Global Markets: G7 moving towards global tax agreement

Specifics still need to be worked out

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, June 7 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– The Group of Seven (G7) countries are moving towards an agreement on taxing multinational companies that would include a global minimum corporate tax rate. “Multinational companies need to pay their fair share of taxes. Jurisdiction shopping allows them to avoid doing that,” commented Canadian Minister of Finance Chrystia Freeland on Saturday. However, the G7 has yet to decide which multinationals would be included in the new tax rules and how those revenues would be distributed among the affected countries.

– United States Treasury Secretary Janet Yellen emphasized on Sunday that President Joe Biden must push through with his proposed US$4 trillion spending plan, despite the likelihood of increased inflation. “If we ended up with a slightly higher interest rate environment it would actually be a plus for society’s point of view and the [United States Federal Reserve’s] point of view,” Yellen stated in an interview with Bloomberg News.

– Nutrien announced on Monday that it plans to boost its potash production by 500,000 tonnes starting in the second half of 2021. The Canadian fertilizer company cited rising crop prices and the desire of farmers to maximize their yields. The increased production was estimated to result in up to 13 million tonnes in potash sales.

– Early reports said that at least 40 people were killed after two trains crashed on Monday near Dharki, Pakistan, with more than 120 others injured. Reports stated the Millat Express derailed and shortly after the Sir Syed Express collided with the wreckage. Official sources said the death toll and the number of injured are expected to rise throughout the day.

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