Monday, 21 June 2021 - Even as the Federal Reserve acknowledged Wednesday the post-pandemic booming economy, several borrowers can consider themselves lucky in the face of the creeping inflation. Car prices, beef, and airplane tickets are hiking at an astonishing pace, and economics and consumers alike are predicting the start of an inflationary period. And while sceptics are suggesting the price hikes as a temporary blip stemming from the pandemic-induced mismatch and disruption of supply and demand, signs are strife that inflation could be creeping in. But why so? The Continuous Price Upticks Month after month, prices have continued to soar for a broader variety of goods and services. And while this is just the beginning, particular groups of the demographic are primed to benefit more if such price upticks continue. Such groups include local governments, businesses, corporations, and consumers that hold fixed-rate debts. According to Kent Smetters, who is the faculty director of the Penn Wharton Budget Model – an institution that monitors policy proposals and their impact on the economy – inflation in such circumstances could signal a massive wealth transfer from lenders to borrowers. Kent also says that inflation will have a massive impact on people with wealth (lenders) while borrowers will discount reliefs on goods and services they pay for. How the Model Works With inflation, consumer assets would soar while their liabilities would go down. This means that as prices rise, companies employ more workers to help in the manufacture more goods to take advantage of the hiking prices. Wage increases mean companies would charge more for their products, and the workers would subsequently seek higher pay. The ensuing spiral effect means a unit of money would be less valuable than it was previously. And this means less interest to lenders because borrowers who are tied on fixed-rate loans prior to the inflationary period are only obligated to repay what they initially agreed upon. And according to Kent, the expected inflation creeps to the US economy post-pandemic is a blessing to such consumer loans. And Who Is Expected to Benefit? This kind of dynamic hasn’t been seen in the U.S economy since the 1970s. And the lucky groups are going to be repaying loans with less purchasing power than when they borrowed. Therefore, the luck group includes: Consumer loans with fixed interest rates. Federal Student loans (which have fixed interest rates for their lifetime). In context, a borrower would theoretically earn more because wages rise with inflation. However, the amount of money owed in student loans remains the same. Private Student loans with fixed interest rates. Fixed-rate mortgage loans. The Bottom Line The expected post-pandemic inflation isn’t entirely good news to the borrowers either. This is because anyone taking out a fixed interest rate loan now will probably repay more in interest that has inflation factored in it. Moreover, the economic volatility that comes with inflation might lead to borrowers facing risks of unemployment. (Written and edited by: The Decision Maker Team)

Wednesday, 16 June 2021 - America’s biggest bank, JPMorgan, is championing efforts to stop racial bias in home appraisals in the country - Richard Oyamo reports. Calling for the much-needed diversity in the appraisal sector, the bank has thrown its weight into new commitments to fight America’s housing inequality, with the focus on promoting equitable home valuations. And for the first time, the bank has today outlined its strategic backing plans for specific legislations aimed at fighting appraisal bias. Beyond Property Appraisals The bank has promised to eliminate the barriers that make it harder for Latinx and Black households to: Access affordable housing facilities. Build wealth. Buy homes in America. Heather Higginbottom, who is JPMorgan’s Chase Policy Centre as well the chairperson of global philanthropy, attributed the racial appraisal bias to the systemic barriers in housing that have existed for as long as we can remember. JPMorgan’s $30 Billion Pledge to Ease Racial Inequality in Housing This year, the bank has promised a $400 million philanthropic commitment that would go towards low-interest loans, affordable housing organizations, as well as equity and grants to non-profit organizations. This commitment is part of the bank’s $30 billion support (announced October 2020) to ease racial inequalities. But that is just the gist of it. According to recent innovation studies conducted to minimize the racial wealth gap, discrimination, especially in the housing industry is the chief contributor to America's enormous wealth gap. The study highlighted that owning a home needs the buyer to save for a down payment, and having one is the easiest way to build wealth. In what the Brookings Institution report refers to as a “$156 billion problem,” houses in Latinx and majority-Black suburbs are, on average, valued at $48,000 less. This valuation discrepancy represents 23% less than homes in neighbourhoods with few or no black residents. This sentiment is also echoed by Michael Hsu, Comptroller of the Currency, appraisal bias and discrimination are the biggest contributors to housing valuation inequality, which adversely affects the basic foundation of building wealth for minority households. He reiterates that the impact has been amplified enough and can’t be ignored anymore. Homeownership in America According to the latest Urban Institute analysis, homeownership for White Americans today is at 72%, compared to 42% for Black Americans. Incredibly, the 30% gap is getting worse as it eclipses the figures for 1968, a time when discrimination in housing was legal. JPMorgan has called an end to today's worsening home market conditions, citing the rising prices, house shortages, and the existing barriers to down payment access: issues that keep homeownership out of reach for Latinx and Black Americans, as well low-income families. Is Revamping the Appraisal Industry the Way Out? JPMorgan has called for reforms in the appraisal sector to stop the racial bias in home and property valuations. To highlight the problem, only 2% of appraisers in the country are Black, and some minority groups conceal their identity to have their homes valued favourably. Some of the reforms JPMorgan is calling for include: Creation of an anti-bias training requirement for all appraisers. Establishment of a new national home valuation standard and a platform for equal access to valuation data. Rulebook reform to ensure appraisers utilize more data and less judgment. In championing such efforts, JPMorgan has invested $1 million in the Brookings Institution and Ashoka to fund innovative studies as to how the appraisal gap can be narrowed down. The bank is also offering $50,000 to Black and minority women who feel their homes were undervalued. (Written and edited by: Richard Oyamo for The Decision Maker)

Monday, 14 June 2021 - As the NATO Summit gets underway Monday 14th, Greece’s Prime Minister, Kyriakos Mitsotakis, is expected to have a much-anticipated sit-down with his Turkish counterpart, Tayyip Erdogan. As revealed by a source close to the Greek government, the meeting will take place on the sidelines of the NATO summit, and it is expected to have at least an aide from each side. And according to information obtained from officials involved in the preparation of the face-to-face meeting, both sides have expressed a willingness to promote a positive agenda, and expectations are high as to the outcome of their sit-down. But What’s the Sticking Point in The Greece-Turkey Tensions? Greece and Turkey are all NATO members bound by the EU's territorial law and the UN Law of the Sea (UNCLOS) but they have also considered themselves traditionally long-standing rivals. The past few months have, however, seen tensions rise, with both countries mobilizing warplanes and navies in the Mediterranean Sea to antagonize one another. But why are the warheads and the heightened opposition against each other? Greece and Turkey have been marred in tension that is rooted in the exploration of offshore natural gas in a territorial island off the coast of Cyprus. And this isn’t the first time as this island has been a long-standing source of conflict between the two countries. Nonetheless, officials have stated that both sides are willing to keep the tensions at a minimum, and the face-to-face setting is the right move to elicit a franker exchange of ideas with the aim of de-escalation. And while there aren’t any guarantees yet, a more positive outcome is expected especially as the meeting is scheduled after Erdogan meets President Biden. The Word from Both Camps Is: Greece’s PM Open to A Positive Agenda with Turkey On Friday, June 11th, in an EU Mediterranean countries’ (EU-Med7) meeting held in Athens, Greece’s Prime Minister reiterated his stance to push for positive talks when he meets his Turkish counterpart today Monday. However, he said his willingness was subject to the de-escalation being conducted in a gradual, reversible, proportionate manner, and in a way that respects the EU’s territorial law act, as well as that stipulated in the UN’s Law of the Sea (UNCLOS). Furthermore, he stressed that he was willing to undertake any talks on the condition that Turkey will be ready to engage in constructive dialogue and agree to measures that respect the laid down international law. And with regards to the disputed Cyprus island, he ruled out the likelihood of that discussion in today's meeting. The Word from Turkey's Foreign Minister Late last month, Greece PM had a meeting with Turkey’s Foreign Minister, in what officials described as cordial. Sources close to both camps said each side expressed a willingness to promote efforts towards de-escalation. And ahead of their meeting in Brussels, it is expected both sides will initiate a process aimed at normalizing the situation in the short-term, and hopefully engage EU and the UN's multi-panel member to resolve the disputed island issue for the long term. (Written and edited by: The Decision Maker team)

Monday, 14 June 2021 - The 47th edition of the G7 Summit that was held in Cornwall, the UK between 11th and 13th June finally wrapped up. The G7 nations released a joint statement in the form of a Summit Communique that outlined their deliberations and subsequent commitments going forward. And while the communique essentially reiterated the G7 nations' position to tackle the pandemic, mitigate climate change, and revitalize economic recoveries, they affirmed their commitment to multilateralism and also alluded to a cold war against China. So, if you were caught up somewhere and inadvertently missed the proceedings, here are the key talking points from this year's G7 Summit: The Ongoing Covid-19 Pandemic In their communique, the leaders acknowledged the impacts of the pandemic to the societies globally and pledged to take tangible measures that will include: Bolstering global health security by strengthening and supporting institutions such as the World Health Organization (WHO). Invest in people and tackle inequalities as the pandemic impacted societies unevenly. Ending the pandemic by 2022 by donating safe and effective vaccines enough to vaccinate at least 60% of the world’s population. In this regard, they recognized the necessity to speed up vaccine production and delivery and subsequently committed to sharing 870 million doses by the year's end. Supporting the COVAX and the ACT – Accelerator programs with $8.6 billion as a Global Responsibility and International Action, and as well boost the supply of PPEs, test kits, and raw materials. Post-Pandemic Economic Recovery and Trade The G7 leaders stated that they had donated over $12 trillion in liquidity measures and fiscal support to help address financial challenges, and even pledged more. They endorsed and committed to a fair tax system globally with a ceiling of 15% minimum tax, aimed at levelling the playing field that is expected to raise more in investment revenues. Suspending or entirely getting rid of unnecessary trade restrictions to ease supply chains for industries globally. The group pledged to enhance the efficiency of the multilateral trade system by reforming the rulebook of the World Trade Organization. Commitment to Democracy and Open Societies The G7 leaders referenced the need to restore values in our increasingly authoritarian regimes. They pledged support for models that support open societies, while strongly condemning bad autocracies. They committed to strengthen the G7 Rapid Response Mechanism to compete against cyber-attacks and threats that undermine democracy. And in this regard accused China of disinformation and promotion of unfair trade policies that threatened transparency. They called on China to respect the fundamental principles of human rights and freedoms, especially the autonomy in Hongkong, despite the existence of the Sino-British Joint Declaration. And as per the communique, the leaders emphasized the need for a coordinated global pressure against China. The G7 communique also called on Russia to stop engaging in destabilizing behavior that malign existing democracies as seen in Ukraine. The situations in North Korea, Myanmar, Afghanistan, and Ethiopia are also featured in their deliberations. Climate Change The issue of Global Warming has been a sticking point and, as you can imagine, featured prominently in the discussion. Climate change and its impacts globally was discussed stressed that 2021 should be the turning point for the planet. The Bottom Line With the UK, Canada, Japan, EU, and now the United States back at the table, leaders pledged to quit the nationalistic and unilateralism that we have witnessed in the past four years of the Trump administration and work together towards a common global goal of tackling the pandemic, climate change and creating a suitable environment for the post-pandemic recovery. (Written and edited by: The Decision Maker team)

Monday, 14 June 2021 - The Biden administration is looking to restore the transatlantic relationship that both the United States and the Europeans have been craving for, and as well revamp the NATO 30-member defence alliance in going up against rising global threats like Russia and China. Ahead of Monday’s June 14th NATO Summit in Brussels – which comes on the back end of the G7 Summit that concluded over the weekend in Cornwall, UK – Biden’s second phase of the trip includes a meeting with 29 fellow NATO allies, and all eyes are in Belgium for the next few days. And top of his agenda is to: Urge support for democracy to vehemently compete against the threat of authoritarianism and autocracy from Russia and China and some European allies. Discuss new and lasting strategic solutions to NATO’s Afghanistan troop drawdown. What Will Be NATO’s Focus? According to Jens Stoltenberg, NATO secretary-general, the NATO Summit will signal transatlantic solidarity, even as the allies cautiously welcomes U.S leadership in the post-Trump era. Biden is expected to kickstart high-level conversations regarding global support for democracy aimed to underpin rising European autocracies and the two main authoritarian threats Russia and China. Other key issues, according to top European officials, would be how NATO's defence can adapt to rising cyberattacks from China and Russia, as well as how allied militaries can adapt paths for carbon neutrality by 2050. Discussions will involve revoking the long-standing military exemption from minimizing carbon emissions. Biden’s Expected Sit-Down with Vladimir Putin The third phase of Biden’s trip would be the highly-anticipated sit-down with Russia’s Putin, an event scheduled to take place in Switzerland. This couldn’t get any better as this move is aimed at reassuring his European allies of U.S commitment to shared goals such as democracy. Even ahead of this trip, Biden wrote in the Washington Post op-ed that the trip was all about signalling America's rejuvenated commitment to her partners and allies and to demonstrate how democracy can solve the existing challenges and also deter the rising threats of this new age. Significant Tensions Still Exist Between Europe And the Biden Administration As the NATO Summit gets underway in Brussels, the ride isn’t entirely smooth though. Even as he looks to urge NATO unity against a common enemy in Russia and China, the elephant in the room for the Europeans and the U.S include: The recent trade disagreements. Biden’s afghan NATO drawdown caught some allied members off guard. Lack of support for a common ground regarding how to deal with China because most European economies heavily rely on China. More than half of NATO allies aren’t meeting the burden-sharing benchmark of spending at least 2% of GDP in military funding. What to Expect Against the backdrop of all these unresolved issues, the NATO Summit is underway and it is still unclear whether Biden will manage to pull off the necessary display of political unity between the U.S and allied European states. And while most European officials have shown trust in Biden’s transatlantic relations it, nevertheless, remains to be seen what will become of this year’s summit, even as the NATO alliance plans to withdraw troops from Afghanistan and lay the foundation to mitigate Russia’s threat and China’s superpower status. (Written and edited by: The Decision Maker team)

Friday, 11 June 2021 - A Call for Wealthy Economies to Start Sharing If Africa Is to Enjoy Some Stability Representatives from the west and northern Africa convened in Paris, France earlier this month to table some of the most pressing issues on the continent; namely the post-pandemic recovery and the slowdown in vaccine rollouts. But amidst the obvious economic and the unprecedented health crises, there were recurring themes in that convention: Economic depression stemming from the pandemic. The negligible rollout of vaccines Lockdowns The challenges above are thought to be leading to a resurgence in Islamist terrorism. West Africa has been especially hit by the militants. In Northern Burkina Faso, for instance, last week saw a terror attack on a rural village that left over 132 civilians dead and thousands displaced. World leaders and the office of the High Commissioner for Human Rights condemned the attacks even as calls for civilian protection heightened in the wake of one of the country's deadliest civilian massacres. Terrorism Has Become A Daily Reality Last week’s attack on Burkina Faso is simply the gist of it. Attacks, security incidents involving government troops and militants, and kidnapping for ransom demands have become a daily reality for millions of Africans. Moreover, militants hold scores of villages hostage, which becomes a humanitarian crisis when the said villagers get caught between armed factions, and the subsequent government crackdowns limit community access to basic social services. The Vaccine Scarcity The rate of vaccination in Africa is extremely low. Today, less than 1.9% of globally administered doses so far have been in Africa. This is considerably low given the continent is home to over 1.4 billion people. This has resulted in calls for wealthy nations to share their vaccine stocks because Africa has zero vaccine manufacturing centres, and instead depends on the rest of the world for supplies. The low vaccine rollout, if not addressed with more urgency, is expected to heighten economic stagnation and its ills such as the emergence of armed groups. International vaccine initiatives such as COVAX (Covid-19 Vaccines Global Access) had seemed to move smoothly until they hit a snag. The initiative was established to help low-income nations get access to vaccine doses, but it hasn't come without its problems. COVAX supplies have gradually dried out for most African states, with the principal challenge being that low-income countries rely on high-income counterparts for subsidies. Resurgence of Conflict Meanwhile, the past few months have seen a rise in conflict for many communities. Most states on the continent have limited resources, of which a large chunk is used in the pandemic response, which has created a favourable atmosphere for terrorist groups to wreak havoc. Some governments have underfunded and understaffed troops, which has fuelled the revival of armed groups like Boko Haram in West Africa. Such groups thrive on economic hardships, and unless the vaccine access is sufficient, African states' economic recovery will remain stagnant and the instability will only get worse. (Written and edited by: Richard Oyamo for The Decision Maker)

Friday, 11 June 2021 - Ahead of this year’s edition of the G7, the European Union and NATO meeting that kickstarts today and ends on the 13th of June, we examine how Biden’s favourable atmosphere, post-pandemic recovery plan, and his overall progressive agenda is especially great for Europe. The G7 Summit is being hosted by the UK’s coastal town of Cornwall. Representatives, globally, are making their way to the UK, and so is Biden, in what comes as his first trip abroad since taking over from Trump. Global challenges will be discussed, as well as their solutions, but expectations are especially high for the following reasons: The global economy is striving to steady the ship in the post-Covid-19 era. Last year's summit was cancelled due to Covid-19. President Biden is expected to make new acquaintances and as well renew old friendships that were sour on the backdrop of Trump’s administration. Creating A Winning Post-Covid-19 Agenda to The West Earlier this week, a senior French correspondent hailed Biden's progressive agenda as exactly what the West needs in these challenging times. He highlighted the U.S high vaccination rates and vaccine rollouts, Biden's decision to suspend steel tariffs imposed by Trump, and his recent agreement to set a minimum global corporate tax as positive steps towards cementing lasting bilateral ties. And while there are still things to be done or done, the overall feeling going into today's summit is that Biden is everything Europe could hope for. The “Democracy Summit” In a world where democracy is always under attack, some European leaders are concerned that Biden's 'America First' foreign policy bears a strong resemblance to Trump's era, and his proposed 'democracy summit' would stir Europe and indeed the world to break into two hostile camps. But given that Biden is the first Atlanticist after George Bush to take the power reigns, he represents Europe’s ultimate hope and fulfilment. Nevertheless, he is expected to make strike a balance between making Europe’s case in the U.S and making the U.S case in Europe. Biden vs. Trump: The Value Contrast With regards to values, Biden's default faith is deeply ingrained in the West and was certainly shaped by the previous Cold War. Trump, on the other hand, regarded the U.S western allies as freeloaders. And the contrast between the two couldn't be more stack. By comparison, anyone could look better at what they represent, but Biden has won over many Western hearts for reversing steel tariffs that had been the elephant in the room for a long time. Biden’s Faith in The EU Agenda Biden, in his few first months in office, has dynamically spearheaded the response to the pandemic. Through Congress, he muscled a $2 trillion package towards the same. The EU, by contrast, set a $900 billion package. Moreover, he is pushing an infrastructure package that is reminiscent of the West’s pledge in social democracies. Elsewhere: Biden has called on pharma firms to waive patent and intellectual property rights in a bid to speed up vaccine production, which represents the EU’s plot to fuel post-pandemic economies. Biden has pledged global support of 80 million doses by June’s end and a further 500 million by the year’s end. What more could Europe hope for? Biden has a positive report to give not only on building bilateral ties with Europe but also on climate change, strengthening EU’s social democracies and economic recovery. (Written and edited by: Richard Oyamo for The Decision Maker)

Tuesday, 8 June 2021 The French Ministry of the Sea, in conjunction with the Classification Society Bureau Veritas, has launched the world's first-ever label for ocean protection, termed as "Ocean Approved". This is the world's first label that recognizes companies that are committed to understand and improve their oceanic impact. The ocean is known to cover almost 70% of the earth’s surface and every company, whether directly or indirectly, has an impact on the ocean in its operations. Therefore, to eliminate the disposal of plastic materials to the ocean and promote wastewater treatment, companies need a well-defined label that helps to strengthen and structure both public and private parties’ operations. The Ocean Approved is such a label that aims to create awareness and promote ocean protection. The Ocean Approved label comes after the Ocean Framework that was launched in 2020 by Fondation de la Mer. According to Sabine Roux de Bezieux, the president of Fondation de la Mer, the Ocean Framework was formed after a strong conviction to integrate a global vision that addresses all the current challenges facing the ocean. It also offered companies opportunities to introduce sea conversation in their transformation strategies. The Ocean Approved, therefore, was agreed upon by the French Ministry of the Sea’s Delegation for the Sea and Coastline in collaboration with Bureau Veritas, BPI France, BCG, EpE, and France Invest. With this label, companies can now reach a new level in mobilizing the defense of the oceanic system. The label also complies with the rigorous standards defined by the Corporate Social Responsibility (CSR) platform. Corporate Social Responsibility Launching The Corporate Social Responsibility (CSR) platform was launched by the France Strategie, an organization that is supervised by the French Prime Minister and comprises civil society representatives. The platform aims to identify the factors favouring the adoption of responsible approaches. It also tries to identify the links between these factors and marine economic performance. According to the publication made by the France Strategie on the effectiveness of the CSR platform, companies that implemented a CSR approach had improved performance by 13%. The Labelling Process The Ocean Approved labelling process featured actions taken by the companies and the analysis of the governance mechanisms that are incorporated into these actions. Such actions include reducing and recycling plastic materials, improving wastewater treatment, and emphasizing coastal area protection. The Fondation de la Mer also approved Bureau Veritas and other independent third parties to facilitate the audit process. Such third parties have to guarantee the truth and accuracy of the companies' statements. Moreover, the entire labelling and auditing processes were tested with three pilot companies following the BV ruling. These are an energy company (Engie), a data centre operator (Interxion), and a marine cosmetics company (Thalgo). Remember, the Ocean Approved label was launched ahead of the World's Ocean Day celebration that was formed to create awareness and encourage the conservation of marine life among humankind. The day is celebrated on 8th June every year. (Written and edited by: The Decision Maker team)

Tuesday, 8 June 2021 Theme: The Ocean: Life and Livelihoods Today 8th June 2021 marks the World’s Ocean Day which is observed every year same day to create awareness among humankind about the numerous benefits it has enjoyed from the ocean. This year, the day is observed with the theme 'The Ocean: Life and Livelihoods.' The World’s Ocean Day was first proposed in 1992 at the Earth Summit in Rio de Janeiro, Brazil. It was then declared official in 2008 by the United Nations, which has hosted the occasions with different themes each year. However, while the governments and marine authorities are given the burden to ensure the blue planet is clean and safe, the responsibility also falls on the people and marine travellers to observe the theme and make the day relevant. So, what makes this day different from others occasions? Today’s celebrations are planned to be virtual due to the ongoing fight against the Covid-19 pandemic. Moreover, the public can also join the celebrations through https://oceanic.global/, a link provided by the United Nations for the public to participate in the discussion. Again, this will be the second virtual World’s Ocean Day meeting due to the pandemic situation. The occasion is organized in partnership with the non-profit organization Oceanic Global and other partners and aims to promote the essence of oceans within the communities and ecosystems. The Day’s Significance The ocean is home to most of the blue planet's biodiversity. People, plants, and animals depend significantly on marine life for survival since the oceans cover almost 70% of the earth's surface and keep the planet warm by providing 50% of the planet's oxygen. Therefore, both human and animal activities should strive to balance and promote a connection that is inclusive, innovative, and beneficial to the ocean and the life inside it. Today's meeting, therefore, is focused on creating environmentally friendly yachting. As superyachts travel to beautiful destinations around the globe to experience the finest natural beauties, it is obvious that the industry contributes to diverse environmental damage. This can be through single plastic usage or importing provisions from other sides of the world. So, the question is how can the yachting industry make its operations environmentally friendly? The responsibility of protecting the oceanic life should be given to both the charter guests and the yacht crews. For instance, before a yacht enters a marina port, the Captain or Chief Officer should inform the crew about the necessary garbage disposal and recycling plans. The charter guests and the yacht crews must adhere to the rules and follow proper recycling plans to avoid disposing of garbage into the ocean. The interior team on board can also buy reusable water bottles and the yacht can have water filtrations systems built under the pantry and mess sinks to avoid purchasing many plastic bottles. These filtration systems can offer room temperature or cold water, sparkling water, or have instant boiling taps to save on storage and reduce the quantity of plastic on board. Moreover, the yacht authority can also contribute to ocean clean-up projects such as 4Ocean, which clean plastic and waste from the ocean. These are some of the actions that can promote ocean cleanliness and save marine life. However, more adjustments can be made when aiming for a bigger picture. Therefore, as the celebrations go on for the day, the responsibility of preserving the blue planet will always fall on us; the ocean users. (Written and edited by: The Decision Maker team)

Monday, 7 June 2021 The G7 group of rich economies, on Saturday, 5th 2021, agreed to set a global minimum corporate tax rate at 15%. It also heightened its war against tax avoidance by ensuring big companies pay more revenue tax in the countries they operate their businesses. The meeting held in London and attended by finance ministers from the US, The UK, France, Germany, Canada, Italy, and Japan, together with the EU is expected to see billions of dollars injected into the economy and help governments settle their debts. These are the debts borrowed to cushions the citizens against the Covid-19 pandemic. However, the outcomes of the meeting are likely to press other nations to join the discussion. This is most likely to be seen in the G20 meeting next month, which includes Russia, Brazil, and China. From the reporters, the US Treasury Secretary Janet Yellen agreed that the historic agreement on the 15% global minimum tax rate will help to end the struggles in corporate taxation and ensure middle class and working people in the US and around the world enjoy fairness in business. Moreover, the host of the summit and the UK Chancellor of the Exchequer Rishi Sunak also supported the agreement saying that the resulting global tax system would be fit for the digital age. What Brings the Changes? For a long time, governments have been fighting the challenges of taxing multinational entities and huge tech corporations like Amazon and Facebook. This is because such companies can open up branches in countries with low corporate tax rates and make profits there. Therefore, they are only charged with the local tax rate, even if the profits come from elsewhere, which is legally agreeable. The deal, however, aims to change the rules in two main ways. First, the G7 group targets to make such companies pay more tax in the countries where they operate, rather than where they only declare their profits. Secondly, the group wants a global minimum tax rate to avoid countries undercutting each other. However, the deal is likely to face challenges since the right to tax is the essence of sovereign power; hence difficulties in international coordination. Dream Comes True Many nations, especially European finance ministers, have been dreaming to have a global minimum tax rate but thought it to be impossible. However, since the pandemic struck, the desire to fill the economic gaps and Biden taking over the US administration have created opportunities for change. Although the European finance ministers used the term "at least 15%" to offer a chance to get a higher number in the future, others still believe that the minimum corporation tax rate was set too low. Meanwhile, the impact of the change on the large economies will depend on the outcome of the still ongoing negotiations. For instance, huge tech firms such as Facebook welcomed the move, with its vice president Nick Clegg saying the deal will see the company paying more tax in different places. What About the Rest of The World? The minimum corporate tax rate is agreed upon by the G7 group of rich economies. However, what will happen to the rest of the world, starting from the G20 group that includes China, Russia, and Brazil, down to the lower-class economies? According to the German finance minister, other nations like Ireland with their low corporate tax rate need to join the trend. Although the Irish finance minister agreed that he knew the change was coming, he continues to argue for a competitive tax rate. Therefore, although the process may not be transformative, other nations outside the G7 group need to embrace this historic change. Again, while the deal is expected to be further discussed in a meeting next month by the G20 group, questions that are yet to find definitive answers include; · How will the agreement work to balance the advanced, developing, and underdeveloped economies? · What next once the deal is agreed upon and signed? · How will other corporations act? Let us wait for the answers from July's summit in Venice.

June 4 Friday - Summary Stocks SPY+0.9%, Bond TLT+1.4%, EEM+0.9%, Small IWM+0.4%, SpecT ARKK+2% May Jobs: 559k (expected 675k), mostly leisure & hospitality. Wages+0.5%, e0.2%. USD falls, bonds soar, as Fed will likely stick to very slow removal of stimulus: QE taper announcement likely by Aug 26 Jackson Hole, or Sept UI jobless taper. Crypto hurt by Musk's breakup song tweet: BTC-4% ETH-3% DOGE-2%. Memes cool: AMC-7% GME-4% BB-13%. SQ+1%. TSLA+5%. COIN-2% RIOT+3% SI+2%. MOS-4% Mosaic part closes flagship CA potash mine early; fertilizer prices soar. Earnings Movers by impact: Tech XLK+1.9%: From y'day: Broadcom AVGO+2%. Crowdstrike CRWD-4% despite beat & raise. DocuSign Docu+20%: big beat (estimates) & raise (guidance). MongoDb Mdb+16%. Work+1%. cien+7%. sapif-4%. asan+7%. saic+2%. pd-13%. sumo+7%. scwx-4%. Consumer Cyclical XLY+0.8%: hoft+10%. From y'day: Lulu+4%. five+7%. chpt+7%. dooo+3%. zumz+6%. conn-5%. hov-7%. Healthcare XLV+0.3%: From y'day: coo-1%. phr+9%. Industrials XLI+0.3%: hurc+10%. From y'day: ttc-1%. swim-2%. [& Communication Service XLC+1.4%. Consumer Staples XLP+0.4%. Energy XLE+0.7%. Materials XLB+0.2%, Copper+1.6%, Lumber-3% limit, Iron-2%, Gold+1%. Financials XLF+0.3%. Utilities XLU-0.2%. Property XLRE+0.1%.] World Stocks' Quarterly EARNINGS: Jun4Fri: r0 $50B MktCap (value): tatn. bharFo) hoft, hurc, (Quiet 1/2 of the Quarter's earnings, has started.) Fri turnover leaders: $250B~ value: AMC TSLA NVDA AAPL AMZN MSFT FB DOCU GOOG GOOGL F BB MRNA BA AMD SQ BABA ZM NIO BAC CRWD NFLX RBLX CRM JPM GM XOM ABNB NUAN ORCL INTC UNH V AVGO DIS C JNJ KO PYPL MU UPST FUTU PLTR MVIS T MDB BRK.B LEDS GS MRK AMAT PG QCOM TAL GME COIN LULU GE WFC BIIB BIDU MA HD ADBE PLUG LOW ABT TMO UAL PFE BNTX SHOP CVX NOW SNAP TWTR LMT TGT NKE AAL PTON NXPI VZ TLRY COST PBR ROKU FCX LRCX TSM WMT CMCSA SENS PEP FDX INTU SNOW CSCO TXN JD UPS CCL MS EBAY WKHS PDD LLY TWLO SPCE AXP TRGP UBER NVAX BMY BBIG NOC TMUS SBUX PSTH MDT SLB XPEV DHR COF TFC AMT OXY ABBV VALE IBM DE X MELI EQIX CAT VIAC PMBYND AMGN EDU NEE SCHW TIGR GILD LIN ADI REGN CVS COP NCLH FISV BKNG MMM ISRG BBBY MCD UNP CMG TJX ETSY WINT BP RTX OKTA SPGI NEM DAL MOS NCTY ASML MRVL DASH DLTR HPQ EH DG WDAY VRTX FIVE TDOC ZS ZBH AON CI LVS MOPXD ACN KMB GOLD ADSK DVN TDG DKNG AHT PINS SPLK CL CCIV PLD ==== June 3 Thursday - Summary: Stocks SPY-0.4%, Bond TLT-0.4%, EEM-1.1%, Small IWM-0.8%, SpecT ARKK-0.2% - overnight Asian/FX weakness, then bounce on encouraging tax negotiations. ADP 978k (e675k), hints at Friday NFP Jobs: expected 720k. ISM Service 64 (e63). Tech fears impacts of US announcing more national security CN company bans. AMC-17% $37-$68 range, $30B turnover: vs $26B MktCap: larger than the entire movie industry ever, and impossible to grow into, in an era of online streaming; share sale disclaimed that stock value is disconnected from AMC business. CNK-8% Cinemark is a more valuable stronger business, but only $3B MktCap. (Short sellers fear flashmob option gamma squeeze; SEC fears backlash if it acts.) Other meme stocks cool: GME-9% BBBY-28% BB+4% KOSS-25%. SQ-4%. TSLA-5%: CN sales -50%. Retail into Crypto: BTC+4% ETH+1% DOGE+3%; COIN-3% RIOT-6%. F+7% Ford: highest in 6 years, on monthy deliveries, and F150 eTruck popularity. Auto sector also pushes highs: GM+6% TM+2% HMC+2% BWA+2% TEN+15%. Oil= fell on weekly inventories, but bounced on continued likely Iran deal delay. DAL-3% UAL-3% AAL-3% despite supportive guidance and expanding jet fleets. FEYE-18% sells its FireEye cybersecurity products business to Symphony Tech Group for $1.2B, to rebrand as Mandiant: AI Threat Intelligence core focus. eToro will SPAC-merge with FTCV, expected $10B MktCap; monthly data today. Earnings Movers by impact: Tech XLK-1%: Broadcom AVGO-2%> =After Hours. Crowdstrike CRWD-2%> =AH. DocuSign Docu-3%> +6%AH. Slack Work=> =AH. MongoDb Mdb-6%> -5%AH. cien-7%. sapif-7%. asan=> +10%AH. saic=> +1%AH. pd-3%> -5%AH. sumo-2%> -4%AH. scwx+12%. From y'day: Splk-10%. Ntap+2%. Pags+4%. Ai-10%. Estc+10%. gwre+4%. smar+3%. ncno-1%. dsgx+5%. smtc+5%. Consumer Cyclical XLY-1.2%: Lulu-1%> =AH. five-1%> +8%AH. chpt-4%> +2%AH. dooo-5%. zumz=> +6%AH. conn+27%. hov-14%. From y'day: Aap=. home=. le+6%. Healthcare XLV+0.3%: Coo=> =AH. phr-2%> +5%AH. Industrials XLI-0.2%: ttc-3%. swim-3%. From y'day: dci+2%. Consumer Staples XLP+0.6%. sjm+1%. From y'day: -3%. Communication Service XLC-0.7%: From y'day edr-1%. [& Energy XLE+0.3%. Materials XLB=, Copper-3%, Lumber-1%, Iron+2%, Gold-2%. Financials XLF+0.2%. Utilities XLU+0.6%. Property XLRE-0.2%.] World Stocks' Quarterly EARNINGS: Jun3Thu: r4 $450B MktCap (value): AVGO' CRWD' Lulu' Docu' Work' Coo' Mdb' sjm, ttc, cien, sapif, five' chpt' asan' saic' swim, pd' coalIn) pnn. apoHos) mfon. dooo phr sumo scwx zumz nx hov wkp. fgp. conn idt joan dlth npce expr tlys ngl tour msb) -TIMING KEY: )Asia .Eu ,UsAM ‘UsPM -RANK: MarketCap x ~%Adjustments Thu turnover leaders: $250B~ value: AMC,,, TSLA, NVDA AAPL BB' AMZN MSFT FB F' BABA BA NIO GM' AMD WKHS// JPM GOOG GOOGL GME,, BAC NFLX MRNA C TLRY' ABNB, HFC SQ, PG V T ABT BIDU, PYPL TWTR BBBY,,, XOM INTC MU BRK.B MRK CRM GS PLTR, AMAT TMO RBLX, TAL,, UPST' ZM DIS CRWD ORCL SHOP KO JNJ PDD, SPCE AAL, CVX AVGO MA WFC CSCO UNH SNAP, JD EDU,, ROKU, PLUG GE QCOM PTON, WMT SNOW FCX, HD SPLK,, VZ UAL, DHR TXN NXPI, VIAC ADBE MCD LRCX CCL MS SLB TGT UBER, COIN ABBV TWLO, CTSH PBR BYND, PEP COST PFE NKE INTU LOW BKNG NEE CHTR TMUS LMT SBUX LLY OKTA LULU CMCSA IBM MDT VALE LUV, SCHW TSM XPEV OXY DOCU EQIX SPGI SYNH ETSY, NOK NEM FIS HON DAL, NVAX FUTU UNP BMY GTT// COP GOLD, TJX KMB ESTC/ PLD MPC LI DE LIN AMGN CAT FISV AEP EBAY UPS BEKE SVC GILD AI,, NOW PXD NCLH ECL CI LEDS// DLTR CLOV CCIV QS ACN X FEYE,,, FSR'' COF TDOC, DASH, ADI DG DKNG ASML CVS AMT W AXP FDX ADSK ALXN CMG MELI MMM AON KLAC LB, WYNN, TFC BP WDAY BILI, SKLZ PANW RTX ATVI AHT,, -Key: ^4%' ^9%/ ^20%// ^50%/// ^150%//// v3%, v8%,, v18%,,, v35%,,,, === June 2 Wednesday - Summary Stocks SPY=, Bond TLT+0.2%, EEM+0.2%, Smallcap IWM=, SpecTec ARKK-25=. Calm holiday market. Fed ends a minor corporate bond buying program. Beige Book noted supply chain price pressures. Harker wants taper talk. Thursday's ADP jobs presages Friday's big NonFarm Payroll Jobs data. AMC+100%: meme liquidity bubble balloons unchecked: now $28B MktCap, $50B record stock turnover, 4 halts: launched "Investor Connect" for retail investor base; offers perks/ popcorn. GME+13% BB+32% BBBY+62% SKLZ+26%. BTC+5% ETH+8% DOGE+20%; COIN+1% GLXY+7% SI-1%; SQ-1%. TSLA-3%: recall. Tech strength: NVDA+3%: BMO notes GPU growth; PLTR+6%, ABNB+5%. FEYE-5%AH sells CyberSec products biz for $1.2B; Russians hack JBS, USAID. SLB+8% guides up: energy supercycle; HAL+4% BKR+3% HFC+6% FTI+10%. Etailer ETSY+7% pays $1.6B for UK vintage/used fashion clothes app Dpop. (Helped by Boris Johnson's bride smartly hiring a £3k bridal dress for £45.) Earnings Movers by impact: Tech XLK+0.7%: Splunk Splk+3%> -4%AH. Ntap=> -1%AH. Pags+5%> +3%AH. Ai+6%> -9%AH. Estc=> +10%AH. gwre=> +1%AH. smar+2%> +1%AH. ncno=> -2%AH. dsgx+1%> +2%AH. smtc-2%> +2%AH. From y'day: Hpe=. Stne+1%. mdla+10%. apps-4%. cldr-1%. amba-1%. can-2%. Communication Service XLC-0.3%: edr-1%> -1%AH. From y'day ZM=. Consumer Cyclical XLY-0.5%: Aap-2%. pvh-4%> +1%AH. home+1%. le+7%. [& Energy XLE+1.8%, Oil+1.2%. Materials XLB-0.8%, Copper-1%, Lumber+5% limit, Gold+0.5%, iron=: Industrials XLI-0.3%: Healthcare XLV-0.2%. Consumer Staples XLP+0.4%. Financials XLF+0.2%. Utilities XLU+0.5%. Property XLRE+1.4%.] World Stocks' Quarterly EARNINGS: Jun2Wed: r3 $250B MktCap (value): Splk' Ntap' Rlx, Aap, Pags' Estc' gwre' pvh' ai' dci, smar' edr' ncno' cldr, smtc' dsgx' home, le, wizz. pwrGr) mothSu) nmdc) naukri) sail) spwh sptn amsc muds -TIMING KEY: )Asia .Eu ,UsAM ‘UsPM -RANK: MarketCap x ~%Adjustments Wed turnover leaders: $300B~ value: AMC/// TSLA, NVDA AAPL AMZN BB// BBBY/// MSFT GME/ FB AMD BABA BA NIO GOOGL ABNB' PLTR' V GOOG ABT ZM MRNA' PYPL JPM RBLX SQ AAL' BAC BYND/ XOM DIS CRM MA PBR' C SHOP SKLZ// T F NFLX JNJ CCL' PG WMT GS INTC HD TMO SNAP BRK.B SLB' ROKU CVX VALE ORCL SNOW NVAX/ CNST/// SPCE UNH ABBV PTON BCTX/// VIAC TLRY/ AMAT BIDU ADBE MU WFC ETSY' MRK PDD OXY COIN RKT/ DHR QCOM KOSS/// CMCSA VZ CSCO PLUG LOW TGT PFE MDT MCD UAL JD COST GM AI FUBO/ NKE UBER DKNG BKNG PEP EBAY DE NOK' NUE, BEKE, TSM FDX MS FUTU, FCX KO AVGO BNTX' TJX XPEV TXN LRCX ACN INTU MVIS' NCLH CAT SBUX APPS, GE AXP TWTR W' NKLA// BP AMGN AHT/ QS/ UPS BILI SPGI EXPR// SCHW COF HON PETS/// CMG TMUS DVN UNP AMT PXD OCGN/ LI CCIV/ BMY DBX' SPLK NOW CRWD PLD MPC PINS LIN BSX, NEE DASH CHTR NEM X AON UPST/ DAL GILD OKTA RIOT MTCH EQIX PM GPN IBM LLY LMND' ASML MDLZ KMB RTX MELI TTD LMT BBY TAL, MMM FIS FISV BDX TWLO EDU, MRO SRE SYF WKHS// HUM NXPI ICE -Key: ^4%' ^9%/ ^20%// ^50%/// ^150%//// v3%, v8%,, v18%,,, v35%,,,, === June 1 Tuesday - Summary Stocks SPY=, Bond TLT=, EEM+2%, Smallcap IWM+1%, SpecTec ARKK-0.7%. Flat return after busy sunny Memorial Day holiday, and UK Bank Holiday. After an early rally, stocks fell: 10ET ISM Manufacturing signalled inflation. Oil+2% on OPEC+ meet, lifts DVN+14% MRO+14% APA+11% OXY+10% FANG+8%. Cloudera CLDR+24% on $5B go-private Private Equity deal led by KKR=. EVs lifted by Citi's NIO upgrade, and monthly NIO+10%, XPEV+8% deliveries. AMC+23% on $230m equity raise, to bubbly $15B Mkt Cap; GME+12% BB+8%. BTC-2% ETH+2% DOGE+10%; COIN+1% RIOT+8% GLXY-6% SI+1%; SQ= TSLA=. ABT-9% guidance cut, hurt diagnostics QDEL-7% TMO-5% DHR-4% DGX-3%. JNJ-2%: Supreme Court rejected talc-baby-cancer $2B class-action appeal. Earnings Movers by sector/impact: Tech XLK-0.5%: Hpe+1%> -1%AH. Stne-1%> -2%AH. go-private. cldr+24%. can+22%. apps+2%. mdla-2%> +5%AH. amba+1%> +4%AH. From Fri: plus-2%. Communication Service XLC=: Zoom Video ZM-1%> +2%AH. Consumer Cyclical XLY-0.2%: From Fri: cal+11%. hibb+4%. Healthcare XLV-1.7%: Canopy (weed) CGC-7%. [& Energy XLE+4%, Oil+2%. Materials XLB+1.4%, Copper=, Lumber-3%, Gold-0.3%, iron+9%: Industrials XLI+0.4%: Consumer Staples XLP-0.3%. Financial XLF+0.6%. Utilities XLU-0.6%. Property XLRE+1.7%.] World Stocks' Quarterly EARNINGS: Jun1Tue: r3 $300B MktCap (value): ZM' CGC, Hpe' Bns, Stne' itc) cldr, apps' mdla' amba' momo, lx, can, rket. cmre qtt qtnt kirk lizi litb iti ctic oesx bel) bhel) supermx) -TIMING KEY: )Asia .Eu ,UsAM ‘UsPM -RANK: MarketCap x ~%Adjustments Tue turnover leaders: $250B~ value: AMC// TSLA AAPL AMZN NVDA MSFT BABA NIO/ FB AMD BA PDD/ GOOGL ABT GME/ ABNB GOOG TMO, ZM CRM BAC OEG/// JNJ XOM JD' DHR, JPM SQ PYPL SHOP GS CROX DIS PG RBLX F NFLX C AMAT PLTR SNAP INTC BYND, T V CLDR// MRK BIDU DVN/ MA HD MRNA CCL CVX ADBE VTNR/ WMT FCX BRK.B SPCE, CMD QCOM COIN MU BB/ VALE PFE SNOW TSM FUTU' AAL UNH AMGN NUE' MS ASML TXN UAL UBER WFC VZ ORCL CSCO PEP LRCX COST NOW ROKU OXY/ LOW PTON TGT TWTR NKE XPEV' ABBV PLUG BKNG KO GE AVGO MDT MRO/ COF STE CMCSA PBR' NEE CRWD WDAY AXP GM LLY CAT MCD MELI BILI' COP' BMY AI// DAL NCLH OKTA GPS DE TMUS AON SPGI DKNG CVS HON SLB. BP TWLO ALXN UPST CB WPG/// SPG' SBUX ADI FISV CCIV/ UNP CMG VIAC FTCH LH, NXPI ACN PXD' SCHW HPQ CL ANTM BDX PINS NEM AMT X DELL' GILD LIN CHTR RIOT' GOLD W BEKE' DLTR LULU ICE ISRG INTU TAL TDOC EL LI MHK ETSY FDX TLRY UPS MPC LYFT TJX EDU' CNI RTX CVNA AZN TTD RCL EA SYK TFC ULTA DOCU AAP RIO MDLZ -Key: ^4%' ^9%/ ^20%// ^50%/// ^150%//// v3%, v8%,, v18%,,, v35%,,,,

June 2nd, 2021 - The giant electric automaker has announced price hikes for its standard sedan, Tesla Model 3. The past two months have seen Tesla increase the price of its Model 3 sedan four times. According to CEO Elon Musk, the hikes are caused by the global chip shortage. In an industry-wide challenge that has seen tech giants suffer from the pandemic-induced drag on chipsets, electric automakers have had to take measures to adapt. Last month the Chinese electric Nio (which many correlates to as the Chinese equivalent of Tesla) recorded an all-time low in orders. They cited the shortage of chips too. Chipset and Semiconductor Scarcities Tesla has also suffered from the knock-on effect. The chipset shortages stem from the global supply chain disruptions caused by the Covid-19, which has hit scores of industries that produce toasters, smartphones, and other computerized goods. Car manufacturers haven’t been spared. Car factories have been forced to stop operations as there is a global shortage of semiconductors that are essential components in control functions of the increasingly computerized car productions of this generation. Tesla, being the manufacturer of the most computerized automobile on the market today, has been hit especially hard. The Q1 Supply Chain Challenges Unprecedented On May 31st, 2021, Tesla's CEO Elon Musk said that the scarcity of chips and semiconductors was causing a slow-down in productions. He also cited the supply shortages as seen in Q1 2020 as the most severe the company has ever experienced. Therefore, these extra pressures induced by the drag-on effect of chips have led the tech giant to rethink its pricing for cars. Musk added that the existing chipset challenge is the sole reason the automaker has had to charge more for its Model Y and Model 3 sedans. He didn’t exclusively announce on his official page as he does often, but he pointed out this when he posted a tweet in response to a complaint about price hikes from one user. What About Tesla’s Other Models? As already stated, the models that have seen price hikes are Model 3 and Model Y sedans. And according to their list price [what is referred to as the Manufacturer Suggested Retail Price (MSRP), which represents the price for basic versions of cars], Tesla’s Model Y SUV price increased by 3% from $49,989 to $51,489, while the price of Model 3 increased by 7% from $36,489 to $39,489 in the period spanning from late February to mid-May. Tesla’s other models, including its luxury sedan Model S, haven’t had price hikes though. The list price (MSRP) for Model S still stands at $79,989. And while Elon Musk blamed the price hikes on the disruptions in the supply chain, external observers have other thoughts on the same. One source has suggested that Tesla could be having other motivations, including the most obvious one of Tesla choosing to cash in as a result of the increased demand for electric cars. (Written and edited by Richard Oyamo, for The Decision Maker)