Good morning. Donald Trump and Vladimir Putin agree to meet in Budapest. Nigel Farage pushes a harder line against Russia. And Japan’s beloved denim industry faces a fragile future. Listen to the day’s top stories.
— Lily Nonomiya
Donald Trump said he would hold a second meeting with Russian President Vladimir Putin “within two weeks or so” aimed at ending the war in Ukraine. The leaders agreed to meet in Budapest during a two-hour phone call on Thursday. The call came ahead of a meeting the US president is set to have today with Ukrainian President Volodymyr Zelenskiy. Some see Trump turning his full attention to Russia after securing a deal in Gaza.
Reform UK leader Nigel Farage criticized Putin as irrational and backed shooting down Russian jets that enter NATO airspace, following criticism that his views on Moscow could threaten his bid to become prime minister. He made the remarks in an interview with Bloomberg’s The Mishal Husain Show.
The White House is poised to ease tariffs on the US auto industry. The Commerce Department is slated to announce a five-year extension of an arrangement that allows automakers to reduce what they pay in tariffs on imported car parts, according to people familiar. Read more about the tensions between the industry and administration here.
On the first episode of The Mishal Husain Show, a new podcast from Bloomberg Weekend, Mishal is joined by Canadian Prime Minister Mark Carney. Just seven months into the job of running a country at the forefront of the disrupted world, Carney talks to Mishal about trade battles, President Putin's miscalculations, and what he's learned from President Trump. Make sense of the world with one essential conversation every weekend with The Mishal Husain Show, available on Apple, Spotify or wherever you get your podcasts.
The Museu do Caramulo has recently undergone extensive renovations, made possible by golden visa donations. Photographer: Daniel Rodrigues/Bloomberg
Portugal’s golden visa program has raised more than €7 billion since it was created more than a decade ago. The bulk of that money went into real estate, helping to transform the capital Lisbon from a quiet, aging city dotted with crumbling buildings into one of Europe’s most sought-after real estate destinations.
But the investments were also blamed for stoking a housing crisis in what has since become Europe’s hottest property market. At a time when other European countries are scaling back their programs, Portugal has opted to tweak the program to allow funds to be redirected to new investment routes.
Most golden visa investors now opt either for a minimum €200,000 donation to a cultural non-profit organization, such as the Museu do Caramulo, or for an investment of at least €500,000 in an approved investment fund.
For places like Caramulo, it’s been a roaring success, bringing in money and visitors. But elsewhere, the program’s design has raised questions about whether the cash would be better spent on healthcare, schools and infrastructure.
Oura’s generative AI-powered adviser marks a shift that other health-tracking tech services should consider making, Parmy Olson writes. Whether the ringmaker’s assistant actually deepens self-awareness is unclear, but it’s a clever way to keep customers engaged—and paying.
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Before You Go
Denim hanging over Jeans Street in Okayama prefecture, home to Japan’s top denim manufacturers and stores. Photographer: Fred Mery/Bloomberg
Fashionistas love Japanese denim. Long cherished for its textured yarns and the unique way it fades, the patiently crafted fabric is gaining global recognition with fashion houses including Christian Dior and Balenciaga. But the industry is in danger—read more about the battle to keep it alive.
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