Societal Trends - Increasing distrust in government is observed [1] - A growing focus on sovereignty and self-sustainability is noted [1] Group Dynamics - Formation of localized high-trust groups with aligned goals is anticipated [1] - These groups will share beliefs and generational monetary incentives [1]

Core Points - The G7 agreement allows U.S. multinational companies to avoid additional overseas tax payments, indicating a shift in international tax policy [1][2] - The agreement will fundamentally alter the global minimum corporate tax reform established in 2021, raising concerns among economists about prioritizing corporate interests over smaller businesses and citizens [1][5] Group 1: G7 Agreement Details - The G7 reached an agreement on a "parallel" tax solution that exempts U.S. multinationals from certain tax rules in exchange for the removal of a controversial provision in the U.S. "Inflation Reduction Act" [1][4] - The removal of the "retributive tax" (Section 899) is crucial for achieving consensus and providing a stable environment for discussions within the OECD framework [4][6] Group 2: Implications for Global Tax Policy - The OECD's tax chief emphasized that the G7 cannot make binding decisions, and any proposals must be approved by all 147 OECD members [2] - The agreement simplifies compliance requirements for the second pillar of the OECD/G20 inclusive framework, which mandates a global minimum corporate tax rate of at least 15% for companies with revenues exceeding €750 million [3][4] Group 3: Digital Taxation Concerns - The G7 statement suggests that the implementation of the parallel system will promote stability in the international tax system and constructive dialogue regarding digital taxation [5][6] - Digital services taxes (DST) have been a point of contention, particularly with European countries targeting U.S. tech companies, with rates varying from 2% to 5% [5][6]

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Max Brooks’ seminal zombie thriller, “World War Z”, is set in an alternate 21st century world after a zombie apocalypse -- a pandemic that began in a small Chinese village -- infected and subsequently killed millions. Told through a series of interviews, all conducted by a fictional version of Brooks, there is very intentionally no hero. Each interview subject is a survivor of the apocalypse, each with a different role to play. While “World War Z” grapples with human shortsightedness, the power of fear, the ...

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股价表现：医药与消费带动市场总体回撤 本周，恒生指数跌1.5%，恒生科技跌2.0%。风格方面，大盘(恒生大型股-1.4%)>小盘(恒生小型 股-2.0%)>中盘(恒生中型股-3.3%)。 概念指数多数下跌，跌幅较小的有：恒生金融(-0.3%);跌幅较大的有：恒生创新药(-8.8%)、恒生消费 (-4.3%)。 港股通行业中，2个行业上涨，28个行业下跌。上涨的有：电子(+3.0%)、银行(+0.9%);下跌的主要有： 医药(-7.5%)、国防军工(-5.7%)、基础化工(-5.4%)、轻工制造(-5.2%)、消费者服务(-5.2%)。 结构上，19个行业EPS预期上修，8个行业EPS预期下修，2个基本持平。上修的行业主要有：钢铁 (+2.1%)、农林牧渔(+1.9%)、房地产(+0.8%)、汽车(+0.5%)、计算机(+0.5%);下修的行业主要有：交通运 输(-1.1%)、机械(-0.4%)、煤炭(-0.2%)、电力及公用事业(-0.1%)、基础化工(-0.1%)。 风险提示：经济基本面的不确定性，国际政治局势的不确定性，美国财政政策的不确定性，美联储货币 政策的不确定性。 本文编选自微信公众号"学恒的海外 ...

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Core Viewpoint - The article discusses the recent agreement between the U.S. Treasury and the G7, which exempts U.S. companies from certain foreign taxes in exchange for the withdrawal of the proposed Section 899, also known as the "retaliatory tax" [1][3]. Group 1: Agreement Details - The U.S. Treasury estimates that the agreement will prevent U.S. companies from paying over $100 billion in taxes to foreign governments over the next decade [3]. - The G7 will work to implement the agreement in the coming weeks to months, ensuring that the OECD's second pillar tax does not apply to U.S. companies [3][4]. - The OECD's international tax reform framework includes two pillars, with the second pillar aiming to impose a global minimum tax rate of around 15% to curb tax avoidance [3][4]. Group 2: Political Context - The Section 899 proposal was drafted by Republican members of the House and supported by the White House, aimed at countering discriminatory taxes imposed by several countries on U.S. companies [3][4]. - The agreement reflects a significant difference in economic models between Anglo-American countries and continental European nations, with the former favoring lower tax rates [4]. Group 3: Market Reactions - The "retaliatory tax" raised concerns on Wall Street, as it could complicate foreign investment in the U.S. and negatively impact U.S. assets [6][7]. - International investors have increasingly concentrated their investments in U.S. assets, driven by a tech boom and a strong dollar, which has raised concerns about potential market corrections [8].

Core Insights - Altria Group, Inc. is committed to transitioning towards a smoke-free future, with a focus on its oral tobacco portfolio, particularly the on! nicotine pouch brand, which has shown significant growth in shipment volumes and market share [1][2][9] - The company's oral tobacco revenues increased by 0.5% to $654 million in Q1 2025, driven by pricing power despite macroeconomic challenges [2] - Altria faces challenges in the vapor segment, particularly after regulatory issues led to the discontinuation of its NJOY ACE product, but plans to introduce compliant alternatives [3][4] Oral Tobacco Performance - The on! nicotine pouch brand's shipment volumes rose 18% year-over-year, exceeding 39 million cans, and its market share in the oral tobacco category increased by 1.8 percentage points to 8.8% [1][9] - The nicotine pouch market share for on! reached 17.9%, indicating strong consumer loyalty and brand strength despite retail price increases [1] Vapor Segment Challenges - Regulatory setbacks have impacted Altria's vapor products, leading to the discontinuation of NJOY ACE, but the company is working on launching new compliant products to regain market share [3][4] Competitive Landscape - Altria competes with Philip Morris International and British American Tobacco in the smoke-free category, both of which are also focusing on reduced-risk products [5][6][7] - Philip Morris reported a 20.4% increase in net revenues and a 33.1% rise in smoke-free gross profit, with significant growth in its ZYN and VEEV products [6] - British American Tobacco aims for 50 million consumers by 2030 and reported a 2.5% increase in New Category revenues in 2024 [7] Financial Performance and Valuation - Altria's stock has gained 12.5% year-to-date, while the industry has grown by 37.7% [8] - The company trades at a forward price-to-earnings ratio of 10.76X, below the industry average of 15.36X [11] - Earnings estimates for 2025 and 2026 suggest year-over-year growth of 4.9% and 3.3%, respectively, with recent upward revisions [12]

Core Insights - Clearmind Medicine Inc. has added Hadassah-University Medical Center in Jerusalem as a new clinical site for its Phase I/IIa trial of CMND-100, a drug candidate for Alcohol Use Disorder (AUD) [1][2] - The trial aims to evaluate the safety, tolerability, and pharmacokinetics of CMND-100, while also assessing its potential to reduce alcohol cravings and consumption [3] - Alcohol Use Disorder affects over 280 million people globally, indicating a significant unmet medical need and a potential multibillion-dollar market opportunity [4] Company Overview - Clearmind is a clinical-stage biotech company focused on developing psychedelic-derived therapeutics to address major health issues, including AUD [6] - The company holds an intellectual property portfolio consisting of nineteen patent families and 31 granted patents, with plans to seek additional patents as needed [7] Clinical Trial Details - The inclusion of Hadassah-University Medical Center is expected to enhance patient recruitment, accelerate data collection, and increase the statistical power of the study [3][5] - Other participating institutions include Yale School of Medicine, Johns Hopkins University, and Tel Aviv Sourasky Medical Center [2]