New Zealand said on Tuesday it would introduce legislation for a digital services tax on large multinational companies from 2025 after talks for a global rollout did not reach consensus at the Organization for Economic Cooperation and Development (OECD). More than 140 countries were supposed to start implementing next year a 2021 deal overhauling decades-old […]
Artificial intelligence leader OpenAI said on Monday it is releasing a version of ChatGPT targeted to large businesses, increasing the overlap in what OpenAI and its financial backer Microsoft offer to customers. ChatGPT Enterprise offers more security, privacy and higher-speed access to OpenAI’s technology, the company said. Early customers include Block, Carlyle and Estee Lauder Companies. […]
China will extend preferential tax policies for foreign nationals working in the country through to the end of 2027, the finance ministry said on Tuesday, in a boon to foreign firms struggling to attract talent post-COVID. The government proposed scrapping the provision of non-taxable allowances for foreign workers in 2022, but decided to extend the […]
Wall Street ended higher on Monday, with gains in 3M and Goldman Sachs ahead of key inflation and jobs data this week that will offer more clues on the Federal Reserve’s interest rate path. All three major stock indexes rose as investors digested last Friday’s comments from Fed Chair Jerome Powell that the U.S. central […]
Toyota Motor Corp on Tuesday said it has suspended operations at all of its assembly plants in Japan due to a production system malfunction, bringing domestic output to a standstill at the world’s biggest-selling automaker. The glitch is preventing Toyota from ordering components and its cause is under investigation, though it is “likely not due to […]
Single point forecasts for growth, inflation, interest rates, and so on are easy to comprehend and to check against outcomes, and are what otherwise busy politicians want. This column argues that they are not what central banks should provide. Instead, they should present scenarios of what might happen if conditions turn out to be better […]
India is working on a new electric vehicle policy that would slash import taxes for automakers that commit to some local manufacturing, following a proposal by Tesla (TSLA.O) which is considering entering the domestic market, people with direct knowledge said. The policy being considered could allow automakers to import fully-built EVs into India at a reduced tax […]
Switzerland’s Competition Commission is looking into UBS’s (UBSG.S) takeover of Credit Suisse, the authority said on Monday. In March, the Swiss government, central bank and financial regulator rushed through a rescue deal for Credit Suisse, resulting in the country’s two largest banks merging. “We confirm that the Swiss Competition Commission is looking at the takeover of CS […]
U.S. Commerce Secretary Gina Raimondo said on Monday that she raised concerns about a number of U.S. business issues including Intel (INTC.O) and Micron (MU.O) with Chinese Commerce Minister Wang Wentao. Raimondo told two reporters in a brief interview she also discussed restrictions which China has imposed on gallium and germanium exports in wide-ranging and candid discussions with Wang. […]
Shares of Vietnamese electric-vehicle maker Vinfast surged 21% on Monday, extending a rally from last week that more than quadrupled its market value to $160 billion. The company made a blowout debut on Wall Street this month and has quickly grown in valuation to become the third-most valuable automaker – only behind Tesla (TSLA.O) and Toyota (7203.T). But […]
