The U.K. needs immigration of at least 200,000 people net per year to avoid “catastrophic consequences” for the economy, according to a report from research group Global Future. Politicians on both sides of the political spectrum are making the case for reducing immigration. But they need to be more honest about the benefits and “challenge the assumption that less immigration would be good for Britain.” Source Bloomberg
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Saudi security forces foiled an attack on the Grand Mosque in the Muslim holy city of Mecca on Friday, state television Al-Ekhbariya and Al Arabiya TV reported. Source Reuters
Turkey rejected a call from four Arab states on Friday to shut down its military base in Qatar, saying the base was a guarantor of security in the Gulf and demands for its closure represented interference in its ties with Doha. Source Reuters
The European Central Bank pulled the plug on two troubled Italian banks, sending them into insolvency proceedings and pushing ahead with efforts to clean up weak banks holding back the economy. The two banks, Veneto Banca and Banca Popolare di Vicenza, have struggled to overcome high levels of loans that were not being paid back.Source ABC