Globe

Denim giant claims trademarked design has been copied by S-Double, which was founded in 2008 by Shawn Stussy and is owned by the Melbourne-based clothing companyGlobal jeans giant Levi’s has launched legal action against Australian clothing company Globe and one of its brands for sewing tags on to pockets – which it says is “blatant copying” of its trademark design.The US denim giant made the same claim 15 years ago against the same brand, S-Double, founded by Shawn Stussy and owned by Melbourne-headquartered Globe. Continue reading...

• The AI-driven stock market rally is facing potential headwinds as indicators suggest the current investment mania may be becoming unsustainable. • A comprehensive checklist of 18 "red flags"—including valuations, capex, and investor sentiment—shows that 10 global indicators and 11.5 U.S. indicators are currently flashing. • This shift matters because the Federal Reserve's monetary policy and tightening financial conditions could counteract the momentum of AI growth.

• S&P 500 and Nasdaq futures are climbing as chip stocks stabilize following a period of volatility that slowed the recent AI-driven rally. • The market shift comes as investors weigh whether high expectations for artificial intelligence can be met, despite strong business fundamentals. • External pressures continue to influence the economy, with escalating tensions in the Middle East contributing to a rise in oil prices.

• The Globe and Mail has released its 2026 summer culture preview, featuring curated recommendations for film, television, music, and art exhibits. • Music highlights include a diverse range of genres from hip hop and country to "banjo-infused heavy punk," with reporter Josh O’Kane leading the coverage. • Major art exhibitions will feature a centenary celebration for landscape artist Takao Tanabe in British Columbia and circumpolar art displays in Ottawa.

• The 2026 FIFA World Cup will feature twelve groups of nations (Groups A through L) competing for the championship title. • Qatar has qualified for the tournament for the first time after topping a fourth-round group that included Oman and the United Arab Emirates. • Switzerland is highlighted as a dominant force in Group B, led by captain Granit Xhaka and a roster of players from top European leagues.

• The Canadian Department of Canadian Heritage ordered the CRTC to review its policy requiring streaming services to increase spending on local content. • The government aims to prevent these new regulatory costs from being passed on to consumers through higher subscription fees during a period of high cost-of-living pressure. • While the official reason focuses on consumer pricing, experts warn that the requirements could further strain Canada's trade relationship with the United States.

• Global stocks retreated from record highs on Thursday following a new U.S. military strike on Iran and reports of missile attacks in Kuwait. • The escalation in Gulf tensions caused oil prices to surge by as much as 4% and led to a tumble in bond prices. • Investors are concerned that the instability undermines potential peace deals, which are viewed as critical for easing global inflation risks.

• The Norway-set drama *Fjord*, which explores the theme of political polarization, was awarded the prestigious Palme d’Or at the Cannes Film Festival. • Director Cristian Mungiu made history by winning the prize, becoming only the 10th filmmaker to win the award twice. • Honorary laureate Barbra Streisand was unable to attend the Saturday ceremony due to a knee injury, though she was celebrated by Isabelle Huppert and shared a taped message.

In today’s newsletter: Our diplomatic editor on how global instability feeds into conflict in so many parts of the world, and whether the threshold for a major global war has been metGood morning. The world is at war. From the trenches of eastern Ukraine to the missile-streaked skies of the Gulf, a growing proportion of humanity is living under the horror of conflict. For some observers, there are gnawing fears that the worst is yet to come. The apparent collapse of the rules-based international order, the irrelevance of institutions designed to uphold it, and the interconnectedness of the fighting have sparked warnings that we could be at the beginning of a third world war. Indeed, half of Britons polled in a recent YouGov survey thought world war three was likely in the next five to 10 years.On Monday, Donald Trump stepped back from deepening the US and Israel’s war with Iran, announcing that he would postpone military strikes on Iranian power plants for a five-day period after “very good and productive conversations” about the end to the fighting. Iran denied this version of events, claiming Trump had been scared off by their threats of attacks on water infrastructure in the Gulf. But, despite calmer stock markets and a sharp drop in the oil price, there is little sign that the fighting is near an end.Middle East | The Israeli military said it had launched a new wave of strikes on Tehran, after Donald Trump signalled a pause in US attacks against energy infrastructure after what he said were productive talks with Iran.UK Politics | Ministers are looking at providing support for household bills next winter, Keir Starmer said, as he suggested the energy price shock unleashed by the Iran conflict could continue for months to come.London | Security agencies are investigating whether a group linked to Iran is behind an arson attack on four ambulances belonging to a Jewish charity in north London.Climate crisis | More countries will face critical food insecurity if world heats up by 2C, analysis shows.New York | The pilot and co-pilot of an Air Canada Express regional jet have been killed after it collided with a fire truck while landing at New York’s LaGuardia airport. Continue reading...