Cuts

• Six EU nations, including Germany, Denmark, the Netherlands, Austria, Finland, and Sweden, are calling for reductions to the bloc's proposed 2028-2034 budget. • The European Commission has proposed a budget totaling nearly €2 trillion ($2.33 trillion) for the upcoming period. • The group of nations argues that spending should be reduced in a "balanced manner," requiring all expenditure areas to contribute to the cuts.

• Germany and five other fiscally conservative nations—the Netherlands, Denmark, Austria, Finland, and Sweden—are calling for significant cuts to a proposed €2 trillion ($2.3 trillion) seven-year EU budget. • During a meeting in Berlin on Thursday, Chancellor Friedrich Merz and his counterparts argued that the budget should be reduced by "several hundred billion" euros to align with broader budgetary consolidation across the bloc. • This move highlights a growing tension between member states prioritizing fiscal restraint and those seeking higher spending for EU initiatives.

Oliver Blume faces workforce at German HQ as carmaker struggles against Chinese competition and US tariffsThe chief executive of Volkswagen has faced boos and whistles of protest at the company’s headquarters after telling thousands of workers that a comprehensive reorganisation, which could include job losses and factory closures, is vital for its future.As Oliver Blume urged more than 10,000 workers on Tuesday to “pull together”, saying drastic restructuring measures at the struggling manufacturer were essential, they held up banners and shouted slogans, including: “Our jobs are not your balance sheet adjustments”. Continue reading...

Poll also finds sizeable majorities who believe it should be easier to install air con in homesGiven the choice, more people across five major European nations including the UK favour encouraging the adoption of air conditioning over keeping carbon emissions down, a survey has found.After four extreme heatwaves that have caused thousands of excess deaths across the continent, the survey showed between 30% and 52% of people in six countries had feared for their household’s health in temperatures close to or above 40C (104F). Continue reading...

• Walmart is utilizing a $2.9 billion tariff refund to lower prices and improve the customer experience to attract U.S. shoppers who are currently reducing their spending. • The company reported quarterly revenue of $187.9 billion, representing a 5.9% increase from the previous year, while U.S. comparable sales grew by 2.6%. • Management attributed the slower growth in sales to weaker consumer sentiment and the implementation of new pharmacy pricing regulations.

President said he was ‘not happy’ with plans for large-scale joint exercises he described as ‘inappropriate and hostile’. Plus, how five obscure horses have ended up at the center of a transatlantic betting mysteryGood morning. Donald Trump has said he is scaling back joint US military drills with South Korea aimed at deterring North Korea, despite military officials from both countries warning that Kim Jong-un’s regime is learning new battlefield tactics from the Ukraine war.The president said he was “not happy” with US participation “based on my very good relationship with Kim Jong-un”. He added that the drills were costly and “send a signal that is totally inappropriate and hostile, to a country that, as long as Donald J Trump has been president, has been unthreatening and respectful”. Trump added that it was too late to cancel the drills so he had ordered the defence secretary, Pete Hegseth, to “substantially reduce” them.Why are there continuing concerns about USS Abraham Lincoln? Democrats have intensified their demands for answers from the Trump administration over conditions onboard the USS Abraham Lincoln amid concern over crew morale, mental health and living conditions. Ruben Gallego, a Democratic senator from Arizona, said he blamed the carrier’s prolonged deployment on the unresolved war that Donald Trump started in February with Iran as well as lackluster leadership in general from the Republican president’s administration. Continue reading...

President orders Pentagon to scale back ‘inappropriate and hostile’ exercises with South KoreaAndy Burnham exchanged messages with someone impersonating Donald Trump’s chief of staff, the Guardian understands.The UK prime minister was in contact with an unknown individual pretending to be the senior White House aide Susie Wiles before concerns were raised about the incident. No messages of significance were sent and the suspicious activity was quickly reported to the appropriate authorities, it is understood. Continue reading...