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The European Union’s foreign affairs chief Kaja Kallas has said Russian intelligence is helping Iran target Americans and U.S. allies. “We see that Russia is helping Iran with intelligence to target Americans, to kill Americans,” Kallas told reporters before a gathering of Group of Seven foreign ministers outside Paris. “Russia is also supporting Iran now with the drones so that they can attack neighboring countries and also U.S. military bases.” Kallas called on the U.S. to boost support for Ukraine in its fight against Russia. “It’s very clear to us where the lines are,” she said in an interview with Bloomberg. “Russia is not on the side of America and that’s very clear.”

 

Bloomberg

Rahm Emanuel, the former U.S. ambassador to Japan who is a potential 2028 Democratic presidential candidate, is advocating for a ban on betting in prediction markets for federal employees and their families. He aims to highlight what he perceives as a culture of corruption in U.S. politics. Emanuel's proposal would affect all branches of government and includes establishing a Justice Department division to investigate betting. He expressed concern over individuals profiting from insider information related to national security. Emanuel said: "Washington needs a good power washing." 

 

U.S. News

Canadian Prime Minister Mark Carney has reprimanded Air Canada CEO Michael Rousseau for issuing a video statement in English only following a runway collision at LaGuardia Airport that killed two pilots. Air Canada, as a federal government-regulated entity, is subject to the Official Languages Act, and as such it is required to provide equal services in English and French. Quebec Premier Francois Legault said "if [Rousseau] still doesn't speak French, that's disrespectful to his French-speaking employees and customers" and "he should resign." All that Rousseau said in French when he provided an update on the situation in English was “bonjour” at the beginning and “merci” at the end.

 

Bloomberg

Apple has announced it will source components made in the United States by Japanese supplier TDK for the first time, as part of a broader push to localize its supply chain and reduce reliance on Asia. TDK plans to manufacture advanced camera sensors in the U.S., alongside new partnerships with Bosch, Cirrus Logic, and Qnity Electronics to expand domestic production of semiconductor-related components. The move aligns with Apple’s commitment to invest $600bn in building a U.S.-based supply chain and follows political pressure to increase domestic manufacturing, although final assembly of iPhones remains largely overseas.

 

CNBC	Financial Times

The U.S. corporate credit market showed signs of increased dysfunction in March, with the New York Fed reporting a rise in its Corporate Bond Market Distress Index to 0.16 from 0.09, driven by weakness in the investment-grade segment. The high-grade sub-index climbed sharply to 0.28, indicating above-average stress levels and marking the highest readings since late 2023, while overall market functioning deteriorated despite continued strong bond issuance of around $230bn. Rising geopolitical uncertainty, including the Iran conflict, contributed to wider credit spreads and intermittent pauses in issuance, highlighting growing pressure in typically more stable, high-quality credit markets.

 

Bloomberg

The Securities and Exchange Commission (SEC) has questioned whether a small credit rating provider that has been criticized for its grades on private credit loans can “consistently produce credit ratings with integrity.” The SEC expressed doubts about Egan-Jones's ability to rate government debt and asset-backed securities, citing questions about the firm's financial and managerial resources. The agency said it will hold a hearing and decide by Aug. 12 on whether to grant or deny the firm's application to regain its ability to grade government debt and asset-backed securities after a 2013 ban.

 

Bloomberg

Financial Times

U.S. children's gaming platform Roblox is to introduce content and communications controls for players under 16 in ​Indonesia to comply with the country's social media ‌block for children. Roblox was among platforms identified by the Communications and Digital Ministry earlier this month as ​high risk. "This week, we announced that in order to ​address regional requirements in Indonesia, we will soon introduce additional controls ‌on ⁠content and communication for players under the age of 16 years old in Indonesia," Matt Kaufman, Roblox's Chief Safety Officer, said.

 

Reuters

Baltimore is the first major U.S. city to file a complaint against Elon Musk's xAI concerning issues with its Grok image generator. Baltimore Mayor Brandon Scott said in an emailed statement to CNBC that sexual deepfakes on Grok “have traumatic, lifelong consequences for victims . . . We’re talking about tech companies enabling the sexual exploitation of children.” Scott wrote: “Our city will not stand by and allow this to continue; it’s a threat to privacy, dignity, and public safety, and those responsible must be held accountable.” A complaint filed in Baltimore Circuit ⁠Court said xAI is violating the city's consumer protection statute by promoting Grok as a safe, general-purpose ​artificial intelligence assistant for everyday people.

 

CNBC	The Guardian

Elon Musk’s defense attorney Alex Spiro has accused a San Francisco federal jury of “mocking” the billionaire by including “$4.20” among the figures pertaining to damages in a class-action suit that accused the billionaire of misleading Twitter investors. In a letter to U.S. District Judge Charles Breyer, Spiro argued the verdict was “corrupted” by bias and denied his client a fair trial. The number 420 is associated with marijuana culture, Reuters explains. Musk has often ⁠mentioned 420 in interviews and tweets, and used it in business activities. Spiro said the jury's "numerical joke" was "no doubt intentional," but Frank Bottini and Mark Molumphy, two of the investors' lawyers, in a joint statement ‌called ⁠Spiro's letter meritless.

 

New York Post

Bloomberg

Reuters

The Trump administration is calling on the Supreme Court to block Citizens for Responsibility and Ethics in Washington (CREW), a government watchdog group, from questioning a senior official and obtaining internal records about the self-styled Department of Government Efficiency (DOGE) project. CREW is demanding government records about DOGE under the federal Freedom of Information Act in its bid to uncover information about the department’s efforts last year to cut federal spending and fire thousands of government workers. The Trump administration says DOGE is not an “agency” covered by the transparency law.

 

Bloomberg

Pony AI and Uber have begun testing driverless cars in Croatia. The companies are preparing for a launch “soon” in the Croatian capital Zagreb with autonomous vehicle startup Verne, which will own and operate a fleet of robotaxis equipped with Pony AI’s self-driving technology. Uber said it plans to work with partners to bring robotaxis to more than 10 markets this year, including Munich and the UK, as part of its goal to be the biggest robotaxi platform. Verne has announced its own ambitions to launch a two-seater robotaxi without a steering wheel in 2026, Bloomberg notes.

 

Bloomberg

Reuters

Meta on Wednesday laid off around 700 employees in the Reality Labs unit, as well as some in recruiting, sales and Facebook, according to reports. “Teams across Meta regularly restructure or implement changes to ensure they’re in the best position to achieve their goals,” a Meta spokesman said. “Where possible, we are finding other opportunities for employees whose positions may be impacted.” The New York Times notes that less than 24 hours earlier, Meta has introduced a new stock option incentive program for senior executives that could deliver payouts worth hundreds of millions of dollars if the company reaches a $9tn market capitalisation by 2031.

 

New York Times

The Information

The White House will delay naming a new director for the Centers ​for Disease Control and Prevention (CDC) past a Wednesday deadline. The CDC's current acting director, Jay Bhattacharya, will continue to oversee the agency, a health department spokesperson said. According to federal law, Senate-confirmed positions are only supposed to have acting ​replacements filling the role for a maximum of 210 days. ​For the CDC role, that period would have ended on March 25.

 

Reuters

Washington Post