2026, day 229 Good morning from Asia. ‘Tehran-US MoU set to expire’ (AJ); ‘As Iran War Turns Into Economic Battle, a New U.S. Strategy Recalls Old Ones’ (NYT); ‘Inside Trump's secret backchannel to Iran's Revolutionary Guard’ (Axios); ‘Frustration with Trump grows among U.S.’s Persian Gulf allies, officials say’ (WaPo) - “Gulf leaders worry the president is unable to manage the diplomacy necessary to secure peace with Iran, according to Arab and Western officials”; ‘Iran offers US$30,000 bounty for killing or capturing US soldiers’ (AFP); ‘Over 200 Houthis killed in drone strikes, clashes in Yemen, military sources say’ (Al Arabiya); ‘Israel vows to go after Hezbollah as it names another killed’ (AFP); ‘Saudi Arabia, seven others condemn Israel’s rejection of Trump’s Gaza plan’ (Al Arabiya); ‘Kushner, Blair, BoP head Mladenov meet Hamas delegation in Cairo over Gaza roadmap, sources say’ (JPost); ‘Hamas leaders tell Kushner they will demilitarize Gaza, sources say’ (Axios); ‘IDF: Tank in Gaza hit by explosive device in ‘grave’ truce breach; no soldiers hurt’ (ToI); ‘UNRWA alleges Israeli takeover of agency buildings in East Jerusalem’ (ToI); ‘Jewish prayer books reportedly allowed onto Temple Mount for first time’ (ToI); ‘Ukraine presses drone attacks on Moscow and Russian logistics’ (FT); ‘Russia builds secret drone bases in striking distance of NATO’s (Telegraph); ‘Romania says Spanish fighter jet downs drone after airspace breach’ (AFP); ‘Trump directs Hegseth to reduce US joint exercises in South Korea’ (The Hill) - “Trump directs Hegseth to reduce US joint exercises in South Korea”; ‘South Korea responds to Trump's statement on reducing drills: 'Will proceed as planned'’ (AFP); ‘Inside Keating’s private push to steer Albanese on China and Trump ’ (Politico) - “A new book from James Curran shows the former PM advising the current leader on navigating the "two sharks."” ‘Nirupama Rao and Lin Minwang on the great India-China face-off’ (SCMP); ‘From cargo to combat: China urged to prepare civilian ships for wartime use’ (SCMP) - “ In geoeconomics, ‘Clock ticks down to new tariffs as Canadian negotiators try to strike deal with U.S.’ (Globe & Mail); ‘More interest in home-grown C919 lays bare demand-supply mismatch at Comac’ (SCMP); ‘Europe's heatwaves expose insurance gap as business losses mount’ (Reuters); ‘Extreme heat is tightening the food-energy link across Asia’ (Nikkei Asia); ‘AI could bring Mayo-quality health care to everyone’ (Axios); In politics, ‘'We live in the most partisan era in over a century,' Larry Sabato says’ (Nikkei Asia); ‘’Capitalism’s not working’: why Democrats are turning to socialism’ (FT); ‘His family fled socialism. He’s trying to spread it’ (WaPo); ‘Most US voters say they are worse off under Trump — FT poll’ (FT); ‘Blanche refuses to pledge DOJ will always act independently of White House’ (The Hill); Trump says White House needs ‘military complex’ as courts block his ballroom’ (WaPo); ‘Kentucky Gov. Andy Beshear says he’s ‘heard absolutely nothing back from Mitch McConnell’’ (The Hill); ‘How AOC is rewriting her own "Woke 1" history’ (Axios); ‘Angry at the Supreme Court, liberals push a slew of plans for overhauling it’ (WaPo); ‘The one French politician who’s not on vacation this summer’ (Politico) - “Gabriel Attal is forgoing the traditional holiday in a desperate attempt to catch up with his rivals”; ‘March for Fedorov reinstatement held in Kyiv as protests enter second month’ (Kyiv Independent); ‘Brazil's Lula launches reelection bid, aims to win back workers to his Workers Party’ (Reuters); In markets, ‘Stock-Picking Funds Are Performing as Poorly as Ever’ (WSJ) - “Just 13% of U.S. large-cap funds have outperformed indexes over the past decade, new data show”; ‘'A new Plaza Accord?' Japan's battle against yen bears enters new phase’ (Nikkei Asia); ‘Your love for yoghurt could be pushing up your insurance premiums’ (AFR)