130 countries have officially signed on to implement sweeping new global taxation rates for corporations.
The changes have gained momentum in recent months following U-S President Joe Biden’s push to action the changes and get other nations onboard.
Countries including India, China and Switzerland have all agreed to the new broad framework that was drafted by the Organization for Economic Cooperation and Development.
The OECD also says a group of 20 finance ministers will sign an agreement in principle next week at a summit in Venice.
The overhauls, which could be implemented as soon as 20-23, will prevent tax avoidance by multinational companies by enforcing a minimum global tax rate of at least 15-percent.
The new measures will also give smaller countries more tax revenue from foreign firms.
Some nations who have not yet signed onto the agreement include Hungary and Ireland – countries that have both previously attracted businesses due to their low tax rates.
The US Treasury Secretary says it is “an historic day for economic diplomacy.”
She says “in the United States, this agreement will ensure that corporations shoulder a fair share of that burden.
The Treasury secretary believes…we have a chance now to build a global and domestic tax system that lets American workers and businesses compete and win in the world economy.”
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In Short:
– Sendle has unexpectedly ceased operations, leaving small businesses without courier services and cancelled pickups.
– Customers are frustrated and searching for alternatives, while competitor firms are reaching out to fill the gap.
Aussie courier service Sendle has ceased operations unexpectedly, affecting many small businesses that relied on its services. Announced via email on January 11, the company warned customers that existing parcels would be delivered at the “discretion of the delivery partner.”
Additionally, all scheduled pickups from January 12 were cancelled.
Customers have been left confused and frustrated, lacking guidance on how to fulfill orders.
Sendle expressed regret for the disruption but did not provide a detailed explanation for the closure. A banner on their website confirmed the halt in services, with social media accounts disabled and customer inquiries no longer being monitored.
The shutdown comes as Sendle had recently merged with US logistics firms to create FAST Group, but that merger has now reportedly unraveled due to financial issues.
Small business owners, many of whom had turned to Sendle for better pricing compared to competitors like Australia Post, are now scrambling to find alternative delivery options.
Unexpected Closure
Many business owners shared their experiences on social media, highlighting the immediate need to find new courier services. One owner reported significant losses and mentioned having to repackage orders that were scheduled for shipment.
The collapse of Sendle has raised concerns about job losses, though the company has not disclosed the number of affected employees.
Competitors have begun reaching out to small businesses in response to the demand created by Sendle’s sudden exit from the market.
Aramex Australia says it “is aware that Sendle has halted all bookings for parcel pick-ups and deliveries in Australia with immediate effect. Aramex recognises that this development may create uncertainty for businesses that rely on Sendle to ship their goods.”
“While Aramex cannot comment on the specific circumstances surrounding Sendle’s operations, we are ready to support e-comm and B2B businesses that are seeking an alternative courier partner moving forward. Aramex has the infrastructure, global network, national coverage and local franchise expertise in place to assist customers who need ongoing delivery services without disruption. Our priority is providing certainty, reliability and continuity of service for Australian businesses.”
“Sendle is a tech platform that has enabled business customers to book courier services. Aramex has a long history of delivering for Sendle customers. Aramex operations continue as normal, providing reliable courier services to our customers.”
UK, Canada, Australia discuss banning Elon Musk’s X over AI tool Grok’s potential for misuse; regulatory action may follow.
Downing Street has opened talks with Canada and Australia about a possible ban on Elon Musk’s social media platform, X. Concerns are growing over the platform’s AI tool, Grok, which could be misused to generate explicit images.
The scrutiny comes as government officials, including Sir Keir Starmer, voice serious worries about the platform’s impact and the potential for harm. Officials believe coordinated international action could send a clear message to Musk about the urgency of addressing these risks.
Ofcom is expected to release recommendations soon, potentially paving the way for regulatory action. How Musk responds could determine whether X faces restrictions in multiple countries.
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Trump to discuss US responses to Iran protests with officials, including sanctions and military action options.
President Donald Trump is set to meet with senior US officials to discuss possible responses to the growing protests in Iran. The talks will focus on how Washington should react as unrest continues to spread across the country.
Options on the table reportedly include tougher sanctions and the possibility of military action. Secretary of State Marco Rubio and other top officials are expected to attend, as concerns mount over how US involvement could impact regional stability.
Iran has warned it will retaliate if the US intervenes, raising fears that any move by Washington could sharply escalate tensions in the Middle East.
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