(June 5): The Group of Seven advanced economies agreed the outline of a global deal on taxation that could give governments greater rights to tax US tech giants and set a floor for corporate rates around the world.

The pact at a meeting of G-7 finance ministers in London smooths transatlantic tensions that have for years undermined negotiations to update century-old rules for the 21st century economy. It paves the way for a broader accord by the Group of 20 as early as next month.