Health minister Andrew Gwynne sacked over WhatsApp messages

SummaryChancellor Rachel Reeves has indicated a potential reduction in tariffs on US car imports to the UK as part of trade negotiations, emphasizing that this will not compromise Britain’s food and car safety standards. While discussing the challenges of securing a deal with US Treasury Secretary Scott Bessent, Reeves affirmed that tariffs must be mutually beneficial, and the UK will not rush negotiations to ensure they align with national interests. The UK government remains firm...

The European Commission has imposed fines of €500 million on Apple and €200 million on Meta for violating competition and user choice regulations under the Digital Markets Act (DMA), marking the first penalties under this significant EU legislation. The DMA aims to promote fair business practices among tech companies and is expected to escalate tensions with the Trump administration, which has been critical of Europe's internet regulations. These actions highlight the EU's commitment to enforcing...

SummaryBusiness confidence in the Eurozone fell sharply in April, reaching its lowest level since November 2022, amidst rising trade tensions from Donald Trump's tariff announcements. The Hamburg Commercial Bank's composite Purchasing Managers' Index (PMI) dropped to 50.1, indicating stagnation, with Germany's PMI falling to 49.7, signaling contraction. The European Central Bank's continued interest rate cuts reflect the deteriorating economic outlook, compounded by a slowdown in the service sector, despite unexpected strength in manufacturing. Full Article

The EU has fined Apple €500 million and Meta €200 million for antitrust violations, while avoiding larger penalties to prevent escalating tensions with the US. Apple must revise its App Store rules, and Meta is required to change its "pay or consent" model that forces users to either consent to data tracking or pay for an ad-free experience. Despite the fines being significantly below the potential maximums under the Digital Markets Act, the EU aims...

The EU's "Danish Compromise" on bancassurance groups is causing regulatory challenges due to the difficulty in accurately consolidating banking and insurance accounts without distorting capital ratios. While the Basel Standards suggest a strict approach by deducting insurance equity from bank capital, the Danish Compromise allows banks to treat insurance subsidiaries as risk-weighted assets, leading to potential capital efficiency in acquisitions. However, this leniency is under scrutiny, as recent interpretations by the ECB indicate restrictions on...

SummaryMercedes-Benz CEO Ola Källenius has expressed concerns about the unprecedented complexity facing the global automotive industry due to rising tariffs and trade barriers, particularly related to electric vehicles (EVs). He highlighted the long-term commitment to the US market despite challenges from EU tariffs on Chinese EVs, calling for equitable solutions in trade discussions between the EU and China. Källenius emphasized the detrimental impact of tariffs on innovation and competition, advocating for a level playing field...