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The Latest Breaking News from GDP

Why Elon Musk’s US$34 billion loss wasn’t really that – and what it tells us about the philanthropy of the ultra-wealthy

Following a sharp drop in Tesla’s share price, outlets reported that the world’s richest person, Elon Musk, had “lost” US$34 billion (£25 billion) in a single day. That figure exceeds the annual GDP of countries like Iceland, Jamaica or Mauritius. Gaining or losing even 0.001% of that wealth would be…

The Conversation

Spain’s PM Pedro Sánchez rejects NATO's 5% of GDP spending plan as 'unreasonable'

Spain was the lowest spender in the trans-Atlantic alliance last year, directing less than 2% of its GDP on defence expenditure.

Euronews

Spain rejects Nato plan for member states to spend 5% of GDP on defence

PM Pedro Sánchez says he wants a ‘more flexible formula’ that would make target optional or allow Madrid to opt out

The Guardian - UK

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Spain rejects NATO’s anticipated defense spending increase as 'unreasonable'

Spain has rejected a NATO proposal to spend 5% of GDP on defense needs that’s expected to be announced next week, calling it “unreasonable.”

The Independent UK

Unpacking the data: Why India’s poverty decline may not be what it seems

Discussions on poverty in India have long centred on the Household Consumption Expenditure Surveys (HCES) which are conducted nationwide. These surveys measure how much households spend and are often used as a stand-in for household income since reliable income data is hard to collect in developing countries.

Newslaundry

New Zealand enjoys GDP bump of 0.8 per cent in Q1

New Zealand has posted its best quarterly GDP growth figures in almost two years, though the economy is still 1.1 per cent smaller than it was a year ago.

AAP

Canadian international relations experts share their views on global politics and Canada’s role

A survey of Canadian international relations professors has found they disagree on how to respond to potential Chinese aggression against Taiwan and which global regions will matter most to Canada in the future.

The Conversation

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Trump may push Albanese on defence spending, but Australia has leverage it can use, too

Ahead of a prospective meeting between Prime Minister Anthony Albanese and US President Donald Trump at the G7 Summit Canada, two key developments have bumped defence issues to the top of the alliance agenda.

The Conversation

Keir Starmer must come to the defence of his chancellor’s spending review

THE INDEPENDENT VIEW: Editorial: In spite of Rachel Reeves’s much-vaunted increase in MoD expenditure, a rise to 2.6 per cent of GDP can only be achieved by draining the overseas aid budget, reallocating intelligence agency funds, and other sleights of hand. When the prime minister faces Nato leaders, including Donald…

The Independent UK

Stocks mixed amid GDP miss and fresh trade worry

The UK economy fell at a faster pace than expected in April, numbers on Thursday showed, as services output slumped.

Evening Standard

The UK’s small businesses should be fuelling the country’s growth ambitions. Here’s why that’s not happening

The UK government’s spending review has set out its priorities for the next three years. But behind the rhetoric about boosting growth lies growing concern about small businesses being locked out of the wider UK economy. Government funding and regulation are increasingly out of step with the reality of micro-enterprises…

The Conversation

Ben Wallace accuses Labour of ‘conning’ public over defence spending boost claim

Concerns have been raised that the increase in defence spending pledged by Keir Starmer’s government is ‘smoke and mirrors’

The Independent UK

UK economy contracts sharply in April: Will the BoE respond?

UK GDP shrank 0.3% in April, the sharpest drop since October 2023, led by declines in services and manufacturing. Labour market data weakened, fuelling speculation of a Bank of England rate cut in August as recession fears grow.

Euronews

Economy shrinks by more than expected amid record fall in exports to the US

Exports to America fell at the fastest pace on record, down £2 billion in April, according to the ONS.

Evening Standard

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The National (Scotland)

UK economy sees biggest drop since October 2023 in blow for Rachel Reeves

THE UK economy saw the biggest monthly contraction for a year-and-a-half in April in a setback for Chancellor Rachel Reeves ...

The Independent UK

Blow for Rachel Reeves after UK economy shrinks by more than expected

The cut to GDP figures will be bad news for the chancellor in her mission to grow the UK economy

Evening Standard

UK economy shrinks by more than expected in April – ONS

Gross domestic product fell by 0.3% in April, compared with growth of 0.2% in March.

The Guardian - UK

UK’s FTSE 100 share index hits record closing high despite economy shrinking in April – as it happened

UK economy shrank by 0.3% in April, biggest fall since October 2023, as trade with the US slumped.. but FTSE 100 ends at new record close

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The Conversation

Spending review delivers big boosts for health and defence – but Rachel Reeves is focused on investment

UK chancellor Rachel Reeves has delivered the government’s spending review, setting out its plans and priorities for the next three years. The aim of the review is of course to allocate spending over that time period – but this government is keen for economic growth and so has directed the…

The Guardian - UK

UK yet to commit to Nato plan for rise in defence spending to 3.5% of GDP

Nato chief Mark Rutte wants members to agree to plan at summit this month but UK remains cautious

The Guardian - UK

2020s on course to be weakest decade for global economy since 1960s, says World Bank

Washington-based lender cuts its forecast for world GDP growth, blaming Donald Trump tariffs

The Guardian - US

Canadian PM vows to boost defence spending and reduce dependency on US

Carney says Canada will hit Nato target of 2% of GDP five years ahead of schedule amid ‘dangerous and divided world’

The Independent UK

Britons ‘better learn to speak Russian’ without major defence spending hike, Nato chief warns

The Nato secretary general said there is no discrepancy between the UK's current defence spending goals and his own push for members to reach 5 per cent of GDP

Euronews

NATO must boost air and missile defences fourfold to counter Russia's threat, Rutte says

Mark Rutte has urged NATO members on Monday to increase air and missile defences by 400%, warning of a possible Russian attack within five years, advocating for higher military spending targets.

The Guardian - UK

Russia could be ready to attack Nato within five years, says secretary general

In speech in London Mark Rutte says he expects alliance members to agree to raise military spending to 5% of GDP

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