Good morning from the Financial Times. Today is Thursday, April 8th, and this is your FT news briefing.

The biotech company behind the Oxford AstraZeneca vaccine has filed for an initial public offering,

and a European privacy activist says Google is illegally tracking users on their Android phones.

But first, we'll tell you about the grand bargain the Biden administration has just offered other countries,

and the hopes they'll agree to a global corporate minimum tax. We'll talk about what's on the table.

A Mark Filipino, and here's the news you need to start your day.

We have exclusive details of the Biden administration's efforts to create a global minimum corporate tax.

It's part of the White House's plan to raise domestic US corporate taxes to fund its infrastructure spending plan.

On Wednesday, US Treasury Secretary Janet Yellen told World Leaders that the US was ready to share some taxing rights

on the world's most profitable companies if they'll support the tax proposal.

The FT's Washington Bureau Chief James Pleady says this is a big break from the past.

The US administration is making a new offer to basically 135 countries that are negotiating a global deal on the taxation of multinational companies.

And those negotiations have been stuck for a long time. They were stuck under the Trump administration,

and the US is now trying to revive them.

And Janet Yellen is essentially saying other countries could be allowed to tax multinationals,

including US multinationals like the large US tech companies,

based on their global profits according to how much business they do in a certain country.

And that's quite a breakthrough, because until now some of the largest US tech companies have been able to shift their profits around in a way that avoids taxes

in certain jurisdictions, like certain European countries, like France and Italy and others.

So James, this actually sounds a little bit like a concession.

Is this going to hit big US tech companies, the Facebook's, the Google's, the Amazon's,

and will they support this? Will they get behind this?

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