Tax reform approval in the lower house of Congress is positive for Brazil. Tax simplification should lift medium-term growth, key to avoiding the most adverse fiscal scenarios. Consensus on the elusive tax system overhaul signals political will to tackle structural shortcomings.

Today's global temperature was 1.68°C above the 1850-1900 baseline, crushing the Paris accord limit of 1.5°C.

But breaking 1.5°C on a day is not the same as breaking it for a year, which is not the same as the long-term average being above 1.5°C -- and that's the Paris accord.