Meloni rejects “childish” choice between Trump and Europe

Today’s Agenda: EU Minimal Apple and Meta Fines. Sweep out US plans for Ukrainian minerals. Canada and the US cooling. Interview with Heathrow CEO. And then Lakshmi Mittal decides to leave

good morning. We start in Rome. There, Giorgia Meloni dismisses the idea that Italy must choose the aspects between the US and Europe as “childish” and “superficial,” and argues that she will do whatever it takes to protect her country’s interests.

On EU-US relations: In his first interview with foreign newspapers since taking office in 2022, the Italian prime minister said it was “everyone’s interest” to overcome the serious tensions in transatlantic relations, describing the European leader’s response to Donald Trump as “a little too political.”

“Italy can have good relations with the US. If there are things that Italy can do to avoid conflict with (US) Europe and build a bridge, I will do that – and that’s the interests of the Europeans,” she said.

Trump: Italian nationalist conservative leaders have made it clear that she will not consider the US president as an enemy and will continue to respect Italy’s “first alliance.” “I’m conservative. Trump is a Republican leader. I’m certainly closer to him than many others, but I understand the leader who protects his national interests,” Meloni said. “I will protect mine.”

Learn more from an interview with the Italian leader with the Financial Times.

Others that keep tabs today and weekends are:

Economic Data: The UK revised its fourth quarter GDP figures. Germany and the US issued February labour market statistics, while France is releasing Marching consumer inflation data today.

Greenland: US Vice President JD Vance is planning to visit US military bases in Greenland today as Washington puts pressure on a geopolitical and important island.

British Politics: British reforms are set at a rallies in Birmingham and are today called “the biggest event ever.”

High Level Meeting: Greek Prime Minister Kiliakos Mitotakis is scheduled to meet Israeli counterpart Benjamin Netanyahu on Sunday. German President Frank Walter Steinmeier begins his trip to Armenia and Azerbaijan.

How well did you get with this news this week? Take the quiz.

Five more top stories

1. Exclusive: The EU is set to impose minimal fines on Apple and Meta in the digital market as Brussels tries to avoid tensions with US President Donald Trump. Under the DMA, businesses could face penalties of up to 10% of global sales, but officials said the Commission is aiming for fines well below that threshold.

2. Exclusive: The US is seeking a large number of new contracts while managing Ukraine’s key mineral and energy assets, while providing Kyiv No Security guarantees in return, in an aggressive expansion of previous demands. A senior Ukrainian official said the proposal could undermine the sovereignty of their country, increase profits overseas and deepen their dependence on Washington.

3. Canadian Prime Minister Mark Carney said his country’s old relationship with the United States is “end” and vowed to “broadly renegotiate” a trade deal between Ottawa and Washington. The prime minister yesterday said Trump’s tariffs would force Canada to rebuild its economy and seek “trustworthy” trading partners.

4. Heathrow’s chief executive said it could cost around £1 billion to install a more “resilient” power system to avoid repeated halts that forced the airport to close last week, warning that airlines could pay higher fees. Read more about Thomas Woldbye’s interview with FT. He gives an explanation of his first detailed explanation.

UK Infrastructure: US private equity group Blackstone has signed a £235 million contract to acquire stakes in the owners of Aberdeen, Glasgow and Southampton airports.

5. Steel tycoon Lakshmi Mittal, who lived in the UK for 30 years, is preparing to leave the country in response to the labor government crackdown on non-dominant residents. This decision makes him one of the wealthiest entrepreneurs who will move to tax reform.

Big reading

Active ETFs are cheap for providers and consumers, and help asset managers reduce leaks. But starting from a low base and growing from a huge group in the US that dominates the market, could they still be a lifeline for European stockpiles?

We’re reading too. . .

Trump’s Oil Dilemma: Presidential advisers see fossil fuel prices as an important anti-inflammatory tool, but there are three major headwinds to contest, Gillian Tett wrote.

AI and Jobs: New research shows that ChatGpt’s inability to deal with “mummy” multitasking is evacuating some human workers, writes John Burn-Murdoch.

EU Innovation: A voluntary pan-European legal framework for fledgling businesses will help to scale up the scale of start-ups faster, writes entrepreneur Brent Hoberman.

The chart of the day

A few weeks after the start of weather springs, the UK’s NHS is under winter pressure. However, groups of European countries provide useful evidence that they can navigate seasonal tensions without disrupting services on a large scale.

Take a break from the news. . .

Hotori, a London yakitori restaurant that opened in November, has a beak menu that is good, if not better, than many people in Tokyo, writes Jay Rayner.