Good morning. Iran and Israel appear to be nearing a pause in their 12-day war. NATO leaders meet today on spending budgets. And it may take longer to become a citizen of Portugal. Listen to the day’s top stories.
Iran and Israel may be nearing a pause in their 12-day war after US President Donald Trump announced a ceasefire. The specific timing of the pause—and Israel’s response to Trump’s announcement—remains uncertain, and attacks were reported by both sides in the early hours of today.
Brent crude prices slumped after Trump’s announcement. Futures on the S&P 500 Index jumped 0.5%, while MSCI’s Asia Pacific share gauge headed for its biggest gain in seven weeks. The dollar fell against all its major peers and gold dropped as much as 1%.
NATO leaders meet today as Secretary General Mark Rutte tries to prevent others from following Spain in breaking ranks over a 5% spending target. The UK is expected to commit to that level.
UK retailers have made “huge strides” on boardroom gender equality with the number of women now close to parity, a study showed. The proportion of female board members has risen to 47% from 32% in 2021. Still, minority ethnic representation on boards stands at just 8%, down from 12% in 2024.
Germany’s LNG terminals are busier than ever but much of the fuel they import is flowing back abroad, data compiled by Bloomberg show. That’s left domestic storage levels low and sparked worries the state may need to intervene later.
Deep Dive: Exit Taxes
Norway taxes unrealized capital gains at as much as 38%. Photographer: Naina Helén Jåma/Bloomberg
The wealthy are leaving the UK in droves for tax havens such as Monaco, Switzerland and Dubai. But many well-heeled Europeans with similar dreams of escape are finding they can’t leave quite so easily.
High-tax nations across Europe are seeking to slow the departure of rich residents by hitting them with a levy on the value of their assets when they depart.
Known as exit taxes, the idea is to make them think twice before leaving—or pay their fair share if they do.
Millennium's $14 billion valuation is high relative to its managed assets, but just think of the dividends from the performance fees if history repeats itself, writes Chris Hughes. Don’t be surprised if investors pay a big number to buy what Izzy Englander is selling.
Portugal is pushing to tighten immigration rules, including extending the period required for a foreigner to obtain citizenship to as many as 10 years from five. Those on the golden visa program, which offers non-Europeans a fast-track to residency, may also have to wait longer to get citizenship.
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