Germany’s Nico Denz (Bora-Hansgrohe) won stage 12 of the Giro d’Italia, his first Grand Tour stage win. The 185 km route offered a respite from the crashes, dreadful weather and sickness but the competition for the maglia rosa will resume on Friday as the event hits the Alps for the first time this year, with a summit finish at the Swiss ski resort of Crans Montana. Geraint Thomas's lead is still held at two seconds on Primoz Roglic. Denz was part of a five-rider attack from the front of a large breakaway group with just over 90 km remaining.
US asset manager Nuveen is considering purchasing Ecuador's new "blue bond", which seeks to fund conservation initiatives on the Galapagos Islands. Ecuador has promised to provide $12m every year to the project, which is aimed at preserving species and ecosystems on the islands. The bond has a lower cost of debt than typical options thanks to the initiatives it supports. Nuveen is one of the world's biggest investors in eco-friendly bonds, having previously bought into similar debt options in Seychelles and Barbados. Access to measurable impact data will be key to the firm's decision, according to its head of environmental, social and governance and impact debt investments, Stephen Liberatore.
Wagner group falling into Bakhmut 'mousetrap,' says Ukrainian commander
CBC
23-05-18 15:05
The Ukrainian military has advanced more than a kilometre near Bakhmut, shifting momentum after months of slow Russian gains in what is the deadliest ground combat in Europe since World War Two. Petro Podaru, commander of a Ukrainian artillery unit, said Russia was bombarding access roads to slow the Ukrainian assault. The Russian private army Wagner has led the Bakhmut campaign but its forces have been split from the Russian military, deepening public divisions. Ukraine claims its tactic around Bakhmut is to draw Russian forces into the city to weaken Russian front line defences elsewhere ahead of a planned counterassault.
The US has overestimated the value of the weapons it has sent to Ukraine by $3bn as a result of assigning a higher than warranted value on weaponry that was taken from US stocks. This calculation may lead the way for further weaponry to be sent to Kyiv and could delay the Biden administration's need to seek additional funds for Ukraine, amid the country's intensifying debt ceiling fight. Since August 2021, Washington has sent about $21.1bn worth of weaponry to Ukraine across 37 Presidential Drawdown Authority packages, including High Mobility Artillery Rocket System launchers and Javelin anti-tank weapons.
The Pentagon overestimated the value of weapons sent to Ukraine by $3bn in a recent accounting error. US officials have said that funds for arming Ukraine with lethal equipment will last until October; the overestimation of aid may yet change this calendar, however. The accounting error arose from its incorrectly using the cost of replacing the weaponry sent from military stockpiles with new equipment, rather than the purchase price plus depreciation. The error may have an impact on the timing of further assistance to Ukraine.
Trade representatives from the US and China will hold a meeting next week in America to discuss commerce, according to Liu Pengyu, the spokesperson for China's embassy in Washington. Pengyu stated that while China is open to discussion with the US at all levels, communication must be carried out based on mutual respect.
Footage has emerged allegedly showing that a Ukrainian tank fired at Russian positions in Bakhmut, Ukraine, after using a drone to locate them. This came as the Ukrainian military claimed to have made further gains in one of the most fiercely contested front line cities. The area is estimated to have shifted by 7.7 square miles.
Japanese director Hirokazu Kore-eda has said he did not want to focus on the sexual identity of the two schoolboys at the centre of his film "Monster," which has been nominated for the Palme d'Or at Cannes. The non-chronological three-part movie portrays a growing but non-sexual friendship between two boys. Kore-eda insisted that at their age, 12, they are not fully aware of their sexual identity. He said the movie was about the pain of a good friend moving away and creating distance between himself and another person who understands him.
The US Department of Defence (DoD) has mistakenly overvalued the total value of military aid that it has provided to Ukraine by approximately $3bn, according to officials. The error was reportedly made because the department assigned an unnecessarily high value to older weaponry, which was taken from existing US stocks. The result, should the error be corrected, will be that the DoD will have more funds available to supply to Ukraine in order to help counter Russian forces. The US has so far provided Ukraine with around $37bn in military aid since Russia invaded the country in February 2022.
Police in Tunisia have summoned two of Radio Mosaique’s top broadcasters, Haythem El Mekki and Elyess Gharbi, for questioning. The radio station is the country’s most prominent independent voice, and the broadcasters are known critics of President Kais Saied, whose government has been accused of cracking down on the media and political opposition. Concerns have grown over the rights of journalists and freedom of speech under Saied’s rule. Protesters have called out restrictions on freedom and the ongoing legal cases against bloggers and journalists in the country.
Apple has reportedly banned the use of external artificial intelligence (AI) tools, including ChatGPT, for its employees. The tech giant is believed to be concerned about the risk of confidential data leaks from workers who use the applications. Apple has also advised against the use of GitHub's Copilot, which automates software code writing.
Consumer confidence in the UK has reached its highest level in 15 months, according to a survey by market research firm GfK. The company's confidence index, which rose from -30 in April to -27 in May, reached its highest level since February 2022 and has increased for four consecutive months. Inflation remained at double digits, however, despite the upbeat outlook and the cost of food and drink soared to levels not seen since 1977. The Bank of England has responded to persistent inflation rises by lifting borrowing costs at 12 consecutive meetings since late 2021, resulting in the Bank Rate now standing at 4.5%.
Twitter has accused Microsoft of violating an agreement over data usage, saying the company used Twitter's data without authorization. Alex Spiro, a lawyer for Twitter owner Elon Musk, alleged that the tech giant had shared data with government agencies without permission. Spiro wrote to Microsoft CEO Satya Nadella asking the company to conduct an audit of its Twitter content use. A spokesperson for Microsoft confirmed that it had received questions from a law firm representing Twitter and would respond appropriately.
Ukrainian President Volodymyr Zelensky will participate in the G7 summit in person, with new sanctions against Russia expected to be announced at the event. The UK plans to ban Russian diamonds and many imported metals, while the US is expected to add 70 new entities to its export blacklist. Meanwhile, Ukrainian forces claim to have repelled day-long attacks by Russia in the city of Bakhmut. Russia reportedly increased its forces in the area, while Ukraine claims its forces advanced by up to 1km. Explosions in Ukrainian cities were reported last night as millions of people were warned of an anticipated counteroffensive.
Leaders from the G7 nations are set to unleash new sanctions against Russia as they meet for a summit in Japan, though Germany’s Chancellor Olaf Scholz urged for “pragmatic measures” to avoid circumventing sanctions imposed on Moscow. G7 leaders will discuss the possibility of an international peace summit over Ukraine at the meeting. The EU has suggested tracking the trade in Russian diamonds with a view to imposing restrictions at a later stage, while the UK has announced a ban on Russian diamonds and imports of metals from Russia in support of Ukraine. Meanwhile, US President Joe Biden recently met Japanese PM Fumio Kishida to discuss ways of strengthening defence cooperation and counteracting coercive behaviour by China, with whom divisions are appearing within the G7, though leaders are expected to show a unified front regarding a common approach to dealing with the country based on shared values.
The Group of Seven (G7) states, led by the UK and US, has initiated new sanctions against Russia over its role in the civil war in Ukraine. The UK will now ban its companies from importing copper, nickel, and aluminum from the country, whilst importing Russian diamonds will be forbidden. Additionally, 86 new individuals and firms linked to the Russian President Vladimir Putin's “military-industrial complex” will be targeted. The US has pledged over 300 sanctions against Russian vessels, individuals, entities, and aircraft, whilst cutting almost 70 Russian and other countries’ firms from its exports. European Council President, Charles Michel, has separately suggested that the EU should seek to limit trade in Russian diamonds.
G7 leaders eye more sanctions against Russia at Hiroshima summit
CBC
23-05-19 04:11
The G7 group of nations plans to unveil new export controls and sanctions aimed at individuals and businesses supporting Russia's war in Ukraine, including those providing military technology. The US has indicated that it may allow European nations to export more modern weaponry to Ukraine, including F-16 fighter jets. The sanctions are being announced at the summit of the G7 in Hiroshima, Japan where Ukrainian President Volodymyr Zelenskyy is believed to be present.
Australia's stock exchange, ASX, will abandon the use of blockchain-based technology in its attempt to rebuild its outdated trading, clearing and settlement software, after a seven-year period of development. Although ASX has announced it is considering other options, the decision signals the suspension of one of the world's highest-profile blockchain projects, which promised to bring greater security and speed to online transactions. As the replacement software is expected to be significantly more conventional, the new strategy for the project is expected to be announced by the end of the year.
Syrian President Bashar Assad has attended an Arab League summit for the first time since Syria was suspended from the organisation in 2011. Assad was invited to the summit in the western Saudi Arabian city of Jeddah by Saudi Crown Prince Mohammed bin Salman. The move represented a major symbolic victory for Assad in the wake of Syria's attempts to normalise relations with countries in the region. The country's forces have been accused of using chemical weapons during the civil war a decade ago; it has denied the accusations. Nearly half a million people are thought to have died during the war, with nearly 14 million people displaced. Countries including Saudi Arabia and Qatar have supported anti-Assad insurgent groups. The US and Germany have expressed their opposition to the normalisation of ties with Damascus.
European stocks rose on Friday as investors awaited central bankers' speeches for clues on the future direction of interest rates. Germany's Dax was 0.3% higher in early trade, putting it less than 100 points off the 16,290 high set in November 2021. The Stoxx 600 gained 0.4%, while London's FTSE 100 added 0.3% at the market open. Meanwhile, China's onshore currency fell to 7.027 against the US dollar, its lowest level since December following weak consumer spending and industrial production, as well as record-high youth unemployment in April data.
