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Russia abandons Snake Island in strategic win for Ukraine.

Views expressed in this geopolitical news summary are those of the reporters and correspondents.

Accessed on 30 June 2022, 1257 UTC.

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Russ Roberts (https://www.hawaiigeopoliticalnews.com).

Reuters
The Reuters Daily Briefing

Thursday, June 30, 2022

by Linda Noakes

Hello

Here's what you need to know.

DeSantis may be the biggest winner from the Capitol assault hearings, the Philippines begins a new era of Marcos rule, and how investors can deal with crypto turbulence

Today's biggest stories

A general view of Snake Island, Ukraine, in this handout still image obtained by Reuters on June 30, 2022

RUSSIA-UKRAINE WAR


Russian forces announced they had abandoned the strategic Black Sea outpost of Snake Island, in a major victory for Ukraine that could loosen the grip of Russia's grain export blockade.

Russia's defense ministry described the decision to withdraw from the outcrop as a "gesture of goodwill" that showed Moscow was not obstructing United Nations efforts to open a humanitarian corridor allowing grains to be shipped from Ukraine's ports.

Russian President Vladimir Putin still wants to seize most of Ukraine, but his forces are so degraded by combat that they likely can only achieve incremental gains in the near term, the top U.S. intelligence officer said.

Putin said that Russia would respond in kind if NATO deployed troops and infrastructure in Finland and Sweden after they join the U.S.-led military alliance.

Trade through Lithuania to the Russian exclave of Kaliningrad could return to normal within days, sources said, as European officials edge towards a compromise deal with the Baltic state to defuse a row with Moscow.

Here's what you need to know about the Russia-Ukraine conflict right now

An abortion rights supporter holds up a protest sign in front of the U.S. Supreme Court in Washington, June 29, 2022


U.S.


The Supreme Court is set to issue its final two rulings of its current term, one on federal agency power to tackle climate change and the other on President Joe Biden's ability to end a hardline immigration policy begun under former President Donald Trump. The court yesterday dramatically increased the power of states over Native American tribes and undercut its own 2020 ruling that had expanded tribal authority in Oklahoma.

Ketanji Brown Jackson is set to be sworn in as a Supreme Court justice, making history as the first Black woman on the nation's top judicial body while joining it at a time when its conservative majority has been flexing its muscles in major rulings.

A congressional panel investigating the assault on the U.S. Capitol announced that it has subpoenaed Trump's White House counsel, Pat Cipollone, to testify about the former president's activities on the day of the melee. We explain what charges Trump might face for trying to overturn the 2020 election.

This week's testimony at the congressional hearings portrayed an enraged Trump throwing food against a White House wall, voicing support for threats against his vice president, and dismissing the news that some of his supporters had come armed with rifles. The biggest political beneficiary may be Trump's fellow Republican, Florida Governor Ron DeSantis, his top potential rival for the 2024 presidential nomination.

R. Kelly was sentenced to 30 years in prison, following the multiplatinum R&B singer's conviction for exploiting his stardom and wealth over decades to lure women and underage girls into his orbit for sex.


WORLD


The son and namesake of late dictator Ferdinand Marcos was sworn in as president of the Philippines, completing a stunning comeback for one of Asia's most famous political dynasties, 36 years after it was ousted in a popular uprising.

Hong Kong has overcome its challenges and "risen from the ashes", China's President Xi Jinping said, as he arrived in the former British colony to celebrate 25 years since its return to Chinese rule.

Japan's electricity grid creaked under the strain of Tokyo's hottest June since records began, but a power crunch that could have deprived tens of millions of electricity was narrowly averted and authorities prepared to lift warnings.

Israeli lawmakers voted to dissolve parliament following the collapse of Prime Minister Naftali Bennett's ruling coalition, opening the way for a November 1 election that will be Israel's fifth in less than four years. Bennett will stand down to be replaced by his coalition partner, Foreign Minister Yair Lapid.

Security forces were heavily deployed and internet services cut in Sudan's capital Khartoum ahead of pro-democracy protests, Reuters reporters said, the first time for months that web access had been blocked in the lead up to rallies.

BUSINESS & MARKETS


Investors knew that, after two years of COVID-19 chaos, 2022 would be a bumpy ride, but nobody expected this - the most turbulent first half global markets have ever seen. Here's a look at the almost perfect storm in charts.

European Central Bank policymakers put on a brave face at their annual gathering in the hills above the Portuguese capital and forecast further economic expansion despite looming gas shortages, but in private conversations recession fears were increasingly dominant.

Russian gas giant Gazprom has decided not to pay dividends on last year's results, the first time it will not pay out since 1998, sending its shares plunging 27%. Meanwhile, shares in German gas and power utility Uniper fell sharply after it sounded the alarm bells and sought government help.

The European Union will today seek agreement on ground-breaking rules for regulating crypto assets as the rout in bitcoin piles pressure on authorities to rein in the sector. Here's how investors can deal with crypto turbulence.

Piles of luggage beside baggage belts in airports from Canada to Europe are driving further demand for ground handlers, and adding to summer travel chaos as airlines scramble to bring back workers lost during COVID-19.

Ferrari makes some of the fastest cars on the road, but the luxury Italian automaker is taking the slow lane to an electric future as it tries to overcome the technology's disadvantages against today's powerful fossil fuel engines.

Quote of the day

"I just want to recall the events of recent history, when Margaret Thatcher decided to launch military operations against Argentina for the Falkland Islands"

Putin rejects Johnson's claim a woman wouldn't have invaded Ukraine

Video of the day

New viewing platform to open at Niagara Falls

A century-old tunnel on the Canadian side of the Niagara Falls will provide visitors with a unique view.

And finally…

Isner hails Murray after ending his Wimbledon hopes

Big-hitting American John Isner paid tribute to Andy Murray after sending the two-times champion crashing out of Wimbledon with a barrage of booming serves and aces.

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