Bank of England’s top economist dismisses hopes of big interest rates cuts in further blow to Rachel Reeves

The US-China trade war risks pushing the global economy into recession, with the World Trade Organization (WTO) warning that global output could drop by 7% if the two nations fully decouple. WTO Director-General Ngozi Okonjo-Iweala highlighted that US tariffs and China's retaliatory measures could fragment global trade, compelling countries to align with one bloc or another. She noted that poorer nations are particularly vulnerable and emphasized the need for diversification in production to enhance global...

The European Commission has reported a significant increase in unsafe products detected in the EU, primarily from China, with over 4,000 alerts in the past year, the highest since 2003. Cosmetics represented 36% of these dangerous items, often containing harmful chemicals like BMHCA, which is banned in the EU. To address this surge, the commission proposed holding e-commerce firms accountable for unsafe products, ending the customs duty exemption for low-value imports, and establishing an EU...

Bonuses at EU specialist investment firms have surged since they were exempted from the bloc's bonus cap rules, with average bonuses for key staff reaching €1.5mn in 2022 and €1.15mn in 2023, exceeding six times their fixed pay. The European Banking Authority (EBA) highlighted a gender pay gap, noting women earned 24.5% less than men at deposit-taking banks and 32% less at investment firms, with calls for better analysis and action to address this disparity....

Human rights groups attribute a 30% drop in irregular crossings at Europe’s borders during the first quarter of the year to EU policies that prioritize deterrence and overlook rights abuses in countries like Libya and Tunisia. The EU’s border agency Frontex reported nearly 33,600 fewer arrivals compared to the same period last year, indicating a decline across all major migratory routes into Europe. This situation raises concerns about the impact of such policies on the...

This article discusses ongoing developments in Europe, including early talks between France and the UK on migrant returns. It highlights the European Commission's decision not to extend trade measures for Ukrainian food exports, amid concerns from neighboring EU countries about domestic price undercutting, and the looming June 5 deadline for new trade liberalization negotiations. Additionally, it addresses a warning from the Union of Students in Ireland regarding potential risks for Irish students on J1 visas...

Belgium is set to increase its defence budget to 2% of GDP in response to NATO's spending goals, but faces challenges in meeting a potential new target of over 3% amid concerns for its welfare system. Budget Minister Vincent Van Peteghem indicated that the government will utilize temporary funding measures and creative accounting, including classifying certain infrastructure investments as military spending, to reach this goal, while also planning to privatize state assets and implement spending...