FT News Briefing Markets rise on White House transition, France taxes US tech giants, bank dividends
Nov 25, 2020
US stocks hit record highs amid investor optimism following the election. Meanwhile, France is enforcing digital taxes on American tech giants, stirring tensions over trade practices. Eurozone banks may soon resume dividend payouts if their financials are solid, thanks to potential ECB support. On a cultural note, Japan faces hurdles in digitalizing its bureaucracy, largely due to the deep-rooted significance of traditional hanko stamps.
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Market Rally
- US stocks hit record highs due to a smoother White House transition and positive vaccine news.
- Investors view Janet Yellen as a safe choice for Treasury Secretary due to her experience and reputation.
Bank Dividends
- The ECB may allow Eurozone banks to resume dividend payments in 2021 if their balance sheets are strong.
- This comes after a dividend ban imposed in March due to pandemic-related financial instability.
French Digital Tax
- French tax authorities demand millions from US tech giants like Facebook and Amazon for 2020.
- This follows stalled OECD talks on a global digital tax solution, with the US suspending involvement.