The Biden Administration has proposed sweeping tax reforms to the OECD intended to limit multinational corporations’ ability to move profits overseas, in addition to a worldwide minimum corporate tax rate. Plans leaked to the Financial Times showed that the administration is pushing for multinational corporations to be taxed not only on the basis of where
Credit Suisse will overhaul the leadership of its investment bank and risk division following the collapse of hedge fund Archegos Capital, which the firm estimates will cost it $4.7 billion. In a statement on Tuesday, the firm said it would take a hit of 4.4 billion Swiss francs from “the failure by a US-based hedge
American Eagle Outfitters – The clothing company’s stock jumped 4.2% on the back of better-than-expected results for the fourth quarter. American Eagle logged earnings of 39 cents per share on revenue of $1.29 billion. Analysts polled by Refinitiv expected earnings per share of 36 cents on revenue of $1.28 billion. The retailer also said overall
Greensill Capital is preparing to file for insolvency in the U.K., according to a report from The Financial Times on Wednesday, citing sources familiar with the matter. The insolvency filing will reportedly allow private equity firm Apollo Global Management to acquire parts of the business out of administration. Read More
Mobile game developer AppLovin is poised to become the latest online game provider to hit the public markets, joining a crop of companies to capitalize on a surge in usage during the pandemic. Read More
Citi thinks bitcoin is at a “tipping point” and could one day “become the currency of choice for international trade” as companies like Tesla and PayPal warm to it and central banks explore issuing their own digital currencies. Read More
New York Attorney General Letitia James sent a blistering warning to investors and industry members about the dangers of cryptocurrencies on Monday. “We’re sending a clear message to the entire industry that you either play by the rules or we will shut you down,” she said in a press release. The warning from James, which
Exxon Mobil announced two board seat changes Monday, including activist investor and ESG proponent Jeff Ubben, in a sign that the company is confronting its uncertain future as the world moves toward cleaner energy and as investors shy away from oil stocks. Read More
Thomson Reuters Corp reported higher sales and operating profits and said it would reshape its corporate structure for a post-pandemic world, closing offices, streamlining technology and relying more on artificial intelligence and machines. Read More
HSBC on Tuesday reported full-year earnings for 2020 that beat expectations and announced a dividend payout for the first time since the Covid-19 pandemic. Europe’s largest bank by assets, which makes most of its revenues in Asia, said its reported profit before tax for 2020 fell 34% from a year ago to $8.78 billion. That
Tech shares dropped for a second day on Tuesday in the face of higher interest rates and a rotation into stocks more linked to the economic comeback. Of the three major indexes, the Nasdaq Composite suffered the worst of the losses and traded down by 2.3%. The move during the session pushed it below its
JPMorgan Chase is taking a stake in a private stock trading platform with links to Palantir to boost the bank’s efforts to connect buyers and sellers of hot pre-IPO company shares, CNBC has learned. Read More
