
Bulgarian President's Proposal for Euro Referendum Blocked
Bulgaria's parliament speaker dismissed an initiative by President Rumen Radev to hold a referendum on euro adoption as the nation moves closer to joining the single currency next year.
Speaker Nataliya Kiselova rejected the proposal, saying that it violated Bulgaria's constitution as well as a range of European Union treaties, her office said in a statement on Tuesday.
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Business Upturn
2 hours ago
- Business Upturn
US stock futures plunge as Israel-Iran conflict escalates; Dow futures drop 677 points, oil spikes 7%
By Aditya Bhagchandani Published on June 13, 2025, 07:16 IST U.S. stock futures tumbled late Thursday after Israel launched a major airstrike on Iran, marking a sharp escalation in Middle East tensions and rattling global markets. Dow Jones Industrial Average futures fell 677 points, or 1.6%, while S&P 500 futures dropped 1.7%. The tech-heavy Nasdaq 100 futures also declined, losing 1.8% in after-hours trading. The market sell-off was triggered after Israeli Defense Minister Israel Katz declared a special state of emergency, following reports that Israeli fighter jets had carried out a coordinated strike on nuclear and military targets across Iran. According to NBC News, U.S. officials confirmed that the United States had no involvement in the attack. Energy markets reacted sharply, with Brent crude futures surging more than 7%, and West Texas Intermediate (WTI) crude also jumping 7%, fueling concerns of potential supply disruptions and a broader geopolitical fallout. Earlier session gains erased by overnight tension The sharp overnight reversal comes after Wall Street ended Thursday's regular session with modest gains. The Dow Jones and Nasdaq Composite each rose by 0.2%, while the S&P 500 advanced 0.4%, inching closer to its all-time high set in February. Markets had earlier responded positively to a cooler-than-expected Producer Price Index (PPI) for May, which rose just 0.1% month-on-month, below economists' expectations of 0.2%, bolstering hopes that inflation is gradually cooling. This followed a similarly softer Consumer Price Index (CPI) print earlier this week. Trump's tariff stance adds to investor anxiety Beyond the geopolitical crisis, markets were already grappling with trade policy uncertainty. Treasury Secretary Scott Bessent hinted that the White House could extend its 90-day tariff pause beyond the July 9 deadline for key partners — if they negotiate 'in good faith.' However, President Donald Trump reignited concerns of renewed trade friction, saying unilateral tariff letters would soon be sent to countries including Japan, South Korea, and the EU. Week-to-date gains at risk Despite the overnight plunge, U.S. indexes were on track for their third consecutive positive week. Heading into Friday: The S&P 500 was up 0.8% , The Nasdaq Composite had gained 0.7% , and The Dow Jones was tracking a 0.5% rise for the week. Key data ahead Investors are now awaiting the preliminary June reading of the University of Michigan's Consumer Sentiment Index, a critical gauge of household confidence that could influence market sentiment heading into the weekend. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Yahoo
6 hours ago
- Yahoo
EU names special envoy for Ukrainian refugees, POLITICO reports
Ylva Johansson, former European Commissioner for Home Affairs, will serve as the European Union's new special envoy for Ukrainians in the bloc, POLITICO reported on June 12. According to anonymous officials that spoke to POLITICO, Johansson will fill the newly created post, overseeing the Commission's long-term strategy for Ukrainian refugees currently residing in the European Union. Johansson, a former Swedish minister and European Commission official, previously visited Ukraine on several occasions, including a refugee camp on the border with Romania. She received the Ukrainian order of merit in September 2024. As special envoy, Johansson will be responsible for EU initiatives focused on helping Ukrainian refugees transition into permanent legal statuses or return home. As part of these initiatives, the EU will launch "unity hubs" – information centers jointly managed with the Ukrainian government. The hubs will support Ukrainian refugees to integrate with EU host countries or repatriate to Ukraine. Germany, which has has taken in more than 1 million Ukrainian refugees since the start of the full-scale invasion, recently committed to establishing unity hubs in Berlin. The unity hubs in Berlin will provide Ukrainians with access to educational and career opportunities both in Ukraine and Germany. The European Commission also recently extended temporary protection Ukrainian refugees who fled to the EU following Russia's invasion of Ukraine. According to Eurostat, 4.26 million Ukrainians currently hold temporary protection status in the EU as of April 2025. Read also: Germany to supply new Iris-T air defense systems to Ukraine, rules out Taurus missiles We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.


Business of Fashion
8 hours ago
- Business of Fashion
Lead EU lawmaker on sustainability laws proposes more cuts
The European Union should further slash the number of companies subject to its environmental and corporate sustainability rules, the European Parliament member leading negotiations on the policies said on Thursday. The European Commission proposed a 'simplification omnibus' in February that it said would help European firms compete with foreign rivals by cutting back on sustainability reporting rules and obligations intended to root out abuses in their supply chains. Those proposals did not go far enough, according to Swedish centre-right lawmaker Jörgen Warborn, who has drafted amendments to scale back the laws further to only cover companies with 3,000 employees or more and over 450 million euros ($521 million) in turnover. The Commission proposal would exempt companies with fewer than 1,000 employees - already, cutting out more than 80 percent of the roughly 50,000 companies currently covered by the green reporting rules. The EU counts around 6,000 companies with more than 1,000 employees. 'Europe is falling behind the US and China in the global race for competitiveness. I'm entering this process with a clear ambition: to cut costs for businesses and go further than the Commission on simplification,' Warborn said in a statement on Thursday. His draft proposal must be negotiated in the European Parliament where other lawmakers can propose their own amendments. The Parliament will agree the final changes with EU member countries in the coming months. Warborn, a member of the centre-right European People's Party lawmaker group, is facing competing calls from some right-wing lawmakers to scrap the policies entirely, and Socialist and Green lawmakers vowing to preserve them. French president Emmanuel Macron and German chancellor Friedrich Merz have both demanded the EU scrap the supply chain law. But the walk-back on ESG rules has met resistance from some investors and campaigners, who have warned it weakens corporate accountability and hurts the bloc's ability to attract more investments towards meeting climate goals. Warborn said his proposed changes will not weaken Europe's sustainability standards, but rather free up resources that companies can instead invest in innovation. By Kate Abnett; Editor: Joe Bavier Learn more: Op-Ed | Dear Fashion CEOs, Stop Undermining Climate Action Too many brands have set ambitious emissions goals while their trade associations quietly work to block the regulations needed to achieve them, argues Maxine Bédat.