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In the present day’s agenda: EU-China talks derailed; Reeves considers non-dom inheritance tax evaluate; Trump Card and Trump Cell; German defence tech funding; and rising threat for London wildfires
We begin in Canada the place the battle between Israel and Iran has dominated the G7 summit, with US President Donald Trump deciding to go away early.
The newest: Donald Trump mentioned he would leave the summit early to handle America’s response to the conflict between Israel and Iran as G7 leaders known as for a decision of the battle and a “broader de-escalation” within the Center East. The joint assertion agreed late yesterday got here after a day of intense diplomacy, after the US president initially resisted signing as much as the textual content and issued more and more hawkish statements on the conflict, together with a warning to evacuate Tehran.
Trump’s early exit got here within the wake of additional Israeli strikes on the Iranian capital, together with an assault on a state tv broadcaster that fuelled considerations that the conflict between the 2 nations might spiral additional.
What might come subsequent: Trump informed G7 leaders there have been discussions below option to get hold of a ceasefire between Iran and Israel, in accordance with French President Emmanuel Macron. However Iran has mentioned it can only agree to negotiate an finish to the conflict with Israel and resume talks over its nuclear programme if Israeli forces halt their bombing marketing campaign, diplomats mentioned.
Whereas the US president has mentioned he wish to see a deal to halt the battle, he has not dominated out American involvement within the conflict in help of Israel. However US officers insisted the nation remained in “defensive” posture within the Center East. Lawmakers have warned the US president that he would want a sign-off from Congress to make use of navy power towards Iran. For extra updates on the conflict and its influence, comply with our live blog.
Right here’s extra on the state of affairs:
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Dispatch from Tehran: After days of bombing, Tehranis are choking in gridlock and concern as lots of the capital’s 10mn residents try to flee.
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Aerial conflict: Israel and Iran’s endurance battle pits Israel Protection Forces jets towards Tehran’s missile reserves, however how long can it last?
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Opinion: If Iran is dropping a traditional battle, there’s a hazard that it’s going to resort to unconventional means of retaliation, writes Gideon Rachman.
Right here’s what else we’re protecting tabs on immediately:
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G7 summit: World leaders will conclude talks in Canada with out Trump.
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FT Stay: The FT Ladies in Enterprise Summit takes place. Register here and browse a special report on the subject.
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IEA: The Worldwide Vitality Company publishes its Oil 2025 report alongside its month-to-month oil market report.
5 extra prime tales
1. Unique: The EU has refused to carry a flagship financial assembly with Beijing forward of a summit subsequent month due to an absence of progress on quite a few commerce disputes, individuals conversant in the matter mentioned. The bloc’s stonewalling of the talks underlines the deep divisions between the edges despite Beijing’s efforts to court Europe.
2. Unique: Chancellor Rachel Reeves is exploring reversing a choice to cost UK inheritance tax on the worldwide belongings of non-doms, following a spate of exits and lobbying by the Metropolis of London, in accordance with authorities officers and financiers briefed on the discussions. Read the full report.
3. Unique: Practically 70,000 individuals have signed up for the brand new golden Trump Card, an investor visa scheme led by Howard Lutnick that may grant foreigners authorized residency within the US at a price of $5mn. More on the interview with the US commerce secretary.
4. Unique: Spotify founder Daniel Ek is main a €600mn funding in Helsing, valuing the German defence tech group at €12bn and making it one in every of Europe’s most dear start-ups. The deal comes because the Munich-based start-up is increasing from its origins in AI software program to provide its personal drones, plane and submarines. Read more details of the deal.
5. Unique: A gaggle of mid-tier UK regulation corporations is boosting pay for many junior attorneys to as a lot as £140,000 a yr as they try and maintain tempo with bigger rivals within the race to attract and retain talent.
The Huge Learn
After years of company messaging that highlighted function and inclusion, the promoting trade is shrinking away from making socially progressive statements because the motion intensifies towards variety, fairness and inclusion. Daniel Thomas reviews from Cannes on how the culture war is remaking the sector.
We’re additionally studying and listening to . . .
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‘World euro’: The profound shift within the geopolitical order gives alternatives for the euro to gain global prominence, writes European Central Financial institution president Christine Lagarde.
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‘Economics of small print’: Non-compete clauses might look employer-friendly however can stifle labour force fluidity and competitors, writes Sarah O’Connor.
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From vehicles to purses: Luca de Meo has reworked motor group Renault however can he actually revive Gucci owner Kering?
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Tech Tonic 🎧: The Trump-Musk bromance is over. What does it mean for the world’s richest man?
Chart of the day
London is at an elevated threat of wildfires this summer time, the UK capital’s fireplace brigade has warned. The service is stepping up efforts to organize for blazes by investing in new tools and sending firefighters on specialist coaching within the face of heightened threat due to climate change.
Take a break from the information
From feminine explorers and the world’s rivers to the greening of China and the ideological mind, listed below are the best summer books of 2025 on the atmosphere, science and know-how.
