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President Donald Trump has said that he thinks the ceasefire and interim agreement to end the war with Iran are now "over." Trump said he would allow negotiators to keep talking but that "it’s just a waste of time dealing with them." He said at a Nato summit in Turkey: "I don't want to deal with them anymore, they're scum," adding: "They're sick people, they're led by sick people . . . As far as I'm concerned, it's over" His comments were made after Iran launched attacks against American bases in the Gulf, retaliating for a new wave of strikes by the U.S., which said Tehran hit three commercial ships in the Strait of Hormuz. The U.S. also revoked Iran's ability to sell oil on the global market.

 

Washington Post

BBC News

NBC News

A five-day power outage in Berlin in January was caused by a terrorist attack, a state-appointed commission has said in a report which makes recommendations to bolster security on critical infrastructure and urges more federal funding to better prepare for such crises. “The terrorist attack on the power grid in January 2026 was a wake-up call for Berlin and other cities,” the commission said. “The power outage was resolved in just a few days, yet it revealed how ill-prepared Berlin is for larger, longer-lasting, or hybrid situations.” The report calls for a new position of chief resilience officer for Berlin.

 

Bloomberg

Starbucks is reviewing its goal to halve greenhouse gas emissions across its value chain by 2030 after reporting that rising supply chain emissions have offset progress in reducing operational emissions. While Scope 1 and 2 emissions have fallen 17% since 2019, Scope 3 emissions, which account for more than 90% of the company's carbon footprint, have increased 8%, resulting in a 7% rise in total emissions over the period. The review forms part of Starbucks' broader "Back to Starbucks" strategy under chief executive Brian Niccol, as the company evaluates evolving regulations, reporting standards, and the challenges of meeting its climate commitments. Starbucks said it remains committed to reducing emissions across its operations and supply chain and will continue to report transparently on its progress, while also pursuing goals around renewable electricity, deforestation-free sourcing, sustainable packaging, and water stewardship.

 

ESG Today

JPMorgan Chase, Bank of America, Wells Fargo and PNC Financial Services Group have held preliminary discussions about acquiring a debit card network owned by Fiserv in a move that could allow them to avoid federal limits on debit-card interchange fees. Ownership of a payments network would exempt banks from fee caps imposed under the Durbin amendment, potentially boosting fee income and giving them greater flexibility to offer debit-card rewards and other services. The talks remain at an early stage, with no guarantee a deal will proceed, and several banks have reportedly stepped back amid concerns that such a transaction could trigger political and regulatory backlash. The discussions highlight growing competition in the payments sector as banks seek new sources of revenue and respond to disruption from fintechs and digital payment providers, following Capital One's acquisition of Discover Financial, which gave it control of its own payments network.

 

Wall Street Journal

A federal judge has dismissed Elon Musk's bid to void a jury verdict which found that he defrauded Twitter investors by seeking to drive ‌down the social media company's stock price after agreeing to a $44bn takeover. U.S. District Judge Charles Breyer in San Francisco also declined Musk's motion to dismantle the investor class that brought the lawsuit, and ruled that the investors are entitled to prejudgment interest. Mark Molumphy, a lawyer for the investors, said it was “a very good day” for investors in public markets, after jurors had “rejected Musk’s effort to game that system.”

 

Firstpost

Reuters

Corporate attorneys say Argentine President Javier Milei's vision of “automated companies" run by AI - introduced as part of a comprehensive bill seeking to modernize and cut bureaucracy in corporate law - would be required to have a human ​administrator to oversee operations. It would be "too wild a first step to dispense with ​human agency entirely,” observed Lawrence Cunningham, director of the Weinberg Center for Corporate Governance at the University of Delaware, who nevertheless called Milei's proposal bold. “We’re not ⁠changing the world here so much as we’re recognizing that you might run a business without any HR,” he said. “It’s the beginning of something."

 

Reuters

J.M. Smucker's $5bn acquisition of Hostess has failed to meet expectations, with sales in its sweet baked snacks division declining for six consecutive quarters and the company taking almost $3bn in impairment charges since the deal closed. While weaker consumer demand for sugary snacks has weighed on the category, Smucker also acknowledged integration missteps, including supply chain and distribution challenges linked to Hostess's shorter product shelf life and its heavy exposure to convenience stores. The company has since launched a turnaround plan focused on streamlining the product range, improving operations and refreshing the Hostess brand, with early signs of stabilization emerging as profits have returned to growth and sales declines have begun to moderate.

 

Wall Street Journal

Microsoft is establishing a new subsidiary, Microsoft Frontier Co., to enhance its AI services, and is investing $2.5bn in the initiative. The move will see 6,000 employees embedded with clients to facilitate AI implementations, a strategy known as forward deployed engineering (FDE). Rodrigo Kede Lima, previously leader of  Microsoft's Asia operations, will serve as president of the new division. Judson Althoff, CEO of Microsoft's commercial business, emphasized the need for tailored AI solutions. "Customers are in very different places right now, and trying to really figure out AI . . . Do they snap to one model from OpenAI or one model from Anthropic, or a family of models?" Althoff said. "Do they take it from a technology first mindset? How do they look at their existing business processes and operations?" Leading AI labs Anthropic and OpenAI both established FDE groups in May.

 

CNBC

Continental has announced the sale of its ContiTech industrial unit to an affiliate of U.S. buyout firm Lone Star Funds for €4bn, in a deal that completes the German manufacturer’s shift to focus on its tires business. ContiTech makes industrial components including conveyor belts and air springs. The transaction also includes performance-based components of up to €250m in subsequent years. Bloomberg notes that private equity funds are increasingly targeting industrial assets that are seen as being more likely to benefit from artificial intelligence than be rendered obsolete by the technology.

 

Automotive News

Bloomberg

Wall Street Journal

Uber has paused most of its planned food delivery expansion in Europe just months after it was announced, as the company continues its effort to acquire its biggest rival Delivery Hero.

 

Financial Times

The union representing workers in Samsung Electronics' smartphone, television and home appliance division ​has said they will rally on July ‌16 to protest the big bonuses the company's semiconductor workers have ​negotiated, which were secured by another union. The non-chip division's workers ​are expected to receive a bonus ​of 6 million won ($3,900) in treasury shares for 2026, compared to up to 100 times that amount for those at the company's semiconductor ​division.

 

Reuters

California has become the first U.S. state to ban "sell by" labels on food packaging, replacing them with standardized date labels designed to reduce consumer confusion and cut food waste. From 1 July, manufacturers must use "Best if Used By" or "Best if Used or Frozen By" to indicate product quality, and "Use By" or "Use or Freeze By" to signal food safety. The U.S. Food and Drug Administration estimates date label confusion contributes to nearly 20% of the country's food waste, while California alone throws away around six million tonnes of unexpired food each year. The measure has been backed by food waste campaigners and grocery retailers, despite requiring some stores to update their labeling systems. Similar legislation has been passed by New York lawmakers and is under consideration in several other states, while a bipartisan bill to introduce national standardised food date labels is also awaiting action in Congress.

 

US News and World Report