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The G7 tax agreement reached by the world’s major developed countries this weekend is the first substantial evidence of the recovery of international cooperation since President Joe Biden brought the United States back to the negotiating table. However, there is still a long way to go before implementation.

“This is a starting point,” French Finance Minister Bruno Le Maire said, and promised that “in the coming months, we will work hard to ensure that the minimum corporate tax rate is as high as possible.”

The agreement aims to close the loopholes Multinational companies have used reduced tax bills to ensure that they pay more in the country in which they operate.

The G7 ministers support a global minimum tax rate of at least 15% and agree that countries should have the right to tax a certain percentage of the profits of the largest and most profitable multinational companies where they are generated.

deeper: The British “Financial Times” stated that the agreement reached by the G7 finance ministers over the weekend is Opportunity to change the rules of the game Reverse the process by which large multinational corporations transfer profits through low-tax jurisdictions—and ensure that companies clearly make a fair contribution to the post-pandemic recovery. They wrote that in order to succeed, the world’s largest economy needs to sign on a wider scale. But it is in their own interest to do so.

Coronavirus Digest

  • United States 750,000 Covid-19 vaccines will be donated to TaiwanAfter Taipei accused Beijing of interfering in its efforts to secure the jab, it demonstrated its support for the country.

  • India ready Relaxation of locking rules As the number of coronavirus cases fell to its lowest level in two months (Reuters)

  • Anthony Fauci In the politicized debate about the origin of Covid-19, the chief medical adviser of the White House has become a lightning rod. He is facing calls to resign from the American right. “It makes me worry about what it says to this country,” He told reporter Kiran Stacey.

  • The Covid-19 pandemic is over Norway, According to one of the doctors Leader response.It has the lowest infection rate since last summer, but caution is still needed in the case of local outbreaks

  • United Kingdom Plan to provide Covid vaccine to teenagers Later this year

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In the news

Merkel’s party surged in the German state vote, defeating the far right German Christian Democratic Party Achieved a decisive victory In the elections in the eastern state of Saxony-Anhalt on Sunday, this was a huge boost for their leader Amin Rashet and his efforts to succeed Angela Merkel as prime minister in September.

Peruvians vote in close elections, the market is suspenseful The financial market is under tension because Peruvians vote on Sunday In one of the most polarized elections in the country’s history, private opinion polls show that candidates are tied together. The election pitted Pedro Castillo against the widely disliked Keiko Fujimori, the daughter of the former dictator of Peru, Alberto Fujimori. Pedro Castillo Pedro Castillo is a rural elementary school teacher. He is a left-wing populist.

Pedro Castillo waved to supporters as he arrived in Takabamba in the Cajamarca region of northeastern Peru on Saturday. © Ernesto Benavides/AFP via Getty

Dubai Real Estate Investment Trust faces struggle ahead of sukuk restructuring vote A group of international lenders are Strive for greater transparency Prior to Monday’s emergency vote on its restructuring plan, the governance of a major real estate investment trust in Dubai was changed, marking a rare case of investor activism in the Gulf region.

The Kremlin may restrict more food exports to protect it from high prices Russia warns that it is preparing to expand its Major food export restrictions The country’s economy minister said that after recent price increases prompted the Kremlin to limit domestic costs for commodities such as sugar and flour.

Volkswagen and former CEO Martin Winterkorn reach a 10 million euro settlement agreement According to people familiar with the matter, Volkswagen will advise its shareholders to accept a settlement of approximately 10 million euros from the former boss Martin Winterkorn. Winterkorn was in charge of the organization before the 2015 diesel emissions scandal, in which 11 million cars were found to be equipped with software that spoofed emission tests.

Japan hopes to launch a vaccine passport this summer Japan intends to release Covid-19 Vaccination certificate This summer, the residents who travel abroad will be vaccinated, hoping to boost economic activities such as business travel. (Nikkei)

Democratic senator says he will vote against Biden’s voting rights bill Conservative Democratic Senator Joe Manchin, who held a swing vote in the U.S. Senate on Sunday, vowed to Block bill The thorough reform of the American electoral law caused a major setback to Joe Biden’s efforts to reform voting rights.

The days to come

China’s trade and foreign exchange reserves data The data for May will be released on Monday. At the end of last month, after the appreciation of the renminbi, the central bank instructed financial institutions to increase foreign exchange reserves. It hit a three-year high against the U.S. dollar. (Reuters)

Johnson and Biden get together for geopolitical needs Joe Biden’s First overseas trip As the President of the United States this week, to participate in the G7 summit, British Prime Minister Boris Johnson will spend three days at the Cornwall boutique hotel, which he described as Donald Trump’s ” Physical and emotional cloning”.

Thailand begins to roll out vaccines Thailand will Launched its Covid-19 immunization program Today, the main focus is on the Oxford/AstraZeneca vaccine produced by Siam Bioscience, a company owned by King Maha Vajiralongkorn that has never produced a vaccine before. The number of infections in the country has skyrocketed, with 2,000-4,000 new cases reported every day, the highest level since the pandemic began.

Apple’s WWDC begins Apple is hosting its annual global developer conference Fully digital For the second year in a row. (Barron)

What are we still reading

The new capital in the Egyptian desert: Egyptian President Abdel Fattah al-Sisi announced that the inauguration of the “new administrative capital”, covering a desert equivalent to the area of ??Singapore, will represent “the birth of a new country.” Through private development and military projects, the goal is to allow 6.5 million people to live in the city. Critics think this is a vanity project, Andrew England wrote, And said the expansion of the military’s role in the country and the economy is crowding out the private sector and scaring away foreign investors.

The influence of the army extends to all sectors of the Egyptian economy

Interview: Female Game Pioneers Shake SoftBank’s Board of Directors Masayoshi Son turned to his friend Keiko Erikawa, whom he had known for four years, to become the new female board member of the Japan Technology Group. Erikawa is known for his management style that is different from the high-stakes approach of tech billionaires. Write Inagaki Kana: The $7.5 billion game company she co-founded with her husband has never laid off employees or lost money in 43 years.

Politicians should set new ground rules for the digital market Technology companies have too much economic power over workers and consumers, Written by Lana ForooharWe need to rebalance the market system itself so that participants in any particular transaction can have equal access to information, a common understanding of the content of the transaction, and a common set of rules.

Rana Foroohar:

Rana Foroohar: “Every time a transformative new technology appears, from railroads to telephones, we see an increase in the concentration of economic power.” © Matt Kenyon

Can you speak wine? Over the past few decades, as people’s interest in wine has grown, descriptions-so-called tasting notes-have become more and more extravagant. Professional sommeliers will grasp terms such as “dried strawberries, iodine, oyster shells, wet soil, fresh mushrooms, flowers, ripe spades and nectarines”. But the language we use to talk about wine is about to change, Written by Jansis Robinson.

Return to work dilemma Opinion polls consistently found that only a few employees who can work remotely want to return to the office full-time. This means that an almighty showdown is about to begin between the bosses and their employees who hope everyone will return to the headquarters. Pilita Clark wrote. She pleaded: “Don’t let me wear hard pants five days a week.”

Cartoon of the day

As the Olympics approach, Japan will extend the Covid-19 emergency

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