Good morning. Germany said no to the European Commission’s €2 trillion budget proposal. Keir Starmer and Friedrich Merz will sign a new treaty in London. And about 1,000 people join the waitlist every night for fried chicken. Listen to the day’s top stories.
Germany rejected the EU’s nearly €2 trillion budget proposal for its next seven-year period, starting in 2028, hours after it was announced by European Commission President Ursula von der Leyen in Brussels. The plan includes €100 billion in aid for Ukraine.
UK Prime Minister Keir Starmer and German Chancellor Friedrich Merz will sign a new treaty in London, pledging mutual defense and closer cooperation. The pact includes a commitment to develop a long-range missile system.
Slovak Prime Minister Robert Fico vowed to block a new sanctions package against Russia until the issue of European Commission guarantees on mitigating the impact of halting Russian gas deliveries is resolved. Catch up on the deal here.
US President Donald Trump. Photographer: Samuel Corum/Sipa Press
Trade latest: Donald Trump said he would send letters to more than 150 nations, notifying them of tariff rates of “probably 10 or 15%,” though claimed he’s “indifferent” to a trade deal with the EU.
Deep Dive: The Plumber
Jon Cunliffe speaking in Manchester in February. Source: Independent Water Commission
Jon Cunliffe, who cleaned up UK banks after the financial crisis, is now tackling the failing water industry. His recommendations, due next week, will aim to restore trust and attract long-term investors to a sector plagued by debt, sewage spills and public anger.
Venture capitalists are frustrated with the rise of “acquihiring,” where Big Tech buys talent instead of the whole company, lowering investor returns, Parmy Olson writes. In the longer run, this may push VCs to focus on more sustainable startups, potentially leading to a healthier market.
Caviar-topped chicken nuggets at Coqodaq. Photographer: Evan Sung
It’s not KFC. About 1,000 people join the waitlist every night at Coqodaq, a ritzy New York fried chicken restaurant that blends Korean flavors and American style. The 150-seat eatery sources chicken from an Amish farm and uses cultured oil. Nuggets come topped with caviar.
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