Asia-Pacific
South Korean court sentences ex-President Yoon to 7 years in prison
An appeals court sentenced ousted President Yoon Suk Yeol to 7 years in prison for resisting arrest and bypassing a Cabinet meeting before his brief imposition of martial law in December 2024. Source: NPR
Kim Jong-un praises North Korean soldiers who blew themselves up to avoid Ukraine capture
Kim Jong-un has praised North Korean soldiers who detonated grenades on themselves to avoid capture while fighting Ukrainian forces in Russia’s Kursk region, confirming the existence of the extreme battlefield policy. Source: The Guardian
’Might over right’ imperils international justice, Wang Yi tells UN’s Baerbock
China’s top diplomat Wang Yi called for “unity and the safeguarding of international justice” during a meeting with UN General Assembly President Annalena Baerbock in Beijing, urging a global front against the “law of the jungle” amid deepening geopolitical tensions. Source: SCMP
Middle East & Iran War
Oil tops $115 as Strait of Hormuz impasse continues
Oil futures rallied further Wednesday, with the key global contract nearing its highs reached in the early days of the Iran war, with little progress on getting oil tankers through the Strait of Hormuz. Source: MarketWatch
U.S. gas prices climb as effects of Iran war reverberate
The national average price of a gallon of gasoline hit $4.23, following oil prices upward as supplies from the Middle East remain disrupted. Source: NYT
UAE leaves OPEC, signaling end of Gulf solidarity
The UAE’s decision to leave OPEC has rocked the region, underscoring how the country is increasingly charting its own course at odds with Saudi Arabia. Bloomberg notes Abu Dhabi’s departure suggests “an urgency to open the taps while it still can.” Sources: Al Jazeera · NYT · Bloomberg
EU subsidises farmers and hauliers up to €50,000 to offset Iran war costs
The EU will subsidise up to 70% of the extra cost of fuel and fertilisers caused by the Iran war for farmers, fishing businesses, and road hauliers. Individual companies can claim up to €50,000 each between now and year-end. Source: The Guardian
EU chief warns Iran war consequences ‘may echo for months or years’
Ursula von der Leyen warned that the consequences of the Iran war “may echo for months or years to come,” as she also prepared to meet Hungary’s new leader who is seeking to unlock EU funds in return for reforms. Source: The Guardian
Trump makes fresh Iran threat, claims King Charles agrees with him
The US president posted an image on Truth Social saying Iran “better get smart soon.” Separately, the King and Trump exchanged jokes at a state banquet, with a quip: “If it wasn’t for us, you’d be speaking French.” Sources: The Guardian · BBC
Israeli defence minister sanctions Gaza aid flotilla
Israel’s Defence Minister signed an order imposing sanctions against the Global Sumud Flotilla, which includes about 100 vessels that left from Turkey, Spain, and Italy to break the Israeli blockade and deliver humanitarian aid to Gaza. Source: Middle East Eye
Israel accused of using ‘water as a weapon’ against Palestinians in Gaza
Doctors Without Borders (MSF) has accused Israel of using access to water as a weapon, calling deliberate water deprivation “an integral part of Israel’s genocide” in a newly published report. Source: Middle East Eye
Israeli ‘double-tap’ strike kills three rescue workers in Lebanon
Three rescue workers are among five people killed in successive Israeli attacks in Lebanon on Tuesday, officials say. Source: BBC
Iranian officials absent from pre-World Cup football events in Canada
It is unclear whether football officials from Iran were issued Canadian visas to attend AFC and FIFA congresses ahead of the World Cup. Source: Al Jazeera
New petition seeks UK ‘accountability’ over role in Israel-Palestine
A 400-page legal petition asks for reparations, an apology, and access to historical documents on Britain’s role in Israel’s creation. Source: Middle East Eye
Africa
Mali’s Tuareg rebels vow regime ‘will fall’, urge Russian forces to withdraw
A spokesperson for Mali’s Azawad Liberation Front pledged the ruling junta “will fall” and said the group wants Russian forces to withdraw “from all of Mali” after weekend attacks by insurgents and separatists targeting major cities. Source: France 24
Russian paramilitary carried out air strikes in Mali as rebels advanced
Footage confirms Russian Africa Corps carried out air strikes as rebel forces advanced, coinciding with a Russian withdrawal from a key base in northern Mali. France and the UK are urging citizens to leave. Sources: BBC · BBC
United Kingdom & Europe
Two Jewish men stabbed in London’s Golders Green, suspect arrested
A man was arrested after two people were stabbed in Golders Green, north-west London. Shomrim, a Jewish community security group, said the man was seen running along Golders Green Road armed with a knife “attempting to stab Jewish members of the public.” Sources: The Guardian · NYT · France 24 · DW
Starmer and Badenoch clash over welfare and defence spending at PMQs
The PM took questions from the leader of the opposition in the final PMQs before recess. Separately, it was revealed that Nigel Farage was given an undisclosed £5m by crypto billionaire Christopher Harborne in 2024. Source: The Guardian
Trial begins for 3 men accused of arson attacks at Starmer’s homes
Two Ukrainians and a Romanian were charged last year with setting fire to two buildings and a car linked to Prime Minister Keir Starmer. Source: NYT
’Decline’ in press freedom across EU, report finds
A new report drawing on data from 22 EU member states reveals media landscapes are “more concentrated, less transparent & less trusted,” with press freedom deeply intertwined with the rule of law and democratic institutions. Source: France 24
Finance & Markets
S&P 500 futures flat as traders brace for Fed decision and Big Tech earnings
S&P 500 futures are little changed ahead of a blockbuster earnings slate. Alphabet, Microsoft, Amazon, and Meta Platforms are set to report after the close. On Tuesday, the S&P 500 and Nasdaq slipped from records notched a day earlier. Sources: CNBC · Bloomberg
Finland’s Kone to buy TK Elevator in blockbuster $34.4 billion deal
The combination would create the world’s largest elevator maker and marks one of Europe’s biggest takeovers in recent years. Source: CNBC
SoFi posts record revenue as profit doubles on membership surge
SoFi’s net income rose 134% year-over-year to $166.7 million, while loan originations hit a record $12.2 billion. Source: Quartz
AstraZeneca posts stronger-than-expected profit on surging cancer drug sales
Oncology revenue climbed 16% in the quarter, driven by double-digit gains across multiple cancer treatments. Source: Quartz
Phillips 66 posts surprise profit as refining margins beat expectations
The Houston-based refiner earned $207 million in Q1, reversing a year-earlier loss, as crude utilization hit 95%. Source: Quartz
Standard Chartered: DeFi ‘bent, not broken’ after rsETH episode
The bank said DeFi’s $300 million-plus rescue effort and structural upgrades reinforce its long-term $2 trillion real-world asset thesis. Source: The Block
Global Trends
Five charts that show the rise of global militarisation
As countries spend more on their militaries, Al Jazeera examines what that means for spending on healthcare and education. Source: Al Jazeera