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BIDEN ADMINISTRATION PROPOSES CURBS TO GLOBAL TAX HAVENS
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 they declare their profits, but where their customers are situated.
CREDIT SUISSE AXES MANAGEMENT AFTER $4.7 BILLION ARCHEGOS LOSS
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 fund to meet its margin commitments”. The hit will likely undo “the very strong performance that had otherwise been achieved” and set the lender on course for a 900-million-franc loss in the first half of 2021.
Credit Suisse was one of several lenders acting as prime broker for family office Archegos Capital, run by controversial former hedge fund manager Bill Hwang. The firm collapsed last month after several large leveraged bets failed to pay off.
STOCKS MAKING THE BIGGEST MOVES AFTER THE BELL: AMERICAN EAGLE, SNOWFLAKE, VROOM & MORE
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 comparable sales declined just 1% as strong online sales mitigated mall closures.
SOFTBANK-BACKED GREENSILL CAPITAL IS REPORTEDLY PREPARING TO FILE FOR INSOLVENCY
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.
APPLOVIN JOINS PARADE OF VIDEO GAME COMPANIES HEADED FOR PUBLIC MARKET AFTER 2020 SALES HIT $1.45 BILLION
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.
BITCOIN IS AT A TIPPING POINT AND COULD BECOME ‘CURRENCY OF CHOICE’ FOR GLOBAL TRADE, CITI SAYS
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.
NEW YORK ATTORNEY GENERAL WARNS CRYPTOCURRENCY INDUSTRY: ‘PLAY BY THE RULES OR WE WILL SHUT YOU DOWN’
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 addressed individual investors and crypto industry members, comes amid a major start to 2021 for digital assets such as bitcoin.
EXXON SHARES JUMP AS ACTIVIST INVESTOR JEFF UBBEN JOINS THE BOARD
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.