Banking M&A: Italy’s MPS says Intesa’s €30.6bn unsolicited bid undervalues it, warning of low premia, synergy doubts and regulatory hurdles, while it also keeps reviewing a separate “merger of equals” proposal from Banco BPM. EU Tech Regulation: The European Commission orders Google to open Android to rival AI assistants and share search data with competitors under the DMA, pushing for more choice for the 60% of EU users on Android. Payments & Crypto: BitPay wins a Dutch MiCA authorization, letting it offer crypto-asset services across all 27 EU states from one license, with stablecoin expansion in focus. Retail/Markets: Europe’s stocks edge lower as geopolitical tensions and tech concerns weigh, with energy-price fears after Iran-related strikes adding pressure. Food Delivery Consolidation: Uber launches a takeover bid for Germany’s Delivery Hero, aiming to build a global food-delivery giant and triggering a tough regulatory path. UK Industrial Policy: Britain’s Business Secretary backs the nationalisation of British Steel as a chance to modernise Scunthorpe, while productivity upgrades are flagged as essential. France Fiscal Tightening: France plans to restrain most public spending growth in 2027 as defense and debt costs rise, setting up a difficult parliamentary budget fight. Trade & Sanctions: Russia asks the WTO for a panel over the EU’s CBAM, arguing it breaches WTO rules and unfairly blocks imports. Energy/Climate Shock: Heatwaves are again in the spotlight, with studies warning of major economic costs for Germany. Ukraine Support: Ukraine and Spain agree on €570m in financial and insurance support for restoration work, with Spanish firms set to plug into reconstruction projects.