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Taxes, border tensions and centenary celebrations: Weekend Reads

U.S. President Joe Biden moved closer with allies to a historic global taxation deal. Meanwhile, prosecutors brought tax charges against the finance chief of former President Donald Trump's business empire.

China marked the centenary of its ruling Communist Party, while India responded to border tensions with Beijing by making a historic shift in defense priorities.

And South Africa's Constitutional Court sentenced former President Jacob Zuma to jail for defying its order to testify before a judicial panel probing corruption during his tenure. 

Dig deeper into these and other topics in this edition of Weekend Reads. 

Pedestrians in Shanghai watch a broadcast of a centenary ceremony at Beijing's Tiananmen Square on July 1.

Photographer: Qilai Shen/Bloomberg

Click here for this week's most compelling political images and tell us how we're doing or what we're missing at balancepower@bloomberg.net.

Global Taxation Nears Historic Deal Amid Last-Minute Hurdles
The U.S. and global allies scored a major victory in their push for a more balanced international corporate tax system, Christopher Condon and  William Horobin write. But they still face significant obstacles to completing an ambitious plan that has been years in the making.

Trump's Former Executives Wonder If It's 'Beginning of the End'
When the former Trump Organization executive Barbara Res saw that the company's longtime finance boss had turned himself in to face state tax charges, her mind turned to Trump himself, Max Abelson reports. "This is it," Res said. "I think that it's going to destroy the Trump empire."

U.S. Asks Central Asian Nations to Take Afghans Seeking Visas
The Biden administration has asked three Central Asian nations to temporarily house some 9,000 Afghan citizens who worked with the U.S. as they look to flee the Taliban before NATO forces withdraw by Sept. 11, Peter MartinNick Wadhams and Jennifer Jacob report. 

Law Catches Up With Ex-South African Leader Zuma
During nine scandal-marred years in power, Zuma used his political clout and legal maneuvering to fend off graft charges and opposition efforts to impeach him. The law finally caught up with him on Tuesday, Mike Cohen and S'thembile Cele report.

Xi Warns China's Foes Will Break Against 'Steel Great Wall'
President Xi Jinping struck a defiant tone in a speech marking the Communist Party's 100-year anniversary, calling China's quest to gain control of Taiwan a "historic mission" and warning the country's adversaries to avoid standing in the way of his government.

India Shifts 50,000 Troops to China Border in Historic Move
India's strategic focus has primarily been Pakistan since the British left the subcontinent. Sudhi Ranjan Sen reports that Prime Minister Narendra Modi's administration has sought to ease tensions with Islamabad to concentrate on countering Beijing, with a move toward an offensive military posture against the world's second-biggest economy.

Paris and London are competing to dominate the burgeoning world of investment products tailored for environmental, social and governance factors, which Bloomberg Intelligence estimates could grow to more than $53 trillion of assets by 2025 — a sum greater than the global market for corporate bonds.
 
The Last–And Only–Foreign Scientist in Wuhan Lab Speaks Out
Danielle Anderson was working in what has become the world's most notorious laboratory just weeks before the first known cases of Covid-19 emerged in central China. Yet, as Michelle Cortez reports, the Australian virologist and expert in bat-borne viruses still wonders what she missed.

Water Crisis Is Compounding an Inflation Time Bomb in Brazil
Brazil's worst water crisis in nearly a century is fueling inflation that's reverberating through the economy, posing an additional challenge for President Jair Bolsonaro's re-election bid. Martha Beck reports.

Surface temperatures on June 29 in Vancouver, Calgary, and Portland, Ore. reached 43°C, according to data gathered by the Copernicus Sentinel-3 mission.

Source: ESA

Summer in the Northern Hemisphere is just days old, but the extremes keep piling up, Brian K Sullivan and Dave Merrill report. Record heat continues to sear Canada and the Pacific Northwest, while drought crackled the entire western U.S., leaving it primed to burn.

World's Museums Are Working Out How to Remember the Pandemic
Memorializing a pandemic that isn't over yet might seem like a strange idea. But around the world, museums are beginning to collect and display artefacts that reflect experiences of Covid-19, Krystal Chia reports. A few are offering a chance to contemplate it in something close to real time. 

Covid Was a Boon to Heists, Hoaxes, Scams, Cons and Mischief
The pandemic was a bonanza for streaming media services and bulk toilet tissue suppliers. As Dorothy Gambrell reports, it also wasn't bad for bike thieves, sellers of dubious financial products, and obscure royals offering to share their enormous fortune if only you'd wire them $10,000 in cash.

And finally …The Spanish government this week passed a draft bill that, when approved by congress, will finally allow transgender people to self-determine their gender. For people like Jimena Gonzalez, who started her gender hormone treatment last December, the moment is bittersweet. "Being in the spotlight for months has allowed us to tell our stories in a way that was impossible before," she said. "But we've also become the target of absolutely brutal attacks."

Jimena Gonzalez

Source: Jimena Gonzalez/Aurora Gomez.

 

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