Takes

• Andy Burnham has reportedly entered Downing Street as the new Prime Minister, though the provided text focuses on the appointment of David Miliband as Foreign Secretary. • Foreign Secretary Miliband pledged to defend Britain's interests, democracy, and the rule of law while maintaining strong alliances with the EU, US, NATO, and the UN. • Miliband stated that the Foreign, Commonwealth and Development Office (FCDO) will prioritize combating global threats to justice and equality.

• Former Italian Prime Minister Enrico Letta is urging the EU to shift from a "defensive" banking strategy to one focused on scale and growth to better compete with U.S. giants. • The push for deregulation follows a stark disparity in market power, noting that JP Morgan's market capitalization exceeds that of the 10 largest EU banks combined. • Letta proposes facilitating cross-border mergers to overcome fragmented national markets and expanding the mandate of financial watchdogs to prioritize growth alongside stability.

Flash flood emergencies were issued on Thursday for parts of Kerr and Uvalde counties and Texas Hill CountrySign up for the Breaking News US newsletter email “Life threatening” flooding has taken hold in south-central Texas, where up to 20in of rain have already fallen in some areas – just one year after the same region endured catastrophic flooding that killed more than 100 people.Flash flood emergencies were issued on Thursday for parts of Kerr and Uvalde counties, where emergency crews performed water rescues, as well as areas around the Guadalupe River and the Pedernales River, according to morning updates from the National Weather Service (NWS). There have been no immediate reports of injuries or deaths. Continue reading...

• The 719 lawmakers of the European Parliament are beginning a six-week summer recess. • Despite the break, political maneuvering continues as members prepare for upcoming legislative battles and strategic shifts. • This period is critical for party leaders to negotiate alliances and plot political strategies for the next session.

• Attorney General nominee Todd Blanche and intelligence chief nominee Jay Clayton are facing high-stakes Senate confirmation hearings today. • Senator John Cornyn (R-Texas) has stated he remains "uncommitted" regarding Blanche's nomination ahead of the Senate Judiciary Committee testimony. • Simultaneously, Republicans are attempting to pass a third partisan reconciliation package to fund the war with Iran and advance the "Save AMERICA Act" election overhaul bill.

• The author urges Democratic senators to focus on the Jeffrey Epstein coverup during the upcoming Senate Judiciary Committee confirmation hearings for Blanche. • Blanche is seeking confirmation as Attorney General, though the author accuses him of transforming the Justice Department into a personal law firm for Donald Trump. • This line of questioning is presented as the most effective strategy to either block Blanche's appointment or weaken the administration's perceived assault on the rule of law.

• ASEAN's financial landscape is undergoing a strategic reshaping as companies diversify manufacturing locations and investors target fast-growing regional economies. • The region is evolving into a dual-purpose entity, strengthening its position as both a global production hub and a critical financial connector. • Singapore is playing a pivotal role in this shift, serving as a primary coordination point for regional trade, liquidity, and risk management.

• The European Commission is considering updating regulations across its 27-nation bloc to potentially ban children from using social media. • This move follows a new report and mirrors actions taken by Australia, which became the first country to bar children under 16 from these platforms last year. • Other nations, including France, Germany, Spain, India, Indonesia, and Malaysia, have already implemented or are currently weighing similar restrictive measures.

• The 21st Century ROAD to Housing Act has been introduced to stimulate home building, expand financing options, and limit the ability of large investors to purchase residential properties. • Despite the legislation's goals, industry experts warn that homebuyers should not expect an immediate decrease in housing prices. • Major financial institutions, including JPMorgan Chase, Bank of America, Wells Fargo, Goldman Sachs, and Citigroup, are scheduled to report earnings on Tuesday.

• Violent disorder erupted in London following France's victory over Morocco during the 2026 World Cup. • The unrest occurred as Spain and Belgium prepared for their upcoming quarter-final showdown. • Current betting odds place France as the favorite at 6/4, followed by Argentina, Spain, and England at 9/2.

• Recent conflicts involving Israel, Iran, and the United States have highlighted a significant shift in the global distribution of power. • While military exchanges occurred, the resolution through diplomacy suggests a move away from the era of undisputed American primacy that followed the Cold War. • This transition matters because the U.S. can no longer rely solely on its unmatched military and economic influence to shape international crises.

• Hungary's flagship public news channel, M1, suspended its news programming on Tuesday after new leadership was appointed by the Tisza Party’s parliamentary supermajority. • The new management issued a formal apology for "years of political distortion" and lying, signaling a break from the previous media landscape. • This blackout is a central component of a broader government overhaul aimed at dismantling the public media system established during the Orbán era.

• South Korea began enforcing a new law on Tuesday that allows for steep punitive damages against news outlets and social media influencers who spread false information. • Journalist groups have raised alarms that the legislation could invite state censorship and chill public discourse by penalizing critical reporting. • The law arrives amid high political polarization, with critics citing figures like Yoon who have used unsubstantiated election fraud claims to rally conservative supporters.

• South Korea has implemented a new "fake news" law allowing courts to award damages up to five times the proven losses against media outlets and large social media accounts that spread false information. • The legislation follows a political crisis where YouTube claims of election fraud exacerbated the fallout from a brief martial-law order. • While the government argues the law protects democracy, journalists and critics warn it could create a "chilling effect" on free speech and press freedom.

• South Korea has implemented a new law targeting "fake news" following a surge in online misinformation, including false claims of Chinese interference in the electoral system after the failed 2024 martial law attempt. • Under the new regulations, repeat offenders whose content is ruled illegal by the courts can face significant financial penalties of up to 1 billion won (€573,000). • Journalists' groups have raised concerns that the law could be weaponized to stifle press freedom and suppress legitimate reporting through legal intimidation.

• South Korea began enforcing a new law on Tuesday that allows for steep punitive damages against news outlets and social media influencers who spread false information. • The legislation targets "fake news" by imposing significant financial penalties on those found to be disseminating misinformation. • Journalist groups have raised alarms, warning that the law could invite government censorship and chill public discourse.

• South Korea has implemented a new law allowing for steep punitive damages against news outlets and social media influencers who spread false information. • Journalist groups warn that the legislation could stifle public discourse and be weaponized by the state to invite censorship. • The law arrives amid political polarization, with critics noting that figures like Yoon have previously promoted unsubstantiated election fraud claims to rally conservative supporters.

• South Korea implemented a new disinformation law on Tuesday, introducing punitive damages and stricter obligations for digital platforms. • Major platforms must now establish formal procedures for reporting and managing disinformation, hate speech, and discriminatory content. • The Democratic Party of Korea argues the law is essential to combat social damage caused by "cyber wreckers" who spread false claims for profit.

• InfoComm Asia 2026, a leading exhibition and summit for Professional Audiovisual (Pro AV) and integrated experience technologies, will be held from July 15-17, 2026. • The event will take place at the Queen Sirikit National Convention Center (QSNCC) in Bangkok, Thailand. • The summit is supported by a broad coalition of government and industry bodies, including Thailand's National Innovation Agency (NIA), DEPA, and the Thailand Convention & Exhibition Bureau (TCEB).

• Sky has agreed to acquire ITV's media and entertainment department in a major merger valued at £1.6 billion. • The deal aims to create a broadcasting titan capable of competing more effectively against global streaming giant Netflix. • Popular ITV Studios productions, including Love Island, Emmerdale, and I’m A Celebrity, are expected to remain largely unchanged.

• Japan is advancing a $2.3 trillion strategic plan by developing a domestic AI model and deploying 10 million robots to bolster its technological infrastructure. • The initiative aims to establish "sovereign AI" capabilities, reducing the nation's dependence on technology dominated by the United States and China. • This move is critical for Japan to maintain economic competitiveness and security in an era of rapid artificial intelligence integration.

• Ireland has officially commenced its six-month presidency of the EU Council, taking on a leadership role within the European Union. • The presidency faces five critical priorities, including managing EU accession processes and finalizing the union's budget. • This period is significant as Ireland must navigate complex diplomatic negotiations and coordinate policy across member states during a volatile political climate.

• A Chinese actor has returned to his hometown to sell vegetables at a local market after losing his acting career. • The actor previously worked grueling schedules of up to 15 hours a day filming short-form dramas. • This career shift is attributed to the rapid integration of AI technology, which is increasingly replacing human actors in China's short drama industry.

British bike maker says cycling market is recovering from sales slump and investments will add new expertiseThe French sports gear retailer Decathlon and a Chinese investment group that was an early backer of Labubu soft toys have bought stakes in the British folding bike maker Brompton, as its boss said the cycling market was recovering from a slump in sales.Decathlon has acquired a 10% stake in the manufacturer while BA Capital has bought 5% in a deal understood to collectively be worth about £18m. Continue reading...

• The Supreme Court issued a ruling on Monday that strikes down most existing limits on presidential control over independent federal regulatory agencies. • This decision significantly expands presidential power by dismantling protections previously established by Congress and the courts to ensure agency independence. • Legal experts, including Harvard professor Daniel Tarullo, describe the move as an aggressive application of the "unitary executive theory," granting the president unprecedented authority over the economy and American life.

• Nika Soon-Shiong, a board member of the Committee to Protect Journalists (CPJ), was removed from her position after questioning why certain Palestinian journalists were excluded from the organization's death toll in Gaza. • The removal occurred as the CPJ is conducting a review of journalists killed during the ongoing conflict in Gaza. • This incident highlights internal tensions regarding the criteria used to verify casualties and the transparency of reporting in high-conflict zones.

• India has reclaimed the 5th position in global market capitalization rankings, reaching a total value of $5.04 trillion and overtaking both Taiwan and South Korea. • The surge was driven by a combination of easing crude oil prices and a renewed influx of foreign portfolio investor capital. • Despite the ranking climb, India's Nifty index has fallen 12.7% year-to-date in dollar terms, significantly lagging behind South Korea's KOSPI (+86%) and Taiwan's TAIEX (+53%).

• The U.S. Supreme Court agreed on Monday to hear a case regarding whether federal law prevents Arizona from implementing stricter voting restrictions. • A key point of contention is a state measure requiring voters to provide documentary proof of citizenship when registering to vote on a state form. • The dispute highlights a broader national conflict over efforts to prevent non-U.S. citizens from voting amid claims of election fraud.