International defense cooperation discussions are intensifying, drones are reshaping modern warfare in the Iran conflict, and President Trump is advocating for increased US military action in Latin America while Iran issues threats against US bases and major global powers debate involvement in the escalating conflict.

• Defense Without U.S. Help Is a Live Topic for Canada, Japan and Australia — The New York Times Business -
• ‘Designed to Wreak Havoc’: The Cheap Drones Shaping the War With Iran — The New York Times Business -
• Donald Trump calls for more US military action in Latin America — Financial Times -

• Iran warns it will hit US bases across region hours after president’s apology — Financial Times -
• Trump hits out at Starmer over UK reluctance to support Iran attacks — Financial Times -
• Big Tech’s Uncertain Future in the Persian Gulf — The New York Times Business -
• A week of war in charts: the impact on the US — Financial Times -
• The bombing of Tehran — in maps and satellite images — Financial Times -
• The war of unintended consequences — Financial Times -
• Trump’s war on Iran is spreading. Where does it stop? — Financial Times -
• We’ll always have Dubai — Financial Times -

**US gas prices are surging by 14%, Russia is emerging as a significant winner from the Persian Gulf energy crisis, and the US faces limited options to control soaring oil prices as UK mortgage rates rise amidst inflation concerns and European energy fears bring coal back into favor**.

• Gas Prices Continue to Surge in U.S., Rising 14% in a Week — The New York Times Business -
• The Big Winner From the Persian Gulf Energy Crisis? Russia — Wall Street Journal -
• US faced with few good options to tamp down surging oil prices — Financial Times -

• UK lenders raise mortgage rates amid warnings over inflation and energy prices — Financial Times -
• Amid European energy fears, coal creeps back into favour — Financial Times -
• America Braces for Oil Shock as Iran War Throttles Supply — Wall Street Journal -

Accusations of abuse at Noma restaurant have surfaced, BrewDog investors are left empty-handed after company missteps, First Brands creditors face minimal repayment prospects, Volkswagen dealers are revolting against direct sales plans, and major media acquisitions are occurring while Google's CEO receives a substantial new pay deal.

• At Noma, Accusations of Past Physical Abuse — The New York Times Business -
• Beer Company BrewDog Leaves Investors Empty-Handed After Missteps — The New York Times Business -
• First Brands creditors reckon with dwindling chance of repayment — Financial Times -

• Volkswagen Dealers Revolt Over Plan to Sell a New Brand of SUV Directly to Consumers — Wall Street Journal -
• Price is now the main ingredient in the office-lunch slop bowl — Financial Times -
• Axel Springer Strikes $770 Million Deal for U.K.’s Daily Telegraph — Wall Street Journal -
• Google gives CEO Sundar Pichai new pay deal worth up to $692mn — Financial Times -
• We Got Hooked on Fast, Free Shipping. Now Retailers Are Taking It Away. — Wall Street Journal -
• Disney Needs Its Next Hit Franchise. Can Pixar’s Reluctant Leader Deliver? — Wall Street Journal -
• The Burger King President Who Took a Bite Out of McDonald’s — Wall Street Journal -

Health care jobs are now the backbone of the labor market, a weaker-than-expected jobs report has sparked political debate between Democrats and Republicans, and America is rethinking strategies for workforce training.

• Health Care Has Become the Lifeblood of the Labor Market — The New York Times Business -
• America rethinks how to train its workforce — Financial Times -
• Democrats Blame Trump For Jobs Report as Republicans Play Defense — The New York Times Business -

Britain is becoming a hub for regulatory intermediaries, tax "cliff edges" are seen as disincentives for work and investment, ministers are considering banning relatives of overseas students from some courses, and a divisive FDA vaccine regulator is resigning.

• Britain is now the home of the Middle Man — Financial Times -
• Tax ‘cliff edges’ remove incentive to work, save and invest, say finance experts — Financial Times -
• Ministers could ban relatives of overseas students on some courses, adviser warns — Financial Times -

• The last of Hong Kong’s colonial-era trainee schemes — Financial Times -
• Divisive F.D.A. Vaccine Regulator Is Resigning — The New York Times Business -
• US draws up strict new AI guidelines amid Anthropic clash — Financial Times -

**Prediction markets Kalshi and Polymarket are each targeting roughly $20 billion valuations**, reflecting growth in this speculative investment sector.

• Kalshi and Polymarket Are Each Eyeing Roughly $20 Billion Valuations — Wall Street Journal -

Influencers are capitalizing on Jeffrey Epstein conspiracy theories, workplace etiquette on Zoom is highlighted by a privacy mishap, a 'finfluencer' shares her journey of clearing substantial debt, and travel destinations and cultural explorations are also in the news.

• For Some Influencers, Epstein Conspiracy Theories Are Big Business — Wall Street Journal -
• This Work Zoom Shouldn’t Have Gone X-Rated — The New York Times Business -
• ‘Being honest about my debts is helping others — and it’s helped me’ — Financial Times -

• The real-world paths to hell — Financial Times -
• A first look at Villa Fayoum, Egypt’s artiest guesthouse — Financial Times -
• Three escapes for sun and sea — Financial Times -

Meteorologists are forecasting a likely swing to a warming El Niño weather cycle, with a 59% chance between August and October.

• Meteorologists bet on ‘swing’ to warming El Niño weather cycle — Financial Times -