featured News

Belgium Opposes EU Plan to Use Frozen Russian Assets for Ukraine

By 42 0

Belgium has raised strong objections to the European Union’s plan to use frozen Russian assets to provide a “reparations loan” to Ukraine. Prime Minister Bart De Wever and Foreign Minister Maxime Prévot argue that tapping €140bn of Russian state assets held in Belgium could expose the country to massive legal risks and potential bankruptcy if Russia takes action. They have called for an alternative approach, suggesting the EU borrow the necessary funds from financial markets instead.

Most EU countries, including Germany, support the proposal, viewing it as an urgent way to fund Ukraine’s defense amid ongoing Russian attacks. Chancellor Friedrich Merz and EU foreign policy chief Kaja Kallas argue that a reparations loan would strengthen Europe’s position against Moscow and could incentivize Russia to negotiate peace. However, legal experts and Belgium’s central securities depository, Euroclear, caution that lending these frozen assets carries significant financial and legal dangers.

The European Commission is preparing a legal framework to address the plan, but disagreements among member states have delayed progress. Belgium insists on legally binding guarantees to share risk with other EU countries, while Russia has threatened decades of litigation if the assets are used for Ukraine. With the EU summit approaching, a final decision on the contentious proposal remains uncertain.

Pic courtesy: google/ images are subject to copyright

featured News

King Charles Welcomes German President Steinmeier for First UK State Visit in 27 Years

By 43 0

King Charles welcomed German President Frank-Walter Steinmeier to Britain on Wednesday, marking the start of a three-day state visit aimed at reinforcing ties between the two nations. This is the first state visit by a German president in nearly three decades and follows Charles’ own inaugural overseas tour to Germany in 2023 after becoming king. The visit highlights a renewed effort to strengthen UK–EU relations in the post-Brexit era.

The king and Queen Camilla greeted President Steinmeier and his wife, Elke Büdenbender, in Windsor before joining a ceremonial carriage procession to Windsor Castle, accompanied by Prince William and Princess Kate. Steinmeier is also scheduled to meet Prime Minister Keir Starmer at Downing Street, followed by a state banquet at the castle later in the day. The trip comes shortly after German Chancellor Friedrich Merz’s visit in July, during which he signed a new treaty with Britain aimed at resetting diplomatic ties.

During the rest of the visit, Steinmeier will lay flowers at the tomb of the late Queen Elizabeth, view the historic State Sleigh designed by Prince Albert, and deliver an address to British lawmakers. He will also meet German footballers playing in the Premier League. On Friday, the German president and his wife will travel to Coventry—devastated by bombings during World War Two—where he will lay a wreath at the ruins of the old cathedral alongside the Duke of Kent, commemorating shared history and reconciliation.

Pic courtesy: google/ images are subject to copyright

featured News

Prada Acquires Versace in Major Luxury Fashion Shake-Up

By 39 0

Prada has officially acquired Versace in a landmark deal worth $1.38bn (£1.04bn), bringing two iconic Italian luxury labels under one umbrella. The purchase price is significantly lower than the nearly $2bn paid by Versace’s former owner, Capri Holdings, in 2018. With this acquisition, Prada strengthens its portfolio—already home to brands like Miu Miu—as competition intensifies against giants such as LVMH, which owns Louis Vuitton, Dior, and Fendi.

The sale comes after a challenging period for Versace. Its long-time creative chief Donatella Versace stepped down in March, ending a 27-year tenure that began after the death of her brother Gianni. She was succeeded by Dario Vitale, previously a design director at Miu Miu. Under Capri Holdings, the brand moved away from its signature ornate aesthetic toward minimalism while raising prices, a strategy that coincided with slowing sales across Capri’s portfolio, including Michael Kors and Jimmy Choo.

Prada said it received all necessary regulatory approvals to finalize the deal. Capri Holdings noted that proceeds will be used to significantly reduce debt, improving its financial position. Prada CEO Andrea Guerra has expressed confidence in Versace’s long-term potential, saying the brand’s next chapter will require “disciplined execution and patience” as it integrates into the Prada Group.

Pic courtesy: google/ images are subject to copyright

featured News

Italian Mayor Apologises After Pavarotti Statue Is Accidentally Encased in Ice Rink

By 49 0

A mayor in the Italian town of Pesaro has apologised to Luciano Pavarotti’s family after the late opera legend’s statue was unintentionally left knee-deep inside a Christmas ice rink. The temporary rink, built in the town’s central piazza, encircled the bronze statue with ice and clear plexiglass walls. Pavarotti’s widow, Nicoletta Mantovani, criticised the setup as an act that “ridiculed” her husband, expressing anger and disappointment at the council’s decision.

Mayor Andrea Biancani admitted the council had “made a mistake” and said he never intended to cause offence. Before the rink opened on 29 November, he even posted a playful edited image of the statue playing ice hockey, using the hashtag #DaiUnCinqueAPavarotti (“Give Pavarotti a high-five”). Mantovani, however, condemned the installation as “poorly executed” and “absurd,” noting that it disrespected the memory of a man who helped elevate Italy’s profile worldwide.

The statue, unveiled in April 2024, honours Pavarotti’s close connection to Pesaro, where he owned a villa and was an honorary citizen. Despite the backlash, the mayor said neither the sculpture nor the rink can be moved at this point but promised that such an incident would not happen again. Pavarotti, one of history’s most celebrated tenors, performed globally with the Three Tenors and famously sang “Nessun Dorma” during the 1990 World Cup. He died in 2007, leaving behind four daughters from two marriages.

Pic courtesy: google/ images are subject to copyright

featured News

Thousands of German Army Ammunition Rounds Stolen from Lorry

By 52 0

A major security breach has occurred in eastern Germany after a shipment of Bundeswehr ammunition was stolen from a civilian-operated delivery truck in Burg. According to German media reports, nearly 20,000 rounds were taken, including 10,000 pistol rounds, 9,900 blank assault-rifle rounds, and several smoke grenades. The theft was discovered when the load arrived at Clausewitz Barracks on 26 November, prompting an immediate joint investigation by the army and local police.

Authorities believe the theft happened overnight after the truck driver left the vehicle in an unguarded parking lot and stayed in a nearby hotel. The defence ministry expressed serious concern, noting that such ammunition “must not fall into the wrong hands.” Investigators are examining why the driver did not use the military’s hotline for assistance or request an escort, which is available for sensitive transports.

The incident adds to a pattern of missing ammunition cases in Saxony-Anhalt, where police reported smaller losses in Bernburg and Eisleben earlier this year. However, officials have not identified any link between these events. No arrests or suspects have been confirmed so far as the investigation continues.

Pic courtesy: google/ images are subject to copyright

featured News

Russia Says India’s Dip in Oil Imports Likely Short-Lived

By 67 0

India’s imports of Russian oil may decline only temporarily, according to Kremlin spokesperson Dmitry Peskov, who said Moscow plans to increase supplies using advanced methods to counter Western sanctions. His remarks come ahead of President Vladimir Putin’s visit to New Delhi, where both nations aim to strengthen defence and energy partnerships as India’s Russian oil intake is expected to fall to a three-year low.

Peskov emphasised that Russia remains India’s top oil supplier and is working to create a secure environment for buyers despite U.S. and European restrictions targeting major Russian producers. He added that Moscow has long operated under sanctions and continues to refine technologies to bypass their impact. Payment mechanisms and protection of bilateral trade from third-country pressure will be key agenda items during Putin’s talks in India.

Meanwhile, Indian refiners have responded differently to the tightening sanctions. Companies like MRPL, HPCL and HMEL have halted Russian purchases, while IOC continues sourcing from non-sanctioned suppliers and BPCL is in advanced negotiations. Nayara Energy, partly owned by Rosneft, is processing only Russian crude as other suppliers withdraw, and Reliance says it will process pre-committed Russian cargoes already en route.

Pic courtesy: google/ images are subject to copyright

featured News

EU Struggles to Shift Savers From Cash as Investment Reforms Lag

By 62 0

The European Union continues to face an uphill battle in encouraging households to move money from cash into investments, even after a decade of efforts toward a capital markets union. Despite more than 60 legislative proposals, progress has been slowed by national interests, political shifts and technical hurdles. As a result, Europeans continue to hoard cash, with savings in bank deposits reaching 12.1 trillion euros—about 30% of household wealth—far higher than in the United States. In Germany, the figure is even more striking, with over 40% of financial assets held in cash or deposits.

Alarmed by the continued fragmentation of capital markets, several EU countries—led by Spain—have launched a pilot project to introduce a “Finance Europe” label that would help savers identify investment products that support EU companies. Meanwhile, policymakers and think tanks are pushing to scale Italy’s successful Savings Investment Plan (PIR), which directs household savings toward local firms, into a broader EU-wide scheme. Such initiatives are part of the bloc’s broader Savings and Investments Union (SIU), set to be unveiled this week, which includes proposals to empower the European Securities and Markets Authority and ease cross-border barriers for asset managers.

However, cultural and trust-related obstacles remain significant. Many EU households remain risk-averse and skeptical of investment products, often citing low returns, high fees and lack of reliable financial guidance. Former ECB chief Mario Draghi noted that EU household wealth has grown much slower than in the U.S., partly due to low interest rates on deposits that fail to keep pace with inflation. As regulators push for greater integration, experts warn the SIU will fall short unless it addresses public distrust and simplifies investment pathways for ordinary savers.

Pic Courtesy: google/ images are subject to copyright

featured News

Macron’s China Visit Amid Europe’s Delicate Balancing Act

By 58 0

French President Emmanuel Macron will travel to China from December 3 to 5 as Europe attempts to navigate a complex balance between economic dependence and strategic rivalry with Beijing. His agenda includes meetings with President Xi Jinping in Beijing and Chengdu, where he is expected to push for fairer trade conditions, stronger market access, and more balanced technological cooperation. The visit comes as EU-China relations face growing strain, with Brussels warning that ties have reached a critical turning point.

Europe’s concerns centre on China’s surge of low-cost exports—especially steel—and its dominance in electric vehicles and rare earth processing, which pose risks to key European industries. As Washington’s tariffs reshape global trade, China is positioning itself as a business-friendly alternative, even as EU leaders remain wary of Beijing’s support for Russia and its heavily subsidised industrial model. Macron’s team says he will press for a rebalanced relationship that encourages Chinese domestic consumption and shared innovation benefits.

The European Union is preparing a tougher economic security strategy, considering more assertive trade measures against China. France has backed higher tariffs on Chinese EV imports, triggering a year-long Chinese investigation into French brandy in what many saw as retaliation. Despite Airbus expanding its presence in China, a major aircraft deal is not expected during Macron’s trip, reflecting Beijing’s strategic use of aviation purchases in its broader geopolitical negotiations.

Pic Courtesy: google/ images are subject to copyright

featured News

Thousands Protest Bulgaria’s 2026 Budget, Clashes Erupt in Sofia

By 78 0

Thousands of demonstrators gathered in Sofia and several other Bulgarian cities on Monday to protest the government’s proposed 2026 budget—the first drafted in euros ahead of the country’s planned adoption of the common currency on January 1. The protests, organised by the opposition PP-DB coalition, saw crowds rally outside parliament, where some participants clashed with police and threw stones, bottles and firecrackers. Officers cordoned off buildings linked to the ruling parties to contain the unrest.

The demonstrations follow a similar wave of protests on November 28, after which the minority government led by Rosen Zhelyazkov agreed to re-submit the draft budget for further consultations. The spending plan had already passed a first reading in a parliamentary committee earlier in November. Critics argue the proposed increases in social security contributions and taxes on dividends are unjustified and accuse the government of mismanaging public funds.

Public concern has also grown over Bulgaria’s upcoming transition to the euro. Nearly half the population opposes the move, citing fears over national sovereignty and potential price hikes during the currency changeover. European Central Bank President Christine Lagarde recently cautioned that inflation may rise when Bulgaria joins the eurozone.

Pic Courtesy: google/ images are subject to copyright

featured News

WW1-Era Chemical Likely Used on Georgian Protesters, BBC Investigation Reveals

By 70 0

A BBC investigation suggests that Georgian authorities used a World War One–era chemical agent, known as camite, in water cannons during anti-government protests in late 2024. Demonstrators in Tbilisi reported severe burning sensations, difficulty breathing, coughing and vomiting—symptoms that persisted for weeks. Doctors, chemical weapons specialists, and whistleblowers from Georgia’s riot police provided evidence pointing toward the use of this long-discontinued compound, once deployed by France in WW1 and eventually abandoned due to its prolonged harmful effects.

Paediatrician and protester Dr Konstantine Chakhunashvili conducted a survey of nearly 350 affected demonstrators, finding that almost half experienced symptoms lasting more than 30 days. His study, soon to be published in Toxicology Reports, also noted abnormal heart electrical activity among many participants. These findings supported theories from journalists, civil rights groups and medical experts that the water cannon contained more than just irritants like pepper spray or CS gas.

Whistleblowers from Georgia’s Special Tasks Department revealed that the chemical used closely resembles one tested in 2009, which they described as extremely difficult to wash off and far more harmful than standard tear gas. Despite recommendations against its use, they say it continued to be loaded into water cannon vehicles for years. The Georgian government dismissed the BBC’s findings as “absurd,” insisting police acted lawfully against what they called “violent criminals.”

Pic Courtesy: google/ images are subject to copyright