Transatlantic interest rate rift widens as Trump piles pressure on Powell

Italians are voting in a referendum to shorten the residency requirement for citizenship from ten to five years for non-EU foreigners, a proposal opposed by Prime Minister Giorgia Meloni's rightwing government. If approved, this change could enable about half of Italy's 5.4 million foreign residents to apply for citizenship, aligning Italy's immigration rules with those of Germany and France. However, low voter turnout is expected, as Meloni's government encourages abstention, potentially preventing the referendum from...

France's high national debt poses a significant risk to its defense ambitions, as President Emmanuel Macron aims to increase military spending to 3-3.5% of GDP by 2030, doubling the budget to €100bn. However, lawmakers question the feasibility of this plan given the government's struggle to address its fiscal deficits, which are among the highest in Europe, alongside a debt-to-GDP ratio of 113%. Experts suggest a radical approach, including spending cuts and economic reforms, is essential,...

The US import costs of steel and aluminium are projected to rise by over $100 billion following Donald Trump's recent tariff increase to 50%. This new levy, effective Wednesday, adds an estimated $52.6 billion annually to steel and aluminium costs, doubling previous forecasts. Analysts note that the complex tariff landscape complicates predictions for trade flow and price changes, while US manufacturers may need to raise prices by 2% to maintain profits amid rising costs, impacting...

EU countries have finalized revisions to air passenger rights after 12 years, increasing the delay threshold for compensation claims to four hours for short-haul flights and six hours for long-haul flights. Compensation for short-haul delays has been raised from €250 to €300, while long-haul compensation has been reduced from €600 to €500. The agreement also includes automating compensation forms and enhancing protections for passengers with disabilities, but has faced criticism for diluting the original proposals...

Europe is experiencing a significant increase in defense spending, with military budgets in the EU having doubled over the past decade, largely justified by the perceived threat from Russia. Despite cumulative spending exceeding $3.15 trillion, critics argue that Europe lacks effective deterrence and deployable forces, highlighting inefficiencies in military procurement and a focus on profit over national security. To transform its military capabilities, Europe must not only increase spending but also enhance cooperation and transparency,...

The EU is considering adding Russia to its "grey list" of countries with lax money laundering controls, as part of increased financial pressure on Moscow following its invasion of Ukraine. While a majority of European Parliament members support this move, a final decision has been postponed due to procedural reasons, with a new announcement expected next week. Inclusion on the list would necessitate extra due diligence from financial institutions, leading to higher costs, and could...