Earthquake hits Azerbaijan’s Imishli district

NGOs are warning of challenging years ahead as humanitarian needs grow while financial support declines, with significant cuts from the US Agency for International Development (USAID) and reductions in European aid budgets exacerbating the situation. Isabella Lövin, a deputy chair of the European parliament’s development committee, noted the "very dramatic consequences" of USAID cuts and criticized EU member states for their aid budget reductions, calling them "very regrettable" and "wrong," emphasizing that the EU cannot...

The recent agreement between the centre-right CDU and centre-left SPD marks a significant shift towards increased investment in Germany, the largest economy in Europe. The previous fiscal conservatism, epitomized by Wolfgang Schäuble's "black zero" policy advocating a balanced budget, is being abandoned under the incoming chancellor, Friedrich Merz, allowing for substantial spending on defense and economic revitalization. This transition reflects a response to a rapidly changing global landscape, indicating a departure from stringent public debt...

The European Commission is taking precautionary measures by issuing burner phones and basic laptops to US-bound staff to mitigate espionage risks, traditionally reserved for trips to China. This decision reflects deteriorating relations due to Donald Trump's accusations against the EU and his administration's actions, such as tariffs and overtures to Russia. Officials are advised to turn off devices at the border and ensure their visas are in diplomatic documents, given the potential for US border...

The article discusses the potential impact of Donald Trump's proposed 20% tariffs on EU goods, particularly concerning Italian food exports to the US. Italian agribusiness lobby Coldiretti warns that these tariffs could lead American consumers to substitute authentic Italian products with inferior, locally made alternatives, which they label as "counterfeit." Despite concerns from Italian exporters, the article suggests that many American consumers, particularly Trump's base, may not recognize the difference between genuine Italian products and...

SummaryBritish lenders are responding to concerns from the Bank of England (BoE) regarding liquidity risks in the growing market for synthetic risk transfers (SRTs), where investors assume credit risk from banks for regular payments. The BoE has expressed worries about banks misclassifying financing tied to credit-linked notes, leading to potential undercapitalization of risks. With a June 11 deadline for responses, the BoE's intervention may affect financing costs and capital requirements for all banks involved in...

The global turmoil stemming from the Trump administration is strengthening the EU's commitment to sign a defence and security pact with the UK, enabling British arms companies to engage in joint procurement. This agreement, set to be finalized at a summit hosted by UK Prime Minister Sir Keir Starmer, aims to enhance European defence capabilities amidst rising tensions and re-armament discussions following Trump's NATO threats and Russian overtures. While addressing broader geopolitical issues, the pact's...