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The World
The global population grew by less than 1% a year for the first time since the aftermath of the second world war in 2020 and 2021 with Europe’s total population actually falling during the coronavirus pandemic, according to a UN report. The populations of 61 countries are forecast to decrease by at least 1 per cent between 2022 and 2050, and the associated low fertility rates will also combine with better healthcare to accelerate the aging of societies. (Financial Times)
India to surpass China as most populous country in 2023. (Nikkei Asia Review)
Iran is preparing to supply Russia with hundreds of drones and other unmanned aerial vehicles to support Vladimir Putin’s invasion of Ukraine, the White House said on Monday. Jake Sullivan, president Joe Biden’s national security adviser, told reporters the US had information indicating Tehran was “preparing to provide Russia with up to several hundred UAVs . . . on an expedited timeline”. The shipment would include drones that could be used as weapons, Sullivan added. (Financial Times)
Germany faces ‘nightmare’ winter as Russia shuts down Nord Stream 1: Germany is threatened with significant energy shortages after Russia shut down one of its biggest natural gas pipelines to western Europe this morning, with ministers in Berlin warning of a “nightmare scenario” if the taps are turned off indefinitely. "What happens at the end of the maintenance, nobody is able to say at this moment," Klaus Müller, the head of Germany's energy regulator, said. "We won't know any time sooner than a day before its scheduled end." (The Times, Deutsche Welle)
The race to succeed British Prime Minister Boris Johnson intensified, with several senior Conservative Party politicians pitching themselves with pledges to stick to his approaches toward Brexit and illegal migration, while looking for ways to stoke economic growth. Former Treasury chief Rishi Sunak, who helped spark the wave of resignations by ministers and aides that forced Mr. Johnson to step down, has taken an early lead by gaining at least 30 public endorsements from other Tory politicians. Arrayed against him are Foreign Secretary Liz Truss and Chancellor of the Exchequer Nadhim Zahawi, plus eight other candidates, all hoping to be in the top two after several rounds of voting by Conservative lawmakers before Parliament’s recess in late July. To formally enter the contest candidates must get 20 other lawmakers to back them when nominations open Tuesday. The first round of votes is on Wednesday. (Wall Street Journal)
New UK prime minister expected to be announced in September: Sir Graham Brady says the result of the leadership election will be announced on Monday 5 September. (BBC News)
Mourners throng Abe's wake as his party secures sombre Japan election win. (Reuters)
Nasa has released an image of far-flung galaxies as they were 13bn years ago, the first glimpse from the most powerful telescope ever launched into space, which promises to reshape our understanding of the dawn of the universe. This April 2022 handout photograph provided by RR Auction shows moon dust from the 1969 Apollo 11 mission, which was pulled from an auction listing after NASA said the dust, and some cockroaches that were fed the dust, are property of the federal government. The small slice of the universe, called SMACS 0723, has been captured in sharp detail by the James Webb space telescope (JWST), showing the light from many different twinkling galaxies, among the oldest in the universe. Joe Biden, who unveiled the image at a White House event, called the moment “historic” and said it provided “a new window into the history of our universe”. (The Guardian)
Extreme heat pushes highs over 110 in Texas as power grid nears brink. Wildfires rage in Portugal as punishing heat wave sweeps Europe. (Washington Post)
Economy
Home-sale cancellations jumped in June as buyers backed away: Roughly 60,000 deals fell through, equal to 15% of homes that entered into contract. (Bloomberg)
Bitcoin fell back below $20,000 after enjoying its strongest week in more than three months last week, as a surge in the greenback rippled through global markets. The largest cryptocurrency dropped as much as 2.6% to $19,870, declining for a fourth straight day ahead of US consumer-price data.
European Union finance ministers from countries using the euro — collectively known as the Eurogroup — said that fighting inflation was their number one priority. The news came as the European Commission, the EU's executive arm, revised its economic forecast, citing rising inflation, dwindling growth and growing geopolitical and natural disruptions to business as the biggest drags on the economy as a whole. (Deutsche Welle)
Bill Ackman is returning to investors the $4bn he raised for his record-breaking special purpose acquisition company, in a blow to the billionaire hedge fund manager. In a letter to Pershing Square Tontine Holdings shareholders, Ackman said the quick economic recovery from the coronavirus pandemic had affected his ability to find a target. (Financial Times)
The most significant changes to global tax rules in a century will take longer than planned, negotiators said, as they struggle to reach a formal agreement on how countries with large consumer markets could collect more corporate tax revenue. (Wall Street Journal)
Wealth management booms as the rich get richer but markets get choppy. Industry aims to attract rising tide of younger DIY customers coming into inheritances but who need assistance. (Financial Times)
Technology
Twitter sent a letter to Elon Musk saying his effort to abandon his $44 billion takeover is “invalid and wrongful” and that Twitter hasn’t breached any of its obligations. In a letter dated July 10 and made public in a regulatory filing Monday, Twitter’s lawyers said Mr. Musk’s effort to terminate the deal is a repudiation of his obligations under the merger agreement. (Wall Street Journal)
Klarna has suffered an 85 per cent drop in its valuation to $6.7 billion in the latest sign of investors’ growing nervousness about technology-focused “unicorn” companies. The price tag placed on the Swedish “buy now, pay later” credit provider in its latest funding round, which raised $800 million, compares with the $45.6 billion valuation achieved by the business in June last year that made it Europe’s most valuable privately owned fintech business. (The Times)
US power plants are poised to reap their best summertime profits in nearly two decades thanks to soaring electricity prices that are outpacing the high costs of natural gas and coal. On America’s largest grid, stretching from New Jersey to Illinois, a key metric for gauging the profitability of coal plants has nearly quadrupled from a year ago to $43 per megawatt-hour, according to Energy Aspects Ltd., an electricity research and data provider. In Texas, it’s up almost 10-fold for gas plan. (Bloomberg)
We're a couple of months out from Apple officially rolling out the next major versions of its various operating systems. However, you can try out iOS 16, iPadOS 16, watchOS 9, macOS Ventura and tvOS 16 right now. Apple has released a public beta, a few weeks after it offered up the first developer betas. To access them, you'll need to sign up for the Apple Beta Software Program and follow the directions. Bear in mind that there may be some bugs that Apple hasn't detected and resolved. Be sure to back up your data before installing any beta (though backing up regularly is always a good practice). You'll have the option to remove your device from the public beta program and revert it to an older version of its OS. (Engadget)
Smart Links
Thirteen ‘Perfect Storms' That Are Sweeping the World Right Now. (Bloomberg)
Northwestern President-Elect Rebecca Blank Steps Down After Revealing Cancer Diagnosis. (Wall Street Journal)
Gold Slides to 9-Month Low as Investors Turn to Dollar as Haven.
Uefa aims to double value of US Champions League media rights. (Financial Times)
Scotland Hospitals admit more children for self-harm injuries. (The Times)
Starbucks Closing Some Stores, Citing Safety Concerns in Certain Cafes. (Wall Street Journal)
Cruises are the cheapest way to travel this summer. (Wall Street Journal)