Latest headlines from around the world.

Hedge funds think they can make a killing on Trump tariff refunds
Financiers in London, New York and beyond eye big paydays as cash-strapped firms sell refunds at a discount.

Why Europe should strive to increase its clinical trials
Clinical trials are essential in bringing new, improved treatment options to patients. They support our hospitals, bringing new infrastructure and skills, and anchor research in Europe.

Former von der Leyen aide’s new role reflects EU competition policy shift
Veteran eurocrat Anthony Whelan is a safe pair of hands to lead the Commission’s competition department into a new era — especially for President Ursula von der Leyen.

Inside the Starmer foreign policy team trying to survive in Trump’s world
POLITICO spoke to 23 current and former U.K. government aides and politicians to map the network advising the British PM at a moment of crisis.

Péter Magyar maps out grand bargain to reset Hungary’s ties with Brussels
Hungary's new leader is racing against the clock to regain access to billions of euros in EU funds, but must at the same time satisfy many demands from Brussels.

Bulgaria’s elections are not for sale, PM insists as he vows crackdown on tampering
Sofia is battling to fend off meddling, as the country heads into yet another vote.

Orbán just lost his populist touch
The Hungarian PM misread his electorate by bashing the EU and Ukraine. Instead, people cared more about his cronyism and economic mismanagement.

Magyar plans to transform Hungary’s defense — if he beats Orbán
The opposition leader wants to boost defense spending, target industrial corruption and reset trust with NATO allies.