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EU Agrees 2 Billion Euros Ammunition Plan For Ukraine

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The foreign ministers of the European Union decided on a two billion euro plan on Monday to raid their own stockpiles and buy Ukraine the critical artillery ammunition it needs.
At a meeting in Brussels, the ministers supported a multifaceted plan that will be approved by EU leaders at a summit this week and intends to supply Ukraine with one million shells over the course of the following year while also restocking EU inventories. As Russia’s year-long invasion has devolved into a gruelling attrition war, Kiev has complained that its forces are being forced to limit weapons.

In order to help its soldiers fend off Moscow’s assault and enable them to launch new counteroffensives later in the year, Ukraine has informed the EU that it needs 350,000 shells every month.

Catherine Colonna, France’s foreign minister, stated, “We have to help Ukraine more, quicker, and now.”

The first component of the proposal pledges an additional one billion euros ($1.06 billion) in shared spending in an effort to persuade EU member states to use their already limited stockpiles of readily deployable ammunition.

In the second phase, the EU would spend an additional one billion euros to purchase 155 mm shells for Ukraine as part of a large joint procurement effort designed to encourage EU defence companies to increase output.

A significant new step for the EU, which has seen ongoing efforts to cooperate more cooperatively on defence advanced by Russia’s war, is purchasing weapons on this scale collectively.

The EU’s defence agency or the member states should negotiate the orders, and countries have been arguing over whether they should exclusively purchase from European suppliers.

According to diplomats, the plan aims to sign the joint contracts by the beginning of September and send the first billion euros’ worth of shells to Ukraine by the end of May.

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Credit Suisse bank: UBS is in talks to take over its troubled rival

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UBS, the largest bank in Switzerland, is in advanced negotiations to acquire all or a portion of its ailing rival Credit Suisse. The second-largest Swiss bank, Credit Suisse, is experiencing a crisis of confidence, and its shares have dropped precipitously recently, worrisome the markets.

The Financial Times reports that UBS is prepared to offer up to $1 billion (£820 million) to acquire Credit Suisse. Before the markets open again on Monday, regulators are attempting to broker a solution.

The stability of the global financial system has been called into question as a result of the problems at Credit Suisse and the bankruptcy of two smaller US banks over the past two weeks.

One of the roughly 30 banks considered too big to fail due to its significance to the banking system is Credit Suisse.

Yet, the 167-year-old organisation is in the red and has encountered numerous issues lately, including accusations of money laundering.

The Swiss National Bank’s emergency $54 billion (£44.5 billion) lifeline on Wednesday failed to calm the markets, and Credit Suisse shares fell 24%, sparking a larger sell-off on European markets.

The FT, which broke the news that regulators and the Swiss National Bank were aiding discussions between the two Swiss banking goliaths, said a deal might be reached as soon as Sunday night.

Credit Suisse shares would be valued at less than a sixth of their Friday price under the offer that is currently thought to be on the table. The FT, however, stated that an agreement has not yet been signed and that the terms could alter. The FT reports that the Swiss authorities are preparing to amend the country’s regulations to forgo a shareholder vote on the transaction, which would ordinarily give UBS shareholders six weeks to review a deal of this magnitude.

While regulators and management contemplate the future of Credit Suisse, Bank of England officials have acknowledged they are in frequent contact with their counterparts at the Swiss National Bank. The situation is also being watched by the UK Treasury.

Credit Suisse warned it does not expect to be profitable until 2024 after reporting a loss of 7.3 billion Swiss francs ($7.9 billion; £6.5 billion) in 2022, the company’s worst year since the 2008 financial crisis.

UBS, however, generated a $7.6 billion profit in 2022. Any agreement may also lead to massive employment losses.

Credit Suisse handles the assets of wealthy clients in addition to being a domestic bank with 95 locations. It also operates a global investment banking operation.

By the end of last year Credit Suisse had a global headcount of 50,480, including 16,700 in Switzerland, albeit 9,000 jobs were to be eliminated, the Swiss broadcaster SRF reports.

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News Trending War

Putin arrest warrant: Biden welcomes ICC’s war crimes charges

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The International Criminal Court has issued an arrest warrant for Vladimir Putin, the president of Russia, and US Vice President Joe Biden has applauded this. The International Criminal Court (ICC) charged President Putin with war crimes in Ukraine, which President Biden stated the Russian president had “obviously” committed.

The allegations centre on the forcible removal of kids from Ukraine to Russia following Moscow’s incursion in 2022. The warrants have been called “outrageous” by Moscow, which has refuted the accusations.

The move has very little chance of succeeding because the ICC lacks the authority to detain suspects without the cooperation of a nation’s government. Since Russia is not a party to the ICC, the court’s jurisdiction over that nation does not extend to The Hague.

Nevertheless, it might have other effects on Mr. Putin, such making it impossible for him to travel abroad. He might now be detained if he enters any of the 123 states that make up the court.

The third president to receive an ICC arrest warrant is Mr. Putin.

The warrant’s issuance, according to President Biden, “makes a very compelling statement,” despite the fact that the court had no influence in the US as well.

According to him, he obviously committed war crimes, as he told reporters.

It had already been “officially decided” by his administration that Russia had committed war crimes during the conflict in Ukraine, and vice president Kamala Harris had promised that those responsible would “be called to account” in February.

The United Nations also released a report earlier this week that found Moscow’s forced removal of Ukrainian children to areas under its control amounted to a war crime.

The International Criminal Court (ICC) claimed in a statement on Friday that it had solid evidence that Mr. Putin had both worked alone and in concert with others to conduct the crimes. Additionally, he was charged with neglecting to exercise his executive authority to halt the deportation of minors.

Maria Lvova-Belova, Russia’s commissioner for children’s rights, is also sought by the ICC for the same offences. The warrants were “based upon forensic evidence, scrutiny, and what’s been spoken by those two persons,” according to ICC prosecutor Karim Khan.

The court ultimately opted to make the arrest warrants public in an effort to prevent more crimes from being committed after first considering keeping them hidden.

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France pension protests: Clashes after Macron orders rise in pension age without vote

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After the French administration opted to push through pension reforms without a vote in parliament, police and demonstrators fought in Paris. In response to the retirement age increase from 62 to 64, crowds gathered in Place de la Concorde.

Two months of vehement political debate and strikes had been provoked by the plans. The government may now avoid a vote in the Assembly by using article 49:3 of the constitution, according to Prime Minister Élisabeth Borne.

There was no assurance of securing a majority, therefore the decision was made just minutes before MPs were due to vote on the contentious law. Politicians from the opposition were incensed by the action. At parliament, many booed the prime minister, performed the Marseillaise, and displayed protest signs.

Mathilde Panot, the leader of the left-wing party La France Insoumise (LFI), stated that Mr. Macron has thrown the nation into a government crisis without the support of either the parliamentary or popular parties.

The national anthem was sung and union flags were waved as thousands of people protested the decision in the streets of Paris and other French cities. As dusk fell, several demonstrators and police engaged in combat. The Plaza de la Concorde was set on fire, and police with shields and batons moved to clear the area while firing tear gas into it.

According to the Paris police, 120 persons had been detained by evening.

Despite the fact that Mr. Macron ran for reelection last year on a platform of retirement reforms, his ruling coalition lacks a majority in the Assembly, making Republican support for the pension changes necessary.

In an effort to approve their plan, representatives from Mr. Macron’s Renaissance party spent the morning frantically cajoling lawmakers. Because to the bill’s obvious unpopularity and the knowledge that some of their MPs may abstain, they turned to extraordinary constitutional authorities.

But, whenever a government uses the 49:3, it may be sure that it will be immediately accused of trampling on the people’s will. In fact, it has been used precisely 100 times in the more than 60 years of the Fifth Republic, and by governments of all shades.

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News Trending War

Poland to send four fighter jets to Ukraine ‘in coming days’

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Poland has announced that it will send four F-16 fighter jets to Ukraine “in the coming days” to provide support to the country in its ongoing conflict with Russia. The move comes as tensions between Ukraine and Russia continue to escalate, with Ukrainian officials reporting a significant buildup of Russian troops along the border.

According to Poland’s Defense Minister, Mariusz Blaszczak, the jets will be sent to Ukraine as part of a joint military exercise between the two countries. He also stated that the exercise was intended to “increase the security of Poland and Ukraine” and “demonstrate our readiness to respond to any threat.”

The deployment of the jets has been met with criticism from Russia, with officials calling the move “provocative” and warning that it could lead to a further escalation of the conflict. However, Ukraine has welcomed the move, with President Volodymyr Zelensky thanking Poland for its support.

The conflict between Ukraine and Russia began in 2014, when Russia annexed Crimea from Ukraine. Since then, fighting has erupted in eastern Ukraine between Ukrainian forces and Russian-backed separatists. The conflict has resulted in the deaths of over 13,000 people and has displaced millions.

The deployment of the fighter jets is seen as a show of support for Ukraine by Poland, which has been a strong supporter of Ukraine in its conflict with Russia. It is also seen as a signal to Russia that Poland is prepared to defend its allies in the region.

In conclusion, Poland’s decision to send fighter jets to Ukraine is a significant development in the ongoing conflict between Ukraine and Russia. While it has been met with criticism from Russia, it is a clear demonstration of Poland’s support for Ukraine and its willingness to defend its allies in the region.

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Credit Suisse shares plunge as bank fear widens

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As investors continue to be on edge following the failure of Silicon Valley Bank, shares of the ailing Swiss banking giant Credit Suisse have fallen to a historic low. When Credit Suisse acknowledged “significant weakness” in its accounting procedures on Tuesday, its stock fell by as much as 30% at one point.

Investors are concerned about how the bank, which is struggling, would deal with the consequences of American bank collapses. The concerns spread to the stock markets, causing a severe decline in all major indices.

“The problems in Credit Suisse once more raise the question whether this is the beginning of a global crisis or just another ‘idiosyncratic’ case,” wrote Andrew Kenningham of Capital Economics.

The top executive of the bank stated that there was no reason to worry about the bank’s financial situation and that its cash reserves were “still very, very solid.”

But, concern over issues at such a significant global player put pressure on banking shares globally.

As the Stoxx Europe banking share index fell 7%, the prime ministers of France and Spain intervened to comfort investors.

Key indices fell across Europe as well. The FTSE 100 in London, the CAC 40 in France, and the DAX in Germany all experienced closing declines of over 3%. The IBEX 35 closed more than 4% down in Spain.

While shares in large and small banks were damaged, the three major exchanges in the US also declined.

Problems in the banking sector began in the US last week with the collapse of SVB, the country’s 16th-largest bank.

The bank was shut down by US regulators on Friday, marking the biggest failure of a US bank since 2008. The bank was known for lending to technology companies. The UK division of SVB was purchased by HSBC for £1.

Following the SVB failure, the New York-based Signature Bank similarly failed, with all deposits at both institutions being guaranteed by US regulators.

But, worries that other banks may experience similar problems have persisted, and this week’s trade in bank shares has been erratic.

SVB ran into issues when it had to sell US government bonds it had been holding in order to raise money.

But as the US Federal Reserve rose, the value of these bond holdings decreased during the past year.Many other central banks – including the Bank of England – have also been raising interest rates. As rates rise, the value of bond portfolios has declined.

The falls mean many banks could be sitting on significant potential losses. However, the change in value would not typically be a problem unless other pressures – like significant outflows of customer funds – force the firms to sell the holdings.

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French bin strike: Paris holds its nose as waste piles up

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A week into a waste collectors’ strike, bins are overflowing in several parts of Paris, and hundreds of tonnes of trash are being left on the streets of the French city. One Parisian complained on French radio that it was filthy and attracted rats and bugs.

The Macron administration’s plans to raise the retirement age from 62 to 64 is the reason why the workers are on strike. Le Havre, Nantes, and Rennes are among the other cities that are impacted.

Trash collectors joined the pension strikes a week ago, and according to the Paris authorities, the action has affected half of the city’s municipal worker-served regions. A fourth station that treats garbage has been partially shuttered, while three have been blockaded.

The Paris government reported on Monday that 5,600 tonnes of rubbish still needed to be collected.

One pundit on Europe1 radio compared the scenario to a free-for-all smorgasbord for Paris’ six million rats—more than twice as many as there are people living there.

According to Paris Council, the service was operating almost normally in the 10 districts serviced by private enterprises. According to some reports, activists were attempting to stop collecting from happening.

Additionally, one private business was observed on Monday evening by news station BFMTV picking up trash in the sixth, one of the major central districts, which is typically handled by council workers. On the western outskirts of the city, two more areas had similar bin collecting going on.

Leading council official Emmanuel Grégoire said the situation was complicated but the authority was prioritising intervention for public safety, with a focus on clearing food markets, bin bags lying on the ground and ensuring pedestrian safety.

The upper house or Senate approved the measures on Saturday, and on Wednesday, a joint committee of lawmakers from both houses will deliberate on the final language. The National Assembly and Senate might receive a final vote on Thursday.

The lower house is not controlled by President Emmanuel Macron’s party, thus passage of the law is far from certain.

In order to pass the measures, the government needs 287 votes, and even if it can persuade all 250 of its MPs to support them, it still has to find 37 additional parliamentarians from other parties to support raising the retirement age.

Republicans are anticipated to make up a large portion of those extra votes, therefore the government is determined to avoid rushing the legislation through without their support.

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Ukraine war: Heavy losses reported as battle for Bakhmut rages

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As the conflict for Bakhmut continues, reports indicate that Russia and Ukraine have suffered significant losses. Moscow has been waging a gruelling war of attrition on eastern Ukraine for months.

Russian forces have lost more than 1,100 lives in the last several days, according to Ukrainian President Volodymyr Zelensky, and many more have been gravely injured. Over the previous 24 hours, more than 220 Ukrainian service members, according to Russia, have died.

Despite having minimal strategic worth, according to analysts, Bakhmut has become a focus for Russian commanders who have found it difficult to bring any good news to the Kremlin.

By taking the city, Russia would be a little bit closer to its objective of dominating the entire Donetsk region, one of the four regions in eastern and southern Ukraine that it annexed last September after holding fraudulent referendums that were roundly denounced outside of Russia.

Russian forces are being constrained, according to Ukrainian commanders who have committed major resources to the city’s defence, and their plan is to stop Moscow from launching any more offensives in the near future.

Between 20,000 and 30,000 Russian troops have reportedly been killed or injured in and around Bakhmut, according to Western officials.

A proposed proposal that was presented to the Russian parliament on Monday proposes to raise the age range for conscription from the existing 18–27 years to 21–30 years.

According to Reuters, the conscription age would be extended to 10 or 11 years in 2024 or 2025 rather than the customary nine years. This would increase the number of men who are eligible to serve in the military.

Russia’s previous attempt to draft thousands of new recruits into the Ukraine war met with some resistance. In September the announcement of a partial military mobilisation saw long queues form at border crossings as men of draft age sought to flee the call-up.

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WHO’s Latest Message On Covid Origin 3 Years Since It Declared Pandemic

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The head of the World Health Organization stated in his clearest remarks to yet that the UN body remains dedicated to learning how the virus originated that learning the origins of COVID-19 is a moral necessity and all possibilities must be studied.

The Wall Street Journal stated that a US agency determined that the pandemic was most likely brought on by an unintentional Chinese laboratory leak, putting additional pressure on the WHO to provide an explanation. Beijing contests the analysis.

“Understanding #COVID19’s origins and exploring all hypotheses remains: a scientific imperative, to help us prevent future outbreaks (and) a moral imperative, for the sake of the millions of people who died and those who live with #LongCOVID,” said Tedros Adhanom Ghebreyesus on Twitter.

He was writing to commemorate three years since the WHO used the term “pandemic” for the first time to describe the widespread COVID-19 epidemic.

The focus of the anniversary, according to activists, lawmakers, and academics, should be on averting a repetition of the unequal COVID-19 vaccine introduction, which they claim resulted in at least 1.3 million avoidable deaths.

After spending weeks in and around Wuhan, China, the site of the first human cases, a WHO-led team concluded in 2021 that the virus had likely been spread from bats to humans via another animal, though more investigation was required. China has said no additional visits are needed.

Since then, the WHO has established a scientific advisory group on dangerous pathogens, but it hasn’t made any determinations regarding how the pandemic started because it claims that important pieces of information are lacking.

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67-Million-Year Old T-Rex Skeleton To Be Auctioned In Europe Next Month

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The first sale of a Tyrannosaurus-Rex skeleton in Europe will take place at an auction in Switzerland next month, the auction house said on Saturday.
The Trinity skeleton will be auctioned off on April 18 in Zurich, according to the Koller auction house.

According to the auction brochure, Trinity, which stands at a height of 3.9 metres (12.8 feet), is worth between six and eight million Swiss francs ($6.5-8.7 million). But Christian Link, in charge of natural history memorabilia at Koller, told AFP he believed that was a “very low estimate”.

Trinity, a well-preserved and expertly repaired dinosaur, is “one of the most stunning T-Rex skeletons in existence,” according to the auction house.

The auction would offer a complete T-Rex dinosaur skeleton of extraordinary grade for the first time in Europe and just the third time overall.

Koller cited a 2021 study published in the academic magazine Nature that claimed only 32 adult T-Rex skeletons, one of the biggest terrestrial carnivores ever to walk the Planet, had been discovered globally.

The bones from three T-Rex specimens were used to create the Trinity skeleton.

The auction catalogue stated that they were extracted between 2008 and 2013 from the Hell Creek and Lance Creek formations in Montana and Wyoming in the United States.

The two sites are known for the discoveries of two other significant T-Rex skeletons that have gone to auction: Sue went under the hammer in 1997 for $8.4 million, and Stan, which took the world-record hammer price of $31.8 million at Christie’s, in 2020.

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