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The U.S. Congress is considering a bill that would enable President Trump to impose retaliatory taxes on countries with digital service taxes targeting American tech firms, potentially increasing tax rates by up to 20%. This measure, part of a broader tax bill, aims to generate an estimated $116 billion over the next decade while raising concerns about long-term foreign investment impacts and signaling a shift from multilateral cooperation to unilateral tax policies.
ANAX Capital has officially launched in the UAE, aiming to provide transparent trading for both retail and professional clients. Founded by Tabinda Sanpal, the firm offers a range of trading products, including forex and commodities, supported by advanced technology and a commitment to client empowerment. With a capital base of Dhs30m, ANAX Capital is poised for international expansion while maintaining a focus on regulatory compliance and community engagement.
Companies globally have incurred over $34 billion in additional costs and lost sales due to tariffs from the Trump administration, with ongoing uncertainty likely to exacerbate the situation. Industries such as automotive and consumer goods are particularly affected, leading to lowered profit forecasts and operational challenges. The ripple effects of these tariffs are expected to impact consumer spending and inflation significantly.
Germany is considering a 10% digital service tax on major tech companies like Google and Facebook, led by Chancellor Friedrich Merz. This proposal aims to address the significant revenue these firms generate in Germany while contributing minimally in taxes, aligning with a global trend of taxing digital giants. However, it may provoke international backlash, particularly from the U.S., which has threatened tariffs against countries imposing such taxes.
Israeli construction tech firm Buildots has secured $45 million in a Series D funding round led by Qumra Capital, bringing its total funding to $166 million. The investment will enhance its AI-driven platform for predictive analytics, aimed at improving project timelines and costs. With plans to expand in North America by 2025, Buildots is partnering with major contractors and capitalizing on the growing demand for AI solutions in the construction sector, particularly amid labor shortages and supply chain challenges.
Shinhan Financial Group Chair Jin Ok-dong engaged in high-level discussions with Goldman Sachs executives in Europe to enhance collaboration in wealth management and investment banking. The meetings, part of a weeklong investor relations tour, focused on strategies for cross-border asset management and sustainable profit models in the Korean market. Jin also outlined Shinhan's financial targets and explored growth opportunities in Poland's energy, infrastructure, and defense sectors.
Scott Galloway criticized Elon Musk's actions during the Trump administration, labeling them as "one of the greatest brand destructions" for Tesla. He noted that Musk's alignment with Trump supporters alienated Tesla's core electric vehicle customers, leading to a significant drop in the brand's reputation and sales across Europe. By April, Tesla reported a 71% decline in profits, prompting Musk to announce a reduction in his government role.
Elon Musk has declared a return to a "24/7" work schedule across his companies following a significant outage at his social media platform, X, which affected users globally. This shift comes as he aims to focus on X, xAI, and Tesla, while scaling back his involvement with Dogecoin to just a couple of days a week. Amid rising investor concerns and operational challenges, Musk also plans to reduce political donations, responding to backlash that has impacted Tesla's performance.
TJX Companies, an off-price apparel and home fashions retailer, saw its stock sold at an average price of $123.53, totaling $988,240. Institutional investors own 91.09% of the company, with analysts raising the price target to $147.00, indicating a potential upside. The company reported a quarterly revenue of $13.11 billion, surpassing estimates, and earnings per share of $0.92.
Geneos Wealth Management Inc. increased its stake in TJX Companies to 8,201 shares valued at $999,000, while Belpointe Asset Management LLC and Intech Investment Management LLC also boosted their holdings significantly. Analysts maintain a "Moderate Buy" rating for TJX, with a price target of $140.00 from Morgan Stanley, indicating potential upside. The company reported a revenue increase of 5.1% year-over-year, with earnings per share of $0.92, surpassing expectations.
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us bill targets foreign digital taxes on tech firms with retaliatory measures
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