Erin Burnett goes inside the papal bowling alley
CNN's Erin Burnett goes inside the Pontifical North American College in Rome and the pope's bowling alley
00:37 - Source: CNN
Vertical World News 17 videos
Erin Burnett goes inside the papal bowling alley
CNN's Erin Burnett goes inside the Pontifical North American College in Rome and the pope's bowling alley
00:37 - Source: CNN
First American pope speaks to the world
Cardinal Robert Prevost, of the United States, has been elected as the 267th pope of the Catholic Church and the first American pontiff in history. He will be known as Leo XIV. In his speech, which he delivered in front of a roaring crowd, he called for the Church to 'build bridges' and also paid tribute to the late Pope Francis.
01:25 - Source: CNN
Russian foreign minister: Trump 'understands everything' about Putin and Xi's relationship
Russian Foreign Minister Sergey Lavrov spoke with CNN's Fred Pleitgen on the same day Chinese leader Xi Jinping and Russian President Vladimir Putin met in Moscow.
00:51 - Source: CNN
CNN visits Ukrainian monitoring center as Russian ceasefire due to begin
The Kremlin says Russian forces are observing a ceasefire in Ukraine, after Russian President Putin instructed his troops to begin a three-day pause at midnight. Ukrainian President Zelensky says Moscow's announcement is a stunt and has continued his call for an immediate 30-day ceasefire. CNN's Nick Paton Walsh was granted exclusive access to a monitoring center in eastern Ukraine overnight and captured the moment Russia's unilateral ceasefire was due to begin.
01:27 - Source: CNN
CNN correspondent in Pakistan describes India's attack
CNN's Nic Robertson reports live with details of first reactions from Pakistan's capital, Islamabad, shortly after India launched a military operation against the country just after midnight, Wednesday local time.
01:00 - Source: CNN
Explosions heard, India launches attack against Pakistan
India says it's launched a military operation against Pakistan, citing 'terrorist infrastructure' in both Pakistan and Pakistan-administered Kashmir, in a major escalation of tensions between the two neighbors. In video shared by Reuters, multiple loud explosions could be heard in the city of Muzaffarabad.
00:32 - Source: CNN
Carney says he asked Trump to stop '51st State' threats
Canadian Prime Minister Mark Carney told reporters following his meeting with President Trump at the White House he asked Trump to stop threatening to annex Canada. During the meeting, Carney told Trump in the Oval Office that Canada 'won't be for sale ever.'
01:04 - Source: CNN
Germany formally appoints new chancellor, Friedrich Merz
Germany's Friedrich Merz has formally become chancellor at the second attempt, hours after an unprecedented defeat signaled deep discontent within his coalition. In a hastily organized session Tuesday, 325 lawmakers voted to approve his appointment — more than the 316 he required.
00:41 - Source: CNN
Catholic group distributing dossier ahead of conclave
CNN's Chris Lamb reports on a dossier that is being distributed in Vatican City ahead of the conclave, by a conservative catholic group that some say is trying to influence the election of the new pope.
01:50 - Source: CNN
Could China outlast the US in a trade war?
President Donald Trump started a trade war with China, and now, Beijing and the people it governs are bracing for economic pressure. CNN's Kristie Lu Stout tells us how resilient China is in the tariffs battle.
01:38 - Source: CNN
Dalai Lama succession drama
During a visit to Tibet, CNN's Steven Jiang visited Potala Palace - the former winter residence of the Dalai Lamas for centuries until 1959, when the current Dalai Lama fled the region after a failed uprising against Beijing.
01:01 - Source: CNN
Tibet's first and only bullet train
CNN's Steven Jiang reports from the only bullet train service in Tibet, connecting the region's capital of Lhasa to the eastern Tibetan city of Nyingchi. The train is seen as Beijing's attempt to integrate the remote region with the rest of China.
01:31 - Source: CNN
Could Tibetan kids lose their native tongue?
01:37 - Source: CNN
Fareed's take on Trump's executive order record
Fareed Zakaria breaks down President Donald Trump's first 100 days executive order record and compares it to that of former President Franklin D. Roosevelt.
00:58 - Source: CNN
Drivers dodge flames as wildfires rage in Israel
Drivers on Highway 1 near Jerusalem were forced to flee their cars, leaving them abandoned on the highway as more than 100 teams across Israel fight wildfires on multiple fronts, authorities said.
00:49 - Source: CNN
Car rammed into crowd at Vancouver festival
A car rammed into a crowd in Vancouver shortly after 8pm Saturday night during a festival celebrating Filipino heritage, killing at least nine people. Officials are still investigating the incident but do not suspect it to be an act of terrorism.
01:11 - Source: CNN
Massive explosion at Iranian port kills dozens
Over two dozen people have been killed and hundreds injured in a huge explosion at the port of Bandar Abbas in southwestern Iran, according to Iranian state media citing the country's interior ministry.
00:29 - Source: CNN
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Yahoo
an hour ago
- Yahoo
Mercedes to LVMH Are Blunting the EU's Fight Against Trump's Tariffs
(Bloomberg) -- German automaker Mercedes-Benz Group AG, French luxury giant LVMH Moët Hennessy Louis Vuitton SE and other major European firms are spearheading a corporate push that's weakening the European Union's efforts to stand up to Donald Trump's tariff threats. NYC Commutes Resume After Midtown Bus Terminal Crash Chaos Struggling Downtowns Are Looking to Lure New Crowds Massachusetts to Follow NYC in Making Landlords Pay Broker Fees What Gothenburg Got Out of Congestion Pricing Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals In a bid to head off a transatlantic trade war, some executives have held back-channel meetings with US officials to pursue their own interests. The initiatives have included pressing European governments and Brussels for a quick deal and removing iconic American products — such as bourbon — from a list of goods to be targeted in retaliation to defuse the potential for escalation, according to people familiar with the matter. Prodded by concerns about their bottom lines and competitive disadvantages, European companies have increasingly exerted pressure both publicly and privately as a July 9 deadline approaches to reach a deal to avert 50% tariffs on nearly all US imports from the EU. If an agreement proves unsatisfactory, the European Commission — the EU's executive arm — proposed duties on about €95 billion ($112 billion) worth of US exports to Europe in response to levies on cars and metals. Requests by member states and industry would scale back the list by as much as €70 billion, said the people, who asked not to be identified discussing closed-door deliberations. The Commission has pushed back over concerns it would hollow out the package, said the people. 'We are absolutely focusing on a positive outcome,' Maros Sefcovic, the bloc's trade chief, told reporters in Brussels on Monday. He traveled to Washington for the latest round of talks on Thursday. The EU is now willing to accept a trade deal that includes a 10% universal tariff on many of its exports, although it wants the US to commit to lower rates than that on key sectors such as pharmaceuticals, alcohol, semiconductors and commercial aircraft. In recent weeks, the EU has lowered its tone of defiance. At the heart of the corporate pushback are lucrative commercial ties that European companies can ill afford to abandon. Automakers and medical-equipment firms benefit from higher prices and wider margins in the US, while also relying on Silicon Valley software and American-made components like super-conducting magnets and x-ray tubes. Elite US universities also power European ambitions in electric vehicles, AI medicine and biotech. The combination makes many corporate leaders wary of a forceful EU response. 'There is a perception that punishing American exporters would help European industry. It is simply not true,' said Oliver Bisazza, chief executive of lobby group MedTech Europe, which represents firms including Philips NV, Bayer AG, and Siemens Healthineers AG. 'If the EU retaliates, the sector is hit twice, and the cost of producing medical devices rises.' Negotiations between Brussels and Washington have been underway since May and tensions have been high. Trump has blasted current trade arrangements as 'totally unacceptable' and labeled the EU 'nastier than China.' While European Commission President Ursula von der Leyen has warned that 'all options' are on the table, her position has been undermined by companies working to weaken the bloc's bargaining position. EU officials say some of the most disruptive maneuvers have come from Germany's automakers. Mercedes, BMW AG and Volkswagen AG have floated their own proposals in discussions with US officials. The chief executives and other senior officials from all three manufacturers have traveled to Washington for closed-door meetings with Trump allies, including Commerce Secretary Howard Lutnick. They've made little headway despite extending peace offerings. BMW has announced new investments in the US, Mercedes has moved manufacturing of the GLC SUV — among the brand's best-selling models — to Alabama, and Sweden's Volvo Cars AB has pledged to expand production stateside. European officials worry the firms could lure their suppliers to also move some investments and production across the Atlantic. Similarly, a string of European drugmakers including France's Sanofi, have pledged to spend billions on developing and manufacturing drugs in the US. Industry groups representing producers of French Cognac and Irish whiskey have also ramped up lobbying efforts, warning that retaliatory tariffs would hit a sector where the US and China account for over 80% of exports. Trade associations in Paris and Dublin have circulated position papers urging Brussels to de-escalate, arguing that spirits have become political hostages in a dispute that has little to do with their industries. For European boardrooms, the timing is delicate. During Trump's first term, robust growth in China and the EU made the US slightly less critical and there was also no war in Ukraine. But now, domestic demand is sluggish, competition from China is intensifying, and the loss of cheap Russian energy adds costs, making the US even more crucial. 'There is already a measurable decline in direct investment and concrete losses in prosperity,' David Deissner, managing director of the German lobby group Foundation for Family Businesses and Politics, said at a press briefing in Berlin this week. 'The tariff measures are already acting as a trade barrier.' As part of its broader strategy, the EU is working to improve the bloc's internal market and is rushing to complete trade deals around the world to provide companies with opportunities to diversify away from the US. For Brussels, the stakes are high. Collective bargaining is central to the EU's power. That unity held through Brexit, but could now fray as talks go down to the wire. 'To optimize the interest of the EU, the Commission really does need to take the lead,' said Michael Plummer, a professor of international economics at Johns Hopkins University's SAIS Europe campus in Bologna. A weak outcome with Washington could ripple across other confrontations, especially with China, on issues like EV subsidies, solar panels and clean-tech access — and damage the outlook for key industries and investments. Alongside corporate pressure, German Chancellor Friedrich Merz has criticized the Commission's approach to the trade talks as too complex and called for a greater focus on key industries such as automobiles, pharmaceuticals, chemicals and machinery — Germany's largest manufacturing sectors. 'This is not about a finely chiseled, comprehensive trade agreement with the United States of America,' he said Thursday in a speech to a banking forum in Berlin. 'Better quick and simple than lengthy and complicated.' Against that backdrop, influential voices are urging restraint. LVMH Chairman Bernard Arnault has warned that failure to reach a deal could be catastrophic for France's wine and spirits industry and called for compromise instead of conflict, even suggesting that a free trade zone should exist between the EU and the US. The billionaire, who has known Trump since the 1980s, has become personally involved and visited Washington at least twice since Trump's inauguration, while his son Alexandre also met with officials on his own in May. 'I hope to succeed, with my modest means and my contacts, in convincing Europe to adopt the most constructive attitude possible,' Arnault told French lawmakers in May. --With assistance from Kamil Kowalcze, Angelina Rascouet, Nicholas Comfort and Tim Loh. SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too America's Top Consumer-Sentiment Economist Is Worried How to Steal a House China's Homegrown Jewelry Superstar Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate ©2025 Bloomberg L.P.
Yahoo
an hour ago
- Yahoo
Amundi warns US stablecoin policy could destabilise global payments system
By Marc Jones LONDON (Reuters) -Europe's largest asset manager has raised concerns that a boom in dollar-backed stablecoins in the wake of the United States' GENIUS Act could cause a major shift in money flows that destabilises the global payment system. The U.S. Senate passed the GENIUS Act a bill last month to create a regulatory framework for the U.S.-dollar-pegged cryptotokens. It is expected to be passed by the House of Representatives and approved by President Donald Trump, leaving other countries worried about a wave of so-called 'dollarization' of economies if their own populations buy them. "It could be genius, or it could be evil," Amundi Asset Management's chief investment officer Vincent Mortier told Reuters, voicing his concerns about the U.S. act. JPMorgan expects the amount of stablecoins in circulation to roughly double to $500 billion in the next few years, although some estimates have put it as high as $2 trillion. As stablecoins need be pegged to the dollar under the U.S. act, it will trigger buying of U.S. Treasury bonds. That has its benefits for the U.S. as it grapples with a gaping budget deficit, but could also pose problems for the U.S. and other countries. "In doing so you create an alternative to the U.S. dollar and that could lead to more weakening of the dollar," Mortier said. "Because if a country is pushing a stablecoin, it could be perceived as pushing the message that the dollar is not that strong." Currently, 98% of all stablecoins are pegged to the dollar, but more than 80% of stablecoin transactions happen outside the United States. Italy's finance minister, Giancarlo Giorgetti, warned in April that the U.S. stablecoin policies presented an "even more dangerous" threat to European financial stability than Trump's trade war. His argument was that access to dollars without needing a U.S. bank account would be attractive to millions of people and could undermine countries' monetary sovereignty. The Bank for International Settlements issued a similar warning on the risks posed by stablecoins, noting their potential to undermine monetary sovereignty, transparency issues and the risk of capital flight from emerging economies. Mortier, who oversees the 2 trillion euros ($2.36 trillion) of assets Amundi manages - none of which are in crypto - said he still had not fully made up his mind about stablecoins, but the worry was that a mass uptake could impact financial stability. As well as the dollarization issue, they would become "quasi-banks" he said, as people will deposit money in a coin assuming they can take it out again whenever they want. They will also be used as a direct means of payment. "It could potentially destabilise the global payment system," he said. "I'm not so sure it's a good idea". ($1 = 0.8483 euros) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wall Street Journal
an hour ago
- Wall Street Journal
Airbus, ASML, Mistral Bosses Ask EU to Pause AI Rules
Chief executives from top European companies including Mistral and Airbus AIR 0.27%increase; green up pointing triangle have asked the European Commission to delay fully wielding its landmark artificial intelligence act. In a letter sent to commission president Ursula von der Leyen, executive vice presidents Stephane Sejourne and Henna Virkkunen and economy commissioner Valdis Dombrovskis, executives asked officials to hold off on enforcing its new AI rulebook–which is due to come into force next month–for two years.
