Germany's Corporate Tax Collapse Signals Economic Crisis By Thomas Kolbe The ten-minute applause of delegates at the CDU party congress still echoed when the Federal Ministry of Finance spoiled the festive mood in Stuttgart. Finance Minister Lars Klingbeil’s (SPD) department reported a nationwide collapse of corporate tax revenue by 79 percent in January 2026 compared to last year. At the same tim...
Germany's Corporate Tax Collapse Signals Economic Crisis By Thomas Kolbe The ten-minute applause of delegates at the CDU party congress still echoed when the Federal Ministry of Finance spoiled the festive mood in Stuttgart. Finance Minister Lars Klingbeil’s (SPD) department reported a nationwide collapse of corporate tax revenue by 79 percent in January 2026 compared to last year. At the same time, revenue from assessed income tax fell by 14.2 percent, while wage tax revenue rose by 9.1 percent. VAT revenue grew by two percent — a reflection of persistent inflationary tendencies in the country, to which the state itself contributes significantly through its taxation policies . While price increases may be slowed by continued economic weakness, cumulative inflation continues to weigh on consumers even if the annual rate declines. Inflation is always good for the state, which is why it persists. Corporate tax burdens corporate profits at 15 percent plus a solidarity surcharge. Last year, revenue totaled roughly €40 billion, less than one percent of GDP. Even in 2025, revenue had fallen six percent, showing a long-term negative trend. Its temporary collapse in January will likely have no immediate fiscal consequences. Corporate tax revenue is split — 50 percent to the federal government, 42 percent to the states, and eight percent to municipalities, which appear at least partially shielded at this tax level. However, municipalities already suffered a fiscal blow last year, especially in the centers of the industrial crisis. Cities such as Wolfsburg and Stuttgart saw sharp declines in their key tax base, the trade tax. It is undeniable: the situation is becoming serious, and the damage from political mismanagement is now visible. For the first time, fiscal effects appear in a country where policy had long relied on ever-growing tax revenues, postponing social issues with generous spending. January’s alarming figures allow a troubling diagnosis: the companies that gener...
File photo of Wang Shouren. Photo: Shenzhen Venture Capital Association Wang Shouren, a key architect of China’s venture capital industry and a longtime advocate for ChiNext, China’s Nasdaq-style startup board, died in Shenzhen last week at the age of 84, according to the Shenzhen Venture Capital Association (SZVCA). Wang, who served as secretary-general of the SZVCA, died after living with cancer...
File photo of Wang Shouren. Photo: Shenzhen Venture Capital Association Wang Shouren, a key architect of China’s venture capital industry and a longtime advocate for ChiNext, China’s Nasdaq-style startup board, died in Shenzhen last week at the age of 84, according to the Shenzhen Venture Capital Association (SZVCA). Wang, who served as secretary-general of the SZVCA, died after living with cancer for more than a decade and undergoing chemotherapy that affected his vocal cords, making it difficult for him to speak, a person familiar with him told Caixin.
Several Chinese financial firms are scaling back exposure to Middle Eastern debt, while regulators are stepping up oversight as the conflict raises concerns over the nation’s extensive lending in the region. One major bank took a rare step in restricting a drawdown on a bilateral loan to one of the Abu Dhabi government’s financial entities, a person familiar with the matter said. A mid-sized lende...
Several Chinese financial firms are scaling back exposure to Middle Eastern debt, while regulators are stepping up oversight as the conflict raises concerns over the nation’s extensive lending in the region. One major bank took a rare step in restricting a drawdown on a bilateral loan to one of the Abu Dhabi government’s financial entities, a person familiar with the matter said. A mid-sized lender is seeking buyers to offload portions of syndicated facilities for Middle Eastern borrowers, including sovereign wealth fund ADQ’s $4 billion deal from last year, another person said, asking not to be identified discussing private matters. A Chinese insurer’s asset management arm is reducing holdings of sovereign and state-linked bonds, including those issued by Saudi Aramco , one person said. Meanwhile, traders at a Chinese institution have been instructed to halt dealings in names from the region starting Monday, a separate person said. Regulators are tightening checks in parallel. The Hong Kong Monetary Authority contacted at least two local banks this week to review their exposure to Middle Eastern loans and bonds, people familiar with the matter said. China’s National Financial Regulatory Administration has also directed domestic lenders to examine their financing activities in the region — including debt extended to state entities — and report their findings as early as this week, separate people have said. The reassessment by regulators and the potential pullback by Chinese banks — now among the Gulf’s leading financiers — comes as the Iran crisis threatens to reshape lending strategies and inject fresh uncertainty into expansion plans across the Middle East. Chinese banks’ loans extended to the region jumped nearly three-fold to a record $15.7 billion in 2025, excluding bilateral facilities, with the bulk going into Saudi Arabia and United Arab Emirates, according to Bloomberg-compiled data. HKMA and NFRA didn’t immediately respond to requests for comment. For now...
Saudi Arabia’s biggest chemical producer Sabic named Faisal Mohammed Al-Faqeer as chief executive officer after Abdulrahman Al-Fageeh announced his resignation, according to a company statement. Al Fageeh has been leading Sabic, majority owned by state oil giant Saudi Aramco , during a period of falling margins and profit in the chemical industry. Al-Faqeer, currently a senior vice president of Ar...
Saudi Arabia’s biggest chemical producer Sabic named Faisal Mohammed Al-Faqeer as chief executive officer after Abdulrahman Al-Fageeh announced his resignation, according to a company statement. Al Fageeh has been leading Sabic, majority owned by state oil giant Saudi Aramco , during a period of falling margins and profit in the chemical industry. Al-Faqeer, currently a senior vice president of Aramco’s liquid-to-chemicals business, takes the role of CEO effective April 1.
canakat/E+ via Getty Images Why Midstream Energy Midstream energy companies often pay stable, well-supported distributions or dividends with yields well over 5%. While most midstream companies are organized as limited partnerships and, as such, pay the majority of their profits to unit holders in the form of distributions, some are corporations that pay dividends. Dividend-paying corporations incl...
canakat/E+ via Getty Images Why Midstream Energy Midstream energy companies often pay stable, well-supported distributions or dividends with yields well over 5%. While most midstream companies are organized as limited partnerships and, as such, pay the majority of their profits to unit holders in the form of distributions, some are corporations that pay dividends. Dividend-paying corporations include Enbridge Inc. ( ENB ), TC Energy Corporation ( TRP ), The Williams Companies, Inc. ( WMB ), Kinder Morgan, Inc. ( KMI ), and ONEOK, Inc. ( OKE ). While distributions and dividends can both provide reliable income, they are treated differently for tax purposes. Regardless of whether a midstream pays a dividend or a distribution, investors are cautioned to scrutinize how well the yield is supported; high yield can be risky when it is not well supported by cash flow and/or earnings. A limited partnership's distribution coverage is best described by its distribution coverage ratio (cash from operations minus maintenance CapEx and financing expenses divided by total distributions) over several quarters. A corporation's dividend coverage is most appropriately described by its payout ratio over several quarters. This analysis will discuss yield coverage calculated as cash from operations divided by total distributions or dividends paid. Relative Favorability Matrix Twenty-nine midstream energy companies were evaluated using a relative favorability matrix with the following six factors: Forward Yield: higher forward yield was considered more favorable. Yield Coverage: yield coverage was calculated as cash from operations divided by total distributions or dividends paid; higher yield coverage was considered more favorable EV/Sales: a lower EV/Sales ratio was considered more favorable. Forward Revenue Growth: higher forward revenue growth was considered more favorable. Free Cash Flow Margin: a higher net income margin was considered more favorable. Leverage Ratio: a lower leverag...
Wix.com press release ( WIX ): Q4 Non-GAAP EPS of $1.81 beats by $0.34 . Revenue of $524.3M (+13.9% Y/Y) misses by $3.39M . Total ARR was $1.836 billion at the end of the fourth quarter of 2025, up 14% y/y. Creative Subscriptions revenue in the fourth quarter of 2025 was $370.4 million, up 12% y/y Business Solutions revenue in the fourth quarter of 2025 was $153.8 million, up 18% y/y Transaction r...
Wix.com press release ( WIX ): Q4 Non-GAAP EPS of $1.81 beats by $0.34 . Revenue of $524.3M (+13.9% Y/Y) misses by $3.39M . Total ARR was $1.836 billion at the end of the fourth quarter of 2025, up 14% y/y. Creative Subscriptions revenue in the fourth quarter of 2025 was $370.4 million, up 12% y/y Business Solutions revenue in the fourth quarter of 2025 was $153.8 million, up 18% y/y Transaction revenue 2 in the fourth quarter of 2025 was $67.3 million, up 18% y/y Partners revenue 3 in the fourth quarter of 2025 was $203.2 million, up 21% y/y Total bookings in the fourth quarter of 2025 were $534.5 million, up 15% y/y. Creative Subscriptions bookings in the fourth quarter of 2025 were $375.8 million, up 16% y/y. Business Solutions bookings in the fourth quarter of 2025 were $158.7 million, up 14% y/y. Net cash provided by operating activities for the fourth quarter of 2025 was $158.3 million, while capital expenditures totaled $2.8 million, leading to free cash flow of $155.6 million. Outlook: For the full year 2026, we expect both bookings and revenue for the consolidated business to grow at mid-teens percentage on a year-over-year basis. FY26 revenue estimated growth of 14.21% Y/Y. For the first quarter of 2026, we expect revenue for the consolidated business to grow at a mid-teens percentage on a year-over-year basis. Q1 revenue estimated growth of 14.55% Y/Y. For the full year 2026, we expect FCF margin assuming current capital structure and excluding acquisition costs to be in the low- to mid-20% range. More on Wix.com WIX Stock: 314% EPS Growth Vs. Massive Price Declines | 2-Minute Analysis Wix: The Market Is Overreacting To Margin Pressure Wix launches app in ChatGPT Micron Technology tops Seeking Alpha's tech quant picks ahead of Q4 earnings Seeking Alpha’s Quant Rating on Wix.com
Gulf states are being pulled deeper into the war with Iran as Saudi Arabia, Qatar and the UAE suffer attacks on non-military targets. Tehran has struck US embassies in both Riyadh and Dubai, while airports have also been damaged. Dalia Fahmy, Director of International Relations & Diplomacy; and Associate Professor of Political Science at Long Island University spoke to Bloomberg’s Horizons Middle ...
Gulf states are being pulled deeper into the war with Iran as Saudi Arabia, Qatar and the UAE suffer attacks on non-military targets. Tehran has struck US embassies in both Riyadh and Dubai, while airports have also been damaged. Dalia Fahmy, Director of International Relations & Diplomacy; and Associate Professor of Political Science at Long Island University spoke to Bloomberg’s Horizons Middle East & Africa anchor Joumanna Bercetche on the GCC’s response to the Iran strikes. (Source: Bloomberg)
hapabapa Intel's ( INTC ) board chair since 2023, Frank Yeary, and a director since 2009, announced his retirement effective after the company's annual shareholder meeting on May 13, 2026. He will be succeeded by Dr. Craig H. Barratt, a current board member. Barratt joined Intel’s board in late 2025 and brings decades of experience in semiconductors and technology leadership, including roles at Qu...
hapabapa Intel's ( INTC ) board chair since 2023, Frank Yeary, and a director since 2009, announced his retirement effective after the company's annual shareholder meeting on May 13, 2026. He will be succeeded by Dr. Craig H. Barratt, a current board member. Barratt joined Intel’s board in late 2025 and brings decades of experience in semiconductors and technology leadership, including roles at Qualcomm ( QCOM ) and Google ( GOOG ). The departure marks another board shakeup at Intel ( INTC ), following three retirements shortly after CEO Lip-Bu Tan's appointment last year. More on Intel Intel Nicely On Target, More Required Intel: The CPU Comeback Is An Execution Reality Check Intel: AI Momentum Builds, But Margins Lag Intel names Dr. Craig Barratt as chairman, succeeding Yeary Infosys and Intel expand partnership to boost AI for businesses worldwide
Aksenovko/iStock via Getty Images I've stayed bullish on PLDT Inc. ( PHI ). The uninspiring FY25 results don't worry me. Its core telecommunications operations are growing. The company is also strengthening its balance sheet. It has the intent to realize the value of certain non-telco properties as well. The earlier October 3, 2024, write-up outlined my constructive opinion of PHI's neobanking- an...
Aksenovko/iStock via Getty Images I've stayed bullish on PLDT Inc. ( PHI ). The uninspiring FY25 results don't worry me. Its core telecommunications operations are growing. The company is also strengthening its balance sheet. It has the intent to realize the value of certain non-telco properties as well. The earlier October 3, 2024, write-up outlined my constructive opinion of PHI's neobanking- and mobile-related divisions. Non-Core and Non-Operating Factors Impacted Full-Year Performance The firm published a 6-K filing detailing its latest financials on Thursday, Feb 26. PHI's ₱34.6 billion bottom line in FY25 was consistent with the consensus projection of ₱34,702 million, as per S&P Capital IQ. This also represented a marginal 1% rise over '24. I think that the financial improvement for non-telco operations was neutralized by the drag from debt servicing costs. The company has a fintech unit called "Maya Innovation Holdings/MIH." MIH reversed from FY2024's -₱2.5 billion loss to register a +₱1.7 billion profit last year. But its interest expenses were ₱2,900 million or 20% higher, in '25. PHI's "net debt-to-EBITDA" or "net leverage" as of Dec 31, 2025, exceeded the internal 2.0x target by 0.56 turns. Core Wireless Business Witnessed Encouraging Trends I'm impressed with the group's +5% quarter-on-quarter expansion in mobile revenues for 4Q25. The analyst briefing commentary highlighted that this was "faster than (the Philippines') GDP" growth over the same timeframe. In my view, PHI benefited from a wider customer footprint and yield enhancement. Its subscriber count increased 2% year-on-year and 1% sequentially to 59.9 million for the recent three-month period. In the final quarter of '25, PHI's "Average Revenue Per User/ARPU" came in at ₱137. That was equivalent to YoY and QoQ growth rates of +1% and +4%, respectively. My take is that the wireless arm's positive momentum is sustainable. Management indicated in the results slides that it will be implementing "cor...