Good morning. The US and China start another round of trade talks in London today. Los Angeles reels in its third day of anti-deportation protests. And visiting the pyramids is becoming easier. Listen to the day’s top stories.
US and Chinese negotiators open their second round of tariff talks today in London. Beijing said it’s already approved some rare-earth exports, but a key goal for China will be to ease US chip controls. Chinese exports to the US plunged 34.4% in May, the most since 2020.
The European Central Bank’s next steps on interest rates are totally open, Governing Council member Joachim Nagel told Deutschlandfunk. Fellow member Jose Luis Escriva said to El Pais that a gradual and data-based approach is appropriate. On the euro, the ECB has a window of opportunity to expand the currency’s international role, Executive Board member Isabel Schnabel said.
AI: Meta is in talks to invest more than $10 billion in startup Scale AI, people familiar said, potentially one of the largest-ever private company funding deals. OpenAI’s Sam Altman is bringing an eyeball-scanning ID service to the UK this week. And UK Prime Minister Keir Starmer will appear alongside Nvidia’s Jensen Huang this morning to put tech and AI at the heart of his plan to boost economic growth.
Renault has held discussions with the French defense ministry to produce drones in Ukraine. France Info reported the carmaker will work with a small company to set up production lines dozens or hundreds of kilometers away from the frontline. The drones could be used by Ukraine and the French armed forces.
National Guard members at the Metropolitan Detention Center in Los Angeles on June 8. Photographer: Jason Armond/Los Angeles Times
Demonstrations over US immigration raids escalated for a third day in Los Angeles as US President Donald Trump deployed 2,000 National Guard troops to quell the protests. Governor Gavin Newsom said he’d formally requested the White House to rescind the “unlawful” deployment.
Deep Dive: Property Squeeze
Developer Castelforge unveils a message to BlackRock boss Larry Fink atop their redevelopment of Deutsche Bank's former London headquarters. Source: Michael Kovacs
Five years after the Covid pandemic fueled an unprecedented boom in remote work, bank executives have become ever more vocal in their insistence that workers should return to the office. But there may not be enough desks.
JPMorgan has signed up for thousands more desks in the UK and Paris. Spain’s BBVA is running short of office space in Britain. And HSBC now has a shortage that could run to as many as 7,700 desks in London.
Return-to-work mandates, more generous layouts to help lure back staff and growing headcount have fueled demand for office space across the continent, upending plans by executives to cut back on desks and save costs.
Europe is making good progress filling its gas reserves this year but there are three major risks to hitting its inventory target, writes Javier Blas. One of those is the weather—the other two are in Trump’s hands.
Trips to the pyramids are finally inspiring more awe than agony. Egypt’s $30 million overhaul of the Giza Plateau—which introduces hop-on, hop-off buses, improved facilities and fine dining options—may already be helping shake the area’s reputation for overcrowding and aggressive hawkers.
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