Operation Midnight Hammer, the United States' largest-ever B-2 stealth bomber mission, was a major strike on Iran’s nuclear infrastructure involving over 125 aircraft and numerous Tomahawk cruise missiles. The 37-hour operation, launched from Missouri, targeted key nuclear facilities at Fordow, Natanz, and Isfahan, employing for the first time in combat the GBU-57 "bunker-buster" bombs. The attack, supported by Israeli air strikes on Iranian air defences, aimed to cripple Iran’s nuclear capabilities without targeting civilians or seeking regime change.
Initial assessments suggest severe damage to the sites, especially Fordow, a heavily fortified underground facility. Experts remain divided on whether the GBU-57s were sufficient to destroy Fordow entirely, though damage to ventilation and access tunnels could render it inoperable for years. Analysts note that the operation may have significantly disrupted Iran’s uranium enrichment, but question whether it will permanently halt the nuclear programme.
There is ongoing concern that Iran may possess other secret sites and stockpiles of enriched uranium, and that the strikes could push Tehran to exit the Nuclear Non-Proliferation Treaty, limiting international oversight. Whether this mirrors past cases—where nuclear ambitions were either ended or emboldened—remains to be seen.

Luca de Meo, former CEO of Renault, has surprised the business world by resigning from the French carmaker to become the new CEO of luxury group Kering, which owns brands like Gucci. His appointment, confirmed on 16 June, immediately boosted Kering’s market value by €2.5bn, while Renault’s fell by €1bn. De Meo is credited with revitalising Renault, cutting debt, launching new models, and improving profitability. His successful past roles at Fiat, Alfa Romeo, and SEAT have earned him a reputation as a turnaround specialist.
Kering, though not in crisis, is underperforming relative to rivals like LVMH and Hermès, and is hoping de Meo will inject fresh strategy and vision, much like Lou Gerstner did at IBM. However, some warn of the risks of appointing an industry outsider, drawing comparisons to less successful transitions like Bob Nardelli’s. De Meo’s success may hinge not only on his own abilities but also on François-Henri Pinault, Kering’s chairman, stepping back to give him room to lead.

America's reliance on foreign investment is under threat from new protectionist measures buried in the Republican budget bill. Section 899 proposes taxing interest, dividends, and rent sent to foreigners in countries deemed to have "unfair" tax systems, starting at 5% and potentially rising to 20%. An additional 3.5% tax would apply to remittances by non-citizens. These measures could deter foreign investors, who currently hold around $62trn in American assets - including a third of US government debt.
At a time when America faces high deficits and needs continued foreign funding, such capital protectionism is risky. It could undermine global confidence in US assets and conflict with President Trump’s aim to attract foreign companies. The move may also damage global financial efficiency by distorting capital flows and reducing access to American markets, which are vital for global diversification.
Though some view the measures as negotiation tools, history shows such taxes often expand. With little political resistance in Congress and growing hostility towards foreign capital, the long-term consequences could be severe - regardless of who initiated the economic conflict.

Rick Woldenberg, head of an Illinois-based educational toy company, is facing major upheaval due to President Trump’s escalating tariffs on Chinese imports. Despite some court victories and temporary tariff reductions, his businesses - Learning Resources and hand2mind - are under pressure to move production out of China, where about 60% of their products are made. The process is complex and costly, involving relocating heavy equipment and re-establishing manufacturing in countries like Vietnam and India, where costs are often higher.
Woldenberg’s efforts include halting shipments, raising prices, freezing expansion, and even suing the U.S. government over the constitutionality of the tariffs. Though one product, Kidnoculars, has been successfully moved to Vietnam, others - especially electronics like the Cooper STEM Robot - remain difficult to relocate. Further uncertainty looms as tariff rates in Vietnam and India are set to rise, and Trump hints at raising China tariffs to 55%.
Caught in a volatile trade environment, Woldenberg likens the situation to a business in exile - forced to adapt rapidly, yet unable to find stable ground for long-term planning.

The United States and European Union are close to finalising a deal addressing several long-standing non-tariff trade issues, including EU regulations on deforestation, digital markets, and carbon border tariffs. However, the agreement does not currently resolve the pressing issue of tariffs, with U.S. duties - some already imposed and others threatened - and the EU’s planned retaliatory tariffs still up in the air.
The draft agreement, circulated by the U.S. Trade Representative, includes temporary exemptions for American tech firms from EU digital laws, delays to deforestation regulations, and exemptions for U.S. goods under incoming EU carbon and methane rules. It also outlines cooperation in areas such as shipbuilding, defence procurement, and critical minerals.
Despite progress on these non-tariff matters, it remains uncertain whether tariff issues will be addressed separately or postponed. EU officials insist any final deal must include mutual concessions and warn against accepting one-sided terms, particularly if Trump's baseline 10% tariff on EU goods remains in place. With the July 9 deadline for new tariffs approaching, negotiations remain ongoing.

The once-close financial relationship between the U.S. and China is rapidly deteriorating, as political tensions and regulatory crackdowns drive Chinese companies away from American stock markets. Over 80 Chinese firms have delisted from U.S. exchanges since 2019, with remaining listings shrinking to under 2% of NYSE and Nasdaq market capitalisation. New Chinese IPOs in the U.S. tend to be small and speculative, while major state-owned enterprises have withdrawn entirely.
Once celebrated IPOs—like Alibaba’s record-breaking 2014 debut—are now rare, and major firms such as China Mobile and PetroChina have exited following U.S. sanctions and increasing regulatory scrutiny. President Trump and other politicians are pushing to block Chinese firms from raising capital in the U.S., citing national security and human rights concerns. Legislation is also advancing to force U.S. pension funds to divest from Chinese stocks.
Beijing, meanwhile, is encouraging firms to list elsewhere, particularly in Hong Kong, sometimes with support from American banks. A 2022 audit deal improved U.S. access to Chinese corporate accounts, but distrust remains high. Some Chinese firms now avoid U.S. oversight entirely.

Iran’s parliament has voted to close the strategic Strait of Hormuz in response to a US military strike ordered by Donald Trump, raising concerns about a surge in oil prices and the potential for a global economic downturn. The strait, through which about 20% of the world’s oil flows, is a critical shipping route from the Persian Gulf.
Although the vote is not binding and the final decision lies with Iran’s supreme national security council, analysts anticipate a sharp rise in oil prices, with Brent crude potentially jumping $3 to $5 when markets reopen. Some forecasts suggest prices could soar to $130 per barrel if the strait is closed for an extended period.
Brent crude was trading at around $77 on Friday, following earlier price increases after Israeli and Iranian military exchanges. A prolonged disruption could trigger inflation and higher costs globally, especially in fuel and transport.

The recent UK heatwave highlights how the climate emergency is already disrupting daily life and economies worldwide. While poorer countries in the global south bear the brunt of extreme weather, richer nations also face significant impacts, such as soaring chocolate prices due to West African crop failures and rising costs from climate disasters in the US, where $1 trillion was spent on rebuilding last year. Research shows wildfires reduce workers’ earnings by affecting health, emphasising the broad economic toll of climate change.
A study of US companies reveals that during cost shocks, firms often raise prices to increase profits, a phenomenon called “sellers’ inflation,” complicating efforts to control inflation. Experts argue that central banks’ usual response - raising interest rates - is insufficient against climate-driven cost shocks. Instead, they propose a flexible “toolbox” approach, including buffer stocks, cracking down on exploitative pricing, and even temporary price controls.
Some researchers suggest policymakers should adapt inflation targets to better accommodate climate-related volatility, allowing for temporary higher inflation to support urgent green investments. As Britain endures hotter weather, it is clear both physical infrastructure and economic policy must evolve to meet the challenges of a changing climate.

A UN report reveals a record 25% increase in violence against children in conflict zones in 2024, with 22,495 children killed, injured, denied aid, or recruited into armed groups. Attacks on schools rose by 44%, and sexual violence against children increased by 35%, often used as a weapon of war. The report documents 41,370 verified violations, including abuses in Gaza, where Israeli forces were implicated, as well as rising violence in the Democratic Republic of the Congo, Somalia, Nigeria, and Haiti.
The number of children experiencing multiple violations also grew, highlighting the worsening crisis. More than a quarter of sexual violence cases were recorded in Haiti, with gang rapes and abductions for sexual slavery on the rise. UN and humanitarian leaders called for urgent action, warning that ignoring this crisis risks dismantling collective humanity and underscoring the need to treat sexual violence as seriously as armed attacks.

The SPAC market, which had been in decline during 2022, experienced a noticeable revival at the 2025 industry conference held at Westchester Country Club near New York. After years of struggle for traditional IPOs, special purpose acquisition companies (SPACs) are regaining popularity, buoyed by a shift towards higher-quality deals and sectors such as cryptocurrency. The event attracted prominent Wall Street figures, legal experts, and investors, signalling renewed optimism. Despite past criticisms and regulatory challenges, the market appears healthier and less saturated than during its 2021 peak, with expectations that major players and private equity firms will soon re-enter the space. Overall, the SPAC market is viewed as stabilising, with a more cautious and selective approach shaping its current momentum.

Bond manager Pimco has been purchasing long-term Japanese government bonds, capitalising on a market “dislocation” caused by rising inflation and reduced demand from domestic investors. Yields on 30-year Japanese debt recently surged above 3%, prompting a significant drop in prices and leading authorities to consider measures to support the market, including slowing bond purchases and cutting issuance of long-term bonds. This move is unusual mid-fiscal year and reflects growing government concern. Demand for long-term debt from traditional buyers such as life insurers is declining, with overseas investors expected to play a larger role, raising worries about market stability. Despite rising yields, Japan’s borrowing costs remain lower than those in the US and UK, where similar pressures on long-term debt issuance exist.

British Airways and Singapore Airlines have cancelled flights to Dubai following US strikes on Iranian nuclear sites, escalating tensions in the Middle East. Over 150 airlines, including Air France-KLM and American Airlines, had already diverted or suspended flights due to closures of airspace over Israel, Iraq, and Jordan amid the Israel-Iran conflict. The US strikes increase the risk of Iranian retaliation and have compounded challenges for European carriers, which were already avoiding Russian airspace. British Airways diverted a flight from London to Dubai to Zurich and suspended flights to Dubai, Doha, and Bahrain. Singapore Airlines also cancelled flights between Singapore and Dubai. Despite ongoing tensions, commercial air traffic in the region has stabilised under revised airspace restrictions, with rerouting via Saudi Arabia and Egypt.