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At present’s agenda: EU’s minimal Apple and Meta fines; sweeping US plan for Ukraine minerals; cooling Canada-US relations; Heathrow CEO interview; and Lakshmi Mittal’s resolution to depart
Good morning. We start in Rome, the place Giorgia Meloni has dismissed the concept Italy should select sides between the US and Europe as “infantile” and “superficial”, insisting she would do no matter is critical to defend her nation’s pursuits.
On EU-US relations: In her first interview with a overseas newspaper since coming to workplace in 2022, the Italian prime minister mentioned it was “within the pursuits of everybody” to beat extreme strains within the transatlantic relationship, describing some European leaders’ reactions to Donald Trump as “a bit too political”.
“Italy can have good relations with [the] United States and if there’s something that Italy can also do to keep away from [a US] confrontation with Europe and to construct bridges, I’ll try this — and it’s within the curiosity of the Europeans,” she mentioned.
On Trump: Italy’s nationalist conservative chief made clear she didn’t see the US president as an adversary and he or she would proceed to respect Italy’s “first ally”. “I’m conservative. Trump is a Republican chief. Certainly I’m nearer to him than to many others, however I perceive a pacesetter that defends his nationwide pursuits”, Meloni mentioned. “I defend mine.”
Read more from the Italian leader’s interview with the Financial Times.
Right here’s what else we’re protecting tabs on immediately and over the weekend:
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Financial information: The UK has revised fourth-quarter GDP figures, Germany and the US publish February labour market statistics and France releases March shopper inflation information immediately.
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Greenland: US vice-president JD Vance is ready to go to an American military base in Greenland immediately as Washington will increase stress on the geopolitically essential island.
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UK politics: Reform UK phases a rally in Birmingham, billed as its “greatest occasion but”, immediately.
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Excessive-level conferences: Greek Prime Minister Kyriakos Mitsotakis is scheduled to satisfy his Israeli counterpart Benjamin Netanyahu on Sunday. German President Frank-Walter Steinmeier begins a visit to Armenia and Azerbaijan.
How effectively did you retain up with the information this week? Take our quiz.
5 extra high tales
1. Unique: The EU is ready to impose minimal fines on Apple and Meta beneath its Digital Markets Act as Brussels seeks to keep away from escalating tensions with US President Donald Trump. Below the DMA, corporations can face penalties of as much as 10 per cent of their world turnover, however officers mentioned the European Fee was aiming for fines far below that threshold.
2. Unique: The US is pushing for a sweeping new deal to regulate Ukraine’s important minerals and power property whereas providing Kyiv no safety ensures in return, in an aggressive growth of its earlier calls for. Senior Ukrainian officers mentioned the proposal may undermine their nation’s sovereignty, route earnings overseas and deepen its dependence on Washington.
3. Canada’s Prime Minister Mark Carney mentioned his nation’s outdated relationship with the US was “over” and vowed a “broad renegotiation” of the commerce settlement between Ottawa and Washington. The premier mentioned yesterday that Trump’s tariffs would drive Canada to reshape its financial system and seek “reliable” trading partners.
4. Heathrow’s chief govt mentioned it may value about £1bn to put in a extra “resilient” energy system to assist keep away from a repeat of the outage that pressured the airport’s closure final week and warned that airways may find yourself paying by way of greater prices. Learn extra from Thomas Woldbye’s interview with the FT, by which he offers his first detailed explanation of the disruption.
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UK infrastructure: US personal fairness group Blackstone has struck a £235mn deal to acquire a stake within the proprietor of Aberdeen, Glasgow and Southampton airports.
5. Metal tycoon Lakshmi Mittal, who has lived within the UK for 3 a long time, is getting ready to depart the nation in response to the Labour authorities’s crackdown on non-domiciled residents. The choice makes him one of many wealthiest entrepreneurs to move because of the tax reform.
The Massive Learn
Lively ETFs are cheaper for suppliers and customers and will assist asset managers scale back outflows. However with progress ranging from a low base and big US teams dominating the market, can they still be a lifeline for Europe’s stockpickers?
We’re additionally studying . . .
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Trump’s oil dilemma: The president’s advisers view the fossil gasoline’s worth as an important anti-inflation instrument, however there are three big headwinds to contend with, writes Gillian Tett.
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AI and jobs: New analysis exhibits ChatGPT’s incapacity to deal with “messy” multitasking is sheltering some human workers, writes John Burn-Murdoch.
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EU innovation: A voluntary pan-European authorized framework for fledgling corporations can help start-ups scale faster, writes entrepreneur Brent Hoberman.
Chart of the day
Weeks after the beginning of meteorological spring, the NHS in England remains to be mired in winter pressures. However a gaggle of European nations provides instructive proof that it’s doable to navigate seasonal strains without big disruption to services.
Take a break from the information . . .
Hotori, a London yakitori restaurant which opened in November, has a beak-to-tail menu that’s pretty much as good if not better than many in Tokyo, writes Jay Rayner.
