Experts have raised concerns that Amazon may escape paying significantly more tax in some of its biggest markets unless world leaders close a large loophole in a historic global deal. Finance ministers in London from the G7 group of wealthy nations, including representatives of the UK, US and EU, on Saturday agreed the landmark deal aimed at making the biggest companies such as Apple, Microsoft, Google and Facebook pay more tax. – Guardian
The UK lost out to France as the most popular European destination for foreign investors for the second year in a row, amid disruption from Brexit and the coronavirus pandemic. During 2020 the UK secured 975 inward investment projects compared with France’s 985 projects, according to accountancy firm EY. – Guardian
Labour shortages are spilling into the retail sector following a hiring crisis in hospitality that has upended the day-to-day running of pubs, bars and restaurants. Shop workers have been hard to find this year with one in three retail leaders struggling to fill roles, new data has shown. Fashion firms are among the companies hit the hardest, followed by smaller retailers, which employ up to 1,000 staff. – Telegraph
The French government and left-wing campaigners have called for a higher minimum rate of corporation tax than that agreed by the G7, sparking fears of rising global levies that could hurt small businesses. The deal struck between G7 finance ministers on Saturday is designed to force technology giants to pay more tax by introducing a minimum global corporation tax rate of 15pc. – Telegraph
Reckitt Benckiser is taking a £2.5 billion loss on the sale of its struggling baby formula business in China through a sale to a private equity firm. The consumer goods group bought the business as part of the 2017 acquisition of Mead Johnson, the American baby milk group, for which it paid $16.6 billion. It is now selling most of the Chinese division to Primavera for $2.2 billion. After costs, Reckitt expects to receive about $1.3 billion. – The Times
Landlords and tenants should be given six months to agree a plan for rent arrears to be paid back before entering into a binding arbitration, according to the bosses of two of Britain’s biggest property companies. Mark Allan, chief executive at Land Securities, and Simon Carter, of British Land, want landlords and occupiers to work “constructively together as economic partners to resolve this situation”. A ban on evictions and debt collection from commercial tenants is due to be lifted in a few weeks. – The Times
