Countries are divided on whether to comply with, fight against, or ignore the global minimum tax agreement known as Pillar Two. Compliance involves adopting three taxes to reach a 15% tax rate on corporate income, while fighting against it could lead to trade wars. Ignoring Pillar Two may result in businesses needing to engage in tax planning to protect themselves from liability.
Fact: President Nikos Christodoulides stressed that the newly appointed investigators must begin work immediately to uncover the truth about the death of Thanasis Nicolaou, who was found dead under Alassa bridge in September 2005.
The tragic case of national guardsman Thanasis Nicolaou was not properly handled for 19 years.
Police arrested at least 25 pro-Palestinian protesters at the University of Virginia and cleared an encampment as tensions flared on campus. The protesters were violating university policies by setting up tents and using amplified sound. The protests are part of a larger movement across U.S. campuses calling for an end to the Gaza war and divestment from companies supporting Israel. Other campuses, like the University of Michigan, saw peaceful disruptions at graduation ceremonies by pro-Palestinian protesters. Many schools have called in police to quell protests, resulting in over 2,000 arrests nationwide. The protests have become a political flashpoint in a divisive U.S. election year.
An Israeli airstrike killed four members of a family in a house in a border village in southern Lebanon. Meiss al Jabal has suffered damage in exchanges of fire between Israel and Hezbollah since the start of the war in Gaza last October. Hezbollah retaliated by firing rockets at an Israeli town. Both sides have not engaged in all-out war, with casualties reported on both sides. Hamas militants from Gaza conducted a cross-border raid that resulted in many casualties, with thousands of Palestinians killed and wounded in Israel’s response.
Biden is facing criticism from both left and right factions for his Israel policy, as campus protests against the war in Gaza escalate. Despite concerns that the protests could impact his chances in the upcoming election, the White House has focused on rolling out youth-friendly policies, such as student loan relief and marijuana reform. Republicans have used the protests to criticize Democrats, while some warn that young voters may desert Biden over his stance on Israel.
The US military has completed over 50% of the construction of a temporary artificial port in Gaza to help deliver humanitarian aid, costing around 0 million. The port is expected to be operational soon, but it will not replace aid deliveries through land routes. US officials are working to address the food insecurity faced by the 2.4 million people in Gaza, following a deadly conflict between Hamas and Israel.
Ten individuals arrested at a Limassol demonstration speak of an unprovoked police attack, horrible detention conditions, and abuse by the police. They were arrested following scuffles between protesters and police officers demanding a fair investigation into the death of Bangladeshi immigrant Anisur Rahman. Protestors and lawyers dispute the police’s account, describing the clash as an “unprovoked attack” and accusing the police of abuse.
– WTI fell below .00 per barrel before recovering above .00.
– US Purchasing Managers Index (PMI) figures were softer than expected.
– Crude oil markets are exposed to downside moves as geopolitical tensions ease.
– US GDP figures are expected to ease to 2.5% from the previous 3.4%.
– The PCE Price Index inflation data is forecast to hold steady at 0.3% MoM.
– WTI crossed .00 per barrel and rallied above the 200-hour EMA.
– Despite the rally, WTI is down around 4.5% from April’s swing highs near .00 per barrel.
Fact: Iran launched a barrage of missiles and drones at Israel on April 13 in retaliation for Israel’s suspected deadly strike on its embassy compound in Damascus on April 1.