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☆ Meta hit with major EU probe into disinformation handling ahead of European elections
▼ + stars: | 2024-04-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Mark Zuckerberg, CEO of Meta testifies before the Senate Judiciary Committee at the Dirksen Senate Office Building on January 31, 2024 in Washington, DC. Meta on Tuesday was hit by the European Commission — the executive body of the European Union — with a major investigation into its compliance with the EU's strict internet content rules. The Commission said it is investigating Meta over concerns the company hasn't done enough to ensure effective combatting of disinformation ahead of upcoming European Parliament elections. The European Parliament elections are due to take place on June 6-9. "We look forward to continuing our cooperation with the European Commission and providing them with further details of this work."

Persons: Mark Zuckerberg, Meta Organizations: Dirksen, Meta, European Commission, European, DSA, Services, EU, Facebook, CNBC Locations: Washington ,

☆ Macron, Battling the Far Right at Home, Pushes for a Stronger Europe
▼ + stars: | 2024-04-25 | by ( Roger Cohen | Aurelien Breeden | ) www.nytimes.com time to read: +1 min

The nearly two-hour speech reflected Mr. Macron’s conviction that only a reinforced and “sovereign” European Union — a “Europe power,” as he puts it — can save the continent from strategic irrelevancy in an unstable world that is dominated by the United States and China and confronting wars in Europe and the Middle East. “We must be lucid about the fact that our Europe is mortal,” Mr. Macron declared before an audience of government ministers, European ambassadors and other dignitaries. “It can die. It can die and whether it does depends entirely on our choices.”The speech, at the Sorbonne University in Paris, was a follow-up to one that Mr. Macron gave in the same location in September 2017. Then, Mr. Macron discussed the future of Europe and the European Union as a young, recently elected and disruptive president still enjoying a political honeymoon.

Persons: Emmanuel Macron, Mr, Macron Organizations: ”, Sorbonne University, European Union Locations: France, Europe, Ukraine, United States, China, Paris

☆ Dutch far-right Geert Wilders' hopes of becoming prime minister sink after coalition talks collapse
▼ + stars: | 2024-02-07 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

LONDON — Far-right Dutch lawmaker Geert Wilders' hopes of becoming prime minister of the Netherlands are dwindling after coalition talks fell into disarray Tuesday. Wilders took to social media Tuesday evening to berate Omtzigt's withdrawal, calling the decision "incredibly disappointing." I don't understand it at all," Wilders wrote in a post on X, according to a Google translation. However, former Labor Party minister Ronald Plasterk, who has been leading the talks, earlier flagged finances as a major sticking point in talks. Alternatively, if no combination of parties can agree to form a coalition, a new election could be called.

Persons: Geert Wilders, Pieter Omtzigt, vexing Wilders, Wilders, Omtzigt's, Omtzigt, Mark Rutte, Caroline van der Plas, Ronald Plasterk, European Union —, Plasterk, Frans Timmermans Organizations: Party for Freedom, NSC, BBB, Labor, Reuters, European Union, Labour, Green Locations: Netherlands, Dutch, Europe

☆ Russia’s frozen assets are generating billions. The EU is getting ready to send them to Ukraine
▼ + stars: | 2024-02-01 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Russian assets frozen in European accounts are generating billions of dollars in interest payments that could be diverted to help repair Ukraine’s war-torn economy — and the European Union just took a step closer to doing that. After Russia’s full-scale invasion of Ukraine in February 2022, Western countries froze nearly half of Moscow’s foreign reserves — some €300 billion ($327 billion). Around €200 billion ($218 billion) sits in the European Union — mostly at Euroclear, a financial institution that keeps assets safe for banks, exchanges and investors. The EU has been at pains to contrast the illegality of Russia’s invasion with its own strict adherence to the rule of law. Lawyers are working on the text of the agreement before returning it to EU member states for final approval.

Persons: Euroclear, —, ” — James Frater Organizations: London CNN, European Union, EU, immobilised Central Bank of Russia, ”, Group, World Bank, European, European Central Bank, CNN Locations: Ukraine, ” Belgium, Euroclear, Russia, EU

☆ Why a Supreme Court decision means Apple's App Store is as powerful — and profitable — as ever
▼ + stars: | 2024-01-17 | by ( Peter Kafka | ) www.businessinsider.com time to read: +5 min

Read previewIf you were scanning headlines yesterday you might have seen something about the Supreme Court forcing Apple to open up its powerful App Store. What yesterday's court decision — and, crucially Apple's response to the decision — means is that Apple's control over its powerful and very profitable App Store remains 100% intact. In 2020, Epic argued that Apple's control of its App Store — and, crucially, the way developers like Epic had to use Apple's App Store to sell "in-app" items like power-ups and other digital goods — was a monopoly. Apple's App Store prints money. In 2021, a US judge announced that games represent 70% of Apple's App Store topline.

Persons: —, Apple, Tim Sweeney, Fortnite — Organizations: Service, Apple, Business, Epic Games, Epic, Big Tech, Meta, Google, European Union, Spotify Locations: EU

☆ Far-right anti-Islam candidate clinches shock Dutch election win. Here's what comes next
▼ + stars: | 2023-11-23 | by ( Jenni Reid | ) www.cnbc.com time to read: +4 min

Dutch voters have gone to the polls today in one of the most tightly contested general elections in recent years. Next stepsForming a coalition in the 150-seat Dutch parliament is typically lengthy and difficult, even where the victor is not a political pariah. There is still no guarantee Wilders will become the new prime minister, even with his Freedom Party (PVV)'s 37 seats. On fiscal policy, Wilders' party has a "clear populist" bent, said Ester Barendregt, chief economist at Rabobank. Certainly one wish of Geert Wilders is to pay less to Europe.

Persons: Geert Wilders, Carl Court, shockwaves, Wilders, Mark Rutte, Sarah de Lange, Pieter Omtzigt's, de Lange, CNBC's, Ester Barendregt, Barendregt, Liza Mügge Organizations: Party for Freedom, Getty, European Union, Freedom Party, Department of Political Science, University of Amsterdam, Party, Rabobank Locations: SCHEVENINGEN, NETHERLANDS, Dutch, Scheveningen , Netherlands, Netherlands, Brussels, Ukraine, policymaking, U.S, China, Europe

☆ Opinion | Seeing the Big Picture in Two Big Wars
▼ + stars: | 2023-11-02 | by ( Thomas L. Friedman | ) www.nytimes.com time to read: +9 min

Step back far enough, and you can see exactly what is driving so much geopolitics today: Ukraine is trying to join the West. Or they would have agreed to Lend-Lease assistance for the allies only if President Franklin Roosevelt would eliminate the I.R.S. That’s why today America must help Israel and Ukraine to blunt the Russia-Iran axis in their theaters. But the morning after their wars, Israel and Ukraine are going to have to face some very hard choices. Because while we may write big checks to both today, they will not be blank checks.

Persons: Mike Johnson, Biden, Johnson, Franklin Roosevelt, G.O.P, Vladimir Putin, Putin, Ayatollah Ali Khamenei, Leon Aron, Vladimir Putin’s, “, ”, gunning, ” Aron, Israel, Donald Trump, —, Benjamin Netanyahu Organizations: Internal Revenue, Lease, Fox News, NATO, European, Palestinian Authority, “, West Bank, Hamas, Putin, Iran’s, U.S, Patriot, Republicans, Palestinian, European Union Locations: Ukraine, West, Israel, Russia, Iran, cheaters, Europe, Saudi Arabia, Saudi, Tehran, Moscow, Vladimir Putin’s Russia, Belarus, Indonesia, Malaysia, Pakistan, Gaza, It’s, Kyiv, Gaza City, U.S, Ramallah, America

☆ Israel releases video of captured Hamas militant saying the group offered $10,000 and an apartment for each hostage taken to Gaza
▼ + stars: | 2023-10-24 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +3 min

Hamas offered a $10,000 reward and apartments to militants who brought Israeli hostages to Gaza. That's according to an interrogation video of a Hamas militant released by Israeli authorities. The footage, shared by Israel's security agency Shin Bet and the country's police force, features what it says are several detained Hamas militants being interrogated about the events of October 7. In the video, an unnamed Hamas militant stated that he was given orders to "kidnap as many as possible" during the terror attacks. AdvertisementAdvertisementHe says in the video that Hamas operatives were incentivized with a "stipend" for every Israeli hostage they brought into Gaza.

Persons: —, Shin Bet, Al, António Guterres, Joe Biden Organizations: Reuters, Service, Brigades, Al, European Union, . United Nations, Gaza Ministry of Health Locations: Gaza, That's, Jerusalem, Israel

Pre-election polls suggested that Swiss voters had three main concerns: Rising fees for the obligatory, free market-based health insurance system; climate change, which has eroded Switzerland’s many glaciers; and worries about migrants and immigration. The Socialists, in second, added two seats to reach 41 in that chamber, known as the National Council. In Switzerland, voters also participate directly in government decision making. The Swiss did line up with the EU in imposing sanctions against Russia over its war in Ukraine. The Federal Council is considering whether to join the EU and the United States in labeling Hamas a terror organization.

Persons: Pascal Sciarini, ”, “, ” Sciarini, —, Alain Berset, Viola Amherd Organizations: GENEVA, Swiss People’s Party, Swiss, Socialists, National Council, Christian, Democrat, Liberal, Greens, University of Geneva, “, SVP, Federal Council, Berset, Voters, European Union, —, Russia, Federal, EU, United Nations, Islamic, International Monetary Fund Locations: Europe, Greece, Sweden, Italy, Poland, Switzerland, Swiss, Brussels, Bern, Ukraine, United States

☆ Exit poll shows Swiss right-wing party bouncing back in parliamentary election as Greens lose ground
▼ + stars: | 2023-10-22 | by ( ) www.cnbc.com time to read: +4 min

Members of the National Council pose for a group picture on the last day of the legislature before national elections in October at the Swiss Parliament Building (Bundeshaus) in Bern, Switzerland on Sept. 29, 2023. Exit polls conducted for Switzerland's public broadcaster showed the country's right-wing populist party was set to further strengthen its position as the largest faction in parliament in a legislative election Sunday that saw the leading Green party lose ground. The Socialists edged up nearly a 0.5 percentage point, while the Greens lost more than 4 percentage points to fall under 10%, according to the exit poll. It appeared set to eclipse the free-market Liberal party in voter support, according to the exit poll conducted by the gfs.bern agency. The parliamentary vote is one of two main ways that Switzerland's 8.5 million people guide their country.

Persons: —, Claudine Juillard, Chatelenat, Alain Berset, Viola Amherd Organizations: National Council, Swiss, Switzerland's, Swiss People's, Socialists, Greens, of States, European Union, Swiss People's Party, Christian, Democrat, Liberal, Socialist, Alpine, Federal, EU Locations: Bern, Switzerland, Poland, Geneva, Carouge, Swiss, Russia, Ukraine, United States

☆ Who's funding Hamas?
▼ + stars: | 2023-10-22 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +7 min

AdvertisementAdvertisementFor Iran, Levitt said, funding Hamas ultimately offers a financially and politically inexpensive way to undermine Israel's stability and increase the pressure against their adversaries while maintaining an air of deniability regarding its involvement. Both Asal and Levitt told Insider the funds from that transaction had little to do with the latest escalation in the conflict between Hamas and Israel. As with many terrorist organizations that control swaths of land or trade routes, Hamas gets funding through taxation, extortion, smuggling, kidnapping, and robbery, Asal told Insider. Money laundering and cryptoTo move all its money around, Levitt said, Hamas relies largely on cryptocurrency transactions and trade-based money laundering to avoid being easily tracked. "And that also allows Hamas to divert money from providing for its people to support its war machine."

Persons: —, Victor Asal, France —, Matthew Levitt, they're, Levitt, Biden, Asal, Reinhard, it's, Alex Zerden Organizations: Hamas, International, Service, European Union, Israel, Center for Policy Research, University of Albany, State University of New, US Treasury, Department, Land Foundation for Relief, Development, Federal Bureau of, Washington Institute for Near East, State Department, US, Street Locations: Gaza, United States, State University of New York, Switzerland, Austria, Lebanon, France, Iran, Israel, Egypt, Qatar, East, North Africa

☆ Views on Hamas' military Telegram channel have increased tenfold since the war with Israel began
▼ + stars: | 2023-10-18 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +6 min

Hamas' social media following has surged since its attacks on Israel began this month. AdvertisementAdvertisementIn the small digital enclave they have left, the engagement on official Hamas social media accounts is booming, with followers skyrocketing and video views through the roof. AdvertisementAdvertisement"Earlier this week, Hamas used Telegram to warn civilians in Ashkelon to leave the area ahead of their missile strikes. Off Telegram, pro-Hamas posts surgeEven on platforms where Hamas doesn't have official accounts, posts that encourage or sympathize with the militant group have risen sharply after Israel declared war on Hamas following Hamas' attacks on October 7. The DSA includes YouTube, Instagram, and Facebook — but not Telegram — among the very large social platforms it subjects to additional security obligations.

Persons: —, skyrocketing, Elon Musk's, Pavel Durov, Durov, doesn't, Israel, Meta, Linda Yaccarino Organizations: Service, Facebook, Elon, European Union, Hamas, CNN, Atlantic, Forensic Research, Telegram, Meta, YouTube, Twitter, Representatives, Digital Services, DSA Locations: Israel, United States, Ashkelon, Algerian, Europe, Gaza

☆ Poland's elections this weekend could mark a crossroad for EU solidarity — and Ukraine support
▼ + stars: | 2023-10-13 | by ( Jenni Reid | ) www.cnbc.com time to read: +6 min

The Leader of Civic Coalition Party, Donald Tusk delivers a speech during the Women for Elections Campaign rally on October 10, 2023 in Lodz, Poland. EU tiesLaw and Justice's leadership has seen Poland's relationship with the EU and its various institutions become increasingly strained. It resulted in Morawiecki saying last month that his country would no longer supply weapons to Ukraine as it was "now arming Poland." Poland's vote follows elections in neighbor Slovakia which saw populist former Prime Minister Robert Fico return to power. Hungary's firebrand rightwing Prime Minister Viktor Orbán has persistently used inflammatory language regarding the EU, attacking it repeatedly on social media.

Persons: Donald Tusk, Omar Marques, Tusk, —, Jaroslaw Kaczynski, Mateusz Morawiecki, Morawiecki, Robert Fico, Fico, Viktor Orbán Organizations: Civic Coalition Party, Women, Elections, Getty, European Union —, rightwing Law, Justice, Civic Coalition, European, Law, EU, Nurphoto, Consultancy Eurasia Group, Eurasia Group, Confederation, Ukraine, ING, U.S, NATO, rightwing, European Union Locations: Lodz, Poland, Ukraine, Krakow, Berlin, Brussels, Slovakia, Russia, rightwing, Hungary, Germany

☆ Europe warns Elon Musk about misinformation and violence on X , formerly Twitter, related to Hamas-Israel conflict
▼ + stars: | 2023-10-10 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +3 min

X CEO Elon Musk leaves a U.S. Senate bipartisan Artificial Intelligence Insight Forum at the U.S. Capitol in Washington, D.C., on Sept. 13, 2023. A European regulator has issued Elon Musk a stern warning about the spread of illegal content and disinformation on X, formerly known as Twitter, amid the Israel-Hamas conflict. Failure to comply with the European regulations around illegal content could result in fines worth 6% of a company's annual revenue. The commissioner said that recent "changes in public interest policies" caused confusion in "many European users." Watch: Elon Musk has "cut off the good guys, empowered the bad guys."

Persons: Elon Musk, Elon, Thierry Breton, Musk, Breton, X Organizations: Senate, Intelligence, U.S, Capitol, Washington , D.C, Digital Services, European Commission, European Union, EU Locations: U.S, Washington ,, Israel

☆ Illumina names new CEO months after Icahn proxy fight over Grail deal
▼ + stars: | 2023-09-05 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Illumina 's board on Tuesday named Jacob Thaysen the DNA sequencing company's new CEO as it tries to rebound from a grinding dispute over its acquisition of cancer test developer Grail. Thaysen, a 48-year-old longtime executive at medical devices firm Agilent , will step in as CEO on Sept. 25. His nomination comes months after a bitter proxy fight with activist investor Carl Icahn ended with Illumina's former CEO Francis deSouza resigning despite securing enough votes to stay. "Jacob's unique combination of deep technological and commercial experience will be a great addition to Illumina," Stephen MacMillan, the chair of Illumina's board, said in the release. Thaysen will take over for Charles Dadswell, who has been serving as Illumina's interim CEO since June.

Persons: Illumina, Jacob Thaysen, Carl Icahn, Francis deSouza, Icahn, Thaysen, Stephen MacMillan, Charles Dadswell, Dadswell Organizations: Union, European Commission, U.S . Federal Trade Commission, Illumina Locations: Illumina, San Diego , California, U.S, Agilent

NAIROBI, Kenya (AP) — Climate change is “relentlessly eating away” at Africa’s economic progress and it’s time to have a global conversation about a carbon tax on polluters, Kenya’s president declared Tuesday as the first Africa Climate Summit got underway. He and other leaders urged reforms to the global financial structures that have left African nations paying about five times more to borrow money than others, worsening the debt crisis for many. Africa has more than 30 of the world’s most indebted countries, Kenya’s Cabinet secretary for the environment, Soipan Tuya, said. Africa’s GDP should be revalued for its assets, which include the world's second-largest rainforest and biodiversity, African Development Bank President Akinwumi Adesina said. “It is an African story, and I daresay it’s a global story, too.”___Follow AP’s coverage of the climate at https://apnews.com/climate-and-environment and of Africa at https://apnews.com/hub/africa

Persons: William Ruto, Tuya, John Kerry, Kerry, Joe Biden, ” Ruto, ”, Ruto, “ It’s, Sahle, Zewde, Akinwumi Adesina, Adesina, Martha Lusweti, Antonio Guterres, Ursula Von der Leyen, lullabies, Sierra, Julius Maada Organizations: Africa Climate Summit, European Union, Kenyan, United, United Arab Emirates, Development Bank, ”, International Monetary Fund Locations: NAIROBI, Kenya, Africa, China, United States, U.S, United Arab, United Nations, Europe, U.N, Africa's, Nigeria's Niger Delta, Uganda, Tanzania, South Africa, Nigeria, Egypt, Congo, africa

☆ IEA says coal use hit an all-time high last year — and global demand will persist near record levels
▼ + stars: | 2023-07-27 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +1 min

According to the IEA, coal consumption hit a record high last year. Coal consumption increased by 3.3% to hit a fresh record high of 8.3 billion metric tons in 2022, the International Energy Agency said Thursday. According to the Paris-based organization's Coal Market Update, demand increased "despite a weaker global economy, mainly driven by being more readily available and relatively cheaper than gas in many parts of the world." Overall, the IEA said 10,440 terawatt hours were generated from coal in 2022, a figure that accounted for 36% of the planet's electricity generation. Looking ahead, the IEA said coal consumption in 2023 would remain near last year's record levels.

Organizations: International Energy Agency, IEA, European Locations: China, Paris, United States, India

☆ Ukraine war live updates: Russian missile volley hits Ukraine's port cities in 'revenge strike'; Crimea bridge partially reopens after attack
▼ + stars: | 2023-07-18 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

The meeting of G20 ministers in Indian is concluding after two days of economic and finance policy deliberations without a joint communique, as countries remain divided over the war in Ukraine. The group has already failed to reach a unified position on the war in Ukraine several times. Other states like India, China, South Africa and Russia itself oppose condemning Moscow. India, the host nation for this week's G20 meeting, has refrained from blaming Russia for the war and calls for a diplomatic resolution, while also buying discounted oil from Moscow. Russia calls the invasion, now nearly two years old, its "special military operation."

Persons: European Union —, Natasha Turak Organizations: European Union Locations: Ukraine, Japan, South Korea, Russia, India, China, South Africa, Moscow

☆ Threads is working on a bunch of a new features that will help it compete with Twitter after its hurried release, head of Instagram says
▼ + stars: | 2023-07-12 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Threads is prioritizing a few new features, the head of Instagram, Adam Mosseri said Tuesday. Mosseri said Threads lacked some "obvious features" because Meta wanted to release the app quickly. Threads is about to add several "obvious missing features" that will help the week-old app better compete with Twitter, Adam Mosseri – head of Instagram – said in a Threads post on Tuesday. "We're clearly way out over our skis on this, but the team is pumped to start shipping improvements this week," Mosseri added. These users can easily sign up through the Instagram app and link their two profiles.

Persons: Instagram, Adam Mosseri, Mosseri, Meta, Adam Mosseri –, Instagram –, that's, Twitter, Elon Musk Organizations: Twitter, Elon, European Union Locations: Instagram

☆ Russian companies doubled their revenues to $15 trillion last year because the energy market did so well — but that doesn't mean they're reaping massive profits
▼ + stars: | 2023-06-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

But it's not all good news for Russian companies: Due to sanctions, their profits grew just 6% on-year. That's nearly double the 655 trillion rubles Russian companies made in 2021, per the tax service department's statistics. In particular, Russian energy giant Gazprom posted record profits in the first half of 2022, prompting Moscow to impose windfall taxes on the company. Russia's energy revenues have also been hit heavily by restrictions against its exports, particularly after the European Union — a major customer of Russian energy — banned Russian crude oil starting December 5. In the first quarter of 2023, Russia posted a deficit of almost 2.4 trillion rubles — sharply reversing a surplus of more than 1 trillion rubles in the first quarter of 2022.

Persons: That's, it's, —, Andrei Belousov Organizations: Service, RBC, Gazprom, European Union, RBC TV Locations: Ukraine, Russia, Moscow

☆ Russia has lost so much money due to the Ukraine war that it's now trying to raise $4 billion by slapping a windfall tax on its oligarchs
▼ + stars: | 2023-06-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Russia will slap windfall taxes on large companies making over 1 billion rubles in profits since 2021. Russia approved a draft bill to slap up to a 10% one-off windfall tax on large Russian companies, according to a Tuesday announcement by the country's finance ministry. "They understand that they had huge windfall profits for 2021 and 2022, simply massive, bigger than the budget," Belousov said, per Interfax. This instance isn't the first time Russia's imposing windfall taxes to fund the war in Ukraine. Russia's energy revenues have also been majorly hit by sweeping restrictions against its exports, particularly after the European Union — a major customer of Russian energy — banned Russian crude oil starting December 5.

Persons: —, It's, Andrei Belousov, Belousov, Timur Nigmatullin Organizations: RBC TV, Service, RBC, Financial Times, Gazprom, European Union Locations: Russia, Ukraine

☆ Germany has a plan to tackle a rapidly ageing workforce: recruiting robots
▼ + stars: | 2023-05-01 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +6 min

But what does enhancing the workforce through robots and digitalization actually look like? There won't be major job losses as a result of digitalization, according to Ulrich Walwei, vice director of Germany's Institute for Employment Research. Ultimately, the goal of integrating robots into the workplace is to augment human capabilities, not replace them. "Our robots can free up human workers to focus on more complex and creative work, leading to more fulfilling and engaging jobs," Pehlivan told CNBC via email. "Ultimately, the goal of integrating robots into the workplace is to augment human capabilities, not replace them," he added.

☆ ‘R.M.N.’ Review: A Bleak Diagnosis for Romania
▼ + stars: | 2023-04-27 | by ( Manohla Dargis | ) www.nytimes.com time to read: +2 min

Deep into “R.M.N.,” an anatomy of the human condition, this powerhouse of a movie gets deeper, creepier and unnervingly familiar. At that point, dozens of residents in a Romanian village have gathered for an impromptu town hall. I’ve called the movie an anatomy, but this scene is more of an autopsy. “R.M.N.” is set in motion by Matthias (Marin Grigore), a hulking brute who stalks the movie like a threat. He moves back in with his wary wife and young son, and pursues and beds a former lover.

☆ A Chinese Ambassador’s Comments on Ex-Soviet States Draw Ire
▼ + stars: | 2023-04-24 | by ( Steven Erlanger | David Pierson | ) www.nytimes.com time to read: +2 min

The recent rhetorical gyrations of Chinese diplomats — including Mr. Lu and Fu Cong, the Chinese ambassador to the European Union — suggest that Beijing is still struggling to strike a balance between courting European leaders and supporting Russia, with which it has declared a “no limits” partnership. The war in Ukraine has put Beijing in an awkward position: It has refused to condemn Russia’s invasion while also promising not to help Russia militarily in its war. He said that Crimea was Russian historically and had been handed over to Ukraine. Still, Mr. Lu’s comments have caused confusion and anger in Ukraine and the European Union, especially among those countries of Eastern and Central Europe that were under Soviet rule or occupation. The Baltic nations, which were annexed by the Soviet Union after World War II, are especially sensitive to any suggestion that their sovereignty is under question.

☆ Russia posted a $29 billion deficit in the first quarter as energy revenue plummets — and it could spell trouble for the country's military bills
▼ + stars: | 2023-04-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russia's spending jumped 34% in 1Q to 8.1 trillion rubles, or $99 billion, amid the Ukraine war. However, energy revenues plunged 45% to 1.6 trillion rubles due to boycotts and sanctions. As a result, Russia posted a deficit of 2.4 trillion rubles in the first quarter of 2023. Government income declined nearly 21% to 5.7 trillion rubles during the quarter compared to a year ago, per data released by Russia's finance ministry on Friday. This comes after the European Union — a major customer of Russian energy — banned Russian crude oil starting December 5.

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