A product’s path from manufacturer to store shelf is currently an obstacle course of chokepoints within the interconnected global supply chain, and U.S. rail is among the industries feeling the pinch. U.S. railroads moved 1,167,682 carloads of freight in September 2021, the Association of American Railroads Weekly Rail Traffic Report shows. That’s up 4.3 percent…
Facebook: Global Tax Deal Could Mean US Paying More Tax
October 9, 2021
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An international deal setting a global minimum corporate tax level could mean Facebook will pay more tax, the world’s largest digital social network said on Friday. “Facebook has long called for reform of the global tax rules, and we recognise this could mean paying more tax, and in different places,” Nick Clegg, Facebook Vice President…
Over 130 Countries Reach Agreement to Set Corporate Minimum Tax at 15 Percent
A group of 136 countries on Friday set a minimum global tax rate of 15 percent for big companies. Negotiations have been going on for four years and while the costs of the coronavirus pandemic gave them additional impetus in recent months, a deal was only agreed upon when Ireland, Estonia, and Hungary dropped their…
Hungary Agrees to Global Tax Deal, Finance Minister Says
BUDAPEST—Hungary has agreed to join the agreement on a global corporate minimum tax as the conditions it proposed, which included a 10-year transitional period, have been met, Finance Minister Mihaly Varga told reporters on Friday. “We have managed to reach a breakthrough on the global minimum tax deal … so Hungary could join the deal…
Ireland Agrees to Global Tax Deal, Sacrificing Prized Low Rate
October 8, 2021
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DUBLIN—Ireland dropped its opposition to an overhaul of global corporate tax rules on Thursday, agreeing to give up its prized 12.5 percent tax for large multinationals in a major boost to efforts to impose a minimum rate worldwide. Ireland, the low-tax European headquarters for blue chip companies including Apple, Google, and Facebook, declined to sign…
Ireland Says Final Global Tax Text Due on Wednesday, Hopes to Sign Up
DUBLIN—A final text of a global corporate tax overhaul is due to be circulated to negotiating countries later on Wednesday, Ireland’s foreign minister said, adding that the Irish government hoped to sign up. “I am hopeful Ireland can be part of supporting this new measure but we have to wait for the final text which…
IMF Sees Global GDP in 2021 Slightly Below Prior Forecast of 6 Percent
October 5, 2021
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AfricaAsia & PacificBusiness & EconomyCompaniesEconomieseconomyEuropeforecastGDPglobalIMFInternationalKristalina GeorgievaUSUS NewsWorld
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WASHINGTON—The International Monetary Fund expects global economic growth in 2021 to fall slightly below its July forecast of 6 percent, IMF chief Kristalina Georgieva said on Tuesday, citing risks associated with debt, inflation, and divergent economic trends in the wake of the COVID-19 pandemic. Georgieva said the global economy was bouncing back but the pandemic…
Global Shares Retreat After Evergrande Shares Suspended
October 4, 2021
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Global stocks have fallen, with Hong Kong’s benchmark down more than 2 percent after troubled property developer China Evergrande’s shares were suspended from trading. Shares opened lower in Paris, Frankfurt, and Tokyo. U.S. futures also declined. China Evergrande did not say why it suspended its shares, but a Chinese financial news service, Cailian, said another…
Ireland to Back Global Tax Deal If Concerns Met: Minister
DUBLIN—Ireland will likely sign up to an overhaul of global corporate tax rules if certainty is brought to bear on its concerns when an updated text of the OECD’s proposals is published shortly, Finance Minister Paschal Donohoe said on Thursday. Ireland, the low-tax European headquarters for a number of the world’s largest multinationals, has so…
Stranded and Shattered Seafarers Threaten Global Supply Lines
LONDON/SINGAPORE—”I’ve seen grown men cry,” says Captain Tejinder Singh, who hasn’t set foot on dry land in more than seven months and isn’t sure when he’ll go home. “We are forgotten and taken for granted,” he says of the plight facing tens of thousands of seafarers like him, stranded at sea as the Delta variant…
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