1、reading comprehensionAEconomic experts say the big drop in factory production threatens growth insome of the worlds most resilient markets. Southeast Asia has survived several majoreconomic crises in the past, partly because its nations have enacted economic reformsand the area is close to China.But
2、 the continuing coronavirus pandemic - driven by arecent rise in infections of the Delta variant - is creating new problems.Economistswith British-based banking group HSBC told Reuters news agency that lowvaccination rates in several countries are threatening these economies. They pointedto low vacc
3、ination rates in Vietnam, the Philippines and Thailand.Populations inthese countries could remain vulnerable not only to the current outbreak, but anyfuture mutations that may develop, HSBC said in a statement. Virus-relatedrestrictions are likely to continue, the bank said, leaving many factories w
4、ithoutworkers.Thailand is Asias fourth-largest auto exporter and a production base formajor world car brands. But Toyota suspended production in July at three of itsfactories in the country because of parts shortages caused by the pandemic.SiamAgro-Food Industry, a Thai processed fruit exporter, dep
5、ends heavily on migrantlabor. But it has only been able to fill 400 of 550 positions as workers return to theirhome countries and are not able to come back to work because of closed borders.Thecompanys president, Ghanyapad Tantipipatpong, spoke to Reuters news agency. Shesaid: There are 350 tonnes o
6、f fruit per day, but now we can take only 250 tonnesbecause of not enough workers to process.In Vietnam, several big internationalcompanies including Samsung, Foxconn and Nike, have production operations in thecountry. In the south, pandemic restrictions have forced some businesses to keepworkers is
7、olated at their production centers at night.Vietnams government said lastweek that industrial production fell sharply in several southern cities facingrestrictions since July.1. Southeast Asia has survived several majorin the past, partly because itsnations have enacted economic reforms and the area
8、 is close to China.2. But Toyota suspended production in July atin the country because of partsshortages caused by the pandemic.3. In Vietnam, several big international companies including Samsung, Foxconn andNike, have production operations in the country.1. economic crises2. three of its factories
9、3. several southern citiesBSome 130 countries have agreed on a worldwide minimum tax, an idea backedby President Joe Biden. The minimum tax is part of an international effort to keepmultinational companies from avoiding taxes by moving their profits to countries withlow rates.The agreement was annou
10、nced last Thursday. It is an attempt to meet thedifficulties of the interconnected and increasingly online world economy.The dealcalls for a world minimum tax of at least 15 percent. This is important for Biden as heseeks to raise more money for his American Jobs Plan. Technical details still need t
11、obe worked out. It would be at least 2023 before the agreement takes effect.Theagreement was announced by the Paris-based Organization for Economic Cooperationand Development. The agreement includes taxing part of the profits of the largestinternational companies in countries where they do business
12、online, but may have nophysical presence.French Finance Minister Bruno Le Maire called itthe mostimportant international tax agreement in a century.In one-on-one agreements,countries led by France have already started enforcing online taxes aimed at U.S.technology companies like Amazon, Google and F
13、acebook. The U.S. considers thisunfair trade practice. Under the new deal, other nations would agree to withdrawthose taxes in favor of the international minimum tax.Former U.S. President DonaldTrump placed taxes on French goods after the French said they would tax Americantechnology companies. Fran
14、ce has welcomed the Biden administrations push to reachan internationaldeal.Online giants must pay their fair share of taxes where theyhave activities, Biden said. There is no reason a small or medium business shouldpay more taxes than an online giant simply because it is physically present in theco
15、untry where it carries out its activities.1. It is anto meet the difficulties of the interconnected and increasingly onlineworld economy.2.The agreement includes taxing part of the profits of the largest internationalcompanies in countries where, but may have no physical presence.3. France has welco
16、med the Biden administrations push to reachdeal.1. attempt2. they do business online3.an internationalCNot all of the 139 countries that joined the talks signed on to the deal. IrelandsFinance Minister Paschal Donohoe said it had overall support for the agreement, butcould not agree to the 15 percen
17、t minimum. He said the countrys 12.5 percent rate isa fair rate. Ireland said it would continue with discussions going forward.Signersinclude Bermuda and The Cayman Islands, two tax havens, and major economicpowers China and India.More discussion is expected by the worlds largest 20economies, known
18、as the G-20. Finance ministers of the G-20 meet next week inVenice. Tax experts say that the voluntary method could work if it was passed bycountries that have many multinational companies headquarters, such as the U.S. andEurope. It would send the message that profits made anywhere will be taxed at
19、 homeup to the minimum.In the U.S., Biden has proposed a 21 percent minimum rate onoverseas earnings of big American companies to stop them from moving profits.Bidens U.S. tax plan must first pass Congress where the Democrats have a smallmajority.1.Irelands Finance Minister Paschal Donohoe said it had overall supportfor the agreement, but could notto the 15 percent minimum.2.Finance ministers of the G-20 meetweek in Venice.3.Bidens U.S. tax plan mustpass Congress where the Democrats have asmall majority.1. agree2.next3. first
