Mortgage costs will jump for millions, warns Bank of England

This article discusses France's initiative for increased joint EU debt to enhance the euro's global standing, alongside the race to lead the Eurozone, with Irish incumbent Paschal Donohoe favored to retain his position. Additionally, new EU regulations effective today mandate longer-lasting smartphones with improved battery life and durability, marking a significant step towards sustainable product design. Need More Context? 🔎

France is urging EU member states to enhance the euro's status as a global reserve currency, advocating for increased joint borrowing to attract investors seeking alternatives to US Treasury debt. This initiative, prompted by shifting dynamics in international finance and supported by key EU leaders, faces challenges due to opposition from Germany and the Netherlands regarding shared debt responsibilities. Need More Context? 🔎

Canada's Prime Minister Mark Carney announced new measures to combat oversupply from foreign steel and aluminum imports, including 100% tariffs on non-US metals and potential adjustments to existing US tariffs following discussions with President Trump. The strategy aims to stabilize the domestic market amid escalating US protectionism, with Canada seeking to bolster its steel and aluminum industries, which are crucial to the economy. Need More Context? 🔎

European regulators are set to investigate Mars's $35.9 billion acquisition of Kellanova, the maker of Pringles and Pop-Tarts, due to concerns about high market shares without proposed remedies. The deal, crucial in a declining packaged food market, could face delays beyond the August 13 deadline if regulatory reviews prolong the process. Need More Context? 🔎

Nato has reduced its upcoming leaders' summit in The Hague to one two-and-a-half hour working session to prevent US President Donald Trump from leaving early, as he did at a recent G7 meeting. While broad support exists for increasing military spending to 3.5% of GDP, Spain remains a holdout on Trump's controversial 5% defense spending pledge, raising concerns over its impact on social welfare. Need More Context? 🔎

This article discusses the European Union's opportunity to enhance the euro's global standing as alternatives to the US dollar gain traction among investors. European Central Bank president Christine Lagarde emphasizes the need for economic resilience and shared debt mechanisms, like Eurobonds, to create a competitive financial ecosystem, while urging leaders to seize this moment to address structural challenges. Need More Context? 🔎