The U.S. Treasury on Monday proposed a new mechanism to comply with and enforce a 15% global corporate minimum tax agreed to last year by 136 countries, partly by denying deductions for taxes paid in jurisdictions with lower rates, Reuters reported. The new Undertaxed Profits Rule proposed as part of President Joe Biden's fiscal 2023 budget plan would replace the current U.S.
United States
Read more
The United States and Britain ended a four-year dispute over U.S. steel and aluminum tariffs on Tuesday, pledging to work together to counter China in a deal that also removes retaliatory tariffs from U.S. motorcycles, whiskey and other products, Reuters reported. In a joint statement, U.S. Commerce Secretary Gina Raimondo and U.S.
Read more
From the pandemic to Europe’s largest military conflict since World War II, it seems the world is moving from one extraordinary period to another. The conflict in Europe has generated a maze of rapid legal, political and economic responses from authorities around the globe. Those actions are rippling through capital, markets and boardrooms as businesses grapple with how to respond. Join ABI and a panel of experts to discuss where we are headed and what businesses should consider.
The apartments typically go unused, instead acting as an investment vehicle to hold onto money, Africa Business Insider reported. They're often held through a trust or shell company to hide the identity of the true owner. In a small city in South Florida called Sunny Isles Beach, luxury condos tower over the Atlantic Ocean. But high above the busy streets, not all of the city's multi-million dollar apartments light up at night.
Delta Air Lines Inc. said it’s working with Air France-KLM as the Paris-based airline considers joining in the bidding for a stake in Italy’s state-owned carrier, Bloomberg reported. Italia Tranporto Aereo would be a welcome recruit to the North Atlantic alliance led by Delta, according to Ed Bastian, the U.S. carrier’s chief executive officer. “Air France-KLM is in the lead in terms of actually making a potential investment,” Bastian said in a briefing in London on Tuesday.
The American Bankruptcy Institute (ABI) and professionals from law firm Squire Patton Boggs and the Arab Gulf States Institute will be presenting a webinar on Tuesday, March 22, 2022, at 12:00 noon EDT (6:00 p.m. UTC, 7:00 p.m. CET) to discuss the financial repercussions of Europe’s largest military conflict since World War II. The conflict in Europe has generated a maze of rapid legal, political and economic responses from authorities around the globe. Those actions are rippling through capitals, markets and boardrooms as businesses grapple with how to respond.
Gayle Killilea, former wife of bankrupt property baron Sean Dunne, this week appealed a 2019 U.S. jury verdict ordering her to pay nearly €20 million to the trustee of his US bankruptcy, the Irish Times reported. Killilea’s lawyer Patrick Fahey filed the appeal on Thursday with the US court of appeals for the second circuit in New York. She joined her ex-husband Mr Dunne who flied a separate appeal with the same court last year. Thomas Curran, a lawyer for the bankruptcy trustee, said on Friday he is confident the court will uphold the verdict.
Read more
Gina Raimondo, the secretary of commerce, issued a stern warning on Tuesday to Chinese companies that might defy U.S. restrictions against exporting to Russia, saying the United States would cut them off from American equipment and software they need to make their products, the New York Times reported. The Biden administration could “essentially shut” down Semiconductor Manufacturing International Corporation or any Chinese companies that defy U.S. sanctions by continuing to supply chips and other advanced technology to Russia, Raimondo said.
Read more
The insolvency case of Guo Wengui, the exiled Chinese businessman, got off to raucous start Tuesday when a longstanding creditor called the move “astonishing” and signaled it would wage an aggressive fight in bankruptcy court, Bloomberg News reported. Guo, a former partner of Trump political strategist Steve Bannon, filed for bankruptcy last month after moving a yacht from New York waters, a shift that would keep it out of the reach of creditors, and then facing a $134 million penalty for taking that step.
Read more
The U.S. and European Union blocked Russia’s central bank from using its emergency reserves to protect the economy from the Western pressure campaign, a salvo the bank’s governor said risked triggering a financial crisis, the Wall Street Journal reported. The coordinated action blocks the central bank from selling dollars, euros and other foreign currencies in its reserves stockpile to stabilize the ruble. Announcing the move Monday in Washington before U.S. markets opened, U.S.
Read more