Thursday Morning Papers Summary

FINANCIAL TIMES - OpenAI is discussing a possible deal that would give the Trump administration a 5% public ownership stake in the company, as political pressure grows over artificial intelligence, national security and the use of frontier models by government agencies.

The proposal would mark an extraordinary fusion of Silicon Valley and state power, raising questions about whether strategic AI companies are beginning to resemble defense contractors or national champions rather than ordinary private businesses. -The White House is accelerating plans to establish standards for advanced AI models, working with companies including OpenAI and Anthropic as Washington seeks a clearer framework for safety, testing and government adoption.

The effort reflects growing concern that frontier AI has become too strategically important to be governed only by voluntary corporate commitments. -Russia launched one of its largest missile and drone attacks on Kiev in months, killing civilians and damaging infrastructure as Moscow intensified its campaign against Ukrainian cities.

The assault comes as Ukraine continues striking Russian energy assets and as NATO governments debate how quickly to expand military production and air-defense supplies. -President Trump made up to $1.4B in stock purchases in 2025, according to financial disclosures that are likely to intensify scrutiny of conflicts of interest during his second term.

The filings add to broader concerns that the presidency is being used to enrich Trump’s private business empire while policy decisions increasingly overlap with his personal financial interests. -The United States has decided not to renew the Trump-era trade agreement with Mexico and Canada, throwing the future of North American supply chains into uncertainty.

The decision threatens to reopen disputes over autos, agriculture, energy and rules of origin, while reinforcing Washington’s shift toward a more transactional and protectionist trade policy. -The last major refuge of physical video-game media is disappearing as Sony ends production of PlayStation discs.

The move confirms the industry’s decisive shift toward downloads, cloud gaming and subscription models, while raising fresh concerns over consumer ownership, archival preservation and platform control. -Europe is confronting a growing strategic dilemma over Turkey.

EU governments are uneasy about President Recep Tayyip Erdogan’s authoritarianism and foreign-policy freelancing, yet Turkey’s military capacity, defense industry and geographic position make it indispensable to NATO and European security.

The result is an uncomfortable bargain: values at the front door, hard power through the side entrance. -Turkey’s defense industry is expanding rapidly and increasingly targeting European markets as governments race to rebuild military capacity.

Turkish drones, armored vehicles and munitions have become attractive to countries seeking cheaper and faster alternatives to Western systems, giving Ankara new leverage inside NATO and beyond. -Americans are preparing for the most expensive July 4 celebration on record, as food, fuel, travel and entertainment costs continue to squeeze household budgets.

The holiday has become another symbol of the uneven U.S. economy: consumer spending remains resilient, but middle-class purchasing power is being eaten away by persistent inflation. -A wave of mega takeovers has pushed global dealmaking to a record $2.8T, suggesting that corporate confidence is returning despite high rates, geopolitical shocks and regulatory scrutiny.

The rebound is being driven by strategic consolidation in technology, energy, finance and industrial sectors as companies seek scale in a more fragmented global economy. -Franco-German defense group KNDS has postponed its planned IPO after investors balked at a valuation above €12B.

The delay shows that even Europe’s defense boom has limits: rising military budgets have lifted expectations, but investors remain wary of pricing, execution risk and the cyclicality of public procurement. - UBS is preparing to trial U.S. banking services as part of a push to attract wealthy American clients and expand beyond traditional wealth management.

The move reflects intensifying competition among global banks for ultra-high-net-worth customers, particularly as cross-border tax, investment and estate-planning needs become more complex. - China Resources New Energy 's shares nearly tripled in Asia's largest IPO of 2026, underscoring strong investor appetite for strategic energy assets despite broader market volatility.

The $3.6B Shenzhen listing highlights Beijing's ability to direct capital toward sectors aligned with its industrial policy and energy security objectives, reinforcing China's long-term commitment to expanding renewable energy capacity. - FedEx has agreed to sell its logistics unit to CMA CGM for $1.4B, strengthening the French shipping group’s push into end-to-end supply-chain services.

The deal reflects the continued convergence of shipping, logistics and freight forwarding as global transport companies try to capture more value beyond port-to-port movement.

THE NEW YORK TIMES -President Trump and his family earned enormous profits from cryptocurrency while many investors lost money.

A New York Times investigation finds that the Trump family's memecoin generated a financial windfall worth hundreds of millions of dollars, even as hundreds of thousands of retail investors suffered losses.

The story highlights the increasingly blurred line between President Trump's private business interests and public office, raising fresh questions about conflicts of interest and financial ethics in the White House. -Russia launched one of its largest air attacks on Kiev this year.

At least 13 people were killed after Russia fired a massive barrage of missiles and drones at the Ukrainian capital.

The strike followed President Volodymyr Zelensky's warning that Moscow was preparing a major offen