EU to impose €2 tax on low-cost items in blow to Temu and Shein

French Prime Minister François Bayrou has proposed a €44bn fiscal package for 2026, including a spending freeze, the elimination of two national holidays, and cuts to pensions and welfare to address France's rising deficit. Facing opposition and a potential no-confidence vote, Bayrou warns of a looming debt crisis, insisting that significant reforms are necessary for fiscal stability. Explain It To Me Like I'm 5: French Prime Minister François Bayrou wants to save money for the...

Europe's Anti-Money Laundering Authority (AMLA) has identified cryptocurrency as a major challenge in combating money laundering and terrorism financing, emphasizing the need for stringent oversight as the market is fragmented and exposed to risks. AMLA plans to supervise key crypto asset service providers by 2028, highlighting the importance of regulatory consistency across EU nations to ensure effective compliance from the outset. Explain It To Me Like I'm 5: Europe's new anti-money laundering watchdog is worried...

Brussels plans retaliatory tariffs on Boeing aircraft, cars, and bourbon, targeting €72bn of US imports if trade talks with Washington fail, following President Trump's declaration of a 30% tariff on the EU. The European Commission has drafted a new list of tariffs, which will require approval from EU countries, as negotiations continue to bridge the gap between both sides. Explain It To Me Like I'm 5: Brussels wants to charge extra money on things like...

The Bank of England has delayed the implementation of key Basel III provisions from 2027 to 2028, allowing more time for the US to determine its approach, amid ongoing uncertainty following the 2008 financial crisis. Additionally, it has eased capital requirements for smaller banks, raising the asset threshold for MREL compliance and facilitating competition in the mortgage market. Explain It To Me Like I'm 5: The Bank of England has decided to give banks more...

The EU's upcoming €1tn budget will prioritize aid to eastern states near Russia, as revealed in a leaked plan. Meanwhile, concerns arise over a new EU-Israel aid deal for Gaza, with former UN coordinator Sigrid Kaag warning it risks becoming a false hope without clear details, and legal challenges to the proposed ban on Russian gas raise questions about its viability within EU law. Explain It To Me Like I'm 5: The article discusses the...

One of Hungary’s wealthiest individuals, István Tiborcz, the son-in-law of Prime Minister Viktor Orbán, faces scrutiny over his rapid wealth accumulation amid allegations of cronyism and political favoritism. Despite denying political involvement and claiming his business success is independent, Tiborcz's lucrative ventures, particularly in real estate and tourism, have drawn parallels to U.S. figures like Jared Kushner, reflecting a growing discontent among Hungarians over elite wealth. Explain It To Me Like I'm 5: Hungarian Businessman...