The alleged price-capping mechanism introduced by the Group of Seven against Russia last year has failed to limit the Kremlin's crude oil revenues since it continues to flow while revenues remain almost unchanged. Initiated by the US government, the mechanism focused on cutting the Russian government's revenue while enabling global exports to continue. The plan hoped to reduce oil prices by limiting the buyers' payment structure for Russian crude and diesel to $60 and $100 a barrel. However, troubling statements have emerged, which indicated that the sanctions in this regard pushed Russian oil trading away from reliable, well-known shipping companies and related trades to new, little informed ones.
Market analysts provide valuable information to investors, but relying too heavily on their forecasts is an imperfect approach to investing. Analysts tend to focus on near-term estimates while overlooking medium-term outlooks. Taking aggregate analyst estimates can be misleading and overshoots GDP growth. Investors should approach estimates with a grain of salt, as companies that outperform or underperform their estimates may not have a similar effect on the market. The estimations of Goldman Sachs Group’s economists say the data suggest a “healthy dose of skepticism” towards analysts’ forecasts and that markets are already applying this skepticism.
The UK's Office for National Statistics (ONS) initially underestimated the country's population of foreign nationals by almost half a million, due to a flaw in how data was collected. Many of the migrants were employees of Wizz Air, the regional airline that frequently lands at airports inspected by personnel conducting the International Passenger Survey (IPS), which offers estimates of migration to and from the UK. The survey targets random individuals and questions cover issues such as how much was paid for airline tickets. The experience made Brexiteers question the ability of the IPS to produce accurate data.
The resumption of flights between Russia and Georgia has sparked concerns that Georgia is drifting closer to Moscow's orbit at the expense of its pro-European and pro-western stance. The ruling party, Georgian Dream, is known to have pursued a strategic ambiguity since gaining power in 2020, courting the US, the EU and also the Kremlin.
Critics in Germany have slammed the repatriation of 20 Benin Bronzes from the country to Nigeria in 2020 to the King of Benin rather than the Nigerian state, calling it a consequence of “recklessness” and believing the decision entitled the king to remove them to “private possession”. Nigeria, however, has dismissed the controversy as neocolonial. Ownership of the objects had been assumed to rest with the Nigerian government and the National Commission for Museums and Monuments. The decision could have repercussions for other institutions, like London’s Horniman museum, which plans to transfer ownership of 72 Benin objects.
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.
Manchester United could lose their status as the only English club to complete the treble if Manchester City wins the FA Cup and Champions League, according to the football journalist Jim White. White, a United fan, claimed he found himself feeling increasingly pessimistic about the prospect of City enjoying a clean sweep after the club’s swift progress to the Champions League final, and his own team’s stuttering form. City faces Chelsea in Istanbul on Saturday’s final, before a meeting against United at Wembley the following weekend.
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.
West Ham United fans, players and officials were attacked by AZ Alkmaar supporters after a Europa League semi-final on Thursday night. The West Ham players attempted to intervene as AZ supporters stormed towards family members and supporters in the stadium as children fled for safety. David Moyes, the West Ham manager, confirmed his own and friends were in the section where the brawl broke out. Video emerged later of West Ham player Declan Rice throwing an object into the crowd. West Ham won the match against AZ 1-0 and booked their place in their first European final in almost five decades.
Unai Emery remains focused on the hard work as the Aston Villa coach following his nomination for the Premier League manager of the season award. He said that his priority is to improve and build a strong project for the team and improve their objectives. Villa have won 14 of his 26 top-flight games which allowed them to move closer to a Europa Conference League spot. Emery is renowned for his intense approach to his work, noting that it takes a lot of focus to ensure that the best possible results are achieved.
Readers from the Sydney Morning Herald have criticised Australian Prime Minister Scott Morrison in a series of letters to the newspaper. One critic called Morrison the "worst ever PM" and accused him of trashing Australia's international reputation and obstructing action on climate change. Morrison was also accused of grandstanding, while going missing when the going got tough. Unemployment seemed to be another focus of criticism, with one letter writer saying that Morrison would struggle to win any other jobs outside of parliament. Others questioned why he remains in parliament at all, suggesting that he has no purpose other than a sinecure. The PM received criticism after it was reported that he is mentoring younger colleagues while on the back bench, with one Sydney Morning Herald reader declaring that the claims were the "best laugh" they'd had all day.
Love in a Time of Hate by German author Florian Illies examines Europe's bohemian culture of sexual liberation in the 1930s, before the arrival of the Third Reich. As war trauma pushed a generation toward hedonism and polyamory, characters from Sartre to Anaïs Nin explored their sexual freedom, leading to tangled relationships. The book culminates with the emergence of Nazis, as emigration, penury and arrest became the norm. Drawing on a large selection of source material, Illies combines disparate historical strands into a three-volume magnum opus that reads like a pocket miscellany.
The Austin Allegro, a car that was widely criticized and subject to jokes and ridicule, is marking its 50th anniversary. When it was introduced in 1973 as the replacement for the ADO16 1100/1300, it was seen by many as a promising design, with warm welcome from the press. The “New Driving Force From Austin” model was the first car with Hydragas suspension, which used displacers partially filled with nitrogen. However, despite its innovative technology, the car was plagued by reliability issues and poor performance, leading to its unpopularity, regularly featuring as one of the UK’s worst cars in motoring history round-ups. Yet, five decades after launch, the Allegro has a thriving owners’ club that points out its usability and the Quartic steering wheel, which was seen as an annoyance, vanished after 1975. Although widely ridiculed, the car remains part of British automotive history and has become a sought-after classic.
A cross-party group of British politicians has called on the government to treat cryptocurrencies as gambling rather than regulate digital assets. The Treasury select committee’s report defined cryptocurrencies as “having no intrinsic value” and providing “no discernible social good”. The industry reacted angrily to the report, which came as the UK aims to become a “hub for crypto innovation”. It has set itself the goal of becoming competitive with other European capitals in the race for crypto supremacy. A new government policy could damage crypto's industry aspirations in the UK, CryptoUK's Ian Taylor has warned. Earlier this year, the Treasury said self-assessment tax forms would feature a standalone section for individuals and trusts that have disposed of cryptocurrencies. However, the report did not address how cryptocurrencies would be taxed, if they were treated as gambling.
Sheik Jassim has made a fourth bid to purchase Manchester United, with reports suggesting chemicals billionaire Sir Jim Ratcliffe is also in the running. Nasser Mohamed, an LGBTQ+ activist and advocate across the Middle East has suggested that the Qatar bid is part of a wider “pattern” by funds linked to the state. Mohamed has criticised Qatar for its human rights stance and says people must be “worried” about surrendering power to the country while it remains authoritarian. It has been suggested by PA that most United fans prefer the Qatar bid over that of Ratcliffe.
Reports suggest that US President Joe Biden has lifted his initial opposition to the sale of F-16 fighter jets to Ukraine; the US was previously unwilling to allow its European allies to export the planes to Ukraine. However, White House officials have not commented on the speculation. The UK is expected to provide training for Ukrainian pilots, but has ruled out providing Typhoon jets. These developments are seen as a victory for Ukrainian President Volodymyr Zelensky, who has long pushed for Western allies to supply his country with the fighter jets.
The US is set to send F-16 fighter jets to Ukraine to boost the country's defence against Russia, according to The Telegraph's daily podcast Ukraine: The Latest. The news comes as the Battle for Bakhmut continues and G7 leaders meet in Hiroshima. The leaders revealed they have reaffirmed their commitment to stand together against what they call “Russia's illegal, unjustifiable and unprovoked war of aggression against Ukraine”. The US has previously been reticent about sending warplanes to Ukraine.
NATO leaders must prepare for the potential future of war and work on securing their own defense in the wake of Russia's invasion of Ukraine, according to retired US Army Gen. Carter Ham. He stressed that beyond any actions taken regarding Ukraine, it is critical that NATO be prodded into building up its own conventional forces and defense industries. A strong NATO would also allow the US to focus attention on a more significant challenge: deterring China in the Indo-Pacific.
AZ Alkmaar’s fans were cowardly in attacking families and children of West Ham United players and backroom staff during a pre-season friendly, wrote football pundit Chris Sutton. The violence eventually ended because a few West Ham fans defended the area where the players’ and staff’s families were sat. Sutton demanded that UEFA severely penalise AZ Alkmaar and that the Dutch club should take responsibility for its own supporters.
Germany's Dax index reached a record intraday high last Friday, rising 0.9% to surpass 16,320 and become Europe’s second-best-performing main equity market this year. Strong corporate earnings have spurred investor confidence, allowing companies such as Adidas and Siemens to rise nearly a quarter this year despite concerns over the economy. The Dax has returned 17.2% YTD, not far behind France's Cac 40 at 18% but well ahead of the FTSE 100’s 6.2% return and the S&P 500's 10%. The strong earnings have been credited with spurring optimism among investors towards European equities.
