Morning. It’s a day of pauses and freezes out there: a pause in strikes on Iran, a frozen $110bn media merger, and a lot of money still chasing anything AI-shaped. Here’s what’s actually worth your ten minutes.

1. Trump paused attacks on Iran to make space for talks, US ambassador says. Two quiet nights after almost two weeks of tit-for-tat strikes suggest Washington and Tehran might be inching toward an off-ramp instead of a wider war.
2. Russia launches major ballistic missile attack on Ukrainian cities. Eight people died and dozens were hurt as Moscow keeps hitting Ukrainian cities, a reminder the war is nowhere near winding down.
3. Hungary’s president agrees to stand down after parliament backs removal. The ouster of an Orban loyalist head of state is a rare crack in one of Europe’s most locked-down governments.
4. Shein swings to $99m loss as Trump tariffs hit sales. The fast fashion giant is bleeding money right as it tries to go public in Hong Kong, a sign tariffs are reshaping global retail in real time.
5. Chinese chipmaker shares surge 470% in blockbuster stock market debut. Investors are still throwing money at anything AI-chip related, and this debut shows the boom hasn’t cooled off one bit.
6. Paramount and Warner Bros pause $110bn merger amid legal challenge. One of the biggest media deals in years is now stuck in court, so two Hollywood giants stay rivals for a while longer.
7. Warning shot or publicity stunt: how worried should we be about the OpenAI hack?. The breach was reportedly carried out at superhuman speed with little human guidance, an early look at what cybersecurity might have to deal with from here on out.
8. Trump vows to investigate EU over fining of US tech companies. He wants Brussels’ billions in fines against Google, Apple, Meta and Amazon reversed, setting up a fresh transatlantic fight over who gets to regulate Big Tech.
9. Another heatwave hits parts of US and Canada. After dozens of heat deaths earlier this month, the return of extreme temperatures is testing how ready cities really are for summers like this one.
10. Ferry carrying 133 passengers and crew sinks off Guyana coast. Fifteen children are among the 67 people rescued so far, but dozens are still missing in a tragedy that’s still unfolding.

That’s today’s ten. See you tomorrow.