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EsadeGeo Daily Digest, 06/04/2021

EsadeGeo Daily Digest, 06/04/2021

The Washington Post – Christopher Rugaber / Yellen calls for minimum global corporate income tax

  • U.S. Treasury Secretary Janet Yellen on Monday urged the adoption of a minimum global corporate income tax, an effort to at least partially offset any disadvantages that might arise from the Biden administration’s proposed increase in the U.S. corporate tax rate.
  • Citing a “30-year race to the bottom” in which countries have slashed corporate tax rates in an effort to attract multinational businesses, Yellen said the Biden administration would work with other advanced economies in the Group of 20 to set a minimum.
  • “Competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids,” Yellen said in a virtual speech to the Chicago Council on Global Affairs. “It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods.”
  • President Joe Biden has proposed hiking the U.S. corporate tax rate to 28% from 21%, partially undoing the Trump administration’s cut from 35% in its 2017 tax legislation. Biden also wants to set a minimum U.S. tax on overseas corporate income, and to make it harder for companies to shift earnings offshore.
  • The New York Times – Jim Tankersley and Alan Rappeport / Biden and Democrats detail plans to raise taxes on multinational firms

Financial Times – Valerie Hopkins / Borisov faces rising anti-establishment vote in Bulgaria elections

  • Bulgaria’s long-serving leader Boyko Borisov is facing an uphill battle to form a government after a populist party that has ruled out coalition talks with the incumbent premier came in second in elections on Sunday.
  • With 90 per cent of the votes counted, Borisov’s Citizens for the European Development of Bulgaria party (Gerb) had won 26 per cent, while There Is Such a People, led by popular television personality Stanislav Trifonov, had won 18 per cent, and come first among those aged between 18 and 30.
  • Standing in front of his jeep under falling snow on Sunday night, Borisov — who has served as prime minister since 2009 except for two short interruptions — called for the creation of a grand coalition until the end of the coronavirus pandemic.
  • The result came despite what international OSCE election monitors called “massive use of state resources” which “gave the ruling party a significant advantage”. Analysts said the poor showing was due to popular frustration about widespread corruption, which erupted in protests last summer.
  • Politico – Sarah Anne Aarup / Kosovo’s parliament picks reformist Vjosa Osmani as president

The Guardian / Further violence breaks out in Northern Ireland despite appeals for calm

  • Violence has broken out once more on the streets of Northern Ireland, despite appeals for calm. A car was set alight in Sperrin Park in the Waterside area of Derry, while there were also reports of violent incidents in Carrickfergus, near Belfast.
  • Both locations have been the scene of violence and unrest among the loyalist community in recent days. Earlier, the Police Service of Northern Ireland (PSNI) had appealed to community leaders to put a stop to the disorder that has taken place throughout much of the last week.
  • On Sunday night, five police officers sustained injuries after being pelted with petrol bombs and masonry in Belfast, bringing the total number of police injured in incidents in Derry and Belfast over the Easter weekend to 32.
  • Throughout last week, tensions in predominantly unionist communities spilled over into violent incidents, with petrol bombs being thrown at PSNI officers and bins and pallets set on fire.
  • Al Jazeera / Northern Ireland police appeal for calm after more unrest

The Economist / Those who worry about CO2 should worry about methane, too

  • Few people in those parts of the world made rich by carbon-dioxide-emitting enterprise are going to volunteer for a cut in living standards. And it is hard to ask those from parts of the world that are not yet rich to sacrifice the chance to become so.
  • Carbon dioxide is not the only cause of global warming. About a quarter of the effect is a consequence of a different gas, methane. And the methane problem looks a lot more tractable in the short term than does the carbon-dioxide one.
  • Over the 20 years subsequent to its emission a tonne of methane causes 86 times more warming than does a tonne of CO2. Also, it does not hang around. It has a half-life in the atmosphere of about a decade, so what is released soon vanishes.
  • Asking people to eat less meat and drink less milk probably is not realistic in the middle-income world where discretionary spending is rising and diets are improving. But another option is to attack the methanogens themselves. This is now being investigated experimentally, to see if changing what the animals eat can damp down methanogenic activity.
  • Bloomberg – Tara Patel and Ewa Krukowska / The next electric-car battery champion could be European

Today’s annals of European integration:

The selected pieces do not necessarily reflect the views of Javier Solana and EsadeGeo. The summaries above may include word-for-word excerpts from their respective pieces.


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