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Daily Briefing

Donald Trump faces federal charges in the classified documents case, Russia reports heavy fighting in southern Ukraine, and France hails the ‘backpack hero’ who fought the knife attacker in Annecy.

Plus, Kim Kardashian wants to learn the secret of private equity success.

By Kate Turton

Today’s Top News

Former US President and Republican presidential candidate Donald Trump attends a campaign event in Manchester, New Hampshire, April 27, 2023. REUTERS/Brian Snyder

Donald Trump faces a new legal challenge with charges for illegally retaining classified documents and other crimes expected to be filed next week in federal court in Miami. The Reuters World News podcast speaks to Jack Queen in New York about Trump’s indictment. Everything you need to know about his legal issues.
Russia reported heavy fighting in the Zaporizhzhia region of southern Ukraine after saying it had repelled repeated attempts by the Ukrainian army to smash through the front line. Meanwhile Ukraine’s domestic security service said it intercepted a telephone call proving a Russian “sabotage group” blew up the Kakhovka hydroelectric station and dam.
France is calling him “the backpack hero”, a young Catholic pilgrim on a walking tour of cathedrals who came face to face with the man who stabbed several children in a park in Annecy. France stabbing: what we know so far about knife attack.
Images published by Florida Governor Ron DeSantis’ campaign this week demonstrate how the 2024 Republican White House contenders have elevated their war of words into the AI-driven social media arena, interspersing fact with fiction.
Allies around the world have promised to increase their help to Canada in its fight against hundreds of blazes that have swept through the country in its worst-ever start to wildfire season.
From haze and smoke caused by wildfires in Canada to a train collision in India, this week’s news recapped in the photos of the week.

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Business & Markets

China’s factory gate prices fell at the fastest pace in seven years in May and quicker than forecasts, as faltering demand weighed on a slowing manufacturing sector and cast a cloud over the fragile economic recovery. Read more about the people, policies, and events reshaping the global economy.
Pakistan’s government will present its annual budget to parliament needing to satisfy the IMF to have any chance of securing the release of more bailout money, with the crisis-riven country due to hold elections by November.
Britain’s windfall tax on oil and gas producers will not be applied if prices drop below certain levels for six months in a row, the finance ministry said on Friday, in a move the government hopes will boost energy security.
The biggest food industry companies in France have pledged to cut prices on hundreds of products from next month, Finance Minister Bruno Le Maire said, threatening financial sanctions if they break the promise.
Crypto exchange Binance.US said it is suspending US dollar deposits and that its banking partners are preparing to pause fiat dollar withdrawal channels as early as June 13, just days after US regulators sued Binance and its CEO Changpeng Zhao.

The Week Ahead

The Fed is tipped to stop with rate hikes (for now), the ECB, to keeping going (for now), while the BOJ remains in stop mode (for now). Here’s a look at the week ahead from our markets team.
Republican presidential candidates Donald Trump, Ron DeSantis, and Mike Pence are all expected to speak at the North Carolina Republican Convention this weekend. President Joe Biden is also in the state on Friday.
US Secretary of State Antony Blinken is planning to travel to Beijing as soon as next week, Politico reported on Thursday, citing two people familiar with the scheduling.
The UK’s NHS junior doctors go on strike for three days.
Taiwanese Foreign Minister Joseph Wu travels to Europe, as China’s Foreign Ministry urged Europe not to have any official exchanges with Taiwan. Beijing regularly denounces any form of contact between Taiwanese and foreign officials.
The Tribeca Film Festival continues until 18 June, and in cricket the five-test Ashes series between England and Australia begins at Edgbaston on June 16.

Mapping the damage from the Nova Kakhovka dam collapse

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Photographers encircle model Eva Herzigova during a photo call on the beach at the 49th Cannes Film Festival, May 11, 1996.

Analysts from the United Nations Satellite Centre (Unosat) have begun to assess the damage caused by the June 6 collapse of the Nova Kakhovka dam in Ukraine.

Preliminary analysis of satellite images of the nearby city of Nova Kakhovka has concluded there is significant flooding and damage to buildings along both banks of the Dnipro River below the dam’s reservoir.

Maps: Damage from the Nova Kakhovka dam collapse in Ukraine

And Finally…

Kim Kardashian as she arrives for the Time Magazine 100 gala celebrating their list of the 100 Most Influential People, New York City, April 26, 2023. REUTERS/Andrew Kelly/File Photo

Reality TV star Kim Kardashian’s arrival at a gathering of the globe’s top deal brokers in Berlin failed to dispel their dark mood as the rising cost of money puts the brakes on the private equity industry.

Flanked by bodyguards, Kardashian drew a crowd of hundreds of executives at the SuperReturn industry event, saying she wanted to learn the secrets of investing having set up her own fund last year.

Analysis: Kim Kardashian seeks secret of private equity success as rising rates bite

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