Good Morning

France's Prime Minister Michel Barnier will resign on Thursday after far-right and left-wing MPs toppled his government in a vote of no confidence. The reason was a controversial budget with planned savings of 60 billion euros. Barnier, former EU Brexit chief negotiator, thus becomes the prime minister with the shortest term in office in modern French history. The political crisis is also weakening President Macron, who is under increasing pressure following an early general election in June. A new prime minister is due to be appointed by Saturday, but the political uncertainty is already weighing on the economy and the markets.

Ukrainian teenagers are faced with a difficult decision: fight or flee. While some, like 18-year-old Roman Biletskyi, leave the country to escape the war, others like Andriy Kotyk join the army to defend their homeland. Since the beginning of the conflict, over 190,000 young people between the ages of 14 and 17 have applied for protection status in the EU. Despite the growing need for young recruits, Ukraine refuses to lower the minimum age. However, the exodus is exacerbating the country's economic and social challenges, while society is divided over the moral issue of leaving or staying.

An investigation by the US Department of Justice has found that police in Memphis use excessive force and discriminate against black people. The report, which was launched after the death of Tyre Nichols from police violence, criticizes unlawful searches, arrests and discriminatory responses to people with mental illness and children. Although Memphis has implemented some reforms, the ministry is calling for more comprehensive changes. City officials have expressed reluctance to enter into a potential reform agreement, but plan to review the report. Three police officers are still facing murder trials, while others have already been convicted.

Cuba's Deputy Foreign Minister Carlos Fernández de Cossío criticized Donald Trump's plan to deport masses of illegal migrants - possibly including Cubans - from the US as unrealistic and unfair. Trump's proposal to deport up to one million people a year was not discussed at the recent migration meetings with the Biden administration in Havana. Cuba has so far only accepted small deportations under existing agreements. De Cossío emphasized that large-scale deportations would uproot many already integrated people. Critics also warn of high costs, division and humanitarian consequences such as family separations.

The strategic partnership treaty between North Korea and Russia has come into force following the exchange of ratification documents in Moscow, North Korea's KCNA reported. The treaty, signed in June during Putin's visit to Pyongyang, includes a defense alliance for mutual assistance in the event of armed attacks.   According to reports, North Korea is said to have sent over 10,000 soldiers and military equipment to Russia to support Moscow in the Ukraine conflict, although neither country has confirmed this. The treaty aims to promote a multipolar world order without hegemony.

Brian Thompson, CEO of UnitedHealth's insurance division, was shot dead in a targeted attack outside a hotel in midtown Manhattan on Wednesday. The masked perpetrator fled on an e-bike. Thompson had previously received threats. The police are still investigating.

On Thursday, Syrian rebels began their advance into the strategically important city of Hama, which had previously been under government control. Supported by Russian airstrikes, government troops and allied militias are fighting against the attackers, including the Islamist group Hayat Tahrir al-Sham (HTS). The loss of Hama could pave the way for a rebel advance on Homs and ultimately Damascus. Russian and Iranian support for Assad has recently been weakened by the Ukraine crisis and conflicts in Lebanon.

South Korean President Yoon Suk Yeol is facing investigations for treason following the surprising imposition of martial law. The president had imposed martial law to resolve a budget debacle with the opposition, citing the threat from North Korea. However, he quickly lifted it again after strong resistance. The opposition is calling for his impeachment for violating the constitution. While a motion for impeachment is being prepared, it is unclear whether it will succeed as the ruling party refuses to agree. Defense Minister Kim Yong Hun resigned after taking responsibility for declaring martial law. Yoon has already appointed a new defense minister.

The US government accuses China of carrying out a massive hacking attack on several telecommunications companies in the US and dozens of other countries. According to Deputy National Security Advisor Anne Neuberger, private text messages and phone calls of US citizens were compromised. At least eight US telecommunications companies were affected. High-ranking members of the US government may also have been the target of the attack. However, the US has no evidence that confidential information was disclosed. China denies the allegations and is calling on the US to stop its own cyber attacks.

Ex-billionaire René Benko: At large despite arrest warrant: The Italian judiciary has issued an arrest warrant for Signa founder René Benko. The charges are manipulation, corruption and fraud. In Austria, however, Benko remains at large for the time being following questioning. (BI)

“Starlink” competition? Airbus, Thales and Leonardo plan satellite network: Some of Europe's largest space companies are apparently considering combining their satellites in a joint network. The newly founded company would compete with Elon Musk's market leader “Starlink”. (RT)

Alex Mashinsky: Founder of insolvent crypto bank pleads partly guilty: Sam Bankman-Fried was sentenced to 25 years in prison for his shady crypto business. Celsius founder Alex Mashinsky faces similar charges: he promised 17% returns and faked a government seal. (CRYP)

DAX: Holds steady at +20,000 points: While the DAX climbed to new highs, the record chase also continued in New York. The political crisis in France initially played no role on the stock markets. (MM)

“Proposal is not enough” - VW CEO Blume defends savings program: In the struggle for cuts at VW, Group CEO Blume faced up to the workforce yesterday. He rejected the proposal of the employee representatives - negotiations will continue on Monday. (AW)

OECD comparison: Germany brings up the rear among industrialized countries: According to the OECD, economic growth in Germany will be weaker in 2025 than in any other developed country. Experts see a whole mix of problems weighing on German companies. (TAG)

• South Korea: Announces market support after turmoil
• Head of the Bundesbank: Calls for reform of the debt brake (DLF)
• Baywa: Agricultural group plans to cut 1,300 jobs (BR)
• Fraport: Takes over another airport in Greece (HB)
• Berlusconi family: Apparently preparing for Pro Sieben takeover (STD)
• Northvolt: Plans to sell industrial battery division by the end of the year (HB)
• Chinese tech stocks: Increasingly left behind (BBG)
• Meta: Wants to build its own nuclear reactors due to AI boom (HSE)
• Meta founder: Mark Zuckerberg seeks “active role” in Trump's technology policy (ZON)
• Salesforce CEO: Enthusiastic about new AI products (MM)
• United Health: Manager Brian Thomson shot dead in New York (WSJ)