logo
Divisions persist in Bulgaria hours before the EU decides whether country should adopt euro currency

Divisions persist in Bulgaria hours before the EU decides whether country should adopt euro currency

Yahoo2 days ago

Bulgaria is close to realizing its decades-old goal of joining the euro currency union and deepening ties with the more prosperous countries of Western Europe. But the government faces a populist backlash against the shared currency on the eve of a key decision by European Union authorities. (AP Video by Valentina Petrova)

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Senate GOP Plans to Boost CFPB Scrutiny, Cut Fed Employee Pay
Senate GOP Plans to Boost CFPB Scrutiny, Cut Fed Employee Pay

Bloomberg

time20 minutes ago

  • Bloomberg

Senate GOP Plans to Boost CFPB Scrutiny, Cut Fed Employee Pay

The Senate Banking Committee is planning to eliminate all mandatory funding for the Consumer Financial Protection Bureau and restrict the pay of many Federal Reserve employees as part of the Senate's big tax and spending bill, according to a person familiar with the matter. The proposal, outlined in a committee memo, would require the CFPB to seek funding in the regular appropriations process rather than receive it from the Fed.

StanChart: OPEC+ Is About To Become Much More Transparent
StanChart: OPEC+ Is About To Become Much More Transparent

Yahoo

time22 minutes ago

  • Yahoo

StanChart: OPEC+ Is About To Become Much More Transparent

A week ago, the 39th OPEC and non-OPEC Ministerial Meeting was held via videoconference, chaired by Prince Abdulaziz bin Salman Al-Saud, Saudi Arabia's Minister of Energy. According to a press release, the group pledged to 'develop a mechanism to assess the maximum sustainable production capacity (MSC) of member countries that will be used as reference for 2027 production baselines'. Whereas the long-term nature of the undertaking elicited little response from oil markets, commodity analysts at Standard Chartered have noted that this is a highly significant development. According to StanChart, establishing MSCs is likely to involve a series of data-related tasks over the next year, a task that's unlikely to prove too difficult. Indeed, the ongoing unwinding of voluntary cuts suggests that the market has tended to overestimate sustainable capacity of some producers and has, therefore, frequently overestimated spare capacity. StanChart says setting MSC levels will improve the visibility and transparency of member countries, making it much harder for some OPEC+ members to obfuscate the degree of their non-compliance with their pledges by creating opaque data flows and vague (or shifting) definitions. This move will give more accurate production data thus reducing oil price second key OPEC+ decision came on 31 May, with Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman agreeing to continue the accelerated unwinding of the 2023 production cuts by 411kb/d in July 2025. July's accelerated clip was similar to that for the previous two months. Previous media reports had warned that the group might decide to unwind more than 411kb/d if the worst overproducers (Kazakhstan and Iraq) continued to defy calls to stick to their quotas. However, an Algerian government press release revealed that no such discussion took place. And now StanChart says that oil markets are likely to remain relatively well balanced for the remainder of the year--if OPEC+ sticks to its current trajectory. According to the analysts, current balances imply a global stock draw of 0.4 mb/d in the third quarter, which will be offset by a 0.4 mb/d inventory build in the final quarter of the year. Contributing to the balance will be the continuation of significant non-OPEC+ supply underperformance relative to consensus expectations in 2025, coupled with relatively robust demand growth which is expected to clock in at 1.17 mb/d in 2025 and 1.07 mb/d in 2026. Meanwhile, current low prices are likely to create some additional potential demand upside. Looking at natural gas markets, the ongoing seasonal build in EU gas inventories accelerated sharply over the past week. According to Gas Infrastructure Europe (GIE) data, EU gas inventories clocked in at 56.79 billion cubic metres (bcm) on 1 June, good for a w/w build of 3.057 bcm. This marked the first time the w/w net injection exceeded 3 bcm since August 2022, with last week's build nearly 50% above the previous week's mark and 24% higher than the five-year average. The faster-than-average build has trimmed the y/y deficit to 24.44 bcm, lower than the 30.07 bcm deficit reached in mid-April. Natural gas prices have failed to sustain the momentum they built in the first three weeks of May: Dutch Title Transfer Facility (TTF) gas for July delivery settled at EUR 35.015 per megawatt hour (MWh) on 2 June, good for a w/w fall of EUR 2.354/MWh. Europe's gas prices have underperformed other energy prices in the year-to-date, by a significant margin. The latest Energy Information Administration (EIA) weekly release was bullish, with the deficit in combined crude oil and oil product inventories relative to the five-year average widening by 7.04 mb w/w to 47.76 mb--the largest since December 2022. Crude oil inventories fell 2.8 mb w/w to 440.36 mb, with inventories now 30.22mb below the five-year average. Meanwhile, U.S. crude exports fell 794 kb/d w/w, tempered by a counter-seasonal 162 kb/d fall in crude oil refinery runs as well as a 262 kb/d increase in imports. However, demand indicators for the month of May were weak, with gasoline demand down 4.8% y/y, jet fuel demand down 0.4% and distillate demand down 1.4%. The U.S. oil rig count declined by four w/w to a 42-month low of 461, marking a fifth consecutive weekly decline according to the latest Baker-Hughes survey. The Permian Basin rig count fell by one to a 42-month low of 278; the Midland Basin rig count fell by one to 98, Delaware Basin activity remained unchanged at 157 rigs, and other Permian drilling was unchanged at 23 rigs. In contrast, the U.S. gas rig count climbed by a single rig w/w to 99. By Alex Kimani for More Top Reads From this article on Sign in to access your portfolio

What Merz wants from Trump showdown meeting
What Merz wants from Trump showdown meeting

Yahoo

timean hour ago

  • Yahoo

What Merz wants from Trump showdown meeting

New German Chancellor Friedrich Merz is making a high-stakes trip to meet US President Donald Trump - his first time in Washington DC as the leader of the European Union's largest economy. Tariffs, defence spending and the war in Ukraine will be high on the agenda when Merz meets Donald Trump on Thursday at the White House. There's also speculation that Trump's team - which repeatedly has weighed in on Germany's domestic politics - could subject him to an Oval Office "ambush". It would not be the first time. Both South African President Cyril Ramaphosa and Ukraine's Volodymyr Zelensky found themselves in awkward, tense or even fiery exchanges as the world's cameras rolled, capturing every moment. Those moments have turned once cosy, diplomatic moments in the Oval Office into potentially fraught, tight-rope walks for visiting leaders. Ahead of the visit, Berlin expressed confidence that the German side is ready. "I think he's well prepared for this meeting," Friedrich Merz's spokesman told reporters this week. Merz - from the centre-right CDU party - is not just prepared, but on friendly terms with the US President, according to German media. The pair are even said to have exchanged text messages and be on a first name basis, Germany's ARD news outlet has reported. It's always important to not talk for too long," Merz recently opined on German TV. "But to keep it short and also let him talk." Merz's forthright, "shoot-from-the-hip" style of politics could add an interesting dimension to the meeting. His remarks can be surprising and make headlines - a stark contrast to those of his more cautious predecessors, Olaf Scholz and Angela Merkel. Though a traditional supporter of transatlantic relations, Merz raised eyebrows in February by declaring the current US administration is "indifferent to the fate of Europe". So far, the White House has been uncharacteristically quiet about Merz's visit. It was only briefly mentioned by Press Secretary Karoline Leavitt in a gaggle with reporters on Monday, and not at all during briefings at the White House and State Department on Tuesday. Sources familiar with the visit suggested several topics that could dominate the conversation. Of these, tariffs would be among the most pressing, particularly after Trump doubled import taxes on steel and aluminium this week, prompting warnings of EU countermeasures. The US President also repeatedly expressed dismay with the speed of tariff negotiations with the EU. In May, he threatened to levy a 50% tariff on European goods, saying that it was "time that we play the game the way I know how to play the game". Trump later backtracked and delayed the tariffs until 9 July, a move that his US Trade Representative Jamieson Greer characterised as having a "fire lit" under the EU. Germany is the EU's largest exporter to the US, leaving the country's businesses are extremely agitated about any trade obstacles. Merz, a 69-year-old reputed millionaire with a corporate background, may feel confident about going toe-to-toe with Trump, who often hails himself as the consummate "dealmaker". Whether the Chancellor will be able to smooth the path for EU negotiators, however, remains to be seen. Constanze Stelzenmüller, an expert on German-US relations at the Brookings Institute, believes Merz's ability to push the negotiations along is limited, given that the EU as an institution has taken the lead on those talks. "Whatever Merz says is mood music, rather than being able to say that XYZ will happen, even if major nation states aren't without influence on the European Commission," she explained. "He has to tread a delicate line." When it comes to Ukraine, Merz is vocal in his support of Kyiv and in his criticism of Moscow - recently warning that the fighting could drag on, despite repeated talk of a ceasefire from the White House. Justin Logan, director of defence and foreign policy studies at the Washington DC-based Cato Institute, told the BBC he believes Ukraine will present a "dilemma" for the German side in the meeting. "They'll make a real effort to sell what frankly are the same arguments that have so far failed to persuade the White House," he said. Merz also has called for stiffer EU sanctions on Vladimir Putin and Russia - something Trump has so far not committed to, even as some lawmakers from within his own party have escalated calls to do so. Earlier this week, Leavitt said only that Trump has "kept this as a tool in his toolbox if necessary". "The strange thing for me is, that we haven't heard President Trump say yet, is that Europe has lots of cards it can play on its own," Mr Logan said, pointing to $228bn in frozen Russian assets held primarily in Belgium. "That's money that's just sitting there," he said. From the White House's point of view, the issue of Ukraine's defence is also inextricably linked to Trump's demands that NATO allies raise defence spending to 5% of their GDP. Germany's is 2% - well short of Trump's target, although German officials have signalled a willingness to move in that direction. "I don't think they've done enough," Mr Logan added. "And I suspect they can't do enough. The White House has to know that 5% is not a goal that any of the major European countries are going to reach." "The question then becomes: What's next?" Among the potential pitfalls the German delegation faces are the deep disdain that some members of Trump's cabinet - particularly Vice President JD Vance - have for the so-called "firewall" that keeps Germany's Alternative für Deutschland (AfD) party out of power. "If you're running in fear of your own voters, there is nothing American can do for you," Vance told the Munich Security Conference in February. Vance also broke diplomatic norms by meeting the AfD's leader, Alice Weidel, ahead of Germany's snap election that saw the party storm into second place. Since then, AfD has been classified as extremist by Germany's domestic intelligence service - although the public designation was paused pending a legal challenge. If confronted, Merz is unlikely to concede, having previously called on the US government to "stay out" of Berlin's domestic politics. While she believes a "Zelensky-style" Oval Office is unlikely, Stelzenmüller said a "worst case scenario" would be something more akin to the visit of Irish Prime Minister Micheál to the White House - an occasion promptly followed by a visit from his political foe, former UFC fighter Conor McGregor. Subsequent contact with the AfD or Alice Weidel, she added, would be seen as a provocation by Germany. "That would be DEFCON 1 for the bilateral," she said. Russia may attack Nato in next four years, German defence chief warns German chancellor promises to help Ukraine produce long-range weapons Germany decides to leave history in the past and prepare for war

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store