Big tech supports global tax, but wants digital services levies axed

WASHINGTON (REUTERS) – US tech giants could benefit from the agreement of the Group of Seven rich countries’ agreement to create a global minimum 15 per cent corporate tax rate if the final deal also scraps increasingly popular digital services taxes, according to industry lobbyists. The deal, reached on Saturday (June 5), was designed to reduce companies’ incentives to shift […]

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China's trade boom continues in May on strong global demand

BEIJING (BLOOMBERG) – China’s exports continued to surge in May, although at a slower pace than the previous month, fuelled by strong global demand as more economies around the world opened up. Imports soared, boosted by rising commodity prices. Exports grew 27.9 per cent in US dollar terms in May from a year earlier, the customs administration said on Monday […]

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Weakened Thai economy faces uphill fight amid surge in new Covid-19 cases

BANKKOK (BLOOMBERG) – Thailand’s economic contraction continued into the start of year, setting the stage for a further slump as the country now faces its worst wave of Covid-19 cases. Gross domestic product in the first quarter shrank 2.6 per cent from a year earlier, the National Economic and Social Development Council said on Monday (May 17), compared with a […]

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Oil demand in India drops as Covid-19 wave convulses nation

NEW DELHI (BLOOMBERG) – India’s Covid-19 crisis has pummeled demand for transport fuels to the lowest in several months, highlighting the risks for energy consumption amid an uneven global recovery from the pandemic. April sales of gasoline – used in cars and motorcycles – fell to 2.14 million tons, the lowest since August, according to preliminary data from officials with […]

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US Chamber sees risk of faltering Indian economy due to Covid-19 spike

WASHINGTON (REUTERS) – The US Chamber of Commerce on Monday (April 26) warned that the Indian economy – the world’s sixth largest – could falter as a result of a record spike in coronavirus cases, creating a drag for the global economy. Myron Brilliant, executive vice president of the Chamber, the biggest US business lobby, said the risk of spillover […]

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China to launch month-long effort in May to boost consumption

BEIJING (REUTERS) – China will launch a series of promotional activities, including a new consumer goods expo in southern Hainan province, in May to boost spending as the Chinese retail sector recovers from Covid-19-induced consumer caution. Expanding domestic consumption is a priority in China’s “dual circulation” economic strategy first highlighted by President Xi Jinping in May, which also called for a […]

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Elise Hong becomes first woman to head Singapore precision engineering body

SINGAPORE (THE BUSINESS TIMES) – The Singapore Precision Engineering & Technology Association (Speta), which serves the traditionally male-dominated industry, will now be led by a woman for the first time since its founding in 1982. Elise Hong, the co-founder and chief executive of JCS-Echigo, which makes and supplies precision-cleaning machines and services for the hard-disk drive industry, was elected the […]

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ANALYSIS-Execution risk looms large for South Africa spending cuts plan

* Economy was in trouble before COVID-19 pandemic * Treasury aims to narrow deficit, lower debt * Public sector unions demand higher wages JOHANNESBURG, March 18 (Reuters) – South Africa’s pledge to curb its huge public sector wage bill and stabilise state finances has been praised by investors, but now comes the hard part — convincing workers to back the […]

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