Cover Story
Issue 01Iranian state media said authorities do not accept a newly promoted outbound corridor near Oman’s coast and warned vessels to use only routes designated by Iran. IMO-linked guidance says the central traffic lane remains unsafe because of mines, with departures being scheduled through temporary controlled corridors.
In June 2026, bitcoin fell toward $60,000, its lowest level in 20 months, as U.S. spot ETFs logged successive weekly net outflows, Treasury yields and the dollar stayed elevated, and options and on-chain measures showed recent buyers underwater and demand for downside protection rising.
Prompt Brent and WTI fell to prices last seen on Feb. 27 as exports through the Strait of Hormuz increased and about 20 million barrels left in the past 24 hours, according to U.S. Energy Secretary Chris Wright. Shipping and insurance conditions remain short of full normalization, and near-term Brent spreads indicate looser prompt supply.
In a June 10 letter to Senate Banking Committee leaders ahead of an AI hearing, Anthropic said operators affiliated with Alibaba and its Qwen lab generated more than 28.8 million Claude exchanges through nearly 25,000 fraudulent accounts between April 22 and June 5, which Reuters described as model distillation activity.
easyJet said its board unanimously rejected Castlelake's fourth proposal, a 650 pence-a-share cash offer received on June 23, citing valuation and execution concerns. The airline will provide limited commercial information that could support a revised bid, while the Takeover Panel extended Castlelake's deadline to announce a firm offer or withdraw to 5 p.m. on July 5.
The Korea Exchange said it would defer the planned June 29 listing of weekly options on Samsung Electronics, SK hynix, Hyundai Motor and LG Energy Solution, citing recent market conditions. The exchange said the launch remains under review as regulators assess volatility and investor-risk issues linked to newly introduced single-stock leveraged products.
Micron reported fiscal third-quarter revenue of $41.46 billion and GAAP net income of $28.24 billion for the period ended May 28, 2026, versus $1.89 billion a year earlier. The company guided fiscal fourth-quarter revenue to about $50 billion and said it has 16 strategic customer agreements tied to roughly $22 billion in commitments.
Industrial and Commercial Bank of China said it will stop agency precious metals bidding on the Shanghai Gold Exchange from July 24. Postal Savings Bank, Ping An Bank and China Guangfa Bank also announced suspensions, while Bank of China and Huaxia Bank lifted client margin ratios on deferred contracts to as high as 140%, with changes focused on existing customers.
The European Parliament approved two regulations implementing the 2025 EU-US trade framework, removing EU tariffs on U.S. industrial goods and widening access for selected seafood and agricultural products, including processed lobster. The main measure expires at end-2029 unless extended, and the Commission may suspend preferences if U.S. tariffs on EU steel and aluminum derivative products remain above 15% at end-2026.
Amazon said it will add $13 billion to its India spending by 2030 to expand AI and cloud infrastructure, taking its planned investment in the country to $48 billion. The company said the spending will reinforce AWS capacity in Mumbai and Hyderabad, with more than $21 billion allocated to AI and cloud projects.
Guy Parmelin, who also serves as economy minister, will travel to North America from June 29 to July 9 and plans to meet U.S. Trade Representative Jamieson Greer next week. Swiss officials are seeking to formalize a preliminary tariff agreement reached in November 2025 that reduced U.S. duties on Swiss imports to 15% from 39%.
At Paris Club discussions, China said coordinated legal and technical measures are needed to limit bondholder lawsuits and uphold strict comparability of treatment under the G20 Common Framework. The comments come after official creditors, including China and France, rejected an Ethiopia bond proposal and investors threatened legal action.
Iranian state media said authorities do not accept a newly promoted outbound corridor near Oman’s coast and warned vessels to use only routes designated by Iran. IMO-linked guidance says the central traffic lane remains unsafe because of mines, with departures being scheduled through temporary controlled corridors.
The order kept nearly 16 GW of imported-coal capacity available during expected summer demand and evening peak tightness after hydropower output fell 16.3% in FY2023/24. Authorities had also projected a 14 GW June night-time shortfall, and extended the related emergency clause through Oct. 31, 2024.
Parliamentary questions filed on April 10 asked whether the Dutch government is engaging Washington and other partners over the proposed MATCH Act, which could extend U.S. export controls to allied suppliers, including ASML's immersion-DUV exports and servicing in China. ASML said its 2026 guidance range reflects uncertainty around export-control discussions.
Reuters reported Venezuela is preparing a creditor update in the coming weeks that will put total obligations at about $240 billion, above prior market estimates. The figure reflects a broader set of claims than defaulted bonds. A macro framework due with an early July sustainability plan would estimate GDP near $100 billion and debt above 200% of output.
Qatar’s prime minister said LNG operations should return to normal within a few weeks, while damaged Ras Laffan facilities remain on a separate repair timeline. QatarEnergy said force majeure on some long-term supply contracts will be lifted only after it determines operating conditions are safe, following March 18-19 attacks that damaged two LNG trains.
