Financial News

Mostly higher world stocks…US jobless figures…World tax?

TOKYO (AP) – Global shares are mostly higher today. In early trading, France’s CAC 40 edged down nearly 0.1%. German’s DAX gained 0.2%. Britain’s FTSE 100 edged up 0.1%. In Asian markets, Japan’s Nikkei finished 0.3% higher. South Korea’s Kospi was little changed, inching down less than 0.1%. But Hong Kong’s Hang Seng dropped 1.8%, while the Shanghai Composite was also down nearly 2%. On Wall Street, Dow futures are virtually unchanged and S&P futures are up less than 0.1%.

WASHINGTON (AP) – Government figures released this morning are expected to show that the economy added 675,000 jobs in June. That would be a substantial gain but nowhere as many hirings as would be expected given the demand for labor and the record number of openings employers are posting. Evidence suggests that the unemployed as a group aren’t feeling much urgency to find work. Many of them are either seeking higher pay than they had before or are still reluctant to take jobs in public-facing service companies for fear of contracting COVID-19.

FRANKFURT, Germany (AP) – Some 130 countries are backing a global minimum tax as part of a worldwide effort to keep multinational firms from dodging taxes by shifting their profits to countries with low rates. The agreement announced by the Organization for Economic Cooperation and Development also provides for taxing the largest global companies in countries where they earn profits through online businesses but may have no physical presence. The deal now will be discussed by the Group of 20 countries at meetings later this year in hopes of finishing the details in October and implementing the agreement in 2023.

UNDATED (AP) – The Biden administration is planning to require that airlines refund fees on checked baggage if the bags get seriously delayed. The proposal would also require refunds for fees on extras like internet access if the airline fails to provide the service during the flight. An administration official says the Transportation Department will issue the proposal in the next several days, and it could take effect by next summer. Airlines made nearly $5.8 billion from checked-bag fees in 2019, the last year before the pandemic crushed air travel.

PARIS (AP) – Paris airport workers protesting pay cuts blocked a busy terminal at a Charles de Gaulle Airport and skirmished with police today. The protest prompted flight delays and confusion for passengers. Police fired pepper spray to try to disperse the protesters, leaving many people at the scene with their eyes stinging. The terminal is primarily used for international travel. Riot police fanned out, and passengers were re-routed to a neighboring terminal. Unions have been negotiating with Paris airport management over pay cuts linked to the collapse in air travel amid the pandemic.