Cover Story
Issue 01CENTCOM said its July 13 mission targeted Iranian air defense, radar, missile, drone and small-boat assets across several coastal locations and issued notice that a naval blockade regime resumes July 14. Regional media citing the UAE Ministry of Defence said two tankers in Omani waters were hit by two Iranian cruise missiles, with one fatality and multiple injuries.
Bank Indonesia raised its benchmark BI Rate by 25 basis points to 5.50% at an off-cycle meeting, citing a larger-than-expected rupiah decline since the last policy decision. The central bank said the move aimed to stabilize the exchange rate amid global volatility, attract foreign capital inflows, and help keep inflation within its target range.
OpenAI said it has confidentially filed a draft S-1 registration statement with the U.S. SEC for a potential initial public offering. The company did not disclose deal size or terms and said it has not set a timetable. It said the filing preserves flexibility while it remains focused on building AI products.
Chinese President Xi Jinping arrived in North Korea for a rare visit to Pyongyang and met leader Kim Jong Un. Official readouts said both leaders reaffirmed plans to deepen cooperation and strengthen strategic ties, including safeguarding shared interests and sovereignty and security. The statements did not reference North Korea’s nuclear program.
A U.S. District Court judge in Massachusetts vacated a $100,000 fee for new H-1B visa petitions set by a September 2025 proclamation. The ruling said the payment functioned as a tax without congressional authorization and cannot be enforced. The court granted summary judgment in a lawsuit brought by New York’s attorney general and other states.
The U.S. Defense Department on Monday published an updated list of companies it identifies as Chinese military companies, including Alibaba, Baidu and BYD. The update replaces an earlier list from early 2025. Placement on the list can restrict access to U.S. defense contracts and related procurement activities.
Bank Indonesia raised its benchmark rate by 25 basis points to 5.50% in an unexpected off-cycle move after the rupiah weakened more than anticipated and hit 18,190 per U.S. dollar. The central bank set the deposit facility at 4.50% and the lending facility at 6.25%, and announced measures aimed at supporting the currency and foreign inflows.
GSK said it has agreed to buy Nuvalent for $10.6 billion, launching a tender offer at $124 per share in cash. Net of cash acquired, GSK estimates the aggregate investment at about $9.4 billion. The transaction includes three lung cancer programs, including zidesamtinib and neladalkib under regulatory review.
India’s Ministry of External Affairs said renewed hostilities in West Asia, including between Iran and Israel, have raised international concern. India called on all parties to de-escalate immediately, protect civilians, and return to diplomatic engagement. The statement cited continuing humanitarian and economic costs linked to the conflict.
The World Bank said data centers consume large amounts of water and electricity and warned Thailand may not yet have a sufficiently developed digital economy to generate economy-wide benefits that offset those resource demands. It also cited the absence of mechanisms to price industrial resource use, including water, as a key challenge.
At least 14 million barrels of United Arab Emirates crude grades, including Upper Zakum, Umm Lulu and Das, were sold via a tender for loading over the coming months. Separately, seven participating countries agreed to a production adjustment of 188,000 barrels per day, according to an OPEC statement.
Indonesia is considering exemptions for commodity traders under planned single-gate export regulations covering coal, palm oil and ferroalloys. The palm oil products cited include crude palm oil, refined bleached deodorized palm oil, and refined bleached deodorized palm olein. Officials and lawmakers have discussed clarifying the framework for market participants and investors.
Blackstone Inc is seeking to sell more than $2 billion of stakes it holds in private investment funds, according to the Financial Times. The firm is marketing a collateralized fund obligation that would bundle interests in leveraged buyout funds and issue bonds to investors, including insurance companies.
Carlsberg A/S is preparing to submit draft documents for an initial public offering of its India business as early as this month, according to reports. The potential listing may raise up to $700 million and could be structured as a secondary share sale. Kotak Mahindra Capital and local units of JPMorgan and Citigroup are said to be advising.
Crude prices climbed more than 4% on June 8 as conflict escalated between Israel and Iran and Israel carried out strikes in Lebanon. Brent rose about $4 to around $97 a barrel and WTI gained about $4 to about $94. Reports cited concerns linked to disruptions around the Strait of Hormuz.
Seven OPEC+ countries agreed on June 7 to raise July production quotas by 188,000 bpd, taking the group’s July quota to 35.83 million bpd, excluding compensation for prior overproduction. The increase applies to Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, with Iraq’s quota up 26,000 bpd, amid disruptions to flows through the Strait of Hormuz.
OpenAI is planning its largest redesign of ChatGPT, aiming to expand it beyond chat into a broader app that includes coding features and AI agents designed to handle tasks across work and personal use. The changes are being prepared as the company moves toward a planned public listing this year.