World braces for US's "Economic D-Day"

Plus, viral raids shake up Mumbai's food scene.

Go beyond the headlines with Reuters on the stories shaping the day. Subscribe for $1/week. Daily Briefing Daily Briefing By Claire Beers Hello. World leaders and markets brace for an announcement as the US vows 'economic D-Day' on Iran, fast-fashion giant Shein shrinks value to up to $27 billion in Hong Kong IPO, and the father of a sailor aboard the USS Abraham Lincoln is taken into US immigration detention. Plus, an Indian food safety officer shaking up Mumbai, one viral raid at a time. Today's Top News   A man holds an Iranian flag next to a picture of Iran's Supreme Leader Mojtaba Khamenei in Tehran, Iran. Majid Asgaripour/WANA via REUTERS War in Iran The US threatened Iran with what it called "the greatest financial offensive ever marshalled" as it prepared to roll out economic sanctions that target Iran's trade partners.  Iran's foreign minister dismissed the threat of new US sanctions as a sign of desperation and said the expected new measures would fail to defeat Tehran. Oil prices slipped more than $1 a barrel as investors took profits ‌ahead of the expected announcement from Washington. Iran has issued a warning that vessels violating its arrangements for transiting ‌the Strait of Hormuz could face restrictions, including fines, detention, or confiscation. In other news Ukraine wants peace but will not just give in to Russia at any price, President Volodymyr Zelenskiy said in a defiant speech ‌marking Independence Day celebrations. New UK Prime Minister Andy Burnham will visit Ukraine today on his first overseas trip since taking office. Asian allies from Japan to India are reassessing how much they can rely on Washington following Donald Trump's olive branch to North Korea's Kim Jong Un at the expense of South Korea at a pivotal moment for US security ties in Asia. An armed group posted a video showing what residents said were about 600 women, children and older people abducted in an attack on a mosque in Nigeria’s ‌north-central Niger State. Business & Markets   Clothes from fast-fashion brand Shein hang at their office in Sao Paulo, Brazil. REUTERS/Jorge Silva Online fast-fashion retailer Shein's valuation has dropped by around 70% from its private market peak four years ago, as it aims to raise up to $1.77 billion in its Hong Kong IPO launch. Alibaba rolled out its latest AI video generation-model Wan3.0, with enhanced ‌capabilities after the Chinese internet giant launched a $10 billion share placement to fund rising AI spending. Eli Lilly has launched its oral pill, Foundayo, in the UK for weight ‌management and type 2 diabetes, making it the first country in Europe where the treatment is available. The founder of China's Evergrande Group, who came to personify the boom and bust of China's property market, was sentenced to life in prison last week. But the sector's collapse remains a drag on the world's second-biggest economy. Tesla and other automakers are recalling over 4 million vehicles in China over concerns that doors may be difficult to open in an emergency. US Autos Editor Mike Colias talks through possible changes to the concealed door handles on the Reuters World News podcast. Norway will continue developing its oil and gas resources in the Barents Sea regardless of the EU's support for a moratorium on Arctic hydrocarbon supplies, and no longer sees itself ‌as Europe's "green battery", Energy Minister Terje Aasland told Reuters. Father of sailor aboard USS Abraham Lincoln taken into US immigration detention   A US Navy sailor directs aircraft on the flight deck of the Nimitz-class aircraft carrier USS Abraham Lincoln. US Navy/Handout via REUTERS The immigrant father of a US sailor on board the USS Abraham Lincoln aircraft carrier, which was deployed in the Middle East during the Iran war, was taken into federal immigration detention, the sailor said ‌in a Facebook post. "I've been deployed for over nine months, out at sea in the Middle ⁠East aboard the USS Abraham Lincoln, fighting for a country that has given me everything," Joshua Aviles, the son of the detained immigrant, said. "I just got a call that my dad was taken by ICE," adding his father had his driver's license, Social Security card and work permit. Read more And Finally... Tukaram Mundhe, Commissioner of the Maharashtra FDA, addresses the media in Mumbai, India. REUTERS/Francis Mascarenhas Tukaram Mundhe is an Indian bureaucrat on a mission. As a state food safety commissioner, the 51-year-old has raided food businesses in Mumbai in an unprecedented crackdown on poor hygiene and unsafe food that has captivated the public nationwide. Read more   Sponsors are not involved in the creation of newsletters or other Reuters news content. Advertise in this newsletter or on Reuters' website   Reuters Daily Briefing is sent 5 days a week. Think your friend or colleague should know about us? 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