Calls to increase the taxation of the wealthy have resurfaced in New Zealand after a report by the country’s tax department found that the wealthiest Kiwis paid less effective tax than most others. Inland Revenue (IRD) conducted a two-year investigation into how much tax the wealthy people in New Zealand pay based on the full…
Report Finds Wealthiest New Zealanders Pay Half the Tax of Most, Sparking Calls For Tax Hikes
April 27, 2023
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Asia & PacificAustraliaBusiness & Marketscapital gains taxeconomic policiesInternationalNew Zealandwealth taxWorld
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Labor Government Buys Radar Defence Firm to Safeguard Tech Supply Chain
April 27, 2023
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AustraliaBusiness & MarketsChinaChina-Australia RelationsCompaniesInternationalInternational RelationsmilitaryradarRichard MarlesWorld
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The Australian government will buy defence radar system manufacturer CEA Technologies, in a move Defence Minister Richard Marles says will safeguard the supply chain for radar technologies. CEA has operated for 40 years, has over 600 staff, and develops cutting-edge radar systems for major naval vessels. From July 2023, the Commonwealth will hold a non-controlling…
States Earmarked for Multibillion Dollar Skills Boost
Australians under-represented in the workplace would have greater access to training under a proposed multibillion-dollar skills agreement. The federal government is looking to provide an extra $4.1 billion (US$2.71 billion) for a five-year national skills agreement with states and territories. The money would include $3.7 billion of commonwealth funding on top of $400 million that…
Uber Drivers Are Not Interstate Workers Exempt From Arbitration, US Court Rules
Uber Technologies Inc. drivers are not exempt from a U.S. law requiring them to bring work-related legal disputes in private arbitration rather than joining class action lawsuits in court, a U.S. appeals court ruled on Wednesday. A panel of the Philadelphia-based 3rd U.S. Circuit Court of Appeals said that Uber drivers do not qualify for…
SpaceX, Rogers to Connect Mobiles Phones to Satellites in Remote Canadian Areas
Rogers Communications and Elon Musk’s SpaceX plan to connect mobile phones to satellite-based services aiming to expand coverage to remote areas in Canada, the companies said on Wednesday. The service, which will be delivered via the space company’s Starlink satellite network, will cover 4G and 5G phones starting with SMS text and will eventually expand…
Stellantis to Offer Buyouts Amid Electric Vehicle Transition
DETROIT—Another automaker is trying to cut its workforce to trim expenses and stay competitive as the industry makes the long and costly transition to electric vehicles. Stellantis on Wednesday said it’s offering buyouts to groups of white-collar and unionized employees in the U.S., as well as hourly workers in Canada. The cuts are “in response…
Boeing Loses $425M in 1Q but Plans Production Boost for Max
Boeing lost $425 million in the first quarter—more than Wall Street expected—but said Wednesday that it plans to boost production of its best-selling plane, the 737 Max, later this year. Revenue rose 28 percent from a year earlier, as airlines scooped up new jets to meet rising travel demand, and the company stood by its…
eBay Forecasts Upbeat Revenue as Sneakers, Refurbished Items Drive Growth
EBay Inc. on Wednesday forecast current-quarter revenue above Wall Street projections after beating March-quarter earnings estimates, as it benefits from its strategy of focusing on product categories including sneakers and watches. A selective push from the ecommerce firm also on items like collectibles and refurbished products is helping it drive sales at a time when…
Hyundai Motor to Exit Russia, Selling Its Plants: Media Report
SEOUL—South Korea’s Hyundai Motor Co. plans to exit Russia and sell its manufacturing plants there to a Kazakh company, South Korean media reported on Wednesday. South Korean TV network MBC reported that negotiations to sell Hyundai’s factories in Russia are in the final stage, adding that the automaker has been waiting for a final approval…
House Panel Debates Whether Biden-Era Energy Policies Benefit China
April 26, 2023
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bidenBusiness & MarketsChinaChina Business & EconomyChina Human RightsClimate Policiescongresscritical mineralsDemocratseconomic policieseconomyenergyExecutive BranchFinance & Business TiesGlobal ExpansionhouseInfiltrating the WestInvestmentMarketsNational SecurityPolicies & ImpactsPoliticsRepublicansSpecial TopicsTech CompetitiontechnologyThreat from Communist ChinaUSUS NewsUS-China relations
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bidenBusiness & MarketsChinaChina Business & EconomyChina Human RightsClimate Policiescongresscritical mineralsDemocratseconomic policiesEconomyenergyExecutive BranchFinance & Business TiesGlobal ExpansionhouseInfiltrating the WestInvestmentMarketsNational SecurityPolicies & ImpactsPoliticsRepublicansSpecial TopicsTech CompetitiontechnologyThreat from Communist ChinaUSUS NewsUS-China relations
China’s gains and losses from energy policies during Joe Biden’s presidency were a contested topic during an April 26 hearing of the House Energy & Commerce Committee’s Environment, Manufacturing, and Critical Materials Subcommittee. “Until we increase U.S. capacity for critical mineral extraction and refining, increasing our reliance on renewable energy and EVs [electric vehicles] will…
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