India sees ‘consensus’ by Oct. on OECD-G20 global tax deal

Watch live: Authorities give update on Florida condo collapse after death toll rises to 20

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Authorities are set to provide updates on the collapse of a 12-story Florida condominium building at a press conference Friday evening.

Authorities are expected to address the status of search-and-rescue operations at the site of the collapse as well as plans for the building's demolition.

An update on the death toll, which climbed to 20 earlier Friday, is also set to be addressed. At least 128 people are still unaccounted for.

Authorities are also expected to discuss further updates on Hurricane Elsa and contingency plans for severe weather.

US to donate four million Covid-19 vaccine doses to Indonesia

WASHINGTON (REUTERS) – The United States is donating four million doses of Moderna’s Covid-19 vaccine to Indonesia, the US national security adviser told Indonesia’s foreign minister in a call on Friday (July 2).

According to a White House statement, national security adviser Jake Sullivan told Indonesian Foreign Minister Retno Marsudi the doses will be shipped via the Covax global sharing scheme as soon as possible.

The two officials also discussed US plans to increase assistance for Indonesia’s broader Covid-19 response efforts, the statement said.

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Dole Recalls Fresh Blueberries For Cyclospora Risk

Dole Diversified North America, Inc. is recalling a limited number of cases of Dole Fresh Blueberries for potential Cyclospora contamination, the U.S. Food and Drug Administration said.

The affected products were packaged in a variety of clamshell sizes, including 18 oz with UPC code 0 71430 01154 6; Pint with UPC code 0 71430 01151 5; 6 oz with UPC code 07143001150 8; and 24 oz with UPC code 071430011155 3. The pack out dates varies from May 28 through June 9.

The product lot code is located on the top label of the clamshell. The impacted products were distributed in four US states, such as IL, ME, NY, and WI, and two Canadian provinces of Alberta and British Columbia.

No other Dole products are included in the recall.

Cyclosporiasis is an intestinal infection caused by the Cyclospora parasite after ingesting contaminated food or water. Common symptoms include severe abdominal pain, diarrhea, nausea and vomiting, body aches and fatigue. The infection is treated with antibiotics.

However, the company has not received any reports of illnesses related to the recall to date.

Consumers are advised to check any product they have in their homes and discard any matching product.

In similar recalls, Harrisonburg, Virginia-based Shenandoah Growers Inc. in February called back branded fresh cut, packaged organic basil clamshells due to a possible health risk from Cyclospora.

Fed's Daly: Appropriate to consider tapering later this year

July 2 (Reuters) – Federal Reserve Bank of San Francisco President Mary Daly said the U.S. central bank may be able to start reducing “a little bit” of its extraordinary support for the U.S. economy by the end of this year.

“The economy is really shaping up nicely,” Daly told the Associated Press in an interview, a recording of which was provided to Reuters by the San Francisco Fed. Although she said the decision will be made by the Fed as a group, in her view “it is appropriate to consider tapering asset purchases later this year or early next year.”

NYC mayoral contenders file lawsuits seeking ballot review

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NEW YORK (AP) — All three candidates who are still in the running in New York City’s Democratic mayoral primary have filed legal actions seeking the right to review the ongoing ranked choice vote tally.

Civil rights attorney Maya Wiley filed a lawsuit Thursday in state court in Brooklyn seeking to preserve her right to challenge the election results and asking for all of the ballots that were “cast or attempted to be cast” to be saved.

“This is a wide open race and as is standard procedure, my campaign filed a petition to preserve the right to challenge the results should we believe it is necessary,” Wiley said in a statement Friday.

Brooklyn Borough President Eric Adams and former city sanitation commissioner Kathryn Garcia filed similar legal actions on Wednesday. That was the day after New York City’s Board of Elections posted vote totals for the June 22 primary that erroneously included test data and then retracted them.

The winner of the Democratic primary will be heavily favored over Republican and Guardian Angels founder Curtis Sliwa because Democrats outnumber Republicans in the city by 7 to 1.

India sees ‘consensus’ by Oct. on OECD-G20 global tax deal

Share of profit allocation, subject-to-tax rules’ scope yet to be addressed, says Finance Minister

A day after joining the OECD-G20 framework for a global minimum tax, the Finance Ministry on Friday said significant issues including share of profit allocation and scope of subject-to-tax rules were yet to be addressed, and a ‘consensus agreement’ was expected by October.

A total of 130 countries on Thursday agreed to an overhaul of global tax norms to ensure multinationals pay taxes wherever they operate and at a minimum 15% rate.

The solution should result in allocation of meaningful and sustainable revenue to market jurisdictions, particularly for developing and emerging economies, the Ministry said in a statement. A majority of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting members (including India) on Thursday adopted a statement containing an outline of a consensus solution to address tax challenges arising from digitalisation of the economy, it added.

It comprises Pillar One — reallocation of additional share of profit to the market jurisdictions, and Pillar Two — regarding minimum tax and subject-to-tax rules.

Deloitte India Partner Sumit Singhania said the consensus would quicken ongoing efforts to reset the almost century-old international tax rules. It provides an objective definition for “largest (sales more than €20 billion) and most profitable (more than 10% global profitability) MNEs to be subject to new nexus and profit allocation rules,” he added.