Innovation and air shows shine at TEKNOFEST
TEKNOFEST opened its doors on Wednesday (17 September) at Istanbul Ataturk Airport, bringing together technology lovers, innovators, and entrepreneurs...
Lars Klingbeil, Germany’s incoming finance minister, is set to reshape fiscal policy with a sharp focus on defense spending, marking a shift from austerity as Berlin boosts military investment amid global tensions.
Lars Klingbeil, Germany’s incoming vice chancellor and finance minister, is set to lead a major shift in the country’s fiscal policy, especially in defense spending. Despite his background being more rooted in defense than finance, the 47-year-old Social Democrat will now manage public finances and oversee a significant boost in military investment, a move triggered by mounting pressure from the U.S. and the ongoing war in Ukraine.
Germany’s parliament has already approved a dramatic increase in spending, including a €500 billion infrastructure fund, marking a departure from years of fiscal restraint. Klingbeil, a long-time critic of Germany’s strict borrowing rules (the "debt brake"), is replacing Christian Lindner, a pro-austerity figure whose position on the debt brake helped collapse the previous coalition.
The SPD formally endorsed a new conservative-led coalition under Friedrich Merz this week, paving the way for Klingbeil’s nomination next Monday. While defense minister Boris Pistorius will retain his role, Klingbeil will take on the task of drafting the delayed 2025 federal budget following the February snap election, where the SPD placed third.
A seasoned lawmaker and former chair of the SPD youth wing, Klingbeil is seen as a potential future chancellor. He’s known for strong communication skills and modernizing efforts within his party, focusing on climate, inequality, and youth representation. As the son of a soldier and a longtime member of the Bundestag defense committee, he brings firsthand knowledge of military underfunding.
In addition to steering financial policy, Klingbeil must also counter the rising popularity of the far-right AfD, which he views as a serious threat to democracy.
AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
A day of mourning has been declared in Portugal to pay respect to victims who lost their lives in the Lisbon Funicular crash which happened on Wednesday evening.
A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
At least eight people have died and more than 90 others were injured following a catastrophic gas tanker explosion on a major highway in Mexico City’s Iztapalapa district on Wednesday, authorities confirmed.
Venezuela will launch a large-scale, three-day military exercise near La Orchila island, involving thousands of troops, naval vessels, aircraft, and drones, amid heightened tensions with the United States over a recent maritime incident.
Chinese President Xi Jinping and U.S. President Donald Trump are expected to attend the Asia-Pacific Economic Cooperation (APEC) summit next month in South Korea.
Saudi Arabia and Pakistan have formalised a mutual defence agreement, reinforcing a decades-long security partnership, Pakistani state television reported on Wednesday.
Britain’s King Charles and U.S. President Donald Trump celebrated the enduring “special relationship” between their countries during a state banquet at Windsor Castle on Wednesday.
Three police officers have been fatally shot in the U.S. state of Pennsylvania, with two reported to be in grave condition and another in critical care.
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