Hundreds of theatres and museums face closure as crisis in sectors laid bare

New EU cultural property laws, effective June 28, aim to prevent the trade of illegally exported goods but may overwhelm art dealers with excessive bureaucracy. While intended to protect cultural property, these regulations require proof of legitimate export for items over 200 years old valued above €18,000, posing significant challenges for the art market and potentially driving dealers out of the EU. Explain It To Me Like I'm 5: New EU laws aimed at preventing...

Nato leaders are concerned that Donald Trump may redefine the alliance's mutual defence pact, jeopardizing US security commitments to Europe. As Trump meets with 31 allies in The Hague, European leaders hope their increased defence spending will reassure him, despite his ambiguous statements on Article 5 and demands for equalized defence spending among members. Explain It To Me Like I'm 5: Nato leaders are worried that Donald Trump might change the rules about how they...

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? 🔎