Yahoo Finance’s Akiko Fujita breaks down the top stories around the world.
AKIKO FUJITA: In our world view today, Colombia is struggling to contain a third wave of the pandemic. More than 100,000 people have now died from COVID-19, becoming just the 10th country to exceed that milestone. With less than 10% of the population vaccinated, Colombia is now averaging more than 500 deaths a day. And the governments blame weeks of anti-government protests for extending the third wave, which is now in its third month. Despite widespread infections, Colombia has lifted COVID-related restrictions in order to boost the economy.
The leaders of G20 countries are set to endorse a deal that establishes a global minimum corporate tax. A draft communique obtained by Reuters calls for a framework to be established quickly, with finance ministers set to vote on a deal during their meeting next month. It could be implemented as soon as October.
The G20 draft will be similar to the agreement reached by G7 nations, calling for tech giants to pay taxes in countries where they make profits and called for a global minimum tax for corporations. But it doesn't establish a specific rate. G7 finance ministers and leaders agreed to a minimum rate of 15% earlier this month.
And Australia is pushing back against claims that the Great Barrier Reef is in danger. A UN panel recommended the prized coral reefs be added to a list of World Heritage Sites that are in danger Tuesday, saying the Australian government has not done enough to protect the waters from climate change.
Now Canberra has been lobbying to keep the Great Barrier Reef off the Endangered list for years at a concern that could discourage tourism. Australia's environment minister says the UN's recommendation was politically motivated, with China influencing the group's stance. Australia and China tensions have escalated under prime minister Scott Morrison over everything from trade to the origins of COVID-19.