FirstFT: Today’s headlines | Financial Times
British Chancellor of the Exchequer Rishi Sunak is struggling to win Set aside a plot for the City of London Promote the establishment of a new global tax system in the G7 to cover the world’s “largest and most profitable multinational corporations.”
Sunak said that the “historical agreement” reached by the G7 finance ministers over the weekend will force “the largest multinational technology giants to pay a fair share of taxes in the UK.”
However, an official close to the talks said that the UK is one of the countries promoting the “financial services exemption”, which reflects Sunak’s concern that the London-based global bank may be affected.
HSBC is the UK’s largest bank by revenue, with more than half of its revenue coming from China, while another UK-based bank, Standard Chartered, has very little business in the UK, mostly from Asia and Africa.
In the news
U.S. Investigates Leaked Billionaire Tax Records U.S. tax authorities launch investigation Leaked private records The billionaire after ProPublica Publish Detailed information about “a large amount of IRS data” related to thousands of the richest Americans. The report shows that billionaires including Warren Buffett, Jeff Bezos, Mike Bloomberg and Elon Musk paid very little tax even when their wealth surged. (FT, ProPublica)
Hundreds of people arrested in Trojan Shield organized crime More than 800 people arrested worldwide Sweep police stabbing It lures drug dealers and organized criminals to an encrypted communication platform secretly operated by the FBI. The operation resulted in the seizure of more than 32 tons of drugs, $48 million in currency and the destruction of more than 100 murder conspiracies.
Asian countries pledge to exercise restraint in the South China Sea At yesterday’s special meeting of ASEAN and China’s foreign ministers, countries pledged to avoid actions that may “complicate or escalate” South China Sea dispute And promised to restart negotiations on the code of conduct.However, these countries have largely concealed the crisis in Myanmar, and senior US Asian officials said it was deterioration. (The Straits Times, Reuters)
U.S. targets China’s possible tariffs on rare earth magnets The Biden government is considering investigating whether imported rare earth magnets are mainly made in China Pose a threat to national security This may require tariffs. More Sign up For us Trade secret communications.
U.S. Vice President Harris meets with Mexican President Kamala Harris and Andres Manuel López Obrádor agreed yesterday Deepen economic ties and invest in Central America To deal with the record peak of immigration. Harris said the “frank” discussion also involved safety, vaccines, pandemics and fentanyl drugs. (Reuters)
Rufu said that the “speculative frenzy” squeezed it out of the $1.1 billion Bitcoin bet Wealth Manager Rufu has Quit the high-profile bet on Bitcoin After becoming more and more nervous about the speculative boom in the market this year-including the sharp rise in the price of cryptocurrencies based on jokes-this has made digital assets too hot to hold.
China brags about poverty eradication The Chinese Communist Party claims to have eliminated extreme poverty Challenged by a new study A former UN economist believes that Beijing uses a limited and inflexible definition of poverty.
The days to come
China inflation data After the Chinese government took measures last week to slow the sharp rise, traders have been paying close attention to the yuan.The data released today will Further reveal economic progress, And provide information at any time for the central bank’s future policy intervention in the renminbi.
Huawei Open Security and Privacy Transparency Center Faced with US sanctions, Huawei is still working hard to prove its credibility on Wednesday The Global Network Security and Privacy Protection Transparency Center will be opened in Dongguan, China.
David Frost and EU Vice President discuss the Northern Ireland Agreement The UK and the EU will try to Rescue plan to calm post-Brexit tensions In Northern Ireland, after several days of threats and accusations.
What are we still reading
How Clean Energy Drives the Commodity Super Cycle The pipeline of the new copper project is Dangerously thin Just as the demand for this metal-from wind turbines to electric cars-the demand will soar. The potential shortage raises questions about whether copper will become the new oil, a raw material of strategic importance.
If inflation continues to rise, the Fed may react too slowly As the Fed believes, the increase in inflation we are seeing may be both mild and temporary, and will not affect inflation expectations. Martin Wolf writes. But the Fed has locked itself in too slow to respond, especially considering fiscal expansion.
Spac 2.0 era Bill Ackman is preparing for the next phase of the era of blank check vehicles.His special purpose acquisition company Pershing Square Tottine Holdings is not only the largest acquisition company in history, it is also Cancel some of the founder’s benefits, Such as free stocks, which in some ways gave the Spac phenomenon a bad reputation.
NATO allies need to accelerate AI defense As Russia intensifies cyber hostilities and China weaponizes artificial intelligence, Join forces in the field of high-tech warfare It will occupy an important position in the list of topics discussed by NATO allies at the summit next week. But if the 30 members of the Transatlantic Alliance want to make up for their lost ground, they need to act quickly, Helen Warrell wrote.
UAE resets its foreign policy for a decade For ten years, the Gulf countries have been part of the Arab world The most muscular regional actors, Using its petrodollars wealth and military power to support allies and weaken the enemy. But after the coronavirus hit its economy and highlighted its links with global trade, the UAE is shifting its focus from strong intervention to “economic” diplomacy.