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Union of European Football Associations (UEFA) has fined Chelsea €31m for breaching financial regulations, including €20m for violating football earnings rules and €11m for exceeding squad costs. The club faces a further €60m penalty if targets under a four-year settlement are not met, according to BBC.

Aston Villa, Barcelona, and Lyon also got fines, with Villa sentenced to pay €11m. All four teams would be restricted from registering new players in UEFA tournaments.

Lyon’s agreement allows Europa League participation, pending a successful appeal against relegation by French financial body DNCG. All clubs must meet full compliance by the end of their agreed settlement periods, BBC reported.

Iran’s energy sector is booming despite years of US-led sanctions. In 2024, oil output achieved a 46-year high, with energy exports hitting $78bn, up from $18bn in 2020, Firstpost reported.

Experts say sanctions are becoming increasingly ineffective as Iran, aided by China, continues to bypass restrictions using discreet shipping and non-dollar transactions. China now buys around 90 percent of Iran's oil.

Iran has also expanded exports of gas liquids and relies on the South Pars field for most of its gas production. The Revolutionary Guards have strengthened domestic infrastructure, reducing reliance on foreign partners, according to Firstpost.

Geopolitical tensions, including with Israel, have had minimal impact, keeping Iran’s oil industry resilient and well-funded.

Nasser Hospital in Gaza is overwhelmed with trauma patients, most of whom are injured near aid distribution points run by the non-UN Gaza Humanitarian Foundation (GHF), according to the World Health Organization (WHO).

Dr. Rik Peeperkorn, WHO Representative for the occupied Palestinian territory, said the hospital, originally a general facility, has suspended outpatient services due to rising casualties and limited supplies, effectively functioning as a trauma center, UN News reported.

The GHF, which is run by US security contractors and approved by Israel, operates only four fortified distribution facilities throughout Gaza, replacing the UN's previous 400 assistance hubs.

The UN human rights office said that at least 613 individuals were killed in attacks near relief centers since late June, 509 of them were near GHF-run locations, raising major concerns about the foundation's operations, according to UN News.

US President Donald Trump has threatened to impose a 17 percent tariff on European food and farm products, including key exports like Belgian chocolate, Irish butter, and Mediterranean olive oil, according to sources cited by the Financial Times. The warning was delivered during meetings in Washington with EU trade commissioner Maros Sefcovic and senior US officials.

Trump also announced plans to send letters to 12 countries warning of permanent tariffs of up to 70 percent after July 9, and is pushing over 60 nations to reach new trade deals within days.

If talks fail, the EU plans to impose retaliatory tariffs on US commodities like as Bourbon and Boeing airplanes. European Commission President Ursula von der Leyen acknowledged a full agreement may be difficult given the short period, but emphasized the necessity for a framework accord, especially for sectors like autos, which are presently facing significant US tariffs, Financial Times reported

Chinese Foreign Minister Wang Yi told EU leaders that Beijing fears a Russian defeat in Ukraine could lead the US to shift its full focus toward confronting China. The remarks, made during talks with EU foreign policy chief Kaja Kallas, surprised Brussels officials, Firstpost reported.

Wang denied claims that China is arming Russia, saying if Beijing were providing real support, the war would be over. The Chinese foreign ministry declined to clarify his comments.

Ukraine's President Zelensky has accused China of supporting Russia while cutting off drone sales to Ukraine. Meanwhile, US military aid to Ukraine continues to decline with critical arms shipments halted on July 1.

China-Russia ties are strengthening ahead of a planned meeting between Xi and Putin in September, according to Firstpost.

Mexican President Claudia Sheinbaum on Friday criticized US President Donald Trump’s proposed immigration plan, which includes $170bn for border security and detention centers. She voiced opposition to the US House-approved budget, saying migration should be addressed through cooperation, not repression, Xinhua reported.

At her daily briefing, Sheinbaum stressed the necessity of addressing migration at its root through development-based solutions. She credited Mexico for lowering border crossings, reporting only 220 arrests the day before—significantly lower than prior years' figures.

She also defended migrants from Mexico, Latin America, and the Caribbean, describing them as hardworking individuals who contribute to both their home countries through remittances and to the US economy through labor, according to BBC.

US President Donald Trump signed the “One Big Beautiful Bill” into law on Friday during an Independence Day-themed ceremony at the White House, featuring a B-2 bomber flyover. The bill narrowly passed the House 218–214, with all Democrats and two Republicans opposing it, BBC reported.

The legislation includes major tax cuts, increased funding for the military and border security, and deep cuts to healthcare and food assistance programs. It is projected to add $3.3trn to the national debt.

Trump praised Senate Majority Leader John Thune and House Speaker Mike Johnson for their leadership, calling them “a team that is not going to be beat.” The White House called the bill a “victorious day” and a fulfillment of Trump’s core campaign promises, according to BBC.

Hamas says it has delivered a “positive response” to a US-backed ceasefire and hostage deal, expressing readiness for immediate negotiations. While accepting the proposal’s general framework, the group seeks amendments, including a US guarantee against renewed hostilities if talks fail, according to BBC.

US President Donald Trump said a deal could be reached within a week, noting Israel has agreed to a 60-day ceasefire. He urged Hamas to accept what he called the “final offer.”

The proposal includes phased hostage-prisoner exchanges, Israeli troop withdrawals, and increased UN-led humanitarian aid. Hamas demands the exclusion of the US- and Israel-backed Gaza Humanitarian Foundation and full Israeli withdrawal to pre-March positions.

Israeli Prime Minister Netanyahu maintains the war will continue until all hostages are freed and Hamas is dismantled, BBC reported.