featured News

Mass Protests Erupt Across France Against Austerity Plans

By 43 0

Hundreds of thousands of people across France took to the streets on Thursday in nationwide protests against looming austerity measures, demanding President Emmanuel Macron and his new Prime Minister Sebastien Lecornu scrap planned budget cuts. Teachers, train drivers, hospital staff, and pharmacists joined the strikes, while students blocked dozens of high schools, calling for more public spending and higher taxes on the wealthy.

Union leaders warned the government to heed the anger on the streets, with CGT chief Sophie Binet declaring, “It’s the streets that must decide the budget.” The Interior Ministry had anticipated up to 800,000 demonstrators, and major disruptions were reported in schools and regional train services. Sporadic clashes broke out in cities including Nantes and Lyon, where police used tear gas and several people were injured.

Macron’s administration faces mounting pressure between protesters demanding social fairness and investors alarmed by France’s deficit, which nearly doubled the EU’s ceiling last year. Lecornu, who replaced ousted prime minister François Bayrou after his failed €44 billion budget squeeze plan, has signaled openness to compromise but must navigate a divided parliament. Over 80,000 security personnel were deployed nationwide, with police confirming more than 90 arrests by evening.

Pic Courtesy: google/ images are subject to copyright

featured News

Merz Accuses Putin of Murder, Warns Against Russian Destabilisation Efforts

By 72 0

German Chancellor Friedrich Merz on Wednesday accused Russian President Vladimir Putin of murder and attempting to destabilise the West through sabotage, espionage, and border violations. Speaking during a heated parliamentary debate, Merz cited recent Russian incursions into Polish and Romanian airspace as part of a long-running campaign to test NATO’s limits.

Merz warned against any Ukrainian surrender, stressing that a “dictated peace” without freedom would embolden Moscow to pursue further aggression. He said Russia’s strategy was aimed at unsettling democratic societies, adding, “Putin has long been testing the borders, he is sabotaging. He is spying, he is murdering, he is trying to unsettle us.” The Kremlin has previously dismissed Merz’s remarks, rejecting allegations of war crimes and denying involvement in the death of Russian opposition leader Alexei Navalny.

The debate saw sharp exchanges with the far-right Alternative for Germany (AfD). Party leader Alice Weidel accused Merz of “posing as a global politician and warlord,” while Merz ally Jens Spahn hit back, calling Weidel a “fifth column” for Russia. The row highlights Germany’s deepening political divides over support for Ukraine as the war grinds on.

Pic Courtesy: google/ images are subject to copyright

featured News

UK to Invest £1.1 Billion in Maritime Sector to Boost Jobs and Green Growth

By 82 0

The UK government announced plans on Monday to jointly invest more than £1.1 billion ($1.5 billion) with industry partners in the maritime sector. Officials said the initiative will create new jobs and drive growth in coastal communities across the country, with a particular focus on engineering, green technology, and construction.

The funding package includes £700 million in private investment earmarked for major UK ports, alongside £448 million in public funding to cut carbon emissions from shipping. According to the government, this represents one of the largest ever commitments to strengthening the nation’s maritime infrastructure while accelerating its transition to greener operations.

The announcement, set to be formally unveiled on September 15 at the start of London International Shipping Week, underscores the UK’s ambitions to reach net-zero emissions by 2050. “We’re committing almost half a billion to cut carbon emissions from shipping – steering us towards net zero by 2050,” UK Transport Minister Heidi Alexander said.

Pic Courtesy: google/ images are subject to copyright

featured News

Fitch Downgrade Puts Pressure on New French PM Lecornu Amid Budget Talks

By 79 0

France’s credit rating has been cut by Fitch to A+ from AA-, its lowest on record, casting a shadow over newly appointed Prime Minister Sebastien Lecornu as he begins budget negotiations. Fitch cited political instability and rising debt for the downgrade, which comes just days after President Emmanuel Macron named Lecornu as his fifth prime minister in two years. While markets reacted calmly, analysts warned the move raises fresh risks ahead of upcoming reviews by Moody’s and S&P.

The downgrade complicates the government’s efforts to present a draft 2026 budget to parliament by early October. Lecornu faces the daunting challenge of balancing investor demands for spending cuts with pressure from unions, who have called nationwide strikes this week, and political blocs divided over tax and reform strategies. In his first interviews, Lecornu scrapped unpopular holiday cuts but left the door open to higher taxes on the wealthy, a move opposed by business groups and conservatives but supported by the Socialists as a condition for backing his government.

With France’s deficit at 5.4% of GDP, Lecornu has pledged to put public finances on a “healthy trajectory,” though he admitted the budget may not fully reflect his own convictions. Employers’ federation MEDEF has threatened mass mobilization against any wealth tax, while the far-right National Rally renewed calls for fresh elections. Analysts warn that continued political gridlock could lead to another downgrade, increasing borrowing costs and straining Macron’s already fragile government.

Pic Courtesy: google/ images are subject to copyright

featured News

Spain Shelves Shorter Work Week Bill in Blow to Sanchez Government

By 88 0

Spain’s lower house of parliament has rejected a bill to reduce the standard work week from 40 hours to 37.5, handing another setback to the Socialist-led minority government of Prime Minister Pedro Sanchez. The proposal, championed by Labour Minister Yolanda Díaz and major trade unions, was blocked late Wednesday when opposition lawmakers joined forces with Catalan separatist party Junts to prevent it from reaching the floor for debate.

Junts, despite occasionally backing the central government, sided with the conservative People’s Party and far-right Vox, producing a 178–170 majority against the measure. Opponents argued the reform would burden small businesses and farmers, raising costs and risking job losses. Díaz condemned Junts’ stance as “incomprehensible” and vowed to reintroduce the legislation.

The defeat adds to a string of setbacks for Sanchez, who has struggled to advance reforms and secure parliamentary backing amid corruption scandals and waning voter support. His government, already under pressure for failing to pass a long-overdue budget, faces mounting challenges as Vox gains popularity and relations with Catalan parties remain strained despite a contentious amnesty deal for separatists.

Pic Courtesy: google/ images are subject to copyright

featured News

Swiss Lawmakers Push Back on Tougher Anti-Money Laundering Rules Amid Rising Global Competition

By 88 0

Swiss lawmakers are seeking to dilute government proposals aimed at preventing financial crime, arguing that stricter rules could erode the country’s competitiveness in global cross-border wealth management. Switzerland, long the world’s largest wealth hub, faces mounting competition from rival centres such as Singapore and the UAE, while a Boston Consulting Group forecast warns Hong Kong could overtake Switzerland as the leading booking centre for cross-border wealth as early as 2025.

The government’s anti-money laundering legislation was designed to meet Financial Action Task Force (FATF) requirements, including curbs on shell companies and greater due diligence for advisers. But parliament has watered down key measures, exempting charities, trust arrangements, and some lawyers from transparency registers and due diligence rules. Finance Minister Karin Keller-Sutter warned that the amendments significantly reduced the scope of safeguards, while critics said the changes risk undermining Switzerland’s commitments to fight financial crime.

Supporters of the rollback, including lawmakers from the right-wing Swiss People’s Party, centre-right Liberals, and The Centre, argue the measures are excessive and burdensome, pointing out that Switzerland already enforces more detailed compliance rules than other financial hubs. However, Anton Broennimann, head of the country’s financial crime unit, cautioned that Switzerland must not allow competitive pressures to make it attractive to criminals, stressing that an effective system was vital to safeguard the country’s reputation as an international financial centre.

Pic Courtesy: google/ images are subject to copyright

featured News

Poland Shoots Down Drones in Historic NATO First, Raising Fears of Wider Conflict

By 96 0

Poland confirmed on Wednesday that it shot down drones that entered its airspace, marking the first time a NATO member has fired during Russia’s war in Ukraine. Polish Prime Minister Donald Tusk described the incident as a “large-scale provocation” and warned that it brings Europe closer to open conflict than at any point since World War Two. The move, he said, alters the political situation and underscores the need to prepare for multiple scenarios.

The escalation drew swift international reactions. European Union foreign policy chief Kaja Kallas said Russia’s war is “escalating, not ending,” urging stronger defence investments and support for Ukraine. French President Emmanuel Macron condemned the drone incursion as “unacceptable,” pledging full solidarity with Poland and consultations with NATO leadership. British Prime Minister Keir Starmer called the violation of Polish and NATO airspace an “egregious and unprecedented” act that highlighted Moscow’s disregard for peace.

Ukrainian President Volodymyr Zelenskiy stressed the significance of European nations acting jointly to shoot down Russian weapons, saying only coordinated action can ensure security. Meanwhile, NATO’s Supreme Allied Commander Europe, General Alexus Grynkewich, confirmed the alliance responded “quickly and decisively,” reaffirming NATO’s resolve to defend allied territory. Russia, however, denied responsibility, with its envoy in Warsaw dismissing the accusations as “groundless.”

Pic Courtesy: google/ images are subject to copyright

featured News

FCA Proposes Flexibility on Contactless Payment Limits in Britain

By 117 0

The Financial Conduct Authority (FCA) has proposed allowing card providers in Britain to set their own contactless payment limits, potentially raising the current £100 ($135.35) cap. The regulator said the move aims to make payments more convenient for consumers while supporting digital solutions and economic growth.

The consultation, open until October 15, is part of 50 measures the FCA outlined to the prime minister earlier this year. While the regulator does not expect immediate changes, the flexibility would give firms more freedom to tailor limits to customer needs. Many providers already let users adjust their personal limits or disable contactless features entirely.

David Geale, the FCA’s executive director of payments and digital finance, stressed that fraud protection remains in place. “Even with contactless, firms will refund your money if your card is used fraudulently,” he said, adding that stronger controls mean consumers can benefit from greater convenience without compromising safety.

Pic Courtesy: google/ images are subject to copyright

featured News

Five Eyes Alliance to Announce Tougher Border Security Measures

By 74 0

Homeland ministers from the Five Eyes alliance – the U.S., Britain, Canada, Australia, and New Zealand – are set to announce new measures this week to strengthen border security and dismantle criminal smuggling networks. The meeting will be held in London on Monday and Tuesday, with Britain’s newly appointed Interior Minister Shabana Mahmood confirming that the talks will focus on “hitting people smugglers hard.”

Alongside people smuggling, the discussions will also cover joint efforts to combat online child sexual abuse and curb the spread of deadly synthetic opioids. U.S. Homeland Security Secretary Kristi Noem, Canada’s Gary Anandasangaree, Australia’s Home Affairs Minister Tony Burke, and New Zealand’s Judith Collins will join Mahmood at the high-level talks.

The issue of migration has become a major political flashpoint worldwide. In the U.S., President Donald Trump has made both legal and illegal immigration a central priority of his second White House term, while in Britain, the government faces intense pressure to address record asylum claims and the rising number of small boat crossings across the English Channel.

Pic Courtesy: google/ images are subject to copyright

featured News

ExxonMobil Weighs Sale of European Chemical Plants Amid Tariff Pressure

By 115 0

ExxonMobil is exploring the sale of its chemical plants in the UK and Belgium, as Europe’s chemicals industry struggles with the impact of U.S. tariffs and growing competition from low-cost Chinese imports, the Financial Times reported. The potential deal, which could raise up to $1 billion, remains at an early stage, with Exxon holding discussions with advisers in recent weeks, according to people familiar with the matter.

The U.S. energy giant operates an ethylene plant in Fife, Scotland, along with several production facilities in Belgium, and has reportedly also considered shutting them down. The European sector continues to face pressure from disrupted trade flows, delayed orders, and a lingering fallout from the 2022 energy crisis. Exxon, however, told the FT it does not comment on “rumours or speculation.”

Other global players are also scaling back in Europe. LyondellBasell (LYB.N) has sold some of its olefin and polyolefin assets earlier this year, while Sabic is shrinking its regional footprint. In May, Exxon entered exclusive talks to divest its majority-owned French unit Esso (ESSF.PA). Industry analysts note that any potential deal could take time, with no certainty a sale will go through.

Pic Courtesy: google/ images are subject to copyright