Rival Hormuz plans turn a war pause into a control dispute

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Nine other stories

• The US Senate prepared a procedural vote on a bipartisan Russia and Iran sanctions package. The bill would let the president impose a 500% tariff on Russian goods and an additional 100% tariff on major buyers of Russian energy or countries accused of helping sanctions evasion, while extending the Iran Sanctions Act through 2031. Wide presidential waivers mean the measure's practical effect would depend on how the administration uses the authority, and it would not become law before September at the earliest. 4
• Volodymyr Zelenskyy said his meeting with Donald Trump covered a licence for Ukraine to produce Patriot missile interceptors and efforts to revive stalled peace talks with Russia. Zelenskyy also said teams were working with Lockheed Martin on co-production, while US envoys Steve Witkoff and Jared Kushner are expected to visit Ukraine. 5
• A 7.1-magnitude earthquake struck Japan's Kumamoto prefecture, knocking out power to about 48,000 homes, damaging roads and buildings, and suspending rail and airport operations. A tsunami warning was later lifted, no nuclear-plant irregularities were reported, and rescue teams searched a damaged shopping mall where people were missing. 6
• South Korea's Kospi closed 10.8% lower after a temporary trading halt, with Samsung Electronics and SK Hynix each falling more than 13%. The sell-off followed a 5% decline in Nvidia and reflected concern about the returns on huge AI infrastructure spending, as well as rising competition from China's memory-chip sector. 7
• India's industrial output grew 7.3% year on year in June, up from a revised 5.1% in May and the fastest pace in nearly two years. Manufacturing rose 7.8%, capital-goods output jumped 14.2%, and mining remained weak at 1%, leaving a recovery led more by factories and investment than by raw materials. 8
• Meta and BlackRock announced a venture to develop a $14 billion, 1-gigawatt data-center campus in El Paso, Texas. BlackRock-managed funds will own 80% and Meta 20%; part of BlackRock's investment will be financed through $12.5 billion in debt, with the first capacity expected online in 2028. 9
• Germany's prosecutor said the man blamed for the Berlin Pride attack had recorded a video pledging allegiance to Islamic State. The attack killed a 65-year-old woman and injured 31 people; the suspect, Abdul Rahman Ballout, was shot dead by police after driving a van into a crowd and allegedly attacking people with a blade. 10
• China's high-tech manufacturing hubs are pulling ahead even as the country's growth remains uneven. Reuters reported first-half growth of 5.7% in Zhejiang and 5.6% in both Shandong and Shanghai, while consumption and investment stayed weak even in the richer provinces. 11
• Angola raised 300.3 billion kwanzas, or about $329 million, by selling a 15% stake in telecom operator Unitel. Investor demand exceeded the shares on offer, giving the state a sizeable capital-market transaction as the company prepares to begin trading on the Angola Debt and Securities Exchange. 12

Quote of the day

"This is for national security and not bullying because when the TSS was for 60 years in Omani waters, we didn't say anything."

Iran's Deputy Foreign Minister Kazem Gharibabadi, defending Tehran's rejection of Oman's proposed route split. 1

Further reading

• Trump sets stage for Netanyahu meeting amid tensions with Israeli PM - The Financial Times on the divide between Washington's limited Hormuz objective and Israel's broader war aims.
• Trump's ability to talk down oil prices is being tested - The Financial Times on the limits of presidential messaging when physical supply risk remains unresolved.