A 27-member supranational bloc in Europe
Major central banks have held policy rates this week while diverging on next steps. The Federal Reserve has kept its range at 3.5–3.75% under new chair Kevin Warsh and has reduced forward guidance; the Bank of England has kept Bank Rate at 3.75% after a 7–2 vote; the Bank of Japan has raised its policy rate to a 31‑year high as it watches cost pass‑through from energy. Energy-driven inflation remains the common shock.
Reform UK leader Nigel Farage is under scrutiny by Westminster’s standards watchdog over a £5m gift from crypto investor Christopher Harborne. Farage has offered differing explanations for the money, insisting it was an unconditional personal gift for security. The investigation could force clarifications before or after a forthcoming by-election.
Ten years after the Brexit vote, economists say the UK’s economy is smaller than it would have been, with weaker investment and productivity. Public sentiment has shifted toward regret, while trade frictions and inflation persist. The path forward remains uncertain.
Since the Evian G7 summit, leaders have pledged tougher sanctions and stepped-up military and industrial support for Ukraine while President Trump has signalled renewed engagement with Zelensky. Russia has reported fuel shortages after Ukrainian strikes on oil infrastructure and has said it is ready for peace talks; Kyiv and Russian cities have continued to face missile and drone attacks.
Thousands of Albanians have protested in Tirana and coastal towns since late May against a multi‑billion‑euro luxury resort programme linked to Jared Kushner and Ivanka Trump. Demonstrators are demanding Prime Minister Edi Rama’s resignation, citing environmental damage, opaque deals and alleged corruption after construction, fencing and private security actions at protected sites sparked outrage.
An intense early‑season heatwave has gripped western Europe, with France placed under widespread red alerts in over 50 departments, parts of the UK given a rare red warning and southern European cities forecasting highs around 40–43°C. Authorities have closed schools, limited public events and warned of drownings, wildfires and strained transport and power systems as overnight temperatures remain unusually high.
Commercial traffic has resumed through the Strait of Hormuz since a US–Iran memorandum, but volumes remain far below prewar levels and many ships are avoiding the straits central lane because of mines and security risks. Ship trackers report partial recoveries, dark sailings and large backlogs; insurers and shippers are waiting for demining and clear enforcement rules.
China's LineShine has been named the world's fastest supercomputer on the TOP500 list, marking its debut at the top. The system runs entirely on CPUs and achieves 2.198 exaflops, surpassing El Capitan in the US. Analysts say the result signals recognition of China’s chip-design efforts, though AI workloads and list methodology cloud the claim.
The UK-France e in, one out scheme has been extended until autumn, with new steps to deter third-country returns. EU plans aim to harmonise returns across member states, while France and the UK pledge to tighten procedures as migrant crossings remain high.
EU member states have approved a migration pact that empowers deportation hubs in third countries and tighter border controls; critics warn this could undermine asylum rights while proponents say it will speed removals and deter irregular migration.
Google has begun implementing its settlement changes with Epic, rolling out a two‑part fee structure in select markets. The update introduces a 10% service fee on the first $1 million of earnings, allows external checkout options, and standard 5% billing fees on Play Store transactions. Australia, Japan, and Korea are slated to join later this year.
The New York Times, Bloomberg and the New York Post report on Dutch PM Mark Rutte briefing President Trump with charts titled “The Trump Trillion” and “The Trump 47 Effect,” highlighting increased NATO defense spending since 2017 and Trump’s Iran stance. Rutte’s attempt to align European allies with Trump’s Iran policy is met with resistance; Trump cites mixed European support and ongoing concerns.
France endures its hottest day on record as a Europe-wide heat wave triggers power outages in Brittany, with 100k+ customers affected. Crews are restoring supply and warnings persist about continued extreme temperatures.
EU citizens have moved on from Brexit while the UK grapples with its legacy. Across Europe, people view Britain’s departure as a distant memory; in the UK, the economy and culture feel the aftershocks of the divorce, with debates about future ties intensifying.
Britain’s path with Europe has evolved a decade after the referendum. EU leaders say re-entry could happen, but only with exemptions and no four freedoms compromise; UK public opinion shows shifting, while the bloc signals a cautious, conditional path back.
The government has moved to refund billions of tariffs struck down by the Supreme Court, with ongoing court cases pressuring CBP to expand the refunds to more importers. Phase one refunds are underway, while the timing and scope of broader reliquidation remain under legal scrutiny.
The US and Iran have signed a short memorandum of understanding launching a 60-day negotiation to end the recent war. Israeli leaders and major American Jewish organisations have voiced concern — ranging from muted criticism to outright opposition — while at least one pro-Trump Jewish group has backed the framework. Negotiators have not yet produced a full, binding deal.
Palestinian communities face renewed displacement as settlers advance into areas near Ramallah and East Jerusalem, intensifying clashes amid a broader Western sanctions package targeting settlements. The Palestine Professional League remains suspended due to security concerns, affecting players and clubs.
SoftBank has announced a €75bn plan to build AI data centres in northern France and to develop up to 5GW of capacity by 2031. Governments and companies are tightening domestic energy plans in response, prompting talks on interconnectors, local refineries and nuclear or modular-reactor options to meet the data centres’ huge electricity demand.
Multiple reports confirm that Israeli officials have advanced plans to expand settlements in the West Bank, including thousands of new homes and infrastructure. The push is led by far-right Finance Minister Bezalel Smotrich and could reshape settlement footprint, raising tensions with Palestinians and drawing international condemnation.
Abelardo De La Espriella has won Colombia's presidential runoff with 49.66% against Iván Cepeda's 48.70%, according to the national registrar's tally of nearly 100% of ballots. Cepeda is contesting roughly 33,000 ballot boxes and has called for a ballot-by-ballot verification. De La Espriella has pledged security crackdowns, to revive oil production and to cut the size of the state.
At the G7 in Évian-les-Bains, President Donald Trump has praised Prime Minister Narendra Modi and said the US will defend India if Modi faces attack. The meeting has occurred as bilateral talks on an interim trade deal continue and Washington has proposed new tariffs on imports from 60 economies, including India, over alleged forced labour.
Swiss voters have rejected the Swiss People’s Party initiative to cap the country’s population at 10 million by 2050, with roughly 55% voting against and 45% in favour. The measure would have forced stricter asylum and family-reunification rules once population hit 9.5 million and could have ended free movement with the EU if the 10 million limit were breached.
Global airlines face a sharp rise in jet-fuel costs as conflict in the Middle East pushes up oil prices. IATA now forecasts profits will fall sharply in 2026, driving airlines to raise fares and adjust routes while governments seek safety measures.
A Social Market Foundation proposal offers under-40s early access to pension funds in exchange for postponing the state pension by a year. The plan, aiming to reduce debt and boost home ownership, is drawing broad support across parties and ages, but critics warn of long-term pension consequences and cost to the exchequer.
Anthropic has said it has disabled access to its Fable 5 and Mythos 5 models after the U.S. Commerce Department has ordered the company to suspend foreign‑national access on national security grounds. Anthropic is complying while disputing the governments evidence of a narrow "jailbreak" and is working to restore access; other Anthropic models remain available.
The National Science Foundation has halted plans to remove or descale the Ocean Observatories Initiative, after lawmakers and scientists warned of risks to climate data, weather forecasts and coastal safety. An expert panel will assess future needs while equipment already removed will be redeployed. The move follows bipartisan pressure and a Senate bill to block decommissioning.
Leaders of the world’s seven largest economies are gathering in Evian-les-Bains as divisions over Iran, Ukraine, and economic imbalances test cohesion. A deal to end the Iran war is anticipated, but consensus remains elusive as European allies push for firmer action and the U.S. position under Trump remains uncertain.
Armenia’s June 7 parliamentary vote has delivered a narrow majority for the governing Civil Contract party, while opposition groups allege widespread violations and have appealed to the Constitutional Court. Final results show Civil Contract with about 49.7% of the vote; the OSCE notes a highly confrontational campaign, and arrests of opposition members have sparked accusations of political repression. The court will decide on whether to hear the case in two days.
EU ambassadors have opened negotiations with Ukraine and Moldova to align with an initial cluster of EU laws, marking a significant step in the enlargement process. The move follows Hungary's shift in stance and aims to begin a structured accession process, though a full membership timeline remains uncertain due to wartime challenges.
North Korea asserts its denuclearisation stance is irreversible while warning against external pressure. KCNA quotes Kim Jong Un describing weapons as a cornerstone of peace; meanwhile, Pyongyang rebuts U.S.-South Korea deterrence moves and a Moscow-Beijing axis strengthens its own stance.
At Evian-les-Bains, G7 leaders press Trump to help break deadlock over Ukraine while eyeing renewed sanctions on Russia and pursuing a broader Iran endgame. Zelenskyy attends sessions on Ukraine; Macron seeks consensus and European autonomy amid tensions over U.S. engagement and Iran diplomacy.
Prime Minister Péter Magyar has unveiled "Operation Cleansing Fire," a package of constitutional, judicial and institutional reforms designed to remove Viktor Orbán’s allies, create a new anti‑corruption office and replace President Tamás Sulyok. Magyar is racing to meet EU rule‑of‑law milestones that would unlock €16.4bn in frozen funds and is preparing a September constitutional review and referendum.
Norway plans a legislative package to ban trade in goods produced in Israeli settlements across the occupied Palestinian territories, including the West Bank and East Jerusalem. The bill also targets real estate and commercial activity linked to settlements, with consultations running for three months.
Police have seized Australia’s largest cocaine bust, with street value around A$816 million. Two Sydney men are charged after concealed cocaine was found in bunkers under shipping containers at Londonderry, western Sydney. The investigation ties this haul to a broader trafficking operation, with authorities tracing the drugs to a mother ship and separate seizures.
Sweden’s parliament has backed laws expanding the ability to revoke residency permits and requiring many public workers to report undocumented residents. The measures, passed narrowly ahead of September elections, face sharp criticism from rights groups and opponents who warn of heightened discrimination and fear.
A UK-based writer explains how side hustles—from Swagbucks to focus groups—have funded a first home. The piece outlines the daily methods, pay ranges, and practical notes on participation, highlighting how flexible gigs can supplement household finances.
The European Parliament has ratified the EU-US trade agreement, moving toward full implementation despite ongoing tensions. Tariffs on most EU exports are set to drop to 0% for many US goods, while the US maintains a 15% levy on many EU products. The process now moves to final national approvals, with sunset clauses and safeguards keeping pressure on both sides.
Anthropic has faced export-control action that blocks access to its Mythos 5 and Fable 5 models for foreign nationals. Governments cite national security; industry weighs safety, regulation, and global impact as the dispute unfolds with talks between Anthropic and the White House.
China has expanded exports despite sanctions, redirecting volumes to Europe and Asia as it maintains a record global trade surplus of $1.2 trillion. The shift raises concerns in Europe about a potential second China Shock and prompts calls for higher tariffs and new policy tools.
Ukraine has unveiled a sweeping overhaul to pay and duties in its armed forces, boosting wages to attract and retain troops and outlining a phased demobilization as battle conditions permit. The plan includes higher base salaries, front-line bonuses, and clearer discharge rules, with the pace depending on battlefield conditions.
Slate Auto has unveiled a bare-bones EV pickup starting at $24,950, with a 205-mile range and modular design that can convert into an SUV. The two-seat base model omits an infotainment system and relies on over 200 accessories for personalization. Full delivery is slated for late 2026 as pre-orders begin; higher trims with two rows are priced around $29,950.
The UK has pushed for a closer relationship with the EU, while not rejoining the bloc, as leaders discuss a second summit and a youth mobility scheme. Prominent Labour figures have signalled varying openness to rejoining the EU, though the party remains committed to not re-entering the single market or freedom of movement.
Cuba’s Communist Party has approved an emergency package of free‑market measures aimed at expanding private enterprise, attracting foreign investment, and reducing state control. The plan, presented as urgent to avert a deeper crisis, follows months of U.S. pressure and a worsening energy embargo. Details remain sparse as the National Assembly prepares to debate timing, implementation, and who benefits.
European leaders are navigating a delicate balance as outreach to Moscow is discussed alongside unwavering support for Kyiv; diplomats say contacts have begun at diplomatic levels aimed at reopening channels, while consensus on substance remains elusive. Zelenskyy is pushing for closer ties with Kyiv at the Brussels summit.
The EU- Israel row has intensified after reports that EU foreign policy chief Kallas likened Gaza and West Bank policies to South Africa’s apartheid system. Sa’ar has severed contacts until a retracting statement is issued. The EU says dialogue remains open as divisions over settlements and sanctions persist.
The Prosperity Party has secured a decisive majority in the House of Peoples' Representatives, with 438 of 501 seats reported by the electoral board. Voting did not occur in Tigray, Amhara, and Oromia due to security concerns, while turnout was high in areas where voting occurred. The government frames the result as a mandate for stability and continued reforms, but opposition voices warn of fear and intimidation amid ongoing tensions and regional disputes.
Restorers have slotted two marble blocks into gaps on the Parthenon’s western end, restoring its proportions after decades of work. The EU-funded project aims to present the temple’s geometric perfection anew as Greece continues its long-term restoration program.
The United States and Iran have signed a memorandum of understanding to end the four-month conflict, triggering immediate oil flow and a 60-day ceasefire. Key allies and rivals respond as Israel and other regional players assess the implications, while debates surface over the scale of concessions and future sanction relief.
EU leaders are pressing the European Commission to strengthen the trade defense toolbox and pursue dialogue with Beijing, as they confront a deepening trade imbalance and fears of supply shocks from China. Talks in Brussels have highlighted diverging views on how hard to push Beijing while avoiding a full-blown trade war.