Photo: Billal Bensalem/NurPhoto/Getty Images

In the largest mass execution since 2016, Saudi Arabia publicly beheaded 37 citizens for alleged links to terrorism, reports CBS News.

Why this matters: The executed citizens were mostly Shia Muslims, a religious minority in Sunni-dominated Saudi Arabia. This will likely add to the growing tensions between the Gulf state and Iran, the predominantly Shia power in the region. Saudi Crown Prince Mohammed Bin Salman has been trying to curb Iran's influence in the Middle East since his rise to power.

What they're saying: Iran's Foreign Minister Mohammad, Javad Zarif, publicly criticized both the Saudi royal family and the Trump administration over the executions. However, Iran has executed more people than any country other than China over the past several years, according to Amnesty International.

Details: The official Saudi Press Agency said the condemned men were "aiming at destabilizing security, spreading sedition and chaos, and harming the homeland."

Go deeper: Saudi Crown Prince: Iran's supreme leader "makes Hitler look good"

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Ford names James Farley as new CEO amid ongoing turnaround effort

James Hackett, left, is retiring as Ford CEO. Jim Farley, right, takes over Oct. 1. Photo: Ford

Ford announced Tuesday that James Farley will take over as its next CEO, replacing James Hackett, 65, who is retiring after three years in the job.

Why it matters: It leaves Farley to complete the company's ongoing turnaround effort. The transition will be that much harder as the industry tries to navigate the coronavirus-induced economic slowdown which shuttered Ford plants for two months on the eve of some of its most important vehicle launches.

Updated 3 hours ago - Politics & Policy

Watch the full "Axios on HBO" interview with President Trump

In this episode of “Axios on HBO”, President Trump discusses his handling of the coronavirus pandemic, the upcoming election and much more with National Political Correspondent Jonathan Swan.

The interview was filmed on Tuesday, July 28 and aired Monday, Aug. 3 on HBO.

Mergers and acquisitions make a comeback

Illustration: Sarah Grillo/Axios

A slew of high-profile headlines led by Microsoft's expected acquisition of social media video app TikTok helped bring the Nasdaq to another record high on Monday.

Why it matters: The mergers-and-acquisitions market looks like it's bouncing back, joining the revived credit and equity markets as well as the market for new public companies through IPOs and special purpose acquisition companies (SPACs).