capital

Jubilant fans leapt with joy in Buenos Aires after Argentina defeated England 2-1 in Wednesday’s World Cup semifinal match. The defending champions will take on Spain in Sunday’s final.

The first days after the earthquake were defined by what had been lost. Apartment blocks lay in ruins, entire neighborhoods disappeared beneath the rubble, hospitals overflowed, hundreds of thousands of Venezuelans found themselves without a home. Yet as the emergency slowly gave way to recovery, another realization has emerged, one less dramatic but perhaps more consequential. 

Venezuela did not only lose buildings: it is now discovering that it has very little left with which to rebuild them.

Reconstruction is often described as something that begins after disaster strikes. In reality, it begins years earlier, with the reserves a country accumulates while times are good. Wealth matters, but so do things that rarely appear in economic statistics: functioning institutions, domestic industries, engineering firms, construction companies, reliable electricity, access to credit, insurance markets, emergency planning, skilled workers and the public trust needed to mobilize them all. These are the hidden reserves that allow societies to absorb shocks. The earthquake revealed that Venezuela had spent much of them long before the ground began to shake.

That depletion has become evident in almost every aspect of the response. Venezuela imports a significant share of the food it consumes and much of its medicine. The emergency quickly exhausted whatever inventories existed. Heavy machinery needed to clear debris had to be sought abroad. Medical supplies became scarce almost immediately. Temporary shelters proved insufficient, forcing thousands of survivors to remain in tents erected in parks and public spaces weeks after the disaster. The government is now considering housing many of them in schools, an understandable emergency measure made possible only because classes are suspended for the summer.

Temporary solutions, however, have a habit of becoming permanent in Venezuela. Families displaced by the Vargas Tragedy of 1999 and by the 2010 floods spent years, in some cases decades, living in shelters that were never meant to become homes. The earthquakes risk repeating a familiar pattern, not because Venezuelan authorities necessarily want it to, but because they have long lacked the capacity to offer anything else.

The Venezuelan diaspora contains an extraordinary concentration of precisely the human capital required to rebuild the country. Whether that expertise can be persuaded to return, even temporarily, remains an unlikely scenario.

Some will inevitably attribute this lack of preparedness primarily to sanctions. It is an understandable argument, but one that struggles to explain what the earthquakes actually exposed. The collapse of domestic industry, the deterioration of public infrastructure, chronic underinvestment in the electrical grid, the shrinking of Venezuela’s manufacturing base and the erosion of emergency response capacity all began years before oil sanctions were imposed.

Recent research has also challenged the idea that sanctions caused a discrete collapse in access to food and medicine, showing instead that essential imports had already fallen dramatically before sanctions and later stabilized as the government dismantled some of its own economic controls. The sanctions era itself demonstrated that Venezuela retained the ability to import consumer goods. Supermarkets gradually refilled for those able to pay. Construction cranes returned to Caracas’ wealthiest neighborhoods. Restaurants multiplied. Consumption recovered far more quickly than productive capacity.

The earthquake exposed the difference.

The destruction of resilience

Disasters ask questions that ordinary economic life does not. They care little about how many imported products sit on supermarket shelves or how many luxury apartments are being built in eastern Caracas. They ask whether a country can mobilize excavators, engineers, trauma surgeons, logistics networks, emergency housing, electricity, financing and public institutions at scale. They ask whether resilience has been accumulated or consumed. Venezuela’s answer has been painfully clear.

That is perhaps one of the least understood legacies of chavismo. Much has been written about the destruction of wealth, the collapse of oil production or the country’s prolonged recession. Less attention has been paid to the destruction of resilience itself. For years, the Venezuelan State approached institutions with the same extractive logic that governed its relationship with oil. Productive assets became sources of immediate political or fiscal returns rather than investments to be maintained and strengthened. Private companies were expropriated rather than incorporated into development. Public enterprises became instruments of patronage rather than production. Infrastructure was consumed faster than it was repaired. The country did not merely become poorer. It gradually spent the reserves that societies rely upon when catastrophe arrives.

Resources that may have financed future growth must now finance immediate recovery.

The consequences extend far beyond physical infrastructure. Reconstruction is ultimately carried out by people, and Venezuela has spent the last two decades exporting many of those it now needs most. Engineers who now design highways in Spain, petroleum specialists managing fields in Texas or Guyana, architects working across Latin America, doctors practicing in Colombia and Chile, electricians, project managers and construction supervisors who left because opportunities disappeared at home. The Venezuelan diaspora contains an extraordinary concentration of precisely the human capital required to rebuild the country. Whether that expertise can be persuaded to return, even temporarily, remains an unlikely scenario.

Money presents an equally daunting challenge. Before the earthquake, Venezuela’s slow economic reopening had begun to attract cautious international interest. Much of it remained exactly that, cautious. Memoranda of understanding outnumbered signed investment agreements, access to financing remained limited and investors continued to price Venezuela’s political risks accordingly. The expectation, however tentative, was that new investment would increasingly flow toward rebuilding the electrical grid, expanding oil production and modernizing neglected infrastructure. The earthquake has fundamentally altered those priorities. Resources that may have financed future growth must now finance immediate recovery. Every home rebuilt is a home that cannot wait. Every hospital repaired is indispensable. Every bridge reconstructed delays another project that might otherwise have expanded productive capacity. Reconstruction does not replace development. It postpones it.

Reconstruction-era uncertainty and challenges

The financing challenge has also become more complicated politically. Investors had already approached Venezuela with understandable caution. The humanitarian emergency has increased the country’s fiscal needs precisely as political uncertainty has deepened. The constitutional arrangements established after Nicolás Maduro’s removal were always presented as exceptional. As they become more prolonged and their legal basis increasingly contested, companies considering long-term reconstruction projects must ask whether contracts signed today will remain secure under whatever government eventually succeeds the current one. Investors do not need constitutional certainty, they simply need enough legal certainty to believe that agreements lasting ten or twenty years will survive political change. Venezuela offers remarkably little of it.

This is also why Delcy Rodríguez’s recent call for the lifting of sanctions misunderstands the country’s central problem. Whatever benefits further sanctions relief might provide, it cannot eliminate the uncertainty surrounding Venezuela’s legal and political environment. Investors deciding whether to finance ports, housing developments or power plants are unlikely to base their decisions on sanctions alone. They also ask whether contracts will survive a change of government, whether courts will enforce them and whether today’s authorities will still possess the legal authority to honor them tomorrow.

Reconstruction depends on trust, functioning institutions, access to capital, legal certainty and a productive economy capable of sustaining the effort long after international solidarity inevitably fades.

There is another irony hidden beneath the rubble. The Venezuelan insurance industry will likely survive this catastrophe better than many expected, not because losses have been modest, but because so much of what was lost was never insured. This was an under-insured disaster. Homes, businesses and families that lacked coverage will inevitably look toward the state for assistance. Yet the state that spent years hollowing out its own fiscal and institutional capacity now finds itself acting as insurer of last resort, precisely when it possesses the fewest resources to fulfill that role.

Natural disasters often become moments of national renewal. Reconstruction can modernize infrastructure, attract investment and accelerate reforms that politics alone struggles to produce. Those opportunities exist in Venezuela as well. Rebuilding cities will require new housing, new roads, new power systems, new telecommunications infrastructure and new industries capable of supplying them. But opportunities are only as valuable as a country’s ability to seize them. Reconstruction depends on trust, functioning institutions, access to capital, legal certainty and a productive economy capable of sustaining the effort long after international solidarity inevitably fades.

The earthquake destroyed thousands of buildings. Rebuilding them will take years. What it ultimately revealed, however, is something far more difficult to reconstruct. Over the last quarter century Venezuela has steadily depleted much of the industrial, institutional, financial, human and political capital that countries quietly accumulate before disasters occur. Those invisible reserves are what determine whether recovery becomes a matter of years or generations. They cannot be imported as easily as food or medicine. They have to be rebuilt, patiently, one institution at a time.

DEVELOPING STORYDEVELOPING STORY,

The attacks have triggered fires in two districts of Kyiv, according to the city’s mayor.

Russian missile attacks have struck Kyiv in the third large-scale assault on the Ukrainian capital in less than a week.

Early on Wednesday, Kyiv Mayor Vitali Klitschko said in a statement on Telegram that the Russian strikes had triggered fires in two districts of the city. It is not clear if there have been any casualties or damage.

Moscow also launched a large-scale attack on Kyiv on Monday, killing at least 14 people and damaging at least a dozen buildings.

Both Russia and Ukraine have recently expanded their use of long-range weapons, including missiles, marking a new front in Moscow’s four-year war.

Ukraine has focused its attacks on Russian energy facilities to weaken its war efforts.

Ukraine said on Tuesday that its drones attacked a dozen tankers from Russia’s “shadow fleet” over the past two days that were delivering fuel to Moscow-occupied Crimea. Kyiv’s military said they had struck eight vessels subject to sanctions in the Sea of Azov, each with a deadweight of about 7,000 metric tonnes. Two more tankers were hit later in the day.

The Sea of Azov is a key supply route for Russian forces in Crimea and other occupied parts of southern Ukraine.

Russia annexed Crimea in 2014 – in a move that has been unrecognised internationally – eight years before launching its full-scale invasion of Ukraine.

Moscow has not publicly commented on this week’s attacks on Ukraine, which also included strikes on electrical substations, radar systems, and missile installations.

Attacks amid NATO Summit

The latest exchange of fire between Russia and Ukraine also comes amid NATO’s annual summit, which began on Tuesday. The military alliance’s leaders have gathered in Turkey’s capital Ankara for the two-day summit, where defence spending and the Russia-Ukraine war is under discussion.

NATO is expected to pledge further military support for Ukraine, as President Volodymyr Zelenskyy urges the alliance to step up aid for the country’s air defences following a deadly escalation of Russian attacks on Kyiv.

Zelenskyy – who has renewed his call for Ukraine to be allowed to join the alliance – wrote on social media on Tuesday that he had signed new agreements with Estonia, the Netherlands, and Denmark in Ankara.

The deals create “new opportunities for joint production, the development of innovative defense technologies, systematic exchange of expertise, and the export of Ukrainian battlefield-proven solutions”, he said.

Further agreements are expected with Germany, Norway, Finland, and Canada.

US President Donald Trump is also expected to meet Zelenskyy on the summit sidelines on Wednesday, having spoken with Russian President Vladimir Putin ahead of the NATO gathering.

Asked about Russia’s war in Ukraine, Trump said he hoped it would be settled “soon”.

“I think they both want to make a deal,” Trump said.

“It’s too bad it took so long, but I think something’s going to come out.”

JACKSON, Miss. — The former mayor of Mississippi’s capital city and the former City Council president have pleaded guilty in a bribery scheme one week before they were set to face trial.

Former Jackson Mayor Chokwe Antar Lumumba and former Jackson City Council President Aaron Banks pleaded guilty Monday to one count of conspiracy. Their pleas came after Hinds County District Attorney Jody Owens pleaded guilty last week and resigned. All three are Democrats.

Two other people — Angelique Lee, the Democratic former vice president of the Jackson City Council, and Sherik Marve Smith, a businessman and relative of Owens — had already pleaded guilty to bribery charges.

A November 2024 indictment accused Owens of taking at least $115,000 from two FBI agents posing as real estate developers and facilitating more than $80,000 in bribe payments to Banks, Lumumba and Lee in exchange for their help greenlighting a development project.

Lumumba, Banks and Owens could be sentenced to up to five years in prison. Their sentencing hearings are set for Oct. 15.

Lumumba, who previously called the charges a political prosecution, lost his reelection bid last year. His lawyers did not immediately respond to The Associated Press’ requests for comment.

Banks’ lawyer declined to comment.

Bates writes for the Associated Press.

NASA-affiliated aircraft, including F-5 Tiger IIs jets, will kick off roughly seven hours of flyovers above Washington, D.C., to mark the Fourth of July. Today, NASA also officially unveiled an F-15D Eagle and an F/A-18B Hornet jet wearing new star-spangled paint schemes as part of larger celebrations marking the 250th anniversary of the United States. The aerial showcase over the nation’s capital tomorrow will also see wave after wave of fixed-wing aircraft and helicopters from across the U.S. military, as well as foreign air forces. It is set to be an unprecedented aerial review, unlike anything seen in recent decades.

A full flyover schedule is available on the website of the Freedom 250 organization, the primary organizer of various 250th anniversary celebrations. A more truncated flyover program has already come and gone today. The full aerial review is set to start tomorrow at 1:14 PM ET with a “NASA F-5 Flyover,” followed immediately by a “NASA Fleet Review.”

The NASA “Freedom 250” F-5 team consists of four privately owned aircraft, including one that belongs to its current administrator, Jared Isaacman. They have already been taking part in various airshows and other events since April. Three of the F-5s, wearing their special 250th anniversary schemes, touched down at Andrews Air Force Base just outside of Washington, D.C., on June 30.

As noted, NASA has also now unveiled the F-15D and F/A-18B with their special 250th anniversary liveries, as seen at the top of this story and below. Those jets could be part of the larger NASA Fleet Review.

Spotters in Spokane, Washington, had first caught sight of these jets yesterday. Based on the assignment of its civilian N-number registration code in May of this year, the F-15D appears to be one of two ex-Oregon Air National Guard jets that NASA acquired in January.

What other NASA aircraft might make an appearance is unclear. Last week, NASA’s Johnson Space Center in Houston, Texas, did share pictures of T-38, WB-57F, and Gulfstream V aircraft with Freedom 250 emblems painted on their fuselages, but it is unknown whether they will be part of the Fourth of July event.

NASA’s fleets do include a broad selection of other aircraft, including other Gulfstream business jet models and a variant of the U-2 spy plane called the ER-2. Earlier this year, NASA also took delivery of a new Boeing 777. Whether any of its experimental X-planes, such as the highly unusual-looking X-59 Quiet Supersonic Technology test aircraft that may help pave the way for a new era of commercial supersonic flight, might join the flyovers remains to be seen.

U.S. Coast Guard helicopters and fixed-wing aircraft will follow the NASA flyovers, per the Freedom 250 website, but no specific aircraft types are mentioned. Today, the Coast Guard operates a mix of MH-65 Dolphin and MH-60T helicopters, as well as HC-130J, C-27J, HC-144, C-37, and now C-39 fixed-wing aircraft. C-39 is the designation given to new Gulfstream 700 VIP jets, the first of which was delivered in January. The Coast Guard is in the process of acquiring a second one of these aircraft, which will supplement, if not eventually supplant, its C-37s, which are based on older Gulfstream types, as you can read more about here.

The U.S. Army’s Golden Knights and the U.S. Navy’s Leap Frogs, both of which are parachute demonstration teams, are set to follow the Coast Guard portion of the aerial review. Whether they will jump from different aircraft or the same one, and what type of aircraft will be utilized, are unknown. The Army has aircraft dedicated to supporting the Golden Knights, including Dash-8-based C-147As and UV-18C Twin Otters.

2026 B-Roll Package

Leap Frogs 2021

The parachute demonstrations are to be followed by a review of Army helicopters, which could include a mixture of AH-64 Apache, UH-60 Black Hawk, CH-47 Chinook, and UH-72 Lakota types. Special Operations MH-60Ms, MH-47Gs, and AH/MH-6 Little Birds from the famed 160th Special Operations Aviation Regiment, the “Nightstalkers,” might also take part. The Army also has several VH-60 Black Hawks specially configured for VIP transport missions, known as “gold tops” because of their distinctive black-and-gold paint jobs, based in the broader Washington, D.C. area, that could be included in the flovers.

Waves of U.S. Air Force, Marine Corps, and Navy aircraft – in that order – will come after the Army helicopters pass by.

The Air Force’s three waves are broken down into “heavies,” aircraft from Air Force Special Operations Command (AFSOC), and fighters. We know from the schedule that a “Tri-Bomber Formation” made up of a B-2, B-1, and B-52 will come later in the day, but the “heavies” mentioned here also sound likely to include a mix of cargo aircraft and aerial refueling tankers. Executive transport types might also make an appearance at this point in the festivities. The new VC-25B “Bridge” aircraft, which made its maiden flight in the Air Force One role this week in taking President Donald Trump on a trip to North Dakota, is explicitly set to be part of the larger aerial review.

The main components of AFSOC’s fleets today are AC-130J Ghostrider gunships, MC-130J Commando II special operations tanker transports, CV-22 Osprey tiltrotors, and new OA-1K Skyraider II light attack planes. We may well see examples of all of the Air Force’s current tactical jet fleets – F-22 Raptors, F-35A Joint Strike Fighters, F-15E Strike Eagles, F-15EX Eagle IIs, F-16C/D Vipers, and A-10 Warthogs – in the “fighter” wave.

An “Executive Rotary Wing Airlift” flyover will come in between the Air Force and Marine Corps waves. The Marines are the most prominent operators of aircraft in this category, being responsible for the VH-92, VH-60, and VH-3 presidential helicopters, also commonly known as Marine Ones, as well as a fleet of MV-22 Ospreys used for executive airlift missions. The Army’s aforementioned “gold top” Black Hawks, as well as the Air Force’s UH-1N Twin Hueys based at Andrews Air Force Base, are in this “executive” category, as well.

The waves of other Marine and then Navy rotary wing and fixed-wing aircraft will follow. As with the Air Force waves, it seems likely that we will see a broad swath of types that these services currently fly. On the fixed wing side, this could include F-35B and C Joint Strike Fighters, F/A-18E/F Super Hornets, EA-18G Growlers, F/A-18C/D Legacy Hornets, and KC-130J Hercules tanker-transports. On the rotary-wing front, there are MV-22 and CMV-22 Osprey tiltrotors, as well as its AH-1Z Viper, UH-1Y Venom, CH-53E Super Stallion, CH-53K King Stallion, and MH-60R/S Seahawk helicopters.

It should be noted here that there are heavy restrictions on how and when uncrewed aircraft, even ones belonging to the U.S. military, can fly within the U.S. national airspace. This makes it very unlikely that drones from any of the services will be part of the aerial procession.

Flights by the Navy’s Blue Angels and its separate Super Hornet demonstration team, as well as the Marine Corps MV-22 Osprey demonstration team, are next in the program. The Blue Angels have various signature maneuvers, some of which they might be able to incorporate into their flyover.

Blue Angels Air Show 2026

Per the Freedom 250 website, the Navy and Marine Corps demonstration teams will be followed by another review of Air Force fighters, then the Tri-Bomber formation mentioned before. The Navy’s F-35C demonstration team will go next, and then the Air Force’s Thunderbirds.

Like the Blue Angels, the Thunderbirds have several signature maneuvers, and a “Delta Break” (more commonly referred to as a “Delta Burst”) is explicitly on the schedule. This entails the Thunderbirds’ F-16s flying in a delta formation before breaking outward, giving the appearance of a starburst in the sky. Smoke trails from the jets during the maneuver, adding to the effect, as seen in the video below.

USAF Thunderbirds “Delta Burst”

An “Air Force One Flyover” is sandwiched between the Thunderbirds’ initial flyby and the Delta Burst per the schedule on the Freedom 250 website. Whether this will feature anything besides the new VC-25B “Bridge” aircraft remains to be seen. That plane is set to lead a “HUGE 1” flyover, the composition of which is unclear.

A “U.S. Stealth Airpower Flyover,” which would include the B-2, F-22, and F-35, comes next in the program. The F-22 Raptor demonstration team has its own specific slot in the schedule, capped off with a flyby in afterburner. The sun will still be setting at 7:53 PM ET when it is set to occur, but the visual should still be impressive. There will also be a B-1 bomber flyover with the afterburners at 8:07 PM ET.

The entire aerial review program ends with another “HUGE 1” flyover, a “Twilight Jump” by the Golden Knights, and then finally a “Night Pass” by the B-1 in afterburner at 10:36 PM ET, by which time the sun will have fully set for the day. A B-1 made a similar flight over Washington, D.C., as part of the UFC America 250 event at the White House back on June 14.

The roar of a B-1B Lancer assigned to the 7th Bomb Wing, Dyess Air Force Base, Texas, over Washington, D.C., tonight. 🇺🇸

As America approaches its #Freedom250 anniversary, military flyovers remain a powerful tradition—honoring the past, celebrating the present and inspiring… pic.twitter.com/dyBPAA5A7y

— U.S. Air Force (@usairforce) June 15, 2026

There has been and continues to be much speculation about potential surprise appearances during the hours-long procession of U.S. military aircraft. The Air Force insists that the new B-21 Raider will not make an appearance. We also asked about whether a drone commonly and unofficially known as the “RQ-180,” or any of the demonstrators used in the Next Generation Air Domain (NGAD) program that birthed the F-47 sixth-generation fighter, might take part. We were flatly told no in response.

There is also set to be at least some degree of participation by foreign air forces, none of which is explicitly mentioned in the schedule on the Freedom 250 website.

“The national aerobatic display team of the United Arab Emirates, ‘Al Fursan,’ has arrived in the United States of America to take part in the celebrations marking the 250th anniversary of the independence of the United States of America,” the UAE’s Ministry of Defense notably wrote in an official post on X this morning, per a machine translation of the original Arabic. “The team will join the official air show on July 4th, flying side by side with the Blue Angels team and squadrons of the U.S. Air Force, in an extraordinary scene that embodies the depth of bilateral relations between the United Arab Emirates and the United States of America, while reflecting the shared values and enduring partnership that unite the two nations.”

This is especially notable given that the Al Fursan team currently flies Chinese Hongdu L-15 jet trainers, as seen in the video below. This looks to be the debut appearance of any Chinese-made military aircraft in the United States.

وصول فريق الاستعراضات الجوية “فرسان الإمارات” إلى الولايات المتحدة الأمريكية للمشاركة في احتفالات ذكرى الاستقلال الـ250

وصول فريق الاستعراضات الجوية الوطني لدولة الإمارات العربية المتحدة “فرسان الإمارات” إلى الولايات المتحدة الأمريكية، للمشاركة في احتفالات الذكرى الـ250… pic.twitter.com/x0o3YQcdVH

— وزارة الدفاع |MOD UAE (@modgovae) July 3, 2026

The French Patrouille de France aerobatic team, which flies Dassault/Dornier Alpha Jets, has already flown over Washington, D.C., and New York City in the past two weeks as part of larger celebrations marking the 250th anniversary of the United States. The French have dubbed this the “Liberté 250” tour, which they say also celebrates their historic relationship with the United States since its founding.

Arlington. Mount Vernon. Washington.

Aujourd’hui, la mission #Liberté250 a rendu hommage à quelques-uns des lieux les plus emblématiques de la mémoire américaine.

Un parcours symbolique pour célébrer près de 250 ans d’amitié entre la France et les États-Unis. 🇫🇷🇺🇸 pic.twitter.com/TKsVI7waqE

— Armée de l’Air et de l’Espace (@Armee_de_lair) June 22, 2026

As mentioned, tomorrow’s flyovers look set to be completely unlike anything seen in years. It will be a far larger gathering of aircraft than what was present at the parade marking the 250th Birthday of the U.S. Army last year. It will dwarf even what was put together to mark the Centennial of Naval Aviation in 2011.

Just from what’s on the public schedule, Washington, D.C., is set to see an unprecedented aerial extravaganza to mark this year’s Fourth of July.

Special thanks to Tom Riley for sharing his picture of the NASA F/A-18B and F-15D in Spokane with us.

Contact the author: joe@twz.com

When Klarna chose New York over Europe for its stock market listing, it highlighted a challenge Brussels has been trying to solve for years: Europe’s fastest-growing companies often look across the Atlantic for deeper pools of capital.

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As the EU seeks to build its own AI champions, strengthen its defence industry and keep more high-growth companies raising money at home, one question remains: why does a bloc with €37tn in household savings still struggle to finance its own fastest-growing businesses?

Now the European Union has stepped up efforts to reform its capital markets, aiming to make capital flow more freely across the bloc.

Policymakers are pursuing incremental reforms, including greater supervisory alignment, but a fully unified capital market is likely to take many years, as member states struggle to agree on key technical details, slowing the process.

The competitiveness challenge

The current speed of negotiations does not reflect the urgency being expressed by the EU’s political leadership: Europe needs more integrated capital markets to compete globally with major powers such as the US and China.

To do so, billions need to be invested in strategic sectors such as AI and defence, amid intense geopolitical uncertainty, including wars and trade tensions.

Lacking strategic industrial and technological leadership means sacrificing geopolitical power and economic resilience, especially in a global landscape where dominance, or even survival, depends on control over resources and expertise.

This narrative has been championed by leading EU politicians, including European Commission President Ursula von der Leyen, whose goal of making Europe more competitive on the global stage has become the North Star of her political mandate.

For this reason, von der Leyen tasked former European Central Bank President and Italian Prime Minister Mario Draghi with preparing a report on EU competitiveness, which identified capital markets reform as one of its central recommendations.

Presented in autumn 2024, the report says Europe needs €750bn-€800bn in investment each year, equivalent to up to 5% of GDP, to fulfil its competitiveness goals and remain globally competitive.

“It’s ‘Do this,’ or it’s a slow agony,” Draghi warned in one of his best-known remarks. Draghi describes this “agony” as a prolonged and cumulative erosion of Europe’s economic position, driven by structural weaknesses such as high energy costs and a fragmented single market, which together make the continent less conducive to investment and innovation.

The EU is focusing on two priorities to unlock the potential of its capital markets.

The first is convincing households to invest, mobilising a small percentage of the estimated €37tn in savings. The second is integrating national financial markets across the EU to reduce barriers within the single market, making it easier for businesses to raise funding and for investors to put their money to work.

For this to happen, households need better access to capital markets, along with a better understanding of how to invest and the potential benefits involved. For example, greater participation in financial markets can help individuals build their retirement savings.

At the same time, Brussels must advance the legislative framework — known as the Savings and Investments Union (SIU) — to enable these reforms to take place.

Why do businesses find it easier to seek funding in the US?

Capital markets are marketplaces where individuals, institutions and governments buy and sell long-term financial instruments, such as equities or debt.

They offer businesses a way to raise funds and support their growth. However, scaling up in Europe remains challenging. Cross-border operations can be costly, time-consuming and involve significant administrative burdens. This is because rules differ between member states, and even where they are the same, their implementation may differ.

These are among the reasons why firms in Europe obtain most of their financing through bank credit.

“What we need to develop is a more diversified funding source,” the head of the European Securities and Markets Authority (ESMA), Verena Ross, told Euronews in an exclusive interview with Euronews Business editor Angela Barnes.

Without enough diversification, businesses look for other markets where funding is more readily available, such as the US.

“The US capital market benefits from a more consolidated supervisory approach. There are fewer layers of bureaucracy and red tape because the US uses a single currency,” Rebecca Christie, senior fellow at Brussels-based think tank Bruegel, told Euronews.

Christie also said the US benefits from having a long-established federal system and from the dollar’s status as the world’s dominant reserve currency, both of which reduce barriers and increase its attractiveness.

“Anybody who needs financing has an incentive to go to US markets because that’s where the money is,” she said.

A less fragmented European capital market would have far-reaching implications, including making more capital available for strategic investments and strengthening the euro’s international role as a global currency — another major ambition of the current EU leadership amid the dollar’s declining role.

“We live in a global world and, particularly, capital markets are global by their nature. We also need to be attractive to overseas investors, whether they are American, Asian or from wherever they come, and make sure that Europe is a destination for that investment capital,” Ross told Euronews.

Why is a capital markets union so hard to achieve?

Despite broad agreement that capital markets need greater integration, there is still strong disagreement over how to make it happen.

The capital markets union legislation forms part of the Savings and Investments Union (SIU), a package of legislative proposals currently under negotiation.

One of the key pieces of legislation aimed at harmonising capital markets is the Market Integration and Supervision Package, known as MISP.

Despite the intensification of talks on MISP in recent months, member states have yet to reach a common position, particularly on how to harmonise capital markets supervision.

Last spring, the six largest European economies — Germany, France, Spain, Italy, Poland and the Netherlands — made a proposal setting out how to centralise supervisory powers.

In particular, they propose transferring some supervisory powers to ESMA, but there is no consensus on whether to proceed, an EU diplomat told Euronews on condition of anonymity. Even among those who agree, there are differing views on how and over what timeframe this should be implemented.

“The problem with the integration of capital markets is not even a political one; it is more a national issue,” Aurore Lalucq, chair of the European Parliament’s Committee on Economic and Monetary Affairs, who played an important role in the legislation, told Euronews.

“I think there will be progress in supervision, but there are a lot of details that will be tough to negotiate due to very different perspectives,” Lalucq added, referring to the fact that member states have very different capital market cultures.

Klarna’s decision to look across the Atlantic for deeper capital markets illustrates the challenge Europe faces. While there is broad agreement that the bloc needs to mobilise more private investment, national interests continue to slow progress towards a truly unified capital market.

A ranking of Europe’s most underrated cities has named a historic spot that many Brits may not have even heard of, and visitors can explore Roman ruins, gothic monasteries, and a doll museum

Portugal has long been a major city break destination for Brits, and while most head to either Porto to explore its colourful, hilly streets, or Lisbon for a lively, cultural atmosphere, there’s one spot that gets overlooked.

For over a hundred years, Coimbra was Portugal’s capital, a thriving walled city that had monasteries, grand cathedrals, and a university that’s still operational today making it one of the world’s oldest. When the King moved the capital to Lisbon, it became a centre of Renaissance art, bringing French and Italian influences to the area and becoming a town where intellectuals flocked, inspired by the peaceful riverfront scenery.

Recently, Which? identified Coimbra as one of Europe’s underrated cities, noting: “It’s a historic, cultural and academic hub, with a Unesco-listed university complete with a gilded baroque library that’s open to the public for visits and tours.

There’s also a winding old town that, unlike Lisbon and Porto, isn’t bottlenecked with tourists in peak season — and you’ll also find plenty of atmospheric tascas for truly Portuguese lunches and dinners.”

Despite its close proximity to Lisbon and Porto, trains take 90 minutes and an hour, respectively.

It’s not a destination visited by many Brits. It’s perfect for a day trip from the Portuguese coast, although you may want to stay longer and soak up the authentic atmosphere among its sun-soaked streets.

Visit the ruins of Mosteiro de Santa Clara-a-Velha, a Gothic monastery that dates back to the 1300s, which has become a major archaeological site, and explore a museum full of treasures from ancient tombs.

Santa Cruz Church is another must-see in the town. The whitewashed church has incredible blue-tiled mosaic murals that cover entire walls, and a peaceful, if eerie, mausoleum that is the final resting place of Portugal’s first king.

National Museum Machado de Castro has artworks and sculptures from the Renaissance artists who once lived in this town and honed their skills.

Built on a set of Roman tunnels, the museum is housed in a serene 11th-century cloister where you can enjoy the peaceful atmosphere of its cool marble walls.

A short drive outside the city are a number of tiny Schist Villages, traditional mountain settlements that are being restored to capture the country’s heritage. There are 12 villages in the Lousã Mountain, and from Coimbra you can take a guided tour through the winding mountain roads to explore these areas where time stands still.

Popular stops include Cerdeira, once abandoned but now the home of an arts and crafts school, and Talasnal – famous for its rustic stone cottages and incredible views across the pine-covered. mountains. On the way back, visit Arouce Castle, a medieval fortress that overlooks a river beach. There are areas for swimming in the pure mountain waters, and waterfalls that add to the untamed scenery.

Have a story you want to share? Email us at webtravel@reachplc.com

Uzbekistan’s largest-ever public market transaction has highlighted growing investor interest in the country and its economic reforms, while shifting attention to the next stage of developing its financial markets.

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The listing of the National Investment Fund of Uzbekistan, managed by Franklin Templeton, raised more money than all previous IPOs in the country combined over the past 30 years, according to Marius Dan, Central Asia CEO at Templeton Global Investments.

For investors and market operators, the transaction has drawn attention to a wider issue: how Uzbekistan develops the rules, institutions and market depth needed to support capital markets, debt financing, venture capital and private investment.

“What investors really want to know is that they’ll put their money in and that they will get their money back,” Julia Hoggett, chief executive of the London Stock Exchange, told Euronews.

Hoggett said investors usually begin by looking at a country’s fundamentals, including currency stability, inflation, economic growth, population trends and assets, before turning to the regulatory environment.

Building the infrastructure behind investment

Uzbekistan is preparing new financial legislation as it seeks to expand the range of financing available to companies and investors.

Laziz Kudratov, the country’s minister of Investment, Industry and Trade, told Euronews that legislation establishing the Tashkent International Financial Centre is expected to be signed soon.

The project would create a separate jurisdiction based on common law principles. Kudratov said the aim is to give foreign financial companies a legal environment based on international standards rather than requiring them to operate solely through local legislation.

He also said the planned jurisdiction would include 50 years of tax incentives, including exemptions from corporate income tax, value-added tax (VAT), property tax and customs duties.

The government is also preparing legislation covering alternative investment structures, including venture capital, private equity and limited partner-general partner investment models.

“We are also coming up with a new law on alternative investments,” Kudratov said. “It will create a framework to protect venture capital, LP and GP investment, and private equity investment in Uzbekistan.”

Dan said the National Investment Fund listing showed that international investors were willing to participate when transactions were structured in the right way.

“The initial public offering of the National Investment Fund shows that, in the right structure, investors are very keen to participate in the capital markets of the country,” he said.

Creating a deeper market

Dan said Uzbekistan’s capital market would need more companies, greater liquidity and more foreign institutional investors in the coming years.

He said continued listings of state-owned enterprises, both within and outside the National Investment Fund’s portfolio, would be important in broadening the investment universe.

Local debt markets are also beginning to attract more attention, he said, with retail investors looking more closely at investment opportunities inside Uzbekistan.

Kudratov said reforms introduced since 2017 had changed the investment environment through tax reforms, currency liberalisation and the removal of restrictions on profit repatriation.

“Any investor can come, invest and get their revenues out of the country within one day,” he said.

For Hoggett, investor confidence also depends on a proven track record.

“You can’t change things overnight and say people need to believe it. They need the evidence to see it,” she said.

Broadening participation

The growth of local debt markets and the entry of more retail investors are early signs that Uzbekistan’s financial market is beginning to widen beyond foreign institutional capital, according to Dan.

Hoggett said public markets can play a wider role by opening investment opportunities to more participants.

“The public markets are democratising,” she said.

Hoggett added that private companies are often owned by a relatively small group of investors, while public markets allow a broader range of investors to access company growth. That wider access comes with stronger disclosure requirements for issuers.

For Uzbekistan, broader participation would mean more than attracting foreign capital. It would also involve creating opportunities for domestic investors to participate in the growth of listed companies, debt markets and other financial products.

Governance and market discipline

Governance remains central to the development of Uzbekistan’s capital markets.

Dan said several companies within the National Investment Fund’s portfolio had already introduced board-level changes, including the appointment of independent directors.

“Corporate governance is key,” he said.

He described stronger oversight of state-owned companies as part of improving their operations.

Hoggett said public markets also impose discipline on companies seeking capital.

“The first rule of doing an IPO is meet your estimates, hit what you say you’re going to do,” she said.

That requires companies to build systems, controls, accounting capacity, finance teams and planning processes, she said. Hoggett added that such structures can help companies operate at scale and grow faster.

June 24 (UPI) — Two major earthquakes — magnitudes 7.2 and 7.5 — hit near the Venezuela capital of Caracas on Wednesday evening, collapsing buildings and bringing people flooding into the streets.

The first quake hit at 6:04 p.m. local time, BBC News reported, with the second less than a minute later. June 24 is a holiday in Venezuela, and more people than usual were at home instead of on an evening commute.

The earthquakes’ center was about 17 miles northwest of Montalbán, home to some of the country’s largest refineries, CNN said.

The U.S. Geological Survey has reported that high casualties and widespread damage are likely, saying that there is a 44% chance that fatalities will exceed 10,000 and a 30% chance that they will exceed 100,000. The USGS said aftershocks may still occur.

Venezuela’s interior minister has asked people to leave their homes, citing damaged buildings and concerns about gas leaks. Companies cut gas lines to some areas as a precaution, Minister Diosdado Cabello said, BBC News reported.

The Ministry of Communication and Information in Venezuela said security forces have been deployed around the country because of the risk of building collapses.

Published on
16/06/2026 – 11:49 GMT+2

The world’s most valuable company, the chipmaker Nvidia, priced a $25 billion (€21.5bn) bond offering on Monday, marking its first issuance since 2021 and one of the largest by a technology company this year.

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The deal was originally pencilled in at around $20 billion (€17.2bn) but was enlarged after demand ran more than three times the size of the bond, according to a person familiar with the matter cited by Bloomberg.

Investor appetite was the headline of the sale.

Orders reached as high as $85 billion (€73.2bn), allowing Nvidia to upsize the transaction and tighten its borrowing costs in the process.

The timing was also favourable.

The announcement of a US-Iran framework deal to end the conflict in the Middle East steadied credit markets, pushing investment-grade spreads to their narrowest levels since early February, before the Iran war began.

That backdrop helped Nvidia lock in relatively cheap long-term financing.

According to Bloomberg Intelligence analyst Robert Schiffman, inexpensive long-dated debt lowers Nvidia’s weighted average cost of capital and helps bankroll its AI investments without threatening its AA credit rating.

A company spokesperson stated that the proceeds would be used for general corporate purposes, including repaying and refinancing existing notes.

Nvidia last tapped the investment-grade market in June 2021, when it sold $5 billion (€4.3bn) of notes across four maturities, according to a regulatory filing.

The contrast in scale underscores how quickly its financing needs have grown alongside the data centre build-out and increased demand from hyperscalers.

A wider borrowing frenzy

Nvidia joins a queue of technology giants raising vast sums to fund AI infrastructure.

Meta and Oracle have each issued $25 billion (€21.5bn) in bonds this year, while Amazon completed a single $37 billion (€31.8bn) deal, the largest US investment-grade offering of this year before Nvidia’s issuance on Monday.

For Nvidia, the raise also keeps share dilution off the table, giving it greater flexibility as capital commitments mount. The firm has invested $5 billion (€4.3bn) in Intel, pledged up to $10 billion (€8.6bn) to Anthropic and contributed $30 billion (€25.8bn) to OpenAI’s latest funding round.

Nvidia shares closed up 3.5% at $212.45 after the deal, valuing the company at about $5.14 trillion (€4.42tn).

On the other hand, Alphabet, Google’s parent company, opted for equity instead, pricing an upsized $84.75 billion (€73bn) capital raise earlier this month, after originally seeking around $80 billion (€68.9bn), according to a company filing.

The transaction, which includes a $10 billion (€8.6bn) private placement from Berkshire Hathaway, ranks as the largest equity capital raise on record and is intended to fund the group’s AI compute expansion.

Management has guided 2026 capital expenditure to between $180 billion (€155.1bn) and $190 billion (€163.7bn).

However, the equity move came on top of an already heavy borrowing run. According to its own filing, Alphabet raised more than $85 billion (€73.2bn) of debt across six major currencies and markets in the first quarter of 2026, taking its total debt balance above $100 billion (€86.1bn).

That included a US dollar bond round early in the year, leaving Google relying on both debt and equity financing to bankroll its AI ambitions.

Several communities in Cameroon’s national capital, Yaounde, have been submerged after days of torrential rain, making life difficult for residents. The Central Post Office Roundabout was particularly affected, causing traffic disruptions on Monday morning, June 8. Locals reported that this area often floods during the rainy season. 

“When the heart of the city is blocked, it goes without saying that many other parts of the city cease to function normally,” a local dweller told HumAngle. “That is exactly what has been happening in Yaounde since late last week.”

Following the downpour on Thursday, June 4, the door to the Central Post Office was inundated, completely blocking access to the facility. The flooding has also interfered with commercial activities in the area.

Eyewitnesses told HumAngle that 20th May Boulevard,  a ceremonial avenue in the heart of Yaounde, was also submerged, with vehicles stuck in floodwaters and some trapped in mud washed into the city. “Towing facilities would have to be brought in to drag some of the cars and trucks stuck in the mud,” one eyewitness revealed.

“I feel fortunate that my vehicle is still here, but I’ve hardly slept since it got stuck, for fear of theft. It’s disheartening to see this situation repeat every year while the City Council allows conditions to worsen without taking action,” another witness said.

Flooding, especially around the Central Post Office, has become an annual crisis in Yaoundé. Atangana Davis, a civil society activist, said some Chinese contractors had dug drainage facilities around the post office, promising improvements. “Yet, the floods persist, worsening each year, demonstrating the failure of the council’s supposed infrastructure upgrades,” Atangana said.

The current floods highlight the urgent need to rehabilitate the city’s sanitation infrastructure, locals said. The rainwater evacuation network is often criticised for its insufficient capacity during heavy rain, compounded by frequent debris blockages in residential gutters that impede rainwater flow.

Town planner Isidore Djeunkeu said that the causes of this ongoing issue are known to everyone, including the City Council authorities. “It begs the question: why is it so challenging to find a solution to this recurring problem?” Isidore asked.

Videos show the aftermath of an Israeli attack on Beirut’s southern suburbs, with multiple explosions reported. Israel says it targeted Hezbollah headquarters, while Lebanese media says residential apartments were hit. The attack comes just days after US President Donald Trump told Benjamin Netanyahu that Beirut was off limits as Washington pursues a deal with Iran.

Three tunnels form part of the complex under the city

A European city has an extensive network of tunnels beneath it. The Blanka Tunnel Complex is the longest city tunnel in Europe and runs for a total length of 5,502 meters.

The tunnel sits under Prague and is the longest road tunnel in the Czech Republic. It connects the area west of Prague Castle with the Trója district in the North-east of the city.

Three tunnels, consisting of the Bubenečský, Dejvický, and Brusnický, make up the complex, which was designed to relieve heavy traffic from the history city centre. In its first 49 months since opening, it was used by 139 million cars.

Today, it is estimated that 88,000 vehicles use the tunnel every day. The Blanka Tunnel Complex opened on September 19, 2015, but it was a long time coming.

Construction launched in 2006, but it was planned since 1993. The tunnel was due to open in 2011, but the biggest and most expensive project in Prague was delayed by four years.

It cost 43 billion crowns, which is £1.5 billion today and doesn’t include all construction costs. During the construction of the tunnel complex, there were three landfalls.

The incident occurred twice in the Stromovka park, creating a hole measuring 15 to 25 meters. Another landfall happened in the garden area of the Ministry of Culture in Hradčany.

Since opening, the Blanka Tunnel Complex has undergone continuous maintenance. There is 24/7 monitoring by a dedicated control centre that works night shifts to service lights, ventilation systems, cabling and drainage.

Last year, the tunnel marked its 10th anniversary. Prague Daily News said: “It relieved congestion in the city centre, reduced journey times, and took vehicle traffic underground.

“Since its opening, around 780 million vehicles have passed through the tunnel.

“The Dejvický Tunnel has borne the greatest load with more than 271 million vehicles, followed by the Brusnický Tunnel with almost 266 million and the Bubenečský Tunnel with 236 million vehicles.

“Although Blanka has been in regular operation for years, the approval process for part of the project is still not fully concluded.

“A formal decision by the Administrative Court has meant that the relevant section continues to operate only under provisional use.

“Observers, however, expect a final acceptance soon.”

June 4 (UPI) — The Somalian military and opposition militias opposed to an extension of President Hassan Sheikh Mohamud’s term by the country’s parliament skirmished Thursday in its capital.

After the opposing sides set up positions within Mogadishu late Wednesday, gunfire and fighting broke out in the city ahead of planned demonstrations today, The Guardian and The New York Times reported.

Mohamud was due to leave office May 15, but the country’s parliament voted to extend his term by one year, prompting opposition leaders — including former President Sharif Sheikh Ahmed and former Prime Minister Hassan Khayre — to announce demonstrations against what they said is a constitutional crisis.

Ahmed said that government forces had targeted his home intending to kill him because he has spoken out against the extended term and is leading resistance to it.

Ahmed and Khayre each have their own security, as do other clans throughout the country, and the alleged targeting of the leaders by government military forces led to ongoing skirmishes that have left Mogadishu residents fleeing for their safety.

Ahmed, in a video statement, said that government forces had “encircled and attacked my house.”

“I am never scared of their aggressive attack — I will fight back,” he said.

Khayre said in a statement that the government had deployed anti-tank weapons and drones in the attack, endangering civilians in the area.

At a press conference Thursday, Col. Mahdi Omar Mumin said that government forces staged “an operation in which security agencies neutralized armed militia members who yesterday attacked police forces in the Hodan District,” Somalia’s Ministry of Defense said in a statement on X.

“The militia had caused harm to Somali civilians and disrupted security in the capital,” the ministry said.

Mohamud and members of the parliament who support him said the effort is to move from indirect elections to individuals voting specifically for their chosen candidates.

Opposition members have said they fear the change could prevent many people in the country from having a voice in the government and potentially enable greater power for Mohamud.

THE best 100 beaches in the world have been named – and two can be found in the UK.

Announced by Corona, the 2026 Corona Beach 100 has revealed the best spots around the world from well-known spots to hidden coves.

Three criteria were analysed – Beachside Culture, Connection to Nature and Scenic Aesthetics.

A new entry on the list this year is Barafundle Bay in Pembrokeshire.

The first Welsh beach to make the list, it was praised for its “remote and dramatic landscape, as it is “accessible only by clifftop walk through a medieval archway.

It wrote: “Barafundle Bay feels hidden even when people talk about it.

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“Reached only by a clifftop walk along the Pembrokeshire coast, this crescent of pale sand sits tucked between limestone cliffs with nothing built around it.

“No road, no cafés, no signal, just seabirds overhead, cold clear water below, and the kind of quiet that makes you slow down without realising it.”

And returning to the list this year was Fistral Beach in Cornwall, praised for being a “social and cultural hotspot” by being the UK’s surfing capital after hosting the first British Surfing Championships in 1966.

It added: “Facing the full force of the Atlantic, it’s where you go to chase sets, drink tea with cold hands, and feel like you’re part of something.

“The beach delivers all year, with consistent swell, golden sands, and a surf scene that’s as seasoned as it is welcoming.

“From world-class comps to waist-high rollers, Fistral doesn’t need sunshine to shine — just wind, water, and the right kind of restlessness.”

Europe featured heavily on the list as well.

When it came to Greece, Agia Anna Beach in Naxos and the famous pink Elafonissi Beach in Crete made the cut, as well as Sarakiniko Beach on Milos.

For Spain, there was Aiguablava Beach, as well as Ibiza’s Casa Salada and Majorca’s Cala Mondragó.

Beaches across Italy, France and Croatia were also included, as well as other holiday spots such as Turkey, Morocco and Thailand.

The 2026 Corona Beach 100 list is part of it’s This Is Living campaign.

Full list of the 2026 Corona Beach 100

• Agia Anna Beach, Naxos
• Aiguablava Beach, Spain
• Alegria Beach, Philippines
• Anakena Beach, Chile
• Bahía Bustamante, Argentina
• Bahia do Sancho, Brazil
• Bahia de las Aguilas, Dominican Republic
• Baia Verde, Italy
• Banzai Pipeline, Hawaii
• Barafundle Bay, UK
• Boheme Beach, Turkey
• Boulders Beach, South Africa
• Cala Domestica, Sardinia
• Cala Mondragó, Majorca
• Cala Salada, Ibiza
• Calanque d’En-Vau, France
• Caleta Cóndor, Chile
• Camps Bay, South Africa
• Chepes Beach, Honduras
• Cloud 9 Beach, Philippines
• Copacabana, Brazil
• Corona Island, Columbia
• Cox Bay, Canada
• Crash Boat Beach, Puerto Rico
• Dune du Pilat, France
• Elafonissi Beach, Crete
• Fistral Beach, Cornwall
• Flamenco Beach, Puerto Rico
• Grandes Playas de Corralejo, Fuertuventura
• Gulangyu Beach, China
• Hiriketiya Beach, Sri Lanka
• Huanchaco Beach, Peru
• Ilha do Amor, Brazil
• Isla Perro, Panama
• Jōdogahama Beach, Japan
• Koh Mak Island, Thailand
• Kraalbaai Beach, South Africa
• La Mina Pisco, Peru
• La Pelosa, Sardinia
• Legzira Beach, Morocco
• Little Corn Island, Nicaragua 
• Little Cove Beach, Canada
• Lucky Bay, Australia
• Madeiro Beach, Brazil
• Mancora, Peru
• Manu Bay, New Zealand
• McBean Lagoon, Colombia
• Nacpan Beach, Philippines 
• Nosy Iranja, Madagascar
• One Foot Island, Cook Islands
• Padar, Indonesia
• Palomino Beach, Colombia
• Pilar Beach, Cuba
• Pink Beach, Indonesia 
• Pipe Creek Sandbar, Bahamas
• Placencia Beach, Belize
• Plage de la Dune du Sud, Canada
• Playa Balandra, Mexico
• Playa Carrizalillo, Mexico
• Playa Cocles, Costa Rica
• Playa Conchal, Costa Rica
• Playa del Cabo, Colombia 
• Playa El Tunco, El Salvador
• Playa Ermitano, Dominican Republic
• Playa Escondida, Mexico
• Playa Los Barriles, Mexico
• Playa Mangos, Nicaragua 
• Playa Mansa, Uruguay
• Playa Ses Illetes, Majorca
• Playa Sur (Cabo Polonio), Uruguay
• Playa Uvita, Costa Rica
• Playa Venao, Panama
• Pori Beach, Greece
• Praia da Comporta, Portugal
• Praia da Engenhoca, Brazil
• Praia de Atins, Brazil
• Praia do Bonete, Brazil
• Praia do Rosa, Brazil
• Punta de Lobos, Chile
• Railway Beach, Thailand
• Riyue Beach, China
• Saco do Mamanguá, Brazil
• San Vito Lo Capo, Sicily
• São Miguel dos Milagres, Brazil
• Sarakiniko Beach, Milos
• Sea Me Beach, Turkey
• Seven Mile Beach, Cayman Islands
• Shroud Cay, Bahamas
• Soi Sim Beach, Vietnam
• Taipu de Fora, Brazil
• Tavarua Island, Fiji
• Tofo, Mozambique 
• Tortuga Bay, Ecuador
• Tulum Beach, Mexico
• Villa Tacul Beach, Argentina
• Warwick Long Bay, Bermuda
• Whitehaven Beach, Australia
• Wilderness Beach, South Africa
• Zlatni Rat, Croatia

Russia pounded Ukraine’s capital overnight on Saturday with drones and ballistic missiles, including a powerful hypersonic Oreshnik missile, killing at least four people and damaging residential buildings. Footage shows people sheltering underground, while firefighters work above.

ALBANIA’S capital Tirana has just been ranked the third cheapest city for a weekend break in 2026. 

And when it comes to the accommodation, it pips the rest on the affordability scale. 

But its low prices are just the start. It’s great for food, bars and quirky sightseeing . . .  

WHY SHOULD I GO? 

THE city is one of Europe’s most underrated destinations. It has a fascinating history, which has been marked by periods of occupation and a harsh dictatorship that lasted until the 1990s. 

This has left its mark on the city skyline, which is a striking mix of brutalist, communist-era buildings and quirky architecture, including Tirana’s Rock — a 26-storey building uniquely shaped like a face. 

Plus, with round-trip flights from just over £30 — and only taking three hours — and temperatures that reach 34C in summer time, visiting is a no-brainer. 

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STREETS MADE FOR WALKING? 

THE centre is very walkable, with wide, tree-lined boulevards that criss-cross the main squares and key attractions. 

For a comprehensive introduction to the city, join the on-foot Tirana Free Tour, which departs five times a day from outside the Opera House. 

You will likely begin at Skanderbeg Square — the city’s main central plaza, named after Albania’s national hero.  

From here, you will be within easy reach of several attractions — The National Historical Museum, Et’hem Bej Mosque and Opera House. 

If you want to venture farther afield, Kruje is an historic town 12 miles north of Tirana. Buses from the main terminal cost less than £1, or you can get a taxi for around £25.  

The town is home to medieval castle ruins and has a bazaar packed with beautiful Albanian rugs and cashmere, which make perfect souvenirs. 

The mountain backdrop is a showstopper, too.  

ANYTHING FOR THE BUCKET LIST? 

A MUST-visit is the House of Leaves — former HQ of the country’s secret police. 

It is now a museum exploring the extensive surveillance and spying that Albanians endured during the dictatorship. 

And for cracking views, don’t miss a cable-car ride through Dajti National Park, a short taxi ride north of the city centre.  

There are a wide array of activities at the top of the mountain, including mini-golf and a shooting gallery, but those seeking a more relaxing experience should visit just before sunset to witness the stunning golden hour.  

For some proper R&R, head to Ritual Spa and Hammam.  

Hidden behind an unassuming door on the second floor of an apartment building, the space opens up into a beautifully curated sanctuary complete with wellness areas, including a sauna, steam room and salt room. 

Treatments are cheap, too, with facials from £22 and hour-long massages for under £40. 

WHERE SHOULD I EAT? 

ALBANIAN food is a hearty, homely blend of Mediterranean and Balkan flavours.  

Oda restaurant in the Zona 1 area of the city is properly authentic, serving stuffed peppers, slow-baked lamb with yoghurt and flaky homemade pastries filled with cheese and spinach. 

You can dine outdoors under the shade of pomegranate and lemon trees while a roaming folk band brings the garden to life with traditional music. 

For budget-friendly bites, try the street-food stalls at the New Bazaar in the Pazari i Ri neighbourhood.  

Be sure to get your hands on a byrek — a filo pastry stuffed with meat or cheese that you can pick up for less than £1. 

I FANCY A DRINK… 

A WANDER through the lively streets of the Blloku neighbourhood will reward visitors with stylish speakeasy-style bars.  

During the dictatorship, this area was reserved for the communist elite and ordinary Albanians were not allowed to enter. 

But today, it’s the epicentre of nightlife in Tirana — and everyone is welcome. 

Start at Mugo, a chic bar with a low-lit, leafy garden, serving cocktails dressed with sugared fruit and edible flowers, all for under £10. Nunu, just across the road, is equally indulgent.  

Then continue along Pjeter Bogdani Street for a ready-made bar crawl, where casual drinking spots spill out on to the pavement and pints come in at under £4. 

For a proper Albanian night out, head to Ava Club, where DJs mix Balkan tracks with electronic beats and crowds whip white handkerchiefs through the air — a lively tradition that gets the whole place buzzing. 

WHERE SHOULD I STAY? 

FOR a central base, stay in the Tregu Cam district, or Blloku if you want somewhere a bit livelier. Budget, mid-range and boutique options are available in both districts. 

But for something basic yet reliable and very well located, look to the Tirana International Hotel, which has affordable rooms, an on-site casino, two restaurants and a bar. 

Tragic flooding has swept through communities in Douala, Cameroon’s economic capital. On  Monday, May 18, the disastrous incident caused a five-year-old child to drown as heavy torrential rains led to severe flooding in the country’s economic hub. 

The child was swept away in the Banya-Sable area, located in Douala’s 5th district.

“Trapped by the rapidly rising waters, the child was carried off by a strong current. The body was recovered a short time later and taken by the parents to the Ad Lucem hospital, where the death was confirmed,” said Nana Paul Sabin, an eyewitness.

The flooding affected the 5th, 4th, 3rd, and 2nd administrative districts, as well as residential and administrative areas such as Bonapriso and Bonanjo in Douala’s 1st district.

“The floods caused significant disruptions and blockages in traffic, and in certain locations, the water levels rose alarmingly due to drainage issues,” a resident from Douala’s 3rd district stated.

In response, the Douala Urban Council issued a statement urging residents to exercise caution in their daily activities. The council advised individuals in high-risk areas to limit non-essential travel, avoid flood currents, stay clear of unstable structures, and be especially vigilant with children.

“The Douala Urban Council also emphasises the importance of keeping drainage pathways clear and encourages civic responsibility to help preserve lives,” the communiqué read. 

It also noted that technical teams have been deployed to address the aftermath of the heavy rainfall.

“Let us stay alert, united, and responsible,” the statement concluded.

A federal judge has ordered the Trump administration to bring a Colombian woman back to the U.S. from Congo, after she was deported to the African nation that had refused to accept her.

The deportation of Adriana Maria Quiroz Zapata “was likely illegal,” U.S. District Judge Richard J. Leon ruled Wednesday.

Zapata, 55, who has diabetes and a thyroid condition, “has been sent to a country that refused to accept her because they cannot provide sufficient medical care,” the ruling said. “As a result, she faces a daily risk of medical complications, up to and including death.”

Black spots began to grow on Zapata’s back and foot while she was in detention, her skin started to peel and her nails blackened, according to a declaration that Zapata submitted in court, and which was provided to the AP by her lawyer.

“She’s not doing well and does worry that she’s going to die,” her lawyer, Lauren O’Neal, said.

Zapata entered the U.S. from Mexico in August 2024 and was taken into Immigration and Customs Enforcement custody. Since being deported, she has lived in a hotel in Kinshasa, Congo’s capital. The hotel gates are locked, O’Neal said. Zapata and other deportees are rarely allowed out, and only with supervision, she said.

Zapata was among thousands of immigrants living legally in the U.S., waiting for rulings on asylum claims, when they were suddenly issued deportation decrees that ordered them expelled to countries where most had no connections.

More than 15,000 third-country deportation orders were issued in the White House push for ever more immigrant expulsions, advocacy groups say, though only a fraction of the orders have been carried out.

Few details are known about the agreements to accept these deportees, though the U.S. has signed them with a range of countries, including Ecuador, Honduras, Uganda, Cameroon and Congo. Advocacy groups estimate only a couple of hundred third-country deportations, at most, have been carried out.

Galofaro writes for the Associated Press.