Talk of the town
Crisis meetings in Berlin
Angela Merkel’s Christian Democratic Union and its Bavarian sister party the Christian Social Union, led by Horst Seehofer, halted a scheduled Bundestag discussion and went into separate meetings. The two allies have knocked heads on how to deal with refugees who want to enter Germany, but have already been registered in a different EU country. The CSU, which faces state elections in October, wants to bar these immigrants from coming in, but Ms. Merkel opposes this strict asylum plan. German media are running live blogs of the events. Source:
Quote of the day
The (il)legality of Trump’s tariffs
A deputy director-general of the WTO, German national Karl Brauner, said Donald Trump’s duties on steel and aluminum imports were illegal. Higher tariffs on imported cars, which Mr. Trump is considering, would also violate WTO rules. The European Union, however, will have to wait around two years before the trade organization can officially issue a final verdict. The WTO usually takes 15 months to reach a decision, which can then be appealed.
Friends of the day
German-Franco euro-zone buddies
The finance ministers of Germany and France, Olaf Scholz (left) and Bruno Le Maire, made progress in drafting a euro-zone reform proposal, Handelsblatt learned. The number of outstanding issues shrunk considerably after they held a video conference on Wednesday after a 13-hour-long discussion over the weekend. The two countries are on the same page when it comes to fighting corporate tax evasion and integrating capital markets, but still have to find a compromise on a euro-zone budget to help troubled nations. Source:
imago / phototek
Graphic of the day
A goal worth $6.2 billion
The World Cup, organized by soccer association Fifa, kicks off Thursday afternoon in Russia. The month-long event, which brings together 32 national teams from around the globe, will generate an estimated $6.2 billion in revenue for Fifa. By comparison, the American football association NFL made $13 billion in revenue over the 2016-2017 season.