Tuesday Briefing: Even after Biden tax hike, U.S. firms would pay less than foreign rivals

Tuesday, June 22, 2021

by Linda Noakes

Hello

Here's what you need to know.

The Trump Organization sues New York City, Duterte threatens to jail vaccine refusers, and why fast-food is getting pricier

Today's biggest stories

The crowd reacts as Black Voters Matter co-founders Cliff Albright and LaTosha Brown speak during a stop on the Freedom Ride For Voting Rights at Ebenezer Baptist Church in Atlanta, Georgia, June 21, 2021

U.S.

A proposal to reform U.S. elections that Democrats say is vital to protecting Americans' right to vote hits the Senate floor, where it faces opposition from Republicans who say the measure infringes on states' rights.

Voters in New York City head to the polls to select Democratic and Republican nominees for mayor, following a campaign dominated by debate over public safety as the city recovers from the pandemic and confronts a surge in shootings. We explain 'ranked-choice voting' - the new system for New York's mayoral election.

U.S. companies pay less income tax than their overseas competitors and would likely continue to do so under a tax hike proposed by President Joe Biden, according to a Reuters analysis of filings by hundreds of U.S. and international firms. Here's how we compared U.S. corporations' taxes with their foreign rivals.

Former President Donald Trump's company sued New York City, accusing it of terminating a golf course contract with the Trump Organization to punish it after Trump supporters stormed the Capitol.

Migrant children sent to emergency shelters within the United States described crowded living conditions, spoiled food, lack of clean clothes and struggles with depression, according to 17 testimonials filed in a court case.

Iran's President-elect Ebrahim Raisi speaks during a news conference in Tehran, June 21, 2021

WORLD

Iran accused the United States of interference for saying its election was neither free nor fair as political factions traded blame for the record low turnout and high number of invalid ballots. We look at how the Iranian election result points to a hardline goal of long-term power.

Hong Kong’s Court of Appeal upheld a court decision to deny a trial by jury to the first person charged under the new national security law. Meanwhile, Hong Kong leader Carrie Lam hit back against criticism of authorities' actions against pro-democracy tabloid Apple Daily as attempts to "beautify" acts that endangered national security.

A top North Korean official warned the United States not to misinterpret comments by her leader, saying doing so would end in disappointment, as a U.S. envoy aiming to get talks with the North back on track met South Korea's president.

President Rodrigo Duterte threatened to jail people who refuse to be vaccinated against the coronavirus as the Philippines battles one of Asia's worst outbreaks, with over 1.3 million cases and more than 23,000 deaths.

BUSINESS

Alphabet's Google plans to shut down a long-running program aimed at entry-level engineers from underrepresented backgrounds after participants said it enforced "systemic pay inequities," according to internal correspondence seen by Reuters.

Top U.S. oil producer Exxon Mobil has kicked off a yearly performance review for U.S. staff, a process some workers dread because they view it this year as a prelude to stealth layoffs.

A small Texas investor who caused shares of a real estate investment trust to plunge 39 percent in a day has agreed to pay the company restitution to settle a lawsuit against him, a rare development that could embolden other companies to pursue such claims.

Restaurant chains including McDonald's and KFC are paring back $5-and-under "value" items in favor of more expensive $10-to-$30 combination meals, a strategy employed to lift sales and profits and offset rising food costs as the U.S. economy reopens.

Quote of the day

"There's a really interesting trend that has been taking place in the connection space, which is this desire to have platonic relationships"

Whitney Wolfe Herd

Bumble founder and CEO

Dating apps say sex isn't everything in a post-pandemic world

Video of the day

Nassib becomes first NFL player to come out as gay

His announcement, which comes during Pride month, was greeted with support from the league and his team, which praised his courage.

And finally…

U.N. recommends Great Barrier Reef be listed 'in danger'

Australia has lobbied furiously for years to stay off the endangered list as it could lead to the world's biggest coral reef ecosystem losing its World Heritage Site status, potentially reducing its attraction for tourists.

More from Reuters

COVID-19 Investigations Breakingviews Legal News

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