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On Saturday, the Group of Seven (G-7) industrialized nations agreed on a 15% global minimum corporate tax as a way to prevent companies from avoiding taxes by parking profits overseas. The G-7 finance ministers meeting was held in London. Key Takeaways The G-7 group of financial leaders from seven industrialized nations agreed that a 15% global minimum corporate tax rate should be enacted. A global minimum corporate tax rate has been proposed as a way to stop a race to the bottom as companies seek to avoid paying taxes by stashing profits in countries with the lowest possible tax rates . On her way back from that meeting, U.S. Treasury Secretary Janet Yellen said higher interest rates would be a “plus” for the American economy. The meeting precedes an annual summit of G-7 leaders scheduled for June 11 to 13, 2021, in Cornwall, England. There will also be wider talks with 140 countries in Paris, and the Group of 20 finance ministers will be meeting in July, where … [Read more...] about G-7 Agreed on a 15% Global Minimum Corporate Tax

Stocks are falling after hiring in January blew past expectations, raising concerns that the Federal Reserve will lift interest rates aggressively to prevent the economy from overheating. The U.S. added 467,000 jobs last month, the Labor Department reported today. That crushed economists' expectations for 150,000 hires, driving stocks lower despite Amazon.com, Inc. ( AMZN ) gaining after a solid earnings report . Key Takeaways Stocks are falling for a second day after January hiring crushed expectations and raised concerns that the Federal Reserve will lift interest rates aggressively. Amazon is gaining around 10% and Snap more than 40% after reporting solid earnings growth. The yield on the 10-year Treasury note jumped past 1.9%, its highest in more than a year. Crude oil soared past $90 per barrel. The Dow Jones Industrial Average , S&P 500 , and Nasdaq indexes are all lower, following big declines in each yesterday. Crude oil soared past $90 per … [Read more...] about Stocks Drop as Blowout Jobs Report Increases Rate-Hike Jitters

The Nifty ended on a positive note after six straight days of losses in a highly volatile session on May 16, with gains in auto and financial names lifting the market. Amid mixed Asian cues, the Nifty opened marginal higher and, extended gains as the day progressed and closed in on 16,000 but profit booking at higher levels dragged the index down. The Nifty closed at 15,842.30, up 60.10 points, or 0.38 percent, and formed a Doji candle on the daily scale. "For the last three trading sessions, the index is trying to defend its recent low of 15,735. Hence, as long as the Nifty sustains above the said low, the hopes of a pullback attempt from the bulls will remain alive, which will be confirmed on a close above 16,100 levels. In that scenario, a decent target of 16,400 can be expected," Mazhar Mohammad, Founder & Chief Market Strategist, Chartviewindia.in, said. As volatility has remained high, if the index breached 15,735 on a closing basis, weakness shall resume with a … [Read more...] about Technical View | Nifty forms Doji candle, weakness can resume on breach of 15,735

Stocks fell further this afternoon as the Fed's James Bullard said he'd like to see rates a full percentage point higher by July. Bullard backs at least a half-point hike on the way to a full point gain before July, the Federal Reserve Bank of St. Louis president told Bloomberg News in an interview today. Bullard votes on monetary policy. Key Takeaways Stocks fell further this afternoon as the Fed's James Bullard said he'd like to see rates a full percentage point higher by July. Stocks had been pulling back from the morning's steep declines as strong corporate earnings from Walt Disney and Mattel partially offset stronger-than-expected inflation data. The Consumer Price Index report released today revealed an annual inflation rate of 7.5%, higher than expected and the largest increase in 40 years. Bond yields rose to their highest since July 2019. Today's Market Movers Stocks had pulled back from the morning's steep declines, with some indexes moving … [Read more...] about Stocks’ Decline Steepens on Bullard’s Rate Hike Comments, Inflation Data

In recent times, streaming services have flooded viewer TV screens with new programming to attract new subscribers. But those subscribers are not sticking around, according to a new study from Antenna, a market intelligence company. It found that viewers who join a service to watch a new show also leave within a few months, "significantly faster" than the average streaming customer. However, the firm's conclusions about customer habits might be good news for The Walt Disney Company ( DIS ), which has a deep reserve of hit content that will increase customer stickiness to Disney Plus, its streaming platform. Key Takeaways A study by market intelligence firm Antenna found that viewers who sign up for a service to watch a new show also leave much faster than the average streaming customers. The study's results mean that streaming services will have to spend more to ensure a steady stream of content to add new viewers for revenue growth. Disney Plus might be well positioned … [Read more...] about Why Disney Plus Holds an Edge Over Other Streamers

U.S. equity markets are continuing their rally as solid corporate earnings boost investor optimism. Chipotle Mexican Grill, Inc. ( CMG ) and Yum! Brands, Inc. ( YUM ) gained, as the Dow and Nasdaq are both up about 200 points. Key Takeaways U.S. stocks are higher, with the Nasdaq and S&P 500 each gaining more than 1% as solid corporate earnings boost investors' confidence. Investors are awaiting an earnings report from The Walt Disney Company ( DIS ). Crude oil reversed its earlier decline and is back above $90 per barrel. Bond yields declined. Better-than-expected financial reports from restaurant chains Chipotle and Yum!, along with food sciences firm FMC Corporation ( FMC ), are sending their shares higher. Shares are rising for media companies after Omnicom Group Inc. ( OMC ) reported profit that beat forecasts, and its shares are trading near all-time highs. Tech stocks are powering the Nasdaq's 1.5% gain. Meta Platforms, Inc. ( FB) shares … [Read more...] about U.S. Stock Surge Continues as Chipotle, Tech Shares Drive Gain

- A + A (May 16): As spiraling inflation spreads across the globe, emerging-market bonds from Turkey to Thailand are feeling the brunt. Local-currency debt from developing nations -- which is far more sensitive to a country’s domestic inflationary pressures than dollar denominated equivalents — has slumped almost 9% this year, the most since at least 2008, according to a Bloomberg index. There’s unlikely to be any relief soon as central bankers around the world attempt to control surging prices by raising interest rates even more aggressively — potentially risking growth in doing so. That certainly wasn’t the plan. Many developing economies led the charge in rate hikes last year, getting ahead of policy makers in the US and hoping to avoid a redux of the 2013 taper tantrum. But with inflation raging in the US and the strong dollar pressuring currencies elsewhere, these countries are now making a new rulebook. Policy makers across emerging nations are either … [Read more...] about Bond traders reel as inflation hits world’s emerging local debt

- A + A MELBOURNE (May 17): Chevron Corp's Gorgon carbon capture and storage (CCS) project in Australia is working at only half its capacity nearly three years after starting up and the company has no timeframe for delivering on targets it has so far failed to meet, a senior executive said. The world's largest CCS project, which started up three years late, is being closely watched by the gas industry globally as carbon capture and storage is seen as essential for producers to meet net zero emissions targets by 2050. Gorgon CCS had originally been slated to be fully operational by last year when the project faced its first five-year rolling assessment. Instead, it was forced to buy carbon credits for falling short of goals for burying emissions from the Gorgon liquefied natural gas (LNG) plant. The project was designed to bury 4 million tonnes of carbon dioxide (CO2) annually but only managed 2.1 million tonnes last year. "We've still got a ways to go to meet the … [Read more...] about Chevron says world’s largest carbon capture project has ‘a ways to go’ to meet goals

- A + A KUALA LUMPUR (May 16): Continuous heavy rain since the afternoon has triggered flash floods in several locations in three states; however, only one relief centre (PPS) was opened on Monday (May 16) night. The locations are Kuala Kubu Bharu in Selangor; Nilai, Seremban and Kuala Pilah in Negeri Sembilan and Baling in Kedah. In SELANGOR, state Fire and Rescue Department director Norazam Khamis said they received a report of flash floods at about 6pm, involving Kampung Jawa, Kampung Pasir and Kerling Estate, Sungai Dua Kerling in Kuala Kubu Bharu. He said the water level in the affected areas was about 1.8 metres and no PPS had been opened so far. In NEGERI SEMBILAN, Nilai Fire and Rescue Station chief Bakarya Mohd Salleh said about 10 houses in Kampung Sungai Mahang were affected by flash floods. Meanwhile, five individuals faced an anxious moment after the Toyota Avanza they were travelling in was swept away by the floods in Kampung Dingkir Inas, Kuala … [Read more...] about Flash floods strike several areas in three states

Christie Pitney is a certified nurse midwife who was working at a federally funded health center in California’s Central Valley when the pandemic struck. In those early months, several of her patients struggled to get abortions. Under normal circumstances, the closest abortion clinic is 45 minutes away, but during the pandemic, clinics around the country suffered staff shortages and canceled services. Patients were having trouble getting to clinics even when they were open. advertisement advertisement This is part of a series of articles on the business case for abortion access. See the full package here. “My patients and the population in that area, they don’t have reliable transportation. They are working six to seven days a week,” she says. “They have childcare needs and don’t have reliable income. Most of them are either working in a packing house or in the fields.” And that’s in California, one of the most accessible states to get an … [Read more...] about In a post-‘Roe’ world, abortion pills won’t be enough