BitGou: Iran names new Supreme Leader

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Daily Briefing

By Claire Beers

Hello. Iran's clerical leadership chose confrontation over compromise in appointing Mojtaba Khamenei as the Islamic Republic's new Supreme Leader. Concern is growing for the safety of the Iranian women's soccer team and an oil surge threatens inflation shock.

Plus, how an Indian cement cartel came unstuck.

Today's Top News

A picture of Iran's new supreme leader, Mojtaba Khamenei, is displayed on a screen in Tehran. Majid Asgaripour/WANA via REUTERS

War in the Middle East

Iran named Mojtaba Khamenei to succeed his father Ali Khamenei as the supreme leader, signaling that hardliners remain firmly in charge. The Reuters World News podcast explains why Khamenei's election may strengthen ties between Tehran and Russia and China.
Iran's clerical leadership chose confrontation over compromise in appointing Mojtaba Khamenei, a move regional officials say is a direct rebuke to US President Donald Trump, who had declared the son "unacceptable".
Global players' union FIFPRO said there were serious concerns for the welfare of the Iranian women's soccer team, as they prepared to return home after being labeled "wartime traitors" for refusing to ‌sing their national anthem before an Asian Cup match.
Reuters has spoken ‌to eight Americans who voted for Trump in 2024, part of a group of 20 whom Reuters interviews monthly, to hear their thoughts on the rapidly escalating conflict. They are largely standing by the president and his war, at least for now.
Follow our live page for the latest responses to the accession of Mojtaba Khamenei and the war's events as they unfold.

In other news

New York City Police said a device that was ignited and thrown during protests outside Mayor Zohran Mamdani's home over the weekend was an explosive.
Rescuers are searching for five missing people after a large stack of garbage collapsed at Indonesia's biggest landfill ‌site over the weekend, killing at least four people.
The death toll from heavy rains and flooding in Kenya's capital Nairobi and elsewhere has nearly doubled to 42.
Australians were downloading VPNs in droves, while one of the world's largest porn distributors said it was blocking users ‌from its platforms as the country rolled out sweeping online age restrictions.
The brothers of one of Jeffrey Epstein's most prominent accusers visited the sex offender's former New Mexico ranch to demand that the Trump administration release unredacted documents.

Business & Markets

Oil prices were still up more than 15% at levels not seen since mid-2022 as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding Middle East conflict.
Bonds across the globe sank as a rapidly worsening war pushed oil prices well above $115 per ‌barrel, spurring investor fears over inflation risks and what it could mean for the interest rate outlook.
G7 finance ministers will meet to discuss the possible release of emergency oil reserves today.
The escalating war has also hammered airline stocks in Asia, piling pressure on carriers already navigating tight airspace as travelers scramble to avoid the Middle East conflict.
BlackRock said it has limited withdrawals from a flagship debt fund after a surge in redemption requests, as investor worries mount around the $2 trillion private credit industry.
Reuters marks the 250th birthday of "The Wealth of Nations," the best-read economics book in history, with a reflection on Adam Smith's lessons for the global economy from 1776 to 2026.

Lucky numbers and collusion: how an Indian cement cartel came unstuck

Workers unload a mixture of cement and gravel while constructing a road in New Delhi, India. REUTERS/Bhawika Chhabra

When India's largest oil explorer opened a tender for a cement order in 2018, it sensed something was off by the competing bids coming in: all of them were exactly 7,000 rupees per tonne.

Oil and Natural Gas Corporation queried the bids and got a wry reply from an executive at India Cements. Seven was his "lucky number", he explained. Suspicious, ONGC quietly lodged an antitrust case against three Indian cement companies.

The ‌details of the case were outlined in a confidential investigation report following a five-year probe. The report found the Indian cement firms' bid rigging, discussed supply patterns and made an effort to oust foreign bidders.

Read our exclusive report

And Finally...

Biological Institute researcher and agricultural engineer Harumi Hojo. REUTERS/Jorge Silva

The world's largest urban coffee plantation, located in Sao Paulo, Brazil, welcomed some ‌1,500 new coffee plants as researchers prepare to study their capacity to resist climate change and pests.

Over the years, the institute began to investigate other factors affecting coffee plants, like soil and climate, and now its range of varieties grown side by side under the same conditions shows how different ⁠plants handle pests, disease and climate pressures.

Read more

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