logo
Sweden to hire prison cells in Estonia for up to 600 inmates

Sweden to hire prison cells in Estonia for up to 600 inmates

Yahoo5 days ago

STOCKHOLM (Reuters) - Sweden will send up to 600 criminals to serve their sentences in an Estonian prison under an agreement announced by the government on Wednesday aimed at reducing pressure on the country's overcrowded jails.
From July next year, Sweden will be able to send men over 18 who are convicted of crimes ranging from murder to sexual offences to the prison in the Estonian city of Tartu. The agreement needs to be approved by parliament in both countries.
"The whole prison will be placed at Sweden's disposal," Justice Minister Gunnar Strommer told reporters.
"Sweden's prison system .. is under tremendous pressures and in that situation needs a plan for expansion to deal with that."
Sweden will pay 8,500 euros ($9,680) a month per inmate, a saving on the average 11,500 euros a month cost in Sweden.
A wave of gang-related violence over the last decade has led to tougher laws and sentencing in Sweden pushing up the prison population.
In May, around 7,300 inmates were held in 5,235 cells - an occupancy rate of 141%, figures from the Swedish Prison and Probation Service showed. Including standby accommodation, the occupancy rate was 96%.
The Prison Service reckons 30,000 people could be locked up in Sweden in 10 years.
Belgium and Norway have hired prison places in the Netherlands. Denmark has an agreement with Kosovo, a move heavily criticised by Danish human rights experts.
($1 = 0.8783 euros)

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

India central bank's large rate cut squeezes forward premiums, leaves rupee vulnerable, analysts say
India central bank's large rate cut squeezes forward premiums, leaves rupee vulnerable, analysts say

Yahoo

time22 minutes ago

  • Yahoo

India central bank's large rate cut squeezes forward premiums, leaves rupee vulnerable, analysts say

By Nimesh Vora and Jaspreet Kalra MUMBAI (Reuters) -The Reserve Bank of India's surprise outsized rate cut last week will leave the rupee vulnerable to further depreciation by pressuring already depressed foreign exchange forward premiums, several analysts said on Monday. The rupee has underperformed its Asian peers in 2025 amid weak capital flows. A narrowing interest rate differential — with the U.S. Federal Reserve moving slower than the RBI in cutting rates — suggests the Indian currency may continue to lag. MARKET REACTION The 1-month U.S. dollar/rupee forward premium — typically more sensitive to liquidity conditions — fell to 7.5 paisa, its lowest level since November. Meanwhile, the 1-year premium, which is more responsive to rate differential between the U.S. and India, declined to 1.5250 rupees, marking its lowest level in nearly a year. GRAPHIC: WHY IT'S IMPORTANT A drop in dollar/rupee forward premiums makes the rupee less attractive for carry trades, and diminishes the incentive for exporters to hedge future receivables. At the same time, it raises the likelihood that importers—who typically hedge near-term payment obligations—will step up their hedging activity. The decline in premiums - a less favourable rate differential between the U.S. and India - could leave the rupee open to sharper depreciation. CONTEXT Against the backdrop of benign inflation and the need to support growth, the Reserve Bank of India last Friday delivered a larger-than-expected 50 basis point rate (bps) cut, exceeding the 25 bps anticipated by economists. In a further easing move, the central bank slashed the cash reserve ratio for banks. KEY QUOTES "One thing the rupee had going for it is that it offered attractive carry ... with the 50-bps rate cut from the RBI, carry attraction has been reduced," Mitul Kotecha, head of FX and EM macro strategy Asia at Barclays, adding that in an environment where investors are again focussed on carry, the rupee's appeal has been diminished. Falling premiums can be a "mild added headwind" for the rupee amid globally elevated yields, Dhiraj Nim, FX strategist at ANZ Research, said, and pointed out that if India growth data weaken, there could be scope for one more rate cut. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

China's May lending seen tripling on monetary measures, trade truce: Reuters poll
China's May lending seen tripling on monetary measures, trade truce: Reuters poll

Yahoo

timean hour ago

  • Yahoo

China's May lending seen tripling on monetary measures, trade truce: Reuters poll

By Liz Lee BEIJING (Reuters) - China's new yuan loans more than tripled in May compared with a month ago, matching the borrowing appetite in the same period last year, as a temporary trade truce between China and the United States and new government measures helped boost credit demand. Chinese banks are estimated to have issued 850 billion yuan ($118.27 billion) in net new yuan loans last month, according to 18 economists polled by Reuters. April saw 280 billion yuan loans distributed. In mid-May, China and the United States struck a 90-day truce in their bruising tariff war and rolled back most of the triple-digit levies they heaped on each other's goods in early April. Adding to the positive sentiment was Beijing's raft of monetary easing measures last month including interest rate cuts and a major liquidity injection, though Citi Research analysts said the steps may not make an immediate impact on credit demand. "Bills discount rate stayed low in May, and we expect new RMB loans at RMB900 billion, largely in line with last May's level," Citi Research said in a note last week. New yuan loans in May are typically higher than in April as banks begin work to reach their quarterly loan targets. Factory activity at the world's largest manufacturing hub contracted for a second month in May, as trade tensions with the United States remain high and speculation mounts Beijing would roll out further stimulus measures to underpin economic growth. Adding to the external headwinds, frail domestic demand remains a major drag on the world's second-largest economy as households grapple with income pressure and keep a tight leash on spending. A phone call between U.S. President Donald Trump and Chinese leader Xi Jinping on Thursday kept the lid on tensions but left key trade issues such as Beijing's control on rare earth exports and Washington's curbs on chip-related exports to further talks set to take place in London later on Monday. Broad M2 money supply, which measures cash in circulation, and a set of deposits including time deposits to corporates plus household savings, is expected to have increased 8.1% last month, up from the 8.0% in April. Outstanding yuan loans in May were seen matching the pace of growth in April at 7.2% from a year earlier, according to the poll. A broad measure of credit and liquidity that is Total Social Financing (TSF) likely grew to 2.3 trillion yuan in May from 1.16 trillion yuan in April, the poll showed. Any acceleration in government bond issuance could help boost growth in TSF. The measure includes off-balance-sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sales. ($1 = 7.1871 Chinese yuan renminbi) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Japan confirms China's aircraft carrier sailed east of Iwo Jima for first time
Japan confirms China's aircraft carrier sailed east of Iwo Jima for first time

Yahoo

time2 hours ago

  • Yahoo

Japan confirms China's aircraft carrier sailed east of Iwo Jima for first time

TOKYO (Reuters) -The Chinese aircraft carrier Liaoning sailed through waters east of the island of Iwo Jima in the Pacific Ocean for the first time, Japan's top government spokesperson said on Monday. Japan would strengthen surveillance and gather necessary information, Chief Cabinet Secretary Yoshimasa Hayashi told a regular press briefing in Tokyo. Japan has also sent "an appropriate message" to China, Hayashi said without elaborating. Iwo Jima is located 1,000 km (620 miles) south of Tokyo. A statement by Japan's Joint Staff showed over the weekend that the Liaoning, accompanied by some other ships, sailed in the sea within Japan's exclusive economic zone near Minamitorishima, a remote island east of Iwo Jima. Japan had also confirmed fighter jets and helicopters taking off and landing from Liaoning in the waters southeast of Iwo Jima on Sunday.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store