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In an effort to make sure multinational corporations contribute a portion of their profits to support the global economy, the G20 is pitching a 15% tax. |
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G20, over 100 other nations agree to global tax framework The global economy has always been at the mercy of multinational corporations that set up shop in foreign countries to avoid paying their fair share of taxes. Those days appear to be numbered after the G20 agreed to the framework for a global corporate tax rate of 15%. The G20 invited other countries to join the pact and a total of 123 are onboard while a few nations are pushing for a lower rate, including Ireland, which lured Apple and Google to Dublin with low tax rates. Without Ireland and fellow hold-outs Hungary and Estonia, the EU can't ratify the deal, which would be a big blow to the global pact. SEE WHICH NATIONS ARE THE BIGGEST BLOCKS TO A DEAL
China continues its crackdown on technology sector If you thought President Joe Biden's executive order to crack down on U.S. tech companies last week was a big one, you should see how China is approaching the issue of reining in its big tech sector. The communist nation's efforts go far and beyond America's actions. Beijing has launched a massive movement to limit the powers of China's biggest tech names, including Alibaba and Didi Chuxing, over data collection issues. Using the cover of national security, China is launching cybersecurity investigations against its own firms. SEE HOW CHINA'S BIG TECH LAWS COMPARE TO THE U.S.
Investors eyeing Tuesday's release of CPI for signs of inflation All eyes will be on the Department of Labor Statistics on Tuesday when it releases critical information regarding the state of inflation. The Consumer Price Index, along with some other vital economic data, will go a long way toward determining future fiscal policies. Of primary concern is inflation, which the Federal Reserve has targeted an average rate of 2.0% to avoid taking serious action to address it. However, projections are calling for somewhere in the 3.5% range, a figure that could force The Fed to adjust interest rates. FIND OUT HOW HIGHER WAGES MAY BE PARTLY TO BLAME
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Markets
| DJIA | 34,870.16 | 1.30% |
| S&P 500 | 4,369.55 | 1.13% |
| Nasdaq Composite | 14,701.92 | 0.98% |
| Japan: Nikkei 225 | 28,580.78 | 2.29% |
| UK: FTSE 100 | 7,121.88 | 1.30% |
| Crude Oil Futures | 74.58 | 0.03% |
| Gold Futures | 1,804.90 | -0.31% |
| Yen | 110.17 | 0.05% |
| Euro | 1.19 | -0.05% | | * As of market close |
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Branson becomes first billionaire in space
The race to become the first billionaire in space was won by British tycoon Richard Branson, who blasted off aboard his Virgin Galatic spacecraft in New Mexico on Sunday and briefly left the Earth's atmosphere before returning victoriously to terra firma. He and a handful of passengers took the maiden voyage on the VSS Unity as part of a space tourism program. Branson isn't the first person to complete the feat but he is the first billion to do so, edging out former Amazon CEO Jeff Bezos, whose inaugural Blue Origin flight is set for later this month, and Elon Musk, who is looking to do the same with his SpaceX program. So it seems that while money might not make the world go around, it goes a long way toward leaving it. SEE HOW BRANSON'S VIRGIN GALACTIC VOYAGE TURNED OUT
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Dems look to take voting rights to high court
In the latest move in high-stakes political chess, Democrats are counting on the Supreme Court to be the ultimate authority in its push for a voting rights act to counter restrictive voting laws being enacted by the states. The John Lewis Act would allow courts and the DOJ to police changes to future voting rules in places that have a history of electoral discrimination. Aware that their thin majorities in Congress may make passing the bill difficult and that legal challenges from the states are sure to follow, Democrats are preparing for an inevitable showdown in the Supreme Court, which has conservative leanings but may uphold the right bill. FIND OUT HOW DEMS ARE WORDING THEIR BILL CAREFULLY
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Italy gives English fans' hearts the boot
England had waited 55 years since its last Euro Cup championship. Following Sunday's showdown with Italy at London's Wembley Stadium, the disappointed Brit-backers will have to wait at least three more years. England scored in the 2nd minute and a premature celebratory mood broke out among the hopeful crowd of 67,000. Italy forced extra time and edged England in penalty kicks in heartbreaking fashion. But the Italians don't feel too bad for the Brits; it was their first Euro Cup since 1968. FIND OUT HOW ENGLISH SOCCER FANS ARE HANDLING DEFEAT
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The race to space
Richard Branson is the first billionaire in space, but his trip came over 60 years after the first human being to do so. Name the man and his country. Friday's answer: Iceland was settled by Nordic Vikings in the 9th century. SEND YOUR ANSWER HERE TO SHOW OFF YOUR KNOWLEDGE
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