
Iceland Premier takes to the great outdoors
If you're headed up north to Iceland this summer, chances are your guide at the island's busiest national park used to be the country's president.

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Bloomberg
17 minutes ago
- Bloomberg
Merz's Domestic Stumbles Show His Power Base Is Under Strain
Chancellor Friedrich Merz spent the first weeks of his tenure bolstering Germany's standing on the global stage, but domestically he's stumbled, casting doubt on his ability to implement economic reforms. The latest blow was the failure to elect three new judges to Germany's top court. Votes in the lower house of parliament — which should have been procedural since the ruling parties agreed on the justices in advance — were pulled at the last minute on Friday after it became clear that Merz's conservatives weren't going to fully support a candidate proposed by the co-ruling Social Democrats.

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Stocks mixed after Trump issues tariffs on EU, Mexico
Stocks were mixed in early trading on Monday after President Donald Trump over the weekend issued 30% tariffs on the European Union and Mexico, rekindling tensions with two of the largest U.S. trade partners and threatening to raise consumer prices. The Dow Jones Industrial Average dropped 115 points, or 0.26%, while the S&P 500 dropped 0.15%. The tech-heavy Nasdaq ticked up 0.04%. Trump on Saturday announced new tariffs on the European Union and Mexico that will take effect on Aug. 1. That start date matches the onset of levies issued for more than 20 other countries in recent days, including top trade partners Canada, Japan and South Korea. In a letter posted on his social media platform, Trump faulted Mexico for its alleged failure to stop the transport of fentanyl into the U.S. Between September and April, nearly all fentanyl seized by the U.S. came through the southern border with Mexico, according to U.S. Customs and Border Patrol, or CBP. In response to a previous set of tariffs issued in February, Mexico vowed to take steps to address the transport of fentanyl, prompting Trump to temporarily pause the levies. In a statement posted on X, Mexican economic minister Marcelo Ebrard said Mexico had already been negotiating with the U.S. to "protect businesses and jobs." "We were informed that, as part of the profound changes in U.S. trade policy, all countries will receive a letter signed by the President of the United States establishing new tariffs starting August 1st," Ebrard said. "We stated at the meeting that this was an unfair deal and that we did not agree with it." Trump sharply criticized the EU in a separate letter posted on social media, claiming the the U.S. runs an unacceptably high trade deficit with the EU. In a statement released on Saturday afternoon, European Commission President Ursula von der Leyen said the EU remains committed to "dialogue, stability, and a constructive transatlantic partnership."
Yahoo
26 minutes ago
- Yahoo
AI Is Already Showing Signs of Slashing UK Job Openings
(Bloomberg) -- UK businesses are dialing back hiring for jobs that are likely to be affected by the rollout of artificial intelligence, a study found, suggesting the new technology is accentuating a slowdown in the nation's labor market. Why Did Cars Get So Hard to See Out Of? How German Cities Are Rethinking Women's Safety — With Taxis Philadelphia Reaches Pact With Workers to End Garbage Strike Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests Job vacancies have declined across the board in the UK as employers cut costs in the face of sluggish growth and high borrowing rates, with the overall number of online job postings down 31% in the three months to May compared with the same period in 2022, a McKinsey & Co. analysis found. But it has been the most acute for occupations expected to be significantly altered: Postings for such jobs — like white-collar ones in tech or finance — dropped 38%, almost twice the decline seen elsewhere, according to the consulting firm. The data provides a glimpse of how AI has started to reshape the job market since late 2022, when the release of ChatGPT set off waves of investment in the new technology and started factoring into corporate planning. 'The anticipation of significant – albeit uncertain – future productivity gains, especially as the technology and its applications mature, is prompting companies to review their workforce strategies and pause aspects of their recruitment,' said Tera Allas, a senior adviser at McKinsey. Businesses have been expecting the new technology to deliver big productivity gains and reshape large segments of the economy. Governments have also sought to harness its potential, with Prime Minister Keir Starmer recently focusing a cabinet meeting on how it could potentially be used to improve the government services and living standards. In the near term, though, the technology appears to be exerting another drag on the UK job market just as tax increases prompt cuts in lower-skilled sectors like retail and hospitality and the pace of economic growth stalls. Separately, a monthly report by KPMG and the Recruitment and Employment Confederation found that hiring plunged in June at the fastest pace in nearly two years. Occupations considered to be highly exposed to AI — meaning the technology can replace at least some of the tasks involved — have recorded the sharpest contractions in vacancies, McKinsey's analysis showed. Demand for jobs such as programmers, management consultants or graphic designers fell more than 50% over the last three years. Some of that may also be due to industry-specific issues and a challenging macroeconomic backdrop. But McKinsey said in some sectors, like professional services and information technology, the number of job openings dropped even as businesses reported healthy growth rates. Data shared by job-search website Indeed also indicated early signs that AI is affecting hiring decisions. It showed that employers tend to cut hiring in fields that involve building or using AI tools, according to Pawel Adrjan, director of EMEA economic research at the Indeed Hiring Lab. For example, vacancies in mathematics, which mainly consist of data science and analytics roles, had the highest share of AI mentions in job descriptions but are down almost 50% from pre-pandemic levels, Indeed figures showed. At the other end of the spectrum, real estate or education jobs that barely mention the technology grew over the period. Some entry-level jobs involving tasks like summarizing meetings or sifting through documents are particularly exposed to AI, accelerating a decline in such roles as companies streamline headcount costs. Entry-level postings, which include apprenticeships, internships or junior jobs with no degree requirements, have fallen by almost a third since ChatGPT came to market at the end of 2022, according to data from job-search website Adzuna. 'The rapid rise of artificial intelligence is adding pressure on young jobseekers, who are still in the grip of the Covid aftermath, marked by inflation, economic headwinds, and low business confidence,' said James Neave, head of data science at Adzuna. --With assistance from Joe Mayes. (Updates to add KPMG report in seventh paragraph.) 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Trump's Cuts Are Making Federal Data Disappear Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot Trade War? No Problem—If You Run a Trade School Will Trade War Make South India the Next Manufacturing Hub? ©2025 Bloomberg L.P. Sign in to access your portfolio