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National Post
12 hours ago
- Business
- National Post
Canada won't pause digital services tax despite pressure from U.S., finance minister says
OTTAWA — Canada won't put a hold on the digital services tax on big tech companies set to take effect on June 30, the finance minister said Thursday. Article content Article content Finance Minister Francois-Philippe Champagne said Thursday the legislation was passed by Parliament and Canada is 'going ahead' with the tax. Article content Article content 'The (digital services tax) is in force and it's going to be applied,' he told reporters before a cabinet meeting on Parliament Hill. Article content Article content It will apply retroactively, leaving U.S. companies with a $2 billion US bill due at the end of the month. A June 11 letter signed by 21 members of Congress said U.S. companies will pay 90 per cent of the revenue Canada will collect from the tax. Article content Canadian and U.S. business groups, organizations representing U.S. tech giants and American members of Congress have all signed letters in recent weeks calling for the tax to be eliminated or paused. Article content It's set to take effect just weeks before a deadline Canada and the U.S. have set for coming up with a new trade deal, following months of trade conflict between the two countries. Article content Rick Tachuk, president of the American Chamber of Commerce in Canada, said the plan to go ahead with the tax 'undercuts those talks and risks derailing the agreement.' Article content Article content 'A retroactive tax like the DST, weeks before a new deal is supposed to be done, isn't a bargaining chip. It would likely be viewed as a provocation,' he said in an emailed statement. Article content Article content The Canadian Chamber of Commerce and other organizations have warned retaliatory measures in a U.S. spending and tax bill could hit Canadians' pension funds and investments. Article content Champagne said Canada isn't the only country that could be affected by those retaliatory measures. Article content David Pierce, the Canadian Chamber of Commerce's vice-president of government relations, said in an earlier interview his organization fears Canada could 'aggravate an already very tricky trade discussion with the Americans' if it goes ahead with the tax and the retroactive payment requirement. Article content Matthew Holmes, the chamber's executive vice-president and chief of public policy, said in a statement that a Liberal government announcement on counter-tariffs to protect the steel and aluminum industries Thursday was 'geared toward the 30-day deadline, so we see no reason why DST's timeline shouldn't be as well.'
Japan Times
a day ago
- Business
- Japan Times
Russia's 'Davos' yet to recover Western appeal despite thaw with Washington
Russia's flagship economic forum kicked off Wednesday with stalls selling Russian President Vladimir Putin-themed merchandise and humanoid robots, but Westerners were few and far between — despite warming ties between Moscow and Washington under U.S. President Donald Trump. Once dubbed "Russia's Davos," the annual Saint Petersburg International Economic Forum (SPIEF) is designed to attract foreign investment and is the biggest showcase of Russian technology and business. Some 20,000 guests from 140 countries are set to take part in the forum over the next four days, both online and in person, according to the Kremlin. But for the fourth year running, high-profile European and American representatives have been absent amid Moscow's offensive on Ukraine — a stark contrast to before the conflict, when some Western leaders would attend. Among the states sending high-level government figures this year are the likes of China, Vietnam, Iraq, Saudi Arabia, the Central African Republic and Burkina Faso. Taliban officials were also spotted at the expo, amid Russia's push to normalize ties with the militant Islamist group. Russian officials said some Western executives will attend. "American business representatives, but I can't say at what level," Kremlin aide Yuri Ushakov told reporters at a briefing Tuesday. According to the official program, not a particularly high one. A panel on Thursday, titled simply "Russia-USA," will feature the head of the American Chamber of Commerce in Russia, some private investors, the founder of a microphone manufacturer and head of a crypto project. But in one high-profile win for Putin, Indonesian President Prabowo Subianto skipped an invitation to the G7 in Canada, choosing instead to meet Putin and attend SPIEF. Among the events on the first day of the forum were panels focused on artificial intelligence and investment in the Global South. Russia has channeled its economic interests away from the West and towards emerging markets in Asia and Africa due to sanctions over the Ukraine conflict. One stand handed out T-shirts featuring quotes from Putin and other government officials. One from Foreign Minister Sergei Lavrov read: "Why the hell did I come here?" Technology was also on display. A humanoid robot flaunting a Dior handbag was seen walking around the exhibits. The forum comes amid intense speculation in Russia about the prospect of sanctions relief and the return of Western firms that left the country after Moscow launched its offensive on Ukraine in February 2022. Hundreds of companies sold off, abandoned or gave away their Russian operations — ranging from McDonald's and Nike to Ford and Goldman Sachs. Putin has at times blasted them for departing, warned they will not be allowed to return and said Russia is better off without them. He has also introduced punitive counter-sanctions, restricting the ability of firms from so-called "unfriendly" countries from accessing their profits and imposing huge exit fees and taxes on any wishing to leave. Trump's return to the White House and opening of diplomacy with Russia led to a frenzy of headlines in Russian media about whether he would ease U.S. sanctions. Russia's top economic negotiator, Kirill Dmitriev, said Wednesday that the United States may "in the next couple of months" announce joint projects with Russia in the Arctic, without elaborating. "The very important process of improving relations between American society and American companies towards Russia is currently underway," he was quoted as saying by state media. Once a fixture of Europe's business calendar, SPIEF was where Western leaders, CEOs and major investors gathered to seal deals on entering and expanding their footprint in Russia. Then-German Chancellor Angela Merkel attended in 2013, as did Mark Rutte, then the Netherlands' prime minister and now the Secretary General of NATO — the man marshaling the military alliance's response to Putin's Ukraine offensive. Its prestige started to dip after 2014, when Russia annexed the Crimean peninsula from Ukraine and was hit with the first tranche of Western sanctions. But even as recently as 2018, French President Emmanuel Macron and Japan's then-Prime Minister Shinzo Abe sat on stage alongside Putin.
Yahoo
2 days ago
- Business
- Yahoo
Putin T-shirts, robots and the Taliban -- but few Westerners at Russia's Davos
Russia's flagship economic forum kicked off Wednesday with stalls selling Vladimir Putin-themed merchandise and humanoid robots, but Westerners were few and far between -- despite warming ties between Moscow and Washington under Donald Trump. Once dubbed "Russia's Davos", the annual Saint Petersburg International Economic Forum (SPIEF) is designed to attract foreign investment and is the biggest showcase of Russian technology and business. Some 20,000 guests from 140 countries are set to take part in the forum over the next four days, both online and in person, according to the Kremlin. But for the fourth year running high-profile European and American representatives have been absent amid Moscow's offensive on Ukraine, a stark contrast to before the conflict, when some Western leaders would attend. Among the states sending high-level government figures this year are the likes of China, Vietnam, Iraq, Saudi Arabia, the Central African Republic and Burkina Faso. Taliban officials were also spotted at the expo, amid Russia's push to normalise ties with the militant Islamist group. Russian officials said some Western executives will attend. "American business representatives, but I can't say at what level," Kremlin aide Yuri Ushakov told reporters at a briefing Tuesday. According to the official programme, not a particularly high one. A panel on Thursday, titled simply "Russia-USA", will feature the head of the American Chamber of Commerce in Russia, some private investors, the founder of a microphone manufacturer and head of a crypto project. But in one high-profile win for Putin, Indonesian President Prabowo Subianto skipped an invitation to the G7 in Canada, choosing instead to meet Putin and attend SPIEF. - Humanoid robot - Among the events on the first day of the forum were panels focused on artificial intelligence and investment in the Global South. Russia has channelled its economic interests away from the West and towards emerging markets in Asia and Africa due to sanctions over the Ukraine conflict. One stand handed out T-shirts featuring quotes from Vladimir Putin and other government officials. One from Foreign Minister Sergei Lavrov read: "Why the hell did I come here?" Technology was also on display. A humanoid robot flaunting a Dior handbag was seen walking around the exhibits. The forum comes amid intense speculation in Russia about the prospect of sanctions relief and the return of Western firms that left the country after Moscow launched its offensive on Ukraine in February 2022. Hundreds of companies sold off, abandoned or gave away their Russian operations -- ranging from McDonald's and Nike to Ford and Goldman Sachs. Putin has at times blasted them for departing, warned they will not be allowed to return and said Russia is better off without them. He has also introduced punitive counter-sanctions, restricting the ability of firms from so-called "unfriendly" countries from accessing their profits and imposing huge exit fees and taxes on any wishing to leave. Trump's return to the White House and opening of diplomacy with Russia led to a frenzy of headlines in Russian media about whether he would ease US sanctions. Russia's top economic negotiator, Kirill Dmitriev, said Wednesday that the United States may "in the next couple of months" announce joint projects with Russia in the Arctic, without elaborating. "The very important process of improving relations between American society and American companies towards Russia is currently underway," he was quoted as saying by state media. Once a fixture of Europe's business calendar, SPIEF was where Western leaders, CEOs and major investors gathered to seal deals on entering and expanding their footprint in Russia. Then-German Chancellor Angela Merkel attended in 2013, as did Mark Rutte, the Netherlands' prime minister and now the Secretary General of NATO -- the man marshalling the military alliance's response to Putin's Ukraine offensive. Its prestige started to dip after 2014, when Russia annexed the Crimean peninsula from Ukraine and was hit with the first tranche of Western sanctions. But even as recently as 2018, French President Emmanuel Macron and Japan's then-Prime Minister Shinzo Abe sat on stage alongside Putin. bur/giv Sign in to access your portfolio
Yahoo
5 days ago
- Business
- Yahoo
Russian air attack damaged Boeing offices in Ukraine, FT reports
(Reuters) -A building used by Boeing in Kyiv was badly damaged in a recent large-scale Russian air attack, the Financial Times reported on Sunday, citing six people familiar with the matter and photographs seen by the newspaper. Russia launched air attacks on Kyiv early last week, using 315 drones and seven missiles in strikes that also hit other parts of the country, Ukraine's Air Force said on Tuesday. Boeing's building was among the targets hit on Sunday night, the newspaper reported, citing two Boeing employees, three Ukrainian officials and the head of the American Chamber of Commerce in Ukraine. Despite the damage to its building in Kyiv, there had been "no operational disruption", Andriy Koryagin, deputy general director of Boeing's operation in Ukraine, told the newspaper. Another official Boeing spokesperson declined to comment to the Financial Times on the attack, except to say that the U.S. plane maker prioritises the safety and security of its employees, none of whom were harmed during the bombardment. Boeing employs more than 1,000 people across Ukraine, according to the report. Reuters could not immediately confirm the report. Boeing and the American Chamber of Commerce in Ukraine did not immediately respond to Reuters' requests for comment.
Reuters
5 days ago
- Business
- Reuters
Russian air attack damaged Boeing offices in Ukraine, FT reports
June 15 (Reuters) - A building used by Boeing (BA.N), opens new tab in Kyiv was badly damaged in a recent large-scale Russian air attack, the Financial Times reported on Sunday, citing six people familiar with the matter and photographs seen by the newspaper. Russia launched air attacks on Kyiv early last week, using 315 drones and seven missiles in strikes that also hit other parts of the country, Ukraine's Air Force said on Tuesday. Boeing's building was among the targets hit on Sunday night, the newspaper reported, citing two Boeing employees, three Ukrainian officials and the head of the American Chamber of Commerce in Ukraine. Despite the damage to its building in Kyiv, there had been "no operational disruption", Andriy Koryagin, deputy general director of Boeing's operation in Ukraine, told the newspaper. Another official Boeing spokesperson declined to comment to the Financial Times on the attack, except to say that the U.S. plane maker prioritises the safety and security of its employees, none of whom were harmed during the bombardment. Boeing employs more than 1,000 people across Ukraine, according to the report. Reuters could not immediately confirm the report. Boeing and the American Chamber of Commerce in Ukraine did not immediately respond to Reuters' requests for comment.
