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Thousands Bid Farewell to AC Milan Legend Franco Baresi

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Thousands of mourners lined the streets of Milan on Tuesday to pay their final respects to football legend Franco Baresi, whose funeral was held at the Basilica of Sant’Ambrogio. The former AC Milan and Italy captain passed away at the age of 66 after a period of ill health, leaving behind one of the greatest legacies in football history.

Baresi spent his entire 20-year professional career with AC Milan, making 719 appearances and captaining the club for 15 seasons. He won 18 major trophies, including six Serie A titles and three UEFA Champions League crowns, while also helping Italy win the 1982 FIFA World Cup and leading the national team to the 1994 World Cup final.

Football icons including Paolo Maldini, Roberto Baggio, Marco van Basten, Clarence Seedorf, Alessandro Costacurta and Dida attended the funeral to honour the legendary defender. AC Milan, which retired Baresi’s iconic number six shirt, will also pay tribute to their former captain ahead of their pre-season friendly against Inter.

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Germany’s Services Sector Nears Recovery in July

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Germany’s services sector showed signs of stabilising in July as business activity contracted at a much slower pace and demand began to recover. The HCOB Germany Services Purchasing Managers’ Index (PMI) rose to 49.8 from 48.6 in June, its highest reading in recent months and just below the 50-point mark that separates contraction from growth.

The survey showed new business increased for the first time in five months, signalling improving demand, while employment declined at the slowest pace since job cuts began earlier this year. Export orders continued to fall but at the weakest rate in five months, suggesting external demand is also stabilising.

Despite the improvement, rising input costs and higher prices charged by businesses highlighted persistent inflationary pressures. Analysts warned that uncertainty surrounding the Iran war, volatile energy prices, and supply chain disruptions continue to pose risks, although Germany’s broader economy returned to growth in July as stronger manufacturing activity lifted the composite output index above the expansion threshold.

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Euro Zone Business Activity Rebounds in July

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Business activity across the euro zone accelerated to an eight-month high in July, driven by a recovery in the services sector and continued strength in manufacturing. The S&P Global Euro Zone Composite PMI rose to 52.0 from 50.0 in June, moving back into expansion territory for the first time since March, while the Services PMI climbed to a five-month high of 51.7.

The improvement was broad-based, with Germany returning to growth and stronger performances recorded in Italy and Spain. France remained the only major economy still in contraction, although at a slower pace. New orders increased at their fastest rate since November, employment stabilised after six months of declines, and business confidence improved despite ongoing geopolitical uncertainty.

Analysts said the conflict in the Middle East, particularly the Iran war, continues to cloud the economic outlook. While inflation in input and output costs eased, euro zone inflation edged up to 2.9% in July, reinforcing expectations that the European Central Bank could raise interest rates again in September, potentially weighing on consumer spending and business demand.

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easyJet France Cabin Crew File Strike Notice

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Cabin crew unions representing easyJet France have filed a strike notice covering the period from August 7 to September 2, citing worsening working conditions. While industrial action could take place at any time during this period, unions are required to provide 48 hours’ notice before specific strike dates.

The unions said they remain willing to negotiate and could withdraw the strike notice if management responds positively. They added that an earlier labour dispute had been suspended due to the recent wildfires in France’s Gironde region.

According to the unions, cabin crew have faced ongoing schedule instability, last-minute roster changes, demanding trip rotations, and insufficient workplace protections for nearly a year. easyJet expressed disappointment over the planned action, saying it had already proposed adjustments and urging unions to cancel the strike ahead of scheduled negotiations in September.

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French Coastguards Rescue 157 from Burning Migrant Boat in English Channel

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French coastguards rescued 157 migrants after a small boat caught fire in the English Channel near the port of Boulogne-sur-Mer. Three coastguard vessels responded to the emergency, safely bringing everyone on board to shore, according to French authorities.

The incident comes just days after three people died attempting the same crossing, highlighting the growing dangers faced by migrants using overcrowded boats to travel from France to the United Kingdom. Human traffickers are increasingly packing more people into fragile vessels, raising the risk of fatal accidents.

The English Channel remains one of the world’s busiest shipping routes, with strong currents making crossings especially hazardous. The latest rescue has renewed calls from both French and British authorities to curb dangerous small-boat crossings and combat human trafficking networks.

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Romania Blasts Rocks to Protect Nuclear Reactor Cooling

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Romania carried out controlled explosions to remove rocks from the Danube River and redirect water to the Cernavoda nuclear power plant, as severe drought and record-low river levels threatened reactor cooling. The emergency measure highlights the growing impact of Europe’s ongoing heatwave and energy challenges.

The operation aims to ensure adequate cooling water reaches the country’s only operating nuclear reactor after another reactor was shut down due to falling river levels. Authorities also plan to build a temporary dam to improve water flow, while urging households and businesses to reduce electricity consumption.

The drought has also affected neighboring Hungary, where the Paks nuclear plant is operating at reduced capacity because of the Danube’s low water levels. Governments across the region are taking emergency steps to protect power supplies as extreme weather continues to strain Europe’s energy infrastructure.

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Lufthansa Warns of Lower Profit Amid Fuel Price Volatility

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Lufthansa has warned that its operating profit could decline in 2026 as volatile fuel prices continue to weigh on earnings. The German airline said higher fuel costs linked to geopolitical tensions, including the U.S.-Iran conflict, caused its second-quarter operating profit to more than halve, prompting a weaker full-year outlook.

The airline now expects adjusted EBIT between €1.7 billion and €2.2 billion, compared with its earlier forecast of exceeding last year’s €1.96 billion. Quarterly adjusted EBIT fell to €383 million from €870 million a year ago, while investors reacted negatively, sending Lufthansa’s shares down more than 10%.

To improve efficiency, Lufthansa plans to retire older, fuel-intensive aircraft and temporarily ground some planes to reduce fuel consumption. Despite the short-term challenges, the airline maintained its long-term profitability targets and said it expects fuel supplies to remain stable while continuing to monitor market uncertainty.

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Rhine Hits Record Low as Europe’s Drought Deepens

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The River Rhine has fallen to record low levels in parts of Germany and the Netherlands as prolonged heatwaves and drought continue to grip Europe. Other major rivers, including the Danube and Italy’s Po, have also recorded historically low water levels, raising concerns over transportation, agriculture, and industrial operations across the continent.

The Rhine, one of Europe’s busiest commercial waterways, is facing severe navigation challenges as low water levels restrict cargo shipping. Authorities have warned that lighter vessel loads, higher transport costs, and potential supply chain disruptions could impact businesses, while the Danube’s shrinking water levels have also affected power generation in countries such as Serbia, Romania, and Hungary.

Experts say persistent high temperatures driven by climate change are increasing evaporation and making droughts more severe. The worsening conditions are threatening freshwater supplies, farming, ecosystems, and energy production, highlighting the growing economic and environmental impact of extreme weather across Europe.

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Rio Tinto Rules Out Glencore Revival

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Rio Tinto is not expected to restart takeover discussions with Glencore despite the expiry of a six-month standstill agreement under UK takeover rules. CEO Simon Trott remains focused on simplifying the company, reducing costs, selling non-core assets, and strengthening its core mining businesses rather than pursuing a major merger.

Earlier this year, Rio evaluated a potential $200 billion merger with Glencore but concluded that it did not offer sufficient value. Investors have largely supported the decision, with analysts warning that reviving negotiations could weigh on Rio Tinto’s share price. The company is instead prioritizing asset divestments, expanding its trading business, and increasing exposure to copper.

Meanwhile, Glencore is stepping up engagement with Australian investors while continuing to showcase its copper portfolio. Although speculation around future partnerships remains, analysts believe Rio Tinto is likely to focus on smaller acquisitions and organic growth, leaving the prospect of a merger with Glencore on hold for now.

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Ceuta Struggles After Massive Migrant Border Crossing

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Spain’s North African enclave of Ceuta is struggling to cope after a massive migrant surge last week, with local authorities estimating that between 3,000 and 5,000 people remain in the territory. Hundreds of migrants have set up makeshift camps on local beaches, while reception centres for adults and minors have exceeded capacity. Spain says around 69,500 migrants have already been returned to Morocco in recent days.

The crisis has placed particular pressure on services for children, with more than 860 migrant minors currently under protection in Ceuta. Many migrants said they remained in the enclave after facing food shortages, closed shops, hostility from locals, and being unable to continue their journey to mainland Spain. The official death toll stands at 72 on the Spanish side and 11 on the Moroccan side.

The border crisis has also triggered diplomatic tensions within the European Union and renewed debate over migration policy. Spain praised Morocco for cooperating in the return of thousands of migrants but also called for stronger support from EU partners. Meanwhile, questions are being raised over whether Spanish intelligence services had sufficient warning before the mass crossing occurred.

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