Ukraine has told China's special representative for Eurasian affairs, Li Hui, it will not agree to any proposals to end its conflict with Russia that involve losing territory or freezing the conflict. This comment came during Li's visit to Kyiv on Tuesday and Wednesday – the first by a senior envoy from China since Russia's invasion of Ukraine earlier this year. China has been criticised for refraining from condemning Russia's actions and for not referring to them as an "invasion", causing some to question China's credibility as a potential broker in the conflict.
Lord Frost has criticised Michael Gove’s recently proposed changes to rental reforms, regarding them as “dangerous and counterproductive.” The criticisms were made during a speech at the National Conservatism Conference where Frost also discussed state interference in people’s life and the need for the Conservatives to portray themselves as the “party of opportunity and the party of the future”. Ian Fletcher, director of policy for the British Property Federation, has added concerns that the reforms could lead to an increase in short-term rentals, prompting holiday lets to replace permanent residences.
The UK government is seeking a resolution with the European Union (EU) concerning rules of origin regulations, which is causing concern for car manufacturers, according to Prime Minister Rishi Sunak's spokesman. Stellantis, the world's third-largest carmaker, has urged the government to renegotiate rules stemming from the Brexit deal, or the company will be forced to close British car plants. The business secretary has already discussed the topic with the EU, and the UK government hopes to reach a resolution on the matter.
European automakers, including Jaguar Land Rover and Ford, are calling for a delay in the introduction of post-Brexit tariffs on electric vehicles due to concerns that it threatens the move to net zero. The new rules, which will come into effect from January 2022, will impose a 10% tax on vehicles shipped to the EU from the UK if they fail to contain sufficient components - equal to at least 45% of the value of an electric vehicle - manufactured in either the UK or the EU. The rules are part of an initiative to prevent Chinese-controlled minerals from entering the EU through the UK and maintain production standards. Industry leaders suggest that the fast implementation of the rules poses a threat to the industry's transition to clean mobility as few gigafactories, which produce batteries, currently exist outside China and Stellantis, the owner of Vauxhall, has said that the proposals could force it to end production in the UK.
FIFA, football clubs, and other industry stakeholders have agreed on a date on which players should start preparing for Australia and New Zealand's Women's World Cup. Clubs and countries had previously been at odds, with clubs citing concerns over player welfare and injury risks while national teams were concerned that player rest periods would lead to deconditioning before the World Cup was due to take place. FIFA imposed a mandatory release date for players on 10 July for 2023's Women's World Cup. Now, players may prepare for the tournament no earlier than 23 June and no later than 29 June.
Driving a Mazda Miata provides a Toronto-based writer with a nostalgic reference point to two earlier MIatas he owned in his younger years. Derek Kreindler's first Miata signified a sense of arrival and opened him up to a new world of automotive exploration as he test-drove several models before purchasing the one that met his criteria. Now on his third Miata, Kreindler savours each summer he spends behind the wheel remembering carefree days of his youth.
Concerns over security and privacy have led to calls for the banning of the popular short-form video app TikTok. Critics have argued that its parent company, Chinese firm Bytedance, could potentially use the app, which is one of the most popular ever, as a tool to surveil people on behalf of Beijing. The US federal government and the European Commission have already banned their employees from installing the app, and the state of Montana has become the first state to ban it. Indian officials banned the app in 2020 after a dispute with China over disputed territory.
Coventry City football team's manager, Mark Robins, is being hailed as a possible top-flight boss after leading his team to the brink of a third promotion. A Coventry victory against Luton Town would see the club for the first time in 22 years back in Premier League. Robins took over in 2017 and prompted two promotions from League Two and League One respectively, in addition to winning the Football League Trophy. The manager said earlier this week, "We have a wonderful chance to take this club back into the top flight".
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.
The Toronto Six are set to announce several signings, including Yale women’s hockey team captain Claire Dalton. Following a busy off-season throughout the Premier Hockey Federation, in which various teams have bolstered their rosters with new talent, the Six are expected to make significant announcements as their championship-winning team looks to defend their title. Goalkeeper Elaine Chuli has already signed a two-year contract, with the Six reportedly set to welcome back a host of players who played a key role in their 2021 win.
Leaders from the Group of 7 (G7) countries are to meet and discuss the global economy this week at the annual G7 summit in Japan. However, the US’ nearing debt default of two weeks may be cause for concern. President Joe Biden hopes to promote an optimistic tone after the White House sent two special aids to negotiate with Republicans to raise the debt. Upcoming discussions are also set to focus on Ukraine and China. European allies are pressing the US administration to give American-made F-16 jets to Ukraine after gaining territory around the city of Bakhmut. Nevertheless, the Biden administration is worried about escalating the situation and the potential costs and time issues that would arise. Discussions on China will focus on handling the threat of its economic, technological and military rise. The summit will also include talks on how to stabilise the global economy and limit devaluations of currencies.
Credit Suisse's scandal-hit bondholders have been allowed access by Swiss regulator Finma to the decree that cancelled their $4.5bn worth of additional tier 1 (AT1) bonds. The decision came after investors launched a lawsuit, accusing Finma of having acted unconstitutionally when it ordered Credit Suisse to write down the bonds as part of its rescue merger with UBS. The decree revealed that the Swiss government issued two emergency ordinances that expanded Finma's powers, allowing it to wipe out the AT1 bonds.
The Architecture Biennale has offered a fresh view on the development of modernist architecture in Africa. Tropical Modernism reflects how architects from the continent were at the forefront of innovation in the postwar period rather than simply adopting existing European ideas. The exhibition explores the extent to which traditional building methods in Africa served as a template for modernist architects, as well as the effect of the pan-African movement and the former British Empire. Concerns about climate are also a key factor in the rise of tropical modernism, with architects offering designs that moderated the impact of the sun's rays.
European officials are growing concerned that support for Ukraine against Russia has peaked and fear that the flow of aid will be disrupted in 2023 as the US enters a divisive presidential campaign. Although there are sufficient preapproved funds to sustain Kiev for five more months, major questions remain over whether the US government will meet its existing $48bn aid package, particularly as it requires a vote in Congress in the autumn against a background of increased partisan debate on the war. European allies say that current levels of support could be sustained for a year or two but not for longer.
Australian Agricultural Company (AACo), the nation’s largest beef producer, is focusing on premium wagyu steaks for European and Middle Eastern customers, benefiting from a further 17% rise in branded wagyu sales in 2020, helping to drive a 35% rise in operating profits to AUD67.4m ($47.6m). AACo is promoting its Westholme Wagyu, one of the company’s key Australian brands, among chefs to help command higher prices. Though it marked one of the strongest results in the company’s history, a lack of dividends to shareholders remains an issue, as it has failed to award them for increasing numbers of years.
Explosions were reported in several locations across Ukraine, including air raids in the capital Kyiv, leading to many residents taking shelter. Other regions, including Zhytomyr to the west of Kyiv, and Kirovohrad, Cherkasy and Dnipropetrovsk in central Ukraine, also reported warnings. The rocket attacks followed an attack by Russia utilising hypersonic missiles; while the Ukrainian air defences largely succeeded in intercepting the missile attack, falling debris caused a fire in the Darnytskyi district of Kyiv.
The Emilia-Romagna Grand Prix, due to take place at Imola, Italy, from Friday 19 May to Sunday 21 May, has been cancelled due to severe flooding in the region. Italian authorities issued a red warning after rising water levels in the Santerno river threatened the circuit. A least three people have been killed in the floods, which have also led to the evacuation of around 5,000 people. F1 staff were advised not to travel to Imola and the car park and other areas nearby were caught in the downpour. The Monaco Grand Prix next weekend remains scheduled to take place.
The cancellation of the Grand Prix, the second event to be cancelled in advance of the race after the 2020 Australian Grand Prix due to a coronavirus infection, is seen a setback for the Mercedes team, which had specifically prepared for the Imola race, where it had planned to test a new upgrade package designed to reduce the 128-point gap that Red Bull has opened in the race for the constructor’s rankings.
F1 fans and personnel took to social media to communicate their disappointment, but emphasised their understanding of the mechanics of the decision. Lewis Hamilton, head of the Mercedes team, took to Instagram to note that safety should be prioritised over racing. Imola now faces the possibility of losing its spot on the F1 calendar after 2025, unless a new deal can be agreed with F1 owners Liberty Media. It remains to be seen if the event will be rescheduled this year.
European stocks have rallied as concerns over a potential US government default and the health of regional banks have eased. The Stoxx 600 rose 0.4% following two days of losses, while France’s Cac 40 moved up 0.6% and Germany’s Dax 1%. London's FTSE 100 also rose 0.5%. The gains in Europe followed a 1.2% rise for the S&P 500 and a 1.3% gain for the Nasdaq Composite in the US. The rally came after US President Joe Biden said he was "confident" of reaching a budget agreement with Congress. The KBW regional banking index rose 7.3% on Wednesday after share-buying in the banking sector boosted sector confidence, helped by reports that Western Alliance's deposits grew by $2bn in Q2. Asian markets also rose following the Wall Street jump.
UK Chancellor Rishi Sunak has praised £18bn of new Japanese investment in the country, calling it a "huge vote of confidence in the UK economy." Speaking to Tokyo business leaders, Sunak said British and Japanese businesses had a "long, proud history of partnership," adding that the opportunity for collaboration was "incredible." The investment will create "hundreds of good, well-paid jobs" with more to come as projects get underway, he said.
Former UK Foreign Secretary Liz Truss's trip to Taiwan and her hardline stance against China's communist rulers is consistent with her previous stance on China being a threat to Britain’s national security. Truss's assessment of the threat Beijing poses to Taiwan's future independence, as well as the wider world, deserves serious consideration. Concerns are raised about the pace of submarine construction, with the UK on average building only one nuclear submarine every five years. Even with Aukus, a UK-US-Australia alliance to build new capabilities and alliances to counter the Chinese threat, the alliance has a lot of catching up to do if it is to pose a credible counter-balance to China’s military expansion.
