Europe

Italy's right-wing government is set to reduce the value-added tax on art from 22% to 5%, responding to urgent calls from over 500 artists and galleries who warned of a potential collapse in the domestic art market. This tax cut, anticipated to be approved in a Cabinet meeting and requiring parliamentary ratification within 60 days, aims to enhance competitiveness against lower-tax countries like France and Germany. Need More Context? 🔎

ArcelorMittal Abandons Green Conversion Plans ArcelorMittal has abandoned plans to convert two German steel plants to hydrogen-based production, citing high energy costs and regulatory challenges, and is also considering shutting its green ethanol plant in Belgium due to unfavorable EU regulations. This decision undermines Europe's decarbonization goals and highlights the difficulties faced by the steel industry amid rising energy prices and competition. Need More Context? 🔎

This article discusses the EU's ongoing debate over energy policy amid the Ukraine war, highlighting Hungary's dissent against plans to halt Russian fossil fuel imports by 2028, led by Viktor Orbán’s government. While the EU seeks a shift to green energy and alternative gas sources, Hungary's reliance on Russian hydrocarbons poses challenges, reflecting broader tensions within the bloc regarding energy security and democratic principles. Need More Context? 🔎

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? 🔎

The EU is seeking a trade deal with the US similar to the UK agreement, aiming to maintain some tariffs post-deadline in July, as fears of economic backlash curb calls for retaliation. Despite divisions among member states, a potential acceptance of a 10% reciprocal duty is on the table, with ongoing negotiations addressing sensitive sectors like steel and pharmaceuticals. Need More Context? 🔎