Spain's Finance Minister Carlos Cuerpo proposed a new "European Sovereign Facility" for joint EU borrowing to strengthen the euro's international role amid geopolitical uncertainty. The mechanism aims to centralize debt, reduce costs, and build a €5 trillion stock within five years, though some member states oppose further joint debt.
Deputy Finance Minister Liew Chin Tong denied reports that fugitive businessman Jho Low secretly entered Malaysia last year for talks related to the 1MDB scandal. Low faces charges in the US and Malaysia for his alleged role in the misappropriation of billions from the state fund.
Spain has proposed a new EU common borrowing mechanism worth up to €850 billion annually to create a benchmark safe asset, reduce financing costs for European firms, and strengthen the euro. The plan, to be presented by Economy Minister Carlos Cuerpo, faces opposition from Germany and the Netherlands but has support from France and Greece. Spain suggests a voluntary "European Sovereign Facility" with potential for a "coalition of the willing" if not all members participate.
South Korea's Finance Minister Koo Yun-cheol pledged efforts to stabilize livelihoods due to market volatility and Middle East war impacts. He highlighted the need to address economic disparity and foster new growth engines beyond semiconductors and AI.
South Korea's Finance Minister Koo Yun-cheol stated the government is considering measures to address issues caused by newly introduced single-stock leveraged ETFs, which are blamed for increased stock market volatility. These ETFs track major companies like Samsung Electronics and SK hynix, contributing to sharp swings in the KOSPI index.
Germany's draft budget for 2027 allocates 20% of federal spending to defense, aiming to meet NATO targets and respond to security concerns. Chancellor Merz defends the rearmament drive against criticism, while Finance Minister Klingbeil acknowledges domestic policy challenges.
South Korea's finance minister chaired the first meeting of a steering committee to review projects for a $350 billion investment pledge in the U.S. The committee, Korea-U.S. Strategic Investment Corp., will manage funds and decisions for win-win projects.
Canada will participate in the Eurovision Song Contest in Bulgaria in 2027, following CBC/Radio-Canada's recent membership in the European Broadcasting Union. This move, supported by Prime Minister Mark Carney, aims to showcase Canadian talent and strengthen ties with Europe.
Canada will compete in the Eurovision Song Contest in Bulgaria in 2027, following CBC/Radio-Canada's new EBU membership. This marks the first new non-European participant since Australia in 2015, with past Canadian involvement including Celine Dion representing Switzerland.
Indonesia's envoy Purbaya visited Beijing to boost investor confidence ahead of a panda bond sale. Chinese companies expressed concerns over stringent regulations, over-enforcement, and corruption, while also worrying about Indonesia's fiscal situation. Purbaya assured them of sound economic fundamentals.
Union Finance Minister Nirmala Sitharaman stated that externally aided projects in India's Northeast should focus on market access for local products and economic opportunities. She highlighted a seven-fold increase in assistance and significant road construction, emphasizing the region's potential beyond funding.
North Korea's Kim Yo Jong stated that denuclearization is a finalized agenda and Western countries' continued discussion shows a lack of understanding of reality.
Punjab Finance Minister Harpal Singh Cheema stated that forensic reports confirm the individual in an alleged sacrilege video is not Chief Minister Bhagwant Mann. The opposition Shiromani Akali Dal is accused of defamation.
Pakistan's finance minister announced plans to remove sales tax on sanitary towels and related items, a move hailed by campaigners and UN Women. The decision follows a court case brought by young lawyers against the "period tax", which made products unaffordable for many.
Despite international pressure including French travel bans and sanctions on settler networks, Israel advanced funding for new settlements and moved to legalize outposts. The military also established a permanent base in Jenin refugee camp, a move seen as eroding Palestinian administrative control.
Australian politicians discuss fuel excise, a KPMG investigation, and allegations against Israeli defense personnel. Speculation arises about Pauline Hanson's potential move to the lower house, while the Reserve Bank's interest rate decision looms.
Finance Minister Nirmala Sitharaman defended the Modi government's economic record against Rahul Gandhi's criticism, highlighting India's growth amid global challenges and accusing Gandhi of undermining national achievements. She cited poverty reduction, infrastructure development, and digital progress as key successes.
Finance Minister Nirmala Sitharaman stated India is the world's fastest-growing major economy, with 7.7% GDP growth in FY25-26. However, geopolitical risks, higher energy prices, and inflation concerns pose challenges to the outlook.
India faces economic vulnerability due to the US-Iran conflict, impacting its focus on Fuel, Fertiliser, and Forex. Rising global prices for oil and fertilisers strain finances, while a falling rupee pressures foreign exchange reserves. Experts debate structural risks and policy responses.
An ex-finance minister, now at Morgan Stanley, stated that the Draghi report and economic literature show a link between slower growth compared to the US and a less developed capital market.
Russian Finance Minister Anton Siluanov stated at the St. Petersburg International Economic Forum (SPIEF-2026) that the real incomes of Russia's population have increased by over 24% in the last three years. The forum, held from June 3-6, focuses on shaping a new global development model.
Israeli Finance Minister Bezalel Smotrich announced the approval of 2,162 new Jewish homes in occupied West Bank settlements. The move, condemned by Palestinians and most of the international community, aims to annex more territory and is considered illegal under international law.
Russian Finance Minister Anton Siluanov stated that the current situation allows for the accumulation and rebuilding of the National Welfare Fund (NWF). Funds are used to support budget expenditures and invest in the economy, with investments exceeding 4 trillion rubles. As of June 1, 2026, the NWF totaled 12.955 trillion rubles.
Russian Finance Minister Anton Siluanov called for "silent" pension funds, held by the Social Fund and managed by VEB, to be activated as long-term savings. He proposed legislative changes to allow citizens more control over these funds, including inheritance and withdrawal in specific life situations.
