Brussels under fire for softening grip on Big Tech

The UK government has launched a critical minerals strategy aimed at reducing its dependency on China, particularly in the supply of essential materials like rare earths and magnets crucial for various industries, including automotive and electronics. Prime Minister Keir Starmer emphasized the need for resilience against global supply chain shocks.

The EU and US are set to resume trade negotiations next week after a two-month hiatus to address unresolved issues related to a controversial tariff deal made in July. High-level talks will take place in Brussels, involving US commerce secretary Howard Lutnick and trade representative Jamieson Greer, along with EU ministers and industry leaders.

The U.S. plan to create joint investment funds involving Russian frozen assets has raised concerns in Brussels, casting doubt on the European Union's financial support for Ukraine. This unexpected move by the Trump administration has blindsided EU officials, who are now reassessing their strategies regarding aid to Ukraine amidst ongoing geopolitical tensions.

Christine Lagarde, president of the European Central Bank (ECB), warned that Europe's economy is increasingly vulnerable due to its reliance on international trade and third countries for security. She emphasized the need for reforms within the EU to stimulate growth, as the bloc's major trading partners have shifted away from the trade that has historically benefited its exporters.

The Liberal Democrats, led by Ed Davey, are pushing for a parliamentary vote to establish a new customs union with the EU. The party argues that this initiative is a more effective way to stimulate economic growth and increase revenue compared to raising taxes. They are urging Labour MPs to support the proposed bill, aiming to shift Labour's stance towards a more pro-EU position.

A sanctioned Russian oil tanker made a U-turn on its way to Venezuela after a US warship intersected its route near the country's coast, according to Bloomberg tanker tracking. This incident raises concerns about the potential for Washington to intervene and limit Moscow's energy support to Caracas.

The EU trade chief is focusing on increasing investment in Australian resources projects. This initiative aims to strengthen economic ties between the European Union and Australia, particularly in the resource sector, which is vital for both regions' economic growth.