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US Treasury says G-7 expected to endorse global minimum tax proposal

WASHINGTON (REUTERS) – The G-7 wealthy democracies are expected to endorse Washington’s proposal for an ambitious global corporate minimum tax when their leaders meet later this week in Britain, a US Treasury official said on Wednesday (June 2). The official said in an e-mailed statement that the Treasury expects the meetings of the Group of Seven finance ministers on Friday and Saturday in London to provide momentum for advancing global corporate tax negotiations towards a broader G-20 finance meeting in July in Italy. A full endorsement is expected at the culmination of the G-7 meetings with the leaders summit, the official added. The US Treasury in May proposed a global minimum corporate tax of at least 15 per cent to try to end a downward spiral of corporate tax rates and deter multinational firms from shifting profits to tax-haven countries. The proposed minimum is lower than the Joe Biden administration’s own proposals to raise the domestic corporate tax rate to 28 per cent and impose a 21 per cent minimum levy on overseas profits earned by US companies. Treasury Deputy Secretary Wally Adeyemo said in late May that he expected strong support from G-7 countries for the

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A 6m sea wall? Miami faces hard choices of climate change

MIAMI (NYTIMES) – Three years ago, not long after Hurricane Irma left parts of Miami underwater, the federal government embarked on a study to find a way to protect the vulnerable South Florida coast from deadly and destructive storm surges. Already, no one likes the answer. Build a wall, the US Army Corps of Engineers proposed in its first draft of the study, now under review. Ten kilometres of it, in fact, mostly inland, running parallel to the coast through neighbourhoods – except for a 1.6km stretch right on Biscayne Bay, past the gleaming high-rises of Brickell, the city’s financial district. The dramatic, US$6 billion (S$7.9 billion) proposal remains tentative and at least five years off. But the startling suggestion of a massive sea wall up to 6m high cutting across beautiful Biscayne Bay was enough to jolt some Miami residents to attention. The hard choices that will be necessary to deal with the city’s many environmental challenges are here, and few people want to face them. “You need to have a conversation about, culturally, what are our priorities?” said atmospheric sciences professor Benjamin Kirtman of the University of Miami. “Where do we want to invest? Where does it make sense?

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Mazda North American May Sales Up 69.2%

(RTTNews) – Mazda North American Operations reported total May sales of 42,187 vehicles, an increase of 69.2 percent from last year. CPO sales totaled 6,846 vehicles in May, an increase of 10 percent compared to May 2020 and resulting in its best May ever. Year-to-date sales totaled 156,562 vehicles; an increase of 58.4 percent from the prior year. Mazda Motor de Mexico reported May sales of 3,867 vehicles, an increase of 66.4 percent compared to May last year.

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Activist hedge fund Engine No 1 extends gains with a third seat on Exxon board

HOUSTON (REUTERS) – Exxon Mobil Corp shareholders elected a third director nominated by hedge fund Engine No 1 to the oil company’s board, the company said on Wednesday (June 3), extending the firm’s upset victory at one of America’s top energy corporations. The election was a shock to an energy industry struggling to address growing investor concerns about global warming and a warning to Exxon managers that years of weak returns were no longer acceptable. Engine No 1 nominee Alexander Karsner, a strategist at Google owner Alphabet, won the fund’s third seat out of its 12-member board, according to a regulatory filing. Exxon board member and former Caterpillar CEO Douglas Oberhelman also was elected, the company said. “We look forward to working with all of our directors to build on the progress we’ve made to grow long-term shareholder value and succeed in a lower-carbon future,” said Exxon Chief Executive Darren Woods in a statement. He was unavailable for further comment. The activist campaign’s success is part of a “tidal wave” of investor concerns on environmental, social and corporate governance (ESG) issues, said Exxon Director Ursula Burns, who spoke on Wednesday evening at a Federal Reserve Bank of

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EU climate levy to be linked to prices in red-hot carbon market

BRUSSELS (BLOOMBERG) – The European Union’s plan to make importers pay for greenhouse gas emissions in certain goods manufactured outside the bloc will link the new levies to the costs domestic producers already face, according to a person familiar with the proposals. In a move no other country in the world has so far taken in the fight against climate change, the European Commission wants to introduce a mechanism where companies bringing some carbon-intensive goods into the bloc must buy emissions certificates at a price linked to the EU Emissions Trading System (ETS), the person said, asking not to be named commenting on private discussions. The so-called Carbon Border Adjustment Mechanism is intended to ensure European businesses have a level playing field vis-a-vis their competitors in laxer regimes as the bloc tightens its restrictions on emissions. The planned measure is part of a broader package to be put forward on July 14, in a bid to align the EU economy with stricter emissions-reduction targets for 2030. The 27-nation bloc is tightening its environmental rules in an overhaul that will affect all areas from transport to energy production and trade. The overarching goal of the green deal is

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Hong Kong Bourse May Reverse Wednesday's Losses

(RTTNews) – The Hong Kong stock market on Wednesday ended the three-day winning streak in which it had jumped more than 350 points or 1.3 percent. The Hang Seng Index now rests just shy of the 29.300-point plateau although it’s likely to recover for Thursday’s trade. The global forecast for the Asian markets suggests mild upside, supported by crude oil prices. The European and U.S. markets were slightly higher and the Asian bourses are tipped to open in similar fashion. The Hang Seng finished modestly lower on Wednesday as losses from the financials, casinos and technology stocks were mitigated by support from the oil companies. For the day, the index sank 170.38 points or 0.58 percent to finish at 29,297.62 after trading between 29,208.73 and 29,490.61. Among the actives, AAC Technologies surged 3.28 percent, while AIA Group declined 1.25 percent, Alibaba Group tumbled 1.74 percent, Alibaba Health Info skidded 1.62 percent, ANTA Sports tanked 2.53 percent, China Life Insurance fell 0.49 percent, China Mengniu Dairy and Techtronic Industries both plunged 3.03 percent, China Petroleum and Chemical (Sinopec) advanced 0.95 percent, China Resources Land lost 0.54 percent, CITIC slipped 0.34 percent, CNOOC gained 0.80 percent, CSPC Pharmaceutical added 0.49 percent, Galaxy

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Brazilians bang pots in protest as another 2,500 die of Covid-19

RIO DE JANEIRO (REUTERS) – Pot-banging protests erupted across several cities in Brazil on Wednesday evening (June 2) as President Jair Bolsonaro addressed the nation, just days after protesters took to the streets across the country over his handling of the coronavirus pandemic, which has so far killed almost half a million people here. The last few days have been rocky for the government of the right-wing leader, whose popularity had already been flagging amid persistently high daily Covid-19 deaths and cases. On Wednesday alone, almost 100,000 Brazilians came down with the coronavirus and 2,507 died, according to government data. Earlier in the day, the nation’s Supreme Court authorised a criminal investigation into Bolsonaro’s environment minister for allegedly interfering with a police probe into illegal logging. In the televised speech, Bolsonaro briefly summarised some of his government’s recent accomplishments and pledged strong economic growth going forward, but presented no new information. On Saturday, thousands participated in protests in at least 16 cities across the country, which were organised by leftist political parties, unions and student associations. In Sao Paulo, Brazil’s largest city, thousands of mask-wearing people blocked one the largest city’s avenues, while a

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Huawei launches its own operating system on smartphones in challenge to Google Android

A mobile phone shows Huawei app interface. Huawei unveiled HarmonyOS, its own operating system in 2019. In June 2021, the company launched the operating system on a smartphone for the first time.Costfoto | Barcroft Media | Getty ImagesGUANGZHOU, China — Huawei on Wednesday launched its self-developed operating system across a slew of devices, including smartphones. The move comes as the Chinese tech giant looks to wean itself off its reliance on U.S. technology and could pit it against software from Apple and Google.HarmonyOS launched in 2019 after the U.S. blacklisted Huawei, cutting it off from access to Google’s Android operating system. That move, along with further sanctions restricting Huawei’s access to critical semiconductors, crippled its smartphone business just months after it became the number one player in the world.Huawei has been developing HarmonyOS since 2016 and bills it as an operating system that can work across many internet-connected devices from smartphones to wearables. The company claims it is easy for developers to create apps that can work across different products.The focus on HarmonyOS working across devices is one way Huawei is trying to differentiate its operating system from Google’s Android and Apple’s iOS.”HarmonyOS is designed to provide the glue between

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City Charter School Middle Grade Students Benefit from Partnership with Exploring Your Potential™

LOS ANGELES, June 2, 2021 /PRNewswire/ — Preparing young people for workforce and career opportunities today is challenging. Schools across the country are under the microscope to ensure students are ready for work as a result of their commitment and investment in education. Now, thanks to generous state and federal funding, career readiness may begin in middle school. “Once in high school, these kids will have dual enrollment in community college, earning and learning their way through high school,” says Dr. James Smith, PhD. President of Youth Employment Solutions (YES). “Let’s get these kids excited, pump up their energy, and enable them to graduate faster from college with advanced degrees and guide them along self-sustaining career pathways.”Illuminating a path for middle grade students to pursue their passions and talents through education and setting up a trajectory for lifelong success is the goal of The City School partnership, funded by the K12 Strong Workforce program. The City School, operated by City Charter Schools, and Exploring Your Potential (EYP) announce their collaboration in launching a program to bridge education to workforce in middle schools. “We want to help students know themselves, understand the possibilities in their lives, feel excited and engaged by the school program, form

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Discovery of children's remains reopens wounds among indigenous survivors of colonial Canadian schools

TORONTO (REUTERS) – The discovery of the remains of 215 children at a former residential school in Canada has reopened wounds for survivors of the system, they said, as the government pledged to spend previously promised money to search for more unmarked graves. The Tk’emlúps te Secwe´pemc indigenous nation in British Columbia announced last week it had found the remains of 215 children, some as young as three, buried at the site of the Kamloops Indian Residential School, once Canada’s largest such school. Between 1831 and 1996, Canada’s residential school system forcibly separated about 150,000 children from their homes and subjected them to abuse, rape and malnutrition at schools across the country in what the Truth and Reconciliation Commission in 2015 called “cultural genocide”. Run by the government and church groups, the schools’ stated aim was to assimilate indigenous children. Mr Saa Hiil Thut, who spent his teenage years at the Kamloops Indian Residential School, remembers the hunger, the loneliness and the fear. “My life became hateful to me,” the 72-year-old St’at’imc Nation member told Reuters. He was sexually abused by one of the staff, he said, and remembers lying in bed in the silent dormitory, weeping.

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