The gifts worth over £50,000 offered to Executive ministers in first year of Stormont return
The Assembly returned in February 2024 following a two-year hiatus after DUP ministers withdrew over objections to the NI Protocol arrangements for the UK's withdrawal from the EU.
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The Independent
25 minutes ago
- The Independent
EU seeks to lower a price cap on Russian oil and discourage Nord Stream pipeline investors
The European Union wants to lower a cap on the price of Russian oil to deprive the Kremlin of extra profits to fund its war in Ukraine as part of a new raft of sanctions aimed at forcing Moscow to the negotiating table, senior officials said on Tuesday. EU foreign policy chief Kaja Kallas said the bloc is 'proposing to lower the oil price cap from $60 to $45, which is lower than the market price, and lowering the oil price cap will hit Russia's revenues hard.' Kallas said the EU also wants to impose 'sanctions on the Nord Stream pipelines to prevent Russia generating any revenue in the future. In this way, it sends a clear signal we are not going back to business as usual.' All 27 EU member countries must all agree for the sanctions to enter force. In 2023, Ukraine's Western allies limited sales of Russian oil to $60 per barrel but the price cap was largely symbolic as most of Moscow's crude — its main moneymaker — cost less than that. Still, the cap was there in case oil prices rose. Oil income is the linchpin of Russia's economy, allowing President Vladimir Putin to pour money into the armed forces while avoiding worsening inflation for everyday people and a currency collapse. European Commission President Ursula von der Leyen said she assumed that the price cap would be discussed and agreed among the leaders of the Group of Seven major world economic powers when they meet in Canada on June 15-17. She said the United States and its G7 partners realize 'that the oil price has lowered so much that the effectiveness of the cap is to be questioned, and therefore we all want to lower the oil price from $60 per barrel down to $45 per barrel.' The Nord Stream gas pipelines were built to carry Russian natural gas to Germany but are not in operation. They were sabotaged in 2022, but the source of the underwater explosions has remained a major international mystery. The Commission has said that it wants to impose sanctions on the operating consortium to discourage investors from trying to use the pipelines in future. The blasts happened as Europe attempted to wean itself off Russian energy sources following the Kremlin's full-scale invasion of Ukraine, and contributed to tensions that followed the start of the war. Von der Leyen noted on Tuesday that at the beginning of the war in 2022, 'Russia had 12 billion euros ($14 billion) of energy revenues from fossil fuels" from Europe per month. "And now we're down to 1.8 billion (euros).' The new EU sanctions would also target Russia's banking sector, with the aim of limiting the Kremlin's ability to raise funds or carry out financial transactions. A further 22 Russian banks will be hit with measures, von der Leyen said. An export ban worth some 2.5 billion euros would also be imposed, and the assets frozen of more than 20 Russian and foreign companies alleged to be providing support to the Kremlin's war machine. Von der Leyen said the sanctions are aimed at forcing Russia into serious talks about peace with Ukraine. 'We need a real ceasefire, and Russia has to come to the negotiating table with a serious proposal,' she told reporters. The EU has imposed several rounds of sanctions on Russia since Putin ordered his troops into Ukraine in February 2022. Around 2,400 officials and 'entities' – often government agencies, banks and organizations – have been hit. It's last raft of sanctions, imposed on May 20, targeted almost 200 ships in Russia's sanction-busting shadow fleet of tankers, and tightened trade restrictions to stop produce that could be used for military purposes from reaching Russia's armed forces.
Reuters
39 minutes ago
- Reuters
Romanian president could nominate a prime minister this week
BUCHAREST, June 10 (Reuters) - Romanian President Nicusor Dan said on Tuesday he could nominate a prime minister this week provided pro-European parties reach an agreement on measures needed to lower the European Union's highest budget deficit and prevent a ratings downgrade. Centrist Dan, who won a divisive presidential vote in May that saw the far right gain ground, must form a ruling majority that has until the end of June to approve deficit cutting measures to avoid a downgrade to below investment grade. The European Commission, ratings agencies and analysts have said Romania cannot reduce its shortfall over seven years to the EU's 3% threshold as agreed without hiking taxes, but Dan and the four pro-European parties have proved reluctant to enforce unpopular measures, focusing instead on cuts to state spending. "There is a hierarchy of priorities, first cutting useless state spending, then merging some institutions, rescheduling some investments to 2026 and lastly possible tax hikes," Dan said during a visit to neighbouring Moldova. "I hope we will reach to the tax side as least as possible." Dan said the parties had identified a list of 60-80 possible measures, but had yet to agree on any. The president, who has a semi-executive role, added that pending the talks he could nominate a PM this week. Two sources told Reuters ratings agencies had told a London panel in May they were ready to downgrade Romania from the last rung of investment grade unless they saw convincing measures including tax hikes. The next rating review is in August. Earlier this month the European Commission opened the possibility of freezing some EU funds for Romania next year. Brussels, ratings agencies and the IMF have said hikes to value added tax or changes to Romania's flat 10% tax on income would be the most effective. "It needs to be a solid plan, two big measures that everyone can price are better than 50 that nobody can evaluate," one of the London sources said. "How can anyone trust you that you'll do what's needed in the 7-year adjustment plan?" Claudiu Nasui, a lawmaker from the centre-right Save Romania Union, one of four pro-EU parties engaged in talks, is a strong proponent of state spending cuts inspired by Argentinian President Javier Milei. He told Reuters that he had identified 34 billion lei ($7.73 billion) worth of cuts that could be made in the second half of the year without cutting healthcare, education and defence. However, they included cutting state-funded investment schemes that were easier to tap than EU funds with little oversight, a political instrument for mayors that parties were unlikely to approve cutting. "Any measure to cut the deficit will make parties unpopular, spending cuts or tax hikes, you just need political will," Nasui said. "I often look at a street trash bin outside my office, there are always people rummaging in it. Hiking taxes will not hit us, but it will hit those poor people." ($1 = 4.3977 lei)
The Herald Scotland
an hour ago
- The Herald Scotland
Scotland must read the small print in Ireland's growth success
These figures are, however, astonishing, just too good to be true – and they are. Irish growth is hugely inflated by the presence of large US multinationals in the high-tech sector, especially in pharmaceuticals and digital technologies. The capital flows – investments, repatriated profits, IP ownership etc – and trade flows – imports and exports – associated with their operational activity and financial engineering, heavily distort the picture of what's happening elsewhere in the Irish economy. The lowest corporation tax rate in Europe (12.5%) and other sweeteners have helped to attract these US behemoths. This has already put the Irish Government in the crosshairs of the EU: last year the European Court of Justice required a reluctant Irish Government to claw back 13 billion euros from Apple on the grounds that unlawful tax advantages had been granted. Now, reciprocal tariffs of up to 50% are being threatened by the Trump administration: not good news for the likes of Pfizer, in Cork, which exports 80% of its drugs back to the US for finishing. Unsurprisingly, the high surge in Irish first-quarter growth is in large part due to stockpiling by these businesses in anticipation of new tariffs being imposed. Paul Krugman, the Nobel Prize-winning economist, described Irish growth as 'leprechaun economics' where GDP is 'artificially' distorted by multinational tax strategies. He's right. The main lesson for Scotland is to avoid dangerous over-dependence on powerful multinationals and to try to keep on Trump's good side – at least until things change. Other home-grown development paths are always available. Ewen Peters, Newton Mearns. FM should call an NHS summit I RECENTLY read a letter, published elsewhere, from a group of senior health professionals who very crisply, in a blameless collegiate way, described a way forward for our NHS and Social Care. In essence they are calling for John Swinney to put aside party politics and call a non-political summit to discuss and review the way forward for our health service. We've had various summits most recently about the rise of far right so surely it shouldn't to too difficult to organise this considering it's the subject uttermost in the minds of most citizens' concerns. Of course these experts are not suggesting that a simple summit will solve all the ills of our health and social care but as the start of a cross-party approach, upon which there are many areas of common ground. Our politicians owe us this but sad to say, with another election looming, I somehow doubt anyone has the guts or ambition to grasp the health nettle and plot a way forward. Come on, John, do as you say and put the people of Scotland First. Ian McNair, Cellardyke. Summits are the height of delusion I KNOW that the SNP likes to pretend that Scotland is a sovereign state bestriding the world stage. After all, as Cabinet secretary Mairi MacAllan told Holyrood in February 2024, 'More often than not, world leaders are approaching the Scottish government asking for our advice on how we have managed to lead the way so successfully on a number of fronts'. If you believe any of that, you will believe anything. John Swinney's self-important contribution to this is to hold 'summits'. Did we ever hear positive results from the one in April when he gathered the not very great or good together to devise a strategy for combating Reform? That went well last week. Now he is to hold a 'summit' on the scourge of knife crime. Some angry Scottish nationalists on social media are asking why he isn't holding a summit on independence, instead, which gives an indication of their (lack of) interest in the wellbeing of Scots. A summit is normally understood as a meeting of world leaders on a pressing issue of international concern. Using it to describe the deliberations of a devolved authority on a serious internal problem is to indulge in delusions of grandeur. Par for the SNP course. Jill Stephenson, Edinburgh. Organising NHS staff properly IAIN McNicol's letter (June 9) gives a glowing review of his NHS treatment and he suggests that taxes should be increased to improve funding of this enormous organisation. Not everyone has been so well treated and many have to wait a very long time for treatment. I speak from some experience. Television is full of programmes about hospitals, emergency services, ambulances. et cetera. Even for a minor accident it is not unusual to have a couple of ambulances, a fast response paramedic, the Hazardous Area Response Team, the fire service, a couple of police cars and a JRU (Joint Response Unit). In many cases a helicopter is called in to add to the mayhem and sometimes sent away again as not needed. The scene is a sea of blue lights and all colours of high-vis jackets. What does all that cost and could it not be more economically organised? Then the scene switches back to the A&E department and here you can see a large number of staff milling around, sitting at computers. I don't think funding is the problem. I think it has more do with actual organisation, but with an enormous unionised workforce it will never be sorted out. David Gilchrist, Paisley. Child Payment has been a success THERE can be little doubt that the Scottish Child Payment (SCP) is one of the most progressive initiatives delivered by either the UK government or any of the devolved ones during the last 10-15 years. Author, political commentator and Oxford University Professor Danny Dorling acknowledged this at the weekend when he said the SCP had significantly helped tackle child poverty in Scotland while remaining almost entirely ignored by politicians in England, whom he accused of wearing 'unbelievable blinkers'. He added that for an eligible family, 'If you've got three kids that's about £4,000 a year extra – that means that your children can eat and eat well, I mean healthily'. Figures published in March indicated that 31% of children across the UK were in relative poverty compared with 30% a year earlier. In Scotland the rate was 22% compared with 26% for the previous year. The SCP is yet another example of positive change initiated by the Scottish government and as such, is in stark contrast to the 'change' promised but not delivered by UK Labour. As Professor Dorling intimates, it is strange that there is such widespread ignorance of it south of the border. Perhaps the Child Poverty Task Force set up by Keir Starmer will recommend its adoption right across the UK. Alan Woodcock, Dundee. Sarwar did well in his TV interview THEY say that beauty is in the eye of the beholder. The letter from S. McArthur (June 10) would suggest that the same seems to apply to political programmes. Contrary to the views expressed, I found Anas Sarwar's interview to be excellent. He dealt at length with issues relevant to the Scottish Parliament, which was what the by-election was all about and declined the invitation to dwell on issues for which the First Minister has no responsibility whatsoever. He answered at length matters which they are. As a Labour voter I was very proud. John Swinney, a nice man, demonstrated the pressures he had been under the whole week-end, and was understandably crestfallen. I am sure that I was not alone in being hugely impressed by the interview with Dame Jackie Baillie as the votes were being counted. Emotionally drained, she gave the honest answer that at that point the result was too close to call. It came as no surprise when we saw the Herald's picture of Dame Jackie in tears. As a Labour voter I thought that, not for the first time, she is the kind of person who gives politics a good name. Sir Tom Clarke, Former Labour MP for Coatbridge. Election count? IT would appear that the First Minister does not even have a basic grasp of maths – pretty essential, may I suggest, for this role. He claimed that the Labour vote at Hamilton 'collapsed by 20% from 50% to 30%'; this is a reduction of 20% points, the actual percentage reduction is an entirely different figure . Perhaps the Cabinet Secretary for Education could put him right? Mike Flinn, West Kilbride.
