EU Carbon Overhaul: The European Commission has unveiled a major reform of the EU Emissions Trading System (ETS), aiming to slow the tightening of emissions limits from 2031, extend free allowances longer (tied to climate investment plans), and raise the electricity target to 46% of energy consumption by 2040—moves that supporters call more “business-friendly” while critics warn could weaken climate goals. Liechtenstein in the ETS Loop: The ETS already applies across the EU and also covers Liechtenstein via the system’s reach, with the EU linking to Switzerland’s ETS—so the reform matters for regional carbon pricing. Swiss Banking Watch: After Credit Suisse’s collapse, Switzerland is pushing to strengthen FINMA’s powers, including the ability to fine and publicly name banks that break rules, but resistance is emerging in parliament. Trade Diplomacy: New Zealand’s trade minister Todd McClay says higher US tariffs are not a surprise and highlights work by the FIT partnership—where Liechtenstein is a member—on cutting barriers and supporting a rules-based trading system. US Visa Politics: The US State Department announced a new travel ban on “far-left” nationals under a broader Trump-era framework, adding to a wider crackdown on left-wing ideology. US-Liechtenstein Link via Diplomacy: A US diplomat, Yuriy R. Fedkiw, is set to take charge as Consul General in Mumbai, with prior work overseeing relations with Switzerland and the Principality of Liechtenstein.