certain markets.

Offer concessions. Offering the seller concessions can “make your offer more attractive,” said Rocket Mortgage, though it is also vital here to ensure what you offer is workable for you. Common examples of concessions include offering to pay certain fees, such as the agents’ commission or the seller’s real estate attorney fees, or purchasing the property as-is.

Finance

By the Numbers: Financial report reveals scale of financial costs, growth

Published

1 day ago

March 11, 2026

Press Room

By the Numbers: Financial report reveals scale of financial costs, growth

Following a year marked by financial turbulence, Northwestern’s financial report for fiscal year 2025 revealed the University’s struggles and growth as they navigated a tumultuous landscape in higher education.

The latest report detailed fiscal year 2025, which began Sept. 1, 2024 and ended Aug. 31, 2025. It did not include the University’s stipulated $75 million payment to the federal government, which was part of the agreement struck in November 2025.

According to the University’s 2025 financial report, net assets sit at $16.2 billion, up from 2024’s $15.6 billion. However, the University spent almost $148 million more than it brought in during fiscal year 2025.

In the last five fiscal years, the University has increased steadily in operating costs for assets without donor restrictions.

Year-to-year increases in operating costs hovered around 10% in the past five fiscal years. Simultaneously, revenue growth has decreased year to year, from 12.8% between 2021 to 2022 to only 3.9% between 2024 to 2025.

Amanda Distel, NU’s chief financial officer, identified “rising benefits expenses, litigation, new labor contracts, and rapidly unfolding federal actions” as key challenges in fiscal year 2025 in the report.

Before the deal, NU invested between $30 to $40 million each month to sustain research impacted by the federal freeze, interim President Henry Bienen confirmed in an Oct. 24 interview with The Daily.

In an attempt to reduce costs, the University announced a switch in July to UnitedHealthcare from Blue Cross Blue Shield as the University’s employee health care administrator, effective Jan. 1. However, faculty and staff have reported increased out-of-pocket costs for certain services like mental health care.

Financial aid increased from $618.3 million in fiscal 2024 to $638.3 million in fiscal year 2025. Among undergraduate students in the 2024-25 school year, 15% are first-generation college students and 22% receive federal Pell Grants. According to the report, most families earning less than $70,000 per year attend at no cost, and most families earning less than $150,000 per year attend tuition-free.

Tuition is the second largest source of revenue behind grants and contracts. By the end of the fiscal year, the University held $778 million in outstanding conditional awards, an increase from fiscal 2024’s $713.5 million, according to the report.

Distel wrote that the number of gift commitments above $100,000 reached its highest in University history, calling it a “strong year of philanthropic support.”

Donor funds are categorized by whether or not restrictions were imposed on the time, use or nature of the donation. In fiscal 2025, University net assets without donor restrictions totaled $9.59 billion, or 59.1%, while net assets with donor restrictions totaled $6.65 billion, or 40.9%, of total net assets.

The University’s investment in construction efforts saw an immense uptick from $275.2 million in fiscal 2024 to $750.5 million in fiscal 2025.

This cost is spread across multiple projects, such as Ryan Field, which started construction in 2024 and is slated to open October 2026. The project operates with a $862 million budget, including a $480 million contribution from the Ryan family.

The Ann McIlrath Drake Executive Center, Cohen Lawn and Jacobs Center renovations also continued during the fiscal year.

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