Trump says Israel agrees to terms of 60-day Gaza ceasefire deal
Donald Trump announced Tuesday that Israel has accepted the key terms of a proposed 60-day ceasefire in Gaza, as part of renewed efforts to end the wa...
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.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
Severe rain in Venezuela has caused rivers to overflow and triggered landslides, sweeping away homes and collapsing a highway bridge, with five states affected and no casualties reported so far.
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).
Thousands of protesters rallied in Bangkok on Saturday, demanding Prime Minister Paetongtarn Shinawatra resign as political and economic tensions mount.
Prices for goods made in China and sold on Amazon.com are rising at a pace faster than overall inflation, signaling the growing impact of U.S. tariffs on consumers, a new analysis by retail analytics firm DataWeave reveals.
U.S. Secretary of State Marco Rubio convened his counterparts from India, Japan, and Australia on Tuesday for a high-stakes meeting of the Indo-Pacific Quad, aiming to reaffirm the group's commitment to countering China’s influence in the region.
A U.S. federal judge on Tuesday rejected Huawei Technologies Co Ltd's request to dismiss the majority of charges in a sweeping indictment, allowing the Chinese telecoms giant to face trial over allegations of trade secret theft, bank fraud, and sanctions violations.
The U.S. Justice Department announced charges against two Chinese citizens accused of spying inside the U.S. on behalf of Beijing.
The United States has decided to halt some planned deliveries of air defence missiles and other munitions to Ukraine, citing concerns over dwindling American stockpiles, according to officials familiar with the matter.
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