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Powerful AI models that are capable of devastating cyber attacks on governments and companies may succeed within months, according to the leaders of intelligence agencies from the Five Eyes nations – Australia, Canada, New Zealand, the U.S. and the U.K. A rare joint warning by the alliance said that while AI “would help us improve cyber defense over time, it also accelerates the speed, scale, and sophistication of cyber threats . . . Frontier AI models are anticipated to exceed current industry expectations, fundamentally transforming both offensive and defensive cyber capabilities. The timeline is not years, it is months.” The Five Eyes agencies added: “In this environment, cyber resilience is integral to advancing business continuity, market confidence, and long-term value . . . Cyber risk can no longer be treated as a purely technical issue. This is a core business risk and leadership responsibility.”

 

Financial Times

The Register

The Guardian

Reduce Tool Sprawl Without Losing Control

Fragmented tools, shadow apps and unmanaged workflows can create hidden risk across fast-moving teams. This Atlassian eBook shows how organisations including Reddit, Breville and Lendi Group have consolidated collaboration platforms while keeping governance and security in focus.

Designed for risk, IT and operations leaders, the guide outlines five practical ways to bring scattered teamwork into a more scalable, visible and controlled environment. You’ll learn how unified platforms can help reduce tool sprawl, improve cross-team visibility and support more consistent governance.

It also explores how AI-enabled automation can simplify provisioning, onboarding and workflow management, helping teams move faster without adding unnecessary complexity.

For organisations under pressure to improve collaboration while managing operational risk, this guide offers a practical route from disconnected tools to governed teamwork at scale.

Download the eBook

 

Chip-equipment manufacturer ASML has said it had never sold an extreme ultraviolet (EUV) lithography machine to China, following a report that U.S. officials were concerned one of the company's most advanced tools may have reached the country. "ASML has never ​shipped an EUV machine to China nor have we shipped to China any component, ​module or equipment specially designed to be used in an EUV machine," ASML told Reuters.

 

Reuters

The Department of Justice is investigating how Iran's ​Supreme Leader Mojtaba Khamenei built a ‌global investment portfolio with exposure to Wall Street banks, Bloomberg has reported, citing officials familiar ​with the matter. The probe is part of ​a broader examination into allegations of money ⁠laundering and corruption, and includes scrutiny of ​transactions involving firms overseen by Khamenei.  Investigators want to understand the Supreme Leader's network and identify any potential gaps that may exist in due-diligence procedures for American institutions that could have allowed such financial flows in the first place, the officials said.

 

Bloomberg

According to a report by First Street, 79% of global data centers are at risk from severe climate-induced weather events. The study highlights that over half of these centers are located in areas facing chronic climate stress, such as extreme heat and drought, which can significantly impact energy efficiency and operational costs. “Most underwriting for real assets still uses historical data, but the climate is no longer behaving the way the historical record would predict,” First Street CEO Matthew Eby said. “As heat, drought, and water stress increase, outdated models simply don't offer a complete view of risk anymore.”The report indicates that the Asia-Pacific region has the highest exposure, with 89% of its data center capacity at risk.

 

CNBC

Research from Gallup has found that U.S. tech workers who use artificial intelligence (AI) at least monthly have a significantly lower risk of being laid off, with a predicted probability of 6% compared to 18% for infrequent users. The study surveyed over 23,000 workers and found that AI adoption is becoming crucial for job security. The link between AI use and job security held even after accounting for factors including age and education, according to the researchers. Outside the tech sector, infrequent AI users also face a greater layoff risk than their peers, Gallup said, though the gap is smaller.

 

Straits Times

Bloomberg reports on how India is becoming a case study in how rising temperatures can undermine productivity and growth in nations that still rely heavily on physical labor. “My productivity is down 40%,” says Asad K. Iraqi, the chief executive of Kanpur-based leather-working business AKI. “Workers can’t survive in this heat without proper hydration and cooling.” A 2020 study by the McKinsey Global Institute found that lost labor from increasing heat and humidity could jeopardize 2.5% to 4.5% of India’s gross domestic product by 2030. Meanwhile, University of Chicago research published in 2021 found factory output in India fell by about 2% for each 1C rise in temperature amid reduced worker productivity and a rise in absenteeism.

 

Bloomberg

A global review of 28 insurance markets has found that insurers are navigating an increasingly complex environment, with climate-related losses, regulatory demands, and cyber risks converging even as insured catastrophe losses fell from record levels in 2025. According to Swiss Re Institute, insured losses from natural catastrophes totaled $107bn in 2025, marking the sixth consecutive year above $100bn. While down from the record $141bn in 2024, losses remained elevated due to events such as the Los Angeles wildfires, which generated $40bn in insured claims, and severe convective storms, which added another $50bn. The report notes that so-called “secondary perils,” including wildfires and floods, are increasingly becoming major drivers of insurance losses. The report concludes that the combination of persistent catastrophe losses, rising compliance obligations, and evolving technology risks is creating one of the most demanding operating environments the insurance industry has faced in recent years.

 

Insurance Business

Venezuela's national oil company, Petróleos de Venezuela SA (PDVSA), has engaged Greenberg Traurig to assist with contract negotiations as it faces a critical regulatory deadline in August. Greenberg Traurig confirmed its advisory role, stating: “Greenberg Traurig is advising PDVSA in connection with prospective oil contracts and related legal and regulatory compliance.” The hiring comes amid efforts to revive Venezuela's oil industry following the easing of sanctions by the Trump administration, which has left PDVSA struggling to navigate complex negotiations with potential partners.

 

Bloomberg Law

An AI law firm has won a case in an English court. Tamires Camal Taquidir, a freelance HR consultant, paid the firm, Garfield AI, about £400 ($530) to send a legal letter and then issue court proceedings over an unpaid debt of £7,000 ($8,110). The case is believed to be the first time a trial has been won using an AI lawyer not only in the U.K. but globally. Garfield AI co-founder, Philip Young, said: “This is a landmark moment . . . for access to justice. For too long, businesses have been forced to write off debts because the cost, time and stress of litigation made pursuing them uneconomic.” He added: “AI did not replace the judge, the barrister or the legal system. What it did was make the process more accessible, more efficient and more affordable.”

 

Financial Times

The Daily Telegraph

City AM

The Guardian

Coca-Cola and the IRS will face off before the U.S. Court of Appeals on June 25th in a landmark transfer pricing dispute that could ultimately cost the beverage giant up to $20bn and shape future tax enforcement against multinational corporations. The case centers on whether Coca-Cola’s foreign affiliates paid enough for the use of the company’s intellectual property, including trademarks and formulas. The IRS argues the payments were too low, resulting in underreported U.S. income, while Coca-Cola contends it relied on a transfer pricing methodology previously accepted by the agency and was unfairly subjected to a different approach. Coca-Cola has already paid approximately $6bn to the IRS, which it would recover if it prevails, but has warned that a loss could expose it to an additional $14bn in tax liabilities. The appeal also raises broader questions about the validity of IRS regulations governing “blocked income” and the impact of the Supreme Court’s 2024 decision limiting judicial deference to federal agencies.

 

Bloomberg Law

The Wall Street Journal reports that the amount of time Americans work remotely is barely budging despite the efforts of big companies - including Home Depot, Target, Microsoft, 3M, and Intel - to herald return-to-office mandates. Data from a monthly work-from-home survey run by economists Jose Maria Barrero, Nicholas Bloom and Steven Davis indicates that remote work has reached an equilibrium, with 26% of paid, full days worked from home in May, similar to two years earlier. Bloom, a Stanford University economist, believes that more work will be done remotely in the future, rather than less of it: older bosses will, over time, retire, and be replaced by younger people who are more comfortable with staff working from home some of the time.

 

Wall Street Journal