Business

Shares in US tech giants a notch lower after landmark G7 tax deal

Shares in U.S. technology giants were down slightly in premarket trading after the world's richest nations agreed on a landmark global minimum corporate tax deal.

FILE PHOTO: The logos of Amazon, Apple, Facebook and Google
FILE PHOTO: FILE PHOTO: The logos of Amazon, Apple, Facebook and Google in a combination photo

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LONDON: Shares in U.S. technology giants were down slightly in premarket trading after the world's richest nations agreed on a landmark global minimum corporate tax deal.

The Group of Seven (G7) advanced economies agreed on Saturday to back a minimum global corporate tax rate of at least 15per cent.

Shares of Facebook, Amazon.com, Apple, Microsoft and Google-parent Alphabet were all down between 0.3per cent and 0.6per cent.

The G7's proposals are seen targeting technology companies that sell services remotely and attribute much of their profits to intellectual properly held in low-tax jurisdictions.

(Reporting by Thyagaraju Adinarayan and Sagarika Jaisinghani; Editing by Rachel Armstrong)

Source: Reuters