Floods Strike Valencia, and Scientology Volunteer Ministers Respond with Compassion

European Competition Chief Teresa Ribera advocates for governments to invest in clean tech by acquiring equity in companies instead of providing direct subsidies, which she deems illegal and distortive. As the EU prepares to adopt new state aid guidelines, Ribera emphasizes the importance of balancing industrial policy and competition enforcement to enhance Europe's green tech competitiveness against China and the US. Explain It To Me Like I'm 5: The EU's competition chief, Teresa Ribera, says...

The EU is preparing to leverage a "credible threat" of retaliation against US tariffs in ongoing trade negotiations, as warned by Bjoern Seibert, chief of staff to European Commission President Ursula von der Leyen. With Trump threatening a 50% tariff unless a deal is reached by July 9, EU officials are considering tariffs on €95bn of US goods and other measures, while acknowledging challenges in eliminating existing US tariffs. Need More Context? 🔎

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? 🔎