Saudi Arabia's economy is transforming. What's behind it? The Public Investment Fund, or PIF.

It's one of the largest sovereign wealth funds in the world, creating 13 new sectors,

66 companies, and more than 500,000 direct and indirect jobs so far. PIF is also the first

sovereign wealth fund to issue a green bond supporting Saudi Arabia's 2016 Net Zero emissions target.

Find out more at pif.gov.sa.

Hello and welcome to the Intelligence on Economist Radio. I'm your host Jason Palmer.

Every weekday we provide a fresh perspective on the events shaping your world.

Earlier this month, South Koreans elected the youngest person ever as head of a party.

The new opposition leader is leaning into a growing culture war in the country,

railing against feminist values that many young South Korean men find oppressive.

And professional football these days is a lot about image, in particular about haircuts.

A head of today's England Germany match in the Euros, we speak to a stylist to the stars

about how frequent and flashy cuts contribute to players' personal brands.

But first, 32 countries, more than 5,000 troops, land, sea, and air.

Yesterday the annual joint military exercises in the Black Sea, known as sea breeze, began,

and this year's are the broadest yet. It's been going since 1997, coordinating American forces

with those of regional NATO allies Bulgaria, Romania, and Turkey in a sea also bordered by Russia and Ukraine.

The exercises come at a busy time, both militarily and diplomatically.

Tensions have escalated between Russia and the United Kingdom, on the seas of the coast of Crimea.

We are conducting innocent passage along Route 9-0, and we will continue to carry our operations

into international waters. Last week Russian and British forces crossed paths in the sea,

and though the details are disputed, the encounter clearly rattled nerves.

...