Among the many richest on Wall Avenue, members of the rarefied world of personal fairness are wringing their palms over looming taxes and the closing of the “billionaires’ loophole,” as proposed by U.S. President Joe Biden. So upset are these masters of the universe that some are planning early retirement whereas others are quitting New York for no-income-tax Florida. One stated he dreads telling his youngsters that he’s shifting the household to Puerto Rico. One other labeled the proposal that America’s wealthiest pay extra in taxes as reverse discrimination. —Margaret Sutherlin
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Listed here are right this moment’s high tales
Bitcoin slid greater than 10% after China reiterated a warning that it intends to crack down on cryptocurrency miners. It’s the newest in a tough week for cash, rattled by pressured promoting and a potential U.S. tax clampdown. In the meantime, hedge funds have been ready patiently to buy the dip. Right here’s your markets wrap.
In a transfer welcomed by local weather activists, the Group of Seven nations agreed to part out fossil gasoline subsidies and stop financing international coal projects instantly and align their insurance policies to maintain international temperature rise inside 1.5°C.
A hedge fund infamous for gutting newsrooms and slashing newspaper budgets within the title of revenue has received a months-long struggle to purchase among the finest recognized U.S. dailies, together with the New York Every day Information and the Chicago Tribune. Regardless of widespread opposition and fears of additional destruction of an ever-shrinking American free press, shareholders selected to money in, permitting Alden World Capital to acquire Tribune Publishing for $630 million.
Various international locations are extending or implementing new Covid-19 lockdowns, from Thailand and Singapore to Argentina. The Worldwide Financial Fund needs $50 billion to assist growing nations struggle the coronavirus. U.S. officers reaffirmed masks needs to be worn in schools. Right here’s your pandemic update.
Apple Chief Govt Officer Tim Cook dinner took the stand as the ultimate witness within the firm’s intently watched antitrust battle with Fortnite developer Epic Video games. Right here’s what he stated concerning the app retailer struggle on the center of the case.
The world’s greatest companies have been doing nice till Covid-19 arrived. Now they’re doing even higher, reviews Bloomberg Businessweek. The highest 50 firms by worth noticed their mixed value soar in 2020 to about 28% of world gross home product. Three many years in the past that determine was less than 5%.
Earlier than revelations about his divorce, alleged dubious workplace behavior and ties to Jeffrey Epstein, Invoice Gates was simply America’s huggable billionaire techno-philanthropist. Right here’s how that pristine picture unraveled in just two weeks.
What you’ll have to know tomorrow
No less than eight giant utilities within the U.S. are constructing new gasoline crops, and one other 5 are interested by doing the identical. That lays naked an uncomfortable reality concerning the sector’s dedication to combating local weather change: All these carbon-neutral pledges don’t essentially mean quitting fossil fuels.
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