Latest news with #MathieuBelanger
Japan Today
a day ago
- Business
- Japan Today
G7 agrees to avoid higher taxes for U.S. and UK companies
FILE PHOTO: A man walk past the G7 members flags at the Manoir Richelieu before the G7 Foreign Ministers summit in La Malbaie, Quebec, Canada March 12, 2025. REUTERS/Mathieu Belanger/File Photo By Harshita Meenaktshi, Bipasha Dey and Promit Mukherjee 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. UK businesses are also spared higher taxes after the removal of Section 899 from President Donald 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," finance minister Rachel Reeves said in a statement, adding that more work was need 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. © Thomson Reuters 2025.
Straits Times
a day ago
- Business
- Straits Times
G7 agrees to avoid higher taxes for US companies
FILE PHOTO: A man walk past the G7 members flags at the Manoir Richelieu before the G7 Foreign Ministers summit in La Malbaie, Quebec, Canada March 12, 2025. REUTERS/Mathieu Belanger/File Photo 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. 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. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
17-06-2025
- Automotive
- Straits Times
Canadian Grand Prix to stay on F1 calendar through 2035
FILE PHOTO: Formula One F1 - Canadian Grand Prix - Circuit Gilles Villeneuve, Montreal, Quebec, Canada - June 15, 2025 Formula One Group CEO Stefano Domenicali ahead of the race REUTERS/Mathieu Belanger/File Photo The Canadian Grand Prix in Montreal will stay on the calendar through 2035 after agreeing a four-year extension to the existing deal, Formula One said on Tuesday. The contract renewal also includes a long-term extension to Bell Media's media rights deal, the Liberty Media-owned sport added. Last weekend's grand prix at the Circuit Gilles Villeneuve was the 54th edition since the race first featured in the championship in 1967. The Montreal track, named after the late Ferrari great and father of 1997 world champion Jacques, became the permanent host in 1978. "I would like to thank the promoter, Octane Racing Group, for their continued efforts in upgrading this iconic venue in recent years, and all local, regional, and national political stakeholders who have worked closely together to make this event what it is today," said F1 chief executive Stefano Domenicali. The race's previous contract extension was to 2029 but two of those years (2020 and 2021) were during the COVID-19 pandemic when Formula One did not visit and the deal was extended to 2031. Next year's race will be held earlier than previously with a new May 24 slot after switching with Monaco and aligning more closely with Miami. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
15-06-2025
- Automotive
- The Star
Motor racing-F1 leader Piastri stays positive amid damage limitation talk
Formula One F1 - Canadian Grand Prix - Circuit Gilles Villeneuve, Montreal, Quebec, Canada - June 13, 2025 McLaren's Oscar Piastri during practice REUTERS/Mathieu Belanger MONTREAL (Reuters) -Formula One leader Oscar Piastri stayed hopeful after a qualifying session that had McLaren boss Andrea Stella talking of damage limitation in Sunday's Canadian Grand Prix. The Australian will start from third on the grid with teammate Lando Norris, 10 points behind in the standings after nine of 24 races, back in seventh. Mercedes' George Russell took pole position and Red Bull's Max Verstappen, winner for the past three years, joined him on the front row in a repeat of 2024's qualifying top two at Montreal's Circuit Gilles Villeneuve. "Our pace on race days is generally where we're strong," Piastri, winner of five races this season and bidding to become the first Australian to take six in a single campaign, told a news conference. "These two next to me were very quick in the race runs yesterday, so it's certainly not going to be a slam dunk win, but I think we're definitely in the fight." The session, a gift for those talking up bad blood between Russell and Verstappen after a headline clash in Spain between the pair, left McLaren off the pace for once in a scrappy session. It was the first time Mercedes had taken pole this season. "The picture changes completely for the race, that's what we have to focus on," Stella told Sky Sports television. "I think in terms of race pace we should be a bit more comfortable but let's see. This weekend could be one of damage limitation." Norris will certainly have a battle on his hands to get onto the podium. "(I made) a couple of big mistakes, one hitting the wall on the last lap on the exit of turn seven and also the first lap at the final corner. Mistakes that cost me," he said. "We have not been as quick as usual, and it was maybe not the car to take pole position, but it should have been enough for the top three. "It is a very easy track to push 1% too much, and pay the price, and that's what happened today. A podium will be tough because we don't have the pace we have had of the past few races." (Reporting by Alan Baldwin, editing by Ed Osmond)
The Star
14-06-2025
- Automotive
- The Star
Motor racing-Russell puts Mercedes on pole in Canada with Verstappen alongside
Formula One F1 - Canadian Grand Prix - Circuit Gilles Villeneuve, Montreal, Quebec, Canada - June 14, 2025 Mercedes' George Russell during qualifying REUTERS/Mathieu Belanger
