President makes push to bring down drug prices that have long been a source of financial strain for US patients.
United States President Donald Trump has signed an executive order that he says will bring down the price of prescription drugs in the US by as much as 90 percent.
In an announcement on Monday, Trump said drug companies who have been “profiteering” will have to bring prices down but laid the blame for high prices primarily on foreign countries.
“We’re going to equalise,” Trump said during a news conference. “We’re all going to pay the same. We’re going to pay what Europe pays.”
People in the US have long been an outlier when it comes to the prices they pay for numerous types of life-saving medication, often paying several times more than their peers in other rich countries for nearly identical drugs.
That phenomenon is often attributed to the substantial economic and political influence that the pharmaceutical industry wields in the US.
The high cost of medical drugs has been a source of popular discontent in the US for years, and Trump accused the pharmaceutical industry of “getting away with murder” in 2017.
But in his remarks on Monday, the US leader also seemed to say that US pharmaceutical companies were not ultimately to blame for the difference in prices. Trump instead framed those high prices in the familiar terms of a trade imbalance with partners such as the European Union and said the US has been “subsidising” lower drug prices in other nations.
That perspective seems to align with the framing of the pharmaceutical industry itself. The industry’s most powerful lobbying arm stated the cause of high prices for US consumers is “foreign countries not paying their fair share”.
Senator Bernie Sanders, a left-wing politician who has railed against the high prices paid by US patients for years, said Trump’s order wrongly blames foreign countries rather than US companies for those prices.
“I agree with President Trump: it is an outrage that the American people pay, by far, the highest prices in the world for prescription drugs,” Sanders said in a statement.
“But let’s be clear: the problem is not that the price of prescription drugs is too low in Europe and Canada. The problem is that the extraordinarily greedy pharmaceutical industry made over $100bn in profits last year by ripping off the American people.”
A fact sheet shared by the White House said the administration will “communicate price targets to pharmaceutical manufacturers to establish that America, the largest purchaser and funder of prescription drugs in the world, gets the best deal”.
Health and Human Services Secretary Robert F Kennedy Jr speaks after President Donald Trump signed an executive order on drug prices at the White House in Washington, DC, on May 12, 2025 [Mark Schiefelbein/AP Photo]
The stock prices of US drugmakers ticked upwards after the announcement. Experts have cast doubt on Trump’s optimistic assertion that drug prices would drop quickly and substantially.
“It really does seem the plan is to ask manufacturers to voluntarily lower their prices to some point which is not known,” Rachel Sachs, a health law expert at Washington University in St Louis, Missouri, told The Associated Press news agency.
“If they do not lower their prices to the desired point, HHS [the Department of Health and Human Services] shall take other actions with a very long timeline, some of which could potentially, years in the future, lower drug prices.”
Digital banking usage has surged across Europe in the last decade, as the way we bank has been transformed dramatically. The percentage of EU citizens using online banking in the last decade has risen from 42% to 67%, in Spain that number was closer to 75% in 20241.
CaixaBank’s growth in digital channels reflects these trends. The Bank is, by some distance, the leading digital bank in Spain. It has the largest digital customer base, which in 2024 grew from 11.5 million customers to 12.1 million.
The bank’s digital lifestyle platform for younger customers, imagin, has surpassed 3.5 million banking customers – growth of 11% on the previous year, with almost half of CaixaBank’s new customers in the last year being recruited through imagin. Customer loyalty is increasing, with 50% of adults directly depositing their salary into the bank.
At the app user level, which includes all those who do not make financial operations but make use of the imagin app’s non-banking services, the number of imaginers now exceeds 4.5 million.
This data reinforces imagin’s position as a leading neobank and consolidates its position as a leader among young people. According to GfK statistics, imagin has a 48% market share among the main neobanks and fintechs in the 18-34-year-old segment in Spain.
In addition to increasing the number of new users, the platform has also managed to strengthen the loyalty of imaginers. In terms of activity volume, the application has an average of 60 million monthly visits and more than 11 million transactions per month are conducted through Bizum, 15% more than in 2023.
Imagin complemented its portfolio in 2024 with new products such as a fee-free debit card for use abroad, and financing and investment options, making it the only neobank with a complete banking offer tailored to a young and 100% digital audience.
The bank’s hybrid remote assistance service InTouch has more than 3.3 million users. InTouch is a new relationship model that combines remote communication tools (video call, voice call, email, WhatsApp, etc.), with the relationship of trust provided by an expert manager.
CaixaBank is also the leader in traditional website channels: this includes CaixaBankNow, the reference application for CaixaBank customers, and imagin.
Overall, CaixaBank leads in Spanish digital banking with a 45.4% penetration on digital banking users in Spain at year-end 2024.
Spain’s drive for digital
The bank’s digital transformation is to some extent a mirror for Spain’s early adaptation to an increasingly digital and competitive global landscape.
In the latest State of the Digital Decade report outlined by the European Union, Spain stood out thanks to two main strengths, the large number of citizens with basic digital skills (66.2%), compared to the European average (55.6%), and the progress in the use of artificial intelligence by companies (9.2 %) compared to 8% in Europe.
CaixaBank’s recently launched Strategic Plan for 2025-2027 outlines an ambitious vision for the future, fully in line with the country’s determination to maintain leadership in digital innovation.
Among many commitments, the plan earmarks €5 billion in investment towards AI, cloud computing, and automation. This initiative, known as the Cosmos plan, aims to enhance operational efficiency, develop new customer-centric digital services, and strengthen the bank’s technological infrastructure.
Investing in Innovation for the Future
One of the most transformative aspects of CaixaBank’s digital strategy is its integration of AI into customer interactions. AI-powered tools facilitate automated financial recommendations, conversational banking assistants, and enhanced fraud detection, streamlining both user experience and internal operations.
AI-powered tools will allow for automated financial recommendations, conversational banking assistants, and self-service options for customers. The technology will also streamline internal processes, reducing administrative burdens on bank employees while improving decision-making and fraud detection.
A key trend in this shift is the growing emphasis on technological talent, and the concern around this topic is highlighted in The Global Risks Report 2025, published by the World Economic Forum (WEF), where the shortage of skilled talent stands out as one of the key risks businesses must navigate this year. As digital banking evolves, institutions are increasingly expanding their technology hubs to attract specialists in AI, cybersecurity, and cloud computing.
Spain has again emerged as a leader in this space, with financial institutions investing heavily in developing digital capabilities. Technology jobs are growing faster in Spain than anywhere else in the world, according to the Equinix 2023 Global Tech Trends Survey.
CaixaBank, for example, has outlined an ambitious plan to strengthen its technological infrastructure while expanding its tech subsidiary, CaixaBank Tech, which is undergoing significant expansion with a goal to reach a total of 2,000 employees within the next three years. The offices in Barcelona, Madrid, and the new centre in Seville will become talent-attracting technological hubs.
Enhancing Digital and Mobile Banking Services
Digitalisation is not just about cutting-edge AI. The rise of mobile-first banking is reshaping the financial landscape, as consumers increasingly expect seamless, secure, and accessible digital services. Across the industry, banks are investing in mobile platforms to meet the needs of a generation that prefers managing finances on the go.
67% of bank account holders in Spain handle banking via mobile devices, this trend has driven significant innovation, from digital-only banking models to flexible payment solutions that integrate with everyday mobile experiences. And it was way back in 2016 that CaixaBank’s imagin service became the first in the world where all transactions are performed using only apps for mobile phones or social media.
Today, according to data from the bank, more than 30% of in-person purchases made in Spain with CaixaBank cards are now being done via mobile phones. The bank has around 4.4 million customers with cards linked to mobile devices, figures that are on the rise, with more than 800 million transactions in the last 12 months.
Collaboration is key
Partnerships between banks and tech companies are also shaping the next generation of digital transactions. In line with this, and as a further demonstration of the bank’s firm commitment to improving the customer experience, CaixaBank, through CaixaBank Payments & Consumer, has signed a pioneering agreement with Apple.
As a result of this partnership, CaixaBank customers with iOS 18 and iPadOS18 will soon have the option to pay in full or spread the cost over multiple months directly at the point of purchase when paying with their CaixaBank cards in Apple Pay. Customers that decide to choose this option will have the choice to do so when shopping online using Apple Pay and in-app on iPhone, iPad and Apple Watch.
This new functionality will allow customers to see payment options available to them, understand cost including any interest, and choose how they’d like to pay before completing their purchase.
Meeting the needs of a digital-first generation
As digital banking evolves, financial institutions are placing greater emphasis on automation and cybersecurity to enhance efficiency and protect customers. AI-driven analytics are enabling banks to deliver hyper-personalised financial solutions, helping individuals make more informed decisions. At the same time, advanced security frameworks, including real-time fraud detection and AI-powered risk management, are becoming critical in safeguarding digital transactions.
In Spain, financial institutions have been recognised for their strong commitment to digital security. Many banks have implemented next-generation fraud detection systems and encryption technologies to safeguard transactions. CaixaBank, for example, has been acknowledged for its advanced cybersecurity measures, reinforcing the industry’s broader push to ensure secure digital banking experiences.
As Spain’s financial sector continues to embrace digital innovation, its commitment to technology, security, and inclusivity will position it as a leader in shaping the future of banking in an increasingly digital world.
Pope Leo XIV urged the release of imprisoned journalists across the world, saying their work is essential in defending “dignity, justice, and the right of people to be informed.” He also affirmed the “gift” of free speech and free press.
Police bodycam footage shows Newark Mayor Ras Baraka being arrested outside a detention centre in New Jersey, during a protest about US immigration. Officials claim he trespassed, but Baraka and witnesses say he complied with orders.
Hamas says it will release US-Israeli captive Edan Alexander and confirms direct talks with the US, while Israel insists it has not agreed to any ceasefire – signaling a possible rift with Washington, analysts say.
Israeli PM says negotiations with Hamas will continue ‘under fire’, with just a pause for the planned release of Edan Alexander.
Israel has not agreed to any ceasefire or prisoner swap with Hamas ahead of the expected release of Israeli-American soldier Edan Alexander, but is continuing to prepare to intensify its military operations in Gaza, its prime minister has stated.
Prime Minister Benjamin Netanyahu’s office said in a statement released on Monday that ceasefire negotiations “will continue under fire, during preparations for an intensification of the fighting”. The Israeli leader insisted that military pressure had forced Hamas to make the release.
“Israel has not committed to a ceasefire of any kind” or the release of Palestinian prisoners, but has only agreed to allow safe passage for the release of Alexander, the last surviving United States captive held in Gaza, the statement said.
A Hamas source told the AFP news agency later on Monday that mediators had informed the Palestinian group that Israel would pause military operations in Gaza for the handover.
‘Final deal?’
Hamas said on Monday that Alexander’s release was imminent. The armed group agreed to release him as a goodwill gesture to US President Donald Trump, who is due to arrive in the Middle East later.
The previous day, the Palestinian group had revealed that it had agreed to the release in talks with the US. Arab mediators Qatar and Egypt called it an encouraging step towards a return to ceasefire talks for war-torn Gaza.
Khalil al-Hayyah, a Hamas leader in Gaza, said the group was ready to “immediately start intensive negotiations” to reach a final deal for a long-term truce, including an end to the war, the exchange of Palestinian prisoners and remaining Israeli captives in Gaza, and the handing over of power in the enclave to an independent body of technocrats.
Alexander’s family said they hoped the decision would open the way for the release of the 59 other captives, only 21 of whom are believed to be alive.
Families of the captives and their supporters in Israel have pressed the government to reach a deal to secure the release of those still held in Gaza, but Netanyahu has faced heavy pressure from hardliners in his cabinet not to end the war.
Last week, Netanyahu announced that Israel plans a total conquest of Gaza in an intensive military operation. Israeli officials have said that the step-up in military action would not start until Trump wraps up his Middle East visit.
Israel continues to bombard the enclave.
Gaza’s Civil Defence agency reported on Monday that several people were killed and many more injured in an overnight air attack on a school housing displaced people.
“At least 10 [dead], including several women and children, as well as dozens of wounded, were transported following an Israeli air strike on the Fatima Bint Asad school, which is home to more than 2,000 displaced people in the city of Jabalia,” Civil Defence spokesman Mahmoud Basal said.
Israeli forces also continued attacks across the Gaza Strip, including Gaza City in the north, Rafah in the south and the Nuseirat refugee camp in the centre.
In the end of an era for Indian Test cricket, Virat Kohli follows fellow batting star Rohit Sharma into retirement.
India batsman Virat Kohli announced his retirement from Test cricket, bringing down the curtain on a sparkling career in the longest format just days after captain Rohit Sharma did the same.
Kohli, who made his debut in 2011 and scored 30 centuries and 9,230 runs at an average of 46.85 over 123 tests, is expected to remain available for one-day internationals.
The 36-year-old quit Twenty20 International immediately after India won their second 20-over World Cup trophy in the West Indies last year.
“It’s been 14 years since I first wore the baggy blue in test cricket. Honestly, I never imagined the journey this format would take me on,” Kohli posted on Instagram on Monday.
“It’s tested me, shaped me, and taught me lessons I’ll carry for life.
“There’s something deeply personal about playing in whites. The quiet grind, the long days, the small moments that no one sees but that stay with you forever.”
The retirement of superstars Virat Kohli, left, and Rohit Sharma in the space of one week represents the end of an era in Indian Test cricket [File: Abhishek Chinnappa/Getty Images]
While Kohli’s final test wrapped up a 3-1 test series defeat by Australia in January, which saw India relinquish the Border-Gavaskar Trophy for the first time in a decade, he will be remembered most for his spell as captain between 2014 and 2022.
Kohli won 40 of his 68 tests in charge of India to become the country’s most successful skipper in the format, and sits fourth in the list of captains with the most test victories.
Only Graeme Smith (53), Ricky Ponting (48) and Steve Waugh (41) won more tests as captains.
India suffered only 17 defeats with Kohli at the helm as he guided the side to the final of the inaugural World Test Championship in 2021, when they lost to New Zealand.
He was also part of the team that lost the second World Test Championship final to Australia in 2023.
“I’m walking away with a heart full of gratitude – for the game, for the people I shared the field with, and for every single person who made me feel seen along the way,” he added.
“I’ll always look back at my test career with a smile.”
India’s next test assignment is a five-match series in England from June 20.
Virat Kohli scored 9,230 runs from 123 Test matches for India [Morgan Hancock/Cricket Australia via Getty Images]
Risk-on sentiment continued to dominate global market trends during Monday’s Asian session after officials from the US and China signalled “substantial progress” following two days of trade negotiations in Switzerland over the weekend.
China’s Vice Premier, He Lifeng, described the meeting as “an important first step” towards resolving differences, with both sides agreeing to establish a mechanism for further discussions. However, no specific details were provided regarding the points of agreement or the timeline for subsequent meetings. US Treasury Secretary Scott Bessent stated that more information would be shared on Monday, while he noted that a joint statement would be released.
Risk-on prevails
Optimism toward a potential de-escalation in trade tensions between the US and China fuelled risk-on sentiment, with stock markets rallying and safe-haven assets declining.
As of 5:30 am CEST, US stock futures had surged, with the Dow up 1.12%, the S&P 500 rising 1.46%, and the Nasdaq Composite gaining 1.93%. European equities were also poised for a higher open. Among major stock futures, Germany’s DAX advanced 0.85%, reaching a fresh high; the Euro Stoxx 600 rose 0.8%; and the UK’s FTSE 100 climbed 0.36%.
Asian equity markets also posted gains. Hong Kong’s Hang Seng Index rose 0.9%, Japan’s Nikkei 225 added 0.1%, the ASX 200 gained 0.28%, and South Korea’s Kospi advanced 0.7%.
Conversely, gold prices declined sharply as demand for safe-haven assets eased. Spot gold fell 1.4% to $3,279 per ounce, marking its lowest level since 5 May.
Meanwhile, haven currencies, including the euro, the Japanese yen, and the Swiss franc, weakened further against the US dollar, falling to their lowest levels since 10 April.
Markets await details of trade talks
Uncertainty remains as investors await further information regarding the trade discussions between the world’s two largest economies.
“Greater clarity on these matters, to provide firm backing to the apparent more conciliatory tone of rhetoric seen from both sides, will be needed to give markets additional confidence that the peak of trade uncertainty and tit-for-tat tariffs is indeed in the rear-view mirror, and to unlock the door to a more durable and sustainable firming in risk appetite,” wrote Michael Brown, a senior research strategist at Pepperstone Group in London.
“For the time being, however, given the prevailing uncertainty, I’m inclined to fade this strength in the dollar and equities — at least in the short term,” he added.
The S&P 500 has rebounded nearly 10% since US President Donald Trump indicated a substantial cut to tariffs on China in late April. Nonetheless, the benchmark index remains negative year-to-date, down 3.8%. Meanwhile, the US dollar index (DXY) has dropped more than 7% this year, despite the recent rebound.
According to Bloomberg, the US is considering reducing tariffs on Chinese goods to below 60% as a first step, while seeking to negotiate the removal of Chinese restrictions on rare earth exports to the US. In early April, Beijing announced export restrictions on a wide range of critical minerals — including germanium, gallium, antimony, and magnets — potentially disrupting production in American electric vehicles and other electronic devices.
