OECD says deal reached on global minimum corporate tax rate

Pedestrian dies Friday after being hit by car near Colfax Ave. and Speer Blvd. in Denver

A pedestrian died Friday after being hit by a car at Colfax Avenue and Speer Boulevard in Denver, police tweeted.

The pedestrian, only identified as an adult male, had been transported to the hospital earlier Friday with serious injuries, authorities said. The driver remained on scene.

Police are investigating what led to the fatal crash.

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A Sweet Goodbye to Pepper and Tomato Season

Stewed into a weeknight chicken dish, these vegetables become jammy, rich and so silky.


By Melissa Clark

21-acre fire outside Colorado Springs forces evacuations

Residents northeast of Colorado Springs are under evacuation orders due to a 21-acre fire, the El Paso County Sheriff’s Office said Friday afternoon on Facebook.

There’s a mandatory evacuation order for residents in a two-mile radius of the 19000 block of Birdseye View in Peyton, Michael Smaldino, a Colorado Springs Fire Department spokesman, said in a video briefing. An additional one-mile radius is under pre-evacuation orders.

The Birdseye Fire, as authorities are calling it, started in a structure and moved from there into wildland, Smaldino said.

 

States suffer power cuts as coal stocks shrink

50% units left with below 3-day stocks

North Indian states have suffered electricity cuts and face further outages because of a lack of coal, an analysis of government data and interviews with residents found, contradicting government assurances there is enough power.

The shortages in India — the world’s largest coal consumer after China — follow widespread outages in China,which has shut factories and schools to manage the crisis.

Over half of India’s 135 coal-fired power plants, which in total supply about 70% of India’s electricity, have fuel stocks of less than three days, data from the federal grid operator showed. The Power Ministry did not immediately respond to a request for comment.

On Wednesday, a section of the media quoted Power Minister R. K. Singh as saying, “There is nowhere that we have not been able to supply the quantity of power demanded.”

Quidel Up 6% On Q3 Preliminary Results

Shares of rapid diagnostic testing solutions provider Quidel Corp. (QDEL) are up 6 percent on after-market trading on Thursday as the company reported preliminary results for the third quarter.

The company expects third quarter total revenues in the range of $505 million to $510 million, up 6-7 percent from $476.1 million recorded in the same period last year.

In the third quarter, the company shipped over 45 million SARS tests, up 135 percent from a year ago quarter. COVID-19 revenues for the third quarter of 2021 are expected to be approximately $406 million, up from $375.7 million for the third quarter of 2020.

QDEL ended Thursday’s trade at $136.21, up $0.97 or 0.72% on the NYSE.

Oil Heading For Seventh Weekly Gain

Oil prices rose on Friday and headed for a seventh weekly gain, the longest run since December, after the U.S. Department of Energy stated that the Biden administration is not considering tapping into its emergency reserves to tackle the energy crisis in the market.

Benchmark Brent crude futures jumped 0.8 percent to $82.57 a barrel in European trade as a global energy crunch roils markets from Europe to Asia. West Texas Intermediate Crude oil futures were up 0.8 percent at $78.94.

The U.S. Energy Department stated that the agency is not considering release crude oil from its reserves, easing concerns that higher prices could be met with emergency supply.

OPEC+ stuck with a gradual boost in supply next month despite surging demand and tight supply conditions.

A supply disruption in the Gulf of Mexico following Hurricane Ida had already tightened the market before rising natural gas prices spurred additional demand for oil products like diesel and fuel oil.

While Russia offered to ease Europe’s natural gas crisis, China is still facing power outages.

Pre-market Movers: MIC, ALLO, EFTR, CEI, SNDL…

The following are some of the stocks making big moves in Friday’s pre-market trading (as of 6.30 A.M. EDT).

In the Green

eFFECTOR Therapeutics, Inc. (EFTR) is up over 25% at $14.43

Camber Energy, Inc. (CEI) is up over 20% at $2.14

Sundial Growers Inc. (SNDL) is up over 13% at $0.74

4D pharma plc (LBPS) is up over 12% at $7.36

Momentive Global Inc. (MNTV) is up over 10% at $23.97

Vaxart, Inc. (VXRT) is up over 8% at $7.67

Quidel Corporation (QDEL) is up over 6% at $145.00

Oatly Group AB (OTLY) is up over 6% at $15.71

In the Red

Macquarie Infrastructure Corporation (MIC) is down over 91% at $3.53

Allogene Therapeutics, Inc. (ALLO) is down over 38% at $15.00

ChemoCentryx, Inc. (CCXI) is down over 8% at $18.00

OECD says deal reached on global minimum corporate tax rate

Paris: A global deal to ensure big companies pay a minimum tax rate of 15 per cent and make it harder for them to avoid taxation has been agreed by 136 nations, the Organisation for Economic Co-operation and Development said on Friday.

The OECD said four countries – Kenya, Nigeria, Pakistan and Sri Lanka – had not joined the agreement.

OECD Secretary-General Mathias Cormann said it was a “major victory”.Credit:AP

“Today’s agreement will make our international tax arrangements fairer and work better,” OECD Secretary-General Mathias Cormann said in a statement.

“This is a major victory for effective and balanced multilateralism.”

The OECD said that the minimum rate would see countries collect around $US150 billion ($205 billion) in new revenues annually while taxing rights on more than $US125 billion of profit would be shifted to countries where big multinationals earn their income.

More to come

Reuters

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