Intangibles

Intangible assets of multinational enterprises in Ireland and their impact on euro area activity

Retrieved on: 
Wednesday, June 12, 2024
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In euro area countries other than Ireland, estimates point to IPP transfers having a relatively limited impact on overall country-level output for the present, and little effect on euro area GDP or its expenditure components.

Key Points: 
    • In euro area countries other than Ireland, estimates point to IPP transfers having a relatively limited impact on overall country-level output for the present, and little effect on euro area GDP or its expenditure components.
    • Transfers of intangible assets to and from Ireland have caused significant volatility in the expenditure components of euro area GDP.
    • These effects have propelled Ireland from a weight of approximately 1% of euro area GDP in 1999 to around 5% by 2023.
    • The euro area current account and capital stock are also affected by MNE activities (see Section 4).
    • Complementing the headline series with these smoother modified series facilitates economic assessment of the euro area (see Section 5).
    • ECB Occasional Paper Series No 350 5 1 Introduction Multinational Enterprises (MNEs) have become an increasingly important feature of the euro area economy.
    • In addition, the profits of some of the world?s largest MNEs derive mainly from intangible assets (software, patents and other IPPs).
    • Most of this increase is driven by global corporations across a wide range of sectors with head offices that are established outside the euro area.
    • For some countries, such as Slovakia, MNE activity is mostly driven by companies headquartered in other euro area countries, while Ireland stands out with the highest share of MNEs with headquarters outside the euro area.
    • ECB Occasional Paper Series No 350 7 Chart 1 Non-domestic MNE share of output across euro area countries (percentages of gross national output) 2019 2005 intra euro area intra euro area 45 40 35 30 25 20 15 10 5 0 EA IE LU SK MT NL SI BE EE LV AT LT PT DE ES FI IT FR CY GR Sources: Organization for Economic Co-operation and Development ? Activity of Multinational Enterprises (OECD AMNE) database and own calculations.
    • Intra-euro area refers to production in the respective country by firms headquartered in another euro area country.
    • While intangible assets are an important factor in production in knowledge-intensive industries, they also play a pivotal role in the tax-optimisation activities of MNEs.
    • By transferring such assets to countries with an attractive corporate tax system, MNEs can reduce the tax burden on income streams they derive from these assets.
    • Chief among these, in terms of their effect on euro area measures of output, is the classification of R&D as capital formation of IPPs.
    • ECB Occasional Paper Series No 350 9 3 MNE activities across euro area countries with area-wide impacts MNE activities may have a disproportionate impact on national output, especially for smaller countries.
    • First, intangible investment and imports of R&D services, reflecting the growing importance of intangible assets and the relative ease with which these can be relocated across borders (see Section 2).
    • For instance, the share of IPPs to GDP is larger in Ireland and Malta, as well as in France14 and Austria, than in the euro area as a whole (Chart 3).
    • Merchanting as a share of GDP is also relatively high in Ireland, Luxembourg and Cyprus.15 MNE activities in Ireland are reviewed in detail in the sub-section below.
    • 17 In Ireland, the CSO reports that ?beginning in 2008 [?], a number of multinational corporations relocated their group headquarters to Ireland.
    • Over time, the onshoring of intangible assets has boosted Ireland?s GDP by generating large exports highly concentrated with certain firms.
    • The grey range shows the minimum and maximum values for the four largest euro area countries, namely Germany, France, Italy and Spain.
    • Chart 12 Contribution of Ireland to changes in euro area real GDP (cumulated increases in euro area GDP from Q4 2014 to Q4 2023 in ? trillions) Euro area Euro area excluding Ireland Ireland 8 7 6 5 4 3 2 1 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 Sources: Eurostat and own calculations.
    • 4.3 Impact on the euro area current account Cross-border production arrangements and merchanting activities related to MNEs affect the trade balance in the euro area current account (see Box 1).
    • Notes: The green area is the net exports of the euro area as recorded in trade statistics.
    • ECB Occasional Paper Series No 350 22 Impact on euro area capital stock 4.4 Intangible asset transfers also affect euro area capital stock.
    • Andersson, M., Byrne, S., Emter, L., Gonzalez, B. and Jarvis, V. (2023), ?Intangible assets of multinational enterprises in Ireland and their impact on euro area GDP?, Economic Bulletin, Issue 3, European Central Bank, Frankfurt am Main.
    • (2021), ?The euro area capital stock since the beginning of the COVID19 pandemic?, Economic Bulletin, Issue 2, European Central Bank, Frankfurt am Main.

EQS-News: Sto SE & Co. KGaA: Consolidated turnover down by 5.9 % in the first quarter of 2024 compared to the same period of the previous year

Retrieved on: 
Friday, May 10, 2024

An additional effect resulted from the lower number of working days in March 2024 compared to the same month in the previous year.

Key Points: 
  • An additional effect resulted from the lower number of working days in March 2024 compared to the same month in the previous year.
  • Currency translations had an overall negative impact of EUR 1.8 million on the Group in the first quarter of 2024.
  • In Germany, the Sto Group's turnover volume decreased by 7.0 % to EUR 136.3 million (previous year: EUR 146.6 million) and outside of Germany by 5.1 % to EUR 204.2 million (previous year: EUR 215.2 million).
  • In the reporting period, the deficit, which is typical for the first quarter, was higher than in the previous year.

Uncover Hong Kong’s Heritage This May with Cultural Festivals and All-New Pyro & Drone Shows

Retrieved on: 
Wednesday, May 8, 2024

TORONTO, May 08, 2024 (GLOBE NEWSWIRE) -- As the weather heats up this May, so does Hong Kong’s calendar of world-class cultural happenings.

Key Points: 
  • TORONTO, May 08, 2024 (GLOBE NEWSWIRE) -- As the weather heats up this May, so does Hong Kong’s calendar of world-class cultural happenings.
  • The vibrant festival showcases colourful religious rituals, dynamic dragon and lion dances, captivating parades, and traditional performances held across different parts of Hong Kong.
  • A time of reflection, spiritual renewal, and cultural appreciation, Buddha's Birthday in Hong Kong is an inclusive celebration.
  • The Buddha's Birthday Carnival features arts, cultural performances, and an array of stalls offering games, charity initiatives, and Asian cuisine.

Uncover Hong Kong's Heritage This May with Cultural Festivals and All-New Pyro & Drone Shows

Retrieved on: 
Wednesday, May 8, 2024

TORONTO, May 8, 2024 /CNW/ - As the weather heats up this May, so does Hong Kong's calendar of world-class cultural happenings.

Key Points: 
  • TORONTO, May 8, 2024 /CNW/ - As the weather heats up this May, so does Hong Kong's calendar of world-class cultural happenings.
  • The vibrant festival showcases colourful religious rituals, dynamic dragon and lion dances, captivating parades, and traditional performances held across different parts of Hong Kong.
  • A time of reflection, spiritual renewal, and cultural appreciation, Buddha's Birthday in Hong Kong is an inclusive celebration.
  • The Buddha's Birthday Carnival features arts, cultural performances, and an array of stalls offering games, charity initiatives, and Asian cuisine.

Motorola Solutions Reports First-Quarter 2024 Financial Results

Retrieved on: 
Thursday, May 2, 2024

Among other things, management uses these operating results, excluding the identified items, to evaluate the performance of its businesses and to evaluate results relative to certain incentive compensation targets.

Key Points: 
  • Among other things, management uses these operating results, excluding the identified items, to evaluate the performance of its businesses and to evaluate results relative to certain incentive compensation targets.
  • Management uses operating results excluding these items because it believes these measurements enable it to make better period-to-period evaluations of the financial performance of its core business operations.
  • Motorola Solutions cautions the reader that the risks and uncertainties below, as well as those in Part I Item 1A of Motorola Solutions' 2023 Annual Report on Form 10-K and in its other SEC filings available for free on the SEC’s website at www.sec.gov and on Motorola Solutions’ website at www.motorolasolutions.com , could cause Motorola Solutions’ actual results to differ materially from those estimated or predicted in the forward-looking statements.
  • Motorola Solutions undertakes no obligation to publicly update any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise.

EQS-News: ICONSIAM's 'THAICONIC SONGKRAN CELEBRATION' Achieves Sensational Success as Tourists from All Over the World Join in the Unforgettable Water Splashing and Cultural Festivities

Retrieved on: 
Friday, May 3, 2024

ICONSIAM hosts a 12-day Songkran event titled ‘THAICONIC SONGKRAN CELEBRATION: Joyful Songkran Festival, Continuing the Legacy of World Heritage’.

Key Points: 
  • ICONSIAM hosts a 12-day Songkran event titled ‘THAICONIC SONGKRAN CELEBRATION: Joyful Songkran Festival, Continuing the Legacy of World Heritage’.
  • Under the concept of "THAICONIC SONGKRAN CELEBRATION: Joyful Songkran Festival, Continuing the Legacy of World Heritage" honors Thai identity by blending traditional Thai recreational activities with contemporary cultural entertainment.
  • “THE ICONIC SONGKRAN FESTIVAL 2024 showcases the rich traditions and customs of Songkran while welcoming tourists from around the world with warm hospitality and contemporary Thai entertainment.
  • This collaborative effort seeks to create a historic event and promote Songkran in Thailand as a world-class festival.

ICONSIAM's 'THAICONIC SONGKRAN CELEBRATION' Achieves Sensational Success as Tourists from All Over the World Join in the Unforgettable Water Splashing and Cultural Festivities

Retrieved on: 
Monday, April 15, 2024

Bangkok, Thailand--(Newsfile Corp. - April 15, 2024) - In celebration of the Songkran Festival's prestigious recognition by UNESCO as an Intangible Cultural Heritage, ICONSIAM, the global landmark on the Chao Phraya River, has joined forces with the government and private sectors to welcome the Thai New Year with a world-class Songkran celebration titled "THE ICONIC SONGKRAN FESTIVAL 2024." This event is the one and only Songkran celebration in Bangkok set against the breathtaking backdrop of the magnificent Chao Phraya River that lasts for 12 days (April 10 - 21, 2024), and it is expected to attract over 2 million visitors from all over the world. Under the concept of "THAICONIC SONGKRAN CELEBRATION: Joyful Songkran Festival, Continuing the Legacy of World Heritage" honors Thai identity by blending traditional Thai recreational activities with contemporary cultural entertainment. This event delivers the most memorable experiences, with grand celebrations filling every corner of ICONSIAM from today to April 21, 2024.

Key Points: 
  • ICONSIAM hosts a 12-day Songkran event titled 'THAICONIC SONGKRAN CELEBRATION: Joyful Songkran Festival, Continuing the Legacy of World Heritage.'
  • Under the concept of "THAICONIC SONGKRAN CELEBRATION: Joyful Songkran Festival, Continuing the Legacy of World Heritage" honors Thai identity by blending traditional Thai recreational activities with contemporary cultural entertainment.
  • "THE ICONIC SONGKRAN FESTIVAL 2024 showcases the rich traditions and customs of Songkran while welcoming tourists from around the world with warm hospitality and contemporary Thai entertainment.
  • This year at ICONSIAM, we are expected to welcome over 2 million Thais and international tourists for over the course of 12 days."

Santhera Announces Preliminary Unaudited 2023 Annual Results and Provides Corporate Update Ahead of Full Report Publication in May

Retrieved on: 
Thursday, April 25, 2024

As permitted by SIX Exchange Regulation, the Company will publish the full 2023 Annual Report in May.

Key Points: 
  • As permitted by SIX Exchange Regulation, the Company will publish the full 2023 Annual Report in May.
  • Financially, Santhera reported a 2023 revenue of CHF 103.4 million and net income of CHF 54.8 million, driven by the Catalyst licensing deal.
  • After closing of the transaction in July 2023, Santhera received an upfront payment of USD 90 million (USD 75 million in cash and USD 15 million equity investment).
  • SIX Exchange Regulation has permitted Santhera to publish its 2023 Annual Report by May 31, 2024, at the latest.

CUEN – Cuentas Releases Annual Financial Reports Reflecting Improved Business Transition Results, Revenues and Profitability

Retrieved on: 
Tuesday, April 16, 2024

MIAMI BEACH, FL, April 16, 2024 (GLOBE NEWSWIRE) -- Cuentas, Inc. (OTC: CUEN & CUENW) (“CUEN” or “the Company”), a pioneer driving the seamless integration of fintech, mobile telecommunications, and real estate for the unbanked and underbanked Hispanic demographic, announced today the publication of the company’s FY 2023 financial report on SEC Form 10K. The report reflects the company’s financial results supported by its diversified offerings serving consumers' comprehensive basic needs, from housing to secure communications to innovative financial services. Management comments on the imminent completion of the definitive sale of its Brooksville, Florida property. 

Key Points: 
  • Cuentas strategically aligns its offerings with the needs of its target market, refraining from activation fees and maintaining low monthly charges.
  • The company's approach integrates empathy and affordability, aiming to provide value to its users while ensuring profitability through various revenue channels.
  • Cuentas has fortified its business with a robust mobile service, Cuentas Mobile, supported by a powerful distribution ecosystem, underpinned by a meticulously developed software platform.
  • The Cuentas Platform integrates Cuentas Mobile, the Company’s Mobile Telecommunications solution, with its core financial services offerings to help entire communities enter the modern financial marketplace.

Uncover Hong Kong’s Heritage This May with Cultural Festivals and All-New Pyro & Drone Shows

Retrieved on: 
Thursday, April 25, 2024

As the weather heats up this May, so does Hong Kong’s calendar of world-class cultural happenings.

Key Points: 
  • As the weather heats up this May, so does Hong Kong’s calendar of world-class cultural happenings.
  • The Buddha's Birthday Carnival features arts, cultural performances, and an array of stalls offering games, charity initiatives, and Asian cuisine.
  • The Tam Kung Festival is a cherished cultural event that pays homage to Tam Kung, the deity of seafarers and fishermen.
  • Officially starting on 1 May at Victoria Harbour, a captivating Pyrotechnic Display will kick off to welcome the month of cultural celebrations.