Ukraine boost ~ ⛾:Kaffibolla

Germany has agreed to provide Ukraine with €5 billion ($5.7 billion) in military aid as part of Chancellor Friedrich Merz's pledge to help Kyiv build long-range weapons to hit targets on Russian territory.

With support from the US under President Donald Trump waning and efforts at peace negotiations with Russia's Vladimir Putin stalling, the funding issue is paramount. Zelenskiy has called on western allies to provide $30 billion by the end of the year to boost domestic weapons production and hold off Russia's advance.

The German funds will flow to the war-battered nation's production infrastructure. Merz, who this week said there were "absolutely no range limits" on Ukrainian forces making deep strikes into Russian territory, and vowed to intensify cooperation with Kyiv.

Responding within an hour of Merz's remarks, Russia said the German leader's comments amounted to a provocation. — Jennifer Duggan

What You Need to Know Today

UniCredit Chief Executive Officer Andrea Orcel is finally getting a warmer reception after seeing two unsolicited deals in a year stalled by unwilling targets and angry governments. The Italian lender announced that it has doubled its stake in Greece's Alpha Services and Holdings to about 20% and will seek regulatory permission to take its share ownership to just under 30%.

Andrea Orcel, chief executive officer of UniCredit SpA. Photographer: Francesca Volpi/Bloomberg

NATO proposed including expenditures on cybersecurity and activities related to border and coastal security to qualify for the military alliance's new defense-related spending target of 1.5% of GDP. NATO is understood to have started negotiations with countries on what will be allowed under its new spending target that it plans to adopt at a June summit. The total spending target will be 5% of GDP, with 3.5% on hard defense expenditures and 1.5% on defense-related outlays.

Shein is said to be considering switching its planned initial public offering to Hong Kong from London. It represents the latest twist in the fast-fashion retailer's turbulent pursuit of going public. Shein and its advisers are understood to have shifted focus because the approval process with Chinese regulators for its proposed London listing was dragging on. Shein's about-face would be a blow to London's moribund IPO market as the city faces mounting competition from other financial centers.

The EU's trade chief, Maros Sefcovic, said he plans to speak to US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer on Thursday. The EU has sought to fast-track negotiations to reach a deal ahead of a July 9 deadline. Sefcovic and his US counterparts have agreed to speak every other day as a routine, he told reporters at a press conference in Dubai.

Nvidia faces the final test of an earnings season-driven rally that has sent its shares up more than 40% from an April low. The world's most valuable chipmaker reports today after market close — the last of the Big Tech cohort to do so. Results from Microsoft, Meta and others showed that outlooks remain mostly intact despite uncertainty caused by shifting tariff plans. US stocks rose as investors geared up for the earnings.

Human-made climate change will continue warming the planet, with new temperature highs forecast to be recorded over the next five years, according to a report by the World Meteorological Organization. The world's average temperatures will be between 1.2C and 1.9C higher than the average in pre-industrial times, the report said. The warming will increase extreme weather events that will impact societies and economies.

A burning farmhouse during the East Attica wildfire near Stamata, northeast of Athens, Greece, on Aug. 11, 2024. Photographer: Nick Paleologos/Bloomberg

Stellantis appointed its Americas head Antonio Filosa as CEO, relying on an experienced company insider to turn around the automaker after former boss Carlos Tavares was forced out over slumping sales and profit. Filosa, 51, will take the helm at the maker of Jeep sport utility vehicles and Fiat cars on June 23, Stellantis said today. He was promoted to head the company's North American operations in October as part of a broader shake-up.

What You'll Need to Know Tomorrow

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For Your Commute

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