In a breakthrough deal, 130 countries agreed to back (Politico) a 15 percent minimum corporate tax rate and force the world’s largest companies to pay taxes in countries where their goods and services are sold, even in countries where the companies lack a physical presence. 

The preliminary agreement, spearheaded by Washington and negotiated at the Organization for Economic Cooperation and Development (OECD), was accepted by large economies (NYT) that were previously wary of such a deal, including China, India, and Russia. Barbados, Ireland, and seven other low-tax jurisdictions objected to the agreement, arguing it would undermine their sovereignty. Exemptions to the deal are still being negotiated, and currently stand to benefit (FT) the shipping industry and tangible assets such as machinery. The deal is expected to be finalized in October, after which the U.S. Congress and other national legislatures will need to approve it.

Researchers from the Middlebury Institute of International Studies at Monterey said satellites appeared to show the construction (WaPo) of 119 new intercontinental ballistic missile silos in China’s northwestern Gansu Province. China’s foreign ministry and its embassy in Washington did not respond to a Washington Post request for comment about the apparent silos.
 
Japan: Tokyo will hold a municipal assembly election (Kyodo) on Sunday that could serve as a preview to a parliamentary election later this year. Prime Minister Yoshihide Suga’s Liberal Democratic Party is leading in polls (Bloomberg).
 
For the Asia Unbound blog, CFR’s Sheila A. Smith looks at how Suga was faring before the start of Japan’s difficult summer.

The last U.S. troops departed (TOLOnews) from Bagram Airfield, the largest base used by American forces in Afghanistan over the past twenty years. The base is now under the control of the Afghan military. 

CFR’s Max Boot looks at the U.S. withdrawal from Afghanistan.

Afghanistan: Chinese-speaking hackers from a group called IndigoZebra recently tried to breach (VOA) the Afghan National Security Council’s computer networks, according to cybersecurity firm Check Point Research. Little is known about IndigoZebra, which Check Point said previously targeted political entities in Uzbekistan and Kyrgyzstan. The Chinese embassy in Washington did not respond to a Voice of America request for comment about the report.

Israeli aircraft bombed a Hamas weapons-manufacturing site (Reuters) in response to incendiary balloons launched from Gaza, Israel’s military said. No casualties were immediately reported. Egypt and the United Nations have increased their efforts to mediate between Israel and Hamas.
 
Iran: The country’s supreme leader has promoted hard-line Islamic cleric (Al-Monitor) Gholamhossein Mohseni Ejei to serve as head of its judiciary after the departure of President-Elect Ebrahim Raisi, who is set to take office in August.

A bridge serving as a vital food supply route to Ethiopia’s embattled Tigray region has been destroyed (AP), aid groups said. The cause of the destruction was not immediately clear, but it hampers aid to a region facing famine conditions.
 
South Africa: The top court ruled (News24) that President Cyril Ramaphosa did not willfully mislead Parliament about a donation to his 2017 campaign, and that he did not personally benefit from the donation.

Thousands of people yesterday protested Turkey’s withdrawal (DW) from the Istanbul Convention, a treaty to prevent violence against women. Earlier this week, a Turkish court rejected a request (Hurriyet Daily News) to halt the withdrawal.

The U.S. State Department published a list (WaPo) of current and former officials in El Salvador, Guatemala, and Honduras who it suspects of corruption and pulled the U.S. visas of those named. The list includes former Honduran President Porfirio Lobo Sosa and his wife.
 
CFR’s Shannon K. O’Neil writes that the fight against corruption in Central America needs to get ugly.
 
Brazil: Tens of thousands of people are expected to protest against President Jair Bolsonaro (Guardian) this weekend after a series of scandals related to corruption in COVID-19 vaccine contracts. A group of left- and right-wing opponents filed a new impeachment petition (MercoPress) against Bolsonaro on Wednesday.

The Supreme Court ruled that two provisions of an Arizona law that restricts how ballots can be cast in elections do not violate (CNN) the 1965 Voting Rights Act. President Biden said he is “deeply disappointed” in the ruling and has called new restrictions on voting in several U.S. states an “assault on democracy.”