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France Passes 2026 Budget After Months of Political Deadlock

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France’s 2026 budget has finally been approved after two no-confidence motions failed in the National Assembly, bringing an end to months of political uncertainty. Prime Minister Sebastien Lecornu, leading a weak minority government, secured the passage of the budget with targeted concessions to Socialist lawmakers, including delaying an unpopular pension reform. Lecornu emphasized that the budget reins in public spending without raising taxes for households or businesses.

The delayed budget, which had unsettled markets and alarmed European partners, now provides a period of stability ahead of the 2027 presidential election. Despite a still-high deficit of 5% of GDP, investor confidence has improved, and the French debt risk premium has returned to pre-election levels. Lecornu’s flexibility and compromise have preserved Macron’s legacy of attracting foreign investment.

With domestic reforms largely stalled, President Emmanuel Macron is now focusing on foreign policy, including reducing Europe’s dependency on foreign powers and addressing trade disputes with the U.S. Meanwhile, the centrist bloc faces uncertainty with no clear successor, while former prime ministers Edouard Philippe and Gabriel Attal, along with Lecornu, position themselves for the upcoming presidential race.

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Norway’s Royals Face Scrutiny as Stepson Faces Rape Trial

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Marius Borg Høiby, stepson of Norway’s Crown Prince Haakon, has gone on trial in Oslo district court, facing 38 charges including rape, assault, drug offenses, and property damage. The court has banned photography during the seven-week trial, and the royal family, including his mother Crown Princess Mette-Marit and Crown Prince Haakon, will not attend. Høiby has admitted to some lesser offenses, but denies the most serious sexual assault allegations.

The case has put Norway’s royal family under an intense media spotlight, despite Høiby not being an official royal. The trial involves testimonies from multiple women, including former girlfriend and social influencer Nora Haukland, highlighting serious allegations of physical abuse and sexual assault. Norwegian media describe the case as the biggest scandal the royal family has faced in recent history.

Crown Princess Mette-Marit is battling pulmonary fibrosis, limiting her public engagement, while other senior royals continue to support victims and navigate the delicate balance between family loyalty and public responsibility. The monarchy remains widely respected in Norway, with polls showing 73% of citizens continue to support the royal institution despite the ongoing trial.

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Germany Says It Will Remain Closer to U.S. Than China Despite Strains

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Germany will remain closer to the United States than to China, despite recent tensions in transatlantic relations, Foreign Minister Johann Wadephul said on Monday. Speaking in Singapore, Wadephul stressed that Germany is “not in equidistance” between Washington and Beijing, adding that the U.S. continues to be Europe’s most important partner, particularly when it comes to security.

He acknowledged growing friction with Washington, including criticism from the Trump administration over Europe’s defence spending and reliance on U.S. military support. However, Wadephul warned against turning to China as an alternative, saying it would be the “wrong answer” for Europe to assume that closer ties with Beijing could replace the U.S. relationship, even as some Western countries pursue new trade deals with China.

Wadephul said Europe’s firm and united response to U.S. claims over Greenland showed the continent could defend its interests by clearly defining red lines. He also highlighted the European Union’s expanding network of free trade agreements as a key pillar of rules-based global trade and said the bloc is moving quickly to finalise new deals in the Asia-Pacific region, including with Malaysia, Thailand, the Philippines and Australia.

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Tesla Europe Sales Still Struggle in January

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Tesla’s car registrations across key European markets showed little sign of a strong recovery in January, traditionally a slow sales month. While registrations increased in Sweden and Denmark compared to the same period last year, they fell sharply in France and Norway, highlighting uneven demand across the region.

In Sweden, Tesla registrations rose 26% to 512 vehicles, and in Denmark they edged up 3% to 458 units. However, sales dropped steeply in Norway—down 88% to just 83 vehicles—and declined 42% in France to 661 registrations. These figures come after Tesla’s European market shrank by 27% in 2025.

Despite launching cheaper versions of the Model Y and Model 3 to counter an ageing lineup and rising competition from rivals like China’s BYD, Tesla has struggled to regain momentum. Analysts say reputational issues linked to CEO Elon Musk’s political affiliations in Europe may also be weighing on the brand’s recovery, even as overall electric vehicle sales in the region improve.

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Obesity Drug Market Outlook Narrows as Prices Fall and Competition Rises

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The long-standing expectation that the global obesity drug market would reach $150 billion within the next decade is becoming less certain as prices for leading GLP-1 treatments from Novo Nordisk and Eli Lilly decline in the United States. Analysts say intensifying competition, the rise of cash-pay consumers, and the prospect of new drugs and generics have forced a reassessment of how big — and how fast — the market can grow. Forecasts for 2030 are now roughly 30% lower, closer to $100 billion, with the $150 billion milestone pushed further out to the mid-2030s.

Once priced at around $1,000 a month, flagship weight-loss drugs such as Wegovy and Zepbound are now available directly from manufacturers for $149 to $299, reflecting political pressure and pricing agreements. While lower prices could boost volumes, analysts warn that revenue growth will depend heavily on sustained demand. Several banks, including Jefferies and Goldman Sachs, have trimmed their peak market estimates, citing faster-than-expected price erosion and changing patient usage patterns.

Despite the caution, some analysts and industry leaders remain optimistic, arguing that higher volumes, longer treatment durations, and the launch of oral weight-loss pills could still drive substantial growth. Novo and Lilly remain dominant players, and the approval of more convenient pills may expand the patient base rather than merely shift market share. With earnings updates and new clinical data expected in 2026, analysts say the coming year will be critical in determining whether the obesity drug market is truly shrinking — or simply entering a new phase of growth.

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Slovakia Security Adviser Quits After Epstein Email Links Surface

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Slovakia’s national security adviser Miroslav Lajcak has resigned after newly released files related to convicted sex offender Jeffrey Epstein revealed the two had exchanged emails discussing young women. The disclosures emerged from a fresh release of Epstein-related documents by the U.S. Justice Department, triggering political fallout in Bratislava.

Lajcak, a former Slovak foreign minister and seasoned diplomat, denied any wrongdoing and strongly condemned Epstein’s crimes. He said the email exchange from 2018 was informal, light-hearted and without substance, but decided to step down to ensure the issue was not used to politically damage Prime Minister Robert Fico. He stressed that his resignation was not an admission of unethical or criminal behaviour.

Prime Minister Fico said he had accepted Lajcak’s resignation, praising him as an invaluable figure in diplomacy and foreign policy. The controversy centres on correspondence from October 2018, when Lajcak was serving as foreign minister, and is part of a broader release of millions of Epstein-related files that have implicated several public figures globally.

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Musk Says Starlink Curbs on Russian Use Are Showing Results

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Elon Musk said on Sunday that steps taken by SpaceX to prevent Russia from using its Starlink satellite internet system without authorization appear to have been effective. His comments came after Ukraine reported finding Starlink terminals on long-range drones used in recent Russian attacks, raising concerns over misuse of the technology in the conflict.

Ukraine’s military relies heavily on Starlink for battlefield communications and for operating certain drone missions. Kyiv said it is working closely with SpaceX to stop any Russian access to the system. Posting on X, Musk said the measures introduced by the company had worked so far and added that SpaceX would take further action if needed.

Ukrainian Defence Minister Mykhailo Fedorov said authorities are now developing a system that would allow only authorised Starlink terminals to function within Ukraine. He said initial steps had already delivered quick results in countering Russian drone operations. SpaceX has previously said it does not sell or ship Starlink to Russia and does not conduct any business with the Russian government or military.

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Moldova Suffers Major Power Outage Linked to Ukraine Grid Failure

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Moldova experienced widespread power cuts on Saturday after an emergency failure linked to neighbouring Ukraine’s electricity grid, according to officials. The outage affected the capital, Chisinau, and large parts of the country after disruptions in Ukraine caused a voltage drop on one of the main power lines supplying Moldova, the energy ministry said.

Chisinau mayor Ion Ceban said most districts of the city were left without electricity, with traffic lights and other essential services also knocked out. Authorities worked to manage the situation as residents faced sudden blackouts across urban areas.

Ukraine has also been hit by emergency power cuts, with electricity provider DTEK confirming outages in some regions. Kyiv’s metro was temporarily shut down and the city’s water supply was briefly halted. Ukraine’s power grid has been repeatedly targeted by Russian strikes in recent months, leading to ongoing electricity shortages that continue to affect both Ukraine and neighbouring countries.

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EU Blacklists Iran’s Revolutionary Guards Over Protest Crackdown

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The European Union has added Iran’s Islamic Revolutionary Guard Corps (IRGC) to its list of terrorist organisations, citing the group’s central role in a deadly crackdown on anti-government protests. EU foreign policy chief Kaja Kallas said the move was a response to widespread repression, placing the IRGC alongside groups such as al-Qaeda and Islamic State. Iran condemned the decision, calling it a “strategic mistake”, while human rights groups say thousands of protesters were killed during unrest in December and January.

France, which had previously been cautious over the move due to concerns about severing diplomatic ties with Tehran, backed the decision this week, alongside Italy and other EU states. The bloc also imposed new sanctions on six Iranian entities and 15 senior officials accused of involvement in violent repression, including Iran’s interior minister and senior judicial figures. Those listed face travel bans and asset freezes under EU rules.

The decision comes amid rising tensions between Iran and the West, as the US increases its military presence in the region and pushes Tehran to negotiate over its nuclear programme. US President Donald Trump said he hoped to avoid military action but warned Iran to engage in talks, while Iranian officials said their forces were ready to respond to any aggression. Independent groups estimate the death toll from the protests could exceed 20,000, though Iran disputes those figures.

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Apple Hits Record iPhone Sales as Macs and Wearables Slip

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Apple reported its strongest-ever iPhone sales in the final quarter of last year, driven by high demand for the new iPhone 17 lineup. Overall revenue jumped 16% year-on-year to $144bn, marking the company’s fastest growth since 2021. Sales surged across key markets including China, Europe, the Americas, Japan, and India, where Apple posted a record quarter. CEO Tim Cook said demand was so strong that Apple is currently constrained by supply.

Not all parts of the business shared in the success. Sales of wearables and accessories, such as Apple Watch and AirPods, fell by around 3%, while Mac computer sales dropped just over 7%. Analysts say Apple’s dominance in smartphones is facing growing uncertainty, particularly as competition intensifies and consumer expectations evolve.

Investors are closely watching Apple’s next steps in artificial intelligence, especially following its newly announced partnership with Google’s Gemini AI for future Siri upgrades. While Apple plans to spend $16bn on infrastructure and retail expansion next year, its AI investment remains modest compared to rivals like Microsoft. That cautious approach comes as Microsoft’s heavy AI spending has recently rattled investors, sending its shares sharply lower.

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