What we’re reading (6/6)
“G-7 Back Steps To Deter Tax Dodging By Multinational Firms” (Associated Press). “The Group of Seven wealthy democracies agreed Saturday to support a global minimum corporate tax of at least 15% to deter multinational companies from avoiding taxes by stashing profits in low-rate countries. G-7 finance ministers meeting in London also endorsed proposals to make the world’s biggest companies - including U.S.-based tech giants - pay taxes in countries where they have lots of sales but no physical headquarters.”
“El Salvador Will Adopt Bitcoin As Legal Tender, President Says” (CNN Business). “El Salvador could become the first county to adopt bitcoin as a legal tender, Salvadorian President Nayib Bukele announced in a video recording shown during the Bitcoin 2021 conference held in Miami.”
“No One Is Policing Corporate America, And White-Collar Crime Is On The Rise. What Comes Next Could Be A Full-Scale Financial Meltdown.” (Business Insider). “The SEC is supposed to be one of the cops monitoring businesses in the US and policing white-collar crime. When a corporation commits fraud — that is to say, steals from its customers or vendors, or lies about the state of its business — regulators could punish wrongdoers with Old Testament justice, sending a message to corporate America that criminal misbehavior will not be tolerated. But instead of fulfilling their duties, watchdogs like the SEC have seemingly given up on the task.”
“The Jobs Report Takeaway: A Huge Reallocation Of People And Work Is Underway” (New York Times). “The problem is that old jobs are long gone for the vast majority of those who remain unemployed. The number of workers reporting that they are on temporary layoff — many of whom may never be recalled — remains elevated but is a small share of the 7.6 million jobs needed to return to prepandemic employment levels.”
“Why Investors May Not Want To Regularly Rebalance Their Portfolio” (Wall Street Journal). “In the end, the argument against simple, routine rebalancing is mostly that it isn’t nuanced enough—that adjusting a portfolio along the lines of broad asset classes like stocks and bonds at set intervals might be too blunt an instrument to improve performance. However, rebalancing by picking out-of-favor sectors within those broad asset classes when opportunities present themselves can be productive, says money manager Adam Johnson, author of the Bullseye Brief financial newsletter.”
