A global deal to ensure large multinational companies pay a minimum tax rate of 15% and make it harder for them to avoid taxation has been recently agreed upon by 136 countries.…
more ...US House Extends Government’s Borrowing Authority
The U.S. House of Representatives voted on Tuesday to extend the government’s borrowing authority into early December, averting a first-ever default next week when the United States says it will run out…
more ...Real Estate Debt Crisis and Energy Shortage Threaten China’s Economic Growth
At a time when the Chinese economy is facing multiple challenges, including an energy shortage and supply chain problems that have disrupted multiple industries, an expanding crisis in the real…
more ...Americans Quit Their Jobs at a Record Pace in August
One reason America’s employers are having trouble filling jobs was starkly illustrated in a report Tuesday: Americans are quitting in droves. The Labor Department said that quits jumped to 4.3…
more ...Divorced UK and EU Head for New Brexit Fight Over N Ireland
It was late last Christmas Eve when the European Union and Britain finally clinched a Brexit trade deal after years of wrangling, threats and missed deadlines to seal their divorce.…
more ...IMF Foresees Slight Drop in Global Growth from Pandemic
The International Monetary Fund is slightly downgrading its outlook for the global recovery from the pandemic recession, reflecting the persistence of supply chain disruptions in industrialized countries and deadly disparities…
more ...World Bank: Poor Countries’ Debt Rose 12% to Record $860 Billion in 2020
The World Bank on Monday warned of a significant 12% rise in the debt burden of the world’s low-income countries to a record $860 billion in 2020 as a result of the COVID-19 pandemic and called…
more ...Southwest Airlines Cancels Hundreds More Flights
Southwest Airlines canceled hundreds more flights Monday following thousands of flight cancellations over the weekend but said it expects to resume normal service this week. For the third straight day,…
more ...More Than 130 Countries Reach Deal on Corporate Minimum Tax
More than 130 countries have agreed on sweeping changes to how big global companies are taxed, including a 15% minimum corporate rate designed to deter multinationals from stashing profits in…
more ...Murano Glassblowing Model Shattered by Methane Price Surge
The Italian glassblowers of Murano have survived plagues and pandemics. They transitioned to highly prized artistic creations to outrun low-priced competition from Asia. But surging energy prices are shattering their…
more ...3 US-Based Economists Receive Economics Nobel Prize
Three U.S-based economists won the 2021 Nobel prize for economics on Monday for pioneering research on the labor market impacts of minimum wage, immigration and education, and for creating the…
more ...Analysts: Thaw in Sino-US Trade Dispute Would Lift World Supply Chains, Dent Southeast Asia
A thaw in the Sino-U.S. trade dispute, as hinted in Washington this past week, would help restore global supply chains but thin the outflow of investment capital from China to…
more ...Hydropower Decline Adds Strain to Power Grids in Drought
After water levels at a California dam fell to historic lows this summer, the main hydropower plant it feeds was shut down. At the Hoover Dam in Nevada — one…
more ...Turkish Fires Endanger World Pine Honey Supplies
Beekeepers Mustafa Alti and his son Fehmi were kept busy tending to their hives before wildfires tore through a bucolic region of Turkey that makes most of the world’s prized…
more ...Dams Dry Up as Water Levels Fall in Brazil
Low rainfall plagues one of the world’s major agricultural producers. Brazil now faces a crisis of drying dams, forcing farmers to look to more expensive and less-eco-friendly sources of power.…
more ...Treasury Chief: ‘Absolutely Imperative’ US Increase Borrowing Authority
U.S. Treasury chief Janet Yellen warned Sunday that it was “absolutely imperative” that Congress increase the country’s borrowing authority even as the immediate threat of a first-ever default on paying…
more ...Australian Central Bank Warns of Evergrande Collapse Dangers
Australia’s Reserve Bank, the country’s central bank, has warned that the collapse of Chinese property giant Evergrande Group could cause chaos in China’s financial system. In its semiannual “Financial Stability…
more ...What Is the Global Minimum Tax Deal and What Will It Mean?
A global deal to ensure big companies pay a minimum tax rate of 15% and make it harder for them to avoid taxation has been agreed upon by 136 countries,…
more ...China Presses US to Cancel Tariffs
China said on Saturday that it had pressed the United States to eliminate tariffs in talks between the countries’ top trade officials that Washington saw as a test of bilateral engagement…
more ...US Toymakers Race to Get Products on Shelves for Holidays Amid Supply Clogs
Running out of time to get its products on store shelves ahead of the holidays, the Basic Fun toy company made an unprecedented decision: It’s leaving one-third of its iconic…
more ...US Job Creation Slows Further in September
President Joe Biden struck a positive tone on lackluster U.S. job creation numbers Friday, saying a drop in unemployment represented a “significant improvement” from when he took office. “Jobs up,…
more ...Coal Shortages Threaten India’s Economic Revival
India’s coal-burning power plants, which supply much of the country’s electricity, are running perilously low on stocks, raising fears of power shortages just as the country’s pandemic-hit economy is on…
more ...US Electronics Company Struck Deal to Transport, Hire Uyghur Workers
U.S. remote-control maker Universal Electronics Inc. (UEI) told Reuters it struck a deal with authorities in Xinjiang to transport hundreds of Uyghur workers to its plant in the southern Chinese…
more ...Hold-outs Ireland, Estonia Agree to Global Tax Reform Deal
The Irish and Estonian governments on Thursday agreed to sign on to a 15% global minimum tax rate on multinational firms, leaving only Hungary as the last hold-out against the…
more ...Britain Eases Quarantine Requirements for 47 Countries
After losing two full summers of tourism revenue, Britain is getting rid of restrictive quarantine requirements for visitors from 47 countries, including India, South Africa, Brazil and Turkey. Starting Monday,…
more ...US Jobless Benefit Claims Dropped Sharply Last Week
First-time claims for U.S. unemployment compensation dropped sharply last week after three straight weeks of increasing numbers of jobless workers filing for benefits, the Labor Department reported Thursday. A total…
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