Key Fed inflation gauge rises to three-year high in May after gas prices peaked

• The United States launched a series of rare daytime air strikes against Iran as part of an ongoing cycle of tit-for-tat military escalations. • In response, Iranian leadership accused Washington of attempting to overthrow the Islamic Republic, asserting that while Tehran does not seek war, it must remain prepared to fight.

• The article examines how the network of energy pipelines has reshaped modern geopolitics in the Caucasus, specifically impacting Armenia. • It argues that for smaller nations like Armenia, geopolitical interests of more powerful states often outweigh moral principles and human rights.

• Ukraine has escalated its military strategy by launching long-range drone and missile strikes directly into Russian territory. • These operations aim to shift the balance of the conflict by targeting Russian infrastructure and logistics to disrupt their war effort.

• The article highlights a critical "governance gap" where collective international action on food security, water scarcity, and climate finance lags behind scientific consensus. • It identifies four primary governance deficits—lack of cooperation, inequitable financing, poor technology transfer, and ineffective implementation—that are further exacerbated by rising geopolitical tensions.

• The U.S. military has disabled a ship allegedly attempting to sail to Kharg Island, marking the first such action since President Trump reinstated a blockade on Iranian ports. • This escalation occurs amid rising tensions over the Strait of Hormuz and a broader feud between the United States and Iran.

• Senate Democrats defeated a motion to proceed to a $1.15 trillion annual defense authorization bill on July 14, 2026. • The motion failed in a 50-46 vote, with senators voting strictly along party lines.

• Former President Donald Trump is reportedly being influenced by Arab leaders who claim Prime Minister Benjamin Netanyahu is an obstacle to regional peace. • Internal turmoil is growing within the Likud party, with a Member of Knesset leaving the party after claiming it has been "hijacked" following the passage of controversial legislation.

• Gulf states have prioritized diplomacy and regional stability over military conflict as the US-Iran tension enters its fifth month. • While Washington struggled to find a clear path forward, Gulf nations focused on de-escalation and securing the critical shipping lanes of the Strait of Hormuz.

• UN Secretary-General António Guterres expressed deep concern on Wednesday regarding the ongoing military escalation in the Middle East. • The crisis involves continuing strikes between the United States and Iran as both nations vie for control of the strategic Strait of Hormuz.

Thalha Jubair, 20, and Owen Flowers, 19, sentenced to five and a half years each for cyber-attack that cost Transport for London £39mThe teenage hackers had London’s transport network at their mercy. Thalha Jubair and Owen Flowers had burrowed into the heart of Transport for London’s IT systems and held the “keys to the kingdom”.TfL said the attack, which occurred between 31 August and 3 September 2024, could have caused “catastrophic damage” to its technology systems and could have led to “significant and extended transport service degradation and disruption”. Continue reading...

US renews blockade of Iranian ports, while Iran attacks sites in Bahrain and Kuwait. Plus, legendary director John Waters on 60 years of screen carnageGood morning. The US has fired on an oil tanker attempting to reach Kharg Island in the strait of Hormuz as part of its blockade on Iranian ports, as Tehran came under attack for the first time in the latest round of strikes.The US targeted coastal defences and missile sites, as well as targets farther north, with state media reporting strikes on the country’s capital, Tehran. The US also said it had disabled the unladen oil tanker, firing Hellfire missiles into the ship’s smokestack after it ignored multiple warnings.What other development have happened in the region? Donald Trump said Iran has released a US citizen detained since 2024, identified as Dena Karari, a dual US-Iranian citizen. Meanwhile, the Israeli defence minister, Israel Katz, told US defence secretary, Pete Hegseth, that Israel was determined to keep its forces in “security zones” in Lebanon, Syria and Gaza.What did the man’s family say? Arenas-Silva’s sister and immigrants’ rights groups in Georgia said in a press statement that ICE did not provide him with necessary medications during his time in detention for an unnamed condition he was dealing with, despite his family’s pleas that he take the medications during his arrest last week.How is the crisis becoming more international? Mexico has formally requested that US state attorneys general criminally investigate cases of immigrants who have died in ICE custody or during raids, the Mexican government has said. Since the beginning of Donald Trump’s second term, 17 Mexican immigrants have died during immigration enforcement, 14 in ICE custody and three in agency operations. Continue reading...

Agreement combines Uber Eats with food delivery brands in 99 countries and expands taxi service reachBusiness live – latest updatesUber has reached an agreement to take over the German takeaway company Delivery Hero in a $14.8bn (£11bn, or €12.9bn) deal that would create a global food delivery giant.The US tech firm said it had offered to pay €41.50 a share to Delivery Hero’s shareholders, valuing the business at $14.8bn. Uber will pay $13.7bn after accounting for its previous purchases of a quarter of Delivery Hero’s shares, most recently in May. Continue reading...