Latest news with #G7Nations
Globe and Mail
28-06-2025
- Business
- 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.
CNA
17-06-2025
- Politics
- CNA
G7 expresses support for Israel, calls Iran source of instability
WASHINGTON: The Group of Seven nations expressed support for Israel in a statement issued late on Monday (Jun 16) and labelled its rival Iran as a source of instability in the Middle East, with the G7 leaders urging broader de-escalation of hostilities in the region. The air war between Iran and Israel – which began on Friday when Israel attacked Iran with air strikes – has raised alarms in a region that had already been on edge since the start of Israel's military assault on Gaza in October 2023. "We affirm that Israel has a right to defend itself. We reiterate our support for the security of Israel," G7 leaders said in the statement. "Iran is the principal source of regional instability and terror," the statement added and said the G7 was "clear that Iran can never have a nuclear weapon." Israel attacked Iran on Friday in what it called a preemptive strike to prevent Tehran from developing nuclear weapons. Since then the two Middle Eastern rivals have exchanged blows, with Iranian officials reporting over 220 deaths, mostly civilians, while Israel said 24 civilians were killed. Iran denies seeking nuclear weapons and has said it has the right to develop nuclear technology for peaceful purposes, including enrichment, as a party to the Nuclear Non-Proliferation Treaty. Israel, which is not a party to the NPT, is the only country in the Middle East widely believed to have nuclear weapons. Israel does not deny or confirm that. The United States has so far maintained that it is not involved in the Israeli attacks on Iran although Trump said on Friday the US was aware of Israel's strikes in advance and called them "excellent". Washington has warned Tehran not to attack US interests or personnel in the region. "We urge that the resolution of the Iranian crisis leads to a broader de-escalation of hostilities in the Middle East, including a ceasefire in Gaza," the G7 statement said, adding the nations were also ready to coordinate on safeguarding stability in energy markets. An Israeli strike hit Iran's state broadcaster on Monday while Trump said in a social media post that "everyone should immediately evacuate Tehran". Separately, US Secretary of State Marco Rubio also discussed the Israel-Iran war in phone calls with his British, French and European Union counterparts on Monday.
Reuters
17-06-2025
- Politics
- Reuters
G7 expresses support for Israel, calls Iran source of instability
WASHINGTON, June 16 (Reuters) - The Group of Seven nations expressed support for Israel in a statement, opens new tab issued late on Monday and labeled its rival Iran as a source of instability in the Middle East, with the G7 leaders urging broader de-escalation of hostilities in the region. The air war between Iran and Israel - which began on Friday when Israel attacked Iran with air strikes - has raised alarms in a region that had already been on edge since the start of Israel's military assault on Gaza in October 2023. "We affirm that Israel has a right to defend itself. We reiterate our support for the security of Israel," G7 leaders said in the statement. "Iran is the principal source of regional instability and terror," the statement added and said the G7 was "clear that Iran can never have a nuclear weapon." Israel attacked Iran on Friday in what it called a preemptive strike to prevent Tehran from developing nuclear weapons. Since then the two Middle Eastern rivals have exchanged blows, with Iranian officials reporting over 220 deaths, mostly civilians, while Israel said 24 civilians were killed. Iran denies seeking nuclear weapons and has said it has the right to develop nuclear technology for peaceful purposes, including enrichment, as a party to the Nuclear Non-Proliferation Treaty. Israel, which is not a party to the NPT, is the only country in the Middle East widely believed to have nuclear weapons. Israel does not deny or confirm that. President Donald Trump planned to leave the G7 summit in Canada early to return to Washington due to the Middle East situation. The United States has so far maintained that it is not involved in the Israeli attacks on Iran although Trump said on Friday the U.S. was aware of Israel's strikes in advance and called them "excellent." Washington has warned Tehran not to attack U.S. interests or personnel in the region. "We urge that the resolution of the Iranian crisis leads to a broader de-escalation of hostilities in the Middle East, including a ceasefire in Gaza," the G7 statement said, adding the nations were also ready to coordinate on safeguarding stability in energy markets. An Israeli strike hit Iran's state broadcaster on Monday while Trump said in a social media post that "everyone should immediately evacuate Tehran." Separately, U.S. Secretary of State Marco Rubio also discussed the Israel-Iran war in phone calls with his British, French and European Union counterparts on Monday. Washington said Trump was still aiming for a nuclear deal with Iran.
Bloomberg
11-06-2025
- Politics
- Bloomberg
Group of Seven Tries to Avoid Trump Conflict by Scrapping Joint Communique
Group of Seven nations won't try to reach consensus on a joint communique at next week's leaders summit in Canada, people familiar with the matter said, an acknowledgment of the wide gulf that separates the US from the other members on Ukraine, climate change and other issues. In place of a single document, G-7 leaders are likely to release standalone joint leaders' statements on various topics, according to the people, who asked not to be identified discussing private deliberations.
Bloomberg
28-05-2025
- Business
- Bloomberg
Falling Russian Oil Prices Drive Exports' Value to Two-Year Low
The value of Russia's crude shipments hit a two-year low in the four weeks to May 25 even as Moscow shrugged off a threat that the G-7 group of nations may tighten the price cap on the country's exports. Flows averaged 3.39 million barrels a day in the four weeks to May 25, tanker-tracking data compiled by Bloomberg show. That was down by just 10,000 barrels a day on the period to May 18. But the gross value of those cargoes was the lowest since April 2023.
