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EsadeGeo Daily Digest, 08/04/2021

EsadeGeo Daily Digest, 08/04/2021

The New York Times – Alan Rappeport and Jim Tankersley / What’s in Biden’s tax plan?

  • The Biden administration unveiled a tax plan on Wednesday that would increase the corporate tax rate in the U.S. and limit the ability of American firms to avoid taxes by shifting profits overseas.
  • Already, Republicans have panned the proposals as putting the U.S. at a disadvantage, while some moderate Democrats have indicated they may also want to see some adjustments, particularly to the proposed 28 percent corporate tax rate.
  • Administration officials estimate the proposals will raise a total of $2.5 trillion in new tax revenue over a 15 year span. Analysts at the University of Pennsylvania’s Penn Wharton Budget Model put the estimate even higher, estimating a 10-year increase of $2.1 trillion.
  • The plan aims to raise the corporate tax rate to 28 percent from the current rate of 21 percent, a level that would put it more in line with global peers. The White House wants to impose a 15 percent minimum tax on what’s known as “book income” — the profits that firms report to investors but that are not used to calculate tax liability.
  • Reuters – Timothy Gardner / Biden tax plan replaces U.S. fossil fuel subsidies with clean energy incentives
  • Financial Times – James Politi, Aime Williams and Chris Giles / US offers new plan in global corporate tax talks

The Guardian – Lisa O’Carroll and Rory Carroll / Northern Ireland executive to meet after sixth night of unrest

  • The Northern Ireland executive will meet on Thursday morning to be briefed on the ongoing unrest, after a bus was hijacked and set on fire in Belfast during a sixth consecutive night of violence.
  • The vehicle was set alight at an intersectional area between nationalist and unionist communities. Stones were thrown at police while a press photographer was assaulted during the course of their work on Wednesday evening on the junction of Lanark Way and Shankill Road in West Belfast.
  • Tyres and bins were set on fire near the interface gates at Lanark Way, which open in a wall that separates the two communities. PSNI said they had closed the gates and advised people to avoid the area.
  • Footage circulating on Twitter appeared to show the bus being petrol bombed while still moving, with about a dozen masked people – including some who seemed to be children – being cheered on as they ran from the scene. The driver was reportedly uninjured.
  • The Economist / Brexit is the catalyst for rioting in Northern Ireland

Politico – Jillian Deutsch and Esther Webber / Comms crisis: Regulators fail to assuage concerns over Oxford/AstraZeneca vaccine

  • At overlapping press conferences Wednesday, regulators in London and Amsterdam repeatedly told people the Oxford/AstraZeneca vaccine is safe and vital to fight the coronavirus.
  • While the latest assessments by the EU and the U.K. medicines regulators reached the same conclusion — that there is a potential link between the vaccine and blood clotting disorders, but that it is extremely rare and that the drug continues to remain licensed for all adults — the messages delivered appeared contradictory.
  • In London, officials recommended that anyone 30 years old or younger in the U.K. should be offered another vaccine whenever possible. In Amsterdam, the European Medicines Agency added blood clots to the list of the vaccine’s rare side effects and left countries to make their own restrictions. 
  • The delivery and the content of the U.K. announcement caused immediate consternation in a country that has come to see its vaccine rollout program as a source of national pride after many earlier missteps in handling the pandemic.
  • Euractiv – Natasha Foote / No data currently available on mixing COVID vaccines, says EMA

Bloomberg – Tope Alake / Nigeria bets on solar to power its covid recovery

  • Under the Paris Climate Agreement, Nigeria has pledged to cut carbon emissions 20% by 2030. To get there, it aims to generate 30% of its energy from renewables.
  • To make progress, 10% of the government’s 2.3 trillion naira ($5.6 billion) of spending to spur recovery from the pandemic will be used to install 5 million solar home systems.
  • With Solar Power Naija, the government is aiming to fix the development problems that a lack of access to electricity has created, as well as the pollution that fuel-powered generators, one of the most popular power sources, cause.
  • The rollout will focus on building standalone connections, which use solar panels to charge batteries that can then be used at any time, and minigrids, which operate in a similar way but can service larger needs. Both will function separately from the national grid.
  • South China Morning Post – Wendy Wu / China offers Mongolia helping hand to fight sandstorm challenge

Today’s op-ed:

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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