Greece Creates Marine Parks That May Revive Turkey Tensions
The parks will be located in the Ionian Sea and in the Southern Cyclades, an island group in the Aegean Sea, west and east of the mainland, respectively. The Greek government's pledge to create a marine park in the Aegean Sea drew pushback from Turkey last year. The two countries have historically been at odds over sea borders and economic rights in parts of the eastern Mediterranean.
'These parks will be among the largest marine protected areas in the entire Mediterranean,' Greek Prime Minister Kyriakos Mitsotakis said Monday in a statement. They will allow the country to meet its target of 'protecting 30% of its territorial waters' by 2030, ahead of schedule, the premier added.
The establishment of the two marine parks is meant to preserve ecosystems, restore balance and set a new standard for marine conservation, Mitsotakis said.
'Unilateral actions should be avoided in enclosed or semi-enclosed seas such as the Aegean and Mediterranean,' Turkey's Foreign Ministry said in a statement in response, adding that Ankara would announce its own projects 'aimed at protecting the environment in marine areas' in the coming days.
The area in the Aegean Sea hosts threatened wildlife plants and species and will cover almost 9,500 square kilometers. The park in the Ionian Sea will extend over 18,000 square kilometers and will include locations used by endangered animals like certain sea turtles.
'They will be vast sanctuaries for life beneath the waves,' Mitsotakis said, adding that 'most importantly, inside these marine zones the hugely damaging practice of bottom trawling will be banned.'
(Adds Turkish statement in fifth paragraph.)
More stories like this are available on bloomberg.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
22 minutes ago
- Business Standard
Torrent in talks to acquire L&T thermal unit in $1 billion deal: Report
Deliberations are ongoing and details of the potential transaction may change, the people said, adding that talks could also fall apart and other bidders might emerge Bloomberg Torrent Power Ltd. is in talks to buy the thermal business unit of Larsen & Toubro Ltd. for about $1 billion including debt, according to people with knowledge of the matter. Both companies are working with advisers on the potential transaction, the people said, asking not to be identified because the deliberations are private. A disposal would help L&T raise cash to reduce its debt, the people said. Deliberations are ongoing and details of the potential transaction may change, the people said, adding that talks could also fall apart and other bidders might emerge. A representative for L&T declined to comment, while Torrent Power didn't immediately respond to a request seeking comment. L&T has been evaluating selling its thermal unit to focus on its core engineering and construction business. The company held talks in 2021 to merge the asset with the Indian arm of Singapore-based Sembcorp Industries Ltd., Bloomberg News reported at the time. Torrent Power, owned by Ahmedabad-based conglomerate Torrent Group, offers services including power generation, transmission, distribution, as well as manufacturing and supply of power cables, according to its website. Shares of Torrent Power have dropped around 9% in Mumbai this year, giving the company a market value of nearly $8 billion.
Indian Express
an hour ago
- Indian Express
Fake diplomat arrested from Ghaziabad: Multiple shell companies, 11 bank accounts in 4 countries — ‘Ambassador of Westarctica's' ops dates back to 2 decades
After the Uttar Pradesh Police's Special Task Force (STF) busted a fake embassy operating from a rented house in Ghaziabad's Kavi Nagar, and arrested a man who claimed to be the 'Ambassador of Westarctica', the police on Thursday said that they have uncovered a complex international financial web – stretching from Rajasthan's marble mines to banks in Dubai, Mauritius and the United Kingdom. In a statement released on Wednesday, the STF said that 47-year-old Harsh Vardhan Jain had registered multiple shell companies abroad and maintained at least 11 bank accounts in four countries. It added that Jain's financial operations dated back to nearly two decades and were built on a 'modus operandi of fraud, hawala and brokerage' carried out under the garb of international diplomacy. The police said that Jain, who was arrested late Tuesday, has admitted during questioning that he worked closely with controversial figures like godman Chandraswami and arms dealer Adnan Khashoggi during his time in London. He also allegedly partnered with Ehsan Ali Syed, a Hyderabad-based businessman who took Turkish citizenship and is now serving a six-and-a-half-year sentence in Switzerland for defrauding multiple companies by promising large loans and taking brokerage fees in advance. According to the STF, Jain's ties to Syed were facilitated by Chandraswami, who introduced the two during Jain's stay in London in the early 2000s. It added that one of Syed's firms, Western Advisory Group – based in Switzerland and Bahrain – collected over 25 million pounds in brokerage from Swiss companies between 2008 and 2011. 'In collaboration with Ehsan, Harsh Vardhan formed several shell firms, including State Trading Corporation Limited, East India Company UK Limited, Island General Trading Co LLC (UK), Indira Overseas Limited (Mauritius), and Cameron Ispat SARL (Cameroon),' the STF said. Investigators have also identified at least six bank accounts that have been linked to Jain in UAE, three in UK, one in Mauritius, and one in India, the STF said. According to the STF, Jain's father J D Jain was a reputed industrialist and the owner of Jain Rolling Mill in Ghaziabad. '…there were mines in Banswara and Kakroli in Rajasthan by the name of Indira Marbles and 'JD Marbles', where (Jain) has also worked. Marble was also exported to London from these mines,' it added. In his statement, the police said, Jain has said that after completing his education, he had moved to Dubai in 2006 and allegedly began duping businessmen in the name of providing jobs abroad. 'He worked as a broker in Gulf and African countries. When he returned to India in 2011, he resumed operations from his family home before shifting to the rented bungalow,' the STF statement said. Jain, who the police said holds an MBA degree from London, had allegedly been using his connections and the illusion of a diplomatic clout to convince businessmen that he could secure them international deals and jobs abroad. 'He used false flags, fake diplomatic number plates, forged passports and seals to give the impression of being an influential international broker,' Senior Superintendent of Police (STF) Ghule Sushil Chandrabhan had told The Indian Express. He had also acquired honorary 'ambassador' and 'consigliere' titles from several self-styled micronations like Seborga, Poulvia, and Lodonia, which he used to influence people and extract money, police had said.
Time of India
4 hours ago
- Time of India
Trump issues tariff ultimatum — if no deal by August 1, these countries will feel the heat
Deals already made: Japan, Philippines, Indonesia Live Events EU could be next – But there's tension Trump wants global tariff policy Brazil Could Suffer Big Losses South Korea exploring Japan-like deal FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel U.S. President Donald Trump has raised the minimum US tariff rate from 10% to a new range of 15% to 50%, depending on how friendly the US is with a country, says Trump at the AI summit, Washington gave countries a deadline of August 1 to make trade deals — or else they could face high tariffs, especially those the US 'hasn't been getting along with', according to the report by Yahoo made a deal with the US this week – US will apply a 15% tariff on Japanese goods, and Japan will invest $550 billion in the US, announced on Tuesday. The Philippines also reached a deal – US will charge a 19% tariff on imports from the Philippines, but the Philippines will not charge US exports deal confirmed too – US will charge 19% on Indonesian goods, and a high 40% tariff on any goods rerouted through Indonesia. Good news for US exporters: 99% of US imports to Indonesia will face no tax, as stated by Yahoo per the Financial Express report, talks with the European Union are progressing toward a deal like Japan's — with 15% tariffs instead of the threatened 30%. But the EU is ready to fight back: If no deal is reached by August 1, the EU will hit back with 30% tariffs on over $100 billion of US goods, including Boeing aircraft, US cars, and bourbon this month, Trump said 150+ countries would get letters telling them their tariffs would be 10% or 15%. Commerce Secretary Howard Lutnick told CBS News that many small countries, especially from Latin America, the Caribbean, and Africa, would likely face the lower 10% rate, as per the Bloomberg may face a harsh 50% tariff on all its products — and it's already causing panic. The US buys 42% of Brazil's orange juice exports, which is worth $1.31 billion — but with 50% tariffs, farmers may let fruit rot because it won't be worth the cost to harvest, according to the Reuters prices in Brazil have already fallen by nearly half this month — showing how Trump's policies are already shaking global markets, even before the tariffs start, Cepea index, University of São Paulo, according to the report by Yahoo Korea and the US are discussing a 15% tariff deal, possibly in exchange for a big investment pledge, like Japan did. Talks are delayed for now, because US Treasury Secretary Scott Bessent had a schedule issue, as per the Korean Finance Ministry. The deal may include South Korea buying more US products, like Boeing planes and farm goods, similar to Japan's pact, as per the Bloomberg has raised US tariffs to 15%-50% and wants trade deals signed before August 1. Countries like Japan, Philippines, and Indonesia already made deals. EU, Brazil, South Korea, and others are under pressure. If no deal is made, huge tariffs will hit global trade, and some industries are already feeling the Trump has set August 1 as the deadline for countries to sign trade deals or face 15% to 50% US far, Japan, the Philippines, and Indonesia have signed trade deals to avoid higher US tariffs.
