08 June

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Japan Finance Minister says G7 clinches ‘historic’ deal on minimum global tax By Reuters

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By Tetsushi Kajimoto TOKYO (Reuters) - The Group of Seven (G7) advanced countries has struck a "historic" agreement for a minimum global corporate tax of at least 15%, raising momentum for a wider deal among the G20 major economies, Japanese Finance Minister Taro Aso said. He was speaking to reporters after a cabinet meeting on Tuesday, responding to questions about the G7 tax deal hammered out at the grouping's weekend meeting in London. Aso said the G7 tax deal was achieved because countries realised they could no longer rely on the race to the bottom...

08 June

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Renault-Nissan India seeks ‘social distancing’ norms from state amid dispute with union By Reuters

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CHENNAI (Reuters) - Renault-Nissan India wants the government to recommend "adequate social distancing" parameters based on norms in other automakers in the state, it said in a filing reviewed by Reuters, amid an ongoing dispute with the workers union over safety. "This honourable court may be pleased to ...

08 June

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‘Zombie’ companies likely to keep commercial insurance rates rising – Swiss RE By Reuters

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By Alwyn Scott NEW YORK (Reuters) - The expectation that hundreds of so-called zombie companies will fail over the next few years and drag on the economy is among the major concerns prompting insurers to reduce risk and charge higher premiums, a trend likely to continue as failures increase, Swiss Re AG said on Tuesday. Zombies - which lack the cash flow to cover the cost of their debt - are "a ticking time bomb" whose explosive effects will be felt as governments and central banks withdraw measures that have helped keep these companies alive...

08 June

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Nvidia asks Chinese regulators to approve $40 billion Arm deal – FT By Reuters

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(Reuters) - Nvidia Corp has submitted an application to Chinese competition regulators to review a $40 billion takeover of UK chip designer Arm, the Financial Times reported on Tuesday, citing people familiar with the matter. The application was made in recent weeks and sets in motion a period of scrutiny that could take up to 18 months, according to Chinese antitrust lawyers, the report https://on.ft.com/3w4hY8j added. Nvidia said last month it expects to close the Arm acquisition by March 2022, after having struck a deal with Japan's SoftBank Group in September 2020. In February,...

08 June

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Dollar subdued as investors look to key U.S. inflation gauge By Reuters

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By Hideyuki Sano TOKYO (Reuters) - The U.S. dollar was subdued on Tuesday as investors looked to U.S. inflation data due later in the week after softer-than-expected jobs data quelled expectations of an early tapering in the Federal Reserve's stimulus. The euro fetched $1.21915, bouncing back from its three-week low of $1.2104 set on Friday while the dollar eased to 109.26 yen, losing steam after having hit a two-month high of 110.325 late last week. The dollar's index against a basket of six major currencies stood at 90.021, not far from 89.533, a 4 1/2-month low...

08 June

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Asia stocks open higher on record for MSCI’s All-Country World Index By Reuters

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By Kane Wu HONG KONG (Reuters) - Asia stocks opened higher on Tuesday, cruising in the slipstream of a record high overnight gauge of global equity markets, with investors hoping for inflation and monetary policy clues later in a week full of key central bank meetings and data points. Australia's S&P/ASX 200 was up 0.32% at 0130GMT, while Japan's Nikkei 225 edged up 0.35%, as the country revised first-quarter data showing the economy shrank at a slower pace than initially reported. MSCI's gauge of Asia Pacific stocks outside Japan rose 0.11%, following the path taken by...

08 June

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GlobalFoundries seeks ruling in IBM contract dispute By Reuters

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By Stephen Nellis (Reuters) - Semiconductor manufacturer GlobalFoundries on Monday sued International Business Machines (NYSE:IBM) Corp, asking a judge to rule that it did not violate a contract with the U.S. company which claims it is owed $2.5 billion in damages. IBM has accused GlobalFoundries, which is owned by Abu Dhabi's state-owned fund Mubadala, of failing to continue making chips for IBM, according to a filing by GlobalFoundries with the state court in New York. GlobalFoundries purchased IBM's semiconductor plants in 2014 when IBM decided to exit the business of manufacturing its own chips....

08 June

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Cathay Pacific given extension to draw down $1 billion govt loan By Reuters

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(Reuters) - Cathay Pacific Airways Ltd said on Tuesday that the Hong Kong government had agreed to extend the drawdown period for a HK$7.8 billion ($1.01 billion) loan facility by a year to June 2022, giving it more flexibility to manage liquidity. The bridge loan was part of a $5 billion rescue package led by the Hong Kong government and Cathay's major shareholders Swire Pacific Ltd and Air China Ltd last year to help the airline weather the COVID-19 crisis. Cathay Chief Executive Augustus Tang said in a statement the airline had not yet drawn down...

08 June

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Glass Lewis opposes lawyer election to SoftBank board By Reuters

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By Sam Nussey TOKYO (Reuters) - Proxy adviser Glass Lewis has urged SoftBank Group Corp shareholders to oppose the election of corporate lawyer Ken Siegel to the board of directors due to his professional ties with the Japanese conglomerate. The opposition is one of a number of recommendations to SoftBank shareholders ahead of the group's annual general meeting on June 23, with both Glass Lewis and peer Institutional Shareholder Services (ISS) opposing elections to auditor positions over independence concerns. Siegel is managing partner at the Tokyo office of law firm Morrison & Foerster and has worked...

08 June

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U.S. Republicans vow to oppose Yellen’s G7 tax deal, casting doubt on its future By Reuters

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By David Morgan and David Lawder WASHINGTON (Reuters) - Several top U.S. Senate Republicans on Monday rejected Treasury Secretary Janet Yellen's G7 deal to impose a global minimum corporate tax and allow more countries to tax big multinational firms, raising questions about the U.S. ability to implement a broader global agreement. The opposition from Republicans may push President Joe Biden to attempt to use budget procedures to pass the initiatives with only Democratic votes. It left lawyers and tax experts in Washington wondering whether it could get done without crafting a new international treaty, which...

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Japan Finance Minister says G7 clinches ‘historic’ deal on minimum global tax By Reuters

Renault-Nissan India seeks ‘social distancing’ norms from state amid dispute with union By Reuters

‘Zombie’ companies likely to keep commercial insurance rates rising – Swiss RE By Reuters

Nvidia asks Chinese regulators to approve $40 billion Arm deal – FT By Reuters

Dollar subdued as investors look to key U.S. inflation gauge By Reuters

Asia stocks open higher on record for MSCI’s All-Country World Index By Reuters

GlobalFoundries seeks ruling in IBM contract dispute By Reuters

Cathay Pacific given extension to draw down $1 billion govt loan By Reuters

Glass Lewis opposes lawyer election to SoftBank board By Reuters

U.S. Republicans vow to oppose Yellen’s G7 tax deal, casting doubt on its future By Reuters

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