EU to crack down on sweetheart corporate tax deals, TikTok injunction, Turkey central bank
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 24 September 2020
⏱️ 10 minutes
🧾️ Download transcript
Summary
Brussels steps up its campaign against sweetheart corporate tax deals in the EU, TikTok has asked a federal judge to prevent the Trump administration from blocking downloads of the video-sharing app, and the pandemic caused workers around the globe to lose more than $3.5tn of income. Plus, Turkey’s lira is struggling despite the government’s best efforts to lift the currency. The FT’s Laura Pitel explains if the country’s central bank can do anything about it.
Brussels ready to clamp down on sweetheart corporate tax deals
ft.com/content/7c156756-57a1-4554-af78-d795a41d13f9?edit=true
TikTok requests injunction against ban deadline
https://www.ft.com/content/e8c5cb67-f16b-4790-8617-f142f4dc013a
Pandemic knocks a tenth off incomes of workers worldwide
https://www.ft.com/content/fabd4737-fa29-45ca-ad62-1b04c71d7b6a
Lira sinks even as Turkey spends billions of dollars to prop it up
https://www.ft.com/content/737b5d1a-64d0-4e2d-8ca1-e7bcd4ff4487
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Transcript
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| 0:00.0 | Good morning from the Financial Times. Today is Thursday, September 24th. |
| 0:04.0 | And this is your FT news briefing. |
| 0:07.0 | Brussels is ready to crack down on sweetheart tax deals for big companies and Tik-Tok is asking a federal judge |
| 0:15.2 | to save it from being blocked in the US. Plus Turkey's Lira is down an |
| 0:20.1 | astonishing 20% against the US dollar this year. |
| 0:23.7 | But Turkey Central Bank is in a tough spot when it comes to what it should do and what President |
| 0:28.3 | Resipyep Erdogan wants it to do. |
| 0:30.9 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:37.0 | The European Union agreed to a 750 billion euro recovery fund this summer. |
| 0:45.2 | It took a marathon summit in July, but the block came to a deal to help countries hit |
| 0:49.7 | hardest by coronavirus. And with it comes the opportunity to lay out new reforms like |
| 0:55.4 | cracking down on sweetheart corporate tax deals. EU governments hit by the |
| 0:59.8 | pandemic will get a mixture of grants and loans to support their economies. |
| 1:04.0 | The EU's economics commissioner, Paolojintoloni, recently spoke with the Financial Times. |
| 1:09.0 | He said that he'll be demanding recovery plans that address aggressive tax planning. |
| 1:14.0 | That means multinational corporations and high net worth individuals shouldn't get sweetheart tax deals. |
| 1:20.3 | The EU isn't just hoping countries will do this by themselves. The Commission is going ahead with plans to clamp down on specific tax measures that distort the single market. |
| 1:29.0 | But officials don't expect Brussels to have anything ready until 2021. |
| 1:33.3 | There have been a dizzying number of updates to the Tik-Tok story over the past few weeks. |
| 1:44.1 | It seemed like over the weekend US President Donald Trump would approve an early version of |
| 1:48.5 | a deal between Tik-Tok's Chinese owner bite dance and American Company's Oracle and Walmart. |
| 1:54.1 | But a lot has happened since then. |
... |
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