General Market News

Binance will stop providing services to European Union customers starting July 1 after its application for a bloc-wide license in Greece failed. The cryptocurrency exchange must obtain licensing under the EU's Markets in Crypto-Assets Regulation by the deadline or face penalties. Binance plans to apply for authorization in France, but approval is expected to come well after the July 1 deadline.

• Binance's Greece application for an EU-wide license failed last week, forcing the exchange to halt services to customers in Poland, Italy, Spain, and France where it currently holds local licenses
• The company must comply with the EU's Markets in Crypto-Assets Regulation (MiCA) by July 1 or risk penalties, and says it will pursue licensing in another member state
• This setback follows previous legal troubles including Binance paying over $4.3 billion in penalties to U.S. authorities in 2023 for money laundering and sanctions violations

Saudi Arabia is expected to slash official selling prices for crude oil to Asia by $6.5-8 per barrel in August, bringing Arab Light to a four-month low. The sharp cuts follow a collapse in Middle East spot crude markets driven by resumed oil shipments through the Strait of Hormuz after a ceasefire, increased regional supply, and the restart of exports from Saudi Aramco's Ras Tanura terminal after a four-month suspension.

• Dubai cash premiums fell to a six-year low discount of $1.64/barrel this week, down from an average $9.59/barrel in May, reflecting weak demand and rising supply from UAE, Iraq, and Qatar
• Saudi Aramco resumed crude loading at Ras Tanura terminal after nearly four months, having previously shifted exports to Yanbu due to Strait of Hormuz disruptions
• High Saudi prices already reduced Chinese demand, with buyers sharply cutting July liftings; the price cuts affect about 9 million barrels per day of crude bound for Asia

TikTok and YouTube have deactivated approximately 4.7 million accounts belonging to children under 16 in Indonesia, following a government regulation issued in March 2025. TikTok removed 4.1 million accounts while YouTube deactivated 600,000, as Indonesia enforces social media restrictions aimed at reducing cyberbullying and addiction risks among minors.

• Indonesia's March regulation requires high-risk social media platforms including TikTok, YouTube, X, and Meta properties to deactivate accounts of users under 16 years old
• The government aims not just to restrict access but to change platform behaviors, with the ministry currently reviewing companies' self-assessment reports
• Indonesia's curbs follow similar measures in Australia and are being watched by multiple countries including Britain, which announced plans for restrictions covering gaming and live-streaming platforms

Britain's energy regulator Ofgem has provisionally selected 16 long-duration energy storage projects under a cap-and-floor support scheme designed to strengthen power supply and reduce system costs. These projects will store and release electricity for eight hours or more, helping balance intermittent renewable energy sources. The initiative supports the Labour government's goal of using cleaner energy to shield the country from volatile fossil fuel prices.

• The cap-and-floor scheme provides developers a guaranteed minimum income while capping maximum profits to balance investment incentives with consumer protection
• Long-duration storage systems (8+ hours) will help manage unpredictable wind and solar power generation on the grid
• The project portfolio is expected to reduce costs by easing pressure on transmission and distribution networks, minimizing need for expensive infrastructure upgrades

French state-owned utility EDF announced an €80 million program to fund air-cooling systems for schools, kindergartens, and daycare centers amid a European heatwave. The initiative responds to thousands of school closures caused by sweltering classrooms, as few French schools have air conditioning systems.

• EDF will provide €400 per fan or air conditioner (up to 10 devices) to schools and childcare facilities through September 30, targeting 100,000 units for €40 million
• An additional €40 million will fund one-time €10,000 grants to 4,000 institutions caring for children for air-cooling projects
• The program addresses a critical infrastructure gap, as most French schools lack air conditioning, forcing thousands to close during peak temperatures

Kazakhstan has reduced oil and gas production at its Karachaganak field by approximately 25% following a Ukrainian drone attack on Russia's Orenburg gas processing plant, which normally processes the field's raw gas. The field, operated by a consortium including Chevron and Shell, saw output drop to 196,500 barrels per day from previous levels, though domestic gas supply to Kazakhstan remains unaffected.

• Oil and condensate output at Karachaganak fell to 25,000 metric tons per day (196,500 bpd) from 34,000 tons, a roughly 25% reduction, due to the field's reliance on the damaged Russian processing facility
• The field's stakeholders include Chevron, Shell, Eni, Lukoil, and KazMunayGas, with gas supplied to Orenburg under a long-term contract running until 2038
• Kazakhstan's energy minister confirmed domestic gas supplies are uninterrupted and stated Russia has not officially requested fuel supplies, despite industry sources reporting talks for 50,000 tons of gasoline imports

The International Atomic Energy Agency (IAEA) will gain access to Iran's nuclear sites following an interim peace deal between the U.S. and Iran. IAEA Director General Rafael Grossi confirmed that inspectors will be able to access and inspect the facilities as part of the agreement's compliance requirements.

• IAEA chief Rafael Grossi stated the agency hopes to conduct inspections 'soon' but did not specify an exact timeline
• The access agreement is a compliance requirement of the broader U.S.-Iran interim peace deal
• This marks a significant development in monitoring Iran's nuclear program amid ongoing regional tensions

Germany is proposing major pension reforms to address the retirement of its baby-boomer generation, including creating a Swedish-style pension fund with mandatory contributions and gradually raising the retirement age from 67 to around 70 by the 2090s. The changes aim to ease pressure on younger workers, but analysts warn they will continue facing significant financial burdens during the transition period, with 13.3 million people expected to surpass retirement age by 2040.

• About 13.3 million economically active people (30% of 2025's workforce) will have passed retirement age by 2040, prompting reforms that would incrementally raise retirement age to around 70 by the 2090s
• Younger Germans face steeper financial challenges than their parents: those aged 55-64 now have disposable incomes 12% higher than those aged 25-34, a reversal from the mid-1990s when young adults earned more
• Home ownership among Germans in their 30s has fallen from 41% to 32% over three decades, with Germany's 47% ownership rate the lowest in Europe as house prices have roughly doubled since reunification

Scientists from the World Weather Attribution group determined that the record-breaking heatwave in Western Europe in June 2026 would have been 'virtually impossible' without human-caused climate change. The analysis found that the extreme night-time temperatures are now 100 times more likely than two decades ago, with 45% of over 800 European cities recording or forecasted to record their highest heat stress levels for late June. The findings raise concerns about health impacts, following over 60,000 heat-related deaths during Europe's 2022 heatwave.

• A similar heatwave in June 1976 would have been approximately 3.5 degrees Celsius cooler than the current one, demonstrating the acceleration of global warming impacts in just a few decades
• Parts of France experienced overnight temperatures above 20°C for more than a week, with some nights reaching minimum temperatures near 30°C, preventing the body from recovering from daytime heat stress
• The El Niño weather pattern did not contribute to Europe's severe heat, according to WWA, meaning the warming is attributable to greenhouse gas emissions from burning coal, oil, and gas

Airwallex raised $320 million in a Series H funding round at an $11 billion valuation, representing a 38% increase from six months prior. The Melbourne-founded fintech company plans to use the funds to accelerate development of AI-powered autonomous finance products and expand into new markets. The firm has faced scrutiny over its ties to China and data handling practices, though it denies allegations of being a security risk.

• Airwallex reported annualized revenue of $1.3 billion in March, up 74% year-over-year, with transaction volume more than doubling and over 90% of revenue from multi-product customers
• The company launched two AI products: T:0, an AI-native platform automating corporate finance functions, and Airi, an agentic consumer wallet supporting delegated agent payments
• CEO Jack Zhang stated the new funding may delay the company's public listing as AI investment has made margins 'too volatile to go public,' while the firm maintains it stores U.S. customer data domestically and inaccessible to China-based staff

The European Union has condemned Turkey for excluding Cyprus from preparatory meetings for the COP31 climate summit, which Turkey will host in November 2025. Turkey is the only country that does not recognize the Republic of Cyprus, instead recognizing the breakaway Turkish Cypriot administration in the north. The diplomatic dispute has prompted EU solidarity with Cyprus, with some member states like Poland threatening to boycott COP31 if Cyprus is excluded from the summit.

• Cyprus was not invited to two COP31 preparatory meetings in New York and Tokyo, and fears exclusion from the leaders' portion of the summit that Turkey would organize as host
• EU climate commissioner Wopke Hoekstra stated all 26 other EU member states showed 'full solidarity' with Cyprus and communicated to the UN and Turkey that the exclusion is 'unacceptable'
• Poland's deputy climate minister suggested EU countries should consider skipping COP31 if Cyprus is unfairly treated, though Ireland's climate minister said the situation could be resolved through dialogue

Oil prices fell nearly 2% on Friday as markets prioritized supply concerns over Middle East tensions. Brent crude dropped 1.89% to $73.84/barrel and WTI declined 1.92% to $70.54/barrel, despite an Iran-linked attack on a cargo ship in the Strait of Hormuz and ongoing U.S.-Iran diplomatic disputes.

• Iran was identified by U.S. officials as behind an attack on a Singapore-flagged cargo ship near Oman in the Strait of Hormuz, though no casualties or environmental damage were reported
• The International Maritime Organization temporarily paused its vessel evacuation program to reconfirm safety guarantees amid heightened regional tensions
• OPEC faces potential disruption as Iraq reportedly seeks a higher production quota and may exit the cartel, following the UAE's departure in May as the group's second-largest producer

Payments firm Airwallex raised $320 million in new funding at an $11 billion valuation, representing a 38% increase from its previous financing round in late 2025. The Melbourne-founded fintech plans to use the funds to expand globally and enhance AI-driven autonomous finance and agentic commerce products.

• Total funding reached $1.8 billion as of June, with the round anchored by Addition, T. Rowe Price, and Hummingbird
• The company achieved $1.3 billion in annualized revenue (up 74%) and $287 billion in transaction volume (more than double year-over-year) as of March
• Airwallex announced two new products: an automated bookkeeping/compliance platform and a consumer digital wallet, while serving over 676,000 businesses across 85+ licenses globally

Australia's Prime Minister announced plans to strengthen enforcement of the country's six-month-old social media ban for children under 16, after a study found 85% of 12-15 year-olds are still using social media despite the law. The government wants to ensure the ban can withstand legal challenges and is preparing potential legal action against platforms that fail to comply, with fines up to A$49.5 million ($34 million).

• A British Medical Journal study of 408 adolescents found 85% of Australian 12-15 year-olds continued using social media three months after the ban, with two-thirds bypassing restrictions by self-declaring ages over 16 or submitting photos accepted as over 16
• The government plans to 'stress-test' the law and enhance powers for the eSafety Commission (internet regulator) to enforce the ban on platforms like Meta's Instagram, TikTok, and YouTube
• Multiple countries including Britain are seeking to emulate Australia's groundbreaking ban, with Britain announcing even stricter planned restrictions that will also cover gaming and live-streaming platforms

Ann Blyth, a prominent Hollywood actress from the 1940s-50s Golden Age, died at age 98 of natural causes. She is best remembered for her Oscar-nominated role as Joan Crawford's malicious daughter in the 1945 classic 'Mildred Pierce'. Blyth starred in over 30 films during her 1944-1957 career, showcasing versatility across musicals, dramas, and comedies.

• Blyth was just 16 when she delivered her breakthrough performance in 'Mildred Pierce', earning an Oscar nomination for best supporting actress though she did not win
• Her career momentum was interrupted after 'Mildred Pierce' due to a broken back suffered in a toboggan accident
• The opera-trained actress demonstrated versatility by starring alongside top actors including Burt Lancaster, Gregory Peck, Bing Crosby, and Paul Newman in her final 1957 film 'The Helen Morgan Story'

Typhoon Mekkhala's outer bands brought torrential rain to southern Taiwan on June 25-26, 2026, shutting down offices and schools for over five million people in Kaohsiung, Tainan, and Pingtung. While the typhoon did not make direct landfall, severe flooding cut a section of the main north-south rail line and prompted evacuations of nearly 200 residents due to a rapidly filling barrier lake in Hualien county.

• More than five million people in three southern Taiwan cities (Kaohsiung, Tainan, Pingtung) had work and school closures on Friday
• Severe flooding in Tainan severed part of the main railway line, though the high-speed rail remained operational with no casualties reported
• Authorities evacuated nearly 200 residents downstream of a barrier lake in Hualien, where 19 people died last year when a similar lake breached during heavy rains

South Korea is launching 24-hour currency trading for the won starting July 6, 2025, dismantling restrictions in place since the 1997 Asian Financial Crisis. The reform aims to help the country achieve MSCI 'developed market' status and eliminate the 'Korea Discount,' but dealers warn of risks including thin liquidity and increased volatility, particularly as the won hovers near 17-year lows.

• The always-on trading system includes new safeguards: offshore investor permits to hold won directly, an offshore settlement system, and overdraft policies to prevent liquidity gaps
• About 20% of spot trading volume already occurs during offshore hours in London; banks are adding night shift staff to manage 24-hour operations, with Hana Bank adding three staff and Woori Bank doubling its UK team to four
• MSCI kept South Korea in 'emerging market' status on June 25, citing insufficient onshore liquidity despite extended FX hours, with the next review scheduled in one year

The Democratic Republic of Congo reported 1,155 confirmed Ebola cases, including 304 deaths, as of Wednesday. The outbreak shows continued growth with 37 new cases and 5 deaths recorded in the previous 24 hours. Health officials attribute earlier case detection to intensified surveillance efforts.

• Total confirmed cases reached 1,155 with 304 deaths, representing a fatality rate of approximately 26%
• Community transmission continues to grow on a week-on-week basis despite surveillance efforts
• Intensified epidemiological and biological surveillance has enabled earlier detection of new cases

Two powerful earthquakes struck Venezuela's northern coast and Caracas on Wednesday, killing at least 188 people with the toll expected to rise as rescue operations continue. This event approaches Venezuela's deadliest modern quake in 1967 that killed 240 people. The article contextualizes this disaster by reviewing Latin America's 10 deadliest earthquakes spanning from 1812 to 2010.

• Haiti's 2010 earthquake (magnitude 7.0) remains the region's deadliest with 316,000 deaths, causing $8 billion in losses equivalent to 120% of the country's 2009 GDP due to poor infrastructure and building practices in densely populated Port-au-Prince
• Peru's 1970 earthquake (magnitude 7.9) triggered history's deadliest landslide, with 80 million cubic meters of ice and rock burying towns at speeds up to 335 kmph, killing an estimated 19,000 in Yungay alone and leaving nearly 1 million homeless
• Chile experienced the strongest recorded earthquake in history at magnitude 9.5 in 1960, but its deadliest was the 1939 magnitude 8.3 event that killed 30,000 people and led to the country's first anti-seismic building code

Johns Hopkins University laid off 110 employees this week due to significant cuts in federal research funding, which the Trump administration has targeted over issues including pro-Palestinian protests and diversity initiatives. The university's federal research portfolio declined by over $500 million in 2025, with 43% less funding and 28% fewer awards than the previous year.

• Johns Hopkins' federal research portfolio dropped by more than $500 million in calendar year 2025, receiving 43% less funding and 28% fewer awards compared to the prior year
• The university designated $60 million annually for the next two years for a new research fund to offset federal funding reductions, and eliminated over 2,000 jobs in the U.S. and abroad last year after Trump terminated grants
• Federal courts have in some cases intervened to restore frozen university funds, while rights advocates raise concerns about free speech, academic freedom, and due process