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The First Conference on Transitioning away from Fossil Fuels has concluded with more than 50 countries agreeing to work on trade measures aimed at cutting demand for fossil fuels. World leaders gathered in Colombia's Santa Marta last week for the first-ever global talks to accelerate the shift, a step participating nations said was not just a climate priority but vital for energy independence. The conference was announced last year after the failure of the official UN COP30 climate summit in Brazil to include an explicit reference to fossil fuels in its final deal. “The conclusion is unavoidable, we must transition away from fossil fuels - not just because it’s good for climate, but because it strengthens our energy independence and security,” said Stientje van Veldhoven, minister for climate policy and green growth for the Netherlands, which co-hosted the conference with Colombia.

 

Euronews

Financial Times

ArcelorMittal's annual shareholder meeting in Luxembourg City yesterday faced protests over job relocations and environmental concerns. Trade unions LCGB and OGBL joined steelworkers from various plants to voice their opposition to potential job cuts moving from Western Europe to Eastern Europe and India. Environmental activists also condemned the company's pollution record, claiming it is failing to meet its climate targets. Shareholders re-elected board members and approved a dividend increase.

 

Luxembourg Times

European Economic Commissioner ​Valdis Dombrovskis has said the European Commission is in contact ​with Anthropic regarding Mythos ‌and is assessing its possible implications. "The commission representatives ⁠met with Anthropic and ​was briefed on technical ​details around cyber capabilities and the risk of this Mythos ​preview, so we are ​currently assessing possible implications in light ‌of ⁠the EU policies and legislation," Dombrovskis told reporters on Monday.

 

Reuters

UK borrowing costs have surged to their highest levels since 1998, driven by the ongoing Iran war and political uncertainty ahead of this week’s local elections. The yield on 30-year government bonds reached 5.78%, while 10-year bonds peaked at 5.1%. The conflict has disrupted oil supplies, leading to increased inflation and borrowing costs. The rapid increase in borrowing costs means the Chancellor has probably lost half of the £23.6bn of headroom she had in the spring, said Simon French, the chief UK economist at Panmure Liberum.

 

Financial Times

The Daily Telegraph

BBC News

Daily Mirror

Belgian central bank governor Pierre Wunsch tells the FT Europe is “naive” in believing that the liberal economic model can survive the global shift pushed by the US and China.

 

Financial Times

Nissan plans to cut about 10% of its European workforce, including in France, Spain and the UK, as part of a restructuring aimed at easing the Japanese carmaker’s financial difficulties. 

 

Financial Times

A new Portuguese law will double the amount of time needed for foreigners to obtain citizenship. The period required for most foreigners to obtain citizenship will be extended from five to up to 10 years. Individuals from Brazil, Angola and other Lusophone nations will have to wait seven years to obtain citizenship instead of five. Bloomberg notes a massive inflow of immigrants following the pandemic that has strained Portugal’s housing, health care and public services.

 

Bloomberg

More than 7,000 couriers working with Just Eat in the UK are pursuing legal action to secure employment rights including minimum wage and holiday pay. The tribunal will decide whether they qualify as workers or remain self-employed contractors. The case follows the company’s 2023 shift back to a gig economy model, ending a trial that offered guaranteed pay and benefits. Backed by law firm Leigh Day, the challenge reflects wider disputes across the gig economy, following rulings involving Uber and Bolt. The outcome could have significant implications for employment status and worker protections across the sector.

 

The Guardian

HSBC has reported a profit decline of 4% in Q1 2026, totalling $9.4bn, due to a $1.3bn hit from potential loan losses. The bank attributed $300m of this to the US-Israel conflict and $400m to fraud-related exposure in the UK. Chief financial officer Pam Kaur said the charge involved loans to a private equity group linked to the collapse of Mortgage Financial Solutions. Despite the challenges, Kaur noted that HSBC's credit portfolio remains resilient, and business activity continues. "We've always been very mindful of private credit risks," she added.

 

Financial Times

The Daily Telegraph

The Guardian

The Times

Deutsche Bank denies training employees to engage in market manipulation after a former trader who was convicted of fraud accused the lender of instructing him on an illegal trading strategy.

 

Financial Times

The European Commission plans to exempt leather and retreaded tyres from its anti-deforestation regulation (EUDR), diluting a flagship climate policy in a move aimed at easing the burden on industries, particularly Europe’s leather sector. Officials acknowledged the environmental downsides of excluding leather - linked indirectly to deforestation via cattle production - but argued the change balances ecological goals with economic considerations, while meat and other high-risk commodities will remain covered. The regulation, which requires companies to trace supply chains for products such as cattle, palm oil and soy, has already faced delays due to technical and administrative challenges, with implementation now expected by end-2026 for larger businesses and mid-2027 for smaller firms. The decision marks a setback for environmental groups, while businesses continue to raise concerns about compliance costs, even as some multinational companies warn that further delays risk undermining global forest protection efforts.

 

Financial Times

Reuters

China's Ministry of State Security, the country’s spy agency, says foreign forces are seeking to “erode the minds of Chinese youths” by disseminating anti-work propaganda online. “The youth represent the future of the nation and are the primary targets for ideological infiltration by foreign anti-China hostile forces,” the ministry said in a post published on WeChat, the Chinese social media platform. The Wall Street Journal says the admonishment comes amid signs of weakness in China’s labour market including the growing gig-work economy and a rise in spending on unemployment insurance, according to Xiangrong Yu, Citigroup’s chief China economist. “The unexpected deterioration for early-career workers, who are likely more AI-exposed, seems to point to the unfolding AI-driven displacement,” Yu observed. “We believe the structural headwinds from AI adoption are set to intensify.”

 

Financial Times

South China Morning Post

Wall Street Journal