‘Makes their blood boil’: Democrats criticize billion-dollar companies for paying low tax rates

More than 100 US companies are paying an average effective tax rate of 1.1%, according to new data released by a top Democrat. The data, released on Thursday by Senate Finance Committee Chair Ron Wyden, a Democrat from Oregon, showed that in 2019, between 100 and 125 companies with an average net book income of … Read more

Alibaba stock gains after earnings as company says trends are improving

Shares of Alibaba Group Holding Ltd. closed up 1.8% Thursday after the Chinese e-commerce company topped expectations with its latest financials and indicated that business trends improved as the June quarter wore on. The company posted net income of RMB22.7 billion ($3.4 billion), or RMB8.51 per American depositary share, compared with RMB45.1 billion, or RMB16.38 … Read more

Schumer-Manchin Throws the Book Tax at US Companies

Don’t be fooled by the name. While the latest proposal from Senate Democrats to raise taxes and spend more taxpayer money is called the Inflation Reduction Act, it would actually do the opposite. The nonpartisan Joint Committee on Taxation estimates the bill would hurt Americans in every income bracket, with more than half the new … Read more

Food Safety, Real Estate Top China’s Consumer Complaint List

Chinese consumers are becoming increasingly dissatisfied with the products and services they buy, with food safety one of their top concerns, the China Consumer Association said Tuesday. Food safety offenses mostly involved poor product quality, especially for fresh produce and groceries bought online, illegal or excessive food additives, and a lack of Chinese language labeling … Read more

Bank of America, Marriott CEOs to meet with Biden on economy as recession debate heats up

President Joe Biden is due to huddle with a small group of top CEOs on Thursday and speak on the US economy, following the release of a report that’s intensifying the debate about whether a recession has already begun. Biden is scheduled to speak twice on economic topics, first at noon Eastern on a newly … Read more

Government bids to push through post-Brexit City reforms despite leadership chaos

The City should still expect a flagship post-Brexit reform package to be pushed through by the government, despite the confusion created by the Conservative Party leadership race, according to reports. Citing sources briefed on the matter, Bloomberg reports that Chancellor Nadhim Zahawi is keen to introduce the Financial Services and Markets Bill — a bumper … Read more

Ivana Trump, first wife of then–real estate developer and New York tabloid fixture Donald Trump, dies at 73

NEW YORK (AP) — Ivana Trump, who formed half of a headline-making couple in the 1980s as the first wife of Donald Trump, the real estate developer and tabloid regular who went on to win a White House term, has died in New York. York City, her family announced Thursday. She was 73. “I am … Read more

Opinion: Semiconductors are too important for our economy and security to let partisan spats in Congress derail popular legislation

One of the biggest supply-chain challenges we face today is getting more semiconductors, which are essential to products like automobiles, computers, solar panels and weapons systems. Despite this challenge, it has been almost two years since Congress first passed the CHIPS Act—by wide bipartisan margins. Now, it is time to get this essential legislation over … Read more

Priti Patel rules herself out of UK Tory leadership contest

UK Home Secretary, Priti Patel, has announced she will not be running in the race for leadership of the Conservative party, as candidates work to gather the 20 MPs needed to get their names on the ballot paper, after Boris Johnson agreed to step down as leader and Prime Minister last week. In a statement, … Read more

No indication about Johnson resignation’s impact on India-UK FTA talks

There are no immediate indications about the impact of recent political developments in Britain on the advanced India-UK negotiations for a free trade agreement (FTA) which aims at further strengthening economic ties between the countries, an official said. On July 7, British Prime Minister Boris Johnson announced his resignation as Conservative Party leader following an … Read more