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Brazil: Lula Hails Workweek Reduction as Historic Achievement

15 October 2026 at 19:55

Brazilian President Luiz Inácio Lula da Silva has described the approval of the Proposed Constitutional Amendment (PEC 221/2019) as a historic achievement. The amendment puts an end to the 44-hour workweek, establishing a new maximum of 40 hours per week, distributed over five working days and two paid rest days.

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Brazilian Senate Ends 6×1 Schedule, Approves 40-Hour Workweek

The constitutional reform—a key commitment of the Brazilian government—will directly benefit approximately 22 million workers who were previously employed under a “6×1” schedule, consisting of six days of work followed by one day of rest.

Brazil’s Senate ratified the amendment in two rounds of voting, with 75 votes in favor and one against—the latter cast by Senator Hamilton Mourão. This decision comes five months after the Chamber of Deputies initially approved the proposal, and 11 days ahead of the presidential runoff, scheduled for October 25.

Far-right candidate Flávio Bolsonaro, who had initially opposed the measure, shifted his position and voted in favor remotely from Porto Alegre. Progressive senators, including Teresa Leitão, labeled this move as opportunistic and warned of the need to remain vigilant against any potential attempts to overturn the new regulation.

A escala 6×1 acabou! ❤️🇧🇷

Uma conquista histórica para milhões de trabalhadores e trabalhadoras, que agora terão mais tempo para descansar, estar com a família, cuidar de si e viver.

Quem constrói o Brasil todos os dias também merece tempo para viver.

É o Brasil pronto para… pic.twitter.com/5Nq7a9xKZk

— Lula (@LulaOficial) October 15, 2026

The text reads, “The 6×1 schedule is over! A historic achievement for millions of workers, who will now have more time to rest, be with their family, take care of themselves, and live. Those who build Brazil every day also deserve time to live. It’s Brazil ready for more!”

Timeline and safeguards

The transition to the “5×2” model will not be immediate. According to the established timeline, 60 days after the official publication of the amendment—expected in February 2027—the maximum weekly working hours will be reduced from 44 to 42.

Subsequently, 14 months after the amendment is enacted—in December 2027—the limit will be set at 40 hours per week. The regulation also establishes a maximum daily limit of eight working hours. The constitutional text expressly prohibits any reduction in wages—whether proportional or affecting the minimum wage—across professional categories.

Furthermore, it delegates the organization of rest periods to collective bargaining agreements, prioritizing Sundays, while allowing for flexibility in sectors such as healthcare, security, and public transport.

While labor unions supported the measure, business sectors expressed their opposition, arguing that it could lead to higher costs per hour worked and the risk of a contraction in employment. The right-wing opposition also signaled its intention to revise the legislation should it gain control of the executive branch.

For individual micro-entrepreneurs and small business units, the reform provides for a supplementary law that includes state support mechanisms designed to cushion the impact of the transition and sustain formal employment targets.

Within the public administration, existing service contracts will have a period of up to 12 months to adjust their operational and financial frameworks to the new limits on working hours.

With the approval of PEC 221/2019, Brazil has begun a restructuring of its labor market aimed at reducing precarious working-hour arrangements in Latin America’s largest economy.

The EU loophole Russia is using to free its oligarchs from sanctions

15 October 2026 at 18:20
Russia has exploited an EU sanctions loophole to unfreeze $3 billion worth of assets held by Belgium's Euroclear, according to a Flemish media report, and Austria's Raiffeisen Bank could be about to execute the same maneuver.

Mercadona finally arrives in Algarve with Portimão opening

15 October 2026 at 11:48
Mercadona Portimão

Spanish supermarket giant Mercadona has officially arrived in the Algarve, opening its first store in the region today (October 15) at Nova Vila Retail Park in Portimão. The much-anticipated opening

The post Mercadona finally arrives in Algarve with Portimão opening appeared first on Portugal Resident.

Over $600 Million in Polymarket Election Trades Took Place After Races Ended

15 October 2026 at 10:00
Contracts tied to elections in Ethiopia and Romania saw massive trading volumes after the outcomes were decided. “It’s obviously some form of volume manipulation,” one expert says.

Buying Moscow from Washington: Europe has lost the energy war

By: A A
15 October 2026 at 10:00

The simplest test for recognizing a collective pathology is to ask each of its members whether they would choose on their own to do what the group is doing.

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Contact us: info@strategic-culture.su

A pipe and an ocean

A gas pipeline is a pipe. It connects a gas field to a consumer, crosses a few borders, and, once built, transports energy at a very low cost per unit. A supply chain that starts at Russian gas fields, goes through an American contract, crosses the Atlantic on a LNG tanker, and arrives at a European regasification terminal does the same thing but with more steps, more markups, and more friction. No engineer, no accountant, no student of economic geography would choose the second option if they could choose the first. And yet that is where Europe seems headed: according to recent reports, Russian energy could return to European markets with an American stamp on it and a higher price tag attached.

I argue that this situation cannot be explained by Washington’s cunning—which certainly exists—nor by Brussels’ weakness—which certainly exists as well. It stems from a cognitive distortion shared by governments, institutions, and much of the public, which has rendered a geographical truism invisible. I call it the pathology of the absurd: the state in which a system continues to follow its own internal rules even as they produce an outcome that none of its individual components, taken on its own, would ever have wanted. The technical term for this mechanism is collective bias—that is, an error in judgment that does not stem from the stupidity of individuals but from the way a group convinces, rewards, and punishes itself.

How to lose a war without fighting it

A methodological clarification before proceeding. No official documents have been released yet (a treaty, an MoU, nothing public); what has been documented is scant and carries almost symbolic weight. Trump announced that Russia will supply the U.S. and global markets with over 300,000 metric tons of diesel immediately, another 500,000 in November, and one million shortly thereafter. Converted to barrels, that’s about 5.9 million in total—one-fifth of global consumption in a single day—and just over a week’s worth of Russian exports at last year’s rate. As a market transaction, it is insignificant, but as a political signal, it is quite the opposite.

Because politically speaking, the implications are much deeper. Moscow has lifted the ban on diesel exports that had been in place since July. Trump stated that the time has come for Ukraine to have a new president and proclaimed an “energy truce” effective immediately. According to an account by a U.S. official, the peace plan being developed by the White House and several European capitals would freeze the front along the current line of control and provide security guarantees comparable to NATO’s Article 5, a reconstruction mechanism entrusted to the World Bank and BlackRock, and a pipeline to bring Russian gas and oil back to Europe, with profits split between Moscow and Kyiv. Washington, meanwhile, is reported to have suggested suspending intelligence sharing and the PURL mechanism if Kyiv continues to strike Russian refineries.

Zelensky stated that the announcement of the truce was news to him and that Kyiv was awaiting details. Lavrov rejected the idea of a pause; Peskov spoke of ongoing contacts. If we leave it to the “theologians of journalism” to debate whether the chicken or the egg came first, we can focus on what lies behind the facts—namely, that Russian energy will return to Europe through a framework negotiated by Washington, which is a likely prospect in the medium term, with moderate confidence regarding the trajectory and low confidence regarding the details. And, it must be said, anyone reading these pages as the chronicle of a fait accompli is misreading them.

By “energy war,” we mean the contest over who sets the price, the route, and the rules governing a continent’s energy flows. In this contest, Europe set out in 2022 convinced it was fighting a moral battle; it cut off supplies from Russia, presenting the decision first as a necessary sacrifice, then as a strategic victory. The assessment after four years tells a different story: Europe has lost its cheapest and closest supply source, has rebuilt its dependence elsewhere, and the United States—which in the meantime had become the continent’s main supplier of liquefied natural gas—has gained both influence and profit margins as a result. When the European Parliament decides that, as of January 1, 2027, even the last remaining shares of Russian energy will be phased out of the Union’s energy mix, the circle will be complete, and the phase-out will be total—just as the other side of the Atlantic prepares to do business with Moscow.

In the tradition of classical geopolitics, this issue has an age-old name. Europe is the western peninsula of the vast Eurasian continent, and its natural logic of supply is continental: pipelines, long-term contracts, and interdependence with those to the east. The Atlantic logic is maritime, consisting of ships, terminals, and spot prices. Mackinder and Spykman, though by different paths, had understood that whoever separates the two systems profits from both sides of the divide. One need not adopt the entire theoretical framework of the Eurasianist school to recognize that geography does not negotiate here, and that for four years European institutions have acted as if it could.

The intermediary model

According to the model that has emerged so far, the United States would acquire Russian energy assets—starting with Lukoil’s foreign division—through an initial payment and a share of the profits, and could purchase, on competitive terms, the hydrocarbons that Europe no longer buys, in order to resell them to Europeans at full price. Washington’s interest is explicit and evident even in the most cautious sources. Trump faces midterm elections, an energy crisis triggered by the aggression against Iran, rising diesel prices, and low approval ratings. On the other hand, the American consumer has no reason to distinguish between Russian diesel and any other diesel.

What matters is the role assigned to Europe. Officials from the United Kingdom, France, and Germany were present at the talks in Florida. Their task is to ensure post-war security, finance reconstruction through instruments designed elsewhere, and, in the long term, open their own energy markets to a Russia that has, in the meantime, forged a direct relationship with Washington. They are the guarantors and the clients; they do not appear among the beneficiaries of the profits. When the diesel agreement was announced, the Europeans expressed irritation yet remained at the table—which is a good summary of where they stand.

And there is also a strange, biting irony in all of this: Nord Stream—which Washington did not want built and which was sabotaged—would be reactivated under a draft U.S. agreement, and the gas flows that Europe lost as a result of that sabotage would once again pass through U.S. intermediaries. If the pipeline were reactivated, Europe would pay to get back what it already had, at a price set by those who neither produce nor consume it. Pure madness.

Why it’s a pathology, not a mistake

We are facing a collective cognitive bias that has evolved to the point of becoming pathological. And it is not a simple “error in judgment,” since an error is corrected when it is discovered, whereas a pathology persists because it is sustained by the very structures that should be curing it. I identify four such structures, each of which is rational when viewed from within.

The first is moralization. Sanctions began as a tool and have become an identity. Anyone who today proposed reopening direct channels with Moscow would be seen as a traitor, not as an accountant. The accounting objection, however well-founded, has no place in the debate. The second is sunk costs: after years of sacrifices imposed on citizens and businesses, admitting that the plan was flawed costs more—in political terms—than continuing to pay the consequences. The third is the delegation of rationality. If Washington is the one to reopen the channel, no European government will have to admit it was wrong. The premium that Europe would pay to the intermediary is, in essence, the price of not having to admit the mistake. It is a bill that leaders present to their constituents under the heading of “security.”

The fourth is the institutional asymmetry between those who decide and those who pay. A parliamentary vote on sanctions generates immediate visibility for those who cast it, while the cost is spread across millions of utility bills and thousands of industrial plants, faceless and without a specific date. In such a system, the most convenient choice for any decision-maker is almost always the loudest one. There’s no need to hypothesize about a hidden agenda or secret plan to explain the outcome. Washington’s interest is stated openly and perfectly clear; Europe’s blindness is structural. These are two phenomena of different natures that have ended up interlocking.

The most serious criticism of this interpretation comes from countries bordering Russia. For Warsaw, Riga, or Vilnius, dependence on Moscow’s energy is not a matter of price but of exposure. The year 2022 demonstrated that an energy supply can be cut off, and the extra cost paid to diversify sources is an insurance premium like any other—or at least that is what the EU has tried to convince the countries of Northern Europe, spinning the fairy tale of a better world that would soon arrive, achieved through military victory alongside Kyiv. A fascinating fairy tale, to be sure, but one that holds up only to a certain extent. Insurance makes sense when the premium is limited and when the insurer does not profit from the occurrence of the loss. Here, the insurer is also the main beneficiary of the rift between Europe and Russia, as evidenced by the very fact that it is about to mend that rift when it suits its interests. Furthermore, dependence on the United States is a form of dependence like any other. The threats to suspend intelligence sharing and the PURL mechanism with Kyiv—if confirmed—show that Washington makes its available supplies contingent on its current political objectives.

Anyone who thinks that using energy as leverage applies only to Moscow has a selective memory. If Europe were to re-enter the Russian market through American intermediation, it would compound its vulnerabilities: it would be dependent on Russian energy and on the American infrastructure that delivers it. In other words, this objection justifies diversification, but it does not justify the decision to never negotiate on its own.

Scenarios and indicators

We can discern three plausible developments, with a 6- to 12-month timeframe—assuming we manage to get through this winter.

The first is the consolidation of U.S. mediation: sanctions eased in phases, Russian assets acquired by U.S. and Gulf operators, and energy flows returning to Europe under contracts that Europe did not draft. This is the most optimistic scenario, though with only moderate confidence. The second is the failure of the agreement, with Moscow refusing a ceasefire, Kyiv continuing to strike refineries, and Washington shifting its focus elsewhere; Europe would be left with high prices and no supply channels. This is a possible outcome, roughly equally likely. The third is a direct overture from Brussels or certain capitals toward Moscow—highly unlikely in the short term, for the political and psychological reasons already outlined.

Four indicators will help determine which of these scenarios unfolds: the text of any agreement setting the sanctions timeline; the name of the party holding the contracts for Lukoil’s international assets; the status of Nord Stream, if and when it is included in an official draft; The outcome of the U.S. midterm elections, which weigh on the entire situation more than Brussels cares to admit.

Added to these is a factor of uncertainty regarding the U.S. counterpart: the energy agreement does not resolve the structural weaknesses of the U.S. economy, ranging from public debt to rising interest rates to debt-financed artificial intelligence companies. A partner with such finances—and such a packed political calendar—is a mediator who offers little guarantee of longevity.

The simplest test for recognizing a collective pathology is to ask each of its members whether they would choose on their own to do what the group is doing. No European government official responsible for energy policy, if questioned in private, would say that buying Russian energy in Washington is the best solution. They would, it seems, provided that others are the ones making the decision.

The true price of a pipeline is the cost of the pipeline itself.

Everything else that is added—and that Europe would pay—reflects the cost of a choice that has never been made openly.

So far, no one has asked that question on the floor of the chamber.

Tech market sell-off deepens amid fears over US inflation and AI debt

15 October 2026 at 11:38

Chip makers and tech investors such as Samsung and SoftBank plunge as potential interest rate hikes spook markets

An accelerating sell-off of AI-linked shares has hit global markets, as fears over rising inflation and future interest rate hikes spooked traders already wary of the heavily indebted sector.

South Korea’s benchmark Kospi 200 index, which is heavily skewed towards the companies that make memory chips, fell more than 8% overnight to a six-month closing low, triggering circuit breakers that brought trading to a halt at various points.

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© Photograph: Lee Jin-man/AP

© Photograph: Lee Jin-man/AP

© Photograph: Lee Jin-man/AP

Poland’s ascent from communist state to top 20 economy reverses the brain drain

In the final part of our series on the country, Poles tell how wages have soared – along with the cost of living

Above the rain-soaked streets of Warsaw, the observation deck of the Varso tower overlooks Joseph Stalin’s gift to Poland that has divided opinion for decades.

For some, the Soviet-era Palace of Culture and Science is a drunk confectioner’s nightmare; standing as a relic of oppression that should have been demolished. For others, it is an icon on the skyline and a monumental warning from history.

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© Photograph: Anna Liminowicz/The Guardian

© Photograph: Anna Liminowicz/The Guardian

© Photograph: Anna Liminowicz/The Guardian

Mercedes Chief Warns EU Against Excluding Britain from ‘Made in Europe’ Industrial Rules

14 October 2026 at 20:16

Mercedes-Benz chief executive Ola Källenius has warned that excluding British manufacturers from European industrial preference rules would damage automotive production on both sides of the Channel, increasing pressure on Brussels ahead of negotiations over its proposed Industrial Accelerator Act.

The head of Mercedes-Benz has warned that excluding British manufacturers from the European Union’s proposed industrial preference rules would damage the competitiveness of carmakers across Europe, challenging Brussels over legislation intended to protect European production from growing international competition.

Ola Källenius, chief executive of Mercedes-Benz and president of the European Automobile Manufacturers’ Association (ACEA), criticised the prospect of restricting British participation in the forthcoming “Made in Europe” framework during discussions in Brussels on Wednesday, 14 October.

His intervention comes as European governments negotiate the Industrial Accelerator Act, which would introduce European-content requirements affecting public procurement and certain forms of industrial support.

The proposed legislation is intended to strengthen manufacturing within the EU, but its treatment of production in neighbouring countries has become contentious, particularly in an automotive industry whose factories and suppliers operate across national borders.

European production extends beyond the EU

British manufacturing remains closely integrated with continental European automotive production despite the United Kingdom’s departure from the single market.

Components manufactured in Britain are incorporated into vehicles assembled in EU member states, while British factories depend on engines, batteries, electronics and other parts produced in continental Europe.

The value of this integrated manufacturing system depends on companies being able to source components across borders without unnecessary restrictions.

Källenius warned that excluding the UK from the proposed rules would weaken manufacturers operating on both sides of the Channel.

His position reflects industry concerns that a narrowly defined European-content regime could impose additional costs on companies already facing pressure from Chinese competition, slowing demand and substantial investment requirements.

As EU Today reported in September, British Prime Minister Andy Burnham has been pressing Brussels to recognise the UK as a trusted industrial partner under the emerging framework.

Germany has also supported a broader approach that would allow selected trading partners to qualify under European-content rules where reciprocal conditions are met.

France has favoured stronger preferences for production within the EU itself, reflecting differences among member states over how far European industrial policy should extend beyond the Union’s borders.

A dispute over industrial sovereignty

The Industrial Accelerator Act proposed by the European Commission is intended to strengthen Europe’s manufacturing base and support production in strategically important sectors.

Its provisions address public procurement and industrial incentives affecting products including vehicles, steel, aluminium and clean technologies.

The Commission wants European public spending to support local industrial capacity rather than reinforce dependence on imports from major international competitors.

China has become the principal focus of those concerns because of its expanding manufacturing capacity, particularly in electric vehicles and batteries.

However, measures designed to counter Chinese industrial competition could also affect established trading partners whose manufacturers form part of European supply chains.

The United Kingdom, Norway, Switzerland and Turkey occupy different legal positions in their economic relations with the EU, but all maintain important industrial connections with member states.

An approach that treats their production as equivalent to imports from countries with substantially different market conditions could require European companies to reorganise existing supplier relationships.

For manufacturers, replacing a supplier may involve more than simply ordering components from another factory. Production standards, technical certification, logistics and long-term investment arrangements can make changes expensive and difficult.

Industry demands regulatory certainty

Following an ACEA board meeting on Wednesday, European manufacturers called for faster progress on the wider automotive legislative package.

In its 14 October statement, ACEA urged EU institutions to advance negotiations so that the package could be finalised early next year.

The association argues that manufacturers require a predictable regulatory framework to plan investments in electric vehicles, production facilities and new technologies.

Källenius linked the industry’s transition towards zero-emission mobility with the need to preserve employment and strengthen economic security.

European manufacturers are simultaneously investing heavily in electrification while competing against Chinese companies with established battery supply chains and significant production capacity.

The resulting financial pressures are particularly serious for manufacturers that must develop new vehicle platforms while maintaining existing factories and dealer networks.

Additional restrictions on component sourcing could complicate those decisions at a time when companies are seeking to reduce costs.

Britain refuses to follow EU tariffs automatically

The dispute has acquired a further dimension following remarks by British Business Secretary Jonathan Reynolds.

Speaking on Wednesday, Reynolds indicated that Britain would not automatically follow the European Union in imposing tariffs on Chinese vehicles.

The UK government maintains that trade measures must be determined according to British economic interests rather than adopted simply to align with Brussels.

That position complicates London’s attempt to secure favourable treatment under European industrial rules.

EU policymakers have argued that closer alignment on trade defences could support Britain’s claim to be treated as a trusted partner.

British ministers, however, must consider whether restrictions on Chinese imports would benefit domestic manufacturers and consumers.

The disagreement will form part of the broader economic relationship being discussed ahead of the next UK–EU summit, scheduled for 20 November.

The wider implications for EU–UK relations

The automotive dispute follows earlier negotiations over British participation in European defence procurement and other industrial programmes.

In both cases, London wants access to initiatives designed to strengthen European production while remaining outside the EU’s institutional framework.

Brussels must determine how far preferential treatment can extend to non-member countries without undermining the objectives of its industrial policy.

The Commission’s proposals have already revealed disagreements between governments favouring a tightly defined European manufacturing base and those seeking to preserve wider commercial partnerships.

Källenius’s intervention strengthens the argument that industrial protection cannot be considered separately from the supply chains on which European manufacturers depend.

The final legislation will influence investment decisions, procurement arrangements and the position of British suppliers within the continental automotive industry.

The outcome will also provide an indication of how far the EU is prepared to accommodate its closest trading partners as it attempts to strengthen European manufacturing against growing competition from China.

Germany Protects Deutsche Börse as EU Ministers Agree Reduced Financial Supervision Reform

14 October 2026 at 20:05

EU finance ministers have approved a compromise that would expand the European Securities and Markets Authority’s powers while exempting some major trading venues from centralised oversight. The agreement reflects continuing resistance to transferring financial supervision from national authorities to Brussels.

European Union finance ministers have reached an agreement to expand centralised supervision of financial markets, but Germany has secured provisions allowing important parts of Deutsche Börse to remain under national oversight, substantially narrowing the European Commission’s original reform proposals.

The compromise, agreed at a meeting in Luxembourg on 9 October, would transfer responsibility for supervising selected trading venues, clearing houses and securities settlement institutions to the European Securities and Markets Authority (ESMA).

However, the agreement introduces exemptions and thresholds that reduce the number of institutions automatically subject to direct European supervision.

The result is a significant political compromise between governments seeking deeper financial integration and those reluctant to surrender oversight of nationally important market operators.

Berlin secures its exemption

The most contentious element of the negotiations concerned Deutsche Börse, the German financial-market group that operates the Frankfurt stock exchange and provides trading, clearing and other financial infrastructure services.

Germany opposed arrangements that would place all major market operators under direct ESMA supervision, arguing that institutions with predominantly domestic activities should continue to be regulated nationally.

The agreed compromise refines the criteria for determining which trading venues qualify for centralised oversight.

These conditions allow certain Deutsche Börse operations to remain outside the new supervisory regime.

The exemption had already become a point of contention during negotiations among European governments.

As EU Today reported in June, Berlin had sought to protect Deutsche Börse from mandatory European supervision despite Germany’s broader support for integrating EU capital markets.

The October agreement formalises a narrower approach within the Council’s negotiating position, although the legislation remains subject to approval by the European Parliament.

Europe’s fragmented financial markets

The European Commission has repeatedly argued that fragmented national supervision weakens the EU’s ability to compete with financial markets in the United States.

Although the Union operates a single market, many financial institutions continue to face differing regulatory interpretations, procedures and supervisory relationships across member states.

These differences can increase operating costs and discourage financial businesses from expanding across borders.

The Market Integration and Supervision Package is intended to simplify those arrangements and strengthen common oversight of financial infrastructure with significant cross-border activity.

Under the Council’s position, ESMA would assume direct supervision of selected trading platforms and institutions involved in clearing and securities settlement.

Such institutions perform essential functions in financial markets, including managing transactions, transferring securities and controlling risks between counterparties.

Differences in supervisory arrangements can complicate the operation of financial services that increasingly function across national borders.

The Commission argues that greater consistency would allow European capital to move more efficiently between member states and provide businesses with improved access to investment.

Compromise reduces original ambitions

The Commission’s original approach envisaged broader centralisation of supervisory responsibilities.

The Council agreement of 9 October introduces more restrictive criteria governing the institutions that would fall under ESMA’s direct authority.

In addition to the treatment of trading venues, ministers agreed that direct supervision of crypto-asset service providers should initially concentrate on businesses with the most significant cross-border operations.

The Council also supported changes to ESMA’s governance arrangements, including the creation of a full-time executive board.

The proposed board would strengthen the authority’s ability to make supervisory decisions independently of individual national regulators, while preserving mechanisms for cooperation with those authorities.

The compromise also introduces arrangements allowing national supervisors collectively to challenge certain decisions.

These provisions reflect concerns about concentrating regulatory powers within an institution that must oversee financial businesses operating under different national legal systems.

Why capital markets matter for European investment

The supervision reforms form part of the EU’s broader Savings and Investments Union initiative.

European policymakers want to increase the availability of private capital for companies investing in technology, defence, infrastructure and industrial development.

The Union has substantial household savings, but much of that money remains in bank deposits or is invested outside the European economy.

Companies seeking capital for expansion may consequently face higher financing costs or more limited investment opportunities than comparable businesses operating in larger and more integrated markets.

The Commission’s Savings and Investments Union programme seeks to improve access to finance and make cross-border investment more attractive.

Financial-market supervision represents only one element of that programme.

Differences in taxation, insolvency law, national investment products and corporate governance requirements also influence where investors allocate their money.

Nevertheless, regulators regard consistent supervision as an important condition for reducing fragmentation.

Parliament faces a political decision

The agreement reached by finance ministers does not conclude the legislative process.

The European Parliament must adopt its position before negotiations can determine the final provisions.

Parliamentary discussions could revisit the exemptions secured by Germany and the criteria determining which institutions fall under direct ESMA supervision.

The debate will expose differences over whether European financial integration should proceed through incremental reforms or a more substantial transfer of regulatory authority.

Governments supporting national exemptions argue that supervision should reflect the actual geographic scope of a company’s activities.

Supporters of broader European oversight contend that major trading businesses can influence financial markets beyond their home jurisdictions even when individual operations appear predominantly domestic.

The Deutsche Börse exemption has become a prominent example of the conflict between those positions.

Europe’s largest economies broadly support the objective of deeper capital markets, but remain divided over the institutional powers needed to achieve it.

The final legislation will determine whether the expanded responsibilities granted to ESMA are sufficient to reduce fragmentation or leave important parts of Europe’s financial infrastructure operating under substantially different national supervisory systems.

Closer EU trade ties greater prize for UK than making separate deals, minister says

14 October 2026 at 14:58

Exclusive: Douglas Alexander, on trade delegation to India, talks up economic benefits of joint trading arrangements with Europe

Britain will benefit from much closer trading relations with the EU even if that means giving up its ability to negotiate free trade agreements, the Scotland secretary has said.

Douglas Alexander helped negotiate deals with India and the US when he was a trade minister under Keir Starmer.

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© Photograph: X/Douglas Alexander

© Photograph: X/Douglas Alexander

© Photograph: X/Douglas Alexander

Excluding UK from ‘Made in Europe’ law will hurt entire EU car industry, Mercedes boss warns

Ola Källenius says it will ‘weaken the industry on both sides’ ahead of act intended to counter non-EU competition

Locking the UK out of the EU’s flagship industrial “Made in Europe” legislation would amount to a “deliberate choice” by EU leaders to “hurt” the car industry across the bloc, the head of Mercedes-Benz has said.

Speaking in his capacity as president of the European Automobile Manufacturers’ Association (ACEA), Ola Källenius said such a move would “weaken the industry on both sides”.

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© Photograph: Christoph Steitz/Reuters

© Photograph: Christoph Steitz/Reuters

© Photograph: Christoph Steitz/Reuters

Lufthansa wins TAP privatisation with €1.2 billion bid

14 October 2026 at 14:12
TAP (isaac-struna-unsplash)

The Portuguese government has selected German aviation giant Lufthansa as the winning bidder in the privatisation of national airline TAP, approving a €1.2 billion offer for a minority stake in

The post Lufthansa wins TAP privatisation with €1.2 billion bid appeared first on Portugal Resident.

‘From liabilities to goldmines’: refineries eye record profits from diesel shortage

Firms turning crude oil into the ‘workhorse’ fuel stand to gain most despite economic fallout from record prices

Days after Donald Trump announced a deal to import Russian diesel into the US in an effort to lower soaring pump prices, the world’s energy watchdog has warned that the global fuel shortage will drag into 2027.

Trump’s temporary sanctions reprieve was criticised for offering “too little, too late” to temper the sky high pump prices triggered by the shutdown of war-damaged refineries in the Middle East and Russia – once the world’s second-largest diesel exporter behind the US.

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© Photograph: Martin Meissner/AP

© Photograph: Martin Meissner/AP

© Photograph: Martin Meissner/AP

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