tag

Wall Street entered 2026 all-in — record-low cash, minimal hedging, maximum conviction. Six weeks later, a slew of consensus trades are misfiring.AI was supposed to be the can’t-miss trade. Instead, it became the threat — not to the companies building it, but to the asset-light businesses it could replace. Software firms, wealth managers, brokers, tax advisers — across the white-collar world, a decade of margin expansion repriced in weeks, sending shock waves through private debt markets loaded with loans to the same companies.This week crystallised the damage. The S&P 500 headed for its worst stretch since November before Friday’s rebound on a benign inflation print, with AI disruption fears cascading through markets of all stripes.But the pain didn’t stop at stocks. Gold whipsawed, briefly dipping below $5,000 on Thursday before recovering to end the week higher. Silver swung 11% in a single session. Bitcoin, still nearly half off its October high, briefly sank below $66,000. Even in credit, the consensus bet broke down: Junk bonds, while roughly flat, lagged investment grade by the widest margin in months. Across asset classes, the favored trades are losing to the unfavoured ones — fast.Two forces are making it worse. One is positioning. Bank of America Corp’s January investor survey found cash at a record low of 3.2%, with nearly half of managers holding no downside protection, the least since 2018. The other is the web of leverage linking seemingly unrelated portfolios, where a liquidation in one corner fuels selling in another.The trades nobody wanted — energy, staples, Treasuries — are leading the year. The favourites are trailing the underdogs. The consensus coming into 2026 has gone wrong in six weeks flat. The crowding that caused it is putting portfolio managers on high alert.“The big risk here is additional vol-shock type episodes,” said James Athey, a portfolio manager at Marlborough Investment Management. “Everything looks highly correlated and thus selling in one asset can force selling across the others.”Years of stable asset relationships have emboldened money managers to double down on their positions. According to a model designed by Jordi Visser at 22V Research, market co-movements are surging even as the Cboe Volatility Index, or VIX, remains subdued and the S&P 500 holds above its 50-day average — a combination he reads as market stress hiding beneath a calm surface. In the past two years or so, such stress signals fired up about once every month. Fewer than two months into this year, there have been a dozen.Angst resurfaced this week as the threat of AI disruptions claimed new causalities in the stock market almost daily. The VIX surpassed the widely watched level of 20. While the reading showed no signs of panic, the market demonstrated a clear desire for safety — hitting the risk-on crowd.An ETF tracking investment-grade bonds (LQD) had its best week since October relative to its high-yield counterpart (HYG), extending its lead for the year. That’s bad news for fund managers, who according to BofA’s survey, were favoring riskier debt for the first time in four years.Rather than languishing, Treasuries have climbed as demand for havens grew — first on geopolitical jitters, then on Friday’s softer-than-expected inflation data, which prompted traders to ratchet up wagers on interest-rate cuts. The iShares 20+ Year Treasury Bond ETF (TLT) ended the week with its best rally since April.By contrast, stocks fell for the fourth week in five even as corporate earnings continued to beat analysts’ estimates. An S&P 500-tracking ETF (SPY) has lagged TLT by 2 percentage points since December, the worst start to a year in a decade.One force upending the long-stocks, short-bonds trade is AI itself. Investors who cheered massive capital spending by tech giants are now questioning the payoff timeline — and whether the cash left over can still fund buybacks. AI will almost certainly boost productivity over time. Whether that’s good for stocks right now is another question entirely.“Over the last several months, AI has been hurting more stocks than it’s helping,” said Adam Crisafulli, co-founder at Vital Knowledge.For now, big moves have yet to morph into sustained market meltdowns. The S&P 500 still hovers near an all-time high and credit spreads are stuck near decade lows. Yet Thursday’s violent swings in gold and silver — triggered by no obvious catalyst other than stock weakness — hinted at how quickly turbulence can jump between asset classes when positioning is this crowded.Going by the volume of bearish and bullish options on single stocks, hedging activity is picking up. A measure of Cboe’s put-to-call ratio has spiked since January, rising from an almost four-year low.ETFs tracking companies with higher shareholder returns have attracted $3.6bn of fresh money this month, the most among so-called smart-beta funds tracked by Bloomberg.Jim Caron, chief investment officer at Morgan Stanley Investment Management Portfolio Solutions, is focusing on two things in the market: whether the AI-induced losses will create contagion, and how to diversify bets to counter that risk.“We are going through a repricing of a segment of the markets, which is the software sector,” he said on Bloomberg TV. “And there’s worry that this might create an event that is contagion for the rest of the markets.” 

The Qatar Financial Centre (QFC) is introducing "targeted incentives" for companies looking to enter or expand within the Qatari market as it returns to Web Summit with renewed focus.Firms that register with QFC during the Web Summit, currently taking place, will benefit from waived registration and annual fees for the first three years, tax credit granted for the first three years, in line with international standards, provided the applicant selects at least one technology activity from the approved activities list.The "targeted incentives" comes on the back of building strong momentum at last year’s edition, which saw more than 700 companies registered with the QFC in just four days,The QFC's return to Web Summit Qatar 2026 comes under the Start-Up Qatar Pavilion with a renewed focus on accelerating business set-up and supporting innovation-driven growth.The QFC is enhancing the registration experience through an integrated, one-stop-shop business setup model, with the presence of representatives from the Ministry of Interior and the Ministry of Labour enabling companies to complete key regulatory procedures and related permits in a single location.As part of this streamlined approach, instant corporate banking services are available, with QNB and Doha Bank hosting dedicated booths at Web Summit Qatar to support new registrations.In parallel, the QFC maintains agreements with multiple banks across Qatar, giving companies the flexibility in selecting their preferred banking partner.This service enables eligible firms to open corporate bank accounts swiftly, reducing administrative hurdles and allowing businesses to become operational in a shorter timeframe.The QFC’s participation at Web Summit Qatar underscores its ongoing commitment to building a streamlined, competitive business ecosystem.By pairing attractive incentives with practical, end-to-end support, QFC continues to position Qatar as a preferred destination for global companies seeking long-term growth in the region. 

His Excellency Khalifa bin Jassim al-Jaham al-Kuwari, President of the General Tax Authority, headed Qatar’s delegation participating in the Sixth Meeting of the Global Forum on Value Added Tax (VAT) in Paris. The forum was organised by the Organisation for Economic Co-operation and Development and held in Paris from January 26-28. The forum is considered a high-level international platform that brings together senior officials from tax administrations around the world to discuss the design and implementation of VAT/GST systems, exchange experiences in addressing challenges related to the digital economy, e-commerce, crypto-assets, and artificial intelligence, as well as to review best practices aimed at enhancing tax compliance and developing risk management mechanisms. Qatar’s participation in this meeting reaffirms its commitment to strengthening international co-operation in the field of tax policy and exchanging expertise in a manner that contributes to enhancing the efficiency of domestic tax systems, in addition to supporting international efforts to modernise and develop tax frameworks in line with evolving economic and technological changes. 

The General Tax Authority (GTA) has announced that the tax return filing period for the financial year ended Dec. 31, 2025, will commence on Jan. 1, 2026 and continue until April 30, 2026.GTA said in a statement on Wednesday that this comes in compliance with the provisions of Income Tax Law No. 24 of 2018, its Executive Regulations, and their amendments.The statement noted that the tax return filing requirements apply to all entities subject to the provisions of the Law, including tax-exempt companies, companies owned by Qatari nationals or nationals of the Gulf Cooperation Council (GCC) states, as well as private associations and institutions, private charitable associations and institutions, and private public-benefit institutions established in accordance with the laws governing each of them.GTA urged all companies and institutions holding a commercial registration or trade license - including those exempt from tax, to submit their tax returns within the specified period through the electronic 'Dhareeba' platform.The Authority also affirmed its commitment to providing all forms of support and assistance to taxpayers and to facilitating the tax return filing process through its official communication channels, including the Call Center: 16565, and email: supportdhareeba.qa, to ensure compliance with the prescribed legal deadlines.This approach comes as part of GTA's commitment to establishing a fair and transparent tax environment, implementing relevant laws and legislation, and enhancing the level of tax compliance.

Qatar has participated in the 18th meeting of the ‘Global Forum on Transparency and Exchange of Information for Tax Purposes’ held in New Delhi, gathering representatives from more than 170 countries and international organisations.The General Tax Authority president Khalifa bin Jassim al-Jaham al-Kuwari represented the country during the meeting, where the GTA’s official delegation reaffirmed Qatar's commitment to developing its legislative and regulatory framework to enhance tax compliance.Emphasis was placed particularly in the areas of Exchange of Information on Request (EOIR) and Automatic Exchange of Financial Information (AEOI). This is in addition to advancing the digital transformation of tax systems and developing tools for compliance and oversight.The delegation also participated in several discussion sessions and side events that addressed global progress in combating tax evasion, the role of transparency in improving tax collection efficiency, and increasing domestic revenues. Additionally, the events highlighted countries’ experiences in implementing international standards and developing national capacities.Qatar’s participation in the international event further underscores its active role in global forums on tax governance, its continuous efforts to promote the principles of tax transparency, and its commitment to developing information exchange mechanisms in line with international standards. Furthermore, it reflects Qatar’s ongoing dedication to collaborating with international partners to enhance a fairer and more transparent global tax system. 

South Korea's fiscal deficit reached over 88 trillion won (US$61.8 billion) in the first eight months of the year, the finance ministry said Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on stricter terms, posted a deficit of 88.3 trillion won in the cited period, according to data from the Ministry of Economy and Finance. Total revenue grew 35 trillion won from the same period last year to 431.7 trillion won. In detail, tax revenue expanded 28.6 trillion won on-year to 260.8 trillion won. Total expenditures increased 38.4 trillion won on-year to 485.4 trillion won. The government earlier projected the shortfall to align with the original annual target of around 111.6 trillion won toward the end of the year.

The State of Qatar took part in the 15th meeting of the Committee of Heads and Directors of Tax Administrations of the Gulf Cooperation Council (GCC), held recently in the State of Kuwait. Qatar's delegation was led by HE President of the General Tax Authority (GTA) Khalifa bin Jassim Al-Jaham Al Kuwari. The meeting addressed several vital topics related to strengthening regional tax cooperation and the exchange of successful experiences among member states. These discussions support the development of integrated tax policies aimed at fostering the region's economies and stimulating the investment environment. Deliberations focused on mechanisms to enhance the efficiency of GCC tax systems through continuous coordination and the modernization of legislative and procedural frameworks. This aims to improve the fairness and transparency of the tax system and advance effective economic integration among the council's nations. The participants also affirmed the importance of periodic meetings in developing institutional capacities in the tax field and aligning tax policies to serve economic diversification programs and contribute to achieving sustainable development across the Gulf states. The General Tax Authority's participation in this meeting reflects its firm commitment to promoting cooperation and its openness to the exchange of knowledge and expertise. This contributes to building a flexible and stimulating tax system for growth and investment and strengthens the position of GCC countries on the global economic map.

The General Tax Authority (GTA) continues its ongoing efforts to facilitate taxpayers’ procedures and ensure the regularity of their tax transactions. As part of these efforts, taxpayers are now able to submit applications for the Financial Penalty Exemption Initiative at 100% directly at the authority’s tower, in addition to receiving support for a range of other tax obligations and services. The services provided during this period include submitting exemption applications, filing objections and settlements, as well as services related to collection, inquiries, sales, and clearances, in addition to technical support for resolving any issues that taxpayers may encounter in the system. Taxpayers can visit the authority’s tower on Mondays and Wednesdays from 8am to 12 noon until December 31, where dedicated teams are available to provide support and assistance, ensuring that transactions are completed easily and efficiently. Taxpayers can also apply electronically via the ‘Dhareeba’ platform to benefit from the initiative. GTA has confirmed that the 100% Financial Penalty Exemption Initiative will continue until December 31, reaffirming its commitment to promoting tax compliance and building a strong and sustainable partnership and trust with all taxpayers.

Greek Prime Minister Kyriakos Mitsotakis Saturday announced generous income tax breaks to boost households with children, part of a tax reform worth €1.6bn ($1.87bn).The tax deductions, announced during his yearly speech on economic policy, come as his government seeks to halt a slide in popularity caused by a protracted cost of living crisis and corruption claims.Strong economic growth, a higher-than-expected budget surplus and more comprehensive tax collection will help finance the package, which will come into force in 2026, Mitsotakis said."We are all well aware that Greeks are struggling to make ends meet. Therefore our non-negotiable priority is to prop up their income," he said. After a 2009-2018 debt crisis marked by years of economic pain, Greece's economy, driven by tourism, has revived and is approaching its pre-crisis size.But Greece remains Europe's most indebted nation and disposable incomes still trail the EU average due to rising energy, food and housing prices that hurt purchasing power, despite a cumulative 35% minimum wage increase.The tax reform includes lower taxation by two percentage points for all brackets and a zero tax rate for low-income families with four children amid tumbling birth rates and rising housing costs.Mitsotakis also announced increases in pensions, while a real estate tax for remote areas will be scrapped to encourage young people to leave big cities and move to the countryside.Mitsotakis' centre-right New Democracy party has seen its ratings drop to around 22-25% in opinion polls since June from the 41% of votes it won in 2019 when it came to power on pledges to redistribute the fruits of economic growth more evenly.Thousands of people joined separate protests organised by trade unions in the city of Thessaloniki, where Mitsotakis was giving his speech, demanding higher salaries and decent living standards.

Greek Prime Minister Kyriakos Mitsotakis Saturday announced generous income tax breaks to boost households with children, part of a tax reform worth €1.6bn ($1.87bn).The tax deductions, announced during his yearly speech on economic policy, come as his government seeks to halt a slide in popularity caused by a protracted cost of living crisis and corruption claims.Strong economic growth, a higher-than-expected budget surplus and more comprehensive tax collection will help finance the package, which will come into force in 2026, Mitsotakis said."We are all well aware that Greeks are struggling to make ends meet. Therefore our non-negotiable priority is to prop up their income," he said. After a 2009-2018 debt crisis marked by years of economic pain, Greece's economy, driven by tourism, has revived and is approaching its pre-crisis size.But Greece remains Europe's most indebted nation and disposable incomes still trail the EU average due to rising energy, food and housing prices that hurt purchasing power, despite a cumulative 35% minimum wage increase.The tax reform includes lower taxation by two percentage points for all brackets and a zero tax rate for low-income families with four children amid tumbling birth rates and rising housing costs.Mitsotakis also announced increases in pensions, while a real estate tax for remote areas will be scrapped to encourage young people to leave big cities and move to the countryside.Mitsotakis' centre-right New Democracy party has seen its ratings drop to around 22-25% in opinion polls since June from the 41% of votes it won in 2019 when it came to power on pledges to redistribute the fruits of economic growth more evenly.Thousands of people joined separate protests organised by trade unions in the city of Thessaloniki, where Mitsotakis was giving his speech, demanding higher salaries and decent living standards.

In response to the growing interest in benefiting from the 100% Financial Penalty Exemption Initiative, and in line with its commitment to supporting taxpayers and enabling them to regularise their status, the General Tax Authority has announced the extension of the submission period for the initiative until December 31, 2025.The extension aims to provide the opportunity for the largest possible number of taxpayers to benefit from the available exemptions.The GTA allows taxpayers to apply for the initiative through the Dhareeba platform, while continuing to provide support and guidance services that reinforce transparency and help instill a culture of tax compliance.The initiative has achieved significant results, with more than 7,000 taxpayers exempted from financial penalties exceeding QR1.6bn, and over 56,000 tax returns submitted — including overdue returns covering tax periods from 2014 to 2024. This has greatly contributed to raising the overall tax compliance rate.The initiative also witnessed a high participation rate among companies and business owners who were able to rectify their situations and benefit from the full exemption from financial penalties. Beneficiary companies represented various vital sectors, reflecting the inclusiveness of the initiative and its broad impact in supporting different components of the national economy.The GTA has urged taxpayers to take advantage of the initiative via the Dhareeba platform. The initiative is considered one of the Authority’s landmark measures, designed to enable taxpayers to settle their tax obligations through a 100% exemption from financial penalties incurred due to late registration, filing, or payment, subject to specific terms and conditions.The GTA has confirmed that the initiative has successfully enhanced voluntary compliance by offering a clear and practical opportunity to rectify tax status with ease and convenience. This contributes to the efficiency of the tax system and strengthens the relationship of trust and partnership between the Authority and taxpayers.