A bit of underhanded behavior going on in Australia at the moment. An Australian has taken advantage of an opportunity presented to him and done something that may not have been illegal but was certainly immoral. I’m referring to PwC leaking confidential tax information to Google of course (and not to the cricket, which was perfectly legitimate).

The lowdown

• 🇦🇺 PwC Australia leaked confidential tax information to Google.

• 🗞️ Buzzfeed is seeking $150 million for the sale of a bundle of digital media assets.

• 📈 Fed indicates further rate rises likely after June pause.

Flex your finance muscle

Stress test

A stress test aims to determine whether a bank has enough capital to withstand the impact of unfavorable economic scenarios. The tests are used to gauge how certain stressors will affect the size and condition of the bank's capital cushion.

Scenarios tested can include things like a severe recession, a sharp drop in the stock market, a rapid rise in unemployment rates, a housing market crash, or any combination of these factors. The results can influence a bank's decisions about dividend payments, stock buybacks, and other business strategies.

This week, Bank of America initially held back its dividend announcement while seeking clarity from the Fed on stress test results, stressing shareholders in the process.

Featured story

Saudis create investment company to push further into sports

Saudi Arabia is planning to launch a multibillion-dollar investment company aimed at expanding its interests in sports ($). It seems it won’t be long before they own every sports league and team in the world.

This sports investment group will operate under the kingdom’s $650 billion Public Investment Fund (PIF) and has made several sports investments in recent years.

Esports have also been in PIF’s crosshairs. PIF has invested in the gaming industry through its investment company Savvy ($), which has spent nearly $8 billion on acquisitions over the past 18 months.

The content we're consuming today

• Council on Geostrategy: De-dollarisation would upend the global economy.

• Tax Policy Associates: The outrageous £50m tax scheme that was KC-approved. Part 2: The Opinion.

• Bloomberg: The ‘Extend and Pretend’ Real Estate Strategy Is Running Out of Time ($).

Off-balance sheet items

• Have you ever wanted to make your own McRib? I can’t say I have ever thought about it but after seeing this video, I might try it. (Also, check out this old but excellent theory on the scarcity of the McRib being driven by pork prices.)

The bottom line