Siemens Gamesa CEO Jochen Eickholt has said the wind turbine maker is considering "offering a more diversified supply chain" as it aims to cut its reliance on China for rare earths and permanent magnets used to make turbines. Siemens Gamesa is nearly 100% dependent on the Asian country for the materials, which have become strategically important to Europe in the light of rising tensions between China and the west. Any shift of supply would add to costs, Eickholt said, but added the company was looking for ways to diversify the materials it uses.
What do we know about the Russian militia groups fighting their own country in the Ukraine war?
CBC
23-05-25 16:06
On Thursday the International Legion for the Defense of Ukraine "categorically denied" any involvement with two Russian militias, the Freedom of Russia Legion and the Russian Volunteer Corps that said they had orchestrated attacks on villages in Russia's Belgorod region. Ukrainian presidential advisor Mykhaylo Podolyak said Ukraine was not responsible, insisting the incursion involved Russians. The US is investigating claims that US-supplied equipment was used in the operation. The Kremlin described those responsible for the attacks as "Ukrainian saboteurs" and claimed to have killed more than 70 members of the two groups combined, referring to them as "Ukrainian nationalists."
Republican US Representative Patrick McHenry has questioned the efficacy of the Biden administration's proposed restrictions on US investment in China ahead of Treasury Secretary Janet Yellen's June 7 hearing appearance before the House of Representatives Committee on Financial Services. The Biden administration is believed to be planning to implement targeted restrictions in sensitive sectors for billions of dollars of US investment in China where there are national security concerns. Yellen has confirmed that the government has yet to finalise its approach but that any restrictions would be "narrowly scoped and targeted".
Kenya's Principal Secretary for Internal Security and National Administration, Raymond Omollo, has dismissed as propaganda a report by Reuters stating that Chinese hackers have carried out a series of digital intrusions against key Kenyan institutions, including its defence ministry and its foreign affairs ministry. Two sources speculated that the hack was to gain information regarding Kenya's debts to China. Kenya's government network infrastructure was provided by China, leading Mr Omollo to suggest that China may have infiltrated Kenya's systems itself.
Judge condemns Oath Keepers leader over ‘political prisoner’ claims
Hill Opinion
23-05-25 19:30
Stewart Rhodes, the founder of far-right extremist group Oath Keepers, has been sentenced to 18 years in prison for his role in the January 6 riots at the Capitol building in Washington. Rhodes was convicted of seditious conspiracy, despite claiming that he was a so-called "political prisoner," stating that he was "opposing those who are destroying our country." District Judge Amit Mehta dismissed Rhodes' claim, accusing him of posing "an ongoing threat and a peril to this country, to the Republic and the very fabric of our democracy."
US Trade Representative Katherine Tai has called on Asia Pacific Economic Cooperation (APEC) trade ministers to find innovative solutions to address challenges including disrupted supply chains, climate concerns and inequality. Tai appealed to the ministers to build on recent WTO agreements and to foster sustainable trade that benefits workers. The comments were made ahead of a two-day meeting in Detroit marked by US-China trade tensions.
Former Manchester United striker Dwight Yorke has not given up on his managerial ambitions despite leaving his post at Australian side Macarthur in January by mutual consent over internal issues. Yorke, who led the fledging outfit to their first ever trophy in their third year, said he felt he was doing a good job, but added that "there's more to management than that sometimes and sometimes behind the scenes things aren't perfect." Yorke said he was keeping his options open after the disappointment of his stint in Australia.
The Constitutional Council of Cambodia has rejected an appeal by the country’s sole opposition party against its disqualification from the forthcoming July election. The Candlelight Party was banned over alleged problems with its registration paperwork, a decision which activists have said forms part of an ongoing effort to abolish opposition to Prime Minister Hun Sen.
The European Union (EU) has agreed to extend its suspension of restrictions on imports from Ukraine for another year, a significant development for the country after the EU narrowly avoided an import ban following farmer protests over low prices. The decision follows the EU lifting tariffs and other restrictions for the same period in June 2022. Ukrainian President Volodymyr Zelenskiy thanked the EU for the extension and pledged to work towards meeting the standards required for EU membership. Elsewhere, German Chancellor Olaf Scholz has announced his intention to speak to Russian President Vladimir Putin "in due course", although he stressed that in order for a peaceful resolution to be reached regarding the Ukraine war, Putin must understand that there cannot be a "cold peace".
The MSCI's broadest index of Asia-Pacific shares outside Japan is up 0.3% despite a holiday in Hong Kong. The Nikkei rose 0.7% and is riding momentum from foreign inflows and basking in the afterglow of revenue and production upgrades for U.S. chipmaker Nvidia. The Nikkei has had a seven-week rally, adding around $460bn to the Japanese stocks. This is the Nikkei's longest weekly streak in five years. The weak yen has helped Japanese exporters' accounts in recent times and is currently down 1.4% on the week. Meanwhile, the US dollar strengthened due to concerns over a possible US debt default. The dollar is up 0.9% for the week with the US dollar index touching 104.31 overnight.
Moderna has registered a legal entity in China, called Moderna (China) Biotech Limited, with $100m in capital, according to company database Qichacha. The company is seeking opportunities in China and is keen to bring the advantages of its mRNA platform to the Chinese market, said a spokesperson. Prior to this new investment, Moderna did not have a presence in mainland China. It has previously expressed interest in selling its COVID-19 vaccine in China, however, foreign firms have been prevented from entering the market as Beijing has insisted on using only Chinese-made COVID-19 vaccines.
Prices of steel rebar in China have fallen to their lowest level in three years due to disappointing demand, particularly in the property sector, which accounts for about 60% of steel demand, exacerbating the slow down. While normally the peak construction season during March and April, steel rebar fell nearly 17% since late March with any recovery expected to be some months off as China enters its sluggish summer. Investment in the property and infrastructure sectors, as well as manufacturing also underperformed in April. Steel rebar prices fell to 3,510 yuan ($507.80) per tonne in Shanghai on Thursday.
Pakistan's government has placed a travel ban on former prime minister Imran Khan, his wife Bushra Bibi and several of his political aides. Khan was removed from office in a no-confidence vote in parliament last year but still faces a number of legal challenges. His arrest in May led to violent protests and the arrests of more than 7,000 of supporters. Members of Khan's party have said the arrest was orchestrated by the army ahead of this year's general election, which Khan's party is due to contest.
Retail sales in the UK increased by 0.5% month-on-month in April, according to data from the Office for National Statistics (ONS). The growth was in part a result of increased government benefits and the partial reversal of a sharp contraction in March. The increase was higher than the 0.3% rise forecast by economists. The quantity of goods purchased rose 0.8% in the three months to April compared to the previous three months.
Despite shoppers spending 4.7% more than last year, the impact of inflation can be seen in the fact that retail sales volumes were down 3% year-on-year. Grant Fitzner, ONS chief economist, said: “Retail sales grew, partially rebounding from a poor weather-affected March, with jewellers, sports retailers and department stores all having a good month. Despite continued high food prices, supermarkets also recovered from the fall in March.”
Iconic singer Tina Turner, who died last week, lived in a Swiss mansion overlooking Lake Zürich with her German music executive husband Erwin Bach. The couple bought a $76m (£61m) waterfront estate in Switzerland two years ago as a weekend retreat but kept the main residence, a rented château, as their home. When Times journalist Amanda Hess visited the couple at home in 2019, she reported that artworks included a framed rendering of Turner as an Egyptian queen and a suspended two-legged horse sculpture.
Is a Debt Deal Nigh? The Market Sees Signs of Optimism.
NY Times
23-05-26 11:24
Stock futures rose, and Treasury bill yields maturing on 8 June fell amid signs that the US is closing in on an agreement to raise the debt limit and avoid a government default. A deal could be struck today, paving the way for Congress to vote on Tuesday. Negotiators are reportedly $70bn away from a deal, with both sides being able to claim victories. There would be a cap on domestic spending over two years, with some work requirements for social safety net programmes and an overhaul of how domestic energy and power projects are approved. Meanwhile, Wall Street is also focussed on other economic developments, with the publication of the Commerce Department’s latest personal consumption expenditures data at 8:30 a.m. Eastern. This tracks inflation and could help convince the Fed to be less aggressive in raising interest rates next month.
Portuguese authorities have found a “relevant clue” in their search of the Barragem do Arade reservoir for evidence linked to the disappearance of Madeleine McCann. According to Correio de Manhã, police concentrated on a specific paper based on the clue. Material collected during the three-day search will be analysed by German authorities, who have been investigating the case since 2019. Key suspect Christian Brueckner allegedly visited the reservoir “some days” after the three-year-old vanished in 2007. Brueckner, who is currently imprisoned in Germany for raping a 72-year-old woman, has denied involvement in the McCann case.
Police dug holes up to two feet deep using pickaxes and a tractor-based tree-cutter to search the remote reservoir, which is 31 miles inland from the Praia de Luz resort where the McCann family were holidaying. Heavy machinery was used to cut pathways through surrounding woodland. Portuguese authorities have not released details of the investigation’s results. The Home Office recently granted funding of £110,000 to the Metropolitan Police to support its efforts to locate Madeleine, a sum significantly down on last year’s £300,000.
Christian Brueckner has been identified as a suspect in the McCann case since 2020. Last year, his yellow and white VW T3 Westfalia campervan was reportedly identified as having been in the vicinity of the Praia da Luz resort. The new searches for evidence are being carried out after German prosecutors received “certain tips” about the case. Madeleine disappeared on 3 May 2007. The total funding given to Operation Grange, the investigation into her disappearance, is now just under £13.1m since 2011.
At least one person has been killed and 15 wounded in a missile strike on a clinic in the eastern Ukrainian city of Dnipro, according to Ukrainian President Volodymyr Zelensky. The defence ministry has said that the attack is a serious war crime under the Geneva Conventions. The ministry has called for the international community to respond with greater force against the Russian assaults on Ukraine. The Kremlin has denied accusations that Russian troops have committed war crimes in Ukraine as Moscow previously asserted that the West was ignoring the risks associated with a potential nuclear war over Ukraine. War between Ukraine and Russia has rumbled on for 15 months since Moscow made its full-scale invasion of Ukraine in 2022.
The parents of Bryan Kohberger, accused of the murders of four students at the University of Idaho, have provided evidence concerning a completely separate case from 2022, where a woman named Dana Smithers disappeared in Pennsylvania. Smithers’ remains were found in a wooded area earlier this year. Kohberger’s mother had testified to a grand jury investigating Smithers' death, whilst his father gave a testimony on Thursday. The Stroud Area Regional Police Department has refuted any link between the two cases, despite Kohberger having lived in the same area as Smithers at the time of her disappearance. Kohberger stands charged with four counts of murder and one count of burglary in the Moscow case, in which he denies any involvement. Kohberger is also suspected to have broken into the home of another university student months prior to the murders and installed security cameras to spy on her.
A man in South Korea has been arrested for opening the door of an Asiana Airlines plane, injuring 12 other passengers from breathing in the sudden rush of air. The incident took place on a flight from Jeju to Daegu, with the man reportedly admitting he was planning to jump out and "get his wings". Police completed a search of the man's home and found nothing unusual. Those injured were treated by paramedics with oxygen masks, with some taken to hospital for treatment for minor injuries. South Korea's aviation security rules could see the man face 10 years in prison for the disruption he caused, however, it is not yet clear whether he will face charges. A video of the incident showing the sudden gusts of wind inside the aircraft that resulted in belongings being sucked out of the cabin was posted on social media.
