Starmer moves to crush welfare rebellion with speech to Labour MPs

The Spanish government has hindered BBVA's €11bn hostile bid for Sabadell by enforcing a three-year prohibition on merging the two banks, as stated by Economy Minister Carlos Cuerpo. BBVA now faces a decision to accept these conditions, challenge them legally, or abandon the bid, with BBVA's chair asserting that such government restrictions are "illegal." Need More Context? 🔎

The article emphasizes the necessity of defense co-production among the US and its allies, particularly in light of the volatile security landscape marked by threats from Russia, Iran, and North Korea. It argues that collaborative efforts in defense manufacturing can enhance military capabilities, reduce costs, and streamline production, ultimately fostering stronger security partnerships. Need More Context? 🔎

Nato Secretary-General Mark Rutte reassured allies about Donald Trump's commitment to the alliance, emphasizing the need for increased defense spending to maintain U.S. support. While most European nations aim for a 5% GDP defense target by 2035, Spain has opted out, raising concerns about potential tension at the upcoming summit, as countries seek similar flexibility amid fears of Russian aggression. Need More Context? 🔎

US defense companies are forming closer partnerships with European firms to capitalize on increased military spending in the region, driven by the war in Ukraine and pressure for European self-reliance. While emphasizing long-standing ties and collaborative development, concerns remain about US reliability as an ally and the implications of export regulations under the International Traffic in Arms Regulations (ITAR). Need More Context? 🔎

The European Central Bank (ECB) may lower interest rates amid energy market volatility, as indicated by Banque de France Governor François Villeroy de Galhau. He noted that while inflation expectations remain moderate, the ECB will closely monitor oil prices and their potential impact on inflation, emphasizing a data-driven approach to monetary policy adjustments. Need More Context? 🔎

Germany plans to increase its defense spending by over 66% by 2029, reaching €162 billion, as Chancellor Friedrich Merz responds to threats from Russia and the U.S. This includes annual military aid to Ukraine and aims to elevate defense spending to about 3.5% of GDP, surpassing France and the UK, while also implementing significant infrastructure investments and tax breaks to stimulate growth. Need More Context? 🔎