Grace Ong LSEG 企业方案负责人 近年来，在监管变化和地缘政治格局转变的双重推动下，跨国企业的全球税收格局发生了重大转变。随着各 国日益奉行以国内经济利益为优先的新型重商主义政策，企业财务和税务团队在管理公司间融资安排时面临 着愈发复杂的局面。让我们探讨不断演变的地缘政治环境如何影响转让定价、公司间借贷以及跨国企业架 构，并为应对这一不断变化的环境提供战略考量。 经济民族主义的复苏及其税收影响 后疫情时代，世界经济经历了从全球化向经济民族主义的显著转变。主要经济体正在实施旨在将关键产业回 流国内、保障供应链安全以及保护国内税基的政策。这种新型重商主义做法对企业的税收筹划产生了深远影 响。税务机关愈发积极地审视公司间融资结构背后的商业合理性，尤其是涉及低税管辖区的融资结构。各国 正在实施数字服务税、最低税制以及其他超出传统国际框架的单边措施，这带来了潜在的双重征税风险。各 国政府还在限制关键知识产权和技术的跨境流动，影响了围绕知识产权许可结构建立的转让定价模型。对于 财务和税务专业人士而言，这些转变要求他们采用更为细致的方法来处理公司间交易，在税收效率与日益增 长的政治和监管风险之间寻求平衡。 BE ...

Market Performance - Major indexes showed strength with the Dow up +217 points (+0.49%), S&P gaining +37 points (+0.61%), Nasdaq increasing +0.94%, and Russell 2000 rising +1.07% [1] Company Highlights - NVIDIA became the first corporation to reach a $4 trillion market capitalization, leading in GPUs for AI and data centers [2] - Microsoft also reached record highs, while Fastenal is trading at record highs with a valuation of 40 times forward earnings [2] - Amazon's Prime Day experienced a weak first day, down -41% compared to previous years, raising concerns about consumer spending [3] Economic Indicators - The FOMC minutes revealed differing opinions on potential interest rate cuts, with some members suggesting cuts as early as July while others recommend no cuts for 2025 [4] - President Trump threatened a +50% new tariff on Brazil, indicating ongoing trade tensions and potential inflationary pressures [5] Upcoming Reports - Key earnings reports from Delta Air Lines, Conagra, and Helen of Troy are expected, with Delta providing insights into airline travel and Conagra being a major agriculture exporter [6] - Helen of Troy's recent earnings miss and CEO replacement may indicate challenges ahead, particularly in the context of tariffs [6] Job Market Data - Weekly Jobless Claims data showed initial claims cooling down to 233K from a near-term high of 250K, while continuing claims reached 1.964 million, the highest since November 2021 [7][8] - Analysts are closely monitoring the job market, as breaching 2 million in longer-term jobless claims could shift perceptions about labor market strength [8]

Group 1 - Alaska Air Group Inc. will hold its quarterly conference call to discuss the second quarter financial results for 2025 on July 24, 2025, at 11:30 a.m. EDT/8:30 a.m. PDT [1] - The company will file its second-quarter results and outlook after market close on July 23, 2025 [2] - Alaska Air Group operates subsidiaries including Alaska Airlines, Hawaiian Airlines, and Horizon Air, with a network covering over 140 destinations across North America, Latin America, Asia, and the Pacific [3] Group 2 - Alaska Airlines is a member of the oneworld Alliance, with Hawaiian Airlines scheduled to join in 2026, allowing guests to earn and redeem miles for travel to over 1,000 worldwide destinations [3] - The company is traded on the New York Stock Exchange (NYSE) under the ticker symbol "ALK" [3]

Southwest Airlines Policy Changes: Is More Choice What Customers Want? https://t.co/ntZ6MpV7Xn https://t.co/ntZ6MpV7Xn ...

Key Takeaways LTM's June traffic rose 10.2% YoY, supported by 10.7% capacity growth and new domestic/international routes. Load factor dipped 0.4 pts to 83.8% as traffic failed to outpace capacity expansion. LATAM Airlines carried 7 million passengers in June, with YTD total surpassing 41.5M across its network.LATAM Airlines Group (LTM) reported a year-over-year increase in revenue passenger-kilometers (RPK: a measure of air traffic) for June 2025.LATAM Airlines reported a 10.7% year-over-year increase in ...

Core Viewpoint - Delta Air Lines Inc is expected to report a revenue of $16.21 billion and earnings of $2.07 per share for the second quarter, reflecting a 5.3% year-over-year increase driven by international and premium travel sectors [1] Financial Performance - The company has shown a turnaround in earnings this year, with the stock rising after the last two earnings reports, including a notable 23.4% increase following the April report [2] - The options market is anticipating a larger earnings swing of 9.5%, compared to the average 6.4% move over the past two years [2] Stock Movement - A successful earnings report could push Delta Air Lines' stock above the recent consolidation level around $52 and the 120-day moving average, although the stock is down 16.5% year to date [3] Options Trading Sentiment - The 10-day call/put volume ratio stands at 2.73, indicating that options traders are more optimistic than usual, with this ratio being higher than 73% of readings from the past year [4] - Delta Air Lines has historically outperformed options traders' volatility expectations, as indicated by a Schaeffer's Volatility Scorecard (SVS) of 99 out of 100 [4]

RT Mario Nawfal (@MarioNawfal)🇺🇸 VIRGIN ATLANTIC JUST KILLED BORING FLIGHTS WITH FREE STARLINKVirgin Atlantic teamed up with SpaceX to put Starlink Wi-Fi on every plane.You’ll get full-speed internet, free, on every device - even in economy - starting in 2026.No more paying $25 just to send a text mid-flight. All you’ll need is a Virgin loyalty account to log in.Airplane mode just became optional.Source: The Points Guy ...

The market expects Alaska Air Group (ALK) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss ...

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for United Airlines despite an increase in revenues, with the actual results being crucial for stock price movement [1][2]. Earnings Expectations - United Airlines is expected to report quarterly earnings of $3.88 per share, reflecting a year-over-year decrease of 6.3%, while revenues are projected to be $15.31 billion, an increase of 2.2% from the previous year [3]. Estimate Revisions - The consensus EPS estimate has been revised down by 5.91% over the last 30 days, indicating a reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that the Most Accurate Estimate matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, suggesting no recent differing analyst views [12]. Historical Performance - United Airlines has consistently beaten consensus EPS estimates in the last four quarters, with a notable surprise of +21.33% in the last reported quarter [13][14]. Market Reaction Factors - An earnings beat or miss may not solely dictate stock movement, as other factors can influence investor sentiment [15]. Investment Considerations - While United Airlines does not appear to be a strong candidate for an earnings beat, investors should consider additional factors before making investment decisions [17].

Key Insights - Mexican carrier Controladora Vuela Compañía de Aviación (Volaris) reported a year-over-year increase in revenue passenger miles (RPMs) for June 2025 [1] - Volaris experienced a 0.6% year-over-year increase in consolidated capacity, but the load factor decreased by 1.7 percentage points to 83.9% [2][10] - The airline transported 2.4 million passengers in June, reflecting a modest 0.2% increase year-over-year [2][10] Domestic and International Performance - In the domestic market, RPMs and available seat miles (ASMs) decreased by 2% and 1.2% respectively compared to June 2024, with a domestic load factor of 89.2%, down 0.7 percentage points [3] - Internationally, RPMs decreased by 0.4% year-over-year, while ASMs increased by 3.4%, leading to a decrease in the international load factor by 2.9 percentage points to 76.2% [3] Comparison with Other Airlines - Ryanair reported a 3% year-over-year increase in passengers transported, totaling 19.3 million in June 2025, with a stable load factor of 95% [5] - Copa Holdings (CPA) is also highlighted for its strong performance, with a 7% year-over-year increase in ASMs and a 7.5% increase in RPMs for May 2025 [8]