Business | The Economist

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Democrats in the US Senate have tried to pin down the proposals tax increases it will pay a $ 1.5 billion spending bill on wellbeing and climate, legislation that is much smaller in scope than its supporters originally envisioned. But their plans were thrown into confusion when moderates opposed both radical ideas about taxing the super-rich and a levy on the profits of America’s largest corporations based on their financial accounts for shareholders, and not what they declare to the tax authorities.

A policy blizzard has been announced in the UK government budget(or leaked to the press several days ago). The national living wage is set to rise to £ 9.50 ($ 13) an hour, an increase of 6.6%. And with soaring fuel prices, a planned increase in gasoline taxes has been dropped. It didn’t go well with the Greens, just days before the UK host COP26 summit.

Masters of the Metaverse

Facebook formalized its expansion into the “metaverse,” a collection of online worlds where user avatars shop for clothes, attend concerts and socialize. The company announced more investments in its Reality Labs division, which will now report separately from the rest of the business. Part of the reason for Facebook’s refocus is growing competition from TikTok and other apps to grab the attention of young customers, many of whom believe the platform, which turns 18 next year, is boring. He also faces allegations that he cannot control hate speech.

The other highlight of Facebook’s quarterly results was the impact on its growth prospects of Apple’s new privacy policy, which allows iPhone users to say whether they want to be tracked for. The advertisement purposes. Mark Zuckerberg said the policy was having a negative effect on Facebook. Snap, a photo and messaging platform, also blamed the change on lower-than-expected revenues; its share price has lost more than a quarter of its value.

during this time Alphabet, the parent company of Google, said Apple’s policy change had only a modest impact on its advertising activity, most of which comes from its search engine. Ad sales in its divisions, including YouTube, jumped 43% in the third quarter to $ 53 billion.

You’re here became the first automaker to exceed a market value of $ 1 billion, after Hertz placed an order for 100,000 of its vehicles as part of its campaign to electrify its rental fleet. Tesla joins Alphabet, Amazon, Apple and Microsoft in the club of American companies valued at more than $ 1 billion. Elon Musk’s net worth alone is now worth more than ExxonMobil’s market value.

The bullish quarterly earnings season in U.S. companies has pushed the S&P 500 to a new record. The index is up a fifth since the start of the year.

Oil price has climbed, after Goldman Sachs estimated global demand would soon reach pre-pandemic levels, just as the world faces an energy shortage in natural gas. Brent crude topped $ 86 a barrel, up a fifth since early September. Saudi Arabia, meanwhile, has pledged to reduce its carbon emissions to net zero by 2060. The promise has been met with some skepticism; the target excluded the kingdom’s fossil fuel exports.

The Spanish government has relaxed its proposal windfall tax on the profits of utility companies by allowing exemptions. He announced the policy in September amid skyrocketing electricity bills for consumers, prompting a backlash from utilities, who said the investment would suffer.

Beyond meat The stock price struggled to recover from the hammering it took after the company warned sales would be lower than expected as several factors reduced demand. The herbal product maker has been hugely successful Initial Public Offering in 2019, but has since faced stiff competition in the fake meat market.

Eurostar could face competition by running passenger trains through the Channel Tunnel which connects Great Britain and France. Renfe, Spain’s state-owned railway company, believes it can offer a viable alternative service and has won the backing of the tunnel operator.

DraftKings, an American operator of fantasy sports and betting, abruptly abandoned its $ 22 billion buyout approach for Entain, a British gambling company and owner of the Ladbrokes brand. U.S. gambling companies are looking to expand their global reach, but the two sides were reportedly unable to agree on terms of a deal.

Retail regeneration

Increase its expansion from suburban warehouses to downtown locations, IKEA buys the Oxford Street building in London which housed Topshop before its bankruptcy. This is good news for the city’s busiest shopping thoroughfare, which has lost some big names in the streets during the pandemic.

This article appeared in the The World This Week section of the print edition under the headline “Business”

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