FINANCIAL TIMES
-Boston Consulting Group (BCG) was involved in a multimillion-dollar contract to launch an aid scheme for the shattered Gaza enclave. The firm helped establish the Israel- and US-backed Gaza Humanitarian Foundation and supported a related security company. However, BCG disavowed the project, which has been marred by the deaths of hundreds of Palestinians, and fired two partners last month. The project, codenamed "Aurora," spanned over seven months, covering over $4M of contracted work and involving internal discussions at senior levels of the firm. Over a dozen BCG staff worked on the project between October and late May. The BCG team also built a financial model for the postwar reconstruction of Gaza, including cost estimates for relocating hundreds of thousands of Palestinians and the economic impact of mass displacement. BCG claims that senior figures were misled on the scope of the work by the project partners.
- Brussels has announced plans to build up emergency stockpiles of critical minerals and cable repair kits amid growing concerns over the EU's vulnerability to attack. The European Commission has outlined a stockpiling strategy, urging member states to coordinate backup supplies of food, medicines, and nuclear fuel. The strategy also aims to accelerate work on EU-level stockpiles of items such as cable repair modules and commodities like rare earths and permanent magnets, crucial for energy and defense systems. The EU's strategy is part of a wider push to improve the security and resilience of the 27-country bloc. Last month, German Chief of Defense General Carsten Breuer warned that Russia could attack an EU member state within the next four years. The higher-risk environment is driven by increased activity from hacktivists, cybercriminals, and state-sponsored groups.
-US President Donald Trump has threatened to impose 17% tariffs on EU agricultural exports, escalating the trade conflict with Brussels. The move, which EU officials view as an escalation of the transatlantic dispute, comes ahead of a July 9 deadline to agree a deal between the two trading giants. Trump imposed a 20% "reciprocal" tariff in April but reduced it to 10% until July 9 to allow for talks. EU officials had been expecting duties to remain at the baseline rate. Trump has demanded exemptions from regulations and a cut in US trade surplus, but EU officials have rejected Washington's latest proposals on exemptions and food tariffs. The EU is attempting to secure its own carve-outs for some products, including aircraft parts and spirits.
-Hamas has expressed a positive response to a US-backed proposal for a ceasefire in Gaza, indicating it will enter negotiations to end 21 months of war with Israel. However, Arab media reports suggest the group is seeking minor amendments to the proposal, making it unclear whether Hamas's response would be acceptable to Israel, Qatar, Egypt, and the US. Hamas is prepared to enter a new round of negotiations on the mechanism for implementing the framework. The group has delivered its response to the proposal, which includes a 60-day ceasefire, through international mediators following internal consultations and consultations with other Palestinian factions and forces. The Israeli government has not responded to the Hamas response, and Donald Trump is optimistic about a Gaza deal next week. The family of an Israeli hostage has demanded an immediate cabinet meeting to discuss the Hamas response.
-The Trump administration's caprice in policymaking has made it challenging for businesses to make long-term decisions about supply chains. Relocating plants is an eight- to 10-year decision, but mitigating the status quo is the likely strategy. Trump's "liberation day" tariffs were blunted by his announcement of a 90-day pause within a week, shifting the mood from panic to qualified concern. As countries clamor to strike fresh deals with Trump before the July 9 deadline, deep unease still lingers in global boardrooms and supply chains. Many companies are resorting to holding strategies, such as stockpiling goods and increasing the use of bonded warehouses. Storage costs for bonded warehousing are now up to four times the cost of non-bonded premises. Port congestion, where ships still carry 90% of global trade, is another ripple effect. At Europe's largest port, Rotterdam, chief executive Boudewijn Siemons predicts that prices for consumers will rise as companies continue to reorient goods flows.
-China's first Legoland, one of the world's largest, opened its gates this weekend, hoping to attract visitors despite pressure on consumer spending in the world's second-biggest economy. Legoland Shanghai, located 50km outside the city, includes a Lego replica of the city's distinctive skyline and will have over 75 rides, other models, and the company's signature yellow figures, using 85mn bricks. Merlin Entertainments, the UK-based company jointly operating Legoland Shanghai with the local government, is aiming to strengthen its presence in China. China's theme park industry is the world's second-largest after the US, and recent expansions and new projects, often drawing on foreign intellectual property, reflect high hopes for growth in an economy where consumer demand has lacked momentum.
-Donald Trump and Volodymyr Zelensky have discussed Ukraine's air defense needs amid escalating Russian strikes. The call came after a record Russian air attack on Ukraine, which included 539 Iran-designed drones and 11 cruise and ballistic missiles. The attack primarily targeted Kiev. Russia has stepped up its bombardments, launching its previous largest aerial assault last weekend. Moscow's troops are advancing on eastern battlefields at their fastest pace since November, threatening several Ukrainian strongholds. Zelenskyy and Trump agreed to work together to strengthen air defense protection. Ukrainian President Zelensky has repeatedly expressed willingness to purchase Patriot air defense batteries, interceptors, and other weapons. The discussion reflects a further warming of relations between the two nations.
-Castel Gandolfo, a small town south of Rome, is reclaiming its status as a Vatican outpost as Pope Leo XIV reinstates the customary summer retreat and other symbolic privileges discarded by his predecessor. The first American to lead the world's 1.4bn Catholics, Leo arrives at the 55-hectare papal estate for a two-week stay. During his visit, the sports fan and fitness enthusiast is expected to reflect on his new role, using the tennis court and possibly the pool built by Pope John Paul II. Local officials, business owners, and residents are bracing for an influx of pilgrims, security personnel, and support staff. Mayor Alberto de Angelis urged Leo to take up residence after his May election, stating that Castel Gandolfo is "part of the heart of the city."
- Israel's defense minister, Israel Katz, has stated that the country aims to maintain "aerial superiority" over Iran to protect itself from future threats from the Islamic republic. The UN confirmed that inspectors who provided information on Tehran's nuclear program had left Iran, following a 12-day war with Israel. Katz's mission now is to prepare a "blue and white" enforcement plan to prevent Iran from threatening Israel again. The outline echoes Israel's interpretation of a ceasefire with Hezbollah in Lebanon, where the air force continues to carry out air strikes even after the ceasefire in November 2024. The instructions come at a time when there is less information available about Iran's nuclear activities and there has been no independent assessment of the damage to Iran's nuclear facilities since US President Donald Trump announced a ceasefire last week. The location of Iran's enriched uranium stockpiles remains unknown.
NEW YORK TIMES
-President Trump signed a domestic policy bill into law during Independence Day celebrations, highlighting tax cuts in the legislation while downplaying cuts to Medicaid and other assistance for poor Americans. The bill, which was narrowly passed by the House, was accompanied by a flyover of B2 bombers, the same aircraft used in the recent bombing of Iran. Trump praised the massive tax cuts included in the bill and downplayed the unpopularity of the legislation in polls and the potential impact of spending cuts. He said, "The largest spending cut, and yet, you won't even notice it," while standing with the first lady, Melania Trump, on the balcony of the White House.
-Flooding in Central Texas began early Friday, killing at least 24 people and leaving 25 girls missing. The flooding continued in some areas early Saturday morning. The missing girls were at Camp Mystic near Hunt, Kerr County. Parents posted photos of their children online and others went to reunification centers to find missing loved ones. An unknown number of people were also missing. Texas officials said that some National Weather Service alerts had underestimated the risks. The most urgent alerts came in overnight, in the early hours of Friday. The rain that caused the flooding in Hunt eased up on Friday night, but a flood wave was moving down the Guadalupe River. Heavy rain was falling overnight in other pockets of Central Texas under flash flood warnings, affecting more than 30,000 people. Hundreds of emergency personnel were searching for stranded and missing people, and the Texas National Guard made 237 rescues and evacuations using helicopters and rescue swimmers.
-Israel has achieved significant success in its fight against its enemies, including Hezbollah in Lebanon, Hamas in Gaza, Houthis in Yemen, and Iran itself. After three-quarters of a century of fighting hostile neighbors, Israel has almost vanquished its enemies, including Hezbollah in Lebanon, Hamas in Gaza, Houthis in Yemen, and Iran itself. The exercise of raw power has allowed Israel to have a future mostly free from immediate threats, with the risk of a nuclear Iran diminished or possibly gone. Israel has stable relations with Persian Gulf Arab states, and Prime Minister Benjamin Netanyahu has cemented his partnership with President Trump. However, the war in Gaza and attacks on Iran and Lebanon have undercut Israel's standing among the world's democracies.
-Hamas has responded positively to a proposal for a 60-day cease-fire with Israel and is ready to initiate negotiations on implementing it. It is unclear whether Hamas is demanding any significant changes to the plan or if any gaps could be easily bridged or create new hurdles to an agreement. The two sides have come close before to such agreements, only to see them unravel at the last minute over the details. President Trump announced on Tuesday that Israel had agreed to the conditions for a temporary truce, and he called on Hamas to do the same. The two sides have come close before to such agreements, only to see them unravel at the last minute over the details.
-President Trump's domestic policy law has shifted the burden of healthcare, food assistance, and other programs onto state governments. As a result, states are bracing for the added burdens of the law, as Washington shifts much of the burden onto them. Governor JB Pritzker of Illinois and legislative leaders might hold a special session to deal with the new law, even though the recently passed state budget already includes $100 million to cover shortfalls in federal funding. Gov. Katie Hobbs of Arizona has warned that even her state's $1.6B emergency fund will be insufficient to weather the coming changes, as she believes that even if she cuts every single thing in the state, she doesn't have the money to backfill all these cuts. The federal budget bill is considered "devastating" for her state.
-Iran is seeking allies in the emerging economies group BRICS, which aims to counter the United States and other Western powers. However, military strikes on Iran are testing its unity. The Islamic republic, which has been weakened in the Middle East, is expected to use the BRICS summit to gain more explicit support from the group. Iran, a newcomer to the group, will join a two-day meeting in Rio de Janeiro, where it will demonstrate its power as it faces sanctions and threats of more military strikes over its nuclear program. The BRICS group issued a statement expressing "grave concern" after Israel and the United States launched military strikes on Iran last month. Despite this, the alliance, which represents over half of the world's population, has not outright criticized Israel or the United States. Analysts expect Iran to use the summit as an opportunity to show it has powerful allies.
-The Supreme Court has rejected a last-ditch attempt to block the deportations of eight men to South Sudan, who have been held at the U.S. military base camp in Djibouti for several weeks. The deportations were ruled to move forward after the court ruled that the deportations could proceed. The eight men the government hopes to deport to South Sudan have been held at the base for several weeks.
-China has paid a high price for its dominance in rare earths, as its mines and refineries produce most of the world's rare earth metals and a few crucial kinds of rare earths. This has given China's government near complete control over a critical choke point in global trade. However, for decades, toxic sludge from rare earth processing has been dumped into a four-square-mile artificial lake in northern China. In south-central China, rare earth mines have poisoned dozens of once-green valleys and left hillsides stripped to barren red clay.
The industrialized world, on the other hand, had tighter regulations and stopped accepting even limited environmental harm from the industry as far back as the 1990s, when rare earth mines and processing centers closed elsewhere.
-Justice Ketanji Brown Jackson, the first Black woman to serve on the Supreme Court, has been a vocal critic of her conservative colleagues and their approach to the Trump agenda. In solo dissents this term, she accused the conservative majority of lawless bias. Justice Amy Coney Barrett responded to her criticism on the term's last day. Jackson, who wrote just five majority opinions, has been criticized for taking lawless shortcuts and placing a judicial thumb on the scale in favor of President Trump. She called the majority's opinion in the birthright citizenship case, issued on the final day of the term, "an existential threat to the rule of law." Jackson, who just concluded her third term, has become the court's newest member and has quickly emerged as a forceful critic of her conservative colleagues and their approach to the Trump agenda.
-Immigration arrests in Virginia have accelerated at a rate more than that of almost any other state, according to lawyers and advocates. The pace of immigration arrests has shot up across the country under the second Trump term, but few places have seen a spike quite as sharp as in Virginia. Immigration and Customs Enforcement (ICE) arrests in the state by ICE agents are up more than 350 percent since 2024, one of the steepest increases in the country. This outpaces the growth in ICE arrests in Democratic-run states like California and New York and Republican-controlled states like Florida and Texas. Nearly 3,000 people were arrested by ICE in Virginia in the first five months of 2025, on par with numbers in a much larger state like New York. It is not entirely clear why Virginia, a politically middle-of-the-road state, has become such a magnet for immigration enforcement.
-Under Trump's crackdown, a new crop of immigrant rights groups has emerged, with networks of volunteers focused on responding to federal actions. As the crackdown intensifies, so could confrontations. One example is the LUCE Immigrant Justice Network of Massachusetts, which was preparing for a situation when a call came in March about a group of officers taking away a young woman in a hijab. Within minutes, volunteers were sent out to verify the report in Somerville, a suburb northwest of Boston. They arrived to empty streets and began knocking on doors to help them piece together what occurred. One neighbor offered footage from a home security camera. The LUCE Immigrant Justice Network of Massachusetts has been preparing for such situations and has been preparing for such moments. As the crackdown becomes more intense, so could confrontations.
NEW YORK POST
-In a guest editorial, Prof. Bjorn Lomborg (a well-known Danish political scientist and statistician who gained global recognition for his critique of ecological crisis theories climate change exaggerations) targets the media and its irresponsible manipulations of heat waves. He observes that most western media is warning of dangerously high temperatures in the US and Europe, with headlines like "Extreme Heat Is Breaking America" and "Lethal heat is Europe's new climate reality" highlighting the urgency of climate action. However, this narrative only tells a misleading fraction of the story. Heat waves are photogenic and immediately visible, and heat kills within just a few days of temperatures going up, as it swiftly alters the electrolytic balance in weaker, often older people. These deaths are tragic and often preventable, but the media seldom reports on deaths from cold, which kills slowly over months due to the body constricting peripheral blood vessels to conserve heat.
-President Donald Trump stated that Iran has not agreed to inspections of its nuclear program or to cease enriching uranium. He stated that Tehran's nuclear program has been set back permanently, although it could be restarted at a different location. Trump will discuss Iran with Israeli Prime Minister Benjamin Netanyahu during his visit to the White House. Trump stated that he would not allow Tehran to resume its nuclear program and that Iran did want to meet with him. The UN nuclear watchdog has pulled its last remaining inspectors from Iran as a standoff deepens over their return to the country's nuclear facilities bombed by the US and Israel. The US and Israel claim that Iran is enriching uranium to build nuclear weapons, while Tehran insists its nuclear program is for peaceful purposes. Israel launched its first military strikes on Iran's nuclear sites in a 12-day war with the Islamic Republic three weeks ago.
-Taiwan's TSMC plans to delay its chip plant project in Japan and prioritize operations in the United States to avoid tariffs imposed by President Trump, according to the Wall Street Journal. TSMC stated that its investment plans in the U.S. would not impact existing investment plans in other regions and that its global manufacturing expansion strategy is based on customer needs, business opportunities, operating efficiency, government support, and cost economic considerations.