Finance ministers from leading rich and developing nations have gathered in Rio de Janeiro for a two-day meeting to discuss a global tax on the super-rich, a top priority for Brazil, which holds the presidency.

According to the proposal before the Group of 20, individuals with over $1 billion in total assets would be required to pay the equivalent of 2% of their wealth in income tax.

A key question is looming for Vice President Kamala Harris as she edges closer to gaining the Democratic presidential nomination: Can she turn the Biden-Harris economic record into a political advantage in a way that President Joe Biden failed to do?

In some ways, her task would seem straightforward: The administration oversaw a vigorous rebound from the pandemic recession, one that shrank the U.S. unemployment rate to a half-century low of 3.4% in early 2023 — far below the painful 6.4% rate when Biden and Harris took office in 2021. The rate stayed below 4% for more than two years, the longest such stretch since the 1960s.

The American economy, boosted by healthy consumer spending, is believed to have regained some momentum this spring after having begun 2024 at a sluggish pace.

The Commerce Department is expected to report Thursday that the gross domestic product — the economy's total output of goods and services — increased at a solid if unspectacular 1.9% annual rate from April through June, according to a survey of forecasters by the data firm FactSet. That would be up from 1.4% annual growth in the January-March quarter.

Chinese officials warned a delegation of top U.S. executives visiting Beijing this week that higher tariffs on imports from China will harm their businesses inside the country.

The delegation of influential business people belonging to the U.S. China Business Council, including the CEOs of FedEx and Micron, followed a top-level meeting last week where ruling Communist Party leaders endorsed a blueprint for policies that included numerous pledges to improve the business environment for foreign investors. But they also vowed greater vigilance in protecting state secrets, a potential minefield for foreign businesses that face intense scrutiny of their China operations by authorities.

In the crush of anti-government protests paralyzing downtown Buenos Aires in the last months, some Argentines saw a traffic-induced headache. Others saw a reaction to President Javier Milei's brutal austerity measures.

Alejandra, a street vendor, saw people with nowhere to urinate.

Coca-Cola is raising its full-year sales guidance after a stronger-than-expected second quarter boosted by continued price increases.

The Atlanta beverage giant said Tuesday it now expects organic sales to grow between 9% and 10% this year, up from 8% to 9% previously.

China's central bank cut key interest rates in a surprise move Monday aimed at injecting new life into its ailing property sector, while the ruling Communist Party released details of a top-level meeting focused on strategies for revving up the slowing economy.

The People's Bank of China cut the five-year loan prime rate, which is a benchmark for mortgages, by 10 basis points to 3.85% from 3.95%. The one-year loan prime rate, or LPR, was reduced to 3.35% from 3.45%.

European markets opened with gains Monday after President Joe Biden exited the 2024 race, while Asian shares mostly fell.

Biden announced his withdrawal from the 2024 presidential race on Sunday and endorsed Vice President Kamala Harris to take on former President Donald Trump, adding to uncertainties over the future of the world's largest economy.

German Chancellor Olaf Scholz praised a tentative deal between Serbia and the European Union signed on Friday that paves the way for the disputed excavation of lithium, a mega project that could reduce Europe's dependency on China but one that has been fiercely criticized by environmentalists and opposition groups.

Scholz attended a "critical raw materials summit" in the Serbian capital where a memorandum of understanding between the EU and Serbia's government on a "strategic partnership" on sustainable raw materials, battery supply chains and electric vehicles was signed.

Shares retreated in Europe and Asia on Friday after a broad washout across Wall Street dragged U.S. stocks lower.

Widespread IT outages disrupted travel and communications around the world, causing flight delays and cancellations.