Trump and Pezeshkian sign US-Iran memorandum. Asian markets hit record highs
Today’s headlines: Thailand plans a corridor worth over billion as an alternative to the Strait of Malacca. Hong Kong: black rain warning and schools closed. China’s State Council publishes plan to boost employment, including through AI. High Court in Tamil Nadu: proposal to build a church near a temple does not rule out bad faith.
IRAN – UNITED STATES
Trump signed a copy of the agreement with Iran at the Palace of Versailles, France, at the end of his G7 trip. The document was subsequently signed by Iranian President Masoud Pezeshkian. The 14-point memorandum commits the United States and Iran to reaching a final agreement within 60 days. It also provides for the US to grant waivers allowing Iran to export oil and sets out the provisions for the reopening of the Strait of Hormuz. It commits the US and regional partners to establishing a 0 billion reconstruction fund for Iran. The agreement brings an end to the war on all fronts, including in Lebanon, where Israel has continued to launch attacks. Meanwhile, the agreement has sent Asian stock markets soaring to record highs, whilst oil prices have fallen.
THAILAND
The Thai government’s plans include the construction of a logistics corridor worth 1 trillion baht (30.45 billion dollars) which, by linking two new ports – Chumphon, on the Gulf of Thailand to the east, and Ranong, along the western coast of the Andaman Sea – will offer an alternative route to the congested Strait of Malacca. The corridor could reduce logistics costs by almost 30 per cent and cut transit times by up to 14 days for goods travelling between southern China and the Indian Ocean ports serving South Asia. At the heart of the project is a railway line covering the 90 km between the two ports.
HONG KONG
A black rainstorm warning – the highest level – has been issued in Hong Kong, leading to the closure of schools and the suspension of operations at some businesses, whilst urging residents to seek shelter and remain on alert for severe flooding. This is the second time this year that such a warning has been issued: the first was over a week ago, on 8 June. The financial hub has been experiencing heavy rain for days due to a monsoon and a persistent low-pressure system.
CHINA
China has unveiled its plans to harness AI for job creation and entrepreneurship, whilst developing emerging sectors such as the maritime sector as new sources of employment growth. The State Council has published a plan to implement a strategy that puts “employment first” for the period 2026–2030 – the latest in a series of labour market measures that include a broader action plan for stabilising and expanding employment, with China’s main worker groups – graduates and migrant workers – facing increasing pressures.
INDIA
“If the construction of a large church is proposed in the vicinity of a temple, bad faith intentions cannot be ruled out.” This was stated in a ruling by the Madras High Court in Tamil Nadu, which argued that “India is a secular nation and a pluralistic society; religious coexistence must be preserved”. The Court made these remarks whilst granting a request for a provisional injunction preventing the Protestant CSI Christ King Church from building a church in the immediate vicinity of a temple dedicated to Mariamman, on a plot of land classified as a public road in the land registry.
RUSSIA – UKRAINE
A Ukrainian drone damaged a facility at the Moscow oil refinery, as announced by Moscow’s mayor, Sergei Sobyanin, on Telegram, assuring that “there are no casualties, and the emergency services are working at the scene”. Moscow’s Ministry of Civil Defence reported that the fire at the refinery had been quickly brought under control and that clean-up operations were underway. “There is no danger of the fire spreading. The situation is under the control of the emergency services,” the ministry emphasised.
GEORGIA
According to the Speaker of the Parliament in Tbilisi, Šalva Papuashvili, Georgia is one of the main supporters of China’s Belt and Road Initiative. In an interview with the Chinese television channel CGTN, he emphasised that the South Caucasus republic has traditionally played a bridging role, offering “the fastest and most economical route linking Europe and Asia, as well as China and the European Union”, and expressing the hope that Beijing and Tbilisi will continue to develop cooperation in the field of logistics infrastructure.
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