AnewZ Morning Brief - 5th July, 2025
Start your day informed with AnewZ Morning Brief: here are the top news stories for 5th of July, covering the latest developments you need to know....
The U.S. Congressional Budget Office (CBO) has released its latest forecast on the budgetary and income distribution impacts of the tax reform bill dubbed “The Great Beautiful Bill,” approved on 22 May in the House of Representatives under President Donald Trump.
According to the CBO analysis, if the bill is enacted, average disposable income for U.S. households is expected to increase over the 2026–2034 period. However, this increase will not be evenly distributed across all income groups. Households in the lowest income bracket are projected to see a decrease in resources, while those in the middle and higher income brackets will experience income growth.
The analysis shows that the lowest 10% income group is expected to face an average annual decline of $1,589 (about 3.9%), whereas the highest 10% income group is projected to see an annual increase of $12,044, equivalent to roughly a 2.3% rise.
The CBO noted that the loss of resources among poorer households mainly stems from cuts to Medicaid and food assistance programs, while tax cuts drive income gains in the higher-income groups.
In a separate report, the CBO also forecasted that the bill would increase the federal budget deficit by $2.4 trillion through 2034.
The bill was passed in the House by a narrow margin of just one vote. Introduced by Republicans to implement the tax cuts promised during Trump’s election campaign, the bill passed with 215 votes in favour and 214 against, and has now been sent to the Senate.
The bill includes provisions to increase state and local tax deductions, eliminate taxes on tips and overtime pay, and extend the duration of tax cuts enacted in 2017.
The European Commission is set to propose allowing carbon credits from other countries to count towards the EU’s 2040 climate target, according to a leaked internal document.
A magnitude 5.5 earthquake struck off Japan’s Tokara Islands on Wednesday, with no tsunami warning issued but residents advised to remain vigilant.
The United States has rescinded licensing restrictions on ethane exports to China, allowing shipments to resume after a temporary halt and signalling progress in efforts to ease recent trade tensions.
Italy plans to grant approximately 500,000 work visas to non-EU nationals between 2026 and 2028, as announced in a cabinet statement. The initiative aims to address labor shortages by expanding legal immigration pathways
A malfunction in the radar transmission system at the Area Control Center in Milan suspended more than 300 flights at the weekend, across northwest Italy since Saturday evening according to Italy's air traffic controller Enav (National Agency for Flight Assistance).
Afghanistan’s Deputy Prime Minister for Economic Affairs, Abdul Ghani Baradar, met with Azerbaijani Prime Minister Ali Asadov in Baku to discuss expanding trade and developing the Lapis Lazuli transport corridor.
Azerbaijan and Kyrgyzstan have explored new avenues for energy cooperation during a high-level meeting in Baku.
Türkiye’s President and Iranian President met on the sidelines of the 17th Economic Cooperation Organization summit in Khankendi, Azerbaijan, highlighting the event’s regional significance.
In his speech at the Economic Cooperation Organization Summit held in Khankendi, the President of Uzbekistan urged to define the medium and long-term development priorities of the organization and put forward a proposal to adopt the concept of 'Strategic Goals of Economic Cooperation – 2035.
President Ilham Aliyev received UAE Minister Sultan Al Jaber in Khankendi on July 4, with both sides praising strong bilateral ties and exploring future energy and cultural cooperation.
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