Crypto News: Trump heads to NATO

Good morning. Donald Trump heads to a NATO summit this week to face wary allies. The US president’s FIFA call sparks an uproar. And prenups are on the rise, even among those without substantial assets. Listen to the day’s top stories.

— Marc Perrier

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Donald Trump will meet Ukrainian President Volodymyr Zelenskyy at this week’s NATO summit in Turkey, where tensions are set to run high over the US leader’s views on Greenland, European defense spending and the Iran war. Trump has grown frustrated by his failure to end Russia’s war in Ukraine, and his relationship with Zelenskyy remains strained. Ahead of the summit, Russia launched a massive air assault on Ukraine.

Oil and gas shipments through the US-protected Strait of Hormuz showed signs of recovery after a wave of tankers made unexplained U-turns and detours through the vital energy corridor. Oil prices swung as traffic continued to flow and OPEC+ signaled higher output. Meet the supertanker tycoon making millions from Hormuz shuttle runs.

US futures pointed to a rebound in technology stocks at the start of a week that will put South Korea’s memory-chip giants in focus, with Samsung Electronics reporting earnings on Tuesday in the latest test of the AI trade. Check out today’s market themes here.

SK Hynix is seeking a roughly $28 billion US stock market listing this week that may become the largest-ever IPO by a foreign company, as it looks to tap investor enthusiasm for AI. A Samsung Electronics union leader who secured $400,000 bonuses now faces a backlash after many workers were left out. And for better or worse, here are ten companies to watch right now.

Extreme Heat Isn’t the Only Climate Impact Shocking Scientists

Deep Dive: World Cup Uproar

FIFA cleared US star Folarin Balogun to play in today’s World Cup match against Belgium following a personal appeal by Trump, a rare suspension of an automatic punishment that sparked outrage among rival teams.

Trump phoned FIFA President Gianni Infantino after Balogun received a red card for a foul against a Bosnia and Herzegovina defender.
The decision drew angry reactions across Belgium’s political spectrum. “Astonishing how a red card suddenly becomes ‘unjust’ when Trump gets involved,” wrote Yvan Verougstraete, leader of Les Engagés coalition.
Trump has an “odd” relationship with Infantino, according to soccer pundit Gary Lineker, who criticized the head of football’s governing body for creating and awarding the FIFA Peace Prize to the US president.
Meanwhile, England eliminated Mexico in a thrilling match. They will face Norway on Saturday for a spot in the semifinals.

The Big Take

A P1-Sun interceptor drone during trials.

Global military spending on next-generation weapons—including drones, hypersonic missiles, and AI—has surpassed $2 trillion across three continents, drawing comparisons to the nuclear arms race of the Cold War.

Opinion

US military dominance is under threat as rivals develop cheaper, high-volume weapons capable of neutralizing costly American assets, Max Hastings writes. Experts warn that advances in AI and asymmetric warfare may erode the US’s technological edge.

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Before You Go

Young Americans are increasingly signing prenups, even if they aren’t wealthy. More couples are choosing to put financial agreements in place before marriage, with women driving the decision as much as men.

A Couple More