Trump will demand Russia-Ukraine peace talks if elected, says Orbán

Good morning. We begin with an unique story: Donald Trump will rapidly demand peace talks between Russia and Ukraine if he wins November’s US presidential election and has developed “well-founded plans” for doing so, Hungary’s Viktor Orbán has claimed after personal discussions with the Republican candidate.

That prospect means the EU ought to reopen direct diplomatic communication with Russia and begin “high-level” negotiations with China to discover a peaceable answer to the battle in Ukraine, the Hungarian prime minister mentioned in a non-public letter to EU leaders following consultations in Moscow and Beijing.

Orbán additionally mentioned within the letter that on the premise of his current discussions with Russian President Vladimir Putin, Chinese language President Xi Jinping and Ukrainian President Volodymyr Zelenskyy, the “normal commentary” was “that the depth of the army battle will radically escalate within the close to future”. Henry Foy has extra from Brussels.

• Working mate: Trump has chosen JD Vance to be his vice-presidential nominee. The Ohio senator is an clever and forceful exponent of the Maga motion, and possibly additionally its future, writes Ed Luce.

• Trump’s trials: A US choose has dismissed a felony case over the previous president’s dealing with of labeled paperwork, ruling that the appointment of a particular counsel had violated the US structure.

• Waning affect: The magic of democracy lies in its capability for renewal and self-correction, writes Ivan Krastev. On this respect, neither a Biden nor a Trump victory appears to be like like a date with the long run.

Right here’s what I’m retaining tabs on right this moment:

• Financial information: Italy has its June client value index, ZEW releases its German financial sentiment index, the US publishes retail gross sales information and the IMF points its World Financial Outlook replace.

• Ecofin: EU finance ministers meet in Brussels, joined by ECB board member Luis de Guindos.

• Outcomes: ​Financial institution of America, Charles Schwab, ​Morgan Stanley, ​PNC Monetary Companies Group, ​State Avenue and Ocado report.

5 extra high tales

1. The far-left faction of the alliance that received essentially the most seats in France’s parliamentary elections suspended talks with its companions yesterday after failing to agree on a candidate for prime minister. The rapidly shaped alliance, which incorporates the far-left La France Insoumise, the Greens and the extra average Socialist and Communist events, had hoped to construct on its election success by forming a authorities. Right here’s what the deadlock might imply for the alliance and different events.

2. Public assist is rising in South Korea for the nation to develop its personal nuclear arsenal amid rising considerations about deepening defence co-operation between North Korea and Russia and the potential of a second Donald Trump presidency. Sixty-six per cent of respondents in a survey expressed “assist” or “sturdy assist” for an impartial nuclear deterrent, a rise of 6 share factors from final yr.

3. Invoice Ackman has informed potential traders within the fund he’s working to take public that his prolific social media presence will assist the car commerce at a premium valuation. The billionaire’s Pershing Sq. USA additionally plans to have a Warren Buffett-like annual assembly to attach with traders. Learn the total report.

4. The European Union is utilizing incorrect information for a far-reaching initiative to ban imports from deforested land, Australia and Brazil have alleged, as they step up calls for for a delay to a brand new regime that comes into drive on December 31. A number of international locations contend that the EU might unilaterally bar imports of palm oil, leather-based and occasional from areas that must be exempt.

5. Southern Water has awarded its chief a £183,000 bonus whilst the corporate proposed a 73 per cent rise in buyer payments, the largest improve of all English water suppliers. The corporate was additionally criticised by regulators for a marketing strategy that didn’t meet “minimal” requirements. Gill Plimmer has extra.

The Massive Learn

The EU says its pioneering Synthetic Intelligence Act, which formally comes into drive in August, will defend people from AI’s risks. However critics say it’s undercooked and would possibly find yourself burdening start-ups with crimson tape and compliance prices, and stifle innovation within the tech business.

We’re additionally studying . . . 

Chart of the day

Intel’s enterprise capital arm has emerged as one of the vital lively overseas traders in Chinese language AI and semiconductor start-ups, elevating alarm in Washington. The stakebuilding comes even because the $147bn chipmaker receives billions of {dollars} from the US authorities to fund a technological arms race with Beijing. Learn extra on Intel Capital’s Chinese language investments.

Take a break from the information

Sustainability-driven superchef Simon Rogan grows most of his eating places’ produce on his farmstead within the Lake District, which this summer season is providing a tasty peek behind the scenes at its workings.

Extra contributions from Benjamin Wilhelm and Gordon Smith