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Switzerland considers currency intervention amid Iran war
Switzerland has considered intervening against any significant appreciation in the country’s currency following the war in Iran, but doing so could land it in hot water with the White House. “Given the conflict in the Middle East, the Swiss National Bank's (SNB) willingness to intervene in the foreign exchange market has increased,” the SNB said in a statement. “The SNB thereby counters a rapid and excessive appreciation of the Swiss franc, which would jeopardise price stability in Switzerland.” This comes as the SNB has kept the policy rate unchanged at 0%. Inflation for the country has only changed slightly from 0.0% in November to 0.1%. The rise was driven by higher goods inflation. However, the SNB said the war in the Middle East has created uncertainty for future economic outlooks and is expected to increase inflation. “In its baseline scenario, the SNB anticipates that the increase in energy prices will raise inflation in many countries in the short term,” the SNB said. “Furthermore, global economic growth is likely to temporarily slow somewhat.” The Swiss franc, widely considered a safe-haven asset, has been boosted by broader market volatility. Turbulence and uncertainty last year saw the franc r
Europe
Rubio says Europe and US interests are intertwined
United States Secretary of State Marco Rubio said the U.S. has no intention of abandoning its deep alliance with Europe. At the Munich Security Conference (MSC), Rubio said the U.S deeply cares for the future of both regions and wants Europe to be strong. “We believe that Europe must survive, because the two great wars of the last century serve, for us, as history’s great reminder, that ultimately, our destiny is, and will always be, intertwined with yours,” he said. This comes as U.S. President Donald Trump has criticised Europe for being too reliant on the U.S. for its security and pushed NATO allies to boost defence spending. Rubio’s words also follow Trump’s ongoing pursuit of Greenland, which has rattled European leaders in recent months. “We do not need to abandon the system of international cooperation we authored, and we don’t need to dismantle the global institutions of the old order that together we built. But these must be reformed. These must be rebuilt,” Rubio said. Rubio also said it was U.S. leadership that has succeeded in resolving issues like the Israel-Gaza conflict and made progress ending the Russia-Ukraine war, something the UN has not done. “The United Nations still has tremendous potent
Europe
Trump claims NATO deal on Greenland, halts tariff threat
United States President Donald Trump has signalled a retreat from EU trade hostilities at Davos, announcing a preliminary NATO agreement regarding Greenland. Writing on Truth Social on Wednesday, the President stated he had reached the "framework of a future deal", following discussions with NATO Secretary General Mark Rutte. The announcement appears to have effectively halted the administration's impending threat to impose a blanket 10% tariff on European allies - a penalty Trump had explicitly linked to resistance against U.S. designs on the Arctic territory. "We have agreed on a Framework for the Expansion of NATO to include the Territory of Greenland," Trump wrote. "It will be a great shield for the United States and the Alliance."Strategic defence, not forceSpeaking earlier at the forum, President Trump formally ruled out the use of military force to annex the island, which is an autonomous territory of Denmark. However, he maintained that the United States requires "ownership" or significant administrative control to facilitate the construction of his proposed "Golden Dome" missile defence shield. The President described the territory as "an enormous unsecured island" and a "large piece of ice" that poses a
Europe
Greenland PM says he won’t bow to Trump threats
Greenland’s Prime Minister Jens-Frederik Nielsen said the Arctic island will not be pressured by United States President Donald Trump’s tariff threats. This comes just a day after Trump threatened heightened tariffs on eight European countries if Greenland isn’t sold to the U.S. In response, European countries have stood by Greenland, calling Trump’s ultimatum “completely wrong” and “unacceptable”. EU leaders have also considered a “trade bazooka” on the U.S. following Trump’s threats. Nielsen said the countries showed “a strong and dignified” unity with Greenland and welcomed the support, saying it shows a “clear recognition” that Greenland had the right to make its own decisions. “The latest statements from the US, including threats of tariffs, do not change that line. We will not be pressured. We stand firm on dialogue, on respect and on international law,” Nielsen said in a Facebook post, according to a Google translation. Trump has had his sights set on buying the mineral-rich territory for a while, and his interest was only renewed after a U.S. operation in Venezuela on 3 January. Denmark and Greenland have also discussed the possibility of a NATO mission in Greenland and the Arctic, according to Danish
Europe
Trump looking at 'range of options' to take Greenland
United States President Donald Trump is reportedly looking at a “range of options", including military force, to acquire Greenland as U.S. territory. Speaking to reporters on Wednesday, Press Secretary Karoline Leavitt said “all options are always on the table for President Trump as he examines what's in the best interest of the United States”. She reiterated his “first option has always been diplomacy” despite previously issuing press statements that military action was still on the cards for the acquisition of Greenland. The Trump administration has maintained for years that the natural resource-rich island is necessary for U.S. national security but has been met with a heavy backlash from Europe. This latest statement came shortly after the latest show of support from European leaders for Denmark, of which Greenland is an autonomous territory. In a joint statement the leaders of Poland, Italy, France, Germany, Spain and the United Kingdom confirmed they have “increased our presence, activities and investments…to deter adversaries”. “Security in the Arctic must therefore be achieved collectively, in conjunction with NATO allies including the United States…these are universal principles, and we will not stop def

Europe
Tensions rise with Denmark and Trump over Greenland envoy
Tensions are continuing to grow between the United States and Denmark, as President Donald Trump increases his efforts to acquire Greenland. Currently held as a Danish territory and heavily rich in natural resources, Trump has proclaimed for years that Greenland is essential for U.S. security. He has now appointed a special new envoy, Louisiana Governor Jeff Landry, to the cause and “lead the charge” on the acquisition. “We need Greenland for national security, not for minerals,” Trump said to reporters at his Mar-a-Lago club in Florida. “If you take a look at Greenland, you look up and down the coast, you have Russian and Chinese ships all over the place… We have to have it.” In response Danish Prime Minister Mette Frederiksen and Greenland’s prime minister, Jens-Frederik Nielsen issued a joint statement reiterating once again that “Greenland belongs to Greenlanders”. “You cannot annex another country. Not even with an argument about international security…the U.S. shall not take over Greenland.”
Europe
Switzerland votes down inheritance tax for super-rich
Switzerland overwhelmingly voted down a proposed 50% inheritance tax on the super-rich in a referendum on Sunday. The tax would have impacted inherited wealth above CHF50 million (A$95 million). Voters also rejected an initiative that would extend mandatory military or civilian service to women. This inheritance tax was proposed by the youth wing of the Social Democratic Party. Switzerland’s government “would use the gross revenue from the tax to combat the climate crisis in a socially just manner and for the necessary restructuring of the overall economy,” according to the proposal. Switzerland’s government campaigned against the ballot measure, arguing it would threaten the country’s economy. The tax proposal was rejected with 78% of the vote. Around 2,000 people would likely have been affected by the tax. Switzerland has the highest average wealth per adult, according to a UBS report. The initiative to mandate service for women was rejected with 84% of the vote. It was introduced by the Citizen Service association, and was supported by the Liberal Greens, the Christian-democratic Evangelical People’s Party, and the youth wing of the Centre Party. Switzerland’s government did not support it, saying it would lea
Europe
Lecornu reappointed France's PM days after resigning
French President Emmanuel Macron has reappointed Sébastien Lecornu as prime minister just four days after his resignation, amid France’s ongoing struggles to pass a budget that would remedy its debt issues. Lecornu was previously prime minister for 26 days until resigning on 6 October. He resigned shortly after announcing his cabinet appointments, following heavy criticism from both allied and opposition parties. “I accept — out of duty — the mission entrusted to me by the President of the Republic to do everything possible to provide France with a budget by the end of the year and to address the daily problems of our compatriots,” Lecornu wrote on Friday evening after his reappointment. “We must put an end to this political crisis that is exasperating the French people and to this instability that is detrimental to France's image and its interests." Right-wing party The Republicans have said they will not participate in Lecornu’s second government. France’s Socialist Party said it would seek to topple his government if it did not halt a 2023 plan to raise the retirement age. The appointment of former finance minister Bruno Le Maire to Lecornu’s short-lived first cabinet as defence minister resulted in parties acros
Europe
French unions protest over budget cut plans
Hundreds of thousands marched in trade union demonstrations in France, pressuring new Prime Minister Sébastien Lecornu to rethink budget cuts and act on wages, pensions and public services. According to an Interior Ministry source, as many as 800,000 people were expected to take part in the strikes and protests. As a result of the protests, there was disruption to public transport as train, bus and tram drivers went on strike. Nine out of 10 pharmacies were also closed, with pharmacists and hospital staff protesting against pricing policies. Many primary and secondary school teachers, staff and students also joined the protests. There were more than 250 demonstrations and marches in cities from Paris to Marseille, Nantes, Lyon and Montpellier. “The anger is huge, and so is the determination – my message to Mr Lecornu today is this: it’s the streets that must decide the budget,” said Sophie Binet, head of the leftwing CGT union. France faces mounting pressure to rein in its budget deficit, which widened to 5.8% of GDP in the past year. As much as Lacornu wants to reduce that number, he would be reliant on other parties to push through legislation. Previous French Prime Minister, Fracois Bayrou, was ousted by pa