Thailand’s youngest prime minister — and scion to the country’s most prominent political dynasty — may lose power barely a year after taking the highest political office. The country’s top court temporarily suspended Paetongtarn Shinawatra from office until it rules on a petition seeking her ouster for alleged ethical violations.

Paetongtarn’s powers will be suspended from Tuesday while the nine-member court considers the petition by a group of senators. The decision was backed by seven out of nine judges.

She faces growing opposition after a June 15 phone call with former Cambodian premier Hun Sen was leaked. In it, the 38-year-old Thai leader was heard criticizing the Thai army for its role in a border dispute with the neighboring country. She also addressed Hun Sen as “uncle,” a nod to his friendship with her father, former Thai leader Thaksin Shinawatra.

The petitioners allege her remarks constitute a violation of ethical standards — grounds that could lead to her disqualification. Her predecessor, Srettha Thavisin, was ousted last year in a similar ethics-related case. If Paetongtarn does lose power, it wouldn’t be the first time for the influential Shinawatra clan. Her father was in power from 2001 to 2006 before being pushed out in a military coup. —Alice Truong

What You Need to Know Today

Senate Republican leaders are pulling an all-nighter to try to get enough votes to pass Donald Trump’s $3.3 trillion tax and spending bill. There are currently eight major Republican holdouts, and Senate Majority Leader John Thune can afford to lose only three GOP senators and still pass the measure. The Senate’s version of the bill will cost the bottom 20% of taxpayers an average of $560 a year while giving an average boost of $6,055 to richer Americans. There is no way that the US “deficit/debt bomb” problem can be sustainably dealt with unless there is a bipartisan mix of tax revenue increases and spending decreases, Bridgewater Associates founder Ray Dalio wrote in a post on X. Elon Musk has threatened to ramp up political spending to target nearly every sitting Republican in Congress who has signaled support for the tax bill.

John Thune can’t afford to lose more votes. Photographer: Al Drago/Bloomberg

Stocks kicked off the second half of the year by building on a record-breaking rally. But in Japan, shares fell as much as 1.2% after Trump threatened to impose a fresh tariff level on the country. Trump’s top economic adviser said the White House aims to finalize deals with partners after the July 4 holiday. The MSCI All Country World Index gained for a fourth day after closing at a record Monday. In another day of volatility, the Taiwan dollar surged more than 2%, as exporters’ sales of the greenback tested the central bank’s tolerance for local currency strength. It is up 12% this year, making it the best performer in Asia.

Standard Chartered is facing a $2.7 billion lawsuit over 1MDB. The suit alleges the bank played a role in enabling the laundering of billions of dollars misappropriated from Malaysia’s troubled sovereign wealth fund. Liquidators began legal proceedings against the British bank in Singapore. The claimants allege that Standard Chartered permitted more than 100 intrabank transfers between 2009 and 2013 that helped conceal the flow of stolen funds. Such transfers led to the loss of more than $2.7 billion for the claimants, as well as S$20 million ($15.7 million) in public funds, according to the liquidators’ statement.

An explosion and fire at an Indian factory has killed at least 36 people. Pharma company Sigachi Industries said it has halted operations at the facility in the southern state of Telangana, and it is working with authorities to assess the damage and identify the cause. Shares of Sigachi, listed in Mumbai, fell as much as 19% since the accident.

Singapore private home prices rose for a third straight quarter, buoyed by local demand. An index for prices of private residences climbed 0.5% in the second quarter from the previous three months, according to preliminary figures. The data suggests Singapore’s property market remains resilient even after sales of new homes lost momentum in recent months.

Rising up. Photographer: Edwin Koo/Bloomberg

China has sanctioned a former Philippine senator, barring him from entering mainland China, Hong Kong and Macau. Francis Tolentino, who lost his reelection bid in May, recently led Senate inquiries on alleged Chinese spying in the Philippines. He also sponsored legislation establishing Philippine maritime zones in the South China Sea, which was opposed by Beijing.

Hershey will stop using synthetic dyes in its snacks by the end of 2027. Following similar moves by other major food companies, the maker of Hershey’s chocolate and Jolly Ranchers candy cited the challenges of navigating new state laws as Health and Human Services Secretary Robert F. Kennedy Jr. pushes to expunge artificial dyes from food in the US. A West Virginia law will prohibit the sale of food with synthetic dyes and other ingredients starting in 2028. A Texas law will require warning labels on products with ingredients including synthetic dyes beginning in 2027.

Time for a new formula. Photographer: Angus Mordant/Bloomberg

What You’ll Need to Know Tomorrow

For Your Commute

If Italy generally clings to its history, Milan is a metropolis perpetually reaching toward the future: Its Roman ruins lie in the shadow of glass towers, and the city is never afraid to evolve as new ideas and investments pour in from around the globe. You could say that makes it Italy’s least Italian destination, and not in a bad way. Bloomberg Pursuits’ latest edition of Two Night Minimum is all about Milan — and your guide to getting to the heart of the city in a short time.

Forget the Milan you know. Photographer: Martina Giammaria for Bloomberg Pursuits