UK lenders fret over risk-transfer market after BoE warning

SummaryThe US has not specified its demands for lifting trade tariffs during a recent meeting between EU trade commissioner Maroš Šefčovič and US commerce secretary Howard Lutnick, resulting in little progress. EU officials emphasized the need for clearer US positions in negotiations, with Šefčovič reiterating an offer to mutually eliminate tariffs on industrial goods. The EU has paused retaliatory tariffs until July 14 while continuing to prepare additional measures if no agreement is reached, highlighting...

The European Commission is exploring plans that would enable energy firms to declare force majeure, allowing them to terminate long-term Russian gas contracts without incurring penalties. According to the Financial Times, officials indicate that this option could help companies avoid paying penalties to Moscow for breaking these contracts. This potential move reflects ongoing efforts by the European Commission to address energy supply challenges amid geopolitical tensions. Full Article

Brussels is considering legal avenues for European firms to exit long-term Russian gas contracts without incurring penalties, as the EU aims to reduce reliance on Russian energy amid the Ukraine conflict. The European Commission is assessing the possibility of declaring force majeure to facilitate this exit, although challenges arise from member states like Hungary and Slovakia, which are resistant to sanctions. The Commission's roadmap to eliminate Russian fossil fuels by 2027 has faced delays, with...

This article discusses the EU's efforts to help companies terminate long-term Russian gas contracts and its warnings to Serbia regarding President Aleksandar Vučić's planned attendance at Putin's May 9 military parade, which could jeopardize Serbia's EU accession bid. Additionally, the EU is contemplating revisions to its 2040 climate target, potentially allowing carbon credits to count towards emissions goals, amid concerns that this could undermine genuine emission reductions. The article also highlights the recent success of...

NGOs are warning of challenging years ahead as humanitarian needs grow while financial support declines, with significant cuts from the US Agency for International Development (USAID) and reductions in European aid budgets exacerbating the situation. Isabella Lövin, a deputy chair of the European parliament’s development committee, noted the "very dramatic consequences" of USAID cuts and criticized EU member states for their aid budget reductions, calling them "very regrettable" and "wrong," emphasizing that the EU cannot...

The recent agreement between the centre-right CDU and centre-left SPD marks a significant shift towards increased investment in Germany, the largest economy in Europe. The previous fiscal conservatism, epitomized by Wolfgang Schäuble's "black zero" policy advocating a balanced budget, is being abandoned under the incoming chancellor, Friedrich Merz, allowing for substantial spending on defense and economic revitalization. This transition reflects a response to a rapidly changing global landscape, indicating a departure from stringent public debt...