UAE exits OPEC, exposing Gulf rift over oil strategy, Iran policy, and market stability.
The United Arab Emirates’ announcement to leave OPEC on May 1 marks more than a policy shift: It signals the unraveling of a long-eroding Gulf consensus on oil, economic strategy, and Iran. The announcement comes on the heels of the Gulf Creators event in Dubai on April 27.
“Every Gulf state had its own policy of containment toward Iran, and all of those containment policies have failed,” senior Emirati official Anwar Gargash said at the event. “All our policies have failed miserably,” he added—a rare public admission of strategic exhaustion that underscores why Abu Dhabi is recalibrating its regional and energy posture.
That recalibration now includes leaving the Organization of the Petroleum Exporting Countries. The UAE joined the bloc in 1967, when Abu Dhabi—now the federation’s capital—emerged as an oil producer. In announcing its exit from both OPEC and OPEC+ (a larger coalition that includes Russia), the UAE said the move aligns with its long-term strategy and will allow it to increase output in line with market demand gradually.
At the heart of the split is a widening divide between Riyadh and Abu Dhabi. Oil policy has long been a source of tension between the two Gulf powerhouses. The UAE’s exit now leaves Saudi Arabia to shoulder a heavier burden in stabilizing global oil markets.
The UAE isn’t the only country to abandon OPEC cohesion. Qatar exited OPEC in 2019, breaking with the Saudi-led bloc amid an ongoing boycott.
Angola and Ecuador also left in recent years. The UAE’s similar move underscores that politics continues to shape the cartel, even as it focuses on stabilizing oil prices through production decisions. And because of its status as a major producer, the UAE’s exit is structurally more consequential for global supply management.
Experts say the UAE produced about 3.4 million barrels per day—about 13% of OPEC’s total output—and had the capacity to reach 5 million barrels per day before the US-Iran war began on February 28.
In effect, OPEC is not just losing a member—it is losing a key balancing force at a moment when geopolitical instability and oil market fragmentation are accelerating.
Japan reemerges as global finance hub amid reforms, rising yields.
Japan is reasserting itself in global finance, shedding its long-standing image as a passive anchor of ultra-low rates. Nowadays, it’s moving back toward the center of international capital flows.
Three reinforcing dynamics are driving this transition: monetary normalization, sustained corporate governance reform and a renewed wave of foreign investor interest.
The gradual end of negative yields marks a structural turning point. As the gap between Japanese and US interest rates narrows, yields on long-term Japanese Government Bonds (JGBs) are rising. This is prompting a recalibration of global asset allocation strategies. This evolution is occurring alongside a broader regional reassessment, as geopolitical uncertainty encourages investors to rebalance exposure across Asia.
At the same time, reforms led by the Tokyo Stock Exchange are reshaping corporate behavior. A stronger emphasis on capital efficiency, shareholder returns and transparency has supported equity market performance and attracted nonresident inflows. Analysts expect fiscal support and a moderately reflationary environment to underpin earnings growth through 2026.
“The reforms have certainly been successful, but Japan’s political stability and robust regulations are also drawing attention to Tokyo,” says Tokio Morita, Executive Director of FinCity.Tokyo.
Morita notes growing interest in programs that help asset managers and fintech firms establish local operations, as well as initiatives that have supported around 15 foreign entrants and improved global communications between more than 60 Japanese firms and overseas investors.
This renewed momentum comes amid a fragile global backdrop. Total global debt reached $348 trillion in 2025. Yet, Japan’s debt-to-GDP ratio has edged down modestly relative to peers, even as headline public debt remains elevated. Emerging markets, by contrast, face more than $9 trillion in refinancing needs in 2026. This reinforces Japan’s role as a comparatively stable capital provider. As major central banks, including the Fed and the ECB, move deeper into easing cycles, Japan’s more differentiated policy path underscores its re-emergence as an independent force.
Tokyo is once again positioning itself as a market global investors cannot afford to overlook.
On China, the mood at the European Commission has shifted in recent months.
China hawks are gaining ground inside both the Commission’s powerful Directorate-General for Trade and in the cabinet of President Ursula von der Leyen, Euronews has learned, with drastic new measures being considered to counter what is seen as unfair competition.
The 27 EU commissioners are set to debate on their China strategy on 29 May, with one official saying, “It will be about acknowledging there is a problem and that something needs to be done.”
Tensions flared Monday after China’s Ministry of Commerce threatened retaliation against the EU over its Made in Europe legislation, which sets strict conditions on foreign direct investment.
An EU official told Euronews the Chinese were “playing games,” adding that the Commission’s priority remains engagement with Beijing through multiple channels set up in recent months.
However, Commission services are already working on new measures to address China’s economic threats, sources have confirmed. “We don’t see any move from the Chinese despite all the issues we have flagged with them, so there’s a reflection on whether we should do more,” one said.
Another source said the release of Germany’s trade deficit figures before Christmas marked a turning point for the Commission.
Data published last autumn by Germany Trade & Invest (GTAI) showed a record €87 billion German trade deficit with China — a wake-up call in Berlin, long focused on securing market access in China ahead of protecting domestic manufacturing.
China has since surged up the agenda for German industry, for the Bundestag — which has set up a dedicated committee — and for the Commission, whose German president has Berlin’s ear.
The EU has long grappled with cheap Chinese imports threatening its industry. Pressure intensified last year after the US slapped steep tariffs on Chinese goods, effectively shutting its market and pushing Beijing to reroute overcapacity in sectors like steel and chemicals toward Europe.
A recent report by the French High Commission for Strategy and Planning, a French government advisory body, warned that “the production cost gaps, as assessed by industry players [across Europe], have now reached levels incompatible with sustainable competition, averaging between 30% and 40%, and exceeding 60% in certain segments (industrial robotics, mechanical components).”
Under these conditions, how can the EU defend its market?
The bloc’s leverage is mainly limited to its 450 million-strong consumer base. Still, one source said it is “increasingly becoming mainstream” inside the Commission to warn Beijing that the EU market could close without rebalancing.
But the trade-offs are stark.
Chinese electric vehicles — hit with EU tariffs in October 2024 — highlight the dilemma. China depended equally on the US and EU markets for almost all its exports before Donald Trump’s return to the White House in 2025. “It cannot easily diversify its EVs as it will not sell in Africa, nor in southeast Asia, where there’s no infrastructure,” another source said.
At the same time, Europe remains reliant on China imports in many of the same sectors where China depends on Europe. “Are we to close our market to lithium batteries from China? We cannot do this overnight,” the same source said. The same applies to solar panels, laptops and medical devices.
The EU has trade defence tools — including anti-dumping and anti-subsidy duties — but they can take at least 18 months to deploy after a complaint is filed. Two sources said the Commission is working on new instruments, but by the time they bite, the damage may already be done.
A fourth source described an overcapacity instrument as still “premature.”
However, Commission services are also mulling the Anti-Coercion Instrument (ACI), which allows the EU to deploy a wide range of measures — from tariffs to restrictions on public procurement or intellectual property — in response to economic pressure from third countries.
The tool, sometimes described as a “trade bazooka”, has never been used since its creation in 2023, but resurfaced after China weaponised rare earth exports in October 2025 during its trade standoff with the US by imposing strict export controls.
Exports resumed after Washington and Beijing agreed on a one-year truce, which also covers Europe. But that deal expires in October 2026, leaving uncertainty hanging over the EU.
Brussels wants the anti-coercion tool ready if needed.
Tensions could rise further after Beijing’s threats over the Industrial Accelerator Act — the Made in Europe legislation now debated by member states and MEPs — or over pressure linked to the Cybersecurity Act, which could phase out Chinese telecom operators from the EU market.
However, a qualified majority of EU countries is needed to activate the ACI, and member states remain split.
“It requires a political support higher than for the traditional anti-dumping or anti-subsidies duties which can only be rejected by a reversed majority of EU countries,” a source said.
Despite the wake-up call, German Chancellor Friedrich Merz struck a softer tone in March, floating a long-term trade deal with Beijing.
But in Brussels, that idea is off the table.
“There are a number of concerns and real challenges that the European Union has consistently expressed to China that we need to see them meaningfully address before we can even talk about any future agreements or anything like that,” the Commission’s deputy chief spokesperson, Olof Gill, said.
Spanish Prime Minister Pedro Sánchez — who has visited China four times in three years and secured major Chinese investment — backs closer ties with Beijing.
Meanwhile, Belgian Prime Minister Bart De Wever urged a tougher line in an 18 March letter to von der Leyen.
“We have arrived at a point of no return in which we need to make difficult choices in the short term towards China to protect our industries, economies and the well-being of our citizens in the long term,” he wrote.
France, long a proponent of a hard line on China, shares that view.
Eurobonds have returned to the spotlight after Emmanuel Macron revived the debate last week, calling for increased joint EU borrowing to boost the European economy.
The French president has often argued the EU will need billions in fresh funding as the bloc faces mounting competition from China and the United States and invest massively in defence and advanced technologies.
Macron is leading a group of countries that argue no single member state can meet these challenges alone. Instead, they argue it would be more effective to raise funds collectively on financial markets, unlocking billions of euros for shared European projects.
A growing number of economists and central bankers — including the typically cautious Deutsche Bundesbank — have also voiced support, noting that joint borrowing could reduce financing costs.
However, countries opposed to further debt, led by Germany, argue that eurobonds will only increase the EU’s debt load, while ignoring the real issue of declining productivity.
So, what happens next? Euronews explains:
In the EU context, eurobonds means joint debt issued by EU institutions and backed collectively by member states. This means the responsibility to repay it is shared, with risk pooled across the bloc, and the additional debt does not impact national balance sheets alone, which is useful for the most indebted member states.
With a top-tier, AAA credit rating, they would be considered a safe asset, underpinned by the combined guarantees of EU countries. This could allow governments to borrow at a lower cost compared and thus pay less interests to creditors.
Eurobonds are intended to help finance major long-term investments, including infrastructure, the green transition and defence, where the EU will have to raise and spend billions of euros in a plan titled Readiness 2030.
The EU has already made use of joint borrowing through its €750 billion recovery plan, NextGenerationEU, agreed in 2020 in response to the COVID-19 pandemic, and Brussels agreed that it was successful. Still, it insists it was a one-off.
More recently, the idea was revived by Mario Draghi in his 2024 report on European competitiveness. The report argued that joint EU borrowing would be needed to mobilise an additional €800 billion in annual investment if the bloc is to remain competitive globally. A part of it would be private funds, but public investment would be needed too.
The debate over eurobonds has divided the EU for decades, stretching back to the euro zone’s sovereign debt crisis.
Fiscally conservative countries — including Germany, Netherlands, Austria, Finland and Sweden — often referred to as the “frugals”, have traditionally opposed joint borrowing.
They argue it could weaken fiscal discipline and leave more prudent countries exposed to the debts of others. Nonetheless, the need to massively rearm has eased some of the opposition from the Nordic countries which are open to it as long as it goes into defence.
By contrast, southern member states such as France, Greece, Spain, and Portugal have generally supported the idea, seeing it as a way to unlock investment and share financial risks across the bloc. Italy under Giorgia Meloni has played this both ways, saying it sees the benefits while trying to build a close rapport with Germany.
Emmanuel Macron has been among the most vocal advocates in recent months. Speaking at an informal EU summit in February, he called for the creation of a joint borrowing capacity for future investment. His proposal was quickly rejected by Germany.
But still, the French president has not given up on the idea, and by reviving the plan for eurobonds, he is looking to place the debate high on the agenda ahead of a June summit of European leaders.
Paris and Berlin did, however, work together in 2020. Emmanuel Macron and then-German chancellor Angela Merkel played key roles in pushing through the EU’s pandemic recovery fund, although Berlin insisted at the time that the measure was temporary.
Her successor, Friedrich Merz, has taken a firmer stance. Speaking on 24 April, he said that higher debt and the issuance of eurobonds were “out of the question” from a German perspective.
As a form of collective debt, eurobonds would be repaid jointly by all 27 EU member states, with responsibility shared across the bloc.
The EU has already taken a similar approach with its €750 billion recovery instrument, NextGenerationEU. The repayments should begin in 2028, which kickstarts the next EU’s long-term budget through 2034, which is currently under negotiation in Brussels.
The deadline for the full repayment is 2058.
Some countries, led by France, have called for repayments to be delayed or refinanced through new joint borrowing. Macron said a quick reimbursement in the current context would be “idiotic” and the EU should not rush repayments at the expense of future investment.
Kyriakos Mitsotakis has made a similar case, questioning whether repaying the recovery fund now would reduce the EU’s budgetary capacity at a time when demand for European bonds remains strong.
Eurobonds have so far gained little traction in Brussels.
They were briefly referenced in a preparatory note by the European Commission ahead of a 16 February meeting of euro-area ministers. However, the issue was not taken forward at the subsequent Eurogroup meeting in March.
“There is a divergence in appetite regarding eurobonds,” Eurogroup President Kyriakos Pierrakakis said at the time.
In recent months, Eurogroup discussions have instead focused on the fallout from the conflict in Iran, particularly its impact on European energy prices, as well as broader efforts to boost competitiveness and advance Capital Markets Union legislation.
For now, diplomats say momentum is limited.
“I don’t see a lot of appetite on eurobonds at this stage, and indeed it’s not being really discussed for now,” one EU official told Euronews.
The Eurogroup is due to meet again on 22 May, and EU leaders will gather for a summit in Brussels in June.
No major Eurogroup discussions on eurobonds are currently foreseen, and Macron’s endorsement is unlikely to change the agenda, diplomats told Euronews.
Part of the reason is the EU’s focus on the impact of the conflict in Iran on energy prices — a major concern for the bloc’s economic outlook. The firm opposition of Friedrich Merz is also weighing heavily on the debate.
However, eurobonds are likely to remain on the agenda for EU leaders, with further backing expected in the coming months.
(Bloomberg) — Thailand expects the Middle East conflict to weaken economic growth and fuel inflation, underscoring the need for more fiscal support to shield consumers and businesses from a worsening energy crisis. Read More
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In a treehouse nestled in redwoods north of San Francisco, Gov. Newsom stood cold and hungry as Sergey Brin, the world’s fourth-richest man, and his wellness-influencer girlfriend told him they were leaving the state.
It was late in the evening at a Christmas party hosted by crypto titan Chris Larsen — featuring singer Janelle Monáe and a towering abominable snowman with glowing red eyes — when Brin and his partner, Gerelyn Gilbert-Soto, confronted Newsom about a new proposal to tax billionaires in California, according to people who’ve spoken with the governor. Such a levy could hit Brin’s stake in Alphabet Inc. and his $272.6 billion fortune.
Newsom, who opposes the wealth tax, was still telling people about the lengthy exchange at the party months later, complaining of a lingering cold the pair had given him, according to the people, who asked not to be named discussing private conversations with the governor.
Brin, meanwhile, followed through. He left the state, bought a lakeside mansion in Nevada, and started bankrolling a billionaire political uprising in California.
Newsom, through a spokesperson, declined to comment on the interaction. “The governor has been very clear with everyone, no matter who they are, that this effort will do serious damage to the state, including for public safety workers and schools, at the expense of one special interest group,” Izzy Gardon, a spokesperson, said.
A representative for Brin didn’t respond to requests for comment.
Brin’s political push reflects a broader awakening among California’s ultrawealthy. Over the past six months, the proposed billionaire tax and a heated governor’s race have drawn tech titans and business leaders more directly into the state’s affairs — a space many of them have traditionally kept at arm’s length.
Prior to this year, Brin’s last contribution in a California election cycle was 2010 when Arnold Schwarzenegger was governor and the Google co-founder largely backed climate causes. He’s now spent more than $58 million in the last four months, including an extra $9 million disclosed late Friday, but more importantly has helped mobilize a network of fellow tech titans in a push to sway state issues.
“The wealth tax was a wake up call, it was a fire that just lit up Silicon Valley literally in a matter of weeks,” said Steven Maviglio, a veteran Democratic strategist. “I’ve never seen anything like it.”
Altogether, ultrawealthy donors have injected more than $270 million into California’s political scene in this election cycle. Outside of the wealth tax, billionaire Tom Steyer is emerging as a top Democratic candidate for governor after the downfall of former Representative Eric Swalwell following allegations of sexual assault. Steyer, a former hedge fund manager, has spent more than $140 million in his election bid, crowding TV airwaves with ads and labeling himself a “class traitor” with a campaign modeled after Vermont Senator Bernie Sanders.
Ballots for the June 2 primary election start going out next week. Brin and a cohort of the ultrawealthy including Coinbase CEO Brian Armstrong and venture capitalists Vinod Khosla and John Doerr have plowed millions into supporting Matt Mahan, a Silicon Valley mayor, with a back-to-basics agenda and a penchant for taking on the state’s Democratic establishment.
That money has helped Mahan buy airtime and attracted controversy, but his polling numbers remain stuck in the single digits while Steyer’s well-funded progressive campaign is gaining favor with voters. Brin has also backed Republican Steve Hilton, who’s currently leading polls.
“You have two polar opposites going on. You have a billionaire running who has actually fully adopted an agenda that the vast majority of voters agree with: Taxing billionaires, funding healthcare, fighting back against ICE,” said Lorena Gonzalez, head of the state’s largest union group, the California Federation of Labor Unions. “And then you have billionaires pushing a candidate whose talking points are apologetic to the tech industry.”
The billionaire political activism in California mirrors larger shifts in Silicon Valley and the nation. President Donald Trump has given tech billionaires broad access to the White House, inviting Brin and other industry captains over for dinner and to join advisory boards.
Back in September, Trump singled out Gilbert-Soto as Brin’s “really wonderful MAGA girlfriend” at a White House dinner also attended by Mark Zuckerberg, Tim Cook and Sam Altman. She has publicly supported Republican Steve Hilton for California governor, a candidate Trump endorsed and Brin has also donated to.
In California, Brin’s newfound political action was catalyzed by the wealth tax proposal, which would levy a one-time 5% tax on billionaires to help offset federal healthcare cuts. In a Signal group chat earlier this year with other Silicon Valley elite, Brin floated the idea of raising hundreds of millions of dollars to influence California politics, according to a person who saw the message.
Brin left California for Nevada ahead of a Jan. 1 residency deadline for the proposed wealth tax. He moved to a $42 million mansion on the Nevada side of Lake Tahoe, featuring two glass-walled funiculars.
Shortly after leaving California, Brin contributed $20 million to a new group dedicated to fighting the tax while also pushing pro-business and housing affordability policies, Building a Better California, making him the single largest contributor. He added $37 million over the spring, as the group quickly started supporting a trio of anti-wealth tax measures that could nullify a billionaire tax if it gets passed in an election. One of the measures, the so-called Transparency Act, has enough signatures to qualify for the November ballot, its backers claimed on Monday.
Building a Better California “remains fixed on long-term reforms supported by most Californians: housing affordability, stable funding for education, infrastructure investments, and government accountability,” a spokesperson said.
Joining Brin in the effort were other billionaires, including former Google CEO Eric Schmidt, Stripe CEO Patrick Collison and venture capitalist Michael Moritz. Peter Thiel, who also left California ahead of the New Year’s Day deadline, gave $3 million to a separate committee opposing the wealth tax.
“They don’t trust California anymore,” said David Lesperance, a tax attorney who specializes in relocations and has helped move five families out of the state because of the wealth tax threat.
Brin and his fellow billionaires helped push up the costs to gather the more than 870,000 signatures required to qualify a ballot measure. This forced the union behind the wealth tax, SEIU-UHW, to spend more on their efforts.
Now, the union says it has succeeded in getting the signatures it needed, which will likely force the business leaders opposing it into further spending.
“A very small group of the most controversial billionaires on the planet tried to stop Californians from being able to save their local emergency rooms and hospitals — but our current signature tally proves frontline healthcare workers will prevail in bringing this commonsense proposal to voters,” said Suzanne Jimenez, SEIU-UHW’s chief of staff. “When our growing coalition files these signatures, David will have won the first round against Goliath.”
Other billionaires have bankrolled their own political initiatives, including Larsen, who set up his own network of influence groups with names like Grow California and Golden State Promise.
Many in Sacramento are skeptical that Brin and his fellow ultra-rich will succeed in swaying California state politics. They point to the failed candidacy of former eBay executive Meg Whitman, who spent around $144 million of her own fortune to become governor, or even venture capitalist Tim Draper’s longshot initiative to split California into six separate states.
“They’re trying to extrapolate from their own industry, which might have been fabulously successful, that they know something about political advertising, when they don’t,” said Garry South, a veteran Democratic strategist. “They think, ‘Hey, I’ve got money I can throw it around,’ and they don’t really do their homework.”
Political consultants describe their frustration with some wealthy tech donors, who often view their political giving through an investment lens, promising big checks and not following through if they don’t see momentum. That’s led to questions about whether the California billionaire activism would continue if Mahan’s governor bid fails and the wealth tax passes.
Even Larsen, who’s worth around $13 billion, has expressed anxiety that not enough business leaders are stepping into politics. “It’s a lot of talk, and they’re happy, but we don’t see the firepower we need to take on the SEIUs,” he said, referring to the state’s largest union.
Newsom, for his part, acknowledges that many of the state’s wealthiest residents are willing to donate significant sums of money, but want to do it on their own terms and not through a tax.
“Some will never give a penny away,” he said at a Bloomberg News event in January, not long after his encounter with Brin in the treehouse. “Some I respect. Some I don’t.”
Kamisher and Carson write for Bloomberg.
Good morning from Brussels.
Events in Washington DC this weekend caught Brussels off guard as officials were enjoying the start of spring.
A 31-year-old man named as Cole Tomas Allen has been arrested after opening fire Saturday evening outside the reception hall of the annual White House Correspondents’ Association (WHCA gala), which Donald Trump was attending for the first time. The White House says it was a targeted attempt at the life of Trump and his officials.
Fortunately, no one was killed.
In Europe, EU leaders quickly voiced support for the US President, who had skipped the event for years before agreeing this time to attend, despite strained relations between the White House and the press corps under his second term.
“I just spoke to @POTUS Donald Trump to express my solidarity with him and @FLOTUS after the attempted attack,” European Commission President Ursula von der Leyen wrote on X. She added that “political violence has no place in our democracies”.
French President Emmanuel Macron called the incident “unacceptable”, while German Chancellor Friedrich Merz said: “We decide by majorities, not by the gun.”
Transatlantic tensions briefly faded, even as Reuters reported the US could seek to suspend Spain from NATO over its refusal to back the US and Israel’s war in Iran.
Spanish Prime Minister Pedro Sánchez played down the threat and joined EU leaders in condemning the attack. “Violence is never the answer,” Sánchez wrote on X. “Humanity will only move forward through democracy, coexistence and peace.”
On Sunday, Trump rejected any link between the armed intrusion at the WHCA dinner and the Middle East war. He said the incident would not “deter” him from “winning the war”.
Earlier in the weekend, Trump cancelled a trip to Pakistan planned for envoys Steve Witkoff and Jared Kushner, writing on social media: “Too much time wasted on traveling, too much work!” He added, referring to Iran: “There is tremendous infighting and confusion within their ‘leadership’.”
On his side, after going to Oman and Pakistan over the weekend, Iranian Foreign Minister Abbas Araghtchi landed in Russia to meet Vladimir Putin.
According to the Iranian news agency Fars, Tehran has sent, via Pakistan, written messages to Washington regarding its “red lines” in the negotiations.
After talks with French Foreign Minister Jean-Noël Barrot, Araghchi wrote on Telegram that he had briefed his French counterpart on ceasefire developments and ongoing diplomatic efforts “to end the imposed war”. He stressed “the importance of European countries playing a constructive role in this process”.
Meanwhile, in Lebanon, the situation remains fragile. Over the weekend, Israel and Hezbollah accused each other of violating the ceasefire.
The Shia Islamist political party and military organisation released several statements on Sunday saying its fighters targeted Israeli troops and positions in response to Israeli ceasefire violations and attacks on Lebanese villages.
On Sunday evening, Israeli Prime Minister Benjamin Netanyahu convened a group of ministers and senior security officials to discuss both Iran and the situation in Lebanon, according to local media. One option under consideration is escalating strikes against Hezbollah, including targeting areas beyond southern Lebanon.
At least 2,509 people have been killed and 7,755 injured in Lebanon since the start of Israeli strikes in early March, the country’s health ministry said.
Lebanon’s Minister for Displaced Persons, and Technology and AI, Dr. Kamal Shehadi told Euronews’ Europe Today that “the truce is not holding” but there are “clear signs that both sides are making an effort” to avoid escalation beyond the current level of violence.
Shehadi said the government’s most important leverage to help disarm Hezbollah is having the vast majority of the Lebanese people backing them and calling for Hezbollah to surrender its weapons to the Lebanese Armed Forces.
“The international community is supportive of Lebanon’s intention to control all the weapons on Lebanese territory. Now, that’s not enough, clearly, and so what we need to do is continue to put pressure on Hezbollah to get Hezbollah to accept and to relinquish its weapons, because the weapons today are only going to bring more retaliation from Israel,” Shehadi said. Watch the full interview here.
Meanwhile, Brussels is preparing for the visit of Péter Magyar, whose opposition party won Hungary’s 12 April election.
“I will travel to Brussels on Wednesday for informal talks with the President of the European Commission on unlocking EU funds,” he wrote on X. “We have no time to waste.”
A honeymoon now begins between Budapest and Brussels after 16 years of tension under outgoing Prime Minister Viktor Orbán, who announced on Saturday he won’t take up his seat in parliament after his Fidesz party suffered a heavy loss in the 12 April vote.
Meanwhile, incoming Prime Minister Magyar said on Saturday he had information that wealthy figures linked to Orbán’s outgoing government were moving assets abroad and called on authorities to detain fleeing oligarch families.
“I am aware that Hungary’s National Tax and Customs Administration (NAV), based on reports from banks, has suspended several high-value transfers linked to Antal Rogán’s circle on suspicion of money laundering. I call on the leadership of NAV to immediately freeze these stolen funds,” Magyar wrote on X, referring to the outgoing top minister under Orbán’s administration.
As Ukrainians marked the 40th anniversary of the Chernobyl disaster, Ukrainian President Volodymyr Zelenskyy accused Russia of “nuclear terrorism”, alleging it repeatedly sends attack drones over the site.
On social media, Zelenskyy warned that Russia’s invasion of Ukraine has once again pushed the world to “the brink of a man-made disaster”.
He also said drones now regularly fly over Chernobyl. “The world must not allow this nuclear terrorism to continue, and the best way is to force Russia to stop its reckless attacks.”
Russian strikes on Ukraine continued through the anniversary, with Moscow launching 144 drones in a barrage during the night between Saturday and Sunday.
Read the full story by Lucy Davalou.
The German government believes Russia is behind a new phishing campaign targeting lawmakers and senior officials via the Signal messaging app.
The incident is the latest in Moscow’s hybrid war targeting Europe.
Victims are said to receive messages posing as Signal support, prompting them to enter a PIN, click a link or scan a QR code. If successful, the scam gives hackers access to messages, group chats, and any photos or files shared by the user.
Media reports say at least 300 accounts belonging to political figures were compromised. Civil servants, diplomats, military personnel and journalists were also targeted.
Vice-President Andrea Lindholz (CSU) has ruled out banning Signal, saying MPs should be free to decide how they communicate.
You can read the story of Sonja Issel & Evelyn Ann-Marie Dom here.
Zelenskyy says he is ready to meet Putin in Azerbaijan. On a visit to Azerbaijan, Ukrainian President Volodymyr Zelenskyy said he is ready to meet Vladimir Putin there, as US-led diplomatic talks have stalled in recent weeks. Read **Sasha Vakulina’**s story here.
Kenya’s Sabastian Sawe becomes first person to run marathon in less than two hours. In London, Kenya’s Sabastian Sawe made history by becoming the first athlete ever to break the two-hour barrier in the marathon. Jesús Maturana has the full story.
– European Parliament plenary session kicks off in Strasbourg. A debate on the “Importance of consent-based rape legislation in the EU” is scheduled later today.
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Germany’s Dax, France’s CAC 40, Italy’s FTSE MIB and the UK’s FTSE 100 are expected to open in the green, according to IG data, despite peace talks between the US and Iran coming to a halt.
The White House called off plans to send envoys to Pakistan for more negotiations and US President Donald Trump cited a lack of progress over the weekend.
“If they want, we can talk but we’re not sending people,” Trump told Fox News on Sunday. He said earlier on social media: “All they have to do is call!!!”
In addition to monitoring progress in the Middle East, investors will also be keeping across central bank decisions this week, including from the ECB and Federal Reserve.
Meanwhile, markets were mixed overnight in the Asia-Pacific region. Tokyo’s Nikkei 225 index hit a fresh record, surging 1.4% to 60,564.18. The Kospi in South Korea jumped 2.1% to 6,617.94. Hong Kong’s Hang Seng index edged 0.1% lower to 25,951.86 and the Shanghai Composite index was up 0.2% at 4,089.04. Australia’s S&P/ASX 200 slipped 0.3% to 8,759.40.
Taiwan’s Taiex rallied 2.6%, helped by a revival of buying of tech shares driven by the boom in artificial intelligence.
In other dealings early Monday, the price for a barrel of Brent crude to be delivered in July, rose $1.44 to $100.57, while US benchmark crude oil added $1.28 to $95.65.
The dollar fell to 159.34 Japanese yen from 159.59. The euro climbed to $1.1723 from $1.1701.
U.S. oil sanctions swings add uncertainty for markets, global trade
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U.S. shale industry reluctant to boost oil production in response to Iran war 'chaos'
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Bailey Zimmerman performed Friday night at Stagecoach, where his set mixed post-grunge country hits like “Religiously” and “Where It Ends” with a cover of Miley Cyrus’ “The Climb” and an appearance by BigXthaPlug on their duet “All the Way.” Before Zimmerman’s set, I met with the 26-year-old singer inside a denim-bedecked pop-up presented by American Eagle, for whom Zimmerman serves as an official spokesbro.
Did you only agree to become an American Eagle ambassador because you thought you might be able to meet Sydney Sweeney?
I would understand why you would think that. But honestly, no — it was a full circle moment in my life. Before my American Eagle deal, I had all the American Eagle underwear. They couldn’t send me new ones — I had ’em all.
Do you get free jeans?
They give me everything for free.
Could you get me some free jeans?
Maybe? I could do one of those things where I’m like, “Oh, it’s for me,” but it’s really for you.
By my count, this is your fourth Stagecoach in a row.
Yep.
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You never miss this, bro.
It’s my favorite time of the year — it’s sick. I come out here the whole weekend. The first year, I brought my best friends, and we’ve done it every year since — all my friends and their fiancees now because we’re getting older and they’re getting married. So it’s just a big party all weekend. It’s something I look forward to.
Speaking of getting married, last year you you told me you were looking for a wife. Any progress?
Well, you know, honestly, I’m still just kind of doing my thing. I’m on God’s timing, truly —I’m just letting it roll.
You’re a Justin Bieber guy.
Beliebe it.
“Swag” or “Swag II”?
I was hesitant to want to listen to “Swag II” because I love “Swag I” so much. But then once you get into “Swag II,” it’s like, Dude, this is so fire, bro. Both albums are so fire — I’ll listen to either one.
Did you watch Bieberchella?
Yes!
What did you think of the YouTube of it all?
I thought it was really cool. I loved it — it was just something way different. I’ve never seen that done like that. Iconic — I would call it iconic. That’ll go down in history.
Bailey Zimmerman on Stagecoach’s main stage.
(Allen J. Schaben / Los Angeles Times)
You have a current radio hit, “Chevy Silverado.” What was your first truck?
A 2005 white Chevy Silverado. That’s what the song’s about.
Yes, of course. But I didn’t know it was true to life — I thought you were using writerly inspiration.
No, true to life, man. My grandpa had a 2005 crew-cab short-bed Chevy Silverado, and I bought it off of him. I had to borrow money from my bank in my hometown, and I bought it of him because times weren’t good at the time. When the used car dealership was going good, maybe he would’ve given it to me, but at that time, it wasn’t going good, so I had to borrow money and have a payment at the bank. Adult things.
You know where that truck is now?
I still have it. Honestly, I didn’t think anybody would resonate with the song — I didn’t think anybody would listen to it just because it was so personal to me. Every single line is a real life story from my life, so to see it resonating with everybody and seeing it do what it’s doing — it’s so cool, man.
Musk fraud claims against Altman, OpenAI dismissed
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I WORK in travel and look at holiday pricing data every single day – and there are a few patterns that I see constantly.
Small booking habits that feel completely normal, but quietly push prices up. We’re not talking about a few quid either. Get these wrong, and you can end up paying 20–30 per cent more for the same holiday.
Follow The Sun’s award-winning travel team on Instagram and Tiktok for top holiday tips and inspiration @thesuntravel.
Here are the three biggest mistakes – and exactly how to fix them.
This one surprises people the most.
Booking your holiday first thing – on your commute, before work, or when you sit down at your desk – feels productive.
But it’s actually one of the worst times you can choose.
According to the data, the most expensive time to book a holiday is between 9am and 10am.
In fact, booking in that window came in at around 30 per cent more expensive than the cheapest time of day, which is actually 2:47am.
And it makes sense when you think about it – because that’s a peak demand window when everyone is searching at once.
Flight prices react to this demand first, then package holiday prices follow.
So while you think you’re being organised… you’re actually booking at the busiest, and often most expensive, moment of the day.
In one example, I found a 5-night all-inclusive stay at the Catty Cats Garden Hotel in Turkey was priced at £133pp in the early hours – but just a few hours later, that had jumped to £165pp for the exact same holiday.
That’s a 24% increase (£64 more for two people) simply from booking later in the day.
This is the classic “I’ll just check again later” mistake: you find a good price, but instead of booking it, you leave it.
You come back later. Maybe the next day. Maybe after asking a few people.
It feels like you’re being careful or thrifty, but the data shows the opposite.
Every search feeds demand into the system, demand pushes flight prices up, and flight prices push package prices up.
But the reality is: if you’ve found a good deal, it’s very likely other people have found it too.
So while you’re waiting, those seats and rooms are disappearing, filling up and pushing up the package cost pretty quickly.
In one real example, a luxury all-inclusive stay at the Titanic Deluxe Lara in Antalya,Turkey was priced at £558 per person.
But after waiting just 24 hours, that same holiday increased to £606 per person.
That’s an extra £48pp – or £192 more for a family of four – just for not booking when the price was lower.
Prices change, availability drops, and that deal you liked is gone forever.
This is where people leave the biggest savings on the table.
I see it every day: most searches are locked into the same dates, same duration, no flexibility.
But pricing doesn’t work like that – it fluctuates constantly based on demand.
Flight and hotel combinations are constantly shifting, and the price you see is based on very specific availability – not a fixed “cost” for that trip.
That means sticking rigidly to one duration can actually stop you from seeing better-value options.
Sometimes, adding or removing just one night can completely change the price – because it opens up different flight combinations or cheaper room availability.
In one search I did for a Corfu holiday, a 7-night stay was coming in at £874 per person.
But by simply increasing the stay to 8 nights, the price dropped to £720 per person for the same package.
That’s a saving of £154pp – or £308 for two people – just by adding one extra night.
It goes against what most people expect, but it shows how pricing really works.
You’re not just paying for nights – you’re paying for the combination of flights and hotel availability behind them.
Yet most people never check – they search once, see one price, and assume that’s what the holiday costs.
One of the easiest ways to save money is to stop manually checking prices over and over again.
Every time you search, you’re adding to demand signals – and you’re far more likely to miss the moment a price drops.
Instead, set up price alerts or track a holiday and let the price come to you.
That way, you’re not feeding the surge – and you’re ready to act when the price is right.
I sometimes see short-term dips of up to £50 per person on the same holiday when demand softens briefly – but these windows can last hours, not days.
The people who catch them aren’t constantly searching – they’re notified. But how do you actually do it?
At On the Beach, if you save a holiday, you’re automatically tracking it, and they’ll email you to let you know when the price changes.
On Google Flights, you can search your route, then just toggle “Track prices” – then you’ll get email alerts whenever fares move up or down.
On Skyscanner, hit the heart or bell icon on a flight, and it’ll notify you when the price changes.
It takes about 10 seconds – and it means you’re not guessing when to book.
There’s no perfect moment to book – but there is a bit of a sweet spot.
According to the data, booking around 33 days before departure can unlock savings of up to 10%.
That’s because it sits between two high-demand groups: early planners who book far in advance and last-minute bookers chasing limited availability.
In this middle window, demand is lower, and prices often reflect that.
Which means on a £700 holiday, that 10% saving means paying around £630 instead – a £140 saving for a couple without changing anything else.
It’s not about waiting as long as possible. It’s about timing it right.
Most people have a “default airport” – the one they always fly from without really thinking about it.
But sticking to the same airport can quietly cost you more than you realise.
Flights to the same destination can vary massively in price depending on where you depart from – even on the exact same day, for the exact same hotel.
And often, the cheaper option is only a short drive or train journey away.
In one search I did this week for a family holiday to Majorca, the same 5-night stay at the Sea Club Mediterranean Resort was priced at £260pp flying from Manchester.
But switching to Liverpool Airport for the exact same trip brought the price down to £235pp.
That’s a saving of £25 per person – or £100 for a family of four – just by changing the departure airport.
It’s a simple check most people skip, but it can make a real difference to the total cost.
These aren’t big sacrifices, and you’re not downgrading your hotel or cutting your trip short. You’re just booking smarter.
But these small tweaks of timing, confidence and flexibility can easily save you hundreds over time.
And once you see how the pricing actually works, you won’t book the same way again…
Los Angeles City Council member Traci Park has raised more than $1.2 million for her reelection campaign in the city’s June 2 primary, more than double the amount collected by challenger Faizah Malik, according to finance reports filed this week.
Malik, a civil rights attorney, reported raising roughly $454,000 in her bid for the District 11 seat that skirts along the Westside, including Mar Vista, Pacific Palisades, Venice and Westchester, the reports show.
At nearly $1.7 million, the money raised in the race is the highest for the eight council seats, out of 15 total, on the ballot in the June 2 primary. Any candidate who wins a majority in the election will win the seat outright, otherwise the top two vote-getters will compete in the Nov. 3 general election.
Two of the eight races are open seats to replace termed-out incumbents, and in five other races, incumbents Eunisses Hernandez, Park, Hugo Soto-Martínez, Tim McOsker and Katy Yaroslavsky posted large fundraising leads against their challengers. One incumbent, Councilmember Monica Rodriguez, is running unopposed.
In the west San Fernando Valley’s 3rd District, three candidates are seeking to replace termed-out Councilmember Bob Blumenfield.
Insurance company founder Tim Gaspar was leading the pack in fundraising, reporting nearly $430,000. Barri Worth Girvan, an aide to Los Angeles County Supervisor Lindsay Horvath, has raised about $235,000. Tech entrepreneur Christopher Robert “CR” Celona was far behind with about $12,300.
In Council District 1, which includes Highland Park and Pico-Union, incumbent Hernandez topped the field with about $319,000 in contributions. Challenger Maria Lou Calanche, a former Los Angeles police commissioner, reported raising about $182,000.
Among other challengers in the race, Sylvia Robledo, a small-business owner and longtime City Council aide, reported about $75,000 in contributions. Raul Claros, founder of a nonprofit called California Rising, listed $70,500 in contributions and entrepreneur Nelson Grande reported raising about $55,000.
There are six candidates vying to replace incumbent Curren Price in the 9th District, which includes USC and communities along the Harbor Freeway corridor.
Jose Ugarte, a former deputy chief of staff for Price, led the field in reported financial contributions, amassing $477,000.
Estuardo Mazariegos, head of the Alliance of Californians for Community Empowerment Los Angeles, reported roughly $200,000 in contributions and Elmer Roldan, director of a nonprofit, has raised about $114,000.
Entrepreneur Jorge Nuño and therapist Martha Sanchez trailed with about $25,000 and $13,000, respectively. Educator Jorge Hernandez Rosas did not report any contributions.
In the other races:
The outcome of the Park-Malik contest in District 11 will be determined in the June 2 primary because there are only two candidates in the race.
In a statement, Councilmember Park credited her fundraising lead to her efforts to clear homeless encampments.
“I raised an historic number of donations from local Westside residents because I’ve been on the ground since Day One solving our number one priority: getting people off the streets into housing and treatment and removing dangerous encampments from our neighborhoods,” Park said. “Residents, workers and visitors all see the difference.”
Kendall Mayhew, communications director for Malik’s campaign, said in a statement that Park and her supporters are spending unprecedented money because “we are winning and they simply don’t know what else to do.”
“What our campaign has demonstrated so far, and what we will demonstrate at the ballot box in just a few weeks, is that corporate money cannot defeat an honest, people-powered campaign,” Mayhew said.
The fundraising totals reported this week represent money given by individual donors, who are limited to contributions of no more than $1,000 in this election cycle. While the reports offer a glance at fundraising, money is also coming in through independent expenditures, which have no limit on how much can be given.
For example, in District 1, the L.A. County Federation of Labor has reportedly spent more than $226,000 in support of Hernandez. Calanche is also receiving supporting funds: the Fix Los Angeles PAC Supporting Calanche, Ugarte and Park for City Council 2026 has spent about $46,000 on her campaign to unseat Hernandez.
The advent of autonomous treasury has ignited a competitive push, complete with aggressive industry targets. Not all companies will want to proceed at the same speed.
The shift to an autonomous treasury is reshaping the world of corporate finance, driven by new strategies and technologies—from self-healing cash forecasts to AI-driven liquidity engines—that are replacing legacy systems and maximizing yield.
To fully realize the potential, corporate finance leaders are strategically investing in the key areas that will accelerate the transition. The next phase of autonomous treasury will be defined by three investment-focus areas, says Sayantan Chakraborty, head of Digital Payments at Fiserv. “Treasurers don’t lack visibility anymore; they lack widgets that can act on that visibility in real time,” he says. “The gap isn’t analytics. It’s execution.”
Although agentic AI can forecast cash positions and draft funding instructions, Chakraborty notes, current corporate infrastructure often runs in batch mode. The first essential missing link is comprehensive, real-time cash positioning, second, it’s combined with rule-based, just-in-time money movement across multiple payment rails—including instant and traditional—and third, integration of new features like tokenized deposits and programmable payments.
The technological journey still requires human expertise, however. And Chakraborty advises building around legacy ERP systems rather than waiting for a complete modernization.
“Think of it as an AI-powered autopilot added to an older cockpit,” he says. “Policies are enforced, actions are executed, and audit trails are preserved without forcing a full-core replacement on day one, under the watchful eyes of a trained cockpit and cabin crew.”
The era of multi-year, big-bang upgrades is over, Chakraborty argues. Instead, the best course is to implement a lightweight, 24/7 automation layer to handle real-time balances, rules, and payments.
As instant payment rails and real-time reporting become more widespread, Chakraborty predicts the current practice of pre-funding accounts before cut-offs will become obsolete. Instead, “agentic AI will push treasury from once-a-day instructions to continuous, just-in-time funding: as soon as execution matches intent across all rails.”
This shift will impact float, causing idle-balance float to decrease and driving banks to focus their earnings on 24/7 clearing services, intraday credit, and real-time liquidity.
Siemens, a leader in autonomous treasury, adopted J.P. Morgan’s programmable payment feature (formerly Onyx, now Kinexys) in late 2023. Siemens shifted to advanced programmable payments using the blockchain-based ledger, JPM Coin. This allows their bank accounts to autonomously manage cash and execute transactions based on pre-defined rules. Addressing the inefficiency of idle pre-funded balances, Siemens implemented a just-in-time mechanism. Funds are only moved into a specific account the moment a payment is due. If a balance drops below a set threshold, the system autonomously sweeps funds from a central cash pool, enabling Siemens to operate with near-zero balances in local accounts.
“In my experience, the biggest challenge is not technology, but the mindset shift in finance and treasury,” states Heiko Nix, global head of Cash Management and Payments, Siemens. “For almost every technical problem, there is a solution. But simplifying entrenched processes and changing how people think about treasury and its role takes significantly more time and effort. In practice, you do not need to convince everyone at once, what matters is building sufficient momentum across the organization to enable real transformation.”
AI creates a strategic opportunity, argues John Stevens, senior vice president, global head of Capital Markets, Financial Institutions & Working Capital at Kyriba.
“AI can transform working capital management from a retrospective reporting function into a forward-looking control tower,” he says. “Instead of focusing on past events, you can optimize for the future in real time. This is because tasks that previously required manual, analog effort, or demanded analysts to spend long hours consolidating reports, can now occur instantaneously. This real-time capability allows for significantly more sensible and timely decision-making.”
Companies still need to work closely with vendors to build AI safely, he cautions: “We don’t see a single out-of-the-box ‘autonomous’ product replacing the diversity of treasury needs.” The future will be “composable,” he predicts, although it is important to be precise about what this means.
While Kyriba App Studio serves as an extensibility layer for building bespoke integrations and workflows on the Kyriba platform, Stevens stresses that it is not an agent-building toolkit. The agentic AI layer is TAI, which provides Kyriba-developed agents with “a clear human in the loop posture.”
Using a third-party model doesn’t automatically make an AI tool less intelligent and using only in house-models doesn’t automatically make it more intelligent, he argues.
“In treasury, the deciding factor is whether the AI can be used safely and consistently in a regulated environment,” Stevens says. TAI isn’t positioned to avoid external LLMs. “We use a leading external model [Anthropic’s Claude] within a controlled, governed deployment. The difference is the wrapper around the model: strict limits on what data it can access, clear rules on what it’s allowed to do, and a full audit trail of activity.”
Practically, that means the AI can help generate insights—summaries, explanations, flag anomalies, scenario narratives—while anything that could affect payments, liquidity, or risk stays under platform controls, approvals, and policy-driven workflows.
“So it’s not a binary choice between open and sovereign,” he notes. “Some organizations will require sovereign options for policy or jurisdiction reasons, but most regulated treasuries are looking for governed AI: strong models, used in a way that is secure, auditable, and designed for real operational control.”
The potential benefits to treasury have ignited a competitive push for autonomy, complete with aggressive industry targets and a race for “fully autonomous” platforms.
HighRadius recently updated its agentic AI platform with the goal of achieving over 90% automation for the Office of the CFO by 2027. The initiative involves deploying AI agents across six product suites and 20 products within accounts receivable, payables, treasury, close, and consolidation. The release of 186 agentic AI agents, announced last February, moves HighRadius closer to the “fully autonomous platform vision” it first announced in 2019, with cash application and cash forecasting already demonstrating 90% touchless automation.
HighRadius prioritizes “measurable value creation,” which it validates with clients through mutually agreed success criteria (MASC). This value is delivered via automated agents, aiming for 90%-plus automation, and assisted agents, designed to triple user effectiveness.
CEO Sashi Narahari views agentic AI as an interim step toward HighRadius’s goal of ensuring that all its products are “fully autonomous”—defined as 90%-plus touchless end-to-end process—by 2027. Narahari stresses the critical nature of this goal, to the point that failing to achieve it would lead to the company’s demise.
What about mid-tier banks that may not want to jump to a comprehensive transformation? For them, Chakraborty advises that a single, reliable orchestration endpoint is better than many disparate APIs.
“Essential to this is a real time balance plus payment execution API,” he says “exposing positions, limits, and instant movement through a single, resilient interface. That’s what lets AI driven treasury systems act as agents, not just analysts.” Integrating such a process with tokenized deposit movement is also beneficial where possible, he adds.
That said, the journey toward the autonomous treasury, spearheaded by pioneering companies like Siemens and driven by the rapid evolution of agentic AI, is fundamentally redefining corporate finance.
The shift is not merely about incremental efficiency gains but is coming to be seen as a strategic imperative for maximizing yield, securing real-time liquidity, and moving beyond the constraints of legacy systems. Corporate treasurers who are embracing the transition are attracted by a promised tactical roadmap to a future-proofed role. For the financial institutions that serve them, autonomous treasury is an urgent call to align their offerings with a new era of continuous, intelligent, and just-in-time financial control.
CrowdStrike (NASDAQ: CRWD) dropped 5.55% to $440.78 in Thursday afternoon trading, breaking a six-day rally.
The stock had gained more than 17.11% over that stretch, outpacing the S&P 500’s 2.45% increase. Despite that run, shares are down 4.52% year to date versus the index’s 4.27% rise.
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French liberal MEP Christophe Grudler told Euronews the Commission’s proposed European preference, once adopted, covering public procurement in strategic sectors such as clean tech, cars and energy-intensive industries (aluminium and steel) should be limited to a core group of non-EU countries.
The “Made in Europe” provisions of the so-called “Industrial Accelerator Act” have triggered a fierce political battle between supporters, led by Germany and Nordic countries, of a broad definition including “like-minded” partners, and those, led by France, pushing for a narrower approach.
In its proposal unveiled on 4 March, the Commission leaned towards the broader interpretation.
“The Commission’s option is very poor. It reflects a completely outdated view of trade policy,” Grudler said, adding, “When the Americans introduced the Buy American Act, they didn’t worry about whether it would strain ties with Europe. At some point, we need to stop being naive.”
The MEP is set to be one of the lead negotiators on the proposed new rulesin the European Parliament as talks begin shortly.
The European preference aims to counter foreign competition, notably from the US and China. The Commission proposes excluding non-EU countries depending on how open they are to the EU taking part in their procurement markets as well as existing trade agreements.
But Grudler argues geography should be the guiding principle, limiting “Made in Europe” to countries closest to the EU — first and foremost the European Economic Area: Iceland, Liechtenstein and Norway.
Switzerland could also be “a good candidate”, he said.
“Switzerland has had a public procurement agreement since 1989. It is a bilateral agreement stating that all European companies have access to the Swiss public procurement market, and that all Swiss companies have access to the European public procurement market. It is therefore a rather good candidate.”
The UK could also be considered to some extent, but “conditions will need to be examined” following Brexit, he added. “There is also a point where Europe has to make sure it comes out financially ahead.”
He wants the law to send “a strong signal” to investors backing key EU industries, “particularly energy-intensive sectors and clean technologies.”
“It is another step in Europe’s resilience against unfair competition from other continents.”
However China has voiced strong opposition to the Commission proposal, seen in Beijing as restricting its access to EU procurement and investment.
“This legislation is Europe standing firm for its strategic industries,” Grudler said.
“China has overcapacities in cars or in steel. They are relying on the naivety of Europeans to do business, to generate double-digit growth again, and then to invest in research and development and get ahead on everything, all the while cheating through direct subsidies to destroy our industries.”
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Météo-France has initiated an inquiry to determine whether the meteorological infrastructure managed by them was targeted by individuals seeking to influence prediction markets.
This development follows reports of highly unusual temperature spikes that triggered significant financial payouts on the blockchain-based site Polymarket, where users place wagers on real-world events.
Investigators are examining if the integrity of the national weather network was breached through physical or digital interference, as the precision of the winning bets suggests the actors involved may have had direct control over the reported data.
Online rumors, which remain unverified for the time being, claim the temperature reading was manipulated by someone using a hair dryer to generate a higher temperature.
Polymarket reportedly settles Paris temperature bets on a single Météo-France sensor sitting near the Charles de Gaulle airport perimeter.
On 6 April, the reading from the sensor abruptly rose 4°C in twelve minutes, crossing the 22°C threshold despite data from other sources showing different figures.
A user on Polymarket aggressively bet on readings above 21°C on that specific day, even though the consensus was lower at 18°C, and profited almost €30,000.
A second similar anomaly occurred on 19 April leading to suspicions that the sensor was tampered with.
Météo-France announced that it has filed a complaint with the Roissy air transport gendarmerie brigade “for [the] alteration of the operation of an automated data processing system,” after an analysis of sensor data.
Polymarket suspended its reliance on the compromised weather data source for Paris, shifting its resolution metric from the sensor in Charles de Gaulle airport to the one in Paris-Le Bourget airport.
However, it did not cancel the contracts or refund the bets, leaving the resolved contracts final, even though on previous occasions it has suspended the resolution of certain bets until further clarification on the rules and circumstances.
This incident has reignited the debate over the reliability of the “oracles” that feed data to prediction markets in order to settle bets.
In decentralised finance, an oracle is the mechanism that feeds external, real-world information into a smart contract to determine a financial outcome.
Polymarket relies on these feeds to settle its contracts, often pulling data directly from official government websites. If the primary source of that data is corrupted, the betting market lacks any internal mechanism to verify the truth.
Additionally, the decentralised nature of these platforms makes it difficult to freeze assets even if an investigation identifies the individuals behind suspicious trades.
This is the latest case that highlights a new frontier of white-collar crime, where the manipulation of the physical world is used to exploit the vulnerabilities of automated prediction markets in order to win bets on real-world events.
It felt like the Olympics. Crowds cheering. The American flag standing tall above the bleachers. Trainers jumping with anticipation. A swimmer staring in disbelief at the clock after his final stroke. The Jumbotron announced: Kristian Gkolomeev — 20.89 seconds. A new world record in the 50-meter freestyle.
Well, kind of.
I’ve left out some details. There was only one swimmer. The crowd? Just doctors, trainers and filmmakers. This was not in an Olympic city nor an Olympic year, but in Greensboro, N.C., in 2025. And there were no iconic rings on the banners, just “Enhanced Games.”
Yes, Gkolomeev swam faster than César Cielo, the official record holder at the time (20.91 seconds). But he did it “enhanced” — a polite way to say that he used performance-enhancing drugs. At the Enhanced Games, doping isn’t punished. It’s required.
The concept, as described by the organization: “to create the definitive scientific, cultural and sporting movement that safely evolves mankind into a new superhumanity.”
Backed by investors such as Peter Thiel and Donald Trump Jr.’s 1789 Capital, the Enhanced Games embodies a techno-utopian ideal: athletes as canvases for chemical optimization, testing the limits of human health for a lot of money. Gkolomeev earned $1 million for his record.
So far, the competition has happened at one-off pop-up events. But in May, Las Vegas will host the first full-scale Enhanced Games, a four-day meet in swimming, track and field, and weightlifting. The group advertises a “potential prize purse of $7.5 million for just a single day of competition,” plus appearance fees.
Does it need to be said? Apparently yes: The Enhanced Games glorifies the risky use of enhancement drugs.
Steroids can harden arteries, elevate stroke risk, damage the liver and permanently alter hormone systems. They are not electrolyte tablets or a little preworkout creatine. If Lance Armstrong had been rewarded — rather than sanctioned — for doping, what would have happened to competitive cycling?
Fans — and especially kids — mimic their idols. As risky as the drugs are for athletes at the Enhanced Games, with its “medical commission” to give the illusion of safety, the substances are even more dangerous when used by people without medical supervision.
The games also expose the economic neglect that drives athletes toward such competition. As Benjamin Proud, the British silver medalist who recently joined the Enhanced Games, put it: “It would have taken me 13 years of winning a World Championship title in order to win what I could win in one race at these games.”
Indeed, the Enhanced Games might look like an easy way out. Only nine swimmers worldwide received prize money and performance bonuses above $75,000 in 2025, according to World Aquatics.
Investors clearly hope to make money off the games as well. The organization is moving closer to becoming a publicly traded company. The economics are not mysterious.
But the Enhanced Games are not just another sporting event. They are an arena for biomedical experimentation and should be regulated as such. The games should face limits similar to those imposed on other high-risk industries, including age restrictions and strict advertising rules.
We already know how to govern legal, profitable activities that carry serious health risks.
In the United States, that means oversight from the Food and Drug Administration and the Federal Trade Commission — bodies that regulate drug protocols and police misleading commercial claims. A steroid-based competition should not be treated as a sport but as a medical experiment and a marketing stunt.
Regulations on pharmaceutical advertising offer a useful model for the Enhanced Games. Prescription drugs are advertised every night on television, but only under strict rules. They require fair balance (content must present benefits and risks with comparable prominence, readability and duration) and a “major statement” of risks (most serious risks must be spoken aloud and not obscured by visuals or music).
Right now, when you play Gkolomeev’s “world-record” video on YouTube, a medical-risk warning appears for barely five seconds — then vanishes. If a cholesterol drug must audibly warn viewers of stroke risk, why shouldn’t a steroid-based competition do the same?
Enhanced Games content should be accompanied by clear warnings of the risks of performance-enhancing drugs and be clearly labeled, age-gated and distributed as high-risk content more akin to pornography than to a boxing match.
Prohibition is not the answer. Trying to shut down these games only fuels a controversy-driven brand. Just recently, the Enhanced Games sued organizations such as World Aquatics and the World Anti-Doping Agency, alleging antitrust violations and that blocking athletes from participating at the Enhanced Games is illegal. As those organizations fight back, they will be seeking to protect the integrity of mainstream sports, but they will also inadvertently be promoting the Enhanced Games.
If we want kids to admire clean athletes rather than those using banned drugs, the Las Vegas launch must not reach the world as a Super Bowl would. The Enhanced Games should not be televised or allowed to stream online to minors. Otherwise, Las Vegas, in May, risks becoming an unregulated public-health experiment mislabeled as a sporting event.
Fabricio Ramos dos Santos is a lawyer, entrepreneur and sports investor.
London Stock Exchange reports Q1 results
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Earnings Call Insights: Tesla (TSLA) Q1 2026
Tesla framed 2026 as an investment-heavy year, with CEO Elon Musk saying, “We’re going to be substantially increasing our investments in the future so you should expect to see significant — a very significant increase
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