European Politics & Markets news from the last 24 hours, AI-curated by PiQ Markets

Andy Burnham officially assumed the role of UK Prime Minister on July 20, succeeding Keir Starmer. His ascension marks the seventh change in prime ministership within a decade, and Burnham has pledged to end political instability and introduce a new economic model. Concurrently, East Midlands Railway has reduced services between Sheffield and Nottingham and London, underscoring existing infrastructure challenges. The financial markets anticipate his cabinet appointments, particularly the Chancellor, with the FTSE 100 expected to open flat.

AliExpress has been fined a record €550 million (over $625 million) by the European Commission for failing to prevent the sale of illegal and harmful products on its platform. This marks the largest penalty issued under the Digital Services Act. The Commission found AliExpress's moderation and safeguards to be ineffective in assessing and mitigating risks associated with unsafe or counterfeit goods. AliExpress faces further sanctions if it does not comply with the ruling by an October deadline.

The European Union's proposed reforms to its Emissions Trading System (ETS) are facing criticism from climate experts and environmental groups. The plan includes extending free carbon emission permits until 2038, which critics argue is a 'gift to polluters' and will slow down greenhouse gas emission cuts. Additionally, the EU is considering waiving penalties for methane regulations for three years, a move prompted by industry lobbying, which environmentalists warn could undermine emission reduction efforts.

Germany is adopting a more assertive trade policy toward China, aligning with France's approach, due to the European Union's widening trade deficit with Beijing. This move signals a broader European effort to address economic imbalances and bolster economic security. Meanwhile, a delegation of Czech lawmakers is visiting China, seeking to re-establish dialogue and cooperation amidst previously strained relations.

Governments and cities globally are restricting new data center construction due to the escalating demands of the AI boom. Concerns over electricity consumption, water usage, land availability, and community impact are driving these measures. New York state has implemented a complete moratorium on new data center developments, and Amsterdam has banned new construction until 2030, highlighting a growing trend of regulatory intervention in the sector.

Portugal's government has tightened immigration rules, creating potential labor shortages in the construction sector. This policy shift risks delaying affordable housing projects, which rely heavily on immigrant workers. The move comes amid an ongoing housing crisis, highlighting the tension between immigration control and economic needs.

European Commission President Ursula von der Leyen met with Ukraine's new Prime Minister Serhii Koretskyi, pledging continued EU support. The commitment includes backing for reforms, Ukraine's integration into the European Union, and defense cooperation. A key aspect of this support is the recently signed Drone Deal, highlighting ongoing efforts to bolster Ukraine's capabilities.

A man has died in Bologna, Italy, after an incident involving police during an attempted arrest. The man's death, which occurred while officers were restraining him, has been captured on video. In response to the event, prosecutors have launched an investigation, and street protests have erupted in the city.

New air passenger rights rules have been approved by the European Parliament and Council, with implementation slated for mid-2027. These updated regulations aim to bolster passenger protections by ensuring quicker reimbursements, simplifying compensation claims, and guaranteeing free seating for children and passengers with disabilities. The changes are designed to provide travelers with greater clarity and support when facing flight disruptions or cancellations.

Britain's EU Relations Minister Nick Thomas-Symonds is departing the government as part of Prime Minister Andy Burnham's reshuffle. Thomas-Symonds, a key figure in managing the UK's post-Brexit relationship with the European Union and leading negotiations, was a close ally of Keir Starmer. His departure signals a potential shift in the UK's approach to EU relations.

A French Parliament committee has advanced a bill that would prohibit social media access for individuals under 15 years old. The proposed legislation also includes a ban on smartphones in high schools. If passed, the measures are intended to be implemented by early September. This move reflects growing concerns about the impact of digital technologies on young people.

Hungarian Prime Minister Péter Magyar intends to nominate chess grandmaster Judit Polgár for the largely ceremonial role of president. Lawmakers from Magyar's Tisza party have expressed support for the proposal. The final decision on Polgár's potential presidency is still pending.

The European Union has adopted its first-ever declaration on culture, establishing a framework to guide future policy and tackle emerging challenges such as artificial intelligence and disinformation. This significant step coincides with recent employment data indicating a rise in jobs within the EU's cultural sector. The declaration aims to foster a more resilient and innovative cultural landscape across member states.

Iceland has 'nothing to lose' by negotiating EU membership, according to French Foreign Minister Jean-Noel Barrot. The statement comes as Iceland prepares for a referendum on whether to restart accession talks with the European Union. Iceland initially applied for membership in 2009 but suspended its accession talks in 2015.