Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, curated by hand to exclude the clutter and ensure you get up to speed in under a minute.
[Taxation] The Organization for Economic Cooperation and Development (OECD) has agreed on a blueprint to revamp multinational companies' taxation to increase tax revenue by $100 billion worldwide. The new principles aim at taxing big tech, and luxury companies in countries where they operate and not shift the earnings to tax havens.
Over60: FT Exclusive
[Stimulus] India's Finance Minister, Nirmala Sitharaman, announced a fresh round of stimulus to boost consumer spending by up to INR 36,000 crore ($4 billion). The actual fiscal cost of the measures is expected to be around 0.16% of the country's GDP.
[Markets] U.S. stocks rose slightly on Monday morning as investors looked to stimulus negotiations in Washington. The Dow Jones Industrial Average rose 0.9%. The S&P 500 gained 1.3%, and the Nasdaq Composite advanced 2%.
[Manufacturing] India's industrial production declined by 8% in August, as per the Index of Industrial Production data, highlighting the pandemic's ongoing impact on India's economy.
[IPO] Shares of Allegro debuted on the Warsaw stock exchange after a 15-minute delay to prepare the systems for a surge in demand for the stock. After listing, the value of the company's equity crossed $17.4 billion, making Allegro Poland's most valuable public company.
Over60: Bloomberg Quint