Share Buybacks Boost Share Prices

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In the US, President Joe Biden plans to sign a $700 billion spending bill into law this week. The inflation reduction act is aimed at the climate, health care, and lowering the deficit. It also raises corporate taxes - including a new 1% tax on share buybacks. Mexico's president wants to shake up his country's beer industry.

Saudi Arabia has agreed to renew a three billion dollar deposit at Pakistan’s Central Bank, Saudi Aramco reported record profits, and an expected US tax on stock buybacks isn’t expected to have a big impact on earnings. Plus, Mexico’s president wants beer makers in the north to cut back due to the region’s drought.

Mentioned in this podcast:

Saudi Arabia renews $3bn deposit to Pakistan

Saudi Aramco hits fresh profit record as high energy prices deliver windfall

Meet the new taxes

Mexico president calls time on brewing as drought intensifies

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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