NEED TO KNOW

IR Khamenei funeral draws large crowds: The six-day funeral ceremony has began in Tehran for Iran's late Supreme Leader, Ayatollah Ali Khamenei, whose 36-year reign ended following fatal US and Israeli airstrikes in February. Mourners gathered at the Grand Mosalla mosque to view the coffins of the leader and his four family members who also died in the same blast, while authorities anticipate 15-20 million people to attend the ceremonies across Iran and Iraq over the coming days. No Western leaders were invited, though the occasion drew prominent international delegations from across Asia and the Middle East, including a delegation from China led by He Wei, Vice Chairman of the Standing Committee of the National People's Congress, a surprise delegation from Saudi Arabia led by Deputy Foreign Minister Waleed Al-Khuraiji, and representatives from Russia.

RU Russia imports fuel from multiple sources: According to Reuters reporting, Russia has started importing gasoline from India to address domestic fuel shortages caused by Ukrainian drone attacks on its energy infrastructure. According to industry sources, at least 60,000 metric tons have already been shipped, with plans for significantly larger monthly imports, while the Kremlin said on Tuesday that it was in contact with other countries too. The country is also preparing to import jet fuel from North Asia, including a cargo of at least 200,000 barrels of jet fuel expected to load from Chiba, Japan, in the first half of July and be shipped to South Korea first.

US Duty free, “emergency” fertilizer imports: The US is temporarily suspending certain anti-dumping and countervailing duties on phosphate fertilizer imports from Morocco for up to eight months. President Trump authorized the move via a proclamation declaring an emergency, citing disruptions to global fertilizer supply chains caused by the Iran war and Strait of Hormuz closure that have led to shortages for American farmers.

UAE Oil exports surge: The UAE boosted crude oil and condensate exports to ‌a record 3.7 million barrels per day in June, according to preliminary ship-tracking data from Kpler and Vortexa. This surge directly follows the UAE's decision to end its nearly 60-year membership in OPEC on May 1, a strategic move designed to maximize resource value by freeing its production from the cartel's strict quota constraints. To maintain these unprecedented flows despite Iran's chokehold on the Strait of Hormuz during the regional conflict, the Abu Dhabi National Oil Company established a specialized tanker shuttle service utilizing "dark" vessels traveling with their transponders switched off to mitigate attack risks.

US OpenAI proposes giving the US government 5% stake: OpenAI has proposed giving the US government a 5% stake in the company to ease political and regulatory pressure from the Trump administration. The FT reported the move is aimed at clearing “political obstacles by securing financial buy-in from the Trump administration”, though CEO Sam Altman argued this would allow the public to share in the economic upside of AI advancements and has suggested a broader arrangement under which Washington would hold 5% of each of the leading AI developers, like Anthropic and Google, in the country via a government vehicle.  The proposal, valued at roughly $42.6 billion based on OpenAI’s recent $852 billion valuation, builds on earlier discussions and OpenAI’s public wealth fund ideas, though talks remain early-stage and would likely need congressional approval.

EU European Sustainability Reporting Standards revised to ease corporate burdens : The European Commission officially adopted revised European Sustainability Reporting Standards (ESRS) that cut total reporting datapoints by more than 70% and mandatory datapoints by over 60%. Part of the Omnibus I simplification package, these changes aim to reduce corporate administrative burdens, leading to an expected compliance cost reduction of more than 30% per company. Additionally, a new voluntary standard framework was introduced for smaller firms not covered by the main directive, helping them navigate information requests from larger entities.

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Massive anti-immigration protests in South Africa

Over 120 anti-migrant demonstrations erupted across several South African cities this week, triggered by a June 30 deadline set by vigilante and citizen-led organizations demanding that all undocumented foreigners leave the country. Nearly 5,000 protesters marched through Pretoria while thousands more took to the streets in Johannesburg and Durban, led by groups like the March and March movement. The founder and leader of the movement, Jacinta Ngobese-Zuma, addressed the crowd in Durban announcing that the campaign would continue “every Thursday” until the government responds to the protesters’ demands. Authorities deployed armored vehicles, helicopters, and thousands of security personnel across major hotspots and more than 900 were arrested.

Though the government declared the deadline had no legal standing, the buildup to the date was marred by deep fear, xenophobic rhetoric, and sporadic violence. At least four people were killed in the lead-up to the demonstrations and businesses suspected of belonging to immigrants were targeted for looting. Thousands of undocumented migrants have fled their homes, sleeping in open fields and in makeshift camps, while several African governments organized repatriation efforts and more than 25,000 had already left the country before the deadline.

Demonstrators blamed porous borders and foreign nationals for South Africa's high unemployment, crime rates, and strained public services, however, human rights groups like Amnesty International argued that migrants are being used as scapegoats for the South African government’s mismanagement of public resources and services. Human Rights Watch reported that in April and May, “vigilante” and “xenophobic” attacks targeting African and Asian nationals in South Africa increased and traced the nation's history of similar attacks back to 2008, when 62 people were killed in riots targeting refugees.

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US America celebrates 250 years of independence: The US celebrated its semiquincentennial on July 4, with nationwide festivities ranging from parades and tall ship displays in New York to a political rally on a fenced-off National Mall in Washington. President Donald Trump delivered speeches, including at Mount Rushmore, that combined reflections on American history and exceptionalism with contemporary political messaging, including promoting the SAVE America Act, an elections bill, and denouncing political opponents as “communists”, which drew criticism for blurring the lines between an official nonpartisan commemoration and partisan politics.

MC Bomb attack in Monaco: A 39 year old Ukrainian woman, Anastasiia Berezovska, is the main suspect in a bomb attack in Monaco that seriously wounded Ukrainian-born businessman Vadym Yermolaiev, his partner, and son. She allegedly planted and remotely detonated an explosive device before fleeing to Germany via France and Italy, prompting Monaco to issue an arrest warrant and an Interpol Red Notice. Investigators believe she did not act alone due to the sophistication of the attack and are seeking possible accomplices or those who ordered it.

EU New customs duty imposed for low-value packages: The bloc has introduced a €3 fee on low-value e-commerce parcels to address what it sees as unfair competition from Chinese platforms like Shein, Temu, and AliExpress. The charge applies per customs classification in a shipment, meaning a parcel with multiple different item types could face higher total fees, replacing the previous duty-free exemption for imports under €150. The move follows a surge in such parcels that more than quadrupled from 1.3 billion in 2022 to 5.9 billion in 2025.

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