Debates intensify over the independence of the Federal Reserve, as Trump's potential actions against Fed Chair Jerome Powell trigger concerns among investors and officials, with Powell defending the Fed's operations amid criticism of its headquarters refurbishment.

• Trump Has Penned Letter To Fire Fed Chair Jerome Powell — The New York Times Business -
• Powell defends Fed’s management of $2.5bn headquarters refurbishment — Financial Times -
• Can Trump fire the chair of the US Federal Reserve? — Financial Times -

• Trump’s Attacks on Powell and the Fed Ripple Through Global Economy — The New York Times Business -
• Senior White House official dials up criticism of Fed’s $2.5bn renovation — Financial Times -
• Trump flip-flops on whether to fire Fed chair Powell — Financial Times -
• Trump’s Fed pantomime is not amusing investors — Financial Times -
• Will Investors Ever Believe Trump’s Threats Against Powell? — The New York Times Business -
• Trump’s escalating attacks on Fed unnerve investors — Financial Times -
• Trump Wants Lower Rates. Firing Powell Could Push Them Higher. — The New York Times Business -

The Trump administration implements significant policy changes, including reversing Biden-era oil board seat blocks and proposing steep tariffs on Chinese EV battery material, while also impacting domestic issues like medical debt on credit reports and promoting cane sugar in Coca-Cola production.

• Trump trade regulators reverse Biden-era block on oil board seats — Financial Times -
• U.S. Proposes Steep Tariffs on Critical E.V. Battery Material — The New York Times Business -
• With One Call, Trump Alters the Fate of a Contested Power Project — The New York Times Business -

• Judge Scraps Rule Eliminating Medical Debt on Credit Reports — The New York Times Business -
• They Grew Up on Mexican Coke. Trump’s Cane Sugar Plan Makes Them Uneasy. — The New York Times Business -
• US Senate backs $9bn in cuts to public broadcasting and foreign aid — Financial Times -
• Trump says Coca-Cola will use cane sugar in US production of Coke — Financial Times -
• GE Aerospace lifts outlook on easing US tariff tensions with China — Financial Times -
• GOP Reshapes Opportunity Zones to Target Trump Country — Wall Street Journal -
• Will Trump’s new tax law raise US power bills? — Financial Times -
• EU prepares list of potential tariffs on US services — Financial Times -
• Brussels should not be shocked by Trump being Trump — Financial Times -

Major companies see significant developments with Netflix's boosted revenue forecasts and Juul's e-cigarette authorization after a ban, while Union Pacific explores a deal for Norfolk Southern and Couche-Tard abandons its bid for 7-Eleven owner.

• FedEx Technology Chief Departs After Internal Probe Into Unit He Oversaw — Wall Street Journal -
• Netflix says weak dollar and strong subscriber growth will boost revenue — Financial Times -
• Netflix Raises Revenue, Margin Forecasts After Strong Second Quarter — Wall Street Journal -

• Railroad Operator Union Pacific Exploring Deal for Norfolk Southern — Wall Street Journal -
• F.D.A. Approves Juul Vapes After Yearslong Delay — The New York Times Business -
• FDA Authorizes Juul’s E-Cigarettes After Ban Nearly Bankrupted Firm — Wall Street Journal -
• Canadian Retailer Couche-Tard Abandons Its $47 Billion Bid to Buy 7-Eleven — The New York Times Business -
• PepsiCo Reaches for Protein and Fiber to Boost Sales of Frito-Lay Snacks — The New York Times Business -
• Kenvue drama shows not all spin-offs are created equal — Financial Times -
• ArcBest CEO Judy McReynolds to Retire — Wall Street Journal -
• Uber agrees multibillion deal with Lucid for electric robotaxi fleet — Financial Times -
• Wise profits hit by FX volatility as fintech looks to US listing — Financial Times -
• Volvo Cars reports cash flow increase despite first operating loss since 2021 — Financial Times -
• Liquid Death Expands Into Energy Drinks—Easy on the Octane — Wall Street Journal -
• Record Japanese M&A streak powers on with $1bn Mitsubishi salmon catch — Financial Times -
• Couche-Tard drops its $46bn pursuit of 7-Eleven owner — Financial Times -
• US investment banking is so back — Financial Times -
• Are Diamonds Even a Luxury Anymore? De Beers Reckons With Price Plunge — Wall Street Journal -

The crypto industry achieves a milestone with the passage of the Genius Act and landmark stablecoin legislation, as Trump prepares an executive order to open US retirement markets to crypto investments.

• Crypto Industry Reaches Milestone With Passage of Genius Act — The New York Times Business -
• FirstFT: India air authority warns against speculation on Air India crash as new details emerge — Financial Times -
• What to Know About the Three Crypto Regulation Bills in Congress — The New York Times Business -

• Trump set to open US retirement market to crypto investments — Financial Times -
• US Congress passes landmark bill to regulate stablecoins — Financial Times -
• ‘Crypto Week’ Is Back on Track After House G.O.P. Quells Conservative Revolt — The New York Times Business -
• The bitcoin rally — Financial Times -
• Central banks face dilemma over rise of dollar-backed stablecoins — Financial Times -

The tech sector sees AI start-up Perplexity's valuation soar and Meta's board settle a data breach case, while legislators embrace technology recycling and discussions emerge around AI's impact on language dominance and chatbots being groomed by disinformation warriors.

• AI start-up Perplexity’s valuation tops $18bn months after latest funding round — Financial Times -
• Legislators Embrace Technology Recycling to Compete With China — Wall Street Journal -
• Substack Raises $100 Million, Betting on Subscriptions but Coming Around to Ads — The New York Times Business -

• Meta board settles Delaware case over multibillion-dollar cost of data breaches — Financial Times -
• Disinformation warriors are ‘grooming’ chatbots — Financial Times -
• Meta Directors, Shareholders Settle Privacy Suit Before Board Members Testify at Trial — Wall Street Journal -
• AI is reinforcing the dominance of English in the workplace — Financial Times -
• Politics faces its own AI reckoning — Financial Times -
• Brussels stalls probe into Elon Musk’s X amid US trade talks — Financial Times -
• ‘Who Killed Love?’ A Video Game Plays to Male Resentment in China. — The New York Times Business -

International relations are highlighted by China's threat to block a Panama ports deal and expansion of its Belt and Road Initiative, alongside discussions on US-China relations, Syria's conflict, and European defense system advancements.

• Syria’s president accuses Israel of seeking ‘endless chaos’ as his forces pull back — Financial Times -
• FirstFT: India air authority warns against speculation on Air India crash as new details emerge — Financial Times -
• China Threatens to Block Panama Ports Deal Unless Its Shipping Giant Is Part of It — Wall Street Journal -

• MI6 operatives and UK special forces named in leaked Afghan database — Financial Times -
• Trump’s ‘Africa Second’ policy may be a boon to China — Financial Times -
• South Africa brushes off Scott Bessent’s absence at G20 meeting — Financial Times -
• A new cold war with China won’t help the US — Financial Times -
• Zelenskyy accused of authoritarian slide after anti-corruption raids — Financial Times -
• What China wants from Europe — Financial Times -
• China’s ASML endeavour and India eyes Taiwan ties — Financial Times -
• Has Japan’s ‘Rice Minister’ Brought Down Prices Enough to Save His Party? — The New York Times Business -
• Why the EU’s chaotic budget proposal doesn’t add up — Financial Times -
• Spain overtakes Germany as top EU asylum destination — Financial Times -
• The war in Gaza - what do Israelis want? — Financial Times -
• This New Missile-Defense System Is Challenging the Patriot — Wall Street Journal -
• China’s Belt and Road investment and construction activity hits record — Financial Times -

Policy discussions across Europe include the UK's retail recycling scheme and lowering the voting age to 16, with Brussels issuing a legal warning over a Spanish bank merger and concerns raised about Japan's fiscal laxity and UK job losses amid trade tensions.

• Labour suspends Diane Abbott a second time as Starmer purge fails to quell unrest — Financial Times -
• Former Goldman banker Dingemans on shortlist to chair Channel 4 — Financial Times -
• Japan’s troubling fiscal laxity — Financial Times -

• Retailers brace for new recycling scheme — Financial Times -
• London mayor criticises UK restrictions on international university students — Financial Times -
• Erdoğan’s crackdown is destroying Turkish democracy — Financial Times -
• Voting age to be lowered to 16 in UK elections — Financial Times -
• Brussels gives Spain legal warning for blocking BBVA-Sabadell bank merger — Financial Times -
• UK economy shed jobs for fifth consecutive month in June — Financial Times -
• UK drought hits SSE’s hydropower generation — Financial Times -
• The fight to revive Europe’s shrinking rural areas — Financial Times -
• Non-dom tax take jumped £100mn in 2023-24 despite falling numbers — Financial Times -
• Labour MP suspensions send chaotic signal — Financial Times -
• Bayrou stakes French premiership on wooing Socialists on budget — Financial Times -
• Parole Board chair backs overhaul of prisoner recall system in England — Financial Times -
• RBC chief warns UK wealth tax would compound non-dom exodus — Financial Times -

Significant legal outcomes include FedEx's technology chief departing after an internal probe, an ex-HSBC currencies chief getting his fraud conviction thrown out, and Maurene Comey being fired from the justice department.

• PCAOB Chair, in Last Days, Warns Against Potential for Budget Slashing — Wall Street Journal -
• Ron Wyden, a Democrat, Won’t Let Go of the Jeffrey Epstein Case, Either — The New York Times Business -
• US justice department fires Epstein prosecutor Maurene Comey — Financial Times -

• Ex-HSBC currencies chief gets fraud conviction thrown out — Financial Times -

Diverse topics include the obituary of Pulitzer-winning cartoonist Steve Benson, Liquid Death's expansion into energy drinks, and De Beers grappling with a diamond price plunge.

• Steve Benson, a Skewering, Pulitzer-Winning Cartoonist, Dies at 71 — The New York Times Business -
• Stan and Gus — art, scandal and the making of the Gilded Age — Financial Times -
• FirstFT: Coca-Cola to produce more cane-sugar Coke — Financial Times -

• Trade and wealth tax myth-busting — Financial Times -
• Help! My Debit Card Issuer Won’t Cover a Thief’s Cash Withdrawal. — The New York Times Business -
• Are Diamonds Even a Luxury Anymore? De Beers Reckons With Price Plunge — Wall Street Journal -