Reeves plans billions in benefits and other spending cuts

Europe is experiencing a surge in steel imports diverted from the US due to high tariffs, with certain products seeing increases of up to tenfold this year, prompting calls for urgent action from the steel industry. The European Commission's surveillance report indicates significant rises in imports and price drops for various products, including stainless steel and industrial robots, with China being a major source of the influx. Thyssenkrupp's Ilse Henne emphasized the need for protective...

The European Central Bank (ECB) has reduced borrowing costs by a quarter point to 2% as it approaches the end of its rate-cutting cycle amid uncertainties from Donald Trump's trade war. ECB President Christine Lagarde emphasized the bloc's strong position to handle these uncertainties, while also discussing the potential for her to shorten her term for a role in the World Economic Forum. The ECB lowered its inflation outlook to 2% for this year, with...

EU businesses are urging China to establish a fast-track channel for rare earth export licenses for "reliable" companies, amid concerns that China's strict controls are disrupting global supply chains. During a recent meeting with Chinese officials, companies proposed a "white list" to expedite approvals and discussed the potential for multiple licenses for easier export processes. Despite these discussions, progress has been slow, with one exporter receiving only a fraction of the expected export permits, as...

EU climate chief Wopke Hoekstra warned that climate change could "quadruple" the likelihood of conflict over scarce resources, highlighting concerns raised by military officials regarding the impact of environmental issues on security. He emphasized the connection between resource access and warfare, noting that climate-related challenges are already affecting military operations in Europe and the US, including increased demand for military assistance during extreme weather events. Hoekstra called for a balance between military capabilities and greener...

The New European, a newspaper launched in response to the Brexit referendum, will rebrand as The New World, shifting its focus to global political and cultural issues nine years post-Brexit. Under the leadership of Matt Kelly and support from a consortium, the publication has transitioned to a magazine format while maintaining its anti-Brexit stance and commitment to liberal democracy. Despite currently trading at a small loss, it achieved significant growth, tripling revenues since 2021 and...

SummaryAustralia's Trade Minister Don Farrell has stated that Brussels needs to present a "better offer" to Australian beef and sheep farmers to finalize a trade deal, following the breakdown of talks in October 2023. Despite a positive diplomatic atmosphere, unresolved issues regarding agricultural market access remain, with Australia seeking a beef quota of 40,000 tonnes compared to the EU's offer of 24,000 tonnes. Farrell emphasized that while goodwill exists, significant compromises are still needed from...