Business & Politics News and Discussions

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Jeff Bezos will step down as Amazon CEO on July 5
Source: CNN
New York -- Amazon founder Jeff Bezos will officially step down from his role as chief executive on July 5, he announced during the company's annual shareholder meeting Wednesday.

Bezos will hand the reins to Andy Jassy, who currently runs Amazon Web Services, after a nearly three-decade run leading the internet giant that made him one of the richest people in the world. Bezos will become Amazon's executive chair.

The company first announced the leadership change as part of its February earnings report, saying Jassy would take over during the fiscal third quarter. Amazon (AMZN) had not previously shared the precise date of the transition.

The timing is "sentimental," Bezos said — July 5 is the date Amazon was incorporated in 1994.
Read more: https://www.cnn.com/2021/05/26/tech/jef ... index.html
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Global tax reforms that could raise billions edge closer as G7 on brink of agreement
Thursday 27 May 2021

The biggest reforms to the global taxation system in a century are edging closer to reality, with the group of seven leading industrial economies now on the brink of agreeing to a global minimum corporate tax rate, insiders have told Sky News.

The unprecedented plans could mean the UK raises billions of pounds in taxes from tech giants and other big companies which have previously shifted profits around the world to avoid them.

G7 finance ministers are expected to agree to keep their business tax rates above a certain level - likely to be 15% - at next week's meeting in London, according to insiders close to the discussions.
https://news.sky.com/story/global-tax-r ... t-12318276
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GOP offers $928B on infrastructure, funded with COVID aid
Source: AP

By LISA MASCARO and JONATHAN LEMIRE
WASHINGTON (AP) — Republican senators outlined a $928 billion infrastructure proposal Thursday that would tap unused coronavirus aid, a counteroffer to President Joe Biden’s more sweeping plan as the two sides struggle to negotiate a bipartisan compromise and remain far apart on how to pay for the massive spending.

The Republican offer would increase spending by $91 billion on roads and bridges, $48 billion on water resources and $25 billion on airports, according to a one-page summary released by the GOP negotiators. It also would provide for one-time increases in broadband investments, at $65 billion, and $22 billion on rail.

Republicans have rejected Biden’s proposed corporate tax increase to pay for new investments, and instead want to shift unspent COVID-19 relief dollars to help cover the costs, a nonstarter for many Democrats.

“It’s a serious effort to try to reach a bipartisan agreement,” said Sen. Shelley Moore Capito of West Virginia, the lead GOP negotiator.



Sen. Shelley Moore Capito speaks at the Capitol in Washington, Thursday, May 27, 2021, as from left, Sen. Pat Toomey, R-Pa., Sen. Barrasso, R-Wy. and Sen. Roy Blunt, R-Mo., look on. Republican senators outlined a $928 billion infrastructure proposal Thursday, a counteroffer to President Joe Biden's more sweeping plan as the two sides struggle to negotiate a bipartisan compromise and remain far apart on how to pay for the massive spending. (AP Photo/J. Scott Applewhite)
Read more: https://apnews.com/article/business-gov ... 464b7dbcd8
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Biden Administration Extends Bipartisan Infrastructure Talks
Source: Wall Street Journal
The Biden administration said Sunday that talks over a $1.7 trillion infrastructure package would need to show a “clear direction” toward agreement by the time Congress returns from recess in early June, signaling that Democrats might be preparing to go it alone on a broad plan to rebuild roads and bridges, expand broadband service and create programs to help care for the elderly and disabled Americans.

Transportation Secretary Pete Buttigieg said President Biden and members of his team would continue negotiating privately this week and said the talks with Republican lawmakers were encouraging. But he identified the return of Congress on June 7 as when the talks would need to indicate an endpoint.

“I think we are getting pretty close to a fish-or-cut-bait moment,” Mr. Buttigieg said during an appearance on CNN’s “State of the Union.”

Negotiations over the measure have stretched for weeks as lawmakers and the White House argue over the basic questions of what should be included, how large it should be and how to pay for it.
Read more: https://www.msn.com/en-us/news/politics ... li=BBnb7Kz
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Just 7% of UK shop payments predicted to be in cash by 2024 – report

Tue 1 Jun 2021 07.00 BST

Just 7% of in-store purchases in the UK could be made in cash by 2024, a report has forecast, after the coronavirus pandemic fuelled the switch to cards and mobile payments.

While cash accounted for 27% of in-store transactions in 2019, the latest global payments report from processing company Worldpay found that had fallen to 13% last year. The report predicts usage will continue to drop over the next three years.

International figures showed that in several other countries, including Sweden, Canada and Australia, already less than one in 10 shop payments are made in cash.

It predicted Sweden would be “almost cashless” by 2024, with 0.4% of transactions paid for with money, down from 15.2% in 2019 and 8.8% last year.

Consumers and businesses were already moving away from cash payments before the pandemic hit, but early concerns that Covid-19 could spread via surfaces led some companies to switch to contactless methods.

https://www.theguardian.com/money/2021/ ... 024-report
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An Idea I was thinking of today I posted it in two areas I am unsure where the idea might get more traction if any maybe you think its a bad idea here is the post posted twice.



weatheriscool
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lmost two dozen Chinese cities forced to ration electricity after Australian coal ban
Source: News Au
Two dozen cities across China’s industrial heartland are rationing electricity.

Homes and businesses are having to cope with shutdowns and extreme heat.

And politically-motivated bans on Australian coal are to blame.

... snip ...

Attempts to punish Australia for advocating an international investigation into the origins of Covid-19 included restrictions on coal imports.

... snip ...

Lakes and dams in Taiwan are drying up. And that’s hurt more than just hydro-electric generation. Power stations and heavy industries – including silicon chip manufacturers – are struggling to get enough cooling water to stay operational.
Read more: https://www.news.com.au/technology/envi ... 5953800b59
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Manchin to vote against election overhaul bill [View all]
Source: The Hill
Sen. Joe Manchin (D-W.Va.) said he will vote against a sweeping election reform overhaul bill, dubbed the For The People Act, putting the fate of the legislation in jeopardy in the evenly split Senate.

In an op-ed published early Sunday morning in the Charleston Gazette-Mail, Manchin, one of the Democratic caucus’s most conservative members, zeroed in on the partisan nature of the legislation, which has not attracted any Republican support.

“I believe that partisan voting legislation will destroy the already weakening blinds of our democracy, and for that reason, I will vote against the For The People Act," Manchin wrote.

“The truth, I would argue, is that voting and election reform that is done in a partisan manner will all but ensure partisan divisions continue to deepen,” he added.

Manchin also said he “will not vote to weaken or eliminate the filibuster,” which a number of leading Democrats have suggested in order to pass election reform.
Read more: https://thehill.com/homenews/senate/557 ... n-overhaul
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Chipotle raises menu prices to offset employee wages [View all]
Source: CNN Business via the Roanoke Times

Chipotle raises menu prices to offset employee wages

By Danielle Wiener-Bronner, CNN Business 2 hrs ago
Chipotle raised its menu prices by about 3.5% to 4% to cover the cost of higher wages for employees, company Chief Financial Officer John Hartung said Tuesday.

"You take about a 4% price increase to cover the dollar cost of the extra labor," he told an analyst during a conference.

Chipotle announced in May that it would increase restaurant worker pay to an average of $15 per hour. The company said at the time that it was looking to hire 20,000 new employees ahead of the summer.

As restaurants prepare for a bustling summer, many are finding it difficult to staff up. And Chipotle's not the only chain trying to attract labor with higher wages. McDonald's said last month that it would hike pay for workers at its company-owned stores.
{snip}

Read more: https://roanoke.com/lifestyles/food-and ... a2d23.html
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Murdoch's News UK mulls bid for The Week magazine
Friday 11 June 2021

Image

Rupert Murdoch's British newspaper empire is weighing a bid for The Week, the news and current affairs magazine.

Sky News has learnt that News UK, publisher of The Sun and The Times, is among a number of parties which have expressed an interest in acquiring the weekly title from Dennis Publishing.

News UK's interest is at an early stage and will not necessarily translate into a formal offer for The Week, according to industry insiders.

If it does proceed with an offer, it would mark a strategic shift for News UK, which does not currently publish magazines other than those distributed as supplements in its national newspapers.

News UK is a division of News Corp, the New York-listed media conglomerate headed by Mr Murdoch and his son, Lachlan.
https://news.sky.com/story/murdochs-new ... e-12329345
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