Rubio Doubles Down on Allied Push in Europe, Govt Shutdown, More
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News when you want it with Bloomberg News Now. I'm Monica Ricks. 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. Two years after his death, European lab tests confirm Russian opposition leader Alexei Navalny was killed with a rare toxin linked to poison dart frogs. Russia hasn't commented, but leaders of at least five European countries argue that Russia had the means, motive, and opportunity to kill Navalny in 2024. At the time, the Kremlin claimed he'd died naturally. Poland's President Karol Nowrocki says it may start developing its own nuclear weapons now in light of growing threats from Russia. Poland shares borders with Russia and Ukraine and was hit by more than 20 drones back in September during a Russian airstrike.
Nowrocki's comments follow talks between Germany and France over potential European nuclear defense. 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.
What recent actions did Marco Rubio take regarding U.S. allies in Europe?
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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