FT News Briefing US backs out of tech tax talks, PE’s spending spree, Hertz halts share sale
Jun 18, 2020
The US has pulled out of global tax talks with Europe for tech companies, raising concerns among nations. Meanwhile, private equity firms are on a buying spree, defying pandemic trends. Hertz faces a setback by halting its $500 million stock sale. Edward White discusses how Trump's foreign policy is straining America's ties with Asian countries, highlighting ongoing tensions with North Korea and the complex dynamics of India-China border conflicts.
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Tech Tax Showdown
- The US and Europe disagree on taxing tech giants like Google and Apple.
- Europe wants to tax profits made in their market, but the US resists, threatening tariffs.
Private Equity Spree
- While other companies cut spending, private equity firms are on a buying spree.
- Top PE firms spent over $40B since March, a third of 2019's last quarter.
Hertz Brakes Share Sale
- Hertz halted its $500M share sale after SEC scrutiny during bankruptcy.
- The SEC reviewed filings after Hertz stock surged despite warnings of low share value.