Russia rules out asset seizures unless EU confiscates frozen funds
Moscow says it will not seize European assets but warns it could reconsider if the European Union moves to confiscate frozen Russian sovereign funds....
Germany’s cabinet has approved a draft 2026 budget on Wednesday featuring record investments and a borrowing level nearly three times higher than last year’s, aiming to strengthen infrastructure and defence while efforts to revive growth.
The country’s borrowing will rise to €174.3 billion ($200 billion) in 2026, up from €50.5 billion ($57.7 billion) in 2024 under the previous government, while investments will reach an unprecedented €126.7 billion ($144.9 billion).
Finance Minister Lars Klingbeil said this shift is important. “It is right that we invest in our security and that we address our investment backlog that has built up over many years.”
The draft budget is part of a medium-term plan through 2029, with total spending of €520.5 billion ($595.6 billion). Interest costs are expected to rise to €66.5 billion ($76 billion) by 2029, above earlier forecasts.
Despite strong investment, Germany faces a €172 billion ($196.7 billion) deficit from 2027 to 2029, prompting strict spending discipline across ministries to limit new expenses and reassess current budgets.
Klingbeil acknowledged the challenges ahead. “Everyone knew that things would get serious in 2027. That’s why I made it really clear in the cabinet, so that no one could say they didn’t know. Now it’s time for everyone to start saving properly.”
The investment increase is supported by a €500 billion ($572.3 billion) infrastructure fund and a March reform that exempts defence spending from Germany’s strict 'debt brake' rule, which caps borrowing at 0.35% of GDP.
Following cabinet approval, parliamentary discussions will begin at the end of September, with final budget approval expected by the end of the year.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A tsunami threat was issued in Chile after a magnitude 7.8 earthquake struck the Drake Passage on Friday. The epicenter was located 135 miles south of Puerto Williams on the north coast of Navarino Island.
The war in Ukraine has reached a strategic impasse, and it seems that the conflict will not be solved by military means. This creates a path toward one of two alternatives: either a “frozen” phase that can last indefinitely or a quest for a durable political regulation.
A shooting in Nice, southeastern France, left two people dead and five injured on Friday, authorities said.
Snapchat will start charging users who store more than 5GB of photos and videos in its Memories feature, prompting backlash from long-time users.
Germany’s Adidas increased its full-year profit guidance, saying it managed to cushion some of the extra expenses resulting from higher U.S. tariffs.
Germany’s Adidas on Tuesday raised its full-year operating profit forecast, saying it had successfully offset part of the additional costs caused by higher U.S. tariffs.
New Zealand's annual inflation accelerated in the third quarter, reaching 3.0%, which aligns with analysts' expectations and is at the upper end of the central bank's target range, according to official data released on Monday.
On Sunday, the Netherlands' Economy Minister, Vincent Karremans, stated that he expects to meet with a Chinese government official in the coming days to discuss how to resolve the standoff over Nexperia NV, a computer chip maker whose issues are threatening global automotive supply chains.
In the first nine months of this year, 10.2 billion cubic metres of gas were produced from the Azeri-Chirag-Gunashli (ACG) block in the Azerbaijani sector of the Caspian Sea, according to operational data released by the Ministry of Energy.
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