10th June 2021

Swiss Find Ways Around G7 Tax Plan

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Welcome to another edition of The Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.

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[Taxes] Swiss-based multinationals such as commodities trader Glencore will receive subsidies and other incentives under plans Switzerland is drawing up to maintain its competitive tax rates, even as the country prepares to sign-up for the G7’s new plan, a global minimum tax on big businesses. The proposed Swiss measures are another sign of how difficult it may prove to implement the G7’s commitment to a global 15% floor on corporation tax.

Over60: F.T.

[Investments] Tata Digital, A wholly owned subsidiary of Tata Group, will invest $75 million in fitness startup Curefit, owner of popular Indian fitness chain Cult. Mukesh Bansal, the co-founder and CEO of the Bengaluru-based startup, will join Tata Digital as president and continue to lead his company.

Over60: Economic Times

[Funding] Just over three months after its last funding round, European fintech giant Klarna announced today that it had raised another $639 million at a staggering post-money valuation of $45.6 billion. The latest financing cements 16-year-old Klarna’s position as the highest-valued private fintech in Europe.

Over60: TechCrunch

[Economy] U.S. consumer prices increased by the most in nearly 13 years in May from a year ago as pent-up demand combined with higher prices for goods stoke concerns about inflationary pressures. Consumer prices were 5% higher last month compared with a year ago.

Over60: F.T.

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