Lizzie Burden

Bloomberg understands that Keir Starmer told the panel that Burnham's standing would trigger months of psychodrama and badly damage Labour ahead of May's local elections.

Posting on social media on Sunday, Burnham said he was disappointed by the decision and concerned about its potential impact.

That's news when you want it with Bloomberg News Now.

I'm Lizzie Burden.

News when you want it with Bloomberg News Now.

I'm Lizzie Burden.

After a bruising week for transatlantic ties, European leaders are now trying to refocus their urgent security and economic priorities.

At an emergency summit in Brussels, the EU sought to find ways to move on after the US president delivered a sobering reality check on the world's most important economic relationship.

Here's Kaya Callas, the EU's High Representative for Foreign Affairs and Security Policy.

Claire Callas was speaking to Bloomberg as EU leaders this week have called for unity but diverged on how best to handle relations with the United States.

German Chancellor Friedrich Merz has urged his colleagues to react calmly to Trump's provocations.

Meanwhile, France's Emmanuel Macron explicitly attacked the president's strategy, calling it an attempt to weaken and subordinate Europe.

Well, the highly charged rhetoric came as sources told Bloomberg that the U.S.

wants to rewrite its current defense agreement with Denmark to remove any limits on its military presence in Greenland.

On his way back from Davos to the U.S., President Trump was asked whether his framework deal would give the United States sovereignty over pockets of land in the Arctic Territory.

President Trump speaking there.

The European Parliament is now expected to vote on ratifying the EU-US trade deal after he walked back his latest threat to impose extra tariffs on European allies.

But despite signs that geopolitical tensions may be easing, markets remain apprehensive, with gold rising close to $5,000 an ounce.

Meanwhile, TikTok and its Chinese parent company ByteDance have closed a long-awaited deal with American investors to operate its US business and avoid a nationwide ban.

The social media company has established a majority US-owned entity with three managing investors, Oracle, Silverlake and MGX, each holding a 15% stake in the new venture.