CTV National News: Notable omissions from G7 finance ministers' joint statement
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While G7 finance ministers were able to reach a joint statement, the communique has some notable omissions. Rachel Aiello explains.
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Globe and Mail
3 hours ago
- Globe and Mail
G7 agrees to exempt U.S. companies from higher taxes
The United States and the Group of Seven nations have agreed to support a proposal that would exempt U.S. companies from some components of an existing global agreement, the G7 said in a statement on Saturday. The group has created a 'side-by-side' system in response to the U.S. administration agreeing to scrap the Section 899 retaliatory tax proposal from President Donald Trump's tax and spending bill, it said in a statement from Canada, the head of the rolling G7 presidency. The G7 said the plan recognizes existing U.S. minimum tax laws and aims to bring more stability to the international tax system. Opinion: The G7 is dead – time to move on to the G6 U.K. businesses are also spared higher taxes after the removal of Section 899 from Mr. Trump's tax and spending bill. Britain said businesses would benefit from greater certainty and stability following the agreement. Some British businesses had in recent weeks said they were worried about paying substantial additional tax due to the inclusion of Section 899, which has now been removed. 'Today's agreement provides much-needed certainty and stability for those businesses after they had raised their concerns,' Britain's finance minister Rachel Reeves said in a statement, adding that more work was needed to tackle aggressive tax planning and avoidance. G7 officials said that they look forward to discussing a solution that is 'acceptable and implementable to all.' In January, through an executive order, Trump declared that the global corporate minimum tax deal was not applicable in the U.S., effectively pulling out of the landmark 2021 arrangement negotiated by the Biden administration with nearly 140 countries. He had also vowed to impose a retaliatory tax against countries that impose taxes on U.S. firms under the 2021 global tax agreement. This tax was considered detrimental to many foreign companies operating in the U.S.
Toronto Sun
6 hours ago
- Toronto Sun
KINSELLA: Digital Services Tax a bad idea concocted by Trudeau gang
And PM Mark Carney pushing ahead with the tax has prompted U.S. President Donald trump to retaliate (L/R) US President Donald Trump looks on as Canadian Prime Minister Mark Carney tells the press they are not taking questions, following their one on one meeting and before the expanded bilateral meeting during the Group of Seven (G7) Summit at the Pomeroy Kananaskis Mountain Lodge in Kananaskis, Alberta, Canada on June 16, 2025. (Photo by Brendan SMIALOWSKI / AFP) (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images) Swing, batter! This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Full disclosure and I confess: I campaigned for the Democrats. Now, not every Democrat lacks a soul. Many of them are decent. But quite a few of them, as recent events make clear, have become willing hostages of Jew-hating, democracy-destroying, Hamas-fetishizing crypto-Nazis. As a volunteer on Democratic presidential campaigns – for Hillary Clinton in 2016, Joe Biden in 2020 and Kamala Harris in 2024 – I was on the team that played against Donald Trump several times. In so doing, I learned three important things. One, Trump campaigned on killing free trade, and he's doing just that. He's got a mandate to kill free trade, in fact, from 77 million registered voters. Two, he may have written a book called The Art of the Deal, but he never, ever does a deal where he doesn't come out on top. Ever. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Three, he loves making the elites look bad. Those are the guiding principles in Donald Trump's political career, and – along with my friends Hillary, Joe and Kamala – I've never forgotten them. Despite his penchant for fibbing, Trump is pretty transparent about the big picture stuff. He is who he is. (Unfortunately.) Read More Which brings us to Friday afternoon, and Prime Minister Mark Carney learning the above-noted Trump Truisms ™ the hard way. It's unclear, at this point, whether Carney's political popularity is going to take a hit. But there's no doubt that the Liberal Leader has just experienced his first major policy and political failure. This advertisement has not loaded yet, but your article continues below. On Friday afternoon, Trump posted this on his Truth Social platform: 'We have just been informed that Canada, a very difficult Country to TRADE with, including the fact that they have charged our Farmers as much as 400% Tariffs, for years, on Dairy Products, has just announced that they are putting a Digital Services Tax on our American Technology Companies, which is a direct and blatant attack on our Country. They are obviously copying the European Union, which has done the same thing, and is currently under discussion with us, also. Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately. We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period. Thank you for your attention to this matter!' This advertisement has not loaded yet, but your article continues below. Here we go again. Next stop: yet more '21st state' talk and Mike Myers pep talks. A screenshot from video posted to social media of Mike Myers, left, and Mark Carney. Photo by @MarkJCarney / X What's the 'Digital Services Tax,' you ask? Well, it's an attempt to squeeze revenue out big online service providers like Meta or X or TikTok. It's a tax grab, yes, first concocted by the Trudeau gang about a year ago. It was always a bad idea, as my colleague Brian Lilley has detailed in a kajillion opinion columns, because (a) the online elf-lords were simply going to pass along the cost of the tax to Canadian consumers, (b) it was going to create lots of red tape and government bureaucracy, and (c) it was going to place Canadian exports at risk, because the Americans had repeatedly said they were going to retaliate. And now, Donald has. Tariffs, back. Trade deal, gone. This advertisement has not loaded yet, but your article continues below. Carney wanted a shiny new trade pact with Trump, which was never going to happen. Carney somehow convinced himself it could and would, however. So he sent off secret teams to negotiate with the Trump administration, and side-stepped assorted Trump landlines – unlike his predecessor, who had a talent for landing on them. The American media was impressed – over on CNN , Christiane Amanpour gushed that Carney was 'the Trump whisperer.' RECOMMENDED VIDEO Well, actually, no. Not even The Donald's immediate family are 'Trump whisperers.' And so, now, we are back to square one, with Trump attacking us, lying about our trade practices, and threatening even more tariffs. Carney, meanwhile, has become the George Brett of politics – terrific at hitting the ball, but marooned for eternity on third base. Like the retired Kansas City Royal, Carney was so close but oh so far. Is it game over? With Trump, it's impossible to predict. One thing is for sure: next time Mark Carney steps up to bat, he'd be well-advised to remember the Trump Truisms ™ up above. And who knows? Next time he might even get to home base. NHL Sunshine Girls Toronto Raptors Sunshine Girls Canada
Globe and Mail
9 hours ago
- Globe and Mail
Bold Prediction: 2 Bank Stocks That Will Be Worth More Than JPMorgan Chase 20 Years From Now
JPMorgan Chase (NYSE: JPM) is a massive financial institution with more assets than any other U.S. bank and an $804 billion market cap. To be perfectly clear, it is a remarkable business with fantastic leadership. Having said that, while I think JPMorgan Chase will continue to grow over the coming years, I don't necessarily think it will be on top of the industry forever. While there's no way to know what the banking industry or U.S. economy will look like in a couple of decades, there are some companies that have massive opportunities and the potential to grow rapidly. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More » I realize this is a bold prediction. There's a lot that needs to go right for any other bank stock to get close to JPMorgan Chase's market cap. But if we're looking at a time frame of 20 years, these two have a better chance than many experts think. A highly profitable bank with some interesting possibilities As of this writing, Capital One (NYSE: COF) has a $135 billion market cap, so it would have to outpace JPMorgan Chase by about 500% to overtake it. But in a 20-year period, that's certainly within the realm of possibilities. For one thing, Capital One doesn't necessarily need to grow its business to the size of JPMorgan Chase. Because of its credit card and auto lending focus, Capital One has far better net-interest margins. The bank has done an excellent job of innovating and is the third-largest player in the credit card industry with about $850 billion in credit card purchase volume last year. But after its recent acquisition of Discover, it has the number one share in credit card loans. Over the past decade alone, Capital One's credit card spending volume has more than tripled, so there's excellent growth momentum here. Furthermore, Capital One has about $470 billion in total deposits, about one-fourth of what JPMorgan Chase has today. Capital One has done an excellent job of not only modernizing the branch-based banking experience but has also been the first major bank to offer high-yield deposit products to branch customers. I could see its deposit growth outpacing its big-bank competitors over the coming years. Finally, one factor that could help catapult Capital One to the next level is that it is now the only large U.S. consumer-facing bank to have its own payment network. At first, this will be mostly useful to avoid paying companies like Visa and Mastercard interchange fees on its own card products, but over time there could be interesting possibilities to build out the Discover network as a truly competitive alternative to the payment-processing giants. An app that could replace your bank, broker, and more The Capital One prediction is certainly bold, but there's a clear path to get there, especially if the Discover network truly gains traction as a globally competitive payment network. But this next one is admittedly a bit of a stretch. SoFi (NASDAQ: SOFI) has a market cap of about $18.4 billion today, which means that JPMorgan Chase is roughly 44 times as valuable. But if SoFi can keep its momentum going, grow its brand recognition, and continue to build out its ecosystem, it could be a massive long-term winner. Management has said that the goal is to become a top 10 financial institution, which would require it to grow more than 10X from its current asset size, so the bank's leadership team is certainly aiming high. While other personal finance apps aim to do one or two things better than traditional banks, such as offering high-yield savings accounts or a stock-trading platform, SoFi is building a true bank replacement. The ultimate goal is for SoFi to be able to do everything your current bank, brokerage, insurance agent, and other financial services businesses do -- all in one app and better than the legacy providers. The company's growth momentum has been impressive to say the least. Its membership base has tripled over the past three years, and SoFi (which only received a banking charter in 2022) has grown its deposit base from zero to $27 billion. There are several major catalysts that could take SoFi to the next level. The third-party loan platform is one big example that is growing fast. It's where SoFi originates loans on behalf of third-party partners and makes applicant referrals, generating a low-risk stream of fee income from the massive personal loan industry. SoFi's home loan business is another example. Even in a terribly slow real estate market with elevated interest rates, SoFi originated nearly six times the home loan volume in the first quarter than it did two years ago. With Americans sitting on more equity ($35 trillion) and pent-up home-buying demand than ever, this could be a massive opportunity. Cryptocurrency is a recent development that could bring more customers into SoFi's ecosystem. The bank recently announced that not only will it be bringing crypto trading back to its app by the end of the year but will use blockchain technology to facilitate cross-border money transfers quicker and more cost effectively than peers, and this is a $93 billion market. These are meant to be bold predictions As a final thought, keep in mind that these are meant to be two bold predictions. There's a lot that would need to go well for either of these companies to overtake JPMorgan Chase's position as the most valuable U.S. bank. It's possible, but it's not especially likely. However, even if JPMorgan Chase remains the largest U.S. bank in two decades, that's OK. These are two well-run banks with massive market opportunities, and I'm quite confident that they'll deliver strong returns for investors over the long term. I own both in my personal stock portfolio and can't wait to watch their next chapters unfold. Should you invest $1,000 in Capital One Financial right now? Before you buy stock in Capital One Financial, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Capital One Financial wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $704,676!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $950,198!* Now, it's worth noting Stock Advisor 's total average return is1,048% — a market-crushing outperformance compared to175%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 23, 2025 JPMorgan Chase is an advertising partner of Motley Fool Money. Matt Frankel has positions in Capital One Financial and SoFi Technologies. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool recommends Capital One Financial. The Motley Fool has a disclosure policy.
