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The economic health of the Eurozone is improving as growth and employment rise. The Eurozone GDP grew by 0.6% in the second quarter and unemployment in the bloc is at its lowest since 2009, indicating a steady and stable current of economic stability in the bloc which has been blighted by the Eurozone crisis. Many of the established Eurozone economies (France, Spain and Germany) have had an upward re-evaluation of future growth from the IMF.

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The Chancellor of the Exchequer says that there will be no tax breaks after Brexit. After Brexit the UK will not try to undercut European economies with low tax rates and lax regulation as it may start a trade war. Many might see the chancellors announcement in a French newspaper to be conciliatory tones before fresh negotiations however it raises questions as to what the government will offer to incentivise companies to remain in the UK after it leaves the much larger market of the customs union. Labour leader, Jeremy Corbyn, said the move was "an extremely risky strategy" although Labours strategy on Brexit remains undefined.

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Deloitte's auditing of outsourcing firm Mitie Group's accounts is to be probed by the UK's accountancy watchdog. The Financial Reporting Council (FRC) said its investigation related to Mitie's financial statements for the years ending 31 March 2015 and 2016. Deloitte said it took the investigation "very seriously" and would co-operate fully. Last month, Mitie reported a full-year loss after being hit by charges stemming from an accounting review. One-off costs of £88.3m meant the company - which provides pest control, cleaning, security and healthcare services - posted an operating loss of £42.9m for the year to March. The accounting review, which was carried out by KPMG, found the company's accounting was "less conservative" than its peers.

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Prime Minister Ranil Wickremesinghe on Friday assured more economic growth was likely next year as against an estimated range of 4.5-5% this year. He said that the original forecast for 2017 was 6% growth but drought, followed by floods, is likely to reduce it to 4.5-5%. He said that as opposed to some individuals’ perceptions, the twin natural disasters experienced are unlikely to cause a major impact as the country was resilient. “The floods and drought should have had a negative impact on the economy. Already our agriculture has suffered and our growth should have come down from the 4.4% we had in 2016. This is not the case. We have stablised, despite all these issues,” the Prime Minister said. To support his view, Wickremesinghe quoted the IMF’s mid-July statement which said: “Macroeconomic and financial conditions have been stable, despite severe weather events and global market volatility.” However, he said Sri Lanka has to get ready if this climate pattern continues impacting the economy. The Prime Minister also reiterated the country has been placed on the “right track.” “We are accumulating reserves to create non-debt inflows, particularly through exports and FDI. We are entering into bilateral economic partnerships,” he added. He said the Government took strong decisions early to reduce fiscal deficit, to rebuild foreign reserves and introduce a more equitable tax system to restore macroeconomic stability. “Fiscal consolidation has been the key macro concern for all of us,” he added. “We are now navigating a period of transformation amidst global turbulence. Our country has enormous potential,” the Prime Minister emphasised.

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In between Europe and The Americas, Portugal stands to capture the new wave of tech innovation investments. After being hard hit by the 2008's global financial crisis, the country is showing promising growth signs. At the forefront of the recovery is the Portuguese IT industry, which is gathering the attention of tech companies, multinationals and VC firms.

Portugal is in the same time zone as London, with world-class telecommunications infrastructure and a high-quality education system that makes it 15th out of 72 countries in English proficiency, this sunny country has opportunities until recently left undiscovered by tech firms. Its mature legal and fiscal environment, government incentives to investment, and political stability, among the other characteristics presented above, led Gartner to place it in 5th best country for captive or outsourced IT and business process services in 2015.

Culture is another reason why the country has been gathering such buzz, besides the well-known climate and cuisine, Portugal has a high educational quality with several thousand new IT graduates entering the job market a year with western standards of performance. Indeed, one of the major worries of companies experimenting with outsourcing is the level of culture compatibility between the head office and the team overseas; a challenge that is greatly diminished by the similar business culture between Portugal and the rest of the Western world.

To get ahead, companies need to cut costs while still being able to improve the quality of their end product. This was the conundrum of the 20th century, however, with globalization and the disruption of international markets due to technological innovation, the 21st century's answer to it has but one name: nearshore - the establishment of a dedicated team of developers in a foreign country. Portugal's labour costs are about 50% of the EU average and there are several government financial and tax incentives should you decide to set up a business here; which is also increasingly easy to do so due to bureaucratic reforms in recent years, you can now create a business in 2.5 days (4th fastest country in the world).

Lisbon, Portugal's crown jewel, is increasingly talked about as one of Europe's leading innovation hubs. The capital was the first one to be awarded with the European Entrepreneurial Region of the Year in 2015 by the EU's Committee of Regions and is rated by an Allianz 2016 study as the 5th best performing startup community in Europe. Adding to it, the city also boasts a high quality of life, low cost of living and is listed as one of Europe's safest cities.

At Lisbon Nearshore, we are keen to provide the very best nearshore and staffing services to help your business reach its goals. We are proud to have in our ranks some of the best developers around, a talent which has been recognized by our clients. To work with us is akin to have an extension of your in-house team, a perfect combination of onshore and nearshore teams, but less costly and more flexible. An authentic connection, in the same time zone, you can expect a pragmatic, iterative agile approach to your projects without experiencing global time zone or cultural challenges, with high quality outcomes. Our Nearshore team will be dedicated to your Project for an agreed timeframe alongside your specific requirements, and can be blended to include Technical Coordination, Solution Architecture and Project Management. We provide world-class development capabilities that can be employed at half (or lower) of central Europe costs, high level of English proficiency, modern telecommunications infrastructure, tax incentives and a favourable business environment.

By Lisbon Nearshore, visit their website here and find out more about Portugal as an attractive business destination.

The Government yesterday confirmed that with the support of Harvard University it intends to restructure the Board of Investment (BOI) within the next month. Speaking at the Sri Lanka Economic Summit 2017 organised by the Ceylon Chamber of Commerce, International Trade State Minister Sujeewa Senasinghe said they were in the process of revamping the BOI with an investment of $ 6 million in collaboration with a team from Harvard University in the UK. Agreeing with Justice Minister Dr. Wijeyadasa Rajapakshe, he insisted that the BOI has now become more of a regulator than a facilitator. “I think the attitude has changed from the top to the bottom. With Harvard University we are restructuring the BOI. Thus, it can be a friendly facilitator for investments in the future,” Senasinghe stressed.

Related news: Sri Lanka & Bangladesh Agree on Free Trade, Sri Lanka – The Next Asian Economic Miracle

Lloyds bank has set aside another £1 billion for the repayment of mis-sold PPI and mortgage insurance in what has become one of the most costly actions in banking history. Apparently, despite years of terrible adverts advising people claim money for mis-sold financial products, some are still unaware that they are entitled to claim. Lloyds recently announced a half-year pre-tax profits of £2.5bn, 4% higher than last year. Lloyds alone has now set aside £18bn. In total, UK lenders have been forced to set aside more than £30bn to cover PPI compensation costs.

A new immigration system will be in place by March 2019 when the UK will officially leave the EU and therefore will begin devoting vast resources on stopping people from making the UK a vibrant economy. Immigration Minister Brandon Lewis was speaking as the government commissioned a "detailed assessment" of the costs and benefits of EU migrants. The CBI said businesses "urgently" needed to know what EU migration would look like, both in any "transitional" period after March 2019 and beyond. It's another fantastic leap into the dark which has become all too common since the UK decided to leave the Union which constitutes its biggest trading partner. Speaking on BBC Radio 4's Today programme, Mr Lewis would not confirm details of how the government plans to manage migration after Brexit, saying these would be revealed in a white paper later this year.

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Car production in the UK has fallen for the third month in a row as the market continues to cool. Once again, underlying trends in the UK economy are looking sluggish as the effects of Brexit slowly cut the productive ability of the UK economy. The fall in production mirrored a decline in UK car sales. Foreign demand for UK cars has remained steady, falling by only 0.9% in the past six months.

Business process outsourcing provider Arvato has strengthened its Customer Services and Public Sector business with the appointment of Fraser Tusler as Business Development Director. Reporting directly into Arvato’s board member and Sales and Solutions Director David Morton, Fraser will be driving new business opportunities across retail, automotive, high-tech and the public sector. Fraser brings more than 15 years’ experience in sales and business development to the role. Prior to joining Arvato, Fraser was Sales Director for Computer Sciences Corporation’s (CSC) big data and analytics offering. Previous roles include IT and data analytics focussed sales and leadership positions at IBM, Salesforce and Teradata. The move follows Debbie Nolan’s appointment as commercial director of the company’s financial solutions business in the UK & Ireland.

Debra Maxwell, CEO of CRM Solutions UK & Ireland, Arvato said: “Our clients and prospects across retail, automotive and the public sector are facing disruptive changes in their sectors, so they’re looking to outsourcing partners to help them with implementing new technology and ways of working to transform their services.”