July 27, 2022
United States:
US Risks Losing Billions in Taxes as Congress Spurns Global Deal
The groundbreaking global corporate-tax agreement secured last year by Treasury Secretary Janet Yellen included a “failsafe” measure to encourage compliance by its 137 signatories.
That tripwire now looks to be tested by its biggest member economy: the US.
Europe:
UK Energy Bills Set to Peak Above £500 as Russia Cuts Gas
UK households are set to see record energy prices this winter as Russia clamps down on Europe’s gas supplies, aggravating Britain’s cost-of-living crisis.
Average power bills are set to rise to just over £500 ($603.30) per consumer in January, more than three times last year’s level, according to analysis from BFY Group Ltd. That may ease slightly with lower consumption in February and March, but will still remain far above energy costs in recent years.
Asia:
Top India Carmaker’s Profit Disappoints as High Costs Bite
Maruti Suzuki India Ltd., India’s biggest carmaker, reported a lower-than-expected quarterly profit as rising input costs and supply chain constraints hurt earnings.
Net income was 10.1 billion rupees ($126 million) in the three months ended June 30, compared with a profit of 4.4 billion rupees a year earlier, the unit of Japan’s Suzuki Motor Corp. said in a statement Wednesday. That fell short of the average analyst estimate of 15.7 billion rupees, according to data compiled by Bloomberg.
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