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☆ Maldives election: could be key for China, India rivalry
▼ + stars: | 2023-09-06 | by ( Mohamed Junayd | ) www.reuters.com time to read: +3 min

A Progressive Party of Maldives worker poses with an "India Out" flag in Male, Maldives, March 21, 2022. REUTERS/Alasdair Pal/File Photo Acquire Licensing RightsMALE, Sept 6 (Reuters) - A presidential election in the Maldives on Saturday could be decisive in determining whether China or India win a competition for influence over the tiny Indian Ocean island chain. While India has longstanding cultural, financial and security ties with the Maldives, China has in recent years invested in infrastructure projects as it builds closer ties and pursues its Belt and Road vision of transport and energy networks. India, which denies that, is helping to build a naval harbour for Maldivian forces, who will be trained by the Indian military. Reporting by Mohamed Junayd in Male; Writing by Krishn Kaushik; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Alasdair Pal, Ibrahim Mohamed Solih, Mohamed Muizzu, Ahmed Shaheed, Shaheed, handouts, Solih, Muizzu, Mohamed Junayd, Krishn Kaushik, Robert Birsel Organizations: Progressive Party of, REUTERS, Reuters, Baani, Progressive Party, People's National Congress, Solih's Maldivian Democratic Party, Thomson Locations: Progressive Party of Maldives, India, Male, Maldives, China, Solih's

[1/4] Thailand's new Prime Minister Srettha Thavisin meets with caretaker former Prime Minister Prayuth Chan-ocha at the government house in Bangkok, Thailand August 24, 2023. Srettha sailed through a parliamentary vote to become premier on Tuesday and will head a tricky coalition that includes parties backed by a royalist military that has repeatedly manoeuvred against his Pheu Thai Party. His meeting with the outgoing premier and former army chief Prayuth Chan-ocha underscores a fragile detente in Thai politics, with Prayuth the architect of a 2014 coup against the last Pheu Thai government. Thaksin and Pheu Thai have denied the existence of a deal with their rivals in the military and conservative establishment. Prayuth, who has a testy relationship with the Shinawatra family, told Srettha healing rifts was important.

Persons: Srettha Thavisin, Prayuth Chan, Srettha, Prayuth, Pheu, Thaksin Shinawatra, Thaksin, Chayut Setboonsarng, Martin Petty, William Maclean Organizations: Government, REUTERS Acquire, Thai, Pheu Thai Party, Thomson Locations: Bangkok, Thailand, BANGKOK, Thai

☆ Thai PM Srettha discusses overcoming divisions with former coup leader
▼ + stars: | 2023-08-24 | by ( Napat Wesshasartar | ) www.reuters.com time to read: +3 min

[1/4] Thailand's new Prime Minister Srettha Thavisin meets with caretaker former Prime Minister Prayuth Chan-ocha at the government house in Bangkok, Thailand August 24, 2023. Government House/Handouts via REUTERS Acquire Licensing RightsBANGKOK, Aug 24 (Reuters) - Thai Prime Minister Srettha Thavisin discussed overcoming political divisions with predecessor Prayuth Chan-ocha on Thursday, in his first meeting as premier as he prepares to form a cabinet from a crowded 11-party alliance that includes fierce rivals. Srettha sailed through a parliamentary vote to become premier on Tuesday and will head a tricky coalition that includes parties backed by the military, which has repeatedly manoeuvred to topple governments led by his Pheu Thai Party. Thursday's meeting underscores a fragile detente in Thai politics, with Prayuth the architect of a 2014 coup against the last Pheu Thai government as chief of the ultra-royalist army. He and Pheu Thai have denied the existence of a deal with their rivals in the military and conservative establishment.

Persons: Srettha Thavisin, Prayuth Chan, ocha, Srettha, Prayuth, Pheu, Thaksin Shinawatra, Thaksin, Chayut Setboonsarng, Martin Petty Organizations: Government, REUTERS Acquire, Rights, Thai, Thai Party, Pheu, Media, Thomson Locations: Bangkok, Thailand, Rights BANGKOK, Thai

☆ How strong is the U.S. consumer? Two investors weigh in, naming stocks to buy — and types to avoid
▼ + stars: | 2023-08-23 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

"A rise in 10-year rates, has historically been devastating for consumer and consumer discretionary stocks," he said. "With the 10-year breaking above 4.25%, we are seeing all those consumer discretionary stocks that have had big years pull back sharply." For Stutland, that consumer strength is keeping him bullish on the stock market and U.S. economy in general — but not consumer discretionary stocks. "I'm staying away from the lower market cap weighted stocks and consumer discretionary from those apparel type brands," he said. "As a whole, consumer discretionary stocks to invest in are narrowing.

Persons: Jason Ware, Brian Stutland, Ware, nonfarm, Dow Jones, Stutland, I'm, Stocks Organizations: Albion Financial Group, Equity Armor Investments, Fund, New York Federal Reserve, Starbucks, Visa Locations: U.S, New

☆ High food prices put populism on India’s table
▼ + stars: | 2023-08-22 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

Prices of tomatoes, onions, potatoes, pulses and spices – all the basic ingredients - are soaring as the world’s most populous country heads towards key state polls later this year and national ones soon after. It increases the temptation for Prime Minister Narendra Modi’s ruling Bharatiya Janata Party to indulge in some fiscal populism. Reuters Graphics Reuters GraphicsA surge in food prices drove annual retail inflation to 7.44% in July, the most in 15 months. Elections will be held this year in five of India’s 28 states, including heavyweight constituencies Madhya Pradesh and Rajasthan. India banned the export of non-basmati rice on July 20 to clamp down on rising domestic prices of the grain.

Persons: Narendra Modi’s, Modi, Nirmala Sitharaman, Una Galani, Thomas Shum Organizations: Reuters, Bharatiya Janata Party, Reuters Graphics Reuters, Madhya, Bloomberg, India’s, IDBI, India’s Ministry of Finance, Reserve Bank, Thomson Locations: MUMBAI, Nepal, Madhya Pradesh, Rajasthan, Karnataka, New Delhi, India

BANGKOK, Aug 22 (Reuters) - When Thailand's deposed prime minister Thaksin Shinawatra went into self-imposed exile in 2008 facing a raft of corruption charges following his ouster in a military coup, he issued a hand-written note. Thaksin has been Thailand's most prominent politician for decades, retaining outsized influence despite the years away. "It closes a crucial chapter in Thailand's politics," Thitinan Pongsudhirak, a political scientist at Chulalongkorn University, said of Thaksin's return. A shrewd operator who rarely minces his words, an increasingly wealthy Thaksin entered politics in the mid-1990s, initially serving as foreign minister and then deputy prime minister. But the brash Thaksin, who called himself Thailand's first "CEO prime minister", faced royalist accusations that he was undermining the revered monarchy, which he denied.

Persons: Thailand's, Thaksin Shinawatra, Thaksin, Thaksin's, Yingluck Shinawatra, Critics, watchdogs, Chalinee, Chiang Mai, Love Thais, Devjyot Ghoshal, Chayut Setboonsarng, Panu, Robert Birsel Organizations: Thaksin, Chulalongkorn University, Thai, REUTERS, Rights, Shin Corporation, Thai Rak Thai, Singapore's Temasek, Premier League, Manchester City, Thomson Locations: BANGKOK, Bangkok, Thailand, Chiang, United States, Thai, Britain

Thailand's bicameral parliament has been deadlocked for weeks on forming a government, after the anti-establishment election winner Move Forward succumbed to conservative resistance in parliament, leaving second-placed Pheu Thai to take up the effort. Parliament will vote on Tuesday on the prime ministerial bid of Pheu Thai's Srettha Thavisin, a 60-year-old real estate mogul who was thrust into politics only a few months ago. "To move the Pheu Thai Party forward, to help the people, we are not lying to the people but we have to be realistic," he told a press conference. "Over the past nine years Pheu Thai was not in government, we didn't have power, it is clear people's living standards dropped." Pheu Thai’s bid to form a governmentPheu Thai said it would still forge ahead with changing the constitution to make it more democratic, but would steer clear of amending laws related to the powerful monarchy.

Persons: Srettha Thavisin, Athit, Thaksin, Srettha, Thaksin Shinawatra, Yingluck Shinawatra, Pheu, Panarat Thepgumpanat, Chayut, Panu, Martin Petty, Robert Birsel, Alison Williams Organizations: REUTERS, Ex, Pheu Thai Party, Pheu, Thai Party, Forward, Twitter, Thomson Locations: Bangkok, Thailand, BANGKOK

Thailand has been under a caretaker government since March and its new parliament has been deadlocked for weeks after anti-establishment election winners Move Forward were blocked by conservative lawmakers, leaving populist heavyweight Pheu Thai to lead a new effort. Srettha said on Monday Pheu Thai had failed to secure the outright majority it had targeted, so its only chance of governing was in partnership with some rivals it had vowed not to work with. Still, he seems determined and confident to follow through this time, however, with widespread speculation that Pheu Thai's alliance with its enemies is part of a behind-the-scenes deal Thaksin may have struck to allow his return. Pheu Thai has denied Thaksin's involvement in its bid to form a government and the former leader has for months denied conspiring with the generals who led coups against him and sister Yingluck Shinawatra in 2006 and 2014. "Tomorrow, at 9 a.m., I want permission to come back to live on Thai soil and breathe the air with other Thai people," Thaksin said on social media platform X, formerly Twitter.

Persons: Srettha Thavisin, Athit, Pheu, Thaksin, Thaksin Shinawatra, Srettha, Thai, upstarts, Yingluck Shinawatra, Martin Petty, Mark Heinrich Our Organizations: REUTERS, Ex, Thai Party, English Premier League football, Thaksin, Thomson Locations: Bangkok, Thailand, BANGKOK

☆ A Democratic lawmaker who voted to block Biden's broad student-loan forgiveness doubled down on his opposition and said borrowers can 'pay back their loans just like working class people'
▼ + stars: | 2023-08-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Rep. Jared Golden was one of just two Democrats who voted with the GOP to block Biden's student-debt relief in June. The Blue Dog Coalition, which Golden co-chairs, recently received a maximum contribution from student lender Sallie Mae. But Golden wrote in a statement on X, formerly Twitter, that Sallie Mae's contribution did not sway his beliefs on student-debt relief. The Education Department is currently in the process of finalizing a new student-debt relief plan using the Higher Education Act. Meanwhile, other Democratic lawmakers are continuing to push for relief for borrowers — especially with the student-loan payment pause ending in September.

Persons: Jared Golden, Sallie Mae, Joe Biden's, Golden, Biden, Sallie Mae's, Marie Gluesenkamp Perez, Mary Peltota, Gluesenkamp Perez, Rep, Summer Lee Organizations: GOP, Blue Dog Coalition, Service, Democratic, Golden, Marines, Education Department, Higher Locations: Wall, Silicon, Maine

☆ The White House blasts Republicans' budget plans, saying they want to slash Social Security and Medicare and 'force seniors to pay even higher drug costs so Big Pharma can fill more swimming pools wit
▼ + stars: | 2023-08-15 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

They said the GOP wants to slash earned benefits and hand out tax cuts for the wealthy. For instance, the Republican Study Committee released a report on spending priorities and reforms that would, among other measures, adjust the Social Security retirement age. "We will not now or ever support cutting or delaying retirement benefits for any senior in or near retirement," it said. "While the GOP tries to cut its funding, Democrats are committed to protecting Social Security for all Americans." "It's Medicare, Social Security, interest on the debt."

Persons: Biden, Andrew Bates, Bates, reconvenes, that's, California Sen, Alex Padilla, Kevin McCarthy, McCarthy, Sen, Ron Wyden Organizations: House, Republicans, GOP, Service, Privacy, White, Republican, Security, Labor, Health, Human Services, Education, Social Security, Big, Democratic, Social, Fox News, Senate Finance, AP News Locations: Wall, Silicon, California

☆ Bubble tea will test limits of China’s consumers
▼ + stars: | 2023-08-08 | by ( Thomas Shum | ) www.reuters.com time to read: +3 min

HONG KONG, Aug 8 (Reuters Breakingviews) - Bubble tea may be the new bellwether for the Chinese consumer. At least half a dozen boba-drink makers, including China’s largest chain by store count, Mixue Bingcheng, are planning initial public offerings in Hong Kong or the United States, Bloomberg reports. Shares in Hong Kong-listed Nayuki (2150.HK), the country’s only publicly traded bubble tea chain, have dropped 70% since their debut in 2021. Follow @t__shum on TwitterCONTEXT NEWSAt least six bubble tea companies are looking to go public in either Hong Kong or the United States, Bloomberg reported on July 24 citing people familiar with the matter. In 2022, China’s biggest bubble tea chain by store count, Mixue Bingcheng, filed for a $918 million initial public offering in Shenzhen.

Persons: Mixue, Gen, Mixue Bingcheng, Robyn Mak, Katrina Hamlin, Pranav Kiran Organizations: Reuters, Bloomberg, HK, KFC, Haidilao, Refinitiv, Thomson Locations: HONG KONG, Hong Kong, United States, Beijing, China, Shenzhen

☆ Why China has few good options to boost its faltering economy
▼ + stars: | 2023-08-06 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Fiscal stimulus, for instance, amounted to just a third of the aid offered in the United States, with no nationwide cash handouts. “A comprehensive policy mix — covering monetary and fiscal stimulus, including infrastructure, property, and consumption, alongside structural reforms,” would be helpful to rebuild confidence, they said. It was seen as a success and helped boost Beijing’s domestic and international political standing as well as China’s economic growth, which soared to more than 9% in the second half of 2009. China’s debt woes have only deepened during the Covid-19 pandemic, when three years of draconian restrictions and a real estate downturn drained the coffers of local government. “An infrastructure-led fiscal stimulus would need to be much bigger to have the same economic impact,” she said.

Persons: they’ve, ”, Robert Carnell, Craig Singleton, Alicia Garcia, Herrero, China “, wouldn’t, Zhu Min, Garcia, Xi Jinping, Derek Scissors, Singleton, “ Organizations: Hong Kong CNN, CNN, ING Group, Foundation for Defense of Democracies, Manufacturers, Asia Pacific, UBS Global Wealth Management, International Monetary Fund, Bloomberg, American Enterprise Institute Locations: Hong Kong, China, Asia, Pacific, Washington, “, Beijing, United States, China’s, Tianjin

☆ China vows to 'adjust and optimize' property policy in 'tortuous' economic recovery
▼ + stars: | 2023-07-24 | by ( Clement Tan | ) www.cnbc.com time to read: +8 min

The post-pandemic economic recovery will proceed in a "wave-like" fashion in a "tortuous" process, it added. On Tuesday, Hong Kong and mainland China stock markets cheered the Politburo's policy pledges, outperforming broader Asia-Pacific benchmarks. The Chinese property sector saw some of the strongest percentage gains in Hong Kong, with developer Country Garden rebounding more than 14% from a nine-month low. By some calculations, the country's property sector still accounts for up to a quarter of China's annual economic activity. Expanding domestic demandLate Monday, China's top leaders pledged to "actively expand domestic demand" and to "expand consumption by raising income levels."

Persons: Xi Jinping, Li Qiang, China Vanke, Goldman Sachs, China's, Julian Evans, Pritchard Organizations: Getty, Communist, Xinhua, Barclays, Index, CSI, Longfor, China Overseas, Observers, Citi, People's Bank, China's, National, Capital Economics Locations: China, Hong Kong, outperforming, Asia

☆ Dynamo Kyiv criticise Fenerbahce for pre-season games in Russia
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

July 9 (Reuters) - Ukrainian club Dynamo Kyiv said Fenerbahce were a club "without honour and conscience" in a strongly-worded statement after the Turkish side travelled to Russia to play in a pre-season tournament. "The bloody money of (Russian energy giant) Gazprom has eclipsed everything for you, left you without honour and conscience," Dynamo said in a statement. Dynamo accused the Turkish club of accepting "bloody handouts from the sponsors of terrorism," and added: "Nothing can justify this step. Last year, Fenerbahce were given a one-game partial stadium closure, suspended for two years, after their fans chanted Russian President Vladimir Putin's name in a game against Dynamo Kyiv. UEFA's Appeals Body had fined Fenerbahce 50,000 euros ($54,835) and ordered the partial closure of their stadium.

Persons: Vladimir Putin's, Body, Rohith Nair, Clare Fallon Organizations: Dynamo Kyiv, Fenerbahce, Zenit St, Red Star Belgrade, Neftci, Pari, Gazprom Arena, FIFA, UEFA, Gazprom, Dynamo, Turkish, Thomson Locations: Ukrainian, Turkish, Russia, Zenit St Petersburg, Red, Azerbaijan, St Petersburg, Russian, Ukraine, Moscow, Bengaluru

☆ Read the Supreme Court Decision
▼ + stars: | 2023-06-29 | by ( ) www.nytimes.com time to read: +2 min

18 STUDENTS FOR FAIR ADMISSIONS, INC. v. PRESIDENT AND FELLOWS OF HARVARD COLLEGE JACKSON, J., dissenting A plus, by its nature, can certainly matter to an admissions case. It does this to ascertain who among its tens 892 App. ⁹1 A reader might miss this because the majority does not bother to drill down on how UNC's holistic admissions process operates. Perhaps that explains its failure to apprehend (by reviewing the evidence presented at trial) that everyone, no matter their race, is eligible for a diversity-linked plus. Moreover, its holistic review process involves reviewing a wide variety of personal criteria, not just race.

Persons: J, ⁹, ⁹ ¹, John, James Organizations: FAIR, INC, OF HARVARD COLLEGE JACKSON, UNC, ⁹ ¹ UNC

The fallout is a rare chink in Lopez Obrador's formidable popularity, steadily above 60% throughout his term. The pricing issue is urgent as northern corn farmers are harvesting now, many with nowhere to sell without taking a loss. It is not the first time that tensions have heated up between this administration and the agriculture sector. Valdez estimated that commercial agriculture producers represent about 10 million votes. Farmers argue Lopez Obrador's government has eliminated important sector benefits, including loans at beneficial interest rates, which his administration says too often fell into arrears.

Persons: Edgard Garrido, Andres Manuel Lopez, Lopez, Lopez Obrador's, Bosco, la Vega, Lopez Obrador, Claudia Sheinbaum, Marcelo Ebrard, Adan Augusto, Baltazar Valdez, Valdez, Raul Urteaga, Urteaga, spokespeople, Luz Maria Mendoza, Cassandra Garrison, Stephen Eisenhammer, Nick Zieminski Organizations: REUTERS, MEXICO CITY, U.S, Regeneration, Producers, Chicago Board of Trade, CNA, Farmers, North American Free Trade, United Farm Workers, Valdez, Global Agrotrade Advisors, Agriculture, Finance Ministry, FIRA, Thomson Locations: La Constitucion Totoltepec, Toluca , Mexico, MEXICO, Sinaloa, United States, U.S, Chihuahua, Mexico, Canada

"Pakistan and IMF had detailed negotiations for the last three days as a last effort to complete the pending review," he told parliament. That will revise Pakistan's revenue collection target to 9.415 trillion rupees ($33 billion) and put total spending at 14.480 trillion rupees ($51 billion), Dar said. "These changes will make our fiscal deficit much better," he said. Money allocated for cash handouts to the poor was also revised from 450 billion rupees to 466 billion rupees for fiscal 2024, Dar said. "I hope, God willing, that we will have an agreement with the IMF," Dar said.

Persons: Ishaq Dar, Dar, Shehbaz Sharif, Kristalina Georgieva, Asif Shahzad, William Mallard Organizations: International Monetary Fund, IMF, Global Financing, Thomson Locations: ISLAMABAD, Pakistan, Paris

☆ China stares hard at its own lost decade
▼ + stars: | 2023-06-23 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

LONDON, June 23 (Reuters Breakingviews) - China has good reason to hold back on unleashing big stimulus. The central bank has made small cuts to interest rates as everything from credit growth to exports disappoint. For President Xi Jinping, it’s a hard choice between short term gains and his long-term ambition to rebalance the economy. Even if it does issue such bonds, funds may be indirectly used to help poorer provinces repay debt. The Chinese government has set a modest GDP growth target of about 5% for this year after missing its 2022 goal.

Persons: Xi Jinping, Una Galani, Thomas Shum Organizations: Reuters, National Institution for Finance, Development, Wall Street, People's Bank of China, Thomson Locations: China, Beijing

☆ Opinion: Why I flew to Jamaica to take magic mushrooms … on camera
▼ + stars: | 2023-06-17 | by ( David Culver | ) edition.cnn.com time to read: +12 min

This was not how I envisioned taking magic mushrooms, especially considering there were no actual mushrooms. Partaking in a therapeutic, mind-altering journey through the consumption of magic mushrooms, so long as there might be value found in experiencing a trip on camera, seemed worth it. I started to think that I was among the few who may not experience any psychoactive reaction to mushrooms. Similar to the first one, all the retreat participants sat in a circle on chairs and couches under a covered porch with a view of the sea. The facilitators — those tasked with assessing our dosages and administering the psilocybin — handed us mugs with ground mushrooms already mixed in.

Persons: David Culver, CNN —, There’s, It’s, “, —, ”, ” “, Johanna Buitrón, Jason Moss, Johanna, Jason, ” Johanna, Wendy, who’d, it’s, Anderson Cooper Organizations: CNN, Twitter Locations: Oregon, Colorado, Wuhan, China, Shanghai, Mexico, Jamaica, Ecuador, Los Angeles, South Carolina, China’s

The facility in Poland will employ 2,000 workers and create several thousand additional jobs during the construction phase and hiring by suppliers, the company said in a statement. "Poland was just a little bit hungrier to win this site," Intel CEO Pat Gelsinger said in a news conference. Handelsblatt newspaper reported on Thursday that the German government and Intel were close to an agreement for 9.9 billion euros ($10.83 billion) in subsidies, up from a previously agreed 6.8 billion. The level of any subsidy offered to Intel by Poland was not made public during Friday's announcement. Mateusz Morawiecki, prime minister of Poland, called Intel's factory "the largest greenfield investment in the history of Poland".

Persons: chipmaker, Pat Gelsinger, Gelsinger, Olaf Scholz, Mateusz Morawiecki, Karol Badohal, Supantha Mukherjee, Jason Neely, Conor Humphries Organizations: Intel, Labour, AMD, Nvidia, Samsung, Thomson Locations: Poland, WROCLAW, STOCKHOLM, Wrocław, Europe, U.S, Germany, Ireland, France, Berlin, Wroclaw, Stockholm

☆ Opinion: A blistering indictment of the Trump-Biden legacy in Afghanistan
▼ + stars: | 2023-06-09 | by ( Peter Bergen | ) edition.cnn.com time to read: +7 min

The withdrawal agreement was supposed to be predicated on the Taliban negotiating with the elected Afghan government about some kind of power-sharing arrangement and cutting their ties to terrorist groups like al Qaeda. Zawahiri was living in Kabul with the “awareness” of Taliban officials, according to a Biden senior administration official. Worrisomely, al Qaeda is “covertly rebuilding its external operations capability,” according to the UN, i.e., its ability to launch attacks outside of Afghanistan. Of these, an astonishing 35 hold cabinet-level positions in the de facto Afghan government, according to the report. In sum, “debacle” seems almost too kind a word to describe the Trump-Biden legacy in Afghanistan.

Persons: Peter Bergen, Donald Trump’s, Joe Biden, Biden, Zalmay Khalilzad, “, al Qaeda, Ayman al Zawahiri, Zawahiri, Hibatullah Akhundzada, Edmund Fitton, Brown, ”, Fitton Organizations: New, Arizona State University, Apple, Spotify, CNN, United, US, Afghan, Biden, Trump, US House Foreign Affairs Committee, Taliban, UN, ISIS, Pakistan, Twitter, “, NATO Locations: New America, United Nations, Afghanistan, al Qaeda, United States, Qaeda, Kabul, Pakistani, Afghan, Kandahar, America

OECD senior tax official John Peterson declined to comment about the outcome of the meeting, citing confidentiality rules. However, he said if one country compensates a multinational with "targeted benefits, for example in the form of grants or tax credits" it would no longer be able to raise revenues from a top-up tax. In that case, the company "will simply be subject to additional top-up tax, equal to the same amount, in another jurisdiction." Decisions on compensation would be taken case by case and no direct link would be established between handouts and the top-up tax, the source added. Asked whether the planned rules could be considered a direct subsidy to offset multinationals' higher taxes, the OECD declined to comment as Vietnam's plans had not been finalised.

Persons: John Peterson, Nguyen Thanh Lam, Francesco Guarascio, Phuong Nguyen Organizations: OECD, Economic Cooperation, Development, Vietnam, Reuters, Samsung Electronics, Intel, Samsung, Thomson Locations: Vietnam, HANOI, China, Hanoi, Korea, handouts

☆ Opinion | The Climate Solution That’s Horrible for the Climate
▼ + stars: | 2023-06-06 | by ( Michael Grunwald | ) www.nytimes.com time to read: +2 min

As America rushes to generate more renewable electricity, it has become fashionable to fret that solar and wind farms use too much land. But America is also racing to produce more renewable fuels, and they use much, much more land to displace much, much less fossil fuel. And that’s mainly because they’re inefficient land hogs. That’s a huge waste of precious land the world needs to store carbon that can stabilize our warming climate and grow crops that can help feed the growing population. Like direct payments, countercyclical payments, loan deficiency payments and other U.S. farm programs, biofuel subsidies redistribute tax dollars from the 99 percent of Americans who don’t farm to the roughly 1 percent who do.

Persons: they’re Organizations: Environmental Protection Agency Locations: California, That’s, Washington, America

☆ Greece’s reform labours are only half complete
▼ + stars: | 2023-06-05 | by ( Hugo Dixon | ) www.reuters.com time to read: +6 min

Greece’s large current account deficit and domestic corruption undermine its attraction as an investment destination. The issue, rather, is whether Greece will be able to attract investment in the quantities needed for it to fulfil its potential. What’s more, investment is still only 14% of national income, even though this measure expanded during Mitsotakis’ first term as prime minister. Well-designed tax and benefit reforms could even reduce the country’s unemployment rate, which is currently 12%, thereby increasing its productive potential. All this would provide a buffer if Greece or the world economy is hit by further shocks in coming years.

Persons: Hercules, Mitsotakis, Bruegel, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, Union, International Monetary Fund, Bank of, Reuters Graphics Reuters, Twitter, Thomson Locations: ATHENS, Greece, Mitsotakis ’, Bank of Greece, Mitsotakis

HANOI, May 30 (Reuters) - Samsung and other foreign companies are pushing Vietnam to introduce a multi-million-dollar reform that would compensate them for higher levies they face from next year under a global overhaul of tax rules, a source involved in the talks said. The discussions precede the introduction from January of a minimum tax rate of 15% for large multinationals under a landmark global reform led by the Organisation for Economic Cooperation and Development (OECD). The global rule requires companies paying less in a low-tax jurisdiction to face a top-up levy in their home country. Samsung's tax rate varies by district, and ranged between 5.1% and 6.2% in 2019 in the two northern provinces where it produces smartphones, according to government data cited by local media. Smaller companies that are not within the scope of the new global rules may also receive handouts, the source said.

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