Crypto News: Brussels Edition: In need of a jumpstart

Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union.

Ursula von der Leyen's promise to help industry weather the challenges posed by the green transition and cheap global competition helped her clinch a second term at the helm of the Commission. But economic data is showing that the rut is deep — and getting out of it won't be easy. Barely a week after she was confirmed by European lawmakers, new data revealed that private-sector activity in the euro-area hardly grew as Germany, its top economy, unexpectedly slumped. The malaise is harming German Chancellor Olaf Scholz's chances at re-election next year, despite his claims that the country's efforts to restart its economy are working. Euro-area industry has now been in contractionary territory for two years, underlining the urgency for von der Leyen's "Clean Industrial Deal" to do more than simply stave off crisis for the bloc's high-emitting sectors.

— John Ainger

Hear Me Out | The three Chinese automakers singled out in a EU anti-subsidy probe will meet with regulators for additional hearings as Beijing and Brussels continue to negotiate over the tariffs ahead of a November deadline. The news comes as tiremaker Michelin said that it may close more plants in Europe, citing energy costs and a glut of cheap tires from China.

Lukoil Dispute | Hungary has called on the EU to broker a solution with Ukraine after Kyiv decided to block the passage of crude from a major Russian oil supplier. Foreign Minister Peter Szijjarto told us that Budapest would move to a dispute-settlement mechanism if no solution can be found.

Bunge Buyout | Agricultural giant Bunge's $8.2 billion buyout of Viterra is set to be approved by the EU now that the firms have offered concessions to appease regulators. The deal would create a $25 billion agricultural giant capable of competing with the industry's elite. Meanwhile, the EU pushed back on IAG's planned takeover of Air Europa, putting that deal on the verge of collapse.

Tariff No-No | Europe's biggest paintmaker Akzo Nobel has warned that European and US tariffs on Chinese chemicals imports could drive up prices for Western consumers. The statement came after the EU announced hefty tariffs on Chinese imports of titanium dioxide, a key ingredient in paint.

Kingdom Corruption | Monaco's royals have brought peril to the palace by not clamping down on financial crime. Now, the country's head of state, Prince Albert II, is facing scrutiny from European anti-bribery inspectors for failing to prevent bribery and conflicts of interest. Here's the latest.

Profit Setback | Luxury brands, carmakers and other European companies are taking a hit from China's slowdown, and more trouble is coming for businesses heavily reliant on the country's demand. Here are some of the big names that have been left reeling.

Le Stalemate | France is stuck in a state of limbo just as the Olympic games are poised to get underway in Paris tomorrow. With President Emmanuel Macron pledging that he won't appoint a prime minister before mid-August, politicians will have a few weeks off before embarking on the task of putting together a government. At least the country has the prospect of a Winter Olympics to look forward to.

Olympic Heat | Athletes in Paris may wish they were preparing for the winter games. The city has warmed 1.8C since it last hosted the Olympics in 1924, and participants are experimenting with all sorts of innovative ways to deal with the heat. And France isn't alone — global temperatures hit record highs for the second day in a row this week.

Harris Handoff | With Kamala Harris emerging as the all-but-guaranteed Democratic presidential nominee, supporters including Secretary of State Antony Blinken are lining up to burnish her foreign policy credentials. Harris will get her first test today, when she meets with Israeli Prime Minister Benjamin Netanyahu.

Singapore edged past France, Germany, Italy and Spain to reclaim bragging rights for having the world's most powerful passport. Holding a Singapore passport means visa-free entry to a record 195 global destinations, putting the city-state at the top of the Henley Passport Index. The four European countries, which held the No. 1 spot earlier in the year, are now in second place, along with Japan.

Vice-President Valdis Dombrovskis participates in the second EU-Singapore Free Trade Agreement Trade Committee Meeting
Economy Commissioner Paolo Gentiloni attends G-20 meeting of finance ministers and central bankers in Rio de Janeiro
Vice-President Maros Sefcovic participates in the Conference on Climate and Cities in Paris, organized by Mayor Anne Hidalgo
Budget Commissioner Johannes Hahn and EIB President Nadia Calvino speak at Salzburg Summit