Good morning. Trump and Putin are set to meet in Budapest. Singapore’s links to a Cambodian crime ring emerge. And Wall Street experts share investing tips for a chaotic world. Listen to the day’s top stories.
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Donald Trump and Vladimir Putin will hold a summit in Budapest to discuss ending the war in Ukraine, the US president said after a phone call with his Russian counterpart. The conversation took place just a day before Trump is set to host a White House meeting with Volodymyr Zelenskiy—who has pressed the commander-in-chief to sell his country long-range Tomahawk missiles that can strike deeper into Russian territory.
Beijing had the opportunity to woo the world after Trump’s tariff war alienated longtime allies, but now its hardball tactics are sparking a global pushback. China’s new rare-earth export curbs prompted a backlash from the G-7, with Japan and Germany echoing Scott Bessent’s calls for a joint response.
Still, some Chinese officials blame escalating trade tensions on the US, with Commerce Minister Wang Wentao telling Apple’s Tim Cook recent “fluctuations” stem mainly from “restrictive measures” by the US. Foreign Minister Wang Yi told Blackstone’s Steve Schwarzman that confrontation will only harm both nations.
Miscommunication? India’s foreign ministry said it’s unaware of a conversation between Trump and Prime Minister Narendra Modi, hours after the US leader claimed the Indian leader had pledged to stop buying Russian oil. A senior Russian official said he’s confident India will keep buying, according to Interfax.
After years of resisting the idea of touch-screen Macs, Apple has finally caved: The tech titan is readying a revamped MacBook Pro with a touch display for late 2026 or early 2027, according to people familiar. The new machines will also have thinner and lighter frames and run the M6 line of chips.
Men restrained as result of Prince Group's “violent methods," per US prosecutors. Source: US Attorney's Office Court Filing
Prince Group Chairman Chen Zhi, the alleged head of a Cambodian crime ring, and his associates set up a family office in Singapore that claimed to receive tax breaks. The situation shines a spotlight on the city-state’s role in the facilitation of criminal activity in the region.
The scammer group included three Singaporean citizens, who were sanctioned by US authorities Tuesday over their alleged involvement in a ring that used cryptocurrency to launder billions generated from online investment swindles.
The laundering market has grown so large that there is an “Amazon for criminals,” according to cyber threat investigator and former hacker Ngo Minh Hieu.
That’s thanks to Huione, a financial services conglomerate that the US Treasury has “severed” from its financial system. The Cambodian enterprise is another criminal group that Hieu is studying.
The Big Take
Petronas was warned in 2011 its South Sudan oil wells may be causing disease. Over a decade later, babies are still being born with serious defects.
Judging from India’s experience, British bureaucrats will be willing to expand the use of digital IDs, writes Mihir Sharma. They will wind up redesigning access to services—whether to save money, eliminate fraud or reduce wait times.
