Former president Donald Trump is suing Facebook, Twitter and Google’s YouTube, as well as their respective chief executives, in lawsuits alleging “unlawful censorship” of Americans.

Trump said he would lead class actions against chief executives Mark Zuckerberg, Jack Dorsey and Sundar Pichai, as well their Big Tech platforms.

Twitter banned Trump from its platform permanently after the storming of Capitol Hill on January 6, citing repeated violations of its moderation policies and the risk that he could use it to incite further violence.

Facebook has banned Trump for at least two years on similar grounds, while Google’s YouTube has indefinitely suspended his account.

The legal effort announced yesterday is supported by America First Policy Institute, a non-profit dedicated to promoting Trump’s policies.

1. Fed officials debate stimulus withdrawal Federal Reserve officials held a vigorous debate last month on when the US economic rebound would be strong enough for the central bank to start dialling back its pandemic-era stimulus, minutes from its June meeting revealed.

2. Hedging losses hobble US shale Some of America’s biggest oil groups are racking up tens of billions of dollars in hedging losses despite soaring crude prices, as contracts signed during last year’s crash leave them selling their output at deeply discounted prices. US oil is trading near six-year highs of about $75 a barrel, but almost a third of the US’s 11m barrels a day of production is being sold for just $55 a barrel.

3. Gates Foundation unveils break-up plan The $50bn charitable foundation has announced a plan that would allow Melinda French Gates to resign as co-chair and receive “personal resources” from her estranged husband for her own philanthropic effort if she or Bill Gates decided they could no longer work together.

4. Haiti’s president assassinated Haiti has been thrust into turmoil after its president, Jovenel Moïse, was assassinated in the early hours of Wednesday in his private home on the outskirts of Port-au-Prince. Police said they shot dead four people suspected of the killing and arrested two others.

5. England’s footballers reach first final since 1966 England reached their first final of a major football tournament in 55 years last night after beating Denmark 2-1 in the second Euro 2020 semi-final. The victory sets up a final against Italy on Sunday at London’s Wembley Stadium.

Line chart of Yield (%) showing 10-year US Treasury yield slides to lowest level since February

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ECB’s new strategy The European Central Bank will unveil its first new strategy for almost two decades. It is likely to amend the central bank’s inflation target and result in significant changes to ECB operations.

Economic data Economists expect initial unemployment filings for the week ending July 3 to fall to 350,000. Data from the Federal Reserve is likely to show consumer credit rose $18.4bn in May, down slightly from April’s $18.6bn. (FT, WSJ)

Earnings Jeans maker Levi Strauss reports second-quarter earnings and net revenue is expected to more than double as people spend more on apparel following easing of the coronavirus restrictions.

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Coffee bean price rises threaten to filter into your morning brew Coffee bean prices on international markets have increased as crops in top producer Brazil have been damaged by the worst drought in almost a century. Anti-government protests in Colombia have also helped drive up prices.

China’s rival to Boeing and Airbus set to join battle for the skies The launch of China’s first passenger jet, the single-aisle C919, will see an industry dominated by Europe’s Airbus and its US rival Boeing face a new, deep-pocketed and politically connected competitor: state-backed aerospace champion Comac.

How to prepare for life after an intense career Assumptions about the traditional career path, and its duration, have been overthrown. Nearing retirement presents an opportunity to develop skills. Here’s a guide on how to prepare for “the third age”.

America’s history wars, race and the flag Should history make you proud or ashamed? Unapologetically nationalist or penitentially iconoclastic, asks Simon Schama. History is neither in the business of self-congratulation nor self-flagellation. It is in the truth business. America’s founding myths did not begin with “woke” activists, but were there from the start, he writes.

Italy’s great survivor Silvio Berlusconi, who for decades has seduced Italy with tales of entrepreneurial daring and stamina, is planning his last act: succession. The question facing one of Europe’s most controversial politicians and businessmen is what will remain after il Cavaliere is gone.

Luxury brands are increasingly moving from couture to cosmetics to attract new, often younger, consumers who cannot necessarily afford a €3,000 handbag. But the roots for this diversification stretch back a century to the launch of Coco Chanel’s N°5 perfume.