Canada is trying to salvage its relationship with Mexico after falling out with Trump
Canadian Prime Minister Mark Carney is working urgently to mend strained ties with Mexico, after relations collapsed late last year when Canadian offi...
The European Commission has unveiled a draft budget for 2026, building on the mid-term revision of the 2021–2027 long-term financial framework. The revised plan responds to recent global challenges—including energy crisis, and rising geopolitical tensions—and aligns spending with the EU priorities.
The draft 2026 budget is set at €193.26 billion, complemented by an estimated €105.32 billion under NextGenerationEU, the instrument to support Europe’s economic recovery from the coronavirus pandemic.
The draft budget focuses on key areas such as support for Ukraine, boosting EU competitiveness, managing migration, enhancing security and defence, and advancing strategic investments. It also continues to fund the EU’s green and digital transitions.
In addition, the budget incorporates measures from the cohesion mid-term review, allowing member states to redirect cohesion funds toward emerging needs like defence, affordable housing, energy transition, water resilience, and competitiveness.
Among other policies, the 2026 annual budget will go towards:
single market, innovation and digital - €22,054.4 billion
cohesion, resilience and values - €71,726.1 billion
natural resources and environment - €56,971.9 billion
migration and border management - €5,010.0 billion
security and defence - €2,803.5 billion
neighbourhood and the world - €15,505.0 billion
The annual budget for 2026 will have to be formally adopted by the European Parliament and Council before the end of the year.
"The EU budget has been able to respond to unprecedented global volatility and has continued to finance our key priorities, both within and outside the Union. At the same time, the room for manoeuvre, as we enter the final two years of the current long-term EU budget is becoming more limited and most flexibilities have been exhausted. I see this also as an important lesson for our next financial framework, for which we will make proposals in July,"- said Piotr Serafin, Commissioner for Budget, Anti-Fraud and Public Administration.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
A resumption of Iraq’s Kurdish oil exports is not expected in the near term, sources familiar with the matter said on Friday, despite an announcement by Iraq’s federal government a day earlier stating that shipments would resume immediately.
Chinese automaker Chery has denied an industry-ministry audit that disqualified more than $53 million in state incentives for thousands of its electric and hybrid vehicles, insisting it followed official guidance and committed no fraud.
De-dollarisation, the move away from the U.S. dollar in global trade and finance, is no longer a fringe idea. As geopolitical tensions rise and new financial tools emerge, could this shift really transform the global economy?
Kuwait says oil prices will likely stay below $72 per barrel as OPEC monitors global supply trends and U.S. policy signals. The remarks come during market uncertainty fueled by new U.S. tariffs on India and possible sanctions on Russia.
U.S. stock markets closed higher on Wednesday, with the Nasdaq leading gains after tech giants – particularly Apple – saw strong advances.
Global financial markets are trading mixed today amid U.S. President Donald Trump’s announcement of tariffs on drug and semiconductor imports, coupled with weak service sector data impacting investor risk appetite.
Tesla has granted Elon Musk a $29 billion share award as part of a new compensation plan to retain him as CEO while the company shifts focus from electric cars to robotaxis and AI. The move revives elements of a controversial 2018 package previously struck down by a Delaware court.
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