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The Daily Brief: G7 Strikes a Deal Raising Tax Rate on Multinational Companies

G7 Strikes a Deal Raising Tax Rate on Multinational Companies

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Janet Yellen 23712797651

Summary:

  • This Sunday, the Group of Finance ministers held a meeting in London to finalize a deal to increase the tax rate to 15% on multinational companies in order to combat tax avoidance.   
  • The agreement was first posed by United States President Joe Biden at 21% which was later lowered to 15% by the Treasury Department.
  • Those backing the deal include The United Kingdom, France, Germany, Japan, Canda, and Italy. 
  • The G-7 nations have been trying to fix the rules in order to stop large tech companies operating in multiple countries who end up paying lower tax rates. The deal also aims at avoiding undercutting by other countries with their low taxes. 
  • The tax will apply to companies around the world who have a 10% profit margin, allocated towards the countries where the company operates.
  • Global economic recovery is high on the agenda for G-7, as many countries whose economies suffered through the pandemic borrowed from their wealthier counterparts.
  • The historic agreement may affect Apple, Google, Amazon, Facebook, and more. The deal will be further discussed at a meeting in Venice. 

Sources

https://www.bbc.com/news/world-57368247

https://www.cnn.com/2021/06/05/business/g7-biden-global-tax-intl-gbr/index.html

https://www.nbcnews.com/news/world/g7-finance-ministers-strike-landmark-deal-taxing-multinational-tech-giants-n1269728

Tweets

Rohingyan Refugee Boat Reaches Land After 100+ Day Voyage

  • A boat carrying Rohingya refugees has landed on an Indonesian island after traveling for 113 days.
  • The boat set sail from Cox’s Bazar in Bangladesh on February 11th, however it experienced engine failure on its 4th day of travel which prolonged the voyage
  • Of the 90 passengers on the boat, 8 were found dead by Indian Coast Guards. Most of the passengers were women and children hoping to reach Malaysia
  • Tweets:

Nicaraguan Presidential Challenger Detained Months Before Election

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Diario La Nación, CC0, via Wikimedia Commons
  • Nicaragua’s opposition leader Cristiana Chamorro has been placed under house arrest by police after they raided her home for more than 5 hours on June 2nd.
  • Chamorro faces charges of money laundering and mismanagement of the Violeta Barrios Foundation, a non-profit organization she had chaired. Chamorro denies all allegations. 
  • Chamorro, a 67 year old journalist, is likely the only candidate to obstruct Nicaraguan President Daniel Ortega from securing a fourth term in the November elections. 
  • The US has demanded that Ortega’s government release Chamorro; US State Department spokesman Ned Price claims that the detention of Cristiana Chamorro “is an abuse of [the government’s] rights, and it represents an assault on democratic values, as well as a clear attempt to thwart free and fair elections”.
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Armed Attack in Burkina Faso Kills 100

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Department of Foreign Affairs and Trade, CC BY 2.0 via Wikimedia Commons
  • At least 100 people have died in an armed attack in the Solhan village, north of Burkina Faso. A local market and several homes were also burned down. No group has claimed responsibility for the attack.
  • In areas bordering Niger and Mali, violence by extremist groups is common. Armed groups frequently raid homes and carry out attacks in the region. More than one million people have fled their homes in Burkina Faso because of conflict from armed groups.
  • Fourteen people were killed last week and thirty people last month, in two attacks near Burkina Faso. The attack today is the worst the country has faced in years, and the government has declared a 72-hour period of mourning.
  • Tweets

UN Warns of Imminent Famine in Ethiopia’s Tigray Region

File:Tigray, Ethiopia (8204143799).jpg
Rod Waddington from Kergunyah, Australia, CC BY-SA 2.0 , via Wikimedia Commons
  • The United Nations Humanitarian Chief, Mark Lowcock, warned that famine is imminent in the Tigray region of Ethiopia, with hundreds of thousands of people at risk of death.
  • The conflict between the Ethiopian government and Tigray leaders has caused the death of thousands, a severely struggling economy, and widespread human rights abuses. Eritrea has become an ally of Ethiopia in the conflict.
  • There are thousands of people in areas controlled by Tigrayan or Eritrean forces where it is difficult to deliver aid. Lowcock said the leaders of seven major countries need to put this conflict on the agenda for the G7 summit in Cornwall, England.
  • Tweets

All views expressed in this editorial are solely that of the author, and are not expressed on behalf of The Analyst, its affiliates, or staff.

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Crime

Six People Killed in Shooting at Independence Day Parade

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800px 4th of July Independence Day Parade 2014 DC 14466342590
  • Six people were shot dead at an Independence Day parade near Chicago, Illinois. The gunman is still unknown and actively being searched for.
  • The gunman, who is being described as a white man near the age of 20, started shooting at random with a high powered rifle from a rooftop. The parade, which should have included hours of activities and entertainment, quickly ended and crowds were dispersed.
  • Those living in nearby suburbs or areas where the suspect might have gone have been told to shelter in place.
  • July 4th marks the colonies gaining independence in 1776 from Great Britain and the formation of the United States of America.

All views expressed in this editorial are solely that of the author, and are not expressed on behalf of The Analyst, its affiliates, or staff.

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Crime

Eight Gang Members Arrested and In Possession of Underwater Drones

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800px Drug trafficking Caribean Sea
  • Spanish police arrested eight gang members that had unmanned underwater drones, six aerial drones, as well as other illegal substances in their possession.
  • The police said the drones could be used for illegal purposes, specifically “to be delivered to French narco-traffickers to be used to transport significant quantities of cocaine.”
  • One of the underwater vehicles was completely built, and two more were still being completed. The drones could potentially be controlled from anywhere in the world.
  • More than a year long investigation was carried out with the help of the French police to investigate the gang and arrest members in Cadiz, Malaga, and Barcelona.

All views expressed in this editorial are solely that of the author, and are not expressed on behalf of The Analyst, its affiliates, or staff.

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Daily Brief

Three People Killed in Copenhagen Mall Shooting

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800px Fisketorvet Copenhagen Mall Interior 15915770832
  • Three people were killed at a mall in Copenhagen, Denmark after a gunman started randomly shooting with a rifle.
  • The suspect is a 22-year old Danish man with a mental health condition and “known among psychiatric services,” according to Copenhagen police chief Soren Thomassen.
  • Two Danish teenagers were killed, one boy and one girl, and a 47-year old Russian citizen. Four other people are in critical condition from the shooting.
  • Prime Minister Mette Frederiksen spoke about the incident, stating, “Our beautiful and usually so safe capital was changed in a split second.”

All views expressed in this editorial are solely that of the author, and are not expressed on behalf of The Analyst, its affiliates, or staff.

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Daily Brief

Argentina’s Economy Minister Quits

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Martin Guzman
  • Argentina’s economy minister, Martin Guzmán, resigned from his post after a week of economic crisis in a 7 page letter published on Twitter.
  • Guzmán initiated office in 2019 taking lead in restructuring Argentina’s debt.
  • In addition to the global rise of food and energy costs, Argentina is battling with 60% inflation.
  • In his letter of resignation, Guzmán calls for a “political agreement within the governing coalition.”
  • Many speculate his statement was in reference to his deputy – Cristina Fernández de Kirchner – whom he was openly at odds with when approaching the country’s economic problems.
  • Prior to the resignation, Fernández took to criticizing economic policy starting with Guzmán’s inflation strategy.

All views expressed in this editorial are solely that of the author, and are not expressed on behalf of The Analyst, its affiliates, or staff.

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Daily Brief

3 Hezbollah Drones Shot down by Israel

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Levant Basin
  • The Israeli military says one drone was shot down by an F16 fighter jet and the other two by Barak 8 missiles via ship.
  • The drones were unarmed.
  • In an official statement Hezbollah confirms ownership of the drones which were heading for the Karish gas field in disputed territory off the Mediterranean coast of Israel.
  • Israel previously announced plans to extract gas from the offshore rig, eliciting threats from Hezbollah’s leader Hassan Nasrallah.
  • The disputed territory amplified tensions between Israel and Lebanon.
  • Benny Gantz, Israeli Defense Minister, accuses Hezbollah of barring Lebanon from cooperating with Israel concerning maritime borders.
  • This incident evoked support for Hezbollah, many taking to social media platforms to express gratitude for the militant group’s brazen confrontation against Israel’s platform in the Mediterranean. 

All views expressed in this editorial are solely that of the author, and are not expressed on behalf of The Analyst, its affiliates, or staff.

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Daily Brief

Russian Forces Finally Abandon Snake Island as a Gesture of Goodwill

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Battle of Snake Island 2022
  • Russian forces have officially abandoned Snake or Zmiinyi Island as a gesture of goodwill in order to prove that it was not obstructing grain exports. But this claim was instantly dismissed by Ukraine once Moscow continued to shell its grain stores. 
  • Snake Island was seized by Russians on February 24; the island, which is just 22 miles away from Ukraine, is exposed to attacks from all directions, including air and sea. Once Russia seized it, Ukraine attacked the island itself and any vessels carrying troops or heavy weaponry. 
  • Ukrainian military analyst Oleh Zhdanov states that controlling this island and stationing troops doesn’t make sense for either side and the island is an easy target. He argued that maintaining “fire control,”.which is having the capability to strike any target approaching the island, is a better advantage for either side. 
  • The key question is whether the Ukrainians will consider  exporting grain to reboot the war economy. However, the Russian warships still gain dominance over the Black Sea, and although they are offering Ukraine to export grains from Odessa, Ukraine rejected it due to it having to remove mines from outside the port. 

All views expressed in this editorial are solely that of the author, and are not expressed on behalf of The Analyst, its affiliates, or staff.

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