News Trending

Italy prevents Chinese takeover of the large tyre company, Pirelli

By 282 0

Italy has taken action to prevent a state-owned Chinese corporation from taking over Pirelli, the world’s largest tyre manufacturer.

The choice is a component of the actions the Italian government has announced to safeguard Pirelli’s independence.

Sinochem, a Beijing-controlled chemical juggernaut that has a 37% stake in the 151-year-old Milan-based company Pirelli, is the largest shareholder.

As the US secretary of state visits China, tensions between Beijing and the West are in the spotlight.

Pirelli announced to investors on Sunday that the Italian government had decided that only Camfin, a business owned by Pirelli’s CEO Marco Tronchetti Provera, may propose candidates for the position of chief executive.

Additionally, Pirelli stated that any modifications to the corporation’s corporate governance will be subject to governmental review.

It followed Sinochem’s March announcement that it would be renewing and updating an existing shareholder agreement.

The government of Italian Prime Minister Giorgia Meloni investigated the arrangement in accordance with the “Golden Power Procedure” regulations, which are intended to safeguard companies that are thought to be strategically significant to the country.

Pirelli was sold to a consortium of investors in 2015 for €7.1 billion (£6.1 billion; $7.8 billion), including ChemChina and Camfin. ChemChina merged with state-owned Sinochem six years later. A further 9% of Pirelli is owned by the Silk Road Investment Fund of the Chinese government.

On his penultimate day of a rare trip to China by a senior Washington official, US Secretary of State Antony Blinken is in Beijing.

The timing of Mr. Blinken’s visit coincides with a recent deterioration in ties between China and several Western countries over topics including trade, Taiwan, and security.

Before his arrival, authorities believed there was little hope of a resolution to the numerous disagreements between the two largest economies in the world, including Washington’s efforts to impede China’s computer chip industry’s growth.

Picture Courtesy: Google/images are subject to copyright

News Trending

Swiss Referendum: Public Supports Carbon Reductions as Glaciers Melt

By 283 0

Switzerland’s referendum results show support for a new climate bill aimed at reducing fossil fuel usage and achieving net-zero carbon emissions by 2050.

The government emphasizes the need to protect energy security and the environment as Swiss Alps glaciers rapidly melt. The legislation necessitates a transition from imported oil and gas to renewable energy sources. In the referendum held on Sunday, 59.1% of voters approved the green energy proposals. Critics argued that the measures would lead to increased energy prices. Almost all major Swiss parties, except the right-wing Swiss People’s Party (SVP), endorsed the bill.

The SVP triggered the referendum after opposing the government’s suggestions. Currently, Switzerland imports approximately three-quarters of its energy, relying entirely on foreign oil and natural gas. The climate bill commits to providing 2 billion Swiss francs ($2.2 billion; £1.7 billion) in financial support over a decade to encourage the adoption of climate-friendly alternatives to gas or oil heating systems, as well as 1.2 billion Swiss francs to promote green innovation in businesses.

This decision comes as Alpine glaciers face significant threats from rising temperatures caused by climate change, having lost a third of their ice volume between 2001 and 2022. Noted Swiss glaciologist Matthias Huss, who has closely monitored the glaciers’ retreat, expressed his satisfaction on Twitter, describing the referendum outcome as a “strong signal” that climate science arguments were heard. Socialist Party parliamentarian Valerie Piller Carrard hailed it as an “important step for future generations.”

Additionally, voters overwhelmingly supported the implementation of a global minimum tax rate of 15% for multinational corporations in a separate referendum, with 78.5% in favor. Switzerland joined over 140 countries in 2021 by signing an agreement within the Organisation for Economic Co-operation and Development (OECD) to establish a minimum tax rate for large companies.

Finance Minister Karin Keller-Sutter commended the “very strong acceptance rate” for the constitutional amendment enabling Switzerland’s participation in the agreement. The voter turnout for the referendums stood at approximately 42%.

Picture Courtesy: Google/images are subject to copyright

News Trending

Daniel Ellsberg: Pentagon Papers whistleblower dies aged 92

By 320 0

Daniel Ellsberg, the renowned whistleblower who exposed the truth about US involvement in the Vietnam War through the release of the Pentagon Papers, has passed away at the age of 92. He died at his home in Kensington, California, after battling pancreatic cancer. Ellsberg’s actions in leaking the classified documents in 1971 earned him the nickname “the most dangerous man in America” and led to a significant legal battle with the Nixon administration, as they attempted to prevent the publication of the papers in the New York Times.

Despite facing espionage charges, Ellsberg was eventually cleared, and his actions had a profound impact on public opinion regarding the Vietnam War. The Pentagon Papers revealed government deceptions and contributed to the eventual end of the war, as well as playing a role in President Nixon’s downfall. Ellsberg’s courageous act set a precedent for future whistleblowers and established a protection for freedom of the press under the First Amendment.

Throughout his life, Ellsberg remained a vocal critic of government overreach and military interventions. His decision to leak the Pentagon Papers was motivated by his belief that the public’s awareness of the truth could help bring an end to the war. He continued his advocacy for government accountability and transparency in subsequent years, inspiring subsequent whistleblowers like Julian Assange and Edward Snowden.

In recent interviews, even while battling pancreatic cancer, Ellsberg emphasized the importance of whistleblowing and the potential impact it can have in situations where the stakes are high. He believed that even in the face of significant risks, exposing the truth was an obligation when the survival of civilization and the well-being of billions of people were at stake.

Daniel Ellsberg’s legacy as a truth-teller, anti-war activist, and champion of whistleblowers will be remembered by many. His courageous actions and unwavering commitment to revealing the truth have had a lasting impact on government transparency and the public’s right to know.

Picture Courtesy: Google/images are subject to copyright

News Trending War

Putin confirms the transfer of nuclear weapons to Belarus during the Ukraine war

By 318 0

Vladimir Putin has announced that an initial batch of tactical nuclear weapons has been deployed in Belarus, emphasizing that they would only be utilized if Russia’s territory or sovereignty faced threats. The US government has stated that there are no indications suggesting Russia’s intention to employ nuclear weapons against Ukraine.

Belarus, a crucial ally of Russia, served as a launchpad for Putin’s full-scale invasion of Ukraine in February the previous year. Putin confirmed that the transfer of tactical nuclear warheads would be completed by the end of the summer, highlighting that it was a measure of “containment” to deter those considering a strategic defeat against Russia. These tactical nuclear weapons are designed for limited strikes and battlefield use, targeting specific areas without causing extensive radioactive fallout.

Putin is set to meet with African leaders in St. Petersburg following their visit to Kyiv as part of a peace initiative. However, while they were in the city, it came under Russian missile attack. President Cyril Ramaphosa of South Africa called for de-escalation and peaceful negotiations.

Ukrainian President Volodymyr Zelensky expressed the need to diplomatically isolate Russia and condemned its invasion. Putin reiterated his belief that Ukraine’s counter-offensive would not succeed and suggested that the country was running out of military equipment. Meanwhile, Ukraine’s Deputy Defence Minister reported advances in recapturing territory in the south of the country.

Putin also addressed economic matters, claiming that Western sanctions failed to isolate Russia and instead facilitated expansion in trade with “the markets of the future.” He praised new partnerships with Asian, Middle Eastern, and Latin American countries as reliable and responsible.

Picture Courtesy: Google/images are subject to copyright

News Trending

Greece boat disaster: Officials deny coastguard rope led to migrant tragedy

By 319 0

Greek officials have denied reports suggesting that a migrant boat capsized off the south coast due to a rope attached by coastguards. Although 78 people have been confirmed dead, including possibly 100 children, the government spokesman clarified that a rope was used by the coastguard to approach the fishing boat a few hours before it sank.

However, there was no attempt to tow or tether the boat for an extended period. The coastguard’s timeline and account have been challenged by an organization that was in contact with people on the fishing boat, claiming that they urgently requested help.

The Greek government denies using a mooring rope, as reported by a Greek newspaper, and maintains that no request for assistance was made by the crew. Survivors and witnesses have given conflicting accounts, with some suggesting that a rope may have caused the boat to capsize. The coastguard spokesperson reiterated that there was no intention to moor the boat.

Nine people have been arrested on suspicion of people trafficking. The tragedy highlights the ongoing issue of migration through Greece, a key entry point to the European Union for refugees and migrants from various regions.

Picture Courtesy: Google/images are subject to copyright

News Trending

US Citizen Arrested Following Lethal Assault at Neuschwanstein Castle in Germany

By 603 0

A young woman, aged 21, has lost her life after being assaulted and thrown from a hill at the renowned Neuschwanstein Castle in southern Germany on Wednesday.

According to prosecutors, the victim, whose identity remains undisclosed, passed away during the night after being forcibly pushed 50 meters down a gorge. Another woman, aged 22 and a friend of the deceased, suffered severe injuries when she attempted to intervene and was also pushed by the attacker. Law enforcement officials have apprehended a male US citizen in connection with the incident.

The 30-year-old suspect, whose name has not been disclosed by the police, initially fled the scene but was later captured following an extensive manhunt involving over 25 vehicles. He is currently in custody at a police station in Fuessen, located near Bavaria state. Reports suggest that the man met the victims, who are believed to be American citizens, on a trail close to the Marienbrücke bridge—a popular viewpoint for tourists visiting the castle. Under false pretenses of a challenging path to the bridge, he led them onto a hidden trail and subsequently carried out the assault.

The Bavarian police stated that the assailant choked the 22-year-old woman when she attempted to intervene and then pushed her down a steep slope. They suspect that there was also an attempted sexual offense against the 21-year-old victim. The woman who survived the attack is currently in serious condition but responsive. The suspect appeared before the Kempten District Court, where the investigating judge issued an arrest warrant, leading to his detention.

Senior public prosecutor Thomas Hormann noted that the investigation is still in its early stages. Neuschwanstein Castle, located approximately 126km (78 miles) from Munich, is a highly popular tourist destination, attracting over 1.3 million visitors annually. Constructed in the 19th century, the castle was intended to serve as the residence of the regional rulers, although it was never inhabited.

Picture Courtesy: Google/images are subject to copyright

News Trending War

Ukraine war: Mystery over Chechen commander reported wounded in Ukraine

By 332 0

A senior Chechen commander and member of the Russian parliament, Adam Delimkhanov, has been reported wounded in Ukraine. Delimkhanov is a close ally of Chechen leader Ramzan Kadyrov. Initially, Kadyrov described him as “incommunicado” and appealed to Ukrainian intelligence for help in finding him. Delimkhanov had previously commanded Chechen forces during Russia’s fight to seize the Ukrainian port of Mariupol in 2022.

Russian military TV channel Zvezda reported that Delimkhanov was “alive but wounded,” countering social media reports of his death. Ukrainian sources mentioned an unconfirmed attack on the Chechen Akhmat paramilitary in the city of Prymorsk, far from the front lines. However, fellow MP Dmitry Kuznetsov quoted Duma Speaker Vyacheslav Volodin, who had spoken to Delimkhanov and confirmed that he was “alive and well.”

Ramzan Kadyrov offered a reward for help in finding Delimkhanov but later retracted his earlier comments, claiming his ally was “not even wounded” and accusing Ukrainians of spreading lies. Kadyrov released a video to support his claims, but inconsistencies were found, suggesting possible manipulation.

Delimkhanov debunked rumors about his health on social media, and on the following day, he reposted Kadyrov’s video. The Kremlin expressed concern over the reported injuries and awaited clarification on the situation. Another military figure, Maj Gen Sergei Goryachev, was also reportedly killed in a missile strike, but there has been no official confirmation.

Several Russian generals have been killed since the beginning of the invasion, but if Goryachev’s death is confirmed, he would be the first high-ranking military fatality in a year.

Picture Courtesy: Google/images are subject to copyright

News Trending

Tragic Greece Boat Disaster Claims 78 Lives with Hundreds Missing

By 312 0

A fishing boat incident off the coast of southern Greece has claimed the lives of at least 78 individuals, while over 100 people have been rescued. Survivors’ accounts suggest that the boat may have been overcrowded, with reports indicating that as many as 750 people, including 100 children, were crammed onboard.

Greek authorities have declared it one of the largest migrant tragedies in the country’s history and have declared three days of mourning. Although authorities claim their offers of assistance were declined, they are facing criticism for not doing enough to aid the distressed individuals.

The boat sank in the early hours of Wednesday, approximately 80km (50 miles) southwest of Pylos. Frontex, the EU’s border agency, had spotted the boat on Tuesday afternoon and promptly alerted Greek and Italian authorities. Notably, it has been reported that no life jackets were being worn by those onboard. The timeline provided by the Greek coastguard reveals that initial contact was made at 14:00 on Tuesday, but no distress signal was issued.

The Greek shipping ministry made repeated attempts to communicate with the boat, which stated its intention to sail to Italy. A Maltese-flagged ship provided food and water around 18:00, followed by another vessel supplying water three hours later. Shortly before 02:00 on Wednesday, the boat reported an engine malfunction, and shortly thereafter, it capsized, sinking within 10 to 15 minutes. Strong winds complicated the subsequent search and rescue operation. The boat is believed to have been en route from Libya to Italy, primarily carrying men in their 20s.

Survivors, who were treated for hypothermia and minor injuries, estimated that there were between 500 and 750 people onboard. Regional health director Yiannis Karvelis described the situation as an unprecedented tragedy due to the boat’s excessive overcrowding. One survivor informed a doctor that there were approximately 100 children in the hold. The nationality of the victims has not been disclosed. President Katerina Sakellaropoulou expressed condolences for the lives lost during her visit to rescued survivors.

Each year, numerous individuals lose their lives attempting to cross the Mediterranean, highlighting the dangers of irregular migration. Greece has emphasized the need for a comprehensive EU migration policy to ensure assistance and protection for those truly in need, rather than leaving the fate of vulnerable individuals in the hands of smugglers.

As a primary entry point for refugees and migrants from the Middle East, Asia, and Africa, Greece has faced significant challenges in managing migration flows. In recent times, the Greek government faced criticism for allegedly forcibly expelling migrants at sea. According to UN data, over 70,000 refugees and migrants have arrived in Europe’s frontline countries this year, with Italy receiving the majority.

Picture Courtesy: Google/images are subject to copyright

Entertainment News Trending

Beyonce’s Stockholm performance may have contributed to Sweden’s unexpected inflation

By 305 0

According to economists, the concert may have led to a price increase, but other reasons are also at work.

Sweden’s inflation in May surpassed estimates, likely due to a jump in accommodation rates caused by Beyonce’s concert at the Friends Arena in Stockholm.

Statistics Sweden figures released on Wednesday show an 8.2% year-on-year increase in a pricing gauge that excludes energy prices and interest rate impacts.

This gain exceeded both the median Bloomberg poll estimate of 7.8 percent and the Riksbank’s 8.1 percent forecast.

The sudden surge in hotel and recreation expenses may have been influenced by Beyonce’s global tour premiere in Stockholm, which drew over 80,000 people over two days.

“We believe that this unexpected increase will normalise in June as hotel and ticket prices return to normal levels,” said Michael Grahn, chief economist at Danske Bank.

Despite this, Danske expects the Riksbank to raise interest rates further since the Swedish currency’s weakening and persistent inflation remain worries.

Swedbank economist Glenn Nielsen agreed that Beyonce’s performances may have led to higher lodging expenses in May.

He went on to say that the unusually strong price increase was mostly due to high demand and increased cost pressures, which pushed hotels to hike their pricing.

This news on inflation comes at a time when global pricing pressures are lessening.

According to recent data, US inflation has dropped to its lowest level since March 2021.

Similarly, European consumer prices grew less than predicted in May.

Despite these tendencies, Swedish prices continue to grow faster than the central bank’s aim, which is exacerbated by the Swedish currency’s weakness.

This is similar to the situation in nearby Norway, where the cost of imported items has risen owing to currency weakening.

The recent performance of the Swedish krona, which is trading around all-time lows versus the euro, puts more pressure on the Riksbank to maintain a higher benchmark rate than the European Central Bank.

The ECB is anticipated to boost its deposit rate to 3.5% on Thursday, matching the Riksbank, which also forecasts a rate hike this month or in September.

With the most recent pricing data in hand, most analysts expect the Riksbank to announce a quarter-point rate rise on June 29, notwithstanding any brief Beyonce impact.

“May’s inflation figures were higher than expected, given the overall upturn,” Nordea’s Torbjorn Isaksson remarked. “This reinforces our prediction of a Riksbank rate hike in June.”

Picture Courtesy: Google/images are subject to copyright

News Trending War

Prisoners of war from Ukraine’s ‘Azov regiment’ are on trial in Russia.

By 289 0

Eight women are among the 22 Ukrainian POWs accused by Russia of belonging to a “terrorist group.”

More than 20 Ukrainian troops who were captured during the months-long fight to protect Mariupol from Moscow’s forces have gone on trial in southern Russia.

The kidnapped soldiers were members of the Azov regiment, an elite Ukrainian armed forces unit that fought Russian troops for months in Mariupol, a seaport on the Sea of Azov.

After a three-month war in which much of Mariupol was destroyed, the surviving Ukrainian troops, who had bunkered within a massive steel plant, surrendered to Russian forces in May 2022.

The court in Russia’s southern Rostov-on-Don began hearing cases against Azov members on Wednesday, a military force that Russia has branded as a “terrorist group.”

The Azov Regiment, a former volunteer unit with far-right roots that was officially incorporated into Ukraine’s army, was declared a “terrorist” group by Russia’s Supreme Court in August of last year.

The verdict by Russia’s Supreme Court allows for lengthy jail sentences for Azov members who have been charged by Russian authorities of harbouring neo-Nazi and white supremacist beliefs.

Eight of the 22 defendants on trial are women. Photographs obtained inside the courthouse on Wednesday showed the Ukrainian troops, who were pale and emaciated, with their heads shaved close, sat behind a glass panel.

The defendants are accused of being members of a terrorist group and participating in actions to destabilise the Russia-backed authorities in the Donetsk area. If convicted, they risk jail terms ranging from 15 years to life.

According to the Red Cross, it has visited 1,500 prisoners of war on both sides of the conflict.

According to the International Committee of the Red Cross (ICRC), such visits are critical for inspecting custody facilities, passing information between inmates and loved ones, and distributing sanitary products.

So far, the ICRC and its allies have carried around 2,500 personal letters between POWs and their families in the Ukraine crisis and assisted approximately 5,500 families in obtaining information on the fate of their loved ones in the fight.

“The impact is… immeasurable for the prisoners of war and their families who have been able to share news,” Ariane Bauer, ICRC’s regional director for Europe and Central Asia, told reporters.

Ukrainian President Volodymyr Zelenskyy has accused the Red Cross of failing to exert sufficient pressure on Russian soldiers to provide access to Ukrainian servicemen seized by Russian forces.

Picture Courtesy: Google/images are subject to copyright