Chief-Exec.com

Christine Lagarde to leave ECB before the end of her 8-year term
Christine Lagarde is expected to leave the European Central Bank before her eight-year term as president expires in October 2027, according to a person familiar with her thinking. Europe’s top central banker, who joined the Frankfurt-based ECB in November 2019 from the IMF, wants to exit before the French presidential election in April next year. According to the person with knowledge of her thinking, Lagarde wants to enable outgoing French President Emmanuel Macron and German Chancellor Friedrich Merz to find a new head for one of the EU’s most important institutions. It is not clear when Lagarde’s departure will take place. “President Lagarde is totally focused on her mission and has not taken any decision regarding the end of her term,” the ECB said. European economists polled by the FT in December regarded Spain’s former central bank governor Pablo Hernández de Cos and his Dutch counterpart Klaas Knot as top picks to become the next president of the Eurozone central bank. Financial Times, February 18

US tech giant Nvidia announces India deals at AI summit
US artificial intelligence chip titan Nvidia unveiled tie-ups with Indian computing firms on Wednesday as tech companies rushed to announce deals and investments at a global AI conference in New Delhi. This week's AI Impact Summit is the fourth annual gathering to discuss how to govern the fast-evolving technology -- and also an opportunity to "define India's leadership in the AI decade ahead", organisers say. Mumbai cloud and data centre provider L&T said it was teaming up with Nvidia, the world's most valuable company, to build what it touted as "India's largest gigawatt-scale AI factory". "We are laying the foundation for world-class AI infrastructure that will power India's growth," said Nvidia boss Jensen Huang in a statement that did not put a figure on the investment. L&T said it would use Nvidia's powerful processors, which can train and run generative AI tech, to provide data centre capacity of up to 30 megawatts in Chennai and 40 megawatts in Mumbai. France 24, February 18

Excruciating tropical disease can now be transmitted in most of Europe, study finds
An excruciatingly painful tropical disease called chikungunya can now be transmitted by mosquitoes across most of Europe, a study has found. Higher temperatures due to the climate crisis mean infections are now possible for more than six months of the year in Spain, Greece and other southern European countries, and for two months a year in south-east England. Continuing global heating means it is only a matter of time before the disease expands further northwards, the scientists said. The analysis is the first to fully assess the effect of temperature on the incubation time of the virus in the Asian tiger mosquito, which has invaded Europe in recent decades. The study found the minimum temperature at which infections could occur is 2.5C lower than previous, less robust, estimates, representing a “quite shocking” difference, the researchers said. The Guardian, February 18

UK inflation rate falls to 3% in January
UK inflation fell sharply in January to 3 per cent, the lowest level in nearly a year, delivering a further boost to hopes for an interest rate cut as soon as next month after unemployment hit a five-year high. Inflation dropped from 3.4 per cent in December, according to figures published by the Office for National Statistics on Wednesday. January’s decline was in line with analysts’ expectations and took inflation down to the lowest level since March 2025. Inflation was driven downwards by airfares, petrol and food prices, while the rising cost of hotels and takeaways put upwards pressure on price growth. The Times, February 18

Firm assessing Covid vaccine harm replaced after costs spiral to £48m
Nearly £50m of taxpayers' money has been paid by the NHS to an outsourced firm assessing claims of medical harm caused by vaccines, the BBC has found. The figure is eight times the amount originally estimated for the assessment work carried out by Crawford & Company Adjusters - and almost £20m more than the total so far awarded to those injured or bereaved as a result of Covid vaccines. The firm's five-year contract, initially estimated to be worth £6m, has more than a year left to run - however a new company will start taking over the work in the coming months. The cost of the work by Crawford, and "level of contract spend", is because the volume of claims "has exceeded the anticipated levels", an NHS spokesperson told the BBC. More than 22,000 claims related to Covid vaccines have been made so far, most of them relating to the jab manufactured by AstraZeneca - but only about 1 per cent have resulted in compensation payouts. They are handled by the UK-wide Vaccine Damage Payment Scheme, for which Crawford has carried out medical assessments since March 2022. BBC news, February 18

Macron eyes major Rafale fighter jet deal, AI cooperation on India visit
French President Emmanuel Macron begins a three-day visit to India on Tuesday, with talks focused on artificial intelligence cooperation and a potential multibillion-dollar Dassault Rafale fighter jet deal. France is seeking to expand its military partnership with New Delhi, with discussions expected on a potential contract for 114 additional French fighter jets. Macron and his wife Brigitte arrived around midnight on Monday in Mumbai, India’s financial capital, for his fourth visit to India since taking office in 2017. He is scheduled to meet Prime Minister Narendra Modi later on Tuesday. Macron will then travel to New Delhi for an artificial intelligence summit on Wednesday and Thursday. The visit follows New Delhi’s confirmation last week that it intends to place a major order for Rafale jets, as well as the signing of a landmark free trade agreement between India and the European Union in January. France 24, February 17

Foreign-born UK children could be denied entry under new passport rules
British children born overseas could be denied entry to the UK from next week because of a change in passport rules. From February 25 British dual citizens will have to present a British passport when travelling to the UK, or obtain a “certificate of entitlement” costing £589. The move has caused panic and confusion among expat families whose children do not have a British passport. Anyone born overseas to a British parent automatically qualifies for dual citizenship. They cannot renounce it until they turn 18, which means they must either obtain a British passport or pay a £589 fee for a “certificate of entitlement” to travel to the UK. The Times, February 17

UK shelves £110m frictionless post-Brexit trade border project
The UK government has shelved a project to simplify trade border processes post-Brexit, after spending £110m on a contract with Deloitte and IBM for it, according to reports. The last Conservative government promised in 2020 to create the “world’s most effective border” by 2025 as part of their plan for a new trade system after Britain left the EU. The government hoped a “single trade window” would simplify border processes after Brexit by creating a single digital platform in which importers and exporters could upload all documentation linked to goods before they are transported. However, the STW project was paused in 2024 amid concerns over the cost of implementing the scheme. The Guardian, February 17

UK wage growth cools further as unemployment hits highest level since pandemic
UK wage growth slowed at the end of 2025 as the jobless rate increased to 5.2 per cent, raising the prospects of a near-term reduction in the Bank of England’s key rate as officials respond to a cooling labour market. The unemployment rate hit 5.2 per cent in the three months to December, its highest level in five years, compared with 5.1 per cent over the previous three-month period, according to the Office for National Statistics. Annual growth in average weekly wages, excluding bonuses, slowed to 4.2 per cent in the last three months of the year, the ONS said on Tuesday, down from a revised 4.4 per cent in the three months to November. Private sector wage growth eased to 3.4 per cent, bringing it closer to the 3.25 per cent rate that the BoE thinks is consistent with its 2 per cent inflation target. Financial Times, February 17

Students begin Covid compensation claim against 36 more universities
A further 36 universities face legal action from more than 170,000 current and former students, who claim they did not receive the full education they paid for during the Covid pandemic. It follows a settlement between University College London and the Student Group Claim, which is now representing other students and graduates. Legal letters have been sent to each of the 36 other institutions, warning that they intend to seek damages for learning which students claim they paid for but did not actually receive. Universities UK, which represents more than 140 institutions, said the pandemic was an "unprecedented challenge" and the sector had to "adapt to a fast-changing situation". "During some periods of lockdown, universities were not permitted to offer in-person teaching as usual, and instead they adjusted quickly and creatively to allow students to complete their degrees," a spokesperson said. The Conservative government at the time said universities were responsible for setting their own fees, and that it expected them to continue to deliver a high-quality education. BBC news, February 16