‘Greek Hollywood’ investment plan is proceeding
Lights and cameras are preparing for action at the Platania film production studios at Thermi, in Thessaloniki, and at the post-production facilities for films, videos and TV programs at Elliniko in southern Athens.
February 27 will see the completion of the public consultation, which started last Friday, for the “Greek Hollywood,” to be developed by the Vasilika Thermis company – associated with film production company Nu Boyana Film Studios Hellenic. It is expected that the decision of the Interministerial Committee for Strategic Investments (DESE) will follow for the inclusion of the 50-million-euro investment in the status of strategic investments, so that the bureaucratic steps that will lead to the construction of the project can be made.
The production studio at Thermi, with a total area of 11,184 square meters, will have outdoor shooting areas of 12,376 sq.m., production offices of 8,040 sq.m. and other supporting facilities of 4,000 sq.m. According to the general strategic development plan, the studio, which will be developed on the privately owned area where the old Kordogiannis granaries are located, will comprise five distinct units, while of the two external production areas, or backlots, one will resemble a typical US road.
The second post-production facility, with a total surface area of 3,511 sq.m., will have appropriately configured and equipped sound engineering, sound mixing, sound processing and image processing rooms, and will be located in a privately owned area belonging to Vasilika Thermis at Elliniko, which is within walking distance of the Lamda Development site. The Elliniko studio will include an area of 285 square meters – where purely post-production activities will take place – six offices and other supporting spaces.
Vasilika Thermis and Nu Boyana Hellenic belong to businessman John Kalafatis and his partner Yariv Lerner, who controls Millennium Media, one of Hollywood’s largest independent film companies.
As Kalafatis recently told Kathimerini, €8 million has already been invested in Thessaloniki and, based on the investment plan, it is set to spend another €30 million on building infrastructure and about €10 million on technical equipment.
Passive Income: How to Make $600 Per Month Tax Free – The Motley Fool Canada
The establishment of a steady passive-income stream is a huge milestone for any investor. There are few things sweeter than unearned income. This is especially true when you can generate that income in a Tax-Free Savings Account (TFSA). That is exactly what we are going to set out to do today. In this hypothetical, we are going to snatch up True North Commercial REIT (TSX:TNT.UN) in our TFSA. With it, we will look to make $600 in tax-free, monthly passive income. Let’s jump in!
Why you should look to make passive income in this market
Growth-oriented investors have had their work cut out for them since the spring of 2022. The Bank of Canada (BoC) and many of its central bank peers in the developed world have responded to soaring inflation rates with an aggressive interest rate tightening policy. This has succeeded in cooling inflation from the red-hot rates we saw in the summer of 2022. However, it has also sparked a broader market correction and triggered a developing crisis for the global banking sector.
In this environment, it is nice to be able to rely on passive income. Indeed, the S&P/TSX Composite Index has failed to recover all its spring 2022 losses.
Here’s why True North REIT is a perfect target for us today
True North Commercial REIT is a Toronto-based real estate investment trust (REIT) that is focused on creating value for its unitholders through investment in high-quality commercial properties. Shares of this REIT have plunged 42% in 2023 as of close on March 28. It was hit hard after the release of its final batch of fiscal 2022 earnings. The stock has plunged 52% year over year.
The REIT announced a 50% distribution reduction in its fourth-quarter (Q4) and full-year 2022 earnings report. Predictably, this sparked a sharp sell off. The reduction, combined with the strategic sale of two recently vacated Ontario properties, aims to bolster True North’s financial strength going forward. This REIT still boasts a strong yield and is a worthy target for passive-income investors. Its shares last had a price-to-earnings ratio of 19, putting it in solid value territory compared to its industry peers.
How to generate $600/month in tax-free passive income
This REIT closed at $3.46 on March 27. For our hypothetical, we are going to be utilizing almost all of the cumulative room available for a TFSA in 2023. That cumulative room rose to $88,000 this year.
We can snatch up 24,000 shares of True North REIT for a purchase price of $83,040. As an aside, it is worth noting that investors should not look to pour their entire TFSA room into a single security. Instead, this hypothetical works to illustrate how you can generate passive income in a TFSA. Ideally, your portfolio would be much more diversified to provide long-term protection.
The REIT now offers a monthly distribution of $0.025 per share. That represents a very strong 8.5% yield. The purchase will enable us to generate tax-free passive income of $600 per month going forward.
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IN FOCUS: 'No room for complacency' as fight for global investments heats up. What can Singapore do? – CNA
Apart from the US Chips and Science Act, the US Inflation Reduction Act is another incentive programme “that will compete for the same sorts of investments that Singapore would be interested in”, EDB chairman Beh Swan Gin told reporters at a press conference in February.
The US Inflation Reduction Act comprises billions of dollars of subsidies for the purchase of electric cars and other eco-friendly products that are made in America. This has rattled many European nations who fear that companies may choose to relocate or at least prioritise investment in the US.
In response, the European Commission has presented a Green Deal Industrial Plan with higher levels of state aid to help Europe compete as a manufacturing hub for clean tech products.
Then, there is BEPS 2.0 which is advocating a minimum effective tax rate of 15 per cent for multinational groups with annual group revenues of at least 750 million euros (US$818 million).
Currently, Singapore’s headline corporate tax rate is at 17 per cent but the effective tax rate of many businesses may be lower than that, or even the proposed global minimum, due to tax incentives given to those seen as beneficial to the country’s economic development.
Singapore has said it will implement a domestic top-up tax for these large multinational enterprises – about 1,800 of them currently meet the revenue threshold – from 2025.
Already, these firms are having concerns about how the new global tax rules will erode their tax savings in Singapore and mulling whether they should be looking at relocating or making new investments in other countries, said Mr Baik.
“Certainly, tax is just one of the factors in this evaluation process but recent global tax developments have undoubtedly elevated the tax benefits consideration among the factors.”
Meanwhile, the cost of doing business in Singapore has crept up the list of concerns for businesses.
Beyond the inflationary push in operating expenses such as electricity, firms are increasingly mindful of the cost of living here, said Dr Lei Hsien-Hsien, chief executive officer of The American Chamber of Commerce (AmCham) in Singapore.
The Singapore International Chamber of Commerce (SICC) said global companies are most concerned about the elevated rental costs for residential and commercial premises.
The former, in particular, is “making living here much less viable for many expat executives and prohibitive for others”, and this impacts a company’s ability to relocate talent to Singapore.
While Singapore continues to stand out for having low risks of doing business, SICC said “there is no room for complacency” as its regional peers can now better manage risks than before.
“When combined with lower business costs, regional markets will remain attractive to investors based on their risk appetite and their specific business requirements,” the chamber said.
A separate survey, released this week by the European Chamber of Commerce Singapore, also showed that 69 per cent of companies are ready to relocate their staff out of Singapore if there is no relief from rising rental costs of residential and office spaces.
Mr Wong, who is also Finance Minister, has warned that multinational firms are “mobile and … have options” for their next investment projects. Already, firms are “making this clear” in consultation sessions with policymakers.
“Because of BEPS, they will no longer enjoy the same tax advantages in Singapore. Meanwhile, other countries in the region are cheaper, while their home countries are offering very generous incentive packages,” Mr Wong said in his Budget round-up speech on Feb 24.
“So they ask us: what else can Singapore offer to stay competitive?”
Months after its launch, Canada's new investment industry regulator finally has a proposed name – The Globe and Mail
Three months after the launch of Canada’s new investment industry self-regulatory body, the organization has proposed a moniker for itself: Canadian Investment Regulatory Organization.
The organization has been nameless since it was formed out of the amalgamation of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) on Jan. 1. It has been temporarily using the name New Self-Regulatory Organization of Canada.
Now, in a proxy circular distributed to the industry on Friday, the New SRO board is requesting that the organization’s members, who include investment and mutual fund dealers, vote for the name change on April 24. If approved, the name will become official on June 1.
“We recognize the importance of establishing a new name and brand that reflects the values, purpose, and goals of New SRO,” New SRO chair Timothy Hodgson writes in the proxy. “Therefore, we have committed to an accelerated timeline to complete this important task and are confident that the chosen name will resonate with all stakeholders and foster a strong sense of confidence in the New SRO’s mission.”
The shift to a single self-regulatory organization happened after more than two years of industry consultation that began in 2019, when the Canadian Securities Administrators – an umbrella group for provincial and territorial securities regulators – announced it was considering an overhaul of the regulatory framework that governed IIROC and MFDA.
The two self-regulatory organizations had long been criticized by investor advocates and the investment industry for having overlapping areas of oversight, as wealth managers were increasingly serving customers buying both mutual funds, overseen by MFDA, and individual securities, which were IIROC’s responsibility.
In the fall of 2022, the merger was approved by the CSA, which also approved the combination of two investor protection funds – the Canadian Investor Protection Fund and the MFDA Investor Protection Corporation. The new single fund is independent from the new regulatory organization.
Passive Income: How to Make $600 Per Month Tax Free – The Motley Fool Canada
Charting the Global Economy for Week Ending April 1 – Bloomberg
Police recover 2 more bodies from St. Lawrence River near Ontario-Quebec border – CBC.ca
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