Japan Finance – Aisa Net http://aisa-net.com/ Fri, 11 Jun 2021 20:43:47 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://aisa-net.com/wp-content/uploads/2021/05/aisa-net-icon-150x150.png Japan Finance – Aisa Net http://aisa-net.com/ 32 32 WIMI Hologram Cloud Expands Semiconductor Business In An Orderly Way, As Europe, Japan And South Korea Have Seized Semiconductor Market One After Another https://aisa-net.com/wimi-hologram-cloud-expands-semiconductor-business-in-an-orderly-way-as-europe-japan-and-south-korea-have-seized-semiconductor-market-one-after-another/ https://aisa-net.com/wimi-hologram-cloud-expands-semiconductor-business-in-an-orderly-way-as-europe-japan-and-south-korea-have-seized-semiconductor-market-one-after-another/#respond Fri, 11 Jun 2021 18:00:00 +0000 https://aisa-net.com/wimi-hologram-cloud-expands-semiconductor-business-in-an-orderly-way-as-europe-japan-and-south-korea-have-seized-semiconductor-market-one-after-another/

HONG KONG, Jun 11, 2021 (GLOBE NEWSWIRE) – MobiusTrend, the fintech market research organization, recently released a research report “WIMI Hologram Cloud Expands Semiconductor Business in an Orderly Way, While Europe, Japan and South Korea have entered the semiconductor market one after another “. China’s emerging semiconductor industry is accelerating its development with strong support from national policies, abundant capital reserves and large-scale business investment. It can be said that semiconductors have become an important industry supported by the country over the past two years.

What exactly is a semiconductor? According to some data from the search engine, all objects in life can be roughly divided into three categories based on their conductivity: conductors, semiconductors, and insulators. That is, the objects are either conductive or non-conductive. A semiconductor is a little conductive, and the conductivity of a semiconductor is between a conductor and an insulator. Semiconductors are used in many fields such as integrated circuits, consumer electronics, communication systems, photovoltaic power generation, lighting applications, and high power power conversion. The importance of the semiconductor industry is obvious. It is the basis for the use of various advanced technologies and is spread across various advanced technological fields. China is a big consumer of semiconductors, and its annual consumption is one-third of world consumption, and its imports amount to $ 300 billion, which is even much higher than China’s imports of crude oil.

Although the Chinese semiconductor industry started relatively late, it has experienced some development over the past ten years. It cannot be ignored that domestic demand continues to grow, while the productivity of semiconductor manufacturing equipment in China has always hovered at a relatively low level. According to official data, China’s productivity was only 8-11% in the past five years, and its global market share has grown from just 1% in 2016 to 2% this year. In addition, the development of China’s semiconductor industry is not only subject to domestic pressures, but also to global threats. Following a series of chip export bans initiated by the United States, countries have become increasingly “ambitious” in the field of semiconductors, vying for a place in the field of chips. top of the line. The European Union, South Korea and Japan have joined successively.

The European Union launched the “Semiconductor Alliance Program” in November last year. In addition to the participation of its 22 member states, the European Union is also planning to invite semiconductor leaders from various countries and regions to set up factories in Europe. The European Union is also planning to cooperate with TSMC, Samsung and Intel. On May 13, South Korea released its strategic plan for a semiconductor power plant, and South Korea set its sights on semiconductor equipment driven by lithography machines. It is reported that South Korea has set up a special fund of 1,000 billion won (equivalent to 5.7 billion yuan) for investments in semiconductor equipment, which will provide capital preparation for participating companies. investments in equipment, will encourage companies to actively participate in semiconductor equipment research and development and benefit from tax breaks and benefits.

On May 19, the Japanese government also released a draft semiconductor growth strategy. In the latter plan, Japan intends to allocate 200 billion yen (equivalent to 11.8 billion yuan) of funds, all used in semiconductor companies in the country to increase production, and also plans allow companies to increase local production of batteries to ensure future security of supply. In terms of funding, Japan will support the technological research and development of related companies and help develop more high-end chips. In addition, Japan also intends to invite the United States to join this program to strengthen cross-border cooperation in the supply of chips between the United States and Japan.

Faced with actions from traditional semiconductor powers such as Europe, Japan and South Korea, China has also argued vigorously for support for the semiconductor industry. As of 2015, several industries, including semiconductors, were planned as key industries in the “Made in China 2025” plan to provide vigorous support. The “National Program for the Promotion of the Development of the Integrated Circuit Industry” stipulates that by 2030, the main links in the chain of the integrated circuit industry must reach the international advanced level, and support and form a group of companies to enter the first international level.

According to online reports, WIMI Hologram Cloud was established in 2015. As the first holographic AR action, it was listed on the Nasdaq Global Edition. WIMI’s business scope includes the development of AR holographic information technology, software engineering production, cloud and big data, and Internet information services, to provide customers with holographic products and services based on AR. WIMI has always provided augmented reality based holographic products and services to meet customer needs, focusing on providing customers and end users with innovative and immersive interactive holographic augmented reality experiences. It is just one link in the WIMI Hologram industrial chain. According to the investigation, WIMI also established a joint venture “Lixin Technology Co., Ltd.” with a registered capital of 200 million yuan. As of July 2020, WIMI started to expand its semiconductor business and provide business customers with complete solutions for computer chip products, central processing algorithms and related services, as well as software and semiconductor business. -conductors. In 2020, WIMI’s holographic and semiconductor AR business generated approximately 44% and approximately 56% of revenue, respectively. What is unexpected is that the company has had little success in the holographic semiconductor market in less than a year.

Why is the semiconductor industry developed? According to market research, on the one hand, the establishment of a semiconductor company corresponds to the rapidly growing application requirements in the semiconductor industry in the field of holographic computer vision. At present, the field is developing rapidly and the market space is vast. Establishing a business will help expand the semiconductor industry and quickly integrate market resources. On the other hand, the company has never forgotten to practice its corporate social responsibility. With the strategic focus of the strong combination of holographic computer vision software solutions, WIMI uses its strength to expand the enterprise’s holographic computer vision field of view from the application layer to the chip realm.

In the future, Lixin Technology will also cooperate with Hainan Province in all regions to benefit from tax incentives and government support in the field of rapidly developing semiconductor industry, industrial technologies and development. automation, and applications of intelligent vision and holographic vision. WIMI hopes its joint venture will combine photovoltaic power generation and communication design companies with a wide range of its own technologies to help grow the amorphous silicon semiconductor business. Lixin Technology will enhance its innovation, design and technology capabilities, and make investments and implementation that meet the company’s requirements for optimizing supply chain management, reducing costs. costs and improved competitiveness. The official also revealed that Lixin Technology will make efforts in the upstream activities of the smart products market in China and in R&D and sales of semiconductor chips to further cultivate the core strength of the company. The parent company will also grant Lixin Technology the relevant patents and copyrights to oversee the development of semiconductor products and sell these products to customers in the larger holographic ecosystem.

Whether it is from the point of view of technology or economic development, the importance of semiconductors is very important. The basic units of most electronic products, such as computers, cell phones, or digital recorders, are closely related to semiconductors. Overall, semiconductor projects in the European Union, South Korea, and Japan all want to gain their own advantages in the semiconductor industry.

What’s worth mentioning is that the United States is also trying to form a semiconductor alliance with Japan and South Korea. With the combination of traditional semiconductor powers such as the United States, Europe, Japan and South Korea, China’s semiconductor industry is constantly breaking new ground. What will happen to the global semiconductor industry in the future? It is hoped that other excellent semiconductor companies can avoid the impetuosity, seek the truth of the facts, and move forward.

About MobiusTrend

MobiusTrend Group is a leading market research organization in Hong Kong. They built one of the first proprietary research platforms in the financial market, with a focus on emerging growth companies and paradigm-shifting companies. The MobiusTrend team are professional at reporting market research, industry insight, and analyzing funding trends. For more information, please visit http://www.mobiustrend.com/

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Japanese stocks end lower as cyclical stocks lag; Toshiba slips https://aisa-net.com/japanese-stocks-end-lower-as-cyclical-stocks-lag-toshiba-slips/ https://aisa-net.com/japanese-stocks-end-lower-as-cyclical-stocks-lag-toshiba-slips/#respond Fri, 11 Jun 2021 07:08:40 +0000 https://aisa-net.com/japanese-stocks-end-lower-as-cyclical-stocks-lag-toshiba-slips/

TOKYO, June 11 (Reuters) – Japanese stocks ended slightly lower on Friday, with losses in cyclical stocks, as well as banks and real estate companies, offsetting gains from heavy tech companies.

The Nikkei stock average closed 0.03% lower at 28,948.73, while the broad Topix slipped 0.14% to 1,954.02. For the week, the Nikkei traded in a narrow range, posting a marginal gain of 0.02%.

Toshiba Corp lost 1.59% after an explosive survey released Thursday found that the company and government agreed to rely on foreign investors to comply with management’s wishes.

“Japanese tech stocks are being bought as the Nasdaq gain and lower US interest rates have boosted investor sentiment,” said Jun Morita, chief executive of the research department at Chibagin Asset Management.

“But the market was plagued with uncertainties. It is difficult for investors to decide whether to buy or sell when the Nikkei is hovering around 29,000 because they are not necessarily optimistic about the outlook for the Japanese market.”

Some market participants doubt that the Japanese economy will recover as quickly as that of the United States and other advanced countries, as the country grapples with a fourth wave of the pandemic.

Recruiting agency Recruit Holdings fell 2.53%, the biggest drag on the Nikkei, while machine makers Kubota and Komatsu fell 4.49% and 3.24%, respectively.

Banks and real estate companies fell the most among the industry’s 33 sub-indexes.

Tech companies advanced, with M3 Inc medical platform up 3.12%, Advantest 0.61% and Tokyo Electron 0.65%.

Drugmaker Eisai jumped 7.0% after falling sharply in the previous session amid volatile trade this week following U.S. regulators’ approval of a drug developed by the company and Biogen for Alzheimer’s disease. (Reporting by Junko Fujita; Editing by Ramakrishnan M.)


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4 climate hurdles Biden faces at the G-7 https://aisa-net.com/4-climate-hurdles-biden-faces-at-the-g-7/ https://aisa-net.com/4-climate-hurdles-biden-faces-at-the-g-7/#respond Thu, 10 Jun 2021 15:00:00 +0000 https://aisa-net.com/4-climate-hurdles-biden-faces-at-the-g-7/

There should be “no exemptions” or “wished” to the extent of the ban, said Han Chen, director of the international energy policy program at the Natural Resources Defense Council. “Some [Japanese] departments interpret it as saying you can have factories with lower emissions. “

Whether Germany can commit to a phase-out of domestic coal sooner will also be revealing, said Steve Herz, senior lawyer and international climate adviser at the Sierra Club. In recent years, Germany has spent a lot of political capital in a painstaking effort by civil society groups, labor unions, power companies and local governments to negotiate an exit from coal by 2038. But the goals climate change from the European Commission and the April ruling by the German Constitutional Court that the country’s climate targets insufficiently protect future generations bring forward this deadline for coal, he said.

The trade winds

Tariffs on the carbon intensity of imported products will likely surface at the top even if they are not on the official agenda, especially after the draft text of the carbon border adjustment mechanism was leaked last week. of the EU.

Carbon tariffs are an emerging international front in the climate space given the measures taken by the EU to put its manufacturers on a par with foreign competitors who wish to ship goods there but have no rules emission reductions in their home country – and don’t. t having to pay for increasingly expensive credits on the EU carbon market.

Biden also addressed the issue, calling for a border carbon tax during last year’s campaign. But his special presidential climate envoy, John Kerry, warned the EU against this approach, which the United States would struggle to follow given the high chances of getting Congress to adopt a carbon price that align with the European system.

“This is a delicate point between the United States and Europe,” said Samantha Gross, director of the energy security and climate initiative at the Brookings Institution.

Japan’s Ministry of Economy, Trade and Industry has started exploring what a carbon tariff would mean for its manufacturers, said Jane Nakano, senior researcher in the Energy Security and Climate Change program at the Center for Strategic and International Studies.

Kerry also said the United States was examining the implications of a carbon tariff. A draft EU declaration for a summit next week with the United States that was secured by POLITICO noted a shared desire to “tackle the risk of carbon leakage”, when high-emitting industries collapse. relocate to areas with more permissive climate regulations.

While there has been a better understanding between the EU and the US of their differing carbon pricing political realities since the early days of the Biden administration, this is still a solution with little to no doubt. easy solutions, said Nakano.

“My reading is that the Biden team doesn’t necessarily rush to start this set of issues – the set of climate-related trade issues. It’s another heavy load, ”she said.

China

The G-7 also offers a chance for countries to align their climate messages before turning to the meeting of G-20 finance ministers next month, where China’s role in issues such as finance overseas coal, its continued domestic coal development and allegations of forced labor in the solar panel supply chain will feature prominently.

“China is not very responsive to pressure from (…) developed countries, but it does care what the developing world thinks,” Peter Betts, former senior climate negotiator for the UK and the United Kingdom. ‘UE, who is now an associate researcher at Chatham House, said in a media appeal. “And it’s quite difficult to ask the developing world to put pressure on China.”

The G-7 countries are already drawing the battle lines on coal financing, Herz said. The recent announcements by South Korea and Japan – if they live up to the spirit of the ministerial statement – would isolate China as the public lender of last resort for coal, jeopardizing the country’s reputation. China to claim climate leadership.

“A whole constellation of questions around a strong China will obviously be on the agenda,” Herz said. “But on the issue of climate, [the G-7 nations] will take the opportunity to push [China]. “

Jacopo Barigazzi contributed to this report.


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Meet Grace, the health robot created by COVID-19 https://aisa-net.com/meet-grace-the-health-robot-created-by-covid-19/ https://aisa-net.com/meet-grace-the-health-robot-created-by-covid-19/#respond Wed, 09 Jun 2021 04:46:03 +0000 https://aisa-net.com/meet-grace-the-health-robot-created-by-covid-19/

By Joyce Zhou

HONG KONG, June 9 (Reuters) – The Hong Kong team behind the famous humanoid robot Sophia is launching a new prototype, Grace, aimed at the healthcare market and designed to interact with the elderly and those isolated by the COVID pandemic -19.

Dressed in a blue nurse’s uniform, Grace has Asian features, shoulder-length brown hair and a thermal imaging camera in her chest to take your temperature and measure your responsiveness. She uses artificial intelligence to diagnose a patient and can speak English, Mandarin, and Cantonese.

“I can visit people and brighten their day with social stimulation… but I can also do talk therapy, take bio readings and help health care providers,” Grace told Reuters then. that she was standing next to her “sister,” Sophia, in designer Hanson’s Hong Kong Robotics Workshop.

Grace’s resemblance to a healthcare professional and her ability for social interaction is aimed at alleviating the burden on front-line hospital staff overwhelmed during the pandemic, founder David Hanson said.

“A human appearance facilitates trust and natural engagement, as we are wired for face-to-face human interactions,” said Hanson, explaining how Grace can simulate the action of more than 48 major facial muscles and has a heartwarming demeanor. designed to look a bit like anime characters, often a fusion of Asian and Western styles.

Awakening Health intends to mass-produce a beta version of Grace by August, said David Lake, managing director of the joint venture between Hanson Robotics and Singularity Studio, and is expected to fully deploy it next year in places such as Hong Kong, Mainland China, Japan and Korea.

The cost of manufacturing robots, which is now akin to the price of luxury cars, will drop once the company manufactures tens or hundreds of thousands of units, Hanson added.

Grace’s launch comes as the global impact of the coronavirus has made the need for humanoid robots urgent, said Kim Min-Sun, professor of communications at the University of Hawaii.

Stuck at home during COVID-19 lockdowns, many people have seen their mental states affected by negative thoughts.

“If they can get help by deploying these social robots in intimate environments, it will definitely have a positive impact on society,” she said.

(Written by Farah Master; Editing by Karishma Singh)


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G7 leaders said solidarity with the poorest countries was essential to the success of the Cop26 https://aisa-net.com/g7-leaders-said-solidarity-with-the-poorest-countries-was-essential-to-the-success-of-the-cop26/ https://aisa-net.com/g7-leaders-said-solidarity-with-the-poorest-countries-was-essential-to-the-success-of-the-cop26/#respond Mon, 07 Jun 2021 16:05:00 +0000 https://aisa-net.com/g7-leaders-said-solidarity-with-the-poorest-countries-was-essential-to-the-success-of-the-cop26/

UK hopes to negotiate deals on climate finance and vaccine support for developing countries when G7 leaders meet in Cornwall next week

The G7 rich country group has been tasked with closing the funding gap for the world’s most vulnerable countries to recover from Covid-19 and tackle the climate crisis.

A three-day summit, chaired by the UK, will bring together leaders from Canada, France, Germany, Italy, Japan, UK and US from Friday in the seaside resort of Carbis Bay in Cornwall.

Support for poorer countries to roll out Covid-19 vaccines, tackle unsustainable debt and accelerate climate investments is key to leveraging higher ambition during Cop26 climate talks in Glasgow five months longer late, according to experts.

“Political alignment to ask countries to come [to Cop26] and signal that they are going to do more without indicating where the resources will come from and solidarity becomes an increasingly small eye of the needle for [Cop26 president designate] Alok Sharma to cross, ”said Rachel Kyte, dean of the Fletcher School at Tufts University.

While issues have been on the G7’s agenda for months, ministers left the toughest decisions to heads of government.

In a two-day meeting in London this weekend, finance ministers were content to reaffirmed a commitment to “increase and improve our contributions to climate finance until 2025”, without putting numbers on the table.

Flood and drought fuels Kenya’s mental health crisis

“It was actually an opportunity for the finance ministers to take the floor and talk about a kind of amounts [of finance] and creativity in terms of instruments, ”Kyte said.

Rich countries pledged ten years ago to collectively mobilize $ 100 billion a year to finance climate by 2020. Although official data will not be available until 2022, the UN estimates donors will be in short supply. of $ 20 billion.

UN chief António Guterres called on major economies to double their financial commitments at the G7 summit. So far, the UK and US are the only members to have plans to double their commitments until 2025.

Kyte said: “The question for the leaders’ summit is if not the G7, then who? and if not now, when? It’s a big week for British foreign policy and climate leadership. “

Nick Mabey, chief executive of the E3G think tank, said the G7 was “on a razor’s edge” over whether it would provide the financial package needed for a positive outcome in the Cop26 climate talks.

The success of Cop26 as a “moment of transformation” for climate ambition depends on the provision of climate finance, he said. “Unless we provide support to developing countries, there will be no room for climate ambition in Glasgow. We will only talk about finances. The G7 is the last moment of the year to present this finance package ”.

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The UK government has made mobilizing new climate finance pledges a centerpiece of its G7 diplomacy. Despite pressure on Chancellor Angela Merkel, whose 16-year term ends in September, to announce increased climate finance, her demands have so far gone unheeded.

Canada, France, Italy and Japan “speak well” but have yet to make new climate commitments, Kyte said. The US has doubled its financial commitment but from “an extremely weak base” and must step up its engagement ahead of Cop26, said Peter Betts, former chief negotiator for UK and EU and associate researcher at Chatham House.

In the UK, Prime Minister Boris Johnson faces a revolt within his Conversative party over the government’s decision to cut aid spending from 0.7 to 0.5% of gross national income during the pandemic. Despite promises to limit climate aid, some climate research projects are suffering.

The move “reduces the UK’s credibility by pushing other donors to do more” and could have an impact on building alliances the UK will need to secure a strong deal at Cop26, Betts said. .

“The bulk of global emissions now come from emerging economies, not developed countries. If you want to have any credibility with these countries, you need vulnerable countries with you, ”he said.

Comment: The EIB will only become a climate bank when it stops supporting fossil fuels altogether

For Graça Machel, former Minister of Education and Culture of Mozambique and co-founder of The Elders, ensuring equitable deployment of vaccines is a prerequisite for gaining the confidence of developing countries in climate talks.

While richer countries have accumulated vaccines and rolled out mass vaccination programs, only 2% of Africans have so far been vaccinated, she said.

And while wealthy governments have spent billions of dollars on Covid-19 stimulus packages, indebted and climate-vulnerable countries have been unable to recover from the pandemic, let alone invest in climate action. .

“We are in a situation where investments for the developing world are declining. We are in a situation where aid is reduced – the UK is one example.

“The impact of climate change cannot be tackled by just focusing on the developed world. It needs to focus on the developing world as well, because either we are all safe or no one is safe, ”Machel said.

Last week, Prime Minister Johnson called on G7 leaders to make concrete commitments to vaccinate the whole world against the coronavirus by the end of 2022.


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Canada to tax tech giants as planned despite G7 framework tax deal, says Freeland https://aisa-net.com/canada-to-tax-tech-giants-as-planned-despite-g7-framework-tax-deal-says-freeland/ https://aisa-net.com/canada-to-tax-tech-giants-as-planned-despite-g7-framework-tax-deal-says-freeland/#respond Sat, 05 Jun 2021 13:51:00 +0000 https://aisa-net.com/canada-to-tax-tech-giants-as-planned-despite-g7-framework-tax-deal-says-freeland/

Canada continues plans to tax tech giants next year even as the world’s richest democracies have proposed a new global tax framework that includes a tax on businesses, the federal minister said on Saturday. of Finance, Chrystia Freeland.

His remarks came following a meeting of G7 finance ministers, who worked out the details of a possible global taxation plan during talks held in London.

The Group of Seven Wealthy Democracies has agreed to support a global minimum corporate tax of at least 15 percent to deter multinational companies from avoiding taxes by hiding their profits in low-tax countries. They also approved proposals to force the world’s biggest companies – including US-based tech giants – to pay taxes in countries where they have high sales but no physical headquarters.

Freeland said Ottawa will still unilaterally impose its own digital services tax as of January 1, 2022. Similar measures are already in place in Britain, France and Italy.

But Freeland noted that countries would repeal their tax plans after a transition to the new global system, she said after the meeting.

“We have shown today that it is possible to end the race to the bottom in global taxation and that the world’s leading liberal democracies are capable of working together for the common good,” Freeland said during a call to the media from London.

“Multinational companies must pay their fair share of taxes. Jurisdiction shopping allows them to avoid doing so. ”

Freeland did not say whether any Canadian businesses would face the proposed new tax formula, but said some domestic businesses would be subject to the digital tax next year.

Other G7 finance ministers have said the framework agreement is not the end of the story. Instead, they said, it is meant to propel long-standing discussions among a larger group of countries and signal that tax changes are needed.

US Treasury Secretary Janet Yellen said the proposal “gives tremendous momentum” to a global deal that “would end the race to the bottom in corporate taxation and ensure fairness for the class. average and workers in the United States and around the world. “

Nations have grappled for years with the question of how to dissuade companies from legally avoiding paying taxes by using accounting and legal schemes to cede their profits to subsidiaries in tax havens – usually small countries that attract companies with low or no taxes, even if the companies do very little business there.

International discussions on tax issues gained momentum after US President Joe Biden backed the idea of ​​a global minimum of at least 15 percent – and possibly more – on corporate profits. companies.

The finance ministers ‘meeting preceded the annual G7 leaders’ summit scheduled for June 11-13 in Cornwall, England. Prime Minister Justin Trudeau plans to attend.

The G7 endorsement could help build momentum for a deal in broader talks between more than 135 countries to be held in Paris, as well as a meeting of the Group of 20 finance ministers in Venice in July.

“We understand that this whole idea only works if we get the widest possible group of countries to sign on and for that to happen they also need to have a say,” said Freeland, who is also deputy prime minister. .

The framework proposes to allocate taxing rights to countries on at least 20 percent of profits exceeding a 10 percent margin for the largest and most profitable multinational companies. This is something Canada does not currently have.

It also undertakes to apply an overall minimum tax of at least 15 percent to be levied country by country.

The framework could force some of the world’s largest companies, including US-based tech giants like Facebook, Google, Apple, and Microsoft, to pay taxes in countries where they generate significant income but do not. no physical headquarters.

The United States views these national taxes as unfair trade measures that unduly target American businesses.

Facebook’s vice president for global affairs Nick Clegg said the deal was a big step towards increasing business certainty and public confidence in the global tax system, but acknowledged it could cost the company dearly.

“We want the international tax reform process to be successful and recognize that this could mean Facebook is paying more taxes, and in different places,” Clegg said on Twitter.

Freeland said it is important for Canada that a minimum floor is established for corporate taxes.

“We are a relatively high tax country. We have to be because we have a high level of public services and that means a race to the bottom in corporate taxes really hurts us,” she declared.

Conservative finance critic Ed Fast said the party strongly disagrees with Canada’s decision to sign a global minimum tax.

“We strongly support efforts to make multinational tax evaders like Facebook and Google pay their fair share, but that does not mean giving up sovereignty over our tax system,” he said in a statement. “Canadians, and Canadians alone, determine our country’s national policy and tax rates.

UK Treasury Chief Rishi Sunak, host of the meeting, said the deal would reform the global tax system to adapt to the digital age and ensure that “the right businesses pay the right tax in the right places”.

The global minimum tax rate was backed by US President Joe Biden, who initially advocated a 21% minimum tax rate. Biden is proposing a 21% U.S. tax rate on overseas corporate profits, an increase from 10.5 to 13.125% enacted under former President Donald Trump. Freeland credited Yellen with offering a compromise position.

Freeland also said she had a bilateral meeting with Yellin where they discussed Buy America policies, softwood lumber, the Line 5 pipeline, carbon pricing and action. climate.

This report by The Canadian Press was first published on June 5, 2021.

– With files from The Associated Press


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G-7 targets environmental crimes for greater disclosure https://aisa-net.com/g-7-targets-environmental-crimes-for-greater-disclosure/ https://aisa-net.com/g-7-targets-environmental-crimes-for-greater-disclosure/#respond Sat, 05 Jun 2021 13:50:25 +0000 https://aisa-net.com/g-7-targets-environmental-crimes-for-greater-disclosure/

(Bloomberg) – The Group of Seven Nations have targeted environmental crimes in an attempt to push companies to disclose their impact on the climate.

Finance ministers at the G-7 meeting in London agreed for the first time to integrate climate change considerations into their decision-making. They also expanded the work of a money laundering and corruption watchdog to stamp out crimes against the planet.

The measures have failed to meet the UK’s ambition to secure stronger G-7 support for mandatory reporting of climate risks by companies, which central bankers and green groups say will require investors to focus on the impact of measures to reduce the use of fossil fuels on their holdings.

Instead, the group highlighted the UK’s efforts to boost disclosure and set up a working group on nature-related financial disclosures, which will mirror the work of a separate group asking for details on climate-related risks.

British Chancellor of the Exchequer Rishi Sunak said on Twitter that he was “delighted that the G-7 countries have agreed to follow the UK’s lead.”

The aim is to shed light on the activities of companies in the hope that this information will help policymakers, environmental groups and investors to pressure leaders to clean up and end harmful practices.

The environmental crimes initiative would tackle illicit financing and activities such as illegal logging and wildlife tracking. The UK said the measures would help create a register of business executives and legal persons, helping to expose the ultimate owners of those who encourage crime.

The initiative also handed authority over environmental crimes to the Financial Action Task Force, an intergovernmental group of more than 200 countries and jurisdictions sharing information to fight corruption, money laundering and terrorism.

G-7 countries urged continued consultations on a final proposal leading to the creation of an international sustainability standards council ahead of COP26, a UN meeting scheduled for November to discuss climate change.

Japan’s Finance Minister Taro Aso had said ahead of the G-7 meetings that the country was planning to reform the corporate governance code that would require listed companies to disclose climate risks in line with TCFD guidelines.

Michael R. Bloomberg, founder and majority shareholder of Bloomberg LP, the parent company of Bloomberg News, is the chair of the Working Group for Climate-Related Financial Disclosures.

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G7 agrees on ‘historic’ minimum global corporate tax rate | News | DW https://aisa-net.com/g7-agrees-on-historic-minimum-global-corporate-tax-rate-news-dw/ https://aisa-net.com/g7-agrees-on-historic-minimum-global-corporate-tax-rate-news-dw/#respond Sat, 05 Jun 2021 11:25:35 +0000 https://aisa-net.com/g7-agrees-on-historic-minimum-global-corporate-tax-rate-news-dw/

G7 finance ministers pledged on Saturday to commit to a minimum global corporate tax level of at least 15%

The move aims to get multinationals – especially tech giants – to pour more into government coffers hit hard by the pandemic.

“I am delighted to report that today, after years of discussions, G7 finance ministers have reached a historic agreement to reform the global tax system,” said UK Finance Minister Rishi Sunak, who chaired the talks in London.

“It’s complicated and it’s a first step,” Sunak said.

A “historic agreement” hailed

German Finance Minister Olaf Scholz called the deal “historic”.

“This is very good news for tax justice and solidarity and bad news for tax havens around the world,” Scholz said in a statement, adding: “Businesses will no longer be able to dodge their obligations. tax by recording their profits in the least taxed country. ”

French Finance Minister Bruno Le Maire said the group’s commitment was a “starting point”, pledging to increase it further.

“This is a starting point and in the coming months, we will fight for this minimum corporate tax rate to be as high as possible,” said Le Maire.

US Treasury Secretary Janet Yellen said the move “would help the global economy to prosper, level the playing field for business and encourage countries to compete on a positive basis.”

What is the global minimum corporate tax?

The US-led proposal focuses on creating a global minimum corporate tax rate as well as special rules to change the amount and location of corporate taxes.

US President Joe Biden called for a unified minimum corporate tax rate of 15%.

The global minimum tax would only be levied on the 100 largest and most profitable companies in the world.

If a business pays taxes somewhere at a lower rate, it will likely have to pay additional taxes.

Such a move aims to end what Yellen has called a “30-year race to the bottom on corporate tax rates” as countries compete to attract multinationals.

“The G7 watches over its own”

Alex Cobham, chief executive of the Tax Justice Network, called the move a “historic moment” but called it “very unfair”.

In an interview with DW, Cobham said the figure should have been “at least 25%”.

“The way the G7 goes about it with such a low rate … it means the benefits would have been much smaller than they could have been,” the economist said.

“It shows how inadequate the OECD and the G7 are because rich countries set the rules for everyone. We need to transfer this to the United Nations and get a deal that works for everyone, not just the G7 that look for their own income, ”he added.

Reaction of the tech giants

Facebook has said it welcomes the G7’s engagement, despite the risk that the social media company will pay more, its vice president of global affairs said on Saturday.

“We welcome the significant progress,” Nick Clegg tweeted, adding that “it could mean Facebook is paying more taxes, and in different places.”

A spokesperson for online retail giant Amazon said the tax plan was “a welcome step forward.”

“We hope that discussions will continue to move forward with the broader G20 alliance and the inclusive framework,” they added.

Google, meanwhile, said it strongly supports the ongoing work to update international tax rules.

“We hope that countries will continue to work together to ensure that a balanced and lasting agreement is soon finalized,” said a spokesperson for the global research giant.

What else was on the agenda?

After two days of talks, G7 finance ministers backed measures to force banks and businesses to disclose their exposure to climate-related risks, according to a final statement viewed by Reuters.

They also reiterated that digital currency projects should not work until they meet “legal, regulatory and supervisory requirements through proper design and meeting applicable standards,” the statement said.

mvb, fb / mm (AFP, dpa, Reuters)


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Sunak, UK, says world is watching G7 debate tax reform https://aisa-net.com/sunak-uk-says-world-is-watching-g7-debate-tax-reform/ https://aisa-net.com/sunak-uk-says-world-is-watching-g7-debate-tax-reform/#respond Fri, 04 Jun 2021 11:17:00 +0000 https://aisa-net.com/sunak-uk-says-world-is-watching-g7-debate-tax-reform/

Britain said the world was counting on a rally of some of the richest countries to agree reforms to outdated global tax rules, as Group of Seven finance ministers began a two-day meeting in London on Friday. .

The rally, chaired by UK Finance Minister Rishi Sunak, is the first time ministers have met face to face since the start of the coronavirus pandemic.

Rich countries have struggled for years to agree on a way to raise taxes for large multinational corporations such as Google, Facebook and Amazon, which often record profits in jurisdictions where they pay little or no tax.

The desire of US President Joe Biden to raise taxes on large corporations now creates more chances of an international consensus than under his predecessor Donald Trump, and the need to repair public finances affected by COVID makes it more urgent.

“We cannot continue to rely on a tax system that was largely designed in the 1920s,” Sunak said as he opened the meeting. “And I’ll just say this: The world has noticed it. And I think they have high expectations for what we can all agree to over the next few days.”

He stressed the importance of meeting face-to-face with fellow ministers from the United States, Japan, Germany, France, Italy and Canada. The British government is hosting the event at Lancaster House, an ornate 19th-century mansion almost next to Buckingham Palace.

“You have to be around a table, talking openly and frankly about things,” Sunak told Reuters in an interview this week.

Due to COVID-related restrictions, ministerial delegations have been reduced and there are fewer traveling journalists. The seating plans were redesigned with the help of public health officials, and Sunak greeted the leaders by bumping his elbows, without shaking hands.

But the biggest challenge remains to reach an agreement on tax reform which could then be presented to a larger group of countries, the G20, at a summit in Venice in July.

In a joint letter on Friday, the finance ministers of Germany, France, Spain and Italy wrote that they “will commit to defining a common position on a new international tax system at the meeting of ministers of G7 Finance in London “.

“We are confident that this will create the momentum necessary to reach a global agreement,” they added.

However, Japanese Finance Minister Taro Aso said on Monday that he did not expect an agreement this week on a specific minimum tax rate.

The US Treasury expects a fuller deal when Biden and other government leaders meet at a remote seaside resort in southwest England from June 11-13.

MINIMUM RATE 15%

The United States has proposed a minimum overall corporate tax rate of at least 15%. If a business paid taxes somewhere at a lower rate, it would likely have to pay additional taxes.

Biden had planned to increase the corporate tax rate in the United States to 28%. But on Thursday, he proposed a 15% tax floor in an attempt to gain Republicans’ support for new spending measures.

But just as important to Britain and many other countries, companies pay more tax where they make their sales, not just where they make a profit or set up their headquarters.

The United States wants to end taxes on digital services that Britain, France and Italy have collected, and which it sees unfairly targeting American tech giants for tax practices that European companies also use.

British, Italian and Spanish fashion, cosmetics and luxury goods exports to the United States will be among those facing new tariffs of 25% later this year if there is no compromise .

The United States has proposed to levy the new global minimum tax only on the 100 largest and most profitable companies in the world.

Britain, Germany and France are open to this approach but want to make sure that companies like Amazon – which has lower profit margins than other tech companies – don’t escape the net.

European Union Commissioner Paolo Gentiloni, who is also attending the G7 meeting, said progress had been made ahead of the meeting.

“We are working at the OECD level to have a reallocation of taxing rights for the ‘giants’, including the digital giants, and I think that is a very good path,” he said. at CNBC

Daniel Bunn, a global tax expert at the Washington Tax Foundation think tank, said the proposals were likely to lead to more complex regulation.

“A lot of these rules will, I think, be based on political principles rather than principles,” he said.

Our standards: Thomson Reuters Trust Principles.


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GLOBAL MARKETS – Asia shares 3-month highs, caution ahead of US payrolls https://aisa-net.com/global-markets-asia-shares-3-month-highs-caution-ahead-of-us-payrolls/ https://aisa-net.com/global-markets-asia-shares-3-month-highs-caution-ahead-of-us-payrolls/#respond Thu, 03 Jun 2021 01:36:40 +0000 https://aisa-net.com/global-markets-asia-shares-3-month-highs-caution-ahead-of-us-payrolls/

* Asian scholarships: https://tmsnrt.rs/2zpUAr4

*

SYDNEY, June 3 (Reuters) – Asian stocks were slightly lower from a recent three-month high on Thursday, with China somewhat weaker as investors weighed in inflation concerns ahead of key US economic data as oil prices have risen to almost a year and a half. Tops.

The largest MSCI index of Asia-Pacific stocks excluding Japan rose 0.3% to 711 points. It hit 712.57 on Wednesday, a level not seen since early March.

Japan’s Nikkei added 0.4%. Australian stocks hit all-time highs as investors applauded stronger-than-expected economic growth data released on Wednesday.

Chinese stocks were slightly weaker.

As broad stock markets remain near record highs, the momentum seen earlier in the year has run out of steam as investors begin to worry that a stronger-than-expected rebound from COVID-19 will mean higher inflation and a tightening of monetary policy sooner than expected.

A weekly unemployment report and May private wage data on Thursday will be followed by monthly employment figures on Friday, as investors look for signs of an economic rebound and rising inflation.

Adding to inflationary fears, oil prices reached their highest level in a year and a half, due to the decision of major producing countries to restore supply only gradually, while the slowness of nuclear negotiations between the states- United and Iran also helped.

The US Federal Reserve released its “Beige Book” report, which highlighted labor shortages and inflationary pressures.

Investment managers are also growing in concern, with BlackRock’s latest founder Larry Fink warning that the market is underestimating the risk of higher inflation.

Philadelphia Fed Chairman Patrick Harker also reiterated his call that “maybe it’s time to at least think about cutting our $ 120 billion in monthly treasury bond and bank-backed securities purchases. mortgage claims “.

The Fed has already announced that it will begin unwinding holdings of corporate bonds it acquired last year to calm credit markets at the height of the pandemic.

In Australia, the central bank is also expected to start scaling back its emergency pandemic stimulus from next month, when investors believe it would announce it would not extend its three-year return target beyond the April 2024 obligation.

Major Wall Street indexes ended Wednesday’s session on a mixed note despite a mind-boggling rally from the operator of the movie chain AMC Entertainment Holdings, whose price nearly doubled on Wednesday, raising a group of preferred shares by investors individuals on forums such as Reddit’s WallStreetBets.

“It looks like there is some foam, particularly on the retail side, which may be part of the cautiousness seen in the broader stock market ahead of non-farm wages on Friday,” Tapas Strickland said. , economist at the National Australia Bank.

The surge in retail stocks comes as investors are still not convinced by assurances from the central bank that the current surge in inflation is transitory.

Movements in the forex markets were limited, with the dollar index and other major pairs remaining within narrow ranges.

The dollar index, which measures the greenback against a basket of major currencies, held steady at 89.899, not far from a five-month low of 89.535 reached last week. The Japanese yen barely changed at 109.65 to the dollar.

The Canadian dollar and Norwegian krone have outperformed in the past 24 hours due to higher oil prices.

At the other end of the scale, the New Zealand dollar lagged, down 0.2%. The Aussie was little changed at $ 0.7749.

Brent rose 24 cents to settle at $ 71.59 a barrel, its highest level since January 2020.

U.S. West Texas Intermediate (WTI) crude rose 25 cents to $ 69.08 per barrel, its highest level since October 2018.

(Edited by Sam Holmes)


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