FT News Briefing Ireland signs on to landmark global corporate tax deal
Oct 8, 2021
Ireland's historic shift to a 15% corporate tax rate marks a significant loss in revenue and aligns with a global agreement. Energy market instability has exacerbated concerns of returning stagflation, impacting economic recovery. Meanwhile, insights from a Facebook whistleblower raise serious doubts about the accuracy of the platform's user metrics, sparking fears about declining engagement among younger audiences. The ripple effects of these developments are felt across markets and investor confidence.
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Ireland Joins Global Tax Deal
- Ireland abandoned its 12.5% corporate tax rate.
- It signed on to a global minimum rate of 15%, costing Ireland about €2 billion.
Energy Market Volatility
- Energy markets were volatile this week, with gas prices fluctuating dramatically.
- Russia's President Putin's intervention played a role in stabilizing, but not lowering, the elevated prices.
Facebook's User Metrics
- Frances Haugen's report alleges Facebook misleads investors and advertisers about its user numbers, overestimating user reach.
- Advertisers might not be bothered, but this discrepancy does impact key metrics like average revenue per user and could lead to a misrepresentation of the company's actual standing.