Ukraine–Russia War
At least 24 killed in Kyiv in one of deadliest Russian attacks since start of war The death toll included three children, according to President Zelenskyy. Poland and Lithuania continue pressing questions about US plans for military presence in Europe. Source: The Guardian
Ukraine attacks Russia with drones after suffering three days of massive strikes Ukraine launched a large-scale long-range drone attack targeting several Russian regions including the Ryazan oil refinery, after a cruise missile hit an apartment block in Kyiv killing 24. Source: The Guardian
UN aid convoy targeted by drone attacks in Ukraine A UN convoy headed to distribute humanitarian aid to Kherson was struck by drones twice, an attack Kyiv attributes to Moscow. This comes amid nearly 1,600 drones launched against Ukraine over consecutive days. Source: France 24
Finland ends drone alert amid regional fears of Ukraine war spillover Finnish defence authorities scrambled fighter jets; the defence chief warned of more alarms as the Russian war persists. Source: Al Jazeera
Trump-Xi Beijing Summit
Trump and Xi conclude ‘very successful’ talks but no deals announced There were plenty of choreographed ceremonies but no trade breakthroughs after the two-day visit. Source: BBC
Trump says ‘a lot of problems settled’ at Xi summit; Xi warns of ‘clashes and even conflicts’ over Taiwan Trump claimed the US and China “feel very similar” about ending the war in Iran but offered no details. US trade representative Jamieson Greer said semiconductor export controls were not a major topic. Source: The Guardian
Trump-Xi accord on Iran elusive as China trip winds down China called for a ceasefire and opening of the seaway, while Trump said Xi feels “very similar” about ending the war in Iran. Source: The Guardian
Trump told Xi ‘I don’t talk about’ whether US would defend Taiwan President Trump spoke about Taiwan after the two-day China visit, where he said he discussed Iran and trade deals with Xi Jinping. Source: CNBC
Xi warned Trump about the ‘Thucydides Trap’ for US and China China’s leader reached for Greek history to warn the United States of what can happen when a rising power meets an incumbent one. Source: NYT
Trump’s top science adviser visited Beijing — what does it mean for AI? The presence of Trump’s top science adviser and Nvidia CEO Jensen Huang in the US delegation drew attention to whether AI collaboration was on the agenda. China’s foreign ministry did not give a direct answer. Source: SCMP
Energy & Iran Crisis
Oil prices jump after Trump leaves China with Iran conflict still at a stalemate Oil prices rose Friday on news that China has agreed to purchase oil from America. Source: CNBC
UAE to complete second oil pipeline bypassing Strait of Hormuz by 2027 The state oil company is fast-tracking a previously undisclosed project expected to double export capacity. The current blockade of the strait, through which 20% of oil and seaborne gas previously flowed, is approaching the 11-week mark. Source: The Guardian
India hikes fuel prices as Iran crisis bites The world’s third-largest oil importer announced increased fuel prices and austerity measures due to the energy crisis. Source: Al Jazeera
Markets & Finance
Stocks down, oil up as Trump-Xi meeting ends Tech stocks are leading the retreat, with Nasdaq-100 futures down more than 1%, as Treasury yields top 4.5%. Source: Quartz
Bill Ackman’s Pershing Square is taking a stake in Microsoft, calling it a bargain Ackman began building the position in February after Microsoft stock fell, calling the software giant’s valuation “highly compelling.” Source: Quartz
Adani nears end of US legal troubles Gautam Adani and his nephew Sagar have agreed to pay $18 million to settle SEC allegations, while the DOJ is moving to drop parallel fraud charges. Source: Bloomberg
Stephen Miran, Trump’s economic guru, is leaving the Fed Miran’s departure from the Federal Reserve Board of Governors will smooth the leadership transition to incoming chair Kevin Warsh. Market watchers are debating whether he will return to the White House or re-enter the private sector. Source: SCMP
The Federal Reserve’s independence is hanging by a thread in the age of Trump Jerome Powell, who stepped down this week as Fed chair, had achieved a rare “soft landing” curbing inflation without sparking recession. The president’s ultimate goal is to push the Fed to bend to his will. Source: The Guardian
Rising inflation signals June rate hike in the Eurozone Source: Seeking Alpha
Biogen closes its $5.3 billion acquisition of Apellis Pharmaceuticals Apellis, maker of eye disease drug SYFOVRE and kidney drug EMPAVELI, is now a wholly owned Biogen subsidiary. Source: Quartz
Africa & Global Health
Ebola outbreak kills 65 people in eastern Democratic Republic of the Congo There have been 246 suspected cases of the deadly haemorrhagic fever in Ituri province, which shares borders with Uganda and South Sudan. Concerns have been raised that cases were caused by a new strain of the virus. Sources: The Guardian · BBC
Inside Nigeria’s crypto craze Cryptocurrency has become part of everyday life for nearly one in 10 Nigerians. Some use it to work around the naira’s lost value; others trade for quick returns. Source: France 24
US Domestic
SCOTUS upholds abortion pill telehealth access The Supreme Court kept access to the abortion pill mifepristone available via telehealth. Source: NPR
ICE violently arrested a US citizen and filmed it ‘like a documentary’, videos reveal Christian Cerna, 28, was driving with his partner and children in Los Angeles when two vehicles rammed his car and armed men jumped out. DHS made social media posts out of the arrest. Source: The Guardian
Minnesota Democratic lawmakers stage sit-in over gun violence protection bill Representative Samantha Sencer-Mura led an overnight sit-in after Republican speaker Lisa Demuth failed to put a gun violence prevention bill up for a vote. Source: The Guardian
Trump’s new counterterrorism strategy turns political enemies into enemies of the state The Intercept annotated the White House document to show how the US government is “bringing its war on terror home.” Source: The Intercept
UK & Europe
Boy, 15, shot dead in France as prosecutors blame drug war Prosecutors in Nantes say the shooting was drug-related, but the victim’s aunt says he was not involved. Source: BBC
British Gas faces record £112m settlement over prepayment meter scandal The redress includes a £20m penalty and £70m of debt write-offs for customers who had prepayment meters force-fitted during the Russian gas crisis. Source: The Guardian
Streeting backs Burnham for return to Westminster Labour’s deputy leader Lucy Powell backed Andy Burnham’s efforts to return to parliament via the Makerfield byelection, while the Greens confirmed they will contest the seat. Sources: The Guardian · The Guardian
Asia-Pacific
6 bids for Hong Kong land sale signal renewed confidence despite market caution Hong Kong’s first land sale of the financial year drew bids from the city’s largest developers including Sun Hung Kai Properties and a joint offer from Kerry Properties and Sino Land. Source: SCMP
Australia court doubles payout for trans woman in landmark discrimination case Roxanne Tickle has been awarded AU$40,000 in damages for being kicked off the Giggle for Girls app. Source: BBC
Middle East
This is the Palestinian Nakba, measured in land taken On May 15, Palestinians mark 78 years since the Nakba. The count of land Israel has taken keeps growing today. Source: Al Jazeera