Alec Hogg: Trump Organisation criminally charged

Nigeria, Ireland and Kenya are among a handful of countries still holding out against a new global corporate tax regime that was agreed yesterday. South Africa, however, is among 130 signatories which includes all the major Western nations plus previously on-the-fence China and India. The historic agreement introduces a 15% minimum tax rate for multinationals in every country where they operate. Big tech companies Apple, Amazon, Facebook and Google, against whom the agreement was ostensibly aimed, say the tax is a big win for them. Other companies are not as buoyant. Experts estimate the deal will add between $100bn and $240bn annually to the tax bills of multinationals.

Another headline grabbing news event from the US this morning is also tax-related. The Trump Organisation has been formally indicted by New York prosecutors, charged with tax fraud perpetrated over a decade and a half. Also in the dock is its CFO Allen Weisselberg a Trump family employee for almost 50 years. If guilty, he could be imprisoned for 15 years. Click here. Weisselberg (73), turned himself in on Thursday.

Reflecting the global profile of the galloping gal from Limpopo, one of best read articles on the WSJ is the story of how SA Olympic gold medalist Caster Semenya has failed in a long-shot attempt to qualify for a different distance after being barred from defending her 800m title in Tokyo.

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