Economist
The article dismisses the notion that America and China form a capable G2 leadership duo. It criticizes President Trump for mistreating allies and undermining global stability institutions, while condemning China's authoritarian regime for bullying neighbors and fueling foreign conflicts. The author suggests neither power is equipped to responsibly lead the world.
Chinese-American relations experts dismiss hopes for a "grand bargain" between Donald Trump and Xi Jinping. While some optimists previously envisioned a major deal involving balanced trade, Chinese market openings, and American military withdrawal from East Asia, the leaders' May 14-15 Beijing meeting will likely achieve minimal results. At best, they may extend their existing trade truce.
After establishing diplomatic ties with communist China in 1979, Chinese officials demanded that President Ronald Reagan commit to ending arms sales to Taiwan. Secretary of State Alexander Haig supported this position, viewing China as increasingly important globally. Reagan fired Haig but compromised through a 1982 communiqué promising to gradually reduce arms sales if China remained peaceful, while simultaneously sending secret reassurances to Taiwan affirming continued American support.
Xi Jinping and Donald Trump's Beijing meeting on May 14th-15th will address Middle East conflicts, trade imbalances, Taiwan's status, and artificial intelligence. Both Beijing and Washington's leadership are concerned about AI's rapid advancement, recognizing its importance for domestic prosperity and geopolitical power while acknowledging growing risks. This technological challenge parallels the atomic bomb's impact on great power relations.
America's war on Iran has faced multiple setbacks, partly due to Iranian drone effectiveness. A confidential document obtained by The Economist reveals that Russia has offered to supply Iran with unjammable drones and provide training for their deployment against American troops in the Gulf region and potentially other areas.
Justice Clarence Thomas delivered a speech celebrating the Declaration of Independence, characterizing progressivism as a power-mad international movement originating in America through Woodrow Wilson's racism and elitism. He blamed progressivism for various societal problems and linked it to Stalin, Hitler, Mussolini, and Mao's excesses. Critics condemned his historical account as confused and misleading, though his progressive critique aligns with conventional conservative intellectual thought.
Ben Black, head of the International Development Finance Corporation, plays a crucial financial role in reopening the Strait of Hormuz. Unlike military personnel deployed by Donald Trump, Black helps facilitate ship passage through the war-torn waterway by insuring oil tankers against potential damage. His organization provides the financial backing necessary to enable commercial vessels to safely navigate the strategically important gulf passage.
Mamata Banerjee's defeat in West Bengal elections ends 15 years of governance marked by economic stagnation and authoritarian practices. While India's economy boomed nationally, West Bengal's 100 million residents saw incomes fall to half those in Gujarat. Banerjee's administration was characterized by silencing critics, jailing opponents, extortion rackets, and alleged sexual violence by party members. Businesses faced forced bribes for land and licenses, prompting many to relocate elsewhere.
L'Oréal and Estée Lauder have long dominated the luxury cosmetics market. France's L'Oréal owns prestigious brands like Lancôme and mass-market lines such as Maybelline. America's Estée Lauder controls multiple high-end brands primarily sold in department stores. Together, these two companies maintain significant influence across both premium and accessible beauty segments.
Elon Musk, the world's richest man, prepares to take a valuable startup public. Quinn Slobodian and Ben Tarnoff's book "Muskism" examines Musk's background and formative experiences, positioning him as a template for 21st-century capitalism, similar to Henry Ford's influence on the 20th century. Unlike Walter Isaacson's authorized 2023 biography, this unauthorized work provides deeper psychological insight despite lacking direct access to Musk.
Iran is reviewing an American proposal to resolve their conflict, with Trump claiming "great progress" toward a final agreement. However, Iranian media indicates many issues remain unresolved. Recent tensions escalated when America and Iran exchanged fire in the Strait of Hormuz, threatening their ceasefire. Ships from the UAE and South Korea were struck. Trump announced then paused Project Freedom, an operation to escort commercial vessels through the strait. The UAE intercepted Iranian missile and drone attacks, including one targeting an oil facility.
Spirit Airlines ceased operations after failing to secure government bailout funding. The financially struggling low-cost carrier began liquidating assets, including aircraft it owned outright, while potentially abandoning leased planes to lenders. Rising jet-fuel costs from the Iran conflict exacerbated its existing debt problems. The airline had previously attempted to merge with JetBlue, but regulators blocked the deal on antitrust concerns in 2024.
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The Groucho Club, a Soho establishment central to British cultural life in the 1990s, hosts Tate Britain's announcement of an upcoming exhibition on that decade. Mentioned 42 times in a cultural history of 1995, the venue remains iconic to the era. Edward Enninful, former British Vogue editor-in-chief and exhibition curator, notes the club is rarely visited during daytime hours, reflecting its enduring association with 1990s culture and figures like supermodel Kate Moss.
Ibrahim Oweiss, a young Egyptian economist, offered candid advice to Egypt's government warning against industrial overconcentration in Cairo and Alexandria. He also criticized General Nasser's exaggerated claims about Egyptian manufacturing capabilities. These frank critiques made it prudent for Oweiss to leave Egypt in 1960, and he faced difficulty returning, demonstrating the risks economists face when challenging political leadership.
Most people don't regret lacking commute time, as traveling to and from work is typically neither relaxing nor productive. Commutes are generally routine and often unpleasant, particularly when involving heavy traffic or crowded conditions. This mundane aspect of daily life is widely disliked by commuters who would prefer spending that time elsewhere.
This podcast episode investigates rising antisemitism in Britain, examining whether it is becoming normalized following a recent attack in a London Jewish neighborhood. The program also covers the contrasting fortunes of luxury brands globally, with American brands outperforming competitors. Additionally, it features a profile of Argentina as part of ongoing World Cup team coverage. The episode runs approximately 19 minutes.
Following dramatic developments in the Gulf, tensions remain unresolved despite recent announcements. Trump unveiled a merchant ship guidance scheme for the Strait of Hormuz but suspended it after two days. Iran violated a ceasefire by attacking the UAE, America's regional ally, though the U.S. downplayed the incident as insignificant. Trump continues promoting the possibility of an upcoming diplomatic breakthrough amid ongoing instability.
Cecilia Rosenbaum, principal of a Swedish comprehensive school, created a book-spine staircase decorated with children's book titles to encourage reading. She implements multiple reading initiatives including displaying books in the park during breaks, dedicating 15 minutes daily to classroom reading, and conducting weekly read-aloud sessions. Her mission aims to increase student engagement with literature.
A Chinese state-owned diesel engine manufacturer, Weichai, acquired struggling Italian yacht-maker Ferretti in 2012 and expanded it through listings in Milan and Hong Kong. Czech billionaire Karel Komarek's investment group KKCG has become the second-largest shareholder with approximately 23% stake, while Weichai maintains nearly 40% ownership. Komarek and other stakeholders dispute the Chinese management's strategic direction for the company.
Literary critics have traditionally been portrayed as scornful and dismissive figures, from Wordsworth's frowning disapprovers to Dorothy Parker's forceful rejectors. Graham Greene argued that all writers, including critics, need emotional detachment. However, the passage suggests this conventional view may be challenged by contemporary figures like Dua Lipa, implying a shift in critical sensibilities.
The Strait of Hormuz's near-complete closure has disrupted both jet fuel and crude oil exports from the Persian Gulf to Europe, causing prices to spike rapidly. While commercial jets traveling at 500 knots reach Europe in hours and tankers at 15 knots take weeks, both depend on this critical waterway. The blockade demonstrates how geopolitical events affecting maritime chokepoints can immediately impact global fuel markets and transportation costs.
A Hangzhou court ruled in late April that companies cannot fire employees and replace them with artificial intelligence. This decision provides reassurance to workers in the Chinese metropolis, home to tech giant Alibaba and its 128,000 employees. The ruling also benefits commercial landlords in the city who rely on human office workers rather than AI agents to occupy their spaces.
UniCredit, Italy's second-largest bank, has made a formal bid for Commerzbank, Germany's second-biggest listed lender. Shareholders can exchange one Commerzbank share for 0.485 UniCredit shares until June 16th. The offer values Commerzbank at €35 billion, representing over 8% below its May 4th closing price, making it an unattractive proposition for shareholders.
American public memory of the civil-rights movement focuses primarily on dismantling Jim Crow in the South, centered on well-known figures like Martin Luther King Jr. and Rosa Parks. King's "I Have a Dream" speech represents the movement's defining moment, symbolizing how courageous Black Americans and allies defeated legal segregation and ended Black disenfranchisement through their national struggle.
The AI industry faces physical infrastructure constraints limiting its rapid expansion. While major tech companies like Amazon and Google invest billions in AI development, supply chain partners struggle to meet demand for chips, data centers, transformers, and power infrastructure. These physical limitations cannot scale as quickly as software, potentially slowing artificial intelligence advancement despite massive financial commitments.
Rahm Emanuel, a prominent Democratic figure for four decades, deflects questions about a potential 2028 presidential run. Though rarely asked about his stance on artificial intelligence, a likely major issue in that race, Emanuel expresses contemporary concerns about the technology. Despite representing the party's centrist establishment, he acknowledges AI's significance, stating it keeps him awake at night.
Donald Trump and Xi Jinping are scheduled to meet May 14-15 in Beijing, following a previous cancellation. This summit offers an opportunity to address deteriorating Sino-American relations. Their last meeting in October 2025 resulted in minimal progress. The article suggests both leaders should jointly endorse a Bilateral Investment Treaty to advance diplomatic relations and ease ongoing tensions.
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Foreign Policy
President Trump signed a new counterterrorism strategy prioritizing drug cartels in the Western Hemisphere over traditional jihadist threats, marking a significant shift from previous administrations. The strategy also emphasizes left-wing extremism while notably omitting far-right extremism, despite experts noting most recent lethal attacks stem from right-wing groups. Meanwhile, Iran considers a U.S. peace proposal as negotiations continue, and Israel struck Beirut, killing a senior Hezbollah leader, threatening the fragile Lebanese ceasefire.
In September 2020, President Trump signed the Abraham Accords normalizing relations between Israel, Bahrain, and the UAE, later expanded to include Morocco and Sudan. While initially praised by foreign policy experts, the accords proved counterproductive. Rather than promoting peace, they facilitated extensive military cooperation between Israel and Gulf states, primarily targeting Iran. This alliance undermined Palestinian interests, as signatories reduced support for Palestinian refugees and failed to curb Israeli settler violence. Ultimately, the accords enabled Israeli military aggression and regional instability rather than delivering the promised peace and prosperity.
UK local elections are expected to deliver significant losses for the ruling Labour Party, with voters shifting toward far-right Reform UK and left-wing Greens. Prime Minister Keir Starmer faces pressure to resign due to low approval ratings and failure to address the cost-of-living crisis. In other news, Brazilian President Lula visited the White House amid ongoing trade tensions with the Trump administration, while China sentenced two former defense ministers to suspended death sentences for corruption. A fragile Israel-Hezbollah ceasefire in Lebanon showed cracks following an Israeli strike on a Hezbollah commander.
While observers identify Cai Qi as Xi Jinping's second-in-command due to his proximity to power, he lacks true de facto authority. Though Cai controls important administrative functions like scheduling and information flow, he cannot act independently or monopolize channels to Xi. Premier Li Qiang holds greater substantive power, ranking higher in key commissions and acting as temporary leader during Xi's absences. Xi deliberately distributes power among trusted associates to prevent any complete second-in-command from emerging, making Cai merely his closest executor rather than a genuine power center.
China is strategically building affordable, open-source AI models like Kimi and Qwen that rival Western alternatives in capability while costing significantly less. Rather than competing on cutting-edge hardware, Beijing targets developing nations with cost-effective, customizable solutions unsuitable for local contexts. This approach mirrors the Belt and Road Initiative but with invisible, free infrastructure. As Western AI remains expensive and Western-centric, Chinese models are becoming default standards across the Global South, potentially granting Beijing long-term influence over AI standards and technological development worldwide.
Putin's security measures have intensified dramatically amid mounting military pressures. Ukraine's sophisticated drone and assassination campaigns have forced the Russian president into bunkers and secret locations. Meanwhile, Russia's spring offensive has stalled with massive casualties while achieving no objectives. Ukrainian forces, employing innovative tactics, have degraded Russian air defenses and targeted critical infrastructure like oil refineries and industrial facilities, reducing Russia's export capacity by 40 percent. Russia's budget deficit has swelled while military momentum shifts toward Ukraine, which enjoys strengthened international support and renewed diplomatic opportunities. Facing economic stagnation and internal dissent, Putin's grip on power appears increasingly precarious.
Politico
While Trump's relationships with other European leaders deteriorate, Greece is actively cultivating strong ties with his administration. Prime Minister Kyriakos Mitsotakis is positioning Greece as a key ally, offering Trump a warm welcome and potentially a speech on the Acropolis for America's 250th anniversary. U.S. Ambassador Kimberly Guilfoyle has aggressively pursued business deals, energy contracts, and military cooperation while pushing back against Chinese interests. Greece views the U.S. as essential for security against Turkey and economic growth, while Mitsotakis's government has shifted rightward ideologically to align with MAGA themes.
The Netherlands is pushing to restart discussions on using up to €210 billion in frozen Russian assets to fund Ukraine's defense, as diplomats worry a previously agreed €90 billion EU loan is insufficient. The proposal risks reopening contentious debates from last year, when Belgium and other countries expressed concerns about potential Russian retaliation and legal complications. The European Commission is simultaneously lobbying other nations for additional funding. Ukraine's budget shortfall could reach €135 billion through 2027, far exceeding current commitments.
Prime Minister Keir Starmer faces significant losses in Britain's largest elections since 2024, covering over 5,000 English council seats, six mayoral positions, Scottish Parliament seats, and Welsh Senedd members. Early results show Labour has lost more than 150 councillors and control of five councils, with Reform UK emerging as the main beneficiary. Counting continues across multiple regions.
Fertilizer and fuel prices have surged following the Iran-Gulf conflict, but supermarket prices remain stable due to pre-crisis purchasing. However, real consumer pain arrives in 2027 when next year's harvest reflects war-driven costs. European farmers, facing higher fertilizer expenses while crop prices remain unchanged, are reducing nitrogen use and planting less. Ireland and Sweden already report significant losses. Europe's proposed solutions—reducing import dependency, boosting domestic production, and promoting alternatives—require years to implement. Meanwhile, the EU's carbon border tax on imported fertilizer compounds affordability challenges. Globally, countries like Brazil and Ethiopia face severe shortages, with forecasters warning 45 million additional people could face food insecurity.
The EU will appoint Finnish diplomat Jukka Salovaara as its new ambassador to the United Kingdom, according to EU officials. Salovaara, a veteran of Finland's foreign service since 1995 who previously served as UN envoy and under-secretary for European affairs, is described as a serious and well-connected diplomat. The appointment reflects British Prime Minister Keir Starmer's Labour government efforts to strengthen EU-UK relations following Brexit, with a landmark summit expected this summer to negotiate expanded economic and security cooperation.
The European Union is weakening enforcement of its 2021 methane regulation under pressure from the Trump administration and the fossil fuel industry, citing energy security concerns. The regulation requires oil and gas companies to monitor and reduce methane emissions, with imported fuels meeting EU standards by 2027. Draft guidelines would allow governments to exempt companies from penalties during energy crises. Scientists argue that reducing methane emissions is the fastest way to slow climate change, with cost-effective solutions available for the fossil fuel sector. Critics warn the proposed flexibilities could render the regulation unenforceable.
Hungary's incoming Prime Minister Péter Magyar and Italian Prime Minister Giorgia Meloni pledged to strengthen bilateral ties following Viktor Orbán's departure from power. Meeting in Rome, the leaders affirmed their countries' "strong and well-established" relationship and confirmed alignment on key issues. Meloni had been Orbán's close ally on European politics, sharing priorities on migration and Ukraine. Magyar has already signaled policy shifts, dropping Hungary's opposition to the EU's €90 billion Ukraine loan and seeking release of withheld recovery funds.
A Chinese military court convicted two former defense ministers, Wei Fenghe and Li Shangfu, of accepting bribes and sentenced them to suspended death sentences with two-year reprieves. Li was also found guilty of offering bribes. Both men were stripped of political rights for life and will have their assets confiscated. Li, once considered close to President Xi Jinping, disappeared from public view in 2023 alongside other defense officials. Since 2012, Xi's anti-corruption purges have removed millions of officials.
EU lawmakers and industry groups expressed dissatisfaction Thursday with a new AI regulation deal that they say doesn't go far enough in deregulating the sector. While the agreement delays rules for high-risk AI uses, center-right and liberal politicians wanted exemptions for medical devices and radio equipment, ultimately securing only machinery exemptions. Tech lobby groups criticized the deal as insufficient simplification. Center-left lawmakers countered that safety and fundamental rights protections must remain paramount in AI regulation.
Spain faces criticism for contradictory statements regarding quarantine procedures for passengers aboard the MV Hondius cruise ship, which will dock in the Canary Islands this weekend. The vessel has experienced a hantavirus outbreak resulting in three deaths. While non-Spanish asymptomatic passengers will be repatriated, authorities disagreed on whether 14 Spanish passengers should be quarantined. The Defense Minister suggested voluntary quarantine, while the Health Minister insisted quarantine would be mandatory. Opposition parties criticized the government's unclear messaging and operational competence.
Politics and music rarely mix well. Gordon Brown pretended to like Arctic Monkeys, while Trump admits his wife hates his dancing to "Y.M.C.A." French President Macron sang at a European Political Community meeting in Armenia, with Armenian PM Pashinyan on drums. The article humorously proposes forming a band of world leaders, including Zelenskyy on piano and Putin on vocals, with Charles III on cello and Emperor Naruhito on viola, potentially adding EU Commission President von der Leyen.
EU countries coordinated their response to a hantavirus outbreak on a cruise ship bound for Spain that has killed three people. The WHO assured the public this is not the start of an epidemic or pandemic. Hantavirus, typically spread by infected rats, has five confirmed and three suspected cases linked to the cruise ship. The outbreak likely began with a couple who birdwatched in South America. EU countries are implementing isolation protocols and quarantine measures as the ship approaches the Canary Islands for passenger disembarkation.
Italian lawmakers visited Libya to explore increased energy trade, seeking to compensate for recent energy losses. Libya's Greenstream pipeline can transport up to 11 billion cubic meters of natural gas annually to Italy but currently operates at only 10 percent capacity due to the country's ongoing civil conflict and political division. While infrastructure upgrades could potentially boost flows within months, there is disagreement among Italian officials about Libya's short-term viability as a reliable energy source. The initiative reflects broader Western efforts to stabilize Libya and diversify European energy supplies.
U.S. Secretary of State Marco Rubio met with Pope Leo XIV at the Vatican to repair relations damaged by President Trump's recent criticism of the pontiff. Trump had called the pope "weak" and "terrible" after Leo advocated for peace in Middle Eastern conflicts. Following their Thursday meeting, both the Vatican and Rubio emphasized their shared commitment to peace and human dignity. The diplomatic visit successfully eased tensions between the White House and Catholic Church leadership.
Hungary's incoming Prime Minister Péter Magyar is negotiating with the European Commission over €10.4 billion in frozen EU recovery funds. The allocation comprises €6.5 billion in grants and €3.9 billion in loans. Brussels recommends Hungary request only grants, citing insufficient time to release the full amount before reform deadlines. Hungary seeks the complete package, viewing it as politically essential after campaigning for a reset with Brussels. The Commission warns that additional loans would strain Hungary's already precarious public finances. Magyar must submit reform proposals by May 31 and formally request funds by August 31.
The EU has delayed implementation of its AI Act's high-risk restrictions by over a year until December 2027, following pressure from industry and the U.S. Industrial AI applications are largely exempted from the law, a significant concession to Germany aimed at keeping companies like Siemens and Bosch competitive globally. The agreement also includes new bans on non-consensual deepfakes and child abuse material, with a shortened three-month grace period for watermarking AI-generated content. This marks the first major rollback of EU digital rules as the bloc faces criticism for regulating AI too strictly.
EU and U.S. negotiators are working toward finalizing a trade agreement this month, according to German MEP Bernd Lange. The deal, initially agreed upon in July at Trump's Scottish golf resort, still requires EU legislative approval to remove tariffs on American industrial goods. Negotiations focus on disputed provisions including a "sunrise clause" conditioning implementation on U.S. steel and aluminum tariff reductions, and a "sunset clause" determining the agreement's expiration date. The European Parliament seeks a 2028 expiration, while the Commission and member states prefer extension beyond Trump's presidency.
The Committee of the Regions has suspended a €3.6 million plan to build a 450-seat conference hall at its Brussels headquarters. President Kata Tüttő stated the proposal is "off the agenda" pending further assessment of its viability. Politicians were only informed when asked for approval, prompting concerns about transparency. Budget constraints and the need for broader understanding led to the decision. The institution is consulting stakeholders, including trade unions and the European Economic and Social Committee, which shares the building.
The European Public Prosecutor's Office is investigating alleged misappropriation of EU funds related to media training sessions for National Rally leader Jordan Bardella, following a complaint by an anti-corruption organization. The far-right party denies wrongdoing, stating the services complied with European Parliament rules. This investigation coincides with former National Rally chief Marine Le Pen's embezzlement conviction, which bars her from the 2027 presidential election pending an appeal decision in July.
Ukrainian President Zelenskyy has sent his chief negotiator, Rustem Umerov, to meet with Trump envoys Steve Witkoff and Jared Kushner in the U.S. as Moscow-Kyiv peace negotiations mediated by Washington have stalled. Zelenskyy previously criticized the U.S. for shifting focus toward Iran and the Middle East, reducing pressure on Russia. Putin demands Ukraine withdraw from Donbas, while Kyiv insists on settling along current contact lines and refuses territorial concessions. The talks remain deadlocked.
European Commission startup chief Ekaterina Zaharieva says Europe can achieve technological independence while maintaining partnerships with U.S. tech companies. She emphasized that tech sovereignty doesn't require severing ties with Silicon Valley. The EU's upcoming tech sovereignty package aims to reduce reliance on American technology in critical areas like cloud services and chips, but Zaharieva insists collaboration with like-minded countries remains essential. She noted that U.S. executives, including Nvidia CEO Jensen Huang, still value working with Europe, particularly recognizing its scientific talent and research capabilities.
LRT
Two freight trains derailed in central Lithuania within 48 hours, initially raising sabotage concerns but later attributed to technical failures and human error. Investigators blame outdated infrastructure and insufficient maintenance funding. The first derailment involved overheating components; the second resulted from incorrect routing onto an incompatible track gauge. The rail operator acknowledged that modernized signaling systems and adequate investment could have prevented these incidents. Lithuania faces broader railway challenges including speed restrictions, depleted spare parts, reduced inspections, and staff shortages, with multiple investigations ongoing.
A 36-year-old Russian software developer, Alexander Okunev, set himself on fire in Kaliningrad on February 24, 2025, the third anniversary of Russia's invasion of Ukraine, leaving an anti-war message in the snow. Russian authorities quickly removed all evidence and suppressed the incident from public view. The story remained hidden for over a year until Estonian intelligence revealed it in a security assessment. A joint investigation by Estonian, Lithuanian, and Russian journalists confirmed Okunev's identity and motivations through government documents and interviews with those close to him.
Police searched the home and office of Vilnius city municipality director Adomas Bužinskas as part of a pre-trial investigation into the city's street design standard. Bužinskas claims he never received a summons for questioning despite the searches. The investigation concerns a street standard he signed five years ago as deputy director. Lithuania's Supreme Administrative Court ruled in 2024 that the standard was invalid because it wasn't properly published. Authorities are investigating possible abuse of office and failure to perform official duties.
Sweden's King Carl XVI Gustaf and Queen Silvia will visit Lithuania in May, meeting with President Gitanas Nausėda on May 18 and attending the opening of a new nursing hospital in Vilnius. This marks another official visit by the Swedish monarchs, following King Carl XVI Gustaf's initial visit in 1992 and their last official trip in 2015. The visit comes after Nausėda recently visited Sweden, where discussions focused on bilateral ties, cultural cooperation, and regional security.
The Venice Commission urged Lithuania to improve its proposed overhaul of national broadcaster LRT's governance and funding, softening earlier criticism but warning certain provisions risk undermining media independence. While welcoming restored two-thirds voting requirements for dismissing the director-general, the commission recommended applying new rules only to future appointees to avoid targeting specific individuals. The commission criticized the frozen budget without proper analysis, questioned compliance with European human rights standards, and criticized the legislative process itself. Lithuania's parliamentary Culture Committee concluded discussions Wednesday, substantially revising the original proposals and deciding not to delay implementation, potentially allowing the current director-general's dismissal.
Lithuania may join a peacekeeping mission to restore maritime security in the Strait of Hormuz, offering demining capabilities, Defence Minister Robertas Kaunas announced. Lithuania will not engage in combat operations but seeks a peacekeeping mandate as a NATO ally contributing to global stability. The State Defence Council will discuss participation later this month, with any troop deployment requiring parliamentary approval. Lithuania's consideration stems from energy security concerns and oil price volatility caused by regional tensions, alongside concerns about Iran's support for Russia and nuclear ambitions.
Lithuania's parliament voted 93-2 to strip former Prime Minister Gintautas Paluckas of his legal immunity, enabling prosecutors to bring formal charges of illicit enrichment and abuse of office. Prosecutors allege Paluckas and his wife accumulated nearly 345,000 euros in unexplained assets between 2010 and 2024 through unclear income sources used to purchase property and securities. Paluckas claimed he could justify his income but made no direct response during the session. He suspended his party membership but retained his parliamentary seat.
Lithuanian President Gitanas Nausėda and Polish President Karol Nawrocki both expressed concern over US plans to withdraw 5,000 troops from Germany, urging Europe to retain American military presence. Both leaders offered to host additional US forces within their countries. Nausėda emphasized maintaining Washington's focus on Europe, while Nawrocki stressed that European security depends on continued US deployment. Lithuania currently hosts over 1,000 American troops and expects 5,000 German troops by 2027, while Poland hosts approximately 10,000 US troops on rotation.
Several drones entered Latvian airspace from Russia early Thursday, with two crashing. Lithuania recorded no airspace violations. NATO fighter jets from Šiauliai Air Base patrolled the area in response. Lithuanian Defence Minister Robertas Kaunas attributed the incidents to Russia's war in Ukraine. Officials noted the drones likely came from Ukraine, having been affected by Russian electronic warfare, rather than being Russian-operated.
Financiers convening in Beverly Hills were brimming with optimism in spite of the Iran war and stress in private markets
Fallout from Iran war has made fastest-growing major economy ‘not a country to be invested in’
Australian media mogul’s funds to invest in Architect Capital SPV taking a minority stake in platform
Simon Wright awarded A$35mn annual pay as energy markets drive bumper returns at ‘millionaires’ factory’
UAE intercepts Iranian drones and missiles as tensions escalate
Fintech company aims to ‘eliminate physical credit cards’ in South Korea in three years
Asian manufacturers supplying the picks and shovels of the AI bonanza could be on a more durable footing
The rebound is real. Will it last?
Symbolic move indicates growing resistance to Trump administration’s payments to stop such projects
Financiers at the Beverly Hills gathering brush aside concerns over Iran conflict and private market strains
Fund says preparations needed for ‘inevitable’ AI-enabled breaches of financial institutions’ cyber defences
Termination of 32-year joint venture is a blow to communist island’s economy and could push up cobalt prices
Without identity checks, prediction market regulation will be toothless
Facebook owner mounts legal challenge over UK online safety rules and penalties
Potential team owners had expressed concerns over slow path to profits
Billionaire behind $13bn company says rule changes to encourage UK listings make plan more attractive
Soaring S&P propelled by Big Tech equities prompts warnings about ‘fragility’ of rally
They are finance’s saviours as well as its villains
Listed vehicle Hg Capital Trust cut valuations of 14 of its 20 largest portfolio companies
Donald Trump’s Iran war has made fossil fuels expensive and unreliable
Energy major warns of lower gas production after damage to its facilities in the Gulf
Gains for OpenAI and Arm investor help push Nikkei 225 to new peak after holiday closure
Plus, yen intervention
What goes up
Paul Krugman discusses how extreme wealth fosters pettiness and self-centeredness among billionaires. He examines hedge fund manager Ken Griffin's overreaction to New York Mayor Eric Adams' proposed pied-à-terre tax on luxury apartments, comparing Griffin's response to the tax proposal with Elon Musk's destructive policy decisions. Krugman argues that the ultra-wealthy's personal grievances distract from serious issues affecting ordinary citizens, and questions why billionaires even desire Manhattan residences if they isolate themselves through chauffeurs and bodyguards, missing authentic urban experiences.
Large oil futures trades worth approximately $920 million have repeatedly preceded Trump administration announcements about Iran negotiations, with traders profiting from subsequent price movements. This pattern of apparent insider trading has occurred multiple times, yet the administration has taken no enforcement action. Such trading undermines the oil futures market's intended purpose of allowing producers and consumers to hedge risks through mutually beneficial deals. When market participants suspect manipulation, they withdraw from trading, reducing the economy's ability to manage price volatility. These instances exemplify a broader "predation economy" where success depends on political connections rather than merit, damaging economic growth and societal trust.