Financial Daily Dose 4.6.2021 | Top Story: Treasury Sec. Yellen Proposes Global Minimum Tax Rate for Multinational Businesses

Robins Kaplan LLP

Robins Kaplan LLP

Back at it. Let’s get caught up . . .

Treasury Secretary Janet Yellen is calling for a global minimum tax rate on multinational corporations, a move aimed at helping “prevent companies based in other countries from having a significant potential advantage” if the U.S. manages to push forward with the Biden administration’s proposed corporate tax rate increase meant to help fund its $2.3 trillion infrastructure proposal - WSJ and NYTimes and Bloomberg and MarketWatch

Big SCOTUS win for Google in “a long-running copyright dispute with Oracle over software used to run most of the world’s smartphones.” In a 6-2 ruling, the High Court found that Google’s use of elements of Java in its Android OS “was protected by the ‘fair use’ exception to copyright protections” and did not amount to infringement - NYTimes and WSJ and Law360 and TechCrunch

The NLRB has issued another ruling against Amazon and in favor of former employees, this time related to a pair of workers at company HQ in Seattle that “had publicly pushed the company to reduce its impact on climate change and address concerns about its warehouse workers.” Amazon argued that it fired the workers for violating internal policies, but the Board told the former workers “that it would accuse Amazon of unfair labor practices if the company did not settle the case” - NYTimes and MarketWatch and Law360

Friday’s strong jobs report  and optimism about the return of travel and tourism in the U.S. helped propel the Dow & S&P500 to new records on Monday - NYTimes and WSJ and MarketWatch

Some thoughts about what a resurgent U.S. consumer class could mean for the global economy. [Hint—it’s good] - NYTimes

Yes, Tribune Publishing already agreed to sell itself to notorious print-journalism-focused hedge fund Alden Global Capital. But a new offer from Maryland hotel magnate Stewart Bainum and Swiss billionaire Hansjorg Wyss may prove too compelling to pass up, as the pair and their Newslight venture have sweetened Alden’s offer by some $50 million - NYTimes and Law360

The Journal gives us some monetary history (China invented paper currency nearly 1000 years ago) as context for this week’s anticipated but still groundbreaking news that its central bank will issue and control a national digital currency—a move that both gives “China’s government vast new tools to monitor both its economy and its people” and positions it as a frontrunner “on technologies of the future that it regards as up for grabs” - WSJ

On the precipitous fall of Archegos Capital, Tiger Cub Bill Hwang’s hedge fund that cratered within weeks after a bet on ViacomCBS flopped and led to “one of the biggest implosions of an investment firm since the 2008 financial crisis” - NYTimes and WSJ and MarketWatch and Law360

The disaster’s ripple effects have hit a handful of Credit Suisse execs and the bank’s bottom line, too - NYTimes and Bloomberg and WSJ

Subprime auto loan deficiencies are on the rise again, “a sign of stress among consumers whose finances have been hit hard by the pandemic” - WSJ

And while we’re talking worrying signs for the next financial crisis . . .  - WSJ

The Tourney looked different this year, but the Flow just kept on coming. Soak it in - GameOnMN

Stay safe.

Written by:

Robins Kaplan LLP

Robins Kaplan LLP on:

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