Timeframe: October 29th – November 4th, 2021
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Mansib Khan, Sabyasachi Karamker, and Farhan Uddin Ahmed.
1. Economics & Business
G20 leaders to endorse Biden proposal for global minimum corporate tax
Leaders of the world’s 20 biggest economies will endorse a US proposal for a global minimum corporate tax of 15%, draft conclusions of the two-day G20 summit in Rome showed on Saturday.
The G20 plans to have the rules in force in 2023.
The agreement, drawn from proposals drawn up by the Organisation for Economic Co-operation and Development (OECD), is designed to safeguard tax revenues and offer stability to businesses that operate across national borders.
Source: The Guardian
The Big Crunch & The Great Resignation: Early numbers point to high inflation and high unemployment as post-COVID economies pick up
Stagflation fears have popped as supply-side shocks limit Chinese exports while a stimulus-flush American population refuses to get back to work. Factory managers have predicted back-to-back missed production targets, while construction and services seem to have slowed down as well. It remains to be seen that the billions pumped into the rising equity markets reflect genuine optimism or just a lack of other investment options.
Taliban bans foreign currencies in Afghanistan
The Taliban has banned the use of foreign currencies in Afghanistan, a move that could further disrupt an economy on the brink of collapse.
“The economic situation and national interests in the country require that all Afghans use Afghani currency in their every trade,” the Taliban said.
The economy is struggling due to the withdrawal of international financial support after the Taliban took control.
The US dollar has been used widely in Afghanistan’s markets. Dollars are also often used for trade-in areas bordering Afghanistan’s neighbors such as Pakistan.
Republican Glenn Youngkin wins Virginia governor’s race in blow to Biden
Joe Biden suffered a bitter political blow early on Wednesday when Democrats went down in a shock defeat in the election for governor of Virginia.
The Democratic candidate, Terry McAuliffe, had campaigned with Biden and Barack Obama but it was not enough to prevent the Republican Glenn Youngkin from pulling off an upset.
The AP called the race for Youngkin in the early hours of Wednesday morning. The Republican took an early lead after polls closed that he maintained throughout the evening, while McAuliffe lagged in key counties that Biden swept in 2020.
Source: The Guardian
3. Science & Technology
The Great Firewall: China weaves its own web in to as Yahoo! quits after Microsoft’s LinkedIn
After sharper regulatory restrictions that pushed out Google, Facebook, Twitter (but not Apple, not yet), newly acquired Yahoo! has shut off shop in China. LinkedIn, the only Western social media past with the likes of Baidu, Sina Weibo, and Tiktok, has closed down too. This reflects another iron curtain over the two Big Tech powerhouses – with both grappling with the issue of how to regulate FAANG (Facebook, Apple, Amazon, Netflix, Google) on the United States and BAIT (Baidu, Alibaba, iQiyi, Tencent) to build the so-called Metaverse championed by Facebook.
Historic Alliance Launches At COP26 To Accelerate Renewable Energy, Climate Solutions, And Jobs
The new Global Energy Alliance for People and Planet (GEAPP) was launched on Tuesday at COP26 to accelerate investment in green energy transitions and renewable power solutions in developing and emerging economies worldwide. Over the next decade, the Alliance aims to unlock USD100 billion in public and private capital and tackle three profound human problems simultaneously: (1) POWER – reaching one billion people with reliable, renewable energy; (2) CLIMATE – avoiding and averting four billion tons of carbon emissions; and (3) JOBS – building an on-ramp to opportunity by creating, enabling, or improving 150 million jobs.
Source: PR News Wire
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