Cover Story
Issue 01Cuba has approved an emergency package of 176 economic measures across 23 sectors that expands scope for private enterprise, allows foreign companies to invest directly in the private sector, reduces most price controls, and gives municipalities and state firms greater authority to partner with private businesses and cooperatives.
Cuba has approved an emergency package of 176 economic measures across 23 sectors that expands scope for private enterprise, allows foreign companies to invest directly in the private sector, reduces most price controls, and gives municipalities and state firms greater authority to partner with private businesses and cooperatives.
Labour politician Andy Burnham won the Makerfield by-election in northwest England with nearly 55% of 45,510 votes cast, finishing more than 9,000 votes ahead of Reform UK candidate Rob Kenyon. The result returns Burnham to Parliament after nearly a decade and follows his tenure as mayor of Greater Manchester.
Oil prices declined after the United States and Iran signed an agreement described by AP and Axios as ending the conflict, waiving U.S.-backed sanctions and calling for the Strait of Hormuz to reopen. Traders assessed the prospect of increased Iranian crude exports and reduced disruption to regional supply flows.
CME Group said Terry Duffy will step down as chief executive and become executive chairman on March 1, 2027, with President and CFO Lynne Fitzpatrick appointed CEO. The board approved the transition on June 16, 2026, and the company said it will begin a search for a new chief financial officer.
Medallia said it reached a recapitalization agreement with lenders that will reduce outstanding debt and provide $150 million in new capital. Reports said a creditor group led by Blackstone, with Apollo and FS KKR, is assuming ownership, replacing Thoma Bravo following its 2021 buyout of the software company.
The UK Supreme Court dismissed appeals in a case involving Alex Gerko and other traders, leaving in place a ruling that amounts received under the CAP are taxable as income under section 687 ITTOIA. The dispute covered traders’ shares of profits earned between 2010 and 2015.
The Trump administration said it will reimburse Invenergy $765 million under a settlement to terminate four offshore wind leases. The projects include Leading Light Wind, planned for up to 2.4 gigawatts, and other lease areas located off the coasts of Maine and California, according to disclosed statements.
G7 leaders said they will coordinate efforts to reduce dependence on a single external supplier of critical minerals, including support for mining, processing and recycling projects, harmonized traceability pilots for lithium and nickel, expanded stockpiling, and an IEA-backed mechanism to share data and early warnings on market stress.
A report says US intelligence agencies recently assessed that Iran can effectively stop access through the Strait of Hormuz. Separate disclosed accounts said a tentative US-Iran arrangement under discussion would reopen the waterway, though details had not been made public at the time of the reports.
France is pressing G7 partners to support a statement on critical minerals aimed at limiting dependence on China for rare earth supplies. The proposal focuses on diversifying supply chains and strengthening value chains through financing, trade, traceability, transparency, storage and recycling measures.
G7 leaders said on June 16 they will step up efforts to address rising debt pressures in developing economies and support stronger implementation of the G20 Common Framework. Reuters reported the pledge includes attention to middle-income countries that are not currently eligible for the debt-relief mechanism.
UK consumer price inflation was unchanged at 2.8% year on year in May, while CPIH held at 3.0%, according to official data. Both CPI and CPIH rose 0.2% on the month. Transport added the most upward pressure, while food and non-alcoholic beverages provided the largest offset.
India has limited access to Telegram across the country until June 22 and directed the platform to disable message editing for users in India until June 30, according to media reports, as authorities move ahead of the June 21 NEET-UG 2026 re-examination amid claims involving altered posts and exam-related fraud.
Chinese President Xi Jinping told Myanmar's military leader to advance key bilateral infrastructure projects with safety measures in place, according to Chinese state media. The two sides also signed 18 cooperation memorandums covering cross-border transport, trade, disaster assistance, health and media, with the China-Myanmar Economic Corridor identified as a central project.
Fujitsu said Chairman Hidenori Furuta resigned as director effective June 16 after the board confirmed inappropriate conduct and received his request to step down. The company also withdrew his nomination for election at its June 29 annual shareholders meeting, reducing the number of director candidates to nine from 10.
Global stock indexes and bond prices rose while oil declined after President Donald Trump said the United States and Iran had signed a preliminary agreement that would extend a ceasefire by 60 days and reopen the Strait of Hormuz, though terms were not released and both sides said a permanent truce remains under negotiation.
