There's an interesting air of elation mixed with relief coming from the French town of Évian-les-Bains, where G7 leaders just wrapped their annual summit. Reminder, that's the annual meeting of seven major advanced economies (🇺🇸🇨🇦🇬🇧🇫🇷🇩🇪🇮🇹🇯🇵). Why so happy? Let's find out, in their own words.
Read this storyIRAN
President Trump has signed the interim peace deal with Iran at a sparkling ceremony at Versailles, building on an earlier e-signature (yay Docusign). The 14 points feature Iran pledging to reopen Hormuz and not to pursue nukes, while the US commits to ease sanctions and develop a $300B investment fund for Iran. (CNBC)
UNITED STATES
The Pentagon has officially dropped the ‘Indo’ from the name of America’s largest and oldest combatant command, restoring the Hawaii-based outfit to its original ‘US Pacific Command’ (PACOM) name. (Department of War)
GERMANY
BMW has issued a brutal profit warning, implying a ~60% drop for the luxe giant’s core automotive segment. It’s citing a collapsing China market, where combustion-engine sales plunged 39% in May amid the Hormuz energy crunch. (BMW Group)
BURUNDI
Speaking at a virtual summit of African leaders in Burundi, the head of the continent’s CDC has warned that the current Ebola outbreak in eastern DR Congo could become the worst in history. He’s warned of tens of thousands of untraced contacts, attacks on health workers, and major gaps in the response. (CNN)
JAMAICA
Jamaica is now in talks with the US to accept up to 25 third-country nationals deported from America every fortnight. (Independent)
UZBEKISTAN
Tashkent has unveiled a major new $4.2B program of 120 projects to expand its critical minerals production and move up the value chain (more processing). (TCA)
JAPAN
Following the government-owned Development Bank of Japan’s decision to lift its own restrictions last month, several major Japanese commercial banks are reportedly now rethinking their long-standing de facto ban on lending to arms-makers. (NikkeiAsia)
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