Uniper to Repay Berlin €2.6 Billion for Energy Crisis Bailout
State-owned Uniper SE will repay the German government €2.6 billion ($2.7 billion) for a historic bailout at the peak of the energy crisis, while plans for its re-privatization remain up in the air as a new government takes shape.
The utility will transfer the funds in the first quarter, Uniper said in a statement alongside its earnings report. Last year, the firm already gave the government €530 million from canceled payment obligations to Russia's Gazprom PJSC.
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Yahoo
an hour ago
- Yahoo
T. ROWE PRICE RELEASES 2025 MIDYEAR INVESTMENT OUTLOOK
Investing in a post-globalization world with reconfigured global trade necessitates a careful assessment of market opportunities and risks BALTIMORE, June 9, 2025 /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement, released its midyear outlook for global financial markets for the remainder of 2025. Underpinning the outlook for the next six months is an accelerated trend toward deglobalization, a tariff-driven reconfiguration of global trade, an expected broadening of stock market opportunities globally beyond U.S. equities and mega-cap tech stocks, and a bond market regime change driven by trade policy changes and German fiscal expansion. Some key takeaways from the 2025 Midyear Market Outlook include: Economics: The global economy is under pressure from multiple directions. Trade war fallout could slow the global economy. U.S. fiscal and tax policy will likely take center stage in the second half of the year. Expect rising costs for businesses and a reduction in consumer purchasing power. Equities: The broadening of equity markets should continue, reducing the U.S./mega-cap market concentration of recent years in favor of value stocks and select emerging markets. Fixed income: The fundamental shift in the global fixed income landscape is manifested in above-target inflation in some developed markets, especially the U.S. Corporate bonds are likely entering an economic downturn with historically high credit quality, positioning them more defensively than in the past. Multi-asset: Inflation protection and equity diversification will receive renewed emphasis in T. Rowe Price multi-asset portfolios. Inflation protected bonds and real assets can provide effective hedges against expected inflation. More attractive valuations signal favoring international and value equities in determining multi-asset portfolio allocations. While there continues to be a place for both active and passive management in investors' portfolios, this challenging market environment, including higher interest rates, more volatile markets, and greater policy uncertainty, supports the conditions for active managers to outperform. QUOTES Blerina Uruçi, chief U.S. economist "The U.S. administration's tariffs—combined with any retaliatory measures from its trading partners—will deliver a supply shock to the U.S. and a demand shock to the rest of the world, including China and Europe. The severity of these shocks will depend on the outcome of ongoing trade negotiations and legal challenges, but it seems certain that the world's two largest economies, the U.S. and China, will experience lower economic growth than projected at the beginning of the year—and the ramifications of this will be felt across the globe, irrespective of any individual trade deals struck." Josh Nelson, head of Global Equity "An expanding opportunity set in stock markets was on its way prior to last year's U.S. presidential election; the trade policies implemented since then have merely sped up the process. We believe this will lead to an expansion of investable stocks in the U.S. and abroad. We are returning to an investing environment in which more sectors and regions can generate meaningful returns—an environment demanding diversification and favoring active management. The broadening of equity market leadership is likely to favor value stocks and select emerging markets." Ken Orchard, head of International Fixed Income "The U.S. administration's tariffs and the massive German fiscal expansion have broken historical precedent and shifted the global fixed income landscape, resulting in a weaker outlook for developed market sovereign bonds and a stronger one for credit and some emerging markets. The likelihood of a global recession—with the U.S. leading the downturn—has also increased. However, instead of a traditional recession, what may transpire—especially in the U.S.—is a longer period of subpar growth with both higher unemployment and higher inflation." Tim Murray, Capital Markets strategist "In times of rapid geopolitical change, we tend to lean more heavily than usual on asset class valuations when making portfolio allocation decisions. Even after the concentrated selling pressure on growth stocks and value's relative outperformance in early 2025, value stocks look relatively more attractive than growth stocks moving forward. In a typical economic growth downturn or recession, we would expect U.S. equities to hold up better than international stocks. But we believe the underlying dynamics of this year's slump may be different, leading us to modestly favor non-U.S. shares." ABOUT T. ROWE PRICE Founded in 1937, T. Rowe Price (NASDAQ: TROW) helps people around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Investors rely on the award-winning firm for its retirement expertise and active management approach of equity, fixed income, alternatives, and multi-asset investment capabilities. T. Rowe Price manages USD $1.56 trillion in assets under management as of April 30, 2025, and serves millions of clients globally. News and other updates can be found on Facebook, Instagram, LinkedIn, X, YouTube, and IMPORTANT INFORMATION This material is being furnished for general informational and/or marketing purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as the primary basis for an investment decision. Prospective investors are recommended to seek independent legal, financial, and tax advice before making any investment decision. The T. Rowe Price group of companies, including T. Rowe Price Associates, Inc., and/or its affiliates, receives revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. T. Rowe Price Investment Services, Inc., distributor. T. Rowe Price Associates, Inc., investment adviser. T. Rowe Price Associates, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies. © 2025 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep design are, collectively and/or apart, trademarks of T. Rowe Price Group, Inc. View original content to download multimedia: SOURCE T. Rowe Price Group Sign in to access your portfolio
Business Insider
3 hours ago
- Business Insider
Russia, Ghana, 32 other embassies at risk of closure in Nigeria over unpaid ground rent
The Nigerian government, through the Federal Capital Territory Administration (FCTA), has issued a stern warning to 34 foreign embassies in Abuja, threatening possible closure over their failure to settle ground rent arrears dating back 11 years. The Nigerian government has threatened to close 34 foreign embassies in Abuja over 11 years of unpaid ground rent. The embassies collectively owe over ₦3.6 million in arrears since 2014, violating land lease agreements. Some of the embassies, including those of Russia and Turkey, have denied owing any debts. According to a report by The PUNCH, these embassies in Nigeria have collectively accumulated over ₦3.6 million in unpaid ground rent since 2014, violating land lease agreements with the Federal Capital Territory Administration (FCTA). Ground rent is a statutory obligation for all landholders within the Federal Capital Territory, including diplomatic missions, and is crucial for funding infrastructure and administrative services. The FCTA publication listing the defaulting embassies disclosed the specific countries involved, revealing that out of the 34 missions cited, the Indonesia Defence Attaché (₦1,718,211), Zambia High Commission (₦1,189,990), Government of Equatorial Guinea (₦1,137,240), and the Embassy of the Bolivarian Republic of Venezuela (₦459,055) owe the highest amounts in outstanding ground rent. Others include Ghana High Commission Defence Section (N5,950); Embassy of Thailand (N5,350), Embassy of Côte d'Ivoire (N5,500); Embassy of the Russian Federation (N1,100); Embassy of the Philippines (N5,950); Royal Netherlands Embassy (N5,950); Embassy of Turkey (N3,350), and the Embassy of the Republic of Guinea (N5,950). Embassies react Some embassies have rejected claims by the Federal Capital Territory Administration (FCTA) that they owe ground rent in Nigeria's capital, Abuja. The Embassy of the Russian Federation firmly denied any debt, stating: ' The Embassy pays all rent bills in good faith and on time. We have all necessary documents confirming payment. ' Similarly, the Embassy of Turkiye questioned its inclusion on the list, suggesting a possible bureaucratic error. A Turkish official said, 'We make our payments regularly and have not received any formal notice. We'll investigate and resolve any misunderstanding.' The German Embassy clarified that no official notice had been received from the FCTA and insisted all obligations had been fully settled by the end of 2024. It reaffirmed its commitment to transparency and cooperation with Nigerian authorities. The Ghana High Commission also said it had not been officially notified but would engage the Ministry of Foreign Affairs to address the issue.
San Francisco Chronicle
3 hours ago
- San Francisco Chronicle
‘Who controls the present controls the past': What Orwell's ‘1984' explains about the twisting of history to control the public
(The Conversation is an independent and nonprofit source of news, analysis and commentary from academic experts.) Laura Beers, American University (THE CONVERSATION) When people use the term ' Orwellian,' it's not a good sign. It usually characterizes an action, an individual or a society that is suppressing freedom, particularly the freedom of expression. It can also describe something perverted by tyrannical power. It's a term used primarily to describe the present, but whose implications inevitably connect to both the future and the past. In his second term, President Donald Trump has revealed his ambitions to rewrite America's official history to, in the words of the Organization of American Historians, ' reflect a glorified narrative … while suppressing the voices of historically excluded groups.' Such ambitions are deeply Orwellian. Here's how. Author George Orwell believed in objective, historical truth. Writing in 1946, he attributed his youthful desire to become an author in part to a ' historical impulse,' or ' the desire to see things as they are, to find out true facts and store them up for the use of posterity.' But while Orwell believed in the existence of an objective truth about history, he did not necessarily believe that truth would prevail. Winners write the history During World War II, the Nazis broadcast reports on German radio describing nonexistent air raids over Britain. Orwell knew about those reports and wrote: 'Now, we are aware that those raids did not happen. But what use would our knowledge be if the Germans conquered Britain? For the purposes of a future historian, did those raids happen, or didn't they?' The answer, Orwell wrote, was, 'If Hitler survives, they happened, and if he falls, they didn't happen. So with innumerable other events of the past ten or twenty years. … In no case do you get one answer which is universally accepted because it is true: in each case you get a number of totally incompatible answers, one of which is finally adopted as the result of a physical struggle. History is written by the winners.' As Orwell wrote in ' 1984,' his final, dystopian novel, 'Who controls the past controls the future. Who controls the present controls the past.' Power, Orwell appreciated, allowed those who possessed it to create their own historical narrative. It also allowed those in power to silence or censor opposing narratives, quashing the possibility of productive dialogue about history that could ultimately allow truth to come out. The Ministry of Truth The desire to eradicate counternarratives drives Winston Smith's job at the ironically named Ministry of Truth in '1984.' The novel is set in Oceania, a geographical entity covering North America and the British Isles and which governs much of the Global South. Oceania is an absolute tyranny governed by Big Brother, the leader of a political party whose only goal is the perpetuation of its own power. In this society, truth is what Big Brother and the party say it is. The regime imposes near total censorship so that not only dissident speech but subversive private reflection, or 'thought crime,' is viciously prosecuted. In this way, it controls the present. But it also controls the past. As the party's protean policy evolves, Smith and his colleagues are tasked with systematically destroying any historical records that conflict with the current version of history. Smith literally disposes of artifacts of inexpedient history by throwing them down 'memory holes,' where they are 'wiped … out of existence and out of memory.' At a key point in the novel, Smith recalls briefly holding on to a newspaper clipping that proved that an enemy of the regime had not actually committed the crime he had been accused of. Smith recognizes the power over the regime that this clipping gives him, but he simultaneously fears that power will make him a target. In the end, fear of retaliation leads him to drop the slip of newsprint down a memory hole. The contemporary U.S. is a far cry from Orwell's Oceania. Yet the Trump administration is doing its best to exert control over the present and the past. The Trump administration has taken unprecedented steps to rewrite the nation's official history, attempting to purge parts of the historical narrative down Orwellian memory holes. Comically, those efforts included the temporary removal from government websites of information about the Enola Gay, the plane that dropped the atomic bomb over Hiroshima. The plane was unwittingly caught up in a mass purge of references to 'gay' and LGBTQ+ content on government websites. Other erasures have included the deletion of content on government sites related to the life of Harriet Tubman, the Maryland woman who escaped slavery and then played a pioneering role as a conductor of the Underground Railroad, helping enslaved people escape to freedom. The administration also directed the removal of content concerning the Tuskegee Airmen, the group of African American pilots who flew missions in World War II. In these cases, public outcry led to the restoration of the deleted content, but other less high-profile deletions have been allowed to stand. Over the past several months, many of Trump's opponents have bemoaned the fecklessness of the Democratic Party in mounting an effective opposition to the president's agenda. Critics on the right and even some on the left denounced as little more than a stunt New Jersey Sen. Corey Booker's marathon 25-hour speech on the U.S. Senate floor detailing the constitutional abuses of Trump's first few months. But while words are no substitute for action, in the face of a regime that is intent on stifling voices of dissent, from media outlets to law firms, to university campuses, through a combination of formal censorship and informal coercion and bullying, the act of speaking out matters. Booker's protest will be written into the Congressional Record and remain a part of the nation's contested history. So too will the meticulous recounting of the administration's constitutional abuses in publications such as The Atlantic and The New York Times. The existence of such a record allows the potential for a critical historical narrative to be written in the future. But the administration is also looking ahead. Repressing thought Current proponents of the 'anti-woke' agenda at both the federal and state level are focused on reshaping educational curricula in a way that will make it inconceivable for future generations to question their historical claims. Orwell's '1984' ends with an appendix on the history of 'Newspeak,' Oceania's official language, which, while it had not yet superseded 'Oldspeak' or standard English, was rapidly gaining ground as both a written and spoken dialect. According to the appendix, 'The purpose of Newspeak was not only to provide a medium of expression for the worldview and mental habits proper to the devotees of [the Party], but to make all other modes of thought impossible.' Orwell, as so often in his writing, makes the abstract theory concrete: 'The word free still existed in Newspeak, but it could only be used in such statements as 'This dog is free from lice' or 'This field is free from weeds.' … political and intellectual freedom no longer existed even as concepts.' The goal of this language streamlining was total control over past, present and future. If it is illegal to even speak of systemic racism, for example, let alone discuss its causes and possible remedies, it constrains the potential for, even prohibits, social change. It has become a cliché that those who do not understand history are bound to repeat it. As George Orwell appreciated, the correlate is that social and historical progress require an awareness of, and receptivity to, both historical fact and competing historical narratives.
