4th June 2021

Dear Reader,

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] Group of Seven finance ministers are closing in on an agreement to drive for a minimum corporate rate of “at least 15%” in international tax negotiations, as the U.S. proposed late last month. Such an agreement would be one of two parts of a broader deal that countries are trying to reach, covering how to divide up levies on some of the biggest multinational firms like Facebook Inc. and Amazon.com Inc.

Over60: Bloomberg

[SPAC] The hedge fund billionaire Bill Ackman is nearing a deal with Universal Music Group. His blank-cheque company would acquire a 10% stake in the record label behind artists such as Lady Gaga and Cyndi Lauper. The deal would value Universal at more than $40 billion.

Over60: FT

[Olympics] Big Japanese sponsors of the Tokyo Olympics are calling privately for the Games to be postponed for several months so more spectators can attend as businesses fret over the value of their marketing campaigns. The Games are set to be the most heavily sponsored sporting event in history, but opinion polls show that 80% of Japanese people want the Olympics canceled or postponed.

Over60: FT

[Forex] India’s foreign exchange reserves surged by $5.27 billion to touch a record high of $598.165 billion in the week ended May 28. RBI Governor Shaktikanta Das said this would greatly help the country deal with challenges arising out of global spillovers.

Over60: Mint

[Crypto] Bitcoin slid after a cryptic tweet from Elon Musk hinting at a potential split with the largest cryptocurrency, the latest post from the billionaire to buffet the token’s price. The coin dropped as much as 6.3% and traded at about $36,750 as of 6:28 a.m. in New York.

Over60: Bloomberg

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