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Danish Pension Fund Drops SpaceX Over Governance Concerns

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A Danish pension fund has excluded SpaceX from its investment portfolio ahead of the company’s expected IPO, citing concerns over governance and valuation. Akademikerpension said the Elon Musk-led firm appeared significantly overvalued, with market estimates placing its worth above $1.8 trillion.

The pension fund argued that investors are being asked to accept unusually high risks for a company operating in an uncertain and competitive sector. It also questioned whether a valuation above $1 trillion could be justified despite SpaceX’s rapid growth and dominance in the space industry.

Akademikerpension further criticised the company’s governance structure, pointing to Elon Musk holding overwhelming voting control while serving as CEO, CTO and board chair simultaneously. The fund said such concentration of power limits board oversight and makes leadership accountability difficult.

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Corruption Probes Tighten Pressure on Spain’s PM Pedro Sanchez

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Pedro Sánchez is facing growing political pressure as multiple corruption investigations involving his party, close allies and family members continue to unfold in Spain. While Sanchez himself has not been charged, opposition leaders and critics say the mounting scandals are damaging his government’s credibility ahead of the next election cycle.

Several senior figures linked to Sanchez’s Socialist Party are under investigation over alleged kickbacks, public contracts and pandemic procurement deals. Cases involving Sanchez’s wife and brother have also intensified political tensions, although both deny wrongdoing. The Spanish prime minister has dismissed the investigations as politically motivated attempts to remove him from power.

Despite slipping poll numbers, Sanchez’s government has ruled out early elections and continues to receive support from smaller regional parties wary of a potential far-right coalition led by the conservative People’s Party and Vox. Analysts say Spain now faces a prolonged period of political uncertainty as corruption cases dominate national debate.

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Portugal Records Hottest May Day as Europe Battles Intense Heatwave

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Portugal has recorded its hottest May temperature ever after the town of Mora hit 40.3°C, breaking a national record set more than two decades ago. The extreme heat is part of a wider heatwave affecting several Western European countries, including France, Italy, Spain and Germany.

Authorities across Europe are scrambling to respond as temperatures continue to soar. France held emergency meetings on heatwave preparedness, while schools reported dangerous indoor temperatures above 50°C. In Italy, cities including Rome were placed under red heat alerts, warning of serious health risks even for healthy people.

The intense weather has also disrupted major events, with tennis star Jannik Sinner struggling with dizziness during the French Open amid the heat. Scientists say climate change is making heatwaves more frequent and severe, with the UN warning that global temperatures are likely to remain near record highs in the coming years.

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Austrian Man Gets 15 Years for Taylor Swift Concert Attack Plot

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An Austrian court has sentenced a 21-year-old man to 15 years in prison for planning a jihadist attack targeting a Taylor Swift concert in Vienna during her Eras Tour in 2024. The suspect, identified as Beran A, was convicted on multiple terrorism-related charges after authorities foiled the planned attack ahead of three sold-out shows.

Investigators said the accused had become radicalised online and pledged allegiance to the Islamic State group. Prosecutors revealed he attempted to illegally obtain weapons, including a machine gun and hand grenade, but was unsuccessful. The planned attack was uncovered after a CIA tip-off, leading to the cancellation of all three concerts attended by nearly 200,000 fans.

The singer later described the incident as a “massacre situation” that had been narrowly avoided and said it left her with a “new sense of fear.” Another man linked to an IS cell, though not directly involved in the concert plot, was also sentenced to 12 years in prison by the Austrian court.

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Milan Restores Famous Bull Mosaic Worn Down by Tourist Ritual

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Italy has begun restoring the famous bull mosaic inside Milan’s historic Galleria Vittorio Emanuele II after years of tourist traditions caused visible damage. Visitors have long followed the ritual of spinning three times on the bull’s testicles for good luck and a guaranteed return to Milan.

The popular custom has worn away the mosaic’s pink tiles, creating a small crater at the centre of the artwork. Restoration experts this week started carefully replacing damaged stone pieces by hand while curious tourists watched the process unfold inside the 19th-century arcade.

City officials said the Galleria remains a “living heritage” loved by millions of visitors, but one that requires regular care to preserve its historic beauty. The last restoration of the iconic bull mosaic was completed in 2017.

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German-Dutch Corps to Lead NATO Forces in Baltic Region

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NATO is set to strengthen its eastern defenses as the combined German-Dutch 1GNC corps prepares to take command of land forces in Estonia and Latvia later this year. Based in Muenster, Germany, the corps will officially become a tactical headquarters for the Baltic region by mid-2026, reinforcing NATO’s preparedness against potential Russian threats.

Currently, NATO operations across the Baltic states and northern Poland are coordinated through a single headquarters in Szczecin, Poland. Military officials say the new structure will improve rapid deployment capabilities and allow NATO to respond faster in the strategically sensitive region.

The move follows key agreements made during the 2025 NATO summit in The Hague and aligns with NATO’s Force Model introduced at the 2023 Vilnius summit. German and Dutch defense ministries stated that the additional command structure will strengthen alliance coordination and enhance regional deterrence.

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Early Heatwave Triggers Widespread Power Outages and Grid Strain in Turin

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The northwestern Italian city of Turin is experiencing severe power blackouts as an early European heatwave pushes the local electricity network to its limits. The repeated outages have struck multiple districts over recent days, knocking out traffic lights and causing significant road congestion. Local utility company Iren, which serves approximately 650,000 electricity customers in the city, attributed the disruptions to unprecedented thermal stress on underground cables caused by prolonged daylight hours and high temperatures. While a spokesperson for Iren acknowledged the ongoing sporadic outages, they clarified that the city has not been brought to a complete standstill.

The crisis has exposed the vulnerabilities of Turin’s aging infrastructure under the weight of rising global temperatures and surging energy consumption. Turin Mayor Stefano Lo Russo highlighted that the city’s electricity network requires urgent investment and maintenance, noting that while network upgrades are planned, widespread intervention will take time. Iren has already launched a €515 million ($598 million) modernization plan extending through 2030 to upgrade Turin’s primary grid. However, officials admit that the accelerating frequency and unpredictable timing of these intense heatwaves are severely complicating their implementation timeline.

As Italy grapples with its first major heatwave of the year, the Italian Air Force’s weather service forecast temperatures reaching a high of 32 degrees Celsius (89.6°F) in Turin. In response to the weather extremity, the local municipality has issued public warnings regarding the health risks associated with the high temperatures. To protect vulnerable residents, city officials have opened dedicated public cooling spaces equipped with fans and air conditioning.

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U.S. Dollar Faces Long-Term Weakness as European Markets Eye Opportunity for Growth

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The U.S. dollar is projected to weaken over the long term due to unsustainable fiscal debt and trade imbalances in the world’s largest economy, according to Patrick Thomson, EMEA CEO of JPMorgan Asset Management. Speaking at an International Capital Markets Association conference in London, Thomson noted that while the dominance of U.S. Treasuries remains intact, fixed-income investors are increasingly concerned about the long-term sustainability of elevated U.S. debt levels. Although the dollar recently gained nearly 2% as a safe-haven asset following the outbreak of the Iran war, it experienced sharp declines last year driven by U.S. policy uncertainty and the implementation of “Liberation Day” tariffs.

This shifting dynamic has positioned Europe as a major beneficiary, with investors actively seeking diversification through the euro and Chinese yuan. Despite economic challenges brought on by the regional conflict, JPMorgan Asset Management has reported substantial business growth in Europe, now managing over a trillion dollars in assets. This influx of capital is being driven by increased fiscal spending in Germany, a strategic push by policymakers to mobilize household savings, and a renewed appeal for European companies and investment opportunities as portfolio diversifiers.

However, financial experts emphasize that Europe must implement critical reforms to effectively compete with the United States. Thomson pointed out that unlocking retail bank deposits and encouraging individual market participation represents a massive opportunity to drive new market issuance and demand. Echoing this sentiment, Euroclear CEO Valerie Urbain stated that for Europe to truly rival the U.S. financial landscape, it must develop deeper, more integrated capital markets by actively attracting a larger volume of both investors and issuers.

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Spanish Socialist Workers’ Party HQ Raided as Corruption Probe Deepens in Spain

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Spanish police raided the Madrid headquarters of the ruling Socialist Party (PSOE) as part of an expanding corruption investigation involving alleged illegal financing and attempts to obstruct judicial proceedings. Authorities seized documents linked to claims that party operative Leire Díez led a misinformation campaign aimed at interfering in legal cases affecting the government. Searches were also conducted at the homes of senior party figures and a businessman connected to the probe.

The latest development adds pressure on Prime Minister Pedro Sánchez, whose administration has been rocked by multiple scandals involving current and former allies, as well as members of his family. Opposition leader Alberto Núñez Feijóo of the conservative People’s Party accused the government of being consumed by corruption and renewed calls for early elections. Sánchez, however, rejected demands to step down and said he would complete his term in office.

Several prominent Socialist figures are now facing investigations or trials, including former Prime Minister José Luis Rodríguez Zapatero over alleged influence-peddling linked to a 2021 airline bailout. Former Transport Minister José Luis Ábalos is also awaiting a verdict in a separate corruption case involving pandemic-era contracts. Meanwhile, Sánchez’s wife Begoña Gómez and his brother David Sánchez are facing separate legal proceedings, though all involved have denied wrongdoing and the prime minister has described the allegations as politically motivated attacks.

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Canada Signs Landmark LNG Export Deal With Germany

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Canada has signed a major long-term energy agreement with Germany that will see one million tonnes of liquefied natural gas (LNG) exported annually from British Columbia to Europe beginning in the early 2030s. The deal involves the proposed Ksi Lisims LNG project and Germany’s state-owned energy company SEFE, marking Canada’s first long-term LNG supply arrangement with Europe.

Canadian Energy Minister Tim Hodgson said the agreement is an important step in diversifying Canada’s trade and energy exports beyond the United States, which currently receives nearly all of the country’s LNG shipments. He said the partnership also highlights Canada’s role as a stable and reliable energy supplier amid global uncertainty caused by the Russia-Ukraine war and tensions in the Middle East.

The agreement is expected to strengthen support for the Ksi Lisims LNG project, which still awaits final investment approval and faces opposition from environmental organisations and some Indigenous groups over climate and legal concerns. While the Nisga’a Nation backs the project, critics argue it poses environmental risks and may struggle to secure financing. The deal comes as Prime Minister Mark Carney pushes for faster energy development while balancing growing climate concerns within his Liberal Party.

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