This week so far …

In the UK and Europe, a heatwave is sweeping the continent, with record temperatures being hit and health warnings being issued. Temperatures in the UK could hit 40C this week as France and Spain also consider work-from-home orders.

The British PM is set to face a crucial vote on Tuesday as despite his U-turn on his controversial welfare bill, many Labour backbenchers want the PM to go further in protecting disabled people and their benefits.

Glastonbury has been making international headlines after English punk duo Bob Vylan chanted “death to IDF” – the BBC, Glastonbury, are now facing international backlash. The US has revoked the duo’s visas.

In the Middle East, at least 20 Palestinians were killed by Israel after it bombed a popular cafe on the seafront.

In the USA, Trump’s tax and spending bill is being debated ahead of a 4 July deadline. It’s not clear if the bill will pass, especially in its current form, as it could add 3 trillion USD to US debt.

News In Pictures

US Senate holds marathon vote on Trump's 'big beautiful bill'

Idaho shooter kills 2 firefighters and injures one

Guilty plea expected in 2022 murders of four Idaho students

Italy and Spain bake in heatwave as cities issue red alerts and regions mull work bans

UK swelters in summer heatwave as temperatures hit 34C

BBC and Glastonbury slammed after Bob Vylan “anti-IDF” chants

MEPs push to oust von der Leyen with censure motion

Key Events

📅 Key Cultural & Business Events – This Week

FIFA Club World Cup Final – 1 July 2025, USA

Wimbledon Championships – 30 June to 13 July 2025, London, UK

Cannes Film Festival – 17–28 May 2025, Cannes, France (just ended)

G20 Summit – 4–5 July 2025, New Delhi, India

Venice Biennale (Art Exhibition) – Ongoing until November 2025, Venice, Italy

Davos World Economic Forum Summer Meeting – 1–4 July 2025, Davos, Switzerland

✍️ Thought of the day

Remember to sit tall with good posture. A simple change can ease back strain and boost your mood.

US dollar slumps to 50-year low amid Trump policies and market turmoil

What happened

In the first half of 2025, the US dollar has suffered its worst decline since 1973, plunging roughly 10.8% against a basket of major currencies. Analysts link this slump to President Trump’s economic and trade policies, especially erratic tariff actions, ballooning national debt from his “One Big Beautiful Bill,” and public attempts to influence Federal Reserve independence. This decline has eroded the dollar’s appeal as a safe-haven asset, while boosting alternative assets like the euro, gold, and non-US bonds.

Why it matters

A weakened dollar ripples across global markets: it raises import costs for US consumers and travel expenses, but improves export competitiveness. Investors fearing prolonged uncertainty are shifting to other currencies and assets like gold and German bonds. Concerns are mounting that persistent policy volatility could undermine the dollar’s central role in global finance, though some analysts argue the decline primarily reflects Fed rate cut expectations.

Reaction

Market reactions have been mixed. Stock indices like the S&P 500 and Nasdaq have reached new highs, buoyed by low rates and debt-fueled spending. Some analysts suggest the dollar is oversold, with potential for recovery as bearish sentiment peaks. Others paint a bleaker picture: David Roche predicts the dollar could fall another 15-20% over five years without policy adjustments.

What next

Wall Street will closely watch two major developments: the Senate’s vote on Trump’s fiscal bill, which may ramp up debt further, and the Federal Reserve’s next moves. If Trump succeeds in replacing Fed Chair Powell and pushing for rate cuts, the dollar could weaken further. Meanwhile, global investors are offloading US assets, and currencies like the euro, yen, and Swiss franc are likely to continue appreciating.

Gaza cafe bombed – Trump’s tax and spend bill – Russia media office raided | World News Briefing Week 27

Headlines

Events

Culture

ART

Buried stories

Compact Summary