FT News Briefing EU to crack down on sweetheart corporate tax deals, TikTok injunction, Turkey central bank
Sep 24, 2020
Brussels is intensifying its efforts to eliminate sweetheart tax deals for corporations in the EU. TikTok battles to avoid a download ban in the U.S., navigating complex ownership disputes involving major American corporations. Meanwhile, the pandemic has significantly slashed global worker incomes by over $3.5 trillion. In Turkey, despite massive government spending, the lira is struggling as the country faces a tricky balance between economic growth and currency stability.
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EU Tax Crackdown
- The EU aims to curb aggressive tax planning by multinationals and wealthy individuals.
- This is part of the €750 billion recovery fund deal.
TikTok Injunction
- TikTok seeks an injunction against the U.S. Commerce Department's app store ban.
- The injunction aims to halt the ban while ownership disputes are resolved.
Lira's Struggle
- Turkey's lira faces pressure despite improving GDP outlook due to credit-fueled growth policies.
- This policy creates a current account deficit, inflation, and a weak currency.