| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union.Commission President Urs |
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| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. Commission President Ursula von der Leyen faces a litmus test for her effort to salvage the bloc's Green Deal when she meets business leaders in Antwerp later today. The gathering will take place after the presentation of the "Clean Industrial Deal,'' the latest attempt by the EU to reconcile environmental goals with industrial competitiveness. The bloc's executive is under pressure to ensure cheaper energy for companies and to cut red tape at a time when Donald Trump's reversal on climate goals and stiff competition from China are seen putting European firms at a disadvantage. The plans, including the one to lower energy costs, are poised to show that there is no quick-fix at hand. Environmental groups are already casting efforts to simplify green rules as watering down the EU's world-leading regulatory standards. — John Ainger, Max Ramsay | |
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| Minerals Deal | Ukraine agreed late last night with the US to jointly develop its natural resources, we've learned, a move that could ease recent tensions with Trump and advance his administration's goal of a ceasefire with Russia. Ukraine President Volodymyr Zelenskiy plans to travel to the US Friday to seal the deal.
Summit Diplomacy | Meanwhile, the UK is in discussions to convene a group of European leaders for further talks on Russia's war in Ukraine as soon as Sunday, we're told. European leaders are engaged in an intense diplomatic effort to persuade Trump not to rush into a cease-fire deal with Russia. Defense Funding | Germany's Social Democrats indicated they're open to financing a big increase in military spending championed by the conservative chancellor-in-waiting Friedrich Merz, by loosening debt rules or creating a special fund. UK Prime Minister Keir Starmer also outlined plans to boost defense expenditures. ECB Caution | The European Central Bank is near a point when monetary policy no longer constrains the economy, Bundesbank president Joachim Nagel told us, with all options open for future rate decisions. The comments echoed those by Governing Council member Isabel Schnabel, who urged the ECB to "proceed cautiously." Trading Rules | The commission expressed "serious concerns" about making tough new trading rules voluntary for a period of time, effectively shooting down a proposal from the region's top banking lobby. The rules were already postponed last year to avoid large European lenders from being disadvantaged against US banks. | |
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| Pushed Out | Unilever pushed out CEO Hein Schumacher after less than two years, signaling that the board wasn't satisfied with the pace of restructuring at the Anglo-Dutch consumer goods company. CFO Fernando Fernandez will take over the top job.
Debt Deal | Billionaire Patrick Drahi's telecom provider Altice France is close to a deal with creditors to cut its debt pile by €8.6 billion in exchange for a non-controlling equity stake and governance changes, we're told. The company, which owns SFR, France's second-largest mobile-phone carrier, currently has a €23.7 billion debt load.
Under Fire | Italy's government wants to replace the man at the helm of Franco-Italian chipmaking joint-venture STMicroelectronics. Rome considers Jean-Marc Chéry's performance insufficient amid headwinds for the industry, we're told. Tesla Plunge | Tesla's sales plunged 45% last month across Europe, while rival carmakers saw a surge in electric-vehicle demand. CEO Elon Musk has increasingly weighed in on European politics, backing far-right parties and attacking incumbents, including recently in the UK and Germany. | |
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| A key measure of euro-area pay growth eased at the end of 2024, supporting ECB plans to keep cutting interest rates as inflation slows. Fourth-quarter negotiated wages rose 4.1% from a year ago, down from the 5.4% record seen in the prior three months. | |
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| All times CET - 2:15 p.m. Von der Leyen presents Clean Industrial Deal at Antwerp European Industry Summit
- 3 p.m. Financial services commissioner Maria Luis Albuquerque speaks at European Economic and Social Committee plenary session
- Council President Antonio Costa convenes virtual meeting of EU leaders
- Parliament president Roberta Metsola leads roundtable with US Chamber of Commerce and meets members of Congress in Washington
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