| Big Bill | Volkswagen estimates it will lose around €1.5 billion as a result of strict EU emissions rules. The losses will likely stem from potential fines for blowing past the emissions target, and from being required to sell more electric cars at the expense of more lucrative combustion engine models, the company said. Wealth Tax | The French government wants to raise €2 billion from high earners this year, ministry officials told us, part of a package of around €52 billion in spending cuts and tax increases aimed at bringing the country's public finances under control. The new budget is a less ambitious attempt to shrink the country's deficit after the previous government's attempts led to a swift collapse. Crowdsourcing Cuts | Iceland is looking to its citizens for ideas on how to balance its budget. The Social Democrat-led government opened an online portal for suggestions from the public, with 1% of the population already having taken part. The country's new government, sworn in last month, is grappling with a budget deficit, inflation and elevated borrowing costs. New Leader | Micheal Martin of the Fianna Fail party was voted in as Ireland's new prime minister yesterday and will lead the country until November 2027, at which point coalition partners will take over as part of the government deal. The vote was held a day later than expected because of a row in parliament between independent lawmakers supporting the incoming government and the opposition Sinn Fein party. Crypto Kidnapping | The co-founder of French crypto-wallet start-up Ledger was liberated yesterday following a police operation. David Balland, whose company makes hardware wallets for crypto investors, was kidnapped the day before, with his captors demanding millions in digital currency as a ransom. | 
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