Rubio Continues Allied Push in Europe, Iran Nuclear Talks, More
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The UK stands apart as a place to do business, not because of one advantage, but many working together. Over £10 trillion in capital, four of the world's top universities, a 10-year industrial strategy in action, its stability with dynamism, global reach with local depth. It all adds up to greater growth. Find out more at business.gov.uk slash growth.
News when you want it with Bloomberg News Now. I'm Monica Ricks.
What are the latest developments in U.S. foreign policy in Europe?
Secretary of State Marco Rubio met with the Slovakian prime minister today and doubled down on the Trump administration's position in the region following the Munich security conference. He says the U.S. wants to focus on building up allies rather than fully supporting organizations like NATO or the U.N.
People, you know, they go crazy. They think, oh, that means you're going to abandon NATO. You're going to abandon your allies. I think the point we're making is that the stronger our allies are, the stronger we are collectively.
Rubio kicked off a two-day trip to Eastern Europe today to bolster ties with Slovakia and Hungary, whose conservative leaders have close ties with President Trump. Iran's top diplomats headed to Geneva now, where a second round of nuclear talks are expected to take place with the U.S. this week. Oman will continue to mediate. But similar talks broke down last year after Israel launched what became a 12-day war on Iran. including that U.S. bombing of Iranian nuclear sites. President Trump has threatened to strike again if Iran can't limit its nuclear ambitions. He's also threatened to step in over Iran's deadly crackdown on anti-government protests. Travel and airline industry groups warn this latest partial government shutdown is threatening to disrupt air travel as the busy spring break travel period approaches.
TSA falls under the Homeland Security umbrella, so right now officers are working without pay. But flights may not be as impacted this time around because air traffic controllers are still getting their paychecks. Meantime, Congress is butting heads over funding as Democrats demand reforms to ICE. And some Republicans may be on board. New York Congressman Andrew Garbarino chairs the House Homeland Security Committee.
I do believe that there is room for reforms. And I believe that both the CBP and ICE, who both of the leaders were in front of my committee this past week, talked about possible reforms.
It's the third shutdown in as many months. Just in time for tax season, the Treasury Department and IRS have released new guidance on restrictions to clean energy tax credits under President Trump's tax and spending cuts law. Bloomberg's Nathan Hager has more from Washington.
The guidance provides more details on prohibited foreign entity rules, which require clean energy developers to limit contracts and supplies from China, Russia, and other covered nations. The specific rule is related to what's called the material assistance cost ratio. Companies have to calculate it so they make sure components from those countries don't exceed a certain amount. Tax practitioners say this is one of the more complex areas in the new tax law. In Washington, I'm Nathan Hager, Bloomberg Radio.
Wall Street's paying CEOs like it's 2006. Leaders at top U.S. banks all received annual compensations of at least $40 million. That's up 17% from last year. The payouts reflect a banner year for the banking industry. The nation's top financial firms posted their biggest annual earnings since 2021. The European Central Bank is working to revamp its currency appeal. Here's Bloomberg's Ed Kalecki.
The European Central Bank is prepared to offer euro liquidity to monetary authorities from around the world, an effort to prevent market tensions and increase global use of the single currency. In a statement Saturday, the Frankfurt-based institution said it will extend repo lines to all central banks unless excluded on the grounds of, in particular, money laundering, terrorist financing... or international sanctions, adding that the changes will apply as of the third quarter.
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