FINANCIAL TIMES
-Global stocks have seen their best week since November as volatility eased and investors shook off fears of the US recession. Equity markets worldwide have rebounded sharply from a rout earlier in the month, buoyed by a reassuring run of US data pointing to resilient consumers and falling inflation. Wall Street's S&P 500 index broke a four-week losing streak to close the week up 3.9%, adding 0.2% on Friday for its strongest showing since November. The gains left the blue-chip benchmark just 2% below its record high, reached a month ago. Japanese stocks surged 3.3% on Friday for a weekly gain of 7.9%, while the Stoxx Europe 600 index added 0.3% to stand 2.4% higher. The MSCI World index of global developed market stocks also had its best week since early November.
-Schlumberger (SLB), the world's largest oilfield services company, is expanding in Russia following the exit of its main western rivals since Moscow's invasion of Ukraine. The Houston-based company has signed new contracts and recruited hundreds of staff in the country, despite Baker Hughes and Halliburton selling their Russian businesses to local managers in 2022. Swiss-based ABB chair Peter Voser acknowledges that some competitors may have a competitive advantage, but believes it's a short-term viewpoint that will bite them at some stage. In December, SLB's Russian business signed a contract with Russian oil and gas institute Vnigni to help it build models of oil and gas deposits for project development. The company has posted over 1,000 job advertisements since December, seeking roles ranging from drivers to chemists and geologists.
-Kamala Harris has unveiled parts of her economic program, including new tax relief for families and homebuyers and a crackdown on price gouging, to persuade voters she can tackle the cost of living crisis that has plagued the Biden administration. The Democratic presidential candidate laid out the plans in a speech in North Carolina, where her Republican rival Donald Trump delivered his own speech on economic policy earlier this week. With just over 80 days to go before November's US presidential election, Harris and Trump are battling for votes with just over 80 days to go before November's election. If elected president, Harris would focus on creating opportunities for the middle class to advance their economic security, stability, and dignity.
-Top auction houses are aiming to counter China's economic slowdown by opening new headquarters and exhibition spaces in Hong Kong. Christie's, a 250-year-old auction house, plans to move its regional headquarters to a 50,000 sq ft site in the new Henderson skyscraper in September. Rival Sotheby's has also moved to new offices in Hong Kong's business district. Bonhams, another top auction house, will open its new Hong Kong headquarters in September. The moves come despite a global art market slowdown, weaker luxury spending in China, and dwindling growth prospects in the country. ArtTactic reports that Hong Kong evening sales fell 40% by value in the first six months of this year, the lowest level since 2017.
-The US, Qatar, and Egypt have presented a proposal to bridge the gap between Israel and Hamas, following months of deadlock in talks to end the Gaza war and release Israeli hostages. The US-led talks are critical to securing a ceasefire in Gaza and easing regional tensions amid fears of a broader conflagration. The mediators, who are mediating the talks, said there is no further time to waste and that it is time to release the hostages and detainees, begin the ceasefire, and implement the agreement. The mediators presented Israel and Hamas with a "bridging proposal that is consistent with the principles laid out" in a plan endorsed by US President Joe Biden in May.
-Ukrainian authorities have warned residents near the eastern frontline to evacuate before the arrival of Russian troops, as Moscow continues its own offensive. Ukrainian troops are attempting to gain more Russian territory in the Kursk region, while Russia has made steady gains in Ukraine's Donetsk region. Military administration head Sergey Dobriak in Pokrovsk warned people to leave while there was time as Russian forces had advanced within 10km of the city. Russian-appointed authorities in Donetsk claimed that a Ukrainian missile targeted a shopping mall, causing at least two deaths and 11 injuries. The Ukrainian armed forces declined to comment on the incident. The Institute for the Study of War reported that Russian forces are maintaining their high offensive tempo in the Donetsk region.
-The clade 1 version of the mpox virus, specifically clade 1b, has spread rapidly in the Democratic Republic of Congo (DRC), with the WHO stating that it is associated with more severe disease and higher death rates than clade 2. The WHO advises people to avoid proximity with infected individuals or items they have used, such as bedsheets. Preventive measures, such as isolation, are advised to prevent the virus from spreading. People are infectious until all lesions have crusted over, scabs have fallen off, and a layer of skin forms underneath. The clade 1 case in Sweden is the first sign of an inevitable international spread. Pakistan has also confirmed a case of mpox from a traveler arriving from the Middle East, but did not say if the case is related to clade 1. The WHO is working closely with the Africa CDC, affected countries, and non-governmental organizations to control the outbreak.
-Singapore's annual National Day celebration showcased its military assets, ranking fifth in 2021. The parade, the first under new Prime Minister Lawrence Wong, is driven by rising geopolitical tensions and emerging cyber threats. Wong warned that tensions between the US and China are rising, and while they don't want to collide, they are engaged in a strategic rivalry that could undermine peace and stability in the region. The city state is rethinking its traditional stance of preparation and deterrence.
-Fortnite, a popular video game, is returning to iPhones in Europe and Android devices worldwide, four years after being removed from Apple and Google's app stores in a high-profile antitrust fight. The return of Fortnite to the two dominant mobile platforms and the launch of Epic Games' own mobile app store demonstrates how EU regulation is affecting Big Tech giants. Epic Games has credited the EU's Digital Markets Act, which forces digital "gatekeepers" to open up their platforms to rivals. Fortnite and other Epic Games titles Fall Guys and Rocket League Sideswipe are available on iOS in Europe and Android worldwide, through the Epic Games Store and alternative app stores.
-Chicago officials are preparing to host the Democratic National Convention next week, with 5,000 delegates and 12,000 volunteers expected to attend. The event will feature Kamala Harris and her running mate Tim Walz, but plans for protests against Israel's war in Gaza have evoked memories of the 1968 convention, when Chicago police brutally beat protesters against the Vietnam War. Graphic images of the clashes were broadcast worldwide, and university campuses were engulfed by anti-war protests. Despite changes to the Chicago Police Department in the wake of the 1968 violence, concerns about policing in the city have persisted. In 2019, a federal court imposed a decree requiring the CPD to improve its training, policies, and practices regarding civil rights. However, in 2020, police officers were criticized for their response to the protests and civil unrest following George Floyd's murder.
THE NEW YORK TIMES
-In a roughly 30-minute speech in Raleigh, N.C., Kamala Harris painted a sharp contrast between herself and Mr. Trump, who has spent more time attacking President Biden's economic policies than laying out his own. Harris said that this election is about two very different visions for our nation. One — ours — focused on the future and the other focused on the past. We see that contrast clearly in many ways, including when it comes to how we think about the economy. Harris emphasized that she would create opportunities for the middle class that advance their economic security, stability, and dignity. Together, we will build an opportunity economy where everyone can compete and have a real chance to succeed. Everyone, regardless of who they are or where they start, has an opportunity to build wealth for themselves and their children.
-Russia is advancing towards the strategic eastern Ukrainian town of Pokrovsk, according to open-source battlefield maps. This move raises doubts on Ukraine's hopes that its cross-border offensive will prompt Moscow to scale back its attacks elsewhere. After capturing several villages and pushing along a railway line, Russian forces are now about eight miles from Pokrovsk, one of Ukraine's main defensive strongholds in the Donetsk region. The capture of the city would bring Russia closer to its long-held goal of seizing the entire Donetsk region, much of which it already controls. Pokrovsk, with a prewar population of about 60,000, sits on a key road linking several cities that form a defensive arc protecting the part of Donetsk that is still held by Ukraine.
-South Korea, once under American promise to defend its country with nuclear arms, is now considering relying on its own nuclear arsenal. President Biden reiterated this commitment last year, stating that any nuclear attack by North Korea would lead to the destruction of its government. However, decades of American assurances have failed to deter North Korea from building a nuclear arsenal and expanding it. Led by Kim Jong-un, North Korea has become more provocative, testing missiles powerful enough to reach the United States. Additionally, it has reviving a Cold War-era defense agreement with Russia, another nuclear-armed state. The South has long considered it a taboo to pursue atomic weapons in defiance of Washington's nonproliferation policy. The jitters about security in the South have been intensified by the possible re-election of former President Donald J. Trump, whose commitment to the alliance between Washington and Seoul appears to be shaky at best.
-The Supreme Court has temporarily blocked Education Department rules aimed at protecting transgender students from gender identity discrimination in several Republican states. The order allowed lower courts in Louisiana and Kentucky to maintain halts on federal rules prohibiting discrimination against transgender people in schools. The order came in response to a challenge by the Biden administration, which asked the Supreme Court to intervene after several Republican-led states sought to overturn the new rules. The order allowed rulings by lower courts in Louisiana and Kentucky to remain in effect in about 10 states as litigation moves forward. The decision provided a glimpse into how the current Supreme Court might address transgender rights.
-The United Nations Secretary General, António Guterres, has called for a weeklong cease-fire in Gaza to allow vaccinations to prevent an outbreak of polio, stating that many children are at risk. He spoke just hours before the first case of polio in the enclave in many years was confirmed in a statement from the Gaza health ministry. Guterres said that preventing and containing the spread of polio will take a massive, coordinated, and urgent effort, adding that it is impossible to conduct a polio vaccination campaign with war raging all over. He also warned that the disease could spread to neighboring countries if it were not quickly contained.
-Iran is expected to delay planned reprisals against Israel for the assassination of a top Hamas leader in Tehran to allow mediators time to make a high-stakes push for a cease-fire to end the war in Gaza. Top American, Israeli, Egyptian, and Qatari officials met in Doha, Qatar, for a second day of talks on Friday to resolve remaining gaps between Israel and Hamas. A joint statement from the United States, Egypt, and Qatar said a "bridging proposal" had been presented to both parties. Senior officials from those three governments are expected to reconvene in Cairo before the end of next week.
-Nemat Shafik, the first woman to lead Columbia University, was in a difficult position due to the Israeli-Hamas war and the university's disintegration into factions. She was seen as a peerless pick and a globally minded economist. However, her response to the war was uneven, leaving her with few allies and a campus where she was perceived as insular. By summer break, she had been vilified on campus and in Congress as an ally of antisemitism, a turncoat to academic freedom and free speech, and an enfeebled leader who allowed pro-Palestinian protests to escalate into lawlessness. University officials began weighing police powers for campus security officers. Dr. Shafik was deeply unhappy and believed there was little trust in her administration. She decided to resign from Columbia, accept the British Foreign Office's offer to chair an outside review on development policy, and return to her peerage in the House of Lords.
-Thailand's new Prime Minister, Paetongtarn Shinawatra, has been chosen by lawmakers after a court ousted the previous prime minister, Thaksin Shinawatra. Shinawatra, also known as Ung Ing, is the third and youngest child of the tycoon, who was prime minister from 2001 to 2006. The political parties he founded, including the Pheu Thai party his daughter now represents, consistently won elections. Thaksin was removed in a coup but has wielded influence even while living in exile to escape corruption charges. His uncle, Somchai Wongsawat, was also removed as prime minister in 2008 when the Constitutional Court ordered the dissolution of his party.
THE NEW YORK POST
-Donald Trump has enlisted the help of former Democratic Hawaii Rep. Tulsi Gabbard, who has experience debating Kamala Harris, for his first debate against her. Gabbard, who was on Trump's running mate shortlist, participated in a strategy session with the former president at his Mar-Lago estate. The Trump campaign confirmed that the former Democratic congresswoman was helping the former president get in shape for his face-off with Harris. Gabbard has experience debating Harris dating back to their time as Democratic presidential primary candidates in 2019, and she unleashed a blistering attack on Harris' record as top prosecutor in the Golden State in one of their showdowns.
-Grocery giant Kroger has pledged to cut prices at Albertsons stores by $1B following its proposed acquisition of the rival chain. However, Wall Street is skeptical the deal will win government approval due to food inflation. Kroger is raising the stakes of the $25B deal since previously promising to lower prices by $500M across Albertsons stores. The deal aims to better position Kroger against Walmart, whose grocery prices are 25% lower than traditional supermarkets and have been gaining market share. Food prices remain 21% higher than they were when President Biden took office three years ago.