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EU Solar Investments Paying Dividends: Solar is EU’s Biggest Power Source for the First Time Ever (AFP)
Solar power generated 22.1% of EU electricity (45.4 TWh) in June 2025, more than any other power source. This is an increase of 22% from June 2024. In second place was nuclear with 21.8% (44.7 TWh), followed by wind with 15.8% (32.4 TWh). Solar reached new highs in the majority of EU countries in June 2025, with at least thirteen countries recording their highest ever month of solar generation.
Republican Divide Latest: Trump Threatened by Epstein-Fueled MAGA Rage (Bloomberg)
A growing controversy surrounding the disgraced financier and sex offender Jeffrey Epstein threatens to become the most serious challenge yet to Donald Trump’s grip on the Republican Party.
Yesterday, Trump lashed out at fellow Republicans who have been calling for his administration to release Epstein-related documents, casting the files as a distraction spun up by Democrats to undermine his agenda.
Federal Reserve Reinforcements: Wall Street CEOs Stress Fed Independence Amid Powell Attacks (Bloomberg)
Bank of America Corp.’s Chief Executive Officer Brian Moynihan and Goldman Sachs Group Inc.’s David Solomon joined JPMorgan Chase & Co.’s CEO Jamie Dimon in stressing the importance of the Fed’s autonomy. Moynihan said in an interview with Bloomberg TV on Wednesday that the Fed was “set up to be independent.”
Jane Fraser, who runs Citigroup Inc., said in a statement that “the independence of the Federal Reserve drives its credibility. It is critical to the effectiveness of our capital markets and US competitiveness.”
Market Whiplash: Markets Rattled by ‘Credible Threat’ Trump Tries to Fire Powell (Bloomberg)
In an echo of the havoc that Trump unleashed with his trade war in early April, markets were briefly turned upside-down on Wednesday after a White House official said the president was likely to soon remove Powell.
Stocks, the dollar and long-term US government bonds quickly retreated, while short-term Treasuries rallied on speculation that whomever Trump appoints to replace Powell will bend to the president’s will and cut interest rates.
Trump-lash: Trump Denies Plan to Ax Fed Chair Jerome Powell After Floating Idea to Lawmakers (Bloomberg)
Who Will Succeed Powell? Kevin Hassett Grabs Pole Position in Race to Be Trump’s New Fed Chair (Bloomberg)
Biggest US Bank: JPMorgan Is Now Worth More Than Three Largest Rivals Combined (Bloomberg)
In recent years, Wells Fargo & Co. has been stuck under an asset cap, Citigroup Inc. has been undergoing a painful overhaul and Bank of America Corp. has been dragged down by a pile of low-yielding bonds bought before rates went up. Meanwhile, JPMorgan picked up First Republic Bank on the cheap and is now the biggest US bank by $1 trillion in assets, turning what was once a competitive top of the industry into a one-firm category.
Sweet Diplomacy: Trump Says Coca-Cola Agrees to Use Cane Sugar for Coke (Bloomberg)
EU Tariffs Latest: France Adds Support for Using Most-Potent Trade Tool on US (Bloomberg)
Benjamin Haddad, France’s minister for European affairs, said earlier this week that the response from Brussels should include the option of using the tool which gives officials broad powers to take retaliatory action against EU trading partners. Those measures could include new taxes on US tech giants, for instance, or targeted curbs on US investments in the EU. They could also involve limiting access to certain parts of the EU market or restricting US firms from bidding for public contracts in Europe.
Budget Negotiations Begin in Europe: EU Proposes Draft Budget Close to €2 Trillion for 2028-2034 (Bloomberg)
The figure of €1.98 trillion represents a substantial jump from the €1.2 trillion — equivalent to 1% of EU’s output — that was allocated to the budget during the last budgetary cycle, between 2021 and 2027.
France Economy News: French Finance Minister Eric Lombard Confident Can Win Approval for 2026 Budget (Bloomberg)
French Finance Minister Lombard said he's confident the government will be able to get the budget approved. “We will talk to all parties because it is an issue of national interest,” Lombard said on Wednesday in an interview with Bloomberg Television’s Kriti Gupta and Anna Edwards. “We will explain, we will discuss, we will improve the plan, and obviously there are probably more possibilities to reach an approval with the Socialist party.”
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