Pushes

• The European People's Party (EPP), the largest political group in the European Parliament, is urging the European Commission to soften proposed carbon market reforms. • The group is specifically calling for the extension of free carbon allowances for certain industrial sectors beyond the current 2030 deadline. • This push aims to shield European industries from high compliance costs, preventing economic instability and maintaining global competitiveness.

Culture secretary says her department will stop using platform, citing concerns over far-right content fuelling violence and divisionThe UK’s culture and media department will stop using X because the site “now favours abuse and misinformation over meaningful debate”, Lisa Nandy has announced.The culture secretary’s department is the UK’s second to quit the Elon Musk-owned platform over increasing concerns about the way it highlights and prioritises often inaccurate far-right and racist content and is used to incite violence and division. Continue reading...

• Germany is prioritizing the strengthening of its partnership with Poland, focusing specifically on technological innovation and sustainable energy infrastructure. • Development Minister Reem Alabali Radovan announced additional German support for Middle Eastern nations during a recent official visit to Jordan. • These initiatives reflect Germany's broader foreign policy goals to secure energy stability and expand diplomatic influence across Europe and the Middle East.

• Germany set a new all-time FIFA World Cup record after their Round of 16 match against Paraguay ended in a 1-1 draw. • Under manager Julian Nagelsmann, the team pushed the game into extra time to determine who advances in the 2026 tournament. • This milestone highlights Germany's resilience and competitive streak during the knockout stages of the competition.

• The technology sector's share of the S&P 500 has reached an all-time high of 39%, surpassing previous peaks seen during the dot-com bubble and the energy sector's historical dominance. • This record concentration is primarily driven by a massive rally in artificial intelligence leadership and companies like Marvell Technology. • The trend highlights a significant market sensitivity to valuation, as the S&P 500 is currently trading at approximately 20.1 times forward earnings.

Forecasters say hottest conditions are now spreading into central and eastern Europe, including Poland and the BalkansThe UK is set to get some respite from this week’s record-breaking heat over the weekend, but much of the rest of Europe remains in the grip of an intense heatwave as it shifts eastwards.Germany provisionally recorded its highest ever temperature yesterday with 41.3C near the city of Saarbrücken close to the French border. Forecasters say the hottest conditions are now spreading into central and eastern Europe, including Poland and the Balkans, over the weekend. Continue reading...

• ASEAN is advancing its regional agenda for science, technology, and innovation to address rapid technological shifts and evolving social needs. • During his opening remarks, Thongsalith emphasized that these fields are critical foundations for driving economic growth and sustainable development across the region. • The initiative aims to mitigate pressing regional issues, including climate challenges and ongoing economic uncertainty.

Hundreds of graduates and interns at finance firm will now have to work in office at least three days a weekBusiness live – latest updatesRevolut will haul hundreds of graduates and interns into the office next year, as the digital bank moves away from its “remote-first” policy that has long been used to lure new recruits.The London-headquartered fintech company had previously allowed its young trainees to choose whether to work from home or Revolut’s offices, reflecting flexible working arrangements offered to all other staff. That included the option of working abroad for 120 days of the year, with the company saying it trusts employees to “explore new cultures while staying productive and connected”. Continue reading...

• Global markets rose as a rebound in tech shares drove gains across Europe and Asia, particularly in Japan and South Korea. • South Korea's Kospi index reached a record high of 8,930.30, surging 5.4% following significant jumps in Samsung Electronics (+5.3%) and SK Hynix (+13%). • Other Asian markets saw mixed results, with modest gains in Taiwan (+0.5%), India (+0.7%), and Shanghai (+0.2%), while Hong Kong's Hang Seng index fell 1.4%.

• U.S. and Asian markets surged on Thursday, driven by a renewed rally in artificial intelligence-related stocks, with the S&P 500 rising 0.6% in early trading. • South Korea's Kospi hit a record high of 8,930.30, surging 5.4% after Samsung Electronics gained 5.3% and SK Hynix leaped 13%. • Other regional markets saw mixed results, including modest gains for Taiwan's Taiex (0.5%) and India's Sensex (0.7%), while Hong Kong's Hang Seng dropped 1.4%.

• Asian stock markets rose, driven primarily by a strong rebound in tech shares in Japan and South Korea. • South Korea's Kospi reached a record high, surging 5.9% to 8,968.22, fueled by gains of 5.4% for Samsung Electronics and 11.6% for SK Hynix. • Other regional markets saw modest growth, with Taiwan's Taiex up 0.8% and India's Sensex up 0.6%, while Hong Kong's Hang Seng fell 1.4%.

Neso issues rare summer warning for Wednesday evening, as households turn on fans and air conditioningGreat Britain’s grid operator has released a rare summer power supply warning for Wednesday evening as the heatwave is expected to get more intense, putting pressure on the energy system.The National Energy System Operator (Neso) issued an electricity margin notice late on Tuesday, asking power plant owners to provide any extra electricity, as the buffer between supply and expected demand comes under pressure. Continue reading...

Exclusive: Tourism minister says another likely record year of visitor growth is not a worry amid move to welcome tourists out of season and market less frequented areasSpain is redoubling its efforts to push its tourist appeal beyond the familiar “sun and sand and coast” model as it prepares for another record-breaking year in which the number of foreign visitors could reach 100 million for the first time, the country’s tourism minister has said.Speaking to the Guardian, Jordi Hereu rejected suggestions that Spain was now saturated with tourists but said it had become clear that the “old formulas no longer work”, especially amid growing concerns about overtourism and the effects of the climate emergency. Continue reading...

More than 100 UK lawmakers urge government to cancel London event, warning it is linked to land ‘stolen from Palestinians’More than 100 UK lawmakers have called for the cancellation of an Israeli real estate event scheduled to take place in London on Sunday, which had appeared to advertise the sale of land in Israeli settlements in the occupied West Bank.In a letter sent to the foreign secretary on Friday, 101 parliamentarians and members of the House of Lords, warned the event was “firmly embedded in Israel’s project of colonial expansion by facilitating the sale of land that has been stolen from Palestinians” and called on the government to take “all necessary steps” to stop the event from going ahead in the capital. Continue reading...

• The European Central Bank (ECB) reports that the euro's international usage has reached 20%, reflecting a steady increase in its global footprint. • Despite this growth, the U.S. dollar remains the dominant global currency, with dollar-denominated assets still accounting for 42% of global reserves. • This trend highlights the ECB's ongoing ambitions to elevate the euro's status as a primary global reserve currency to reduce reliance on the dollar.

• South Korea has ascended to become the world's 6th-largest stock market, overtaking India, which has dropped to 7th place. • The shift is driven by an AI-led rally that pushed the Kospi and Taiwan's markets to record highs, while India's Nifty 50 experienced a decline. • This realignment highlights the global market's current prioritization of AI-centric economies over India's broader growth trajectory.

• Germany has rejected warnings from the U.S. regarding a proposed law that would require streaming services to invest in local content. • Government spokesperson Stefan Kornelius dismissed claims that the plan violates the Turnberry Agreement, arguing the obligations are "very moderate by European standards." • The dispute highlights a tension between U.S. trade interests and Germany's desire to protect its cultural policy and domestic media production.

• Netflix and other major streaming platforms are opposing a new German legislative proposal that would mandate the reinvestment of local revenue into domestic content. • The proposed law aims to ensure that global streaming giants contribute financially to the German creative industry and local production ecosystem. • This conflict highlights the tension between international business models and national efforts to protect cultural sovereignty and local media funding.

• Germany rejected U.S. accusations on Friday that its proposed streaming investment law violates the recently established EU-U.S. Turnberry trade pact. • Berlin defends the legislation as a "very moderate" cultural policy tool by European standards rather than a digital trade barrier. • The dispute highlights tensions between U.S. digital trade interests and European efforts to mandate local content investment from streaming platforms.

• Tokyo's core Consumer Price Index (CPI) slowed for the sixth consecutive month, signaling a cooling trend in Japanese price pressures. • Federal Reserve official Musalem cautioned against the assumption that AI integration will rapidly lower US inflation, which currently stands at 3.8%. • These diverging economic signals highlight a growing split in global monetary policy paths between the US and Japan.

Treasury secretary says banknote would celebrate US’s 250th anniversary but Democrats vow to block moveThe White House is pushing Congress to approve a $250 bill bearing Donald Trump’s portrait, US treasury secretary Scott Bessent said, which would require changing longstanding federal law that prohibits any living person from appearing on US currency.Speaking from the White House at a news conference, Bessent said the bill would be in celebration of the country’s 250th anniversary of independence, and that the treasury has already started preparing for the possibility of the new currency. Continue reading...

• The Pentagon has informed NATO allies of plans to reduce U.S. military combat commitments by one-third to one-half. • This reduction is part of a broader strategy to pressure European nations to increase their own defense spending and take greater responsibility for regional security. • The move reflects a shift in U.S. foreign policy, aligning with Donald Trump's insistence on fairer burden-sharing among alliance members.

• The European Union is developing a new "tech sovereignty" strategy aimed at reducing its heavy reliance on American technology companies. • This policy marks a strategic shift from primarily regulating Big Tech to actively promoting and favoring homegrown European digital services. • The move is driven by a desire to protect European data, enhance security, and foster economic competitiveness against US dominance.

Measure could ease concerns from countries – such as France – that are sceptical about bringing in more membersEurope live – latest updatesThe EU could deny future member states veto rights for several years in an attempt to make enlargement more politically acceptable as the bloc undergoes a push to admit new countries before the end of the decade.Under plans being considered by the European Commission, prospective member states – such as Moldova and western Balkan countries – would not, on joining the EU, have the automatic right to veto foreign policy decisions or other issues agreed by unanimity, such as taxation. Continue reading...

• On May 22, China's National Development and Reform Commission (NDRC) issued a policy signal urging the country to achieve AI self-sufficiency. • The directive explicitly calls for the integration of domestically developed computing chips with homegrown large language models (LLMs). • This push follows the Trump-Xi meeting and comes amid ongoing delays in China approving the import of Nvidia H20 GPUs.

• Pakistan increased its diplomatic efforts on Thursday to accelerate peace negotiations between the United States and Iran. • The push comes as Tehran maintains a rigid stance regarding the nuclear issue and the U.S. faces internal political instability. • President Trump is dealing with domestic pressure and declining approval ratings ahead of November's midterm elections, largely driven by rising fuel prices.

Survey shows businesses ‘struggling to absorb latest economic shock’, while data says April vacancies down 7.7%The worsening fallout from the Iran war is forcing businesses to halt their UK investment and hiring plans, bosses have warned, as Britain enters a renewed period of political and economic instability.More than two months into the US-Israeli war on Iran, leading surveys of UK employers showed companies were increasingly prioritising cost management over growth as rising costs and global uncertainty weigh on confidence. Continue reading...

• Hong Kong officials highlighted innovation partnerships and AI development during a visit to Sweden, seeking deeper international collaboration. • Focus areas include artificial intelligence and life sciences to bolster Hong Kong's position as a global I&T hub. • The trip emphasizes expanding cross-border ties amid growing demand for advanced tech solutions in East Asia.