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Moldovan Oligarch Sentenced in $1bn ‘Theft of the Century’ Case

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Former Moldovan oligarch Vlad Plahotniuc has been sentenced to 19 years in prison for his role in a massive banking fraud scandal known as the “theft of the century.” The scheme, which took place between 2014 and 2015, involved the disappearance of $1bn—equivalent to about 12% of Moldova’s GDP at the time.

Prosecutors said Plahotniuc personally received over $40m from the fraud and used the funds for luxury purchases, including property and a private jet, as well as business and personal expenses. He has also been ordered to repay around $60m in damages to the state. Plahotniuc, who was not present in court, denies all charges, with his legal team calling the case politically motivated and confirming plans to appeal.

The fraud involved large loans being rapidly transferred to offshore companies, forcing the government to bail out affected banks and leaving a major hole in public finances. Plahotniuc fled the country in 2019 amid corruption allegations and was arrested in Greece in 2025 before being extradited to Moldova. Authorities say he used his political and financial influence to coordinate the scheme, which also involved other figures including businessman Ilan Shor.

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Lufthansa Cuts 20,000 Flights Amid Fuel Price Surge

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Lufthansa has announced it will cut around 20,000 short-haul European flights this summer, citing soaring jet fuel prices that have made many routes unprofitable. Fuel costs have surged sharply following tensions in the Middle East, particularly linked to the ongoing conflict involving the US, Israel, and Iran, which has disrupted fuel production and transport.

The airline said the cuts would help save approximately 40,000 metric tons of fuel and will largely result from the shutdown of its CityLine service. Several destinations, including Cork, Stuttgart, and Trondheim, will be temporarily suspended. Affected passengers will either receive refunds or be rebooked on partner airlines such as SWISS, Austrian Airlines, Brussels Airlines, and ITA Airways where possible.

Industry-wide, airlines are responding to rising costs by reducing flights and increasing ticket prices, with analysts warning of further disruptions ahead. Concerns over jet fuel shortages in Europe are growing, prompting the EU to establish a monitoring system, although officials say supply has not yet been significantly affected.

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AI Boom Drives Surge in European Chip & Electrical Stocks

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European semiconductor and electrical equipment stocks climbed sharply as investor confidence grew around the expanding artificial intelligence (AI) boom. Companies seen as key players in AI infrastructure benefited from strong earnings and optimistic forecasts, mirroring a powerful rally in U.S. chip stocks. The surge reflects increasing global demand for advanced chips and supporting technologies as AI adoption accelerates.

Dutch chip equipment maker ASM International jumped to a record high after projecting stronger-than-expected second-quarter sales, driven by robust AI demand. Meanwhile, Swiss engineering giant ABB also raised its full-year outlook, citing increased demand from data centres and electrification businesses despite geopolitical uncertainties.

Other major European players, including ASML, Infineon, and STMicroelectronics, recorded solid gains. Analysts believe that years of weak investment are now giving way to an AI-led growth cycle, with spending expected to accelerate from 2026 as companies invest heavily in digital infrastructure, energy, and supply chain resilience.

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Russian Publisher Staff Questioned Over ‘LGBT Propaganda’ Probe

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One of Russia’s largest publishers, Eksmo, said several employees have been questioned by authorities over alleged “LGBT propaganda” in its book catalogue. The development follows reports of raids by investigators in Moscow, though the company denied any searches or seizures, stating that four staff members, including its director, were taken in for questioning.

The case is linked to Russia’s broader crackdown on LGBT-related content under President Vladimir Putin, whose government has labeled the “LGBT movement” as extremist. Authorities have increasingly targeted companies across media and publishing sectors, imposing fines and scrutiny on content deemed to violate strict laws promoting traditional values.

Eksmo said the investigation relates to books published by Popcorn Books, a former subsidiary known for young adult titles featuring LGBT themes. The company indicated that the probe stems from a 2025 criminal case involving certain titles and missing inventory. While the legal status of those questioned remains unclear, the incident highlights intensifying pressure on Russia’s publishing industry amid tightening censorship rules.

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German Economy Sees Q1 Growth but War Clouds Outlook

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Germany’s central bank, the Deutsche Bundesbank, said the country’s economy likely recorded modest growth in the first quarter, supported by solid industrial output and resilient services activity. Despite weakening consumer confidence toward the end of the quarter, exports and business-related services helped sustain overall momentum.

However, the outlook for the second quarter remains fragile as the ongoing Iran conflict begins to weigh more heavily on Europe’s largest economy. The war has pushed up energy prices, disrupted supply chains, and increased uncertainty, all of which are expected to dampen growth. The Bundesbank cautioned that only slight expansion is likely in the near term, even as government spending aims to support recovery.

Rising fuel costs have already eroded household purchasing power, weakening private consumption further. In addition, softer global demand and cautious business sentiment are expected to impact exports and investment. While fiscal measures may provide some support, escalating geopolitical risks continue to pose significant challenges to Germany’s economic outlook.

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Mail Blunder and Mistrust Stall Italy’s Fight Against Chinese Crime Networks

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A bureaucratic mishap in Italy has highlighted deeper issues hampering cooperation with China in tackling organized crime. Documents sent by Chinese authorities in response to an Italian legal assistance request were mistakenly rejected by Italy’s Justice Ministry after staff refused to pay a delivery charge, unaware of their importance. The error forced Rome to request the materials again, but they have yet to be resent, delaying progress in a case tied to an attempted murder involving Chinese nationals.

Italian prosecutors say such setbacks are worsening an already fragile relationship with Beijing, limiting efforts to combat Chinese criminal networks operating across Italy. Investigations over the past decade have uncovered activities ranging from money laundering and illegal immigration to drug trafficking and labor exploitation, yet few cases have reached court. Authorities argue that cooperation from China is essential, as many of these networks operate transnationally, but internal disagreements and political caution in Italy have slowed engagement.

Despite initial signs of collaboration—including outreach from Chinese officials and meetings in the city of Prato—progress has stalled due to concerns over jurisdiction, security risks, and cybersecurity threats. Italian officials remain wary of deeper ties, especially following alleged cyberattacks linked to China. While some see cooperation as a critical opportunity to curb organized crime, divisions within Italy’s legal and political system continue to hinder a unified approach.

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EU Court Strikes Down Hungary’s Anti-LGBTQ Law in Landmark Ruling

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The European Court of Justice has ruled that Hungary’s anti-LGBTQ legislation violates European Union law and core values, marking an unprecedented legal decision. The law, introduced in 2021 under Viktor Orbán, banned the “promotion” of homosexuality and gender change to minors. The court found that it breached fundamental rights, including non-discrimination, freedom of expression, and respect for private and family life, while also undermining the EU’s founding principles under Article 2.

Judges said the legislation stigmatized LGBTQ individuals and unfairly linked them to criminal behavior, damaging equality and pluralism within the bloc. The ruling comes shortly after Hungary’s recent election, which ended Orbán’s long tenure and brought Péter Magyar to power. His party now holds a strong parliamentary majority, raising expectations for policy changes and closer alignment with EU standards.

The European Commission has indicated it will push the new government to comply with the judgment and repeal the law. Analysts say the decision could have broader implications across the EU, reinforcing that member states cannot violate both the legal framework and the underlying values of equality, human rights, and rule of law.

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France Plans Spending Freeze to Offset Iran Crisis Costs

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The government of France has announced plans to offset the financial impact of the ongoing Iran crisis by freezing public spending. Rising energy prices and increased borrowing costs linked to the crisis are expected to cost the country between €4 billion and €6 billion. Authorities say the spending freeze will match these projected losses, helping stabilize public finances.

Finance Minister Roland Lescure stated that higher bond yields alone could add €3.6 billion to France’s borrowing costs. Meanwhile, the government is preparing targeted support measures to help households cope with surging energy prices. These measures are expected to prioritize workers who rely heavily on fuel, reflecting growing concerns over the cost-of-living impact.

Despite the planned response, the government faces mounting political pressure for broader relief measures. While some groups are calling for fuel tax cuts, others are pushing for caps on energy prices. However, with one of the largest budget deficits in the eurozone, officials insist that any support must remain limited and carefully targeted to avoid further straining public finances.

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Chornobyl First Responder Reflects on Lasting Impact 40 Years After Disaster

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Nearly four decades after the Chernobyl disaster, Ukrainian first responder Petro Hurin says the effects of the catastrophe continue to shape his life. As one of the many “liquidators” tasked with cleaning up the aftermath of the explosion at reactor four, he recalls the intense exposure to radiation and the long-term toll it has taken on his health. Of the 40 workers sent from his company to assist in the cleanup, only five are still alive today, highlighting the enduring human cost of the disaster.

Hurin described the harsh working conditions inside the contaminated zone, where he operated heavy machinery for long hours, handling materials used to contain radiation. Within days, he began experiencing severe symptoms including headaches, chest pain, and internal bleeding. Despite these signs, Soviet authorities at the time avoided diagnosing radiation sickness, instead attributing the symptoms to other conditions. Over the years, Hurin has battled multiple health issues, including anaemia and heart problems, which he links to his exposure during the cleanup.

Now living in central Ukraine, Hurin continues to cope with ongoing medical challenges while seeking recognition and support as a disaster responder. Beyond his personal struggles, he also carries the emotional weight of losing his grandson in the ongoing conflict following Russian invasion of Ukraine. Despite everything, he reflects on his decision to serve at Chornobyl with a sense of duty, believing his efforts contributed, however modestly, to containing one of history’s worst nuclear crises.

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Alcaraz Awaits Crucial Wrist Test Ahead of French Open Defense

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Defending champion Carlos Alcaraz says an upcoming wrist test will be decisive in determining his participation in the French Open. The world number two recently withdrew from both the Barcelona Open and the Madrid Open after suffering a right wrist injury, which he admitted is more serious than initially expected. With the tournament approaching, his recovery timeline remains uncertain.

Alcaraz has emphasized patience during his rehabilitation, noting that several medical tests in the coming days will guide his next steps. Despite his eagerness to return, the Spaniard is prioritizing long-term fitness over rushing back into competition. He has consistently performed well in Paris, reaching at least the semi-finals in recent years and securing consecutive titles, making his potential absence a major talking point.

Meanwhile, rival Jannik Sinner has regained the world number one ranking, increasing the pressure on Alcaraz in the rankings race. However, the young star remains focused on recovery, stating that returning fully fit is more important than risking further damage. His decision in the coming days will not only impact his title defense but also shape the competitive landscape of the clay-court season.

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