EU Commission to propose dedicated defence and space investment in new fund
BRUSSELS, June 25 (Reuters) - The European Commission will propose dedicating part of a new European Competitiveness Fund to resilience, defence and space, the EU executive's leadership said on Wednesday.
The Commission is expected to put forward a plan for a competitiveness fund to invest in strategic sectors and innovation as part of an upcoming proposal for the bloc's 2028-2034 budget.
"The gap to fill, after years of underinvestment and under attention to defence, is large," European Commission President Ursula von der Leyen and EU foreign policy chief Kaja Kallas wrote in a letter to European leaders on Wednesday.
"This is why the Commission's proposal for the next Multiannual Financial Framework will also address the need for substantial funding for defence in the years to come through a dedicated Resilience, Defence and Space window of the European Competitiveness Fund," they wrote.
EU leaders are expected to discuss defence priorities during a summit in Brussels on Thursday.
The discussion will take place a day after a NATO summit in The Hague, where alliance members committed to boosting defence spending to 5% of Gross Domestic Product.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Finextra
6 minutes ago
- Finextra
Barclaycard blocks credit card crypto purchases
Brits will no longer be able to buy cryptocurrency with their Barclaycard credit cards from later this week. 0 In a notice on its website, the Barclays brand says: "From 27 June 2025, we'll block crypto-transactions made with a Barclaycard because we recognise there are certain risks with purchasing crypto-currencies." Those risks, says the card giant, include the fact that "a fall in the price of crypto assets could lead to customers finding themselves in debt they can't afford to repay". Barclaycard also notes that there is no protection for crypto if something goes wrong with a purchase because they are not covered by the Financial Ombudsman Service and Financial Services Compensation Scheme. HSBC and Nationwide banned crypto purchases with credit cards back in 2023.
Auto Blog
an hour ago
- Auto Blog
The 2 Main Reasons Why More Young Drivers Are Avoiding Dealerships
Car ownership is becoming further out of reach for younger drivers A new study from S&P Global Mobility has shown that the share of new vehicle registrations among 18 to 34-year-olds has fallen from 12% starting in Q1 2021 to below 10% in the past two quarters. Adults 55 or older represent half of all new vehicle registrations and have maintained the largest share for eight consecutive quarters (Q2 2023). Two primary factors influencing the decline in new vehicle purchases among 18 to 34-year-olds are rising costs and shifting attitudes toward ownership. Monthly auto payments have increased by 30% over the past four years, and almost one in every five finance agreements carries monthly costs exceeding $1,000. Previous Pause Next Unmute 0:00 / 0:10 Nissan's revolutionary self-driving tech hits Japan's streets Watch More A line of Mustangs at a San Diego, California, car dealership — Source: Getty Kelley Blue Book reported the average price of a new car in May as $48,799, and younger drivers are increasingly turning to subscription-based vehicle services and used purchases. Europe currently leads the world in car subscription service usage among 18 to 34-year-olds, and Deloitte's Global Automotive Consumer Study found that based on 1,500 UK consumer responses, 28% in this age group were interested in subscription models. Car sharing, while growing slower and more unevenly than monthly vehicle subscriptions, is another alternative to new vehicle purchases gaining traction, which involves short-term rentals for specific trips. Others are relying on rideshare services, as Uber's CEO, Dara Khosrowshahi, shared how his son doesn't have his driver's license despite being over 18: 'This drives me crazy. My son is over 18…I'm still trying to get my son to get his driver's license, but Uber's freed him up, Fortune reports.' How automakers must change to win over younger drivers While younger drivers represent 9.9% of the total new vehicle registration volume, they were cited as offering the highest lifetime customer value for automakers. Jason Jordhamo, Marketing Director for Polk Automotive Solutions, an S&P Global Mobility company, said: 'Monitoring the decline of young car buyers is essential to shape effective marketing investment strategies. As their share of new vehicle registrations shrinks, understanding the unique challenges and purchasing triggers for this group becomes increasingly important.' Jordhamo suggests that marketers focus on advanced audience targeting, emphasizing in-market shoppers instead of demographic-based buying, use these audiences across all marketing channels, and invest in more personalized advertising. According to S&P's data, 18 to 34-year-olds accounted for nearly 1.1 million new vehicle registrations from April 2024 to March 2025. Compact utility vehicles were most popular among this demographic at 21% of segment volume, almost double the age group's 9.9% total volume. Compact cars came in second place at 13%, and 18 to 34-year-old drivers were more likely to go fully electric than select a hybrid. A customer looks at vehicles for sale at an AutoNation Toyota dealership — Source: Bloomberg/Getty Images Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Final thoughts Economic realities and new mobility options are increasing the distance between 18 to 34-year-olds and new vehicle registrations, raising the likelihood of dealerships embracing more flexible sales options. These strategic channels could include greater investments in lease incentives or integrating models like car subscriptions, and thus benefit from engaging all potential buyers based on factors like intent and preferences. About the Author Cody Carlson View Profile
Times
an hour ago
- Times
Menopause ‘leaves divorcing women financially vulnerable'
Menopausal women are getting a rough deal in divorce settlements, with one lawyer proposing that couples should agree to a 'meno-nup' that would make break-ups fairer. While fewer couples are getting divorced in the UK, the figure is growing for 'silver splitters' — those separating in later middle age or older. Figures from the Office for National Statistics show a spike in divorce rates between the ages of 45 and 55 — and the number of over-60s separating has doubled since 1993. Farhana Shahzady, a solicitor at the firm Beck Fitzgerald, suggests that the menopause is leaving some women facing financial vulnerability after divorce. Shahzady argues that family law is 'menopause blind' and that there are financial barriers for women experiencing the condition during divorce or separation, which are routinely being ignored.
