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The leaders of the G7 economies meeting in the UK will announce their commitments Provide 1 billion doses of coronavirus Provide vaccines to poorer countries as part of the “vaccinate the world” plan by the end of 2022.

The move, which will be outlined at the beginning of the three-day summit on Friday, aims to address criticism that wealthy Western governments have obtained most of the life-saving Covid-19 vaccine from manufacturers to immunize their own populations.

The pledge is also an attempt to counter the “vaccine diplomacy” of Beijing and Moscow, which quickly sold vaccines to developing countries. According to assistants, at the G7 summit in Cornwall, the picturesque southern tip of the UK, Prime Minister Boris Johnson will announce on Friday that the UK will donate 100 million doses of remaining vaccines over the next 12 months.

More G7 news:

  • Boris Johnson and Joe Biden tried to ease their differences over Northern Ireland. First face-to-face meeting.

  • Commodity trader Glencore and other Swiss multinational companies will receive Subsidies and other incentives According to the plan that Switzerland is developing to maintain its competitive tax rate, even if the country is ready to sign the G7 minimum tax plan for large global corporations.

  • Experts warn that countries “plead” to exclude industries from G7-backed corporate tax agreements Risk of breaking the final agreement.

Chris Giles, economics editor of the Financial Times, and Emma Agyemang, global tax reporter, answered your question about what the G7 tax agreement means for multinational companies. The following are the main points of the conversation.

Coronavirus Digest

  • Goldman Sachs Will ask its U.S. bankers Disclose whether they have been vaccinated Before planning to return to the office next week.

  • The company that produces the AstraZeneca vaccine Thailand Owned by the monarch, which criticizes the delay almost impossible.

  • This European Central Bank will Keep the rhythm Although its forecasts for Eurozone growth and inflation have been revised upwards, bonds will be purchased in the coming weeks.

  • View: This Covid Lab Leak TheoryJemima Kelly wrote that this shows that the “war of facts” is still raging.

Follow our live coronavirus blog Here with Sign up For us Coronavirus business update communication.

In the news

U.S. consumer prices are rising at the fastest rate since 2008 U.S. consumer prices The biggest increase in the past 13 years Compared with a year ago in May, inflationary pressures in the world’s largest economy continued to intensify.

Investigation found that Toshiba colluded with the government A 147-page report released on Thursday detailed Cooperation between Japanese companies and the Tokyo government It also claimed that Prime Minister Yoshihide Suga, who was then the Chief Cabinet Secretary, received the latest information about the campaigning activities of activists before the July 2020 annual meeting, and finally concluded that he was “mismanagement”.

Assistant to Chinese Vice President Faces Corruption Trial Former Chinese anti-corruption investigator Dong Hong, who worked closely with Vice President Wang Qishan, will stand trial Suspected of accepting “significant” bribes, According to the Supreme People’s Procuratorate.

Japanese sponsors worried about the Tokyo Olympics causing damage to the brand The corporate sponsors of the Tokyo Olympics introduced marketing consultants to determine whether there is a direct connection with the Olympics Would damage their brand.

Global banking regulator urges the most stringent capital rules for cryptocurrencies Banks exposed to volatile cryptocurrencies should face Tighter capital requirements The Basel Committee on Banking Supervision, the world’s most powerful banking industry standard-setter, said on Thursday that in order to reflect the higher risks compared to traditional stocks and bonds.

China’s environmental goals push up metal prices China’s commitment to reduce carbon emissions by the middle of this century will require significant reductions in metal production, which may further increase fuel Commodity prices have risen rapidly As the world emerges from the coronavirus pandemic.

British competition watchdog plans to investigate Amazon The watchdog is planning a Competition investigation Entering Amazon reflects the ongoing investigations by the European Union, which has been focusing on how online retailers use the data collected on its platform in the past few months.In addition, Amazon’s landlord and Prologis, the world’s largest industrial real estate owner, are doubling down on their bets. Huge e-commerce warehouse It flourished during the pandemic.

the day before

Opening of the G7 Summit The summit will officially start on Friday and last until the weekend. Failure to adequately address vaccine shortages and climate change will be catastrophic. Our editorial board wrote.

Euro 2020 starts The 2020 European Cup will open on Friday. Fatigue will be a bigger factor than usual Due to the impact of the pandemic on the schedule, many of the world’s top players have been playing almost uninterrupted for a year. (New York Times)

What are we still reading

Japanese flashback US financial editor Robert Armstrong wrote in his Unhedged newsletter that there is reason to believe that the US stock market in 2021 Similar to the Japanese market in 1987. Several readers who worked in the Japanese financial industry in the late 1980s responded by commenting on how much the environment is today It reminds them of that era. registered Here Receive Unhedged in your inbox.

“The oil crisis of the 1970s hit Japan more severely than most countries. Their currency was weak, and their oil imports accounted for 10% or more of GDP. Their long-term implementation of a very loose monetary policy led to a stock market boom in potential asset stocks. .. With a lot of liquidity flowing… The company will issue stock convertible bonds with warrant sweeteners because the interest rate is too low. I once asked a cement company why it raised funds, and the answer was basically because of it. Cheap, and we can.” —James Bogin, an analyst in Tokyo in 1987

The “Cornish Consensus” is here An advisory memorandum written by a committee of scholars and policymakers and distributed before the G7 meeting set out “an ambitious agenda to better move forward from the pandemic.” This shows that the G7 corporate tax agreement should herald a new stage of Western cooperation along a new ideology, Gillian Tett wrote.

How Trojan Shield exposes the underworld Hundreds of criminals didn’t know that—until this week, they believed that the encrypted messaging platform Anom was the best way to arrange drug dealing, money laundering, and murder—the FBI was secretly plagiarized in every message.That’s it Surgery is illuminated On the black market of privacy-oriented platforms.

Wealthy Americans never sleep over Biden’s tax plan The well-designed American system rewards those who can afford an army of lawyers and accountants, Edward Luce wroteHowever, one area where President Joe Biden’s plan has surprised him is his capital gains reform.

A tainted American auditor is an investor disaster Gary Gensler must take back the accounting supervision committee of listed companies from the Big Four, Writes Master BrookeRobust audits are essential to prevent misconduct, as the decades of scandals such as Enron, Carillion, Wirecard and Luckin Coffee have clearly demonstrated this.

Regal Space Travel Guide Amazon founder Jeff Bezos will go to space on July 20-if he subscribes to Prime, tomorrow. The opening of the space market couldn’t have been more timely, because, frankly, it’s very difficult to plan holidays now, and suborbital flights seem to be on the green list. Robert Shrimsley wrote.

©Lucas Varela

©Lucas Varela

Today’s Podcast

Can Asia’s prosperity survive the US-China competition? Southeast Asia’s economy has maintained growth for a long time. But will this be threatened by the growing tension between China and the United States? Gideon asked James Crabtree this questionExecutive Director of Singapore Institute of International Strategy.

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