Axios

People in China are consuming more dairy products in the form of baked goods and beverages than ever before, despite the fact that milk products have not been traditionally used in Chinese cuisine, the Wall Street Journal reports.

Why it matters: Milk powder prices have reached multiyear highs as a result of the surge in dairy demand from China, which is good news for milk producers around the world who have weathered several years of low returns.

Chinese companies are taking an increasingly larger share of the Fortune Global 500, an annual ranking of the world’s top 500 companies by revenue.

What's happening: In 2008, China had just 29 companies on the Global 500 and none in the top 10. This year, the list includes 119 Chinese companies that have a combined revenue of nearly $8 trillion, which represents almost a quarter of the revenue generated by all the companies on the list.

The National Institutes of Health and the FBI are tracking down scientists who are stealing biomedical research and giving it to China, with nearly 200 investigations in progress at academic research centers, the New York Times reports.

The big picture: "The alleged theft involves not military secrets, but scientific ideas, designs, devices, data and methods that may lead to profitable new treatments or diagnostic tools," per NYT.

Iranian President Hassan Rouhani announced Tuesday Iran would "resume uranium enrichment" at its Fordow plant and begin injecting uranium gas into 1,044 centrifuges, Iranian state media reports.

Why it matters: The announcement coincided with the first anniversary of the Trump administration's "maximum pressure" campaign against Iran. Axios contributor Barak Ravid notes the announced plans are a substantial breach of Iran's nuclear deal.

Earth-shaking demonstrations in Lebanon and Iraq have the political classes in both countries in retreat — and regional power Iran under pressure.

The big picture: Political offices in both countries are divvied up between religious and ethnic groups, but protesters claim the political factions have divided power and wealth among themselves at the expense of the citizens.

Tuesday marks the first anniversary of the Trump administration's "maximum pressure" campaign against Iran, which escalated further last week with new State Department findings that link the country's construction sector to its Islamic Revolutionary Guard Corps.

Why it matters: The maximum pressure policy has undoubtedly hurt Iran's economy, but it risks becoming a victim of its own success if dried-up revenues spark Iran to lash out further. While Washington has mostly avoided open conflict thus far, following that path may be harder as Iran grows more defiant.

The Chinese yuan has weakened significantly against the dollar since Trump announced the U.S. would add 10% tariffs on $300 billion worth of Chinese imports, in addition to the 25% already levied on $250 billion worth of Chinese goods on Aug. 1.

Why it matters: But since the "Phase 1" trade deal, the yuan has strengthened and is close to falling back below 7-to-1 versus the dollar.

Thousands of Iranians chanted "death to America" as Iran marked the 40th anniversary of the U.S. Embassy takeover and ensuing hostage crisis in Tehran, with Supreme Leader Ayatollah Ali Khamenei declaring the two countries "implacable foes," Reuters reports.

Why it matters: On Nov. 4, 1979, a group of students stormed the American Embassy in Tehran to demand the extradition of the shah, who was being treated for cancer in the U.S. They took hostages, including 62 Americans, in a crisis that lasted for 444 days and "transfixed America," per AP. The damage in relations it caused between the two countries persists today.

Protesters in Iraq climbed the concrete barriers outside the Iranian Consulate and tore down Iran's flag in the Shiite holy city of Karbala in central Iraq Sunday night amid ongoing demonstrations, AP reports.

Details: Security forces dispersed the protesters, who numbered in the dozens, by firing into the air, per Al Jazeera, which reports demonstrators "threw stones and burned tires around the building." President Trump retweeted without comment videos from the attack, including one from Saudi news outlet Arab News: