Europe’s Heatwave, Russia’s Fuel Crunch, and a Major Telecom JV

Extreme heat is the story that won’t cool off. France logged roughly 1,000 excess deaths during last week’s record-breaking temperatures, according to the country’s public health agency. The heat dome has now shifted east, pushing 38–40 °C readings across Germany, Poland, and the Balkans while new June records fell in Britain and Spain. Schools closed, outdoor events were cancelled, and the WHO warned that the true toll will likely be higher once all data is in.

In Russia, President Putin publicly detailed fuel shortages for the first time after Ukrainian drones struck multiple oil refineries. Moscow has formed a task force to manage distribution, but the strikes continue—another refinery in the south was set ablaze over the weekend. The attacks are hitting Russia’s domestic supply chain hard and forcing output adjustments.

On the business side, BT and Verizon announced a 50:50 joint venture that will combine their international enterprise operations into a new company serving multinational clients. The JV is expected to generate about $4 billion in annual revenue and will focus on global connectivity for large customers. Verizon is paying BT an equalization payment to balance the deal.

Primary sources: AP News, Reuters, France’s Santé publique France, The Guardian. All developments reported June 29, 2026.