Flagship

Gaza talks make progress

US President Donald Trump said negotiators had made “great progress” toward a ceasefire deal in Gaza, adding that a final agreement was “very close.” A senior Hamas official confirmed that peace efforts had intensified in recent hours. Israeli Prime Minister Benjamin Netanyahu has faced growing calls — including from members of his ruling coalition — to bring the fighting in the enclave to an end amid a growing humanitarian crisis. However, Netanyahu has vowed to fight on until all remaining hostages being held in Gaza are returned, a position at odds with a group representing relatives of the captives. “The war in Gaza has run its course,” the Hostages and Missing Families Forum said.

US intel clashes over Iran damage

US intelligence agencies clashed over the level of damage done to Iran’s nuclear program in last week’s air strikes. A leaked Defense Intelligence Agency report initially said the raids set back Tehran’s ambitions by only a few months, but the CIA said Wednesday that more up-to-date intelligence indicated key facilities were destroyed and would take years to rebuild. President Donald Trump had claimed that Iran’s enrichment capabilities had been “obliterated,” and he and his defense secretary have aggressively pushed back on suggestions to the contrary: They plan an investigation into who leaked the DIA report, with Trump calling media outlets that reported on it “scum” and “bad people.”

Dollar wobbles on Fed row

The dollar wobbled as US President Donald Trump once again hinted at replacing Federal Reserve Chair Jerome Powell. The two have clashed over Powell’s reluctance to cut interest rates, with Trump calling the central bank chief a “very stupid person” in his latest broadside. While the Supreme Court has ruled the president is powerless to fire him, Trump may name a new chair early in a bid to undermine Powell, whose term has 11 months left to run, The Wall Street Journal reported. Trump told a press conference Wednesday that he had “three or four people” in mind as his replacement. The dollar, already weakened by tariffs and policy uncertainty, fell to a three-year low on the row, the Financial Times reported.

HIV hopes fade on US cuts

Optimism that the struggle against HIV could be won is fading after the US slashed funding for global health projects. The development of the preventative drug lenacapavir, along with new research that hinted at a way of making the virus visible to the immune system, raised hopes of a breakthrough year. But cuts to US aid budgets mean that vaccine and drug stocks are dwindling and trials are being halted midstream. Researchers fear infections are already rising, The New York Times reported, but they have no way of knowing, because the cuts have also devastated data collection. About 600,000 people are infected with HIV each year, mostly in sub-Saharan Africa.

Trump bill could hit battery storage

Utility-scale battery storage in the US has grown 15-fold in five years, but President Donald Trump’s One Big Beautiful Bill could stymie further production. Battery installation has long lagged renewable energy generation capacity, but that has changed, OilPrice.com reported, thanks to a 40% decline in battery prices since 2022. Analysts said Trump’s cuts would leave battery production 75% lower than it would have been by 2030, and one of the country’s biggest rooftop solar installers said it would be devastated by the removal of a key tax credit. The US also withdrew from the Paris climate agreement in January, and the president of the COP30 climate summit told Semafor that Washington’s changed attitude would force attendees to “rethink many things.”

Nvidia shares hit record high

Chipmaker Nvidia again became the world’s most valuable company as investors bet that enthusiasm for artificial intelligence will outweigh the effects of Washington’s trade war. Shares jumped a further 14% in June to an all-time high, giving the company a dizzying market value of $3.76 trillion. The strength of the rally is surprising, CNBC noted, because Nvidia is all but locked out of China by US export controls, which have cost the tech giant billions in sales, while the White House has hinted at further restrictions. But Nvidia still reported a 69% increase in year-on-year revenue last month, largely powered by growing demand for data centers.

China drone maker exits US

The world’s largest drone manufacturer appears to have quietly exited the US market. China’s DJI makes over 70% of the world’s commercial drones: US emergency services rely on them, and last year warned that a ban would cost lives because domestically made versions are far lower quality. But DJI’s US website no longer displays any stock, and other retailers have all but sold out, The Verge reported. The company denied leaving the US, saying that customs was blocking imports. DJI has been under US government scrutiny since at least last year; a de facto ban will go into effect in six months, and the firm has been hit by both US tariffs and Chinese export controls.

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Kenya protests turn deadly

At least 16 people died in anti-government protests in Kenya after police fired live rounds on crowds. Thousands took to the streets in cities across the country to commemorate last year’s protests against a controversial tax bill, during which around 60 people were killed. Kenya’s deteriorating economy — youth unemployment stands at 67% — has turned the country into a tinderbox: Yesterday’s protests were preceded by violent demonstrations against the killing of a blogger while in police custody, leaving many seeking answers. “The killer police have still not been held accountable,” a protester told Semafor.

US sanctions Mexican banks

The US sanctioned three prominent Mexican financial institutions over their alleged role in laundering money for cartels. Washington said the firms funneled money to Chinese firms that produce the precursors for fentanyl, the powerful synthetic opioid that has stoked a drug epidemic in the US. One of the sanctioned firms is owned by the former chief of staff for ex-President Andrés Manuel López Obrador, who crime experts say gave free rein to drug cartels. The groups now control around a third of the country. The sanctions are a further blow to President Claudia Sheinbaum: Last month, Washington canceled the visas of several senior party