The amount of money required to be among the top 1% in Australia has doubled to AUD 8.25m ($5.5m) since 2021, primarily due to rising property prices, according Knight Frank. The increase means Australia now ranks third behind Monaco ($12.4m), and Switzerland ($6.6m). Australia had previously ranked lower, at seventh with a wealth threshold of $2.8m. The consultancy added that the boom in property prices made up the bulk of the increase. It also forecast that the number of high-net-worth Australians - people with a net wealth of more than AUD 1m - would increase by 71% between 2022 and 2027, and the number of ultra high-net-worth individuals would jump by 40.9% over the same period.
The UK and the Netherlands have agreed to create an "international coalition" to offer fighter jet support for Ukraine. The agreement marks a key advance in Ukrainian President Volodymyr Zelenskyy's attempt to obtain military assistance from countries aligned to the West to fight against Russian forces. The provision of advanced fighter aircraft has been a contentious issue, with many Western countries hesitant about offering them to Ukraine, fearing their continued use could accelerate the conflict further. French President Emmanuel Macron has also said his country has opened the door to training Ukrainian fighter pilots.
UK, Netherlands are working to procure F-16 fighters for Ukraine, Downing Street says
CNN
23-05-17 02:25
The UK and the Netherlands are attempting to build an "international coalition" to help Ukraine purchase F-16 jets, with training for Kyiv pilots, as Russia intensifies its aerial strikes. Belgium has also offered to train Ukrainian pilots. Britain does not have F-16s in its air force, but the Netherlands and Belgium do, while the US Air Force has nearly 800 F-16s. Despite Ukraine's repeated pleas for F-16s, many have been reluctant to supply weapons that can reach Russian soil.
Four riders from the Soudal Quick-Step team have withdrawn from the Giro d’Italia after testing positive for COVID-19. The team’s leader, Remco Evenepoel, had already pulled out after testing positive, despite winning the individual time trial on Sunday and reclaiming the leader’s pink jersey. His withdrawal left former Tour de France winner Geraint Thomas in the lead of the race, two seconds ahead of Primož Roglič. Other riders, including Domenico Pozzovivo and Rigoberto Urán, have also had to retire this year due to testing positive for the coronavirus.
Talks between the Netherlands, UK, Denmark and Belgium on the possible delivery of F-16 fighter jets to Ukraine have yet to yield a solution, according to Dutch Foreign Minister Wopke Hoekstra. UK Prime Minister Rishi Sunak earlier said he had agreed with his Dutch counterpart, Mark Rutte, to support the provision of fighter jets to Ukraine as part of an international coalition. Rutte had earlier stated that discussions about donating F-16 jets to Ukraine were progressing during a visit by Ukrainian President Volodymyr Zelenskiy.
Inter Milan manager Simone Inzaghi has said his team are not favourites heading into a Champions League final against Real Madrid or Manchester City. The Italian side reach the final for the first time since winning the tournament in 2010, having defeated local rivals AC Milan in the semis. The English Premier League champions have a 2-1 lead over Paris Saint-Germain as they head into the second leg of their semi-final, while Real Madrid levelled 1-1 with City.
The Emilia-Romagna Grand Prix, which was due to take place on May 21, has been cancelled due to severe flooding in Imola. The area around the circuit has been subjected to heavy rain, resulting in flood and landslide warnings, and the nearby Santerno river has risen, threatening the circuit. The fifth round of the Formula One world championship has been cancelled, with at least three people in the region having already been killed in floods, and more than 5,000 having been evacuated from their homes. As of Wednesday morning, the paddock had not been affected, although car parks and other areas nearby have experienced severe flooding.
Formula 1 personnel were forced to vacate the paddock on Tuesday, with the event officially confirmed as cancelled on Wednesday. Following surveys of the region, and in view of the fact that rain is expected to persist until Thursday, event organisers declared there was no option other than to cancel the Imola Grand Prix. A statement expressing sympathy with those affected by the floods was issued by Ferrari. Championship leader Max Verstappen offered his support for the cancellation, having taken the chequered flag in first place at the preceding round, held in Miami.
The Imola cancellation marks the first time this season that F1 has had to cancel an event. The season is set to proceed with the next race at the Monaco Grand Prix next weekend.
Sayfullo Saipov, the Uzbek man convicted of killing eight people and injuring dozens more in a 2017 attack in New York City, is to be sentenced to life in prison without parole. He drove a rented truck down a bike path crowded with cyclists and pedestrians in what prosecutors described as an attempt to gain membership of Islamic State. The sentence was made automatic after a jury deadlocked on whether he should be given the death penalty. Twenty-five survivors of the attack and family members of those who died will give statements at the sentencing hearing. Most of the speakers will travel from Argentina and Belgium and will have translators if required. The hearing is in New York City, where the attack took place; Saipov will be held in Colorado’s Supermax facility. The case was the first federal death penalty trial since President Joe Biden took office and pledged to end capital punishment.
Hamas has warned that provocative “flag day” marches and attempts to Judaise the Palestinian part of Jerusalem risk further violence and a religious conflict, according to Dr Basim Naim, former minister of health and current head of the Council on International Relations for Hamas. He said Hamas is “ready to invest all we can, to sacrifice all we can to prevent any more steps towards Judaisation of the city and freedom for Palestine” and warned that such steps could lead to “explosions not only inside Palestine but in a lot of other countries.” Naim also stressed that protesters disregarded universal values by focusing on human rights within the Jewish community but not as a universal value for all human beings.
Regional and national elections in Madrid will determine whether Spain's ultra-rich pay the Solidarity tax, which was introduced in December 2021 and targets individuals with more than $4.1m in wealth and imposes a temporary levy of up to 3.5%. This tax has caused unrest among the country's 27,000 millionaires or billionaires, many of whom are seeking ways to avoid paying it and some of whom are considering moving away from the country altogether. Madrid's conservative president, Isabel Ayuso, has also expressed criticism of the tax and has challenged it in court.
Ecuadorian President Guillermo Lasso has activated a “mutual death” clause to dissolve congress and trigger new elections after he was faced with impeachment charges for alleged embezzlement. During the next six months, Lasso will rule by decree and legislative and presidential elections will be convened. Lasso’s activation of the clause known as mutual death, which has been in the country’s constitution since 2008, comes at a time of heightened turmoil in Ecuador.
Ukrainian President Volodymyr Zelenskiy has revealed he is making progress in persuading the West to supply his country with fighter jets. He has set his sights on getting US-built F-16 jets flown by several NATO nations – Britain and The Netherlands have pledged to help. While no western-designed jets have yet been donated, Poland and Slovakia have given Ukraine 27 Mig-29s to supplement its current fleet. However, Poland can't provide F-16s due to shortage. One alternative to the F-16 could be the JAS Gripen fighter jet produced by Swedish defence manufacturer SAAB.
The first date of Beyoncé's UK tour saw thousands of fans gather at Cardiff's Principality Stadium, with some attendees travelling from as far as Gloucestershire to see the singer's first UK tour in seven years. Fans have described the atmosphere as "buzzing," with one attendee saying that Beyoncé was being played "in every bar". The highly anticipated tour comes after Beyoncé toured Europe, with explosive shows that included video projections, animations, and robotic devices. A Forbes estimate predicted that the tour could earn the star upwards of £1.6bn.
Montana has become the first US state to enact a total ban on TikTok, with the law coming into effect in January 2024. In addition to barring TikTok from operating in the state, the law also prohibits its download. Tech companies have expressed doubts that the ban will be possible to impose, while the state's American Civil Liberties Union described the law as "excessive government control". TikTok, which has over 1 billion users globally, including 150 million in the US, has faced privacy concerns and alleged links to the Beijing government.
Manchester City’s front line of Erling Haaland and Kevin de Bruyne proved too much for Real Madrid, allowing City plenty of possession and enabling Bernardo Silva to score two goals in the Champions League semi-final. De Bruyne and Haaland’s pressure from the front was advantageous to City, with Real failing to leave their own third in the first half. This was the match the Belgian midfielder required to give him that legacy moment and he is expected to relish playing a role in taking City to the Champions League final against Inter Milan.
Business schools are setting up consulting arms to apply academic knowledge on the wider market. Bayes Consulting, part of Bayes Business School at City, University of London, offers bespoke solutions to corporate clients, while Durban University Business School, among others, also offers academic knowledge on a consultancy basis. Professor Daniel Beunza, a social studies of finance expert, advises the Financial Services Culture Board, a membership organisation that teaches executives how to carry out on-the-ground cultural analysis. Such services see competition between business schools and traditional firms, such as Boston Consulting Group, ramp up. While some leaders, like Patrick De Greve at Vlerick Business School in Belgium, see consultancy as potentially damaging strategic partnerships, others believe it offers the chance to deliver on social missions.
The Monaco Grand Prix will host the F1 race happening next, taking place from Friday, 26 May to Sunday, 28 May. Sky Sports UK and ESPN in the US will broadcast the event. Sergio Perez won last year's race in wet conditions, beating Carlos Sainz and Max Verstappen. The six-race weekend already passed, Max Verstappen was leading the Driver Standings, with 119 points, followed by Sergio Perez with 105 points. Red Bull dominated the Constructors' championship with 224 points, followed by Aston Martin and Mercedes.
Italy's public debt is high, but when private non-financial debt is taken into account, its debt levels fall to considerably lower levels than many of its major European counterparts. According to economist Marcello Minenna, Italy's families have a lower debt burden than any of its comparison countries and low levels of indebtedness among non-bank corporates. Italy has the second-lowest debt burden of its comparison group when public debt and non-financial private sector debt are combined and compared to GDP, right behind Germany. However, Italian sovereign yields remain high, which Minenna attributes to the EU's regulatory system that focuses too strongly on public debt-to-GDP ratios while underestimating or ignoring other parameters. Officials may want to consider private debt levels in upcoming reviews of the convergence criteria expected in the next few months. It is necessary to reconsider and supplement the standard measurements to review the convergence policies that are far too focused on public debt alone.
Sayfullo Saipov, an Islamic State supporter responsible for the deadliest terror attack in New York since 9/11, has been given 10 consecutive life sentences and 260 years in prison. Saipov killed eight people when he drove a truck at pedestrians and cyclists on a Manhattan street in 2017. Confronted by victims’ families during sentencing, Saipov demonstrated “sheer unrepentant nature”, according to US District Judge Vernon Broderick. Saipov, 35, was hoping the atrocity would earn him membership of the extremist group.
China's youth unemployment rate hit a record high of 20.4% in April, up from 19.6% in March, as a record 11.58 million college graduates enter the job market this year and opportunities are limited due to the coronavirus pandemic. The youth unemployment rate in China is high compared to most other major economies and some emerging markets, with Hong Kong, Germany, Japan and South Korea all reporting a youth unemployment rate of below 7%. In the US, the youth unemployment rate fell from 14.85% in 2020 to 6.5% in April, the lowest since 1953.
