🍀 Big Tech's luck runs out

You don't get to 2.9 billion friends without making a few enemies | Janet chimes in |

Hi Reader, here's what you need to know for June 8th in 3:11 minutes.

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Today's big stories

  1. The world’s leading developed nations reached a deal that’ll help countries collect more taxes from multinationals
  2. There are three simple strategies you can use to profit from the forex market right now – Read Now
  3. The US Treasury Secretary spoke in favor of higher interest rates, which might've added to investors’ nerves

Holy Trap

Holy Trap

What’s Going On Here?

The world’s seven leading developed nations agreed to raise taxes on multinational companies over the weekend, and even Big Tech might struggle to escape this one…

What Does This Mean?

After plenty of discussion, the G7 agreed on a new deal that calls for a tax rate of at least 15% on multinationals. More importantly, it’ll tax them in the countries where they actually make money, not just where they’re headquartered (tweet this). That’ll help stop companies evading billions in tax by moving profits to places with favorable policies. We’re looking at you, Ireland.

But before you get too excited about sticking it to the untouchables, it’s worth pointing out that this deal has a long way to go. It still needs to be approved by the G20 next month, as well as by the 139 countries involved in talks with another major economic organization, the OECD.

Why Should I Care?

For markets: This is Big Tech’s big tax.
Major tech companies make money in multiple countries, but they’ve only ever had to pay taxes where they’re based – a contradiction Britain, France, and Italy have tried to resolve with their own digital services taxes. But this deal will see the 15% tax rate applied to all profits, including those the multinationals make from online sources. So that inevitably means higher tax bills and lower profits for the likes of Amazon, Google-parent Alphabet, and Facebook.

Zooming in: Alphabet’s got fine written all over it.
It’s not a great start to the week for Alphabet, which was just hit with a $267 million fine by France for abusing its dominance in the online advertising market. The tech giant quickly agreed to pay the fine, and promised it’d change the way its online ads business works around the world. Of course, that fine was probably pocket change compared to the money the rule-break brought in, which might be why the news came and went without a hiccup in Alphabet’s share price.

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2. Analyst Take

Three Simple Strategies For Cracking The Forex Market

What’s Going On Here?

The forex (FX) market is a massive market – not to mention an “inefficient” one where, as I pointed out in my last Insight, a lot of money is up for grabs.

And it’s not that hard to claim your own share of that pot. In fact, there are three simple strategies you can use to do just that.

Each strategy is built on a different rationale. One of them, for example, works because currency prices tend to trend in one direction over time.

Another, because returns from higher-yielding currencies – that is, those that have higher interest rates as set by their central banks – tend to outperform lower-yielding currencies.

So that’s today’s Insight: three simple ways you can take advantage of this inefficient market.

Read or listen to the Insight here

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Backseat Driver

Backseat Driver

What’s Going On Here?

America’s top financial official – and the former head of its central bank – had a message for her successor on Sunday: higher interest rates could actually be good for the country’s economy.

What Does This Mean?

Plenty of investors are concerned that the US Federal Reserve might soon start unwinding pandemic-driven economic support measures, including the rock-bottom interest rates that make borrowing super cheap. But the Fed’s former head honcho – now US treasury secretary – said in an interview over the weekend that higher interest rates might not be so bad.

After all, the US president’s $4 trillion spending plan should provide a long-term boost to the American economy. And if higher inflation – and therefore higher interest rates – are the short-term result, it may be a price worth paying. Higher rates would also give the central bank more firepower in the event of an economic slump: it could lower them again to encourage more activity if it needed to.

Why Should I Care?

For markets: Insider information?
If the current head of the Fed had uttered these comments, we’d be witnessing a bond market selloff similar in scale to 2013’s “taper tantrum”. Thankfully, the US treasury secretary holds no sway over the country’s central bank. Still, her knowledge of its inner workings is arguably unparalleled among outsiders, and if the Fed’s top brass today are thinking along the same lines, investors might be confronted with interest rate rises sooner than expected.

Zooming out: The chips are still down.
One of the biggest questions for the Fed right now is whether high US inflation is a fleeting thing, driven by temporary factors like shortages of the microchips used in many consumer tech products. But that one might not be so temporary after all: one of the world’s biggest electronics manufacturers warned on Sunday that the global undersupply could last until 2023.

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💬 Quote of the day

“Health is not simply the absence of sickness.”

– Hannah Green (an American author)
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😎 Profits? Sure. Principles? Yes please.

We all want to invest in what we believe is right, but is it possible to also make a profit? Join Utor Wealth’s CEO for How To Make Your Own Investing Rules on June 9th, and find out why you can have both profits and principles.

🤔 How To Understand Fundamental Analysis: 5pm UK time, June 8th
😎 How To Make Your Own Investing Rules: 5pm UK time, June 9th
🛒 How To Not Get Lost In Supermarket Stocks: 6pm UK time, June 10th
💰 How To Get Yield From Crypto: 12pm NYC time, June 14th
💡 How To Build A Robust Portfolio: 5pm UK time, June 15th
💵 How To Bet On The Rise Of Open Banking Payments: 1pm UK time, June 16th
🤑 How To Earn A Passive Income From Crypto: 12pm NYC time, June 24th
🌿 Why Now’s The Time To Invest In Cannabis: 6pm UK time, June 28th
🍔 How To Make Money Going Meat Free: 6pm UK time, June 29th
💄 How To Give Your Portfolio A Beauty Makeover: 6pm UK time, June 30th

📚 What we're reading

  1. Diagnosed via… social media? How one woman discovered her ADHD on TikTok.
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  3. Good news, folks. The latest science says puppies are born ready to interact with humans.
  4. Thank you for smoking. Why Britain needs a cigarette, according to one man.
  5. The demise of the department store. Where pop culture taught us what to want.
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