Latest news with #Damocles
LeMonde
13 hours ago
- Politics
- LeMonde
Russia sees push for return of official censorship
Sentences handed down to writers and artists, restrictions on the distribution of films, redacted books and limited internet access: the Kremlin has been relentlessly tightening its grip on the free circulation of ideas. However, it has yet to formally restore censorship as it existed in the USSR, which is currently prohibited by the Russian Constitution. On Wednesday, July 23, lawmakers in the Duma, the lower house of the Russian Parliament, passed a law that, starting January 2026, will require film distributors to obtain a label from the Ministry of Culture certifying that the works they plan to release comply with "traditional Russian spiritual and moral values." Another law, passed the previous day, sets fines for internet users seeking "extremist content" online. Unenforceable in its current form because it criminalizes intent, which is hard to prove, this piece of legislation at the very least helps to foster a climate of fear and self-censorship. "This legal vagueness suits the authorities. Every Russian lives with the sword of Damocles hanging over their head. Fear drives people to remain silent. The Kremlin exercises arbitrariness whenever it can; the laws it enacts are insidious, which makes everyone feel they could be targeted," said sociologist Alexis Berelowitch.
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First Post
a day ago
- Business
- First Post
US-China trade talks resume in Stockholm as August 12 tariff deadline looms
US and Chinese officials resumed critical trade talks in Stockholm on Tuesday, aiming to de-escalate a mounting economic standoff. read more A US and Chinese flag flutter outside Sweden's government offices "Rosenbad" in Stockholm, Sweden, July 29, 2025, ahead of the second day of trade talks between China and the US. Reuters US and Chinese officials began a second day of talks in Stockholm on Tuesday to resolve longstanding economic disputes and step back from an escalating trade war between the world's two biggest economies. The meetings may not yield immediate large breakthroughs but the two sides could agree to another 90-day extension of a tariff truce struck in mid-May. It may also pave the way for a potential meeting between US President Donald Trump and Chinese President Xi Jinping later in the year, though Trump on Tuesday denied going out of his way to seek one. STORY CONTINUES BELOW THIS AD The delegations met for more than five hours on Monday at Rosenbad, the Swedish prime minister's office in central Stockholm. Neither side made statements after the first day of talks. US Treasury Secretary Scott Bessent was seen arriving at Rosenbad on Tuesday morning after a separate meeting with Swedish Prime Minister Ulf Kristersson. China's Vice Premier He Lifeng also arrived at the venue. China is facing an August 12 deadline to reach a durable tariff agreement with Trump's administration, after reaching preliminary deals in May and June to end weeks of escalating tit-for-tat tariffs and a cut-off of rare earth minerals. Without an agreement, global supply chains could face renewed turmoil from US duties snapping back to triple-digit levels that would amount to a bilateral trade embargo. The Stockholm talks follow Trump's biggest trade deal yet with the European Union on Sunday for a 15% tariff on most EU goods exports to the United States, and a deal with Japan. That agreement has brought a measure of relief to the EU but also frustration and anger, with France denouncing the deal as a 'submission' and Germany, Europe's largest economy, also warning of 'significant' damage. STORY CONTINUES BELOW THIS AD China can exercise a degree of leverage with its grip on the global market for rare earths and magnets, used in everything from military hardware to car windshield wiper motors, analysts say. Unlike the EU, it also does not rely on the United States for security ties and can let trade talks play out for several more months, Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, told Reuters. 'China is well aware of its strong negotiating position, as could clearly be seen in the temporary escalation observed in April,' he said. 'But over Europe always hangs the Damocles sword of the US withdrawing its security guarantee, and that is why the EU did not escalate the situation like China did.' Trump on Xi meeting The Financial Times reported on Monday that the United States had paused curbs on tech exports to China to avoid disrupting trade talks with Beijing and support Trump's efforts to secure a meeting with Xi this year. STORY CONTINUES BELOW THIS AD Trump pushed back against suggestions he was seeking a meeting with Xi. 'This is not correct, I am not SEEKING anything! I may go to China, but it would only be at the invitation of President Xi, which has been extended. Otherwise, no interest!' he wrote on Truth Social on Tuesday. Previous US-China trade talks in Geneva and London in May and June focused on bringing US and Chinese retaliatory tariffs down from triple-digit levels and restoring the flow of rare earth minerals halted by China and Nvidia's H20 AI chips, and other goods halted by the United States. Among broader economic issues, Washington complains that China's state-led, export-driven model is flooding world markets with cheap goods, while Beijing says US national security export controls on tech goods seek to stunt Chinese growth. Bessent has already flagged a deadline extension and has said he wants China to rebalance its economy away from exports to more domestic consumption – a decades-long goal for US policymakers. STORY CONTINUES BELOW THIS AD
Iraqi News
08-07-2025
- Business
- Iraqi News
German exports to US tumble as Berlin urges quick trade deal
Frankfurt – German exports to the United States plummeted in May, official data showed Tuesday, as Berlin pressed the European Union to strike a quick tariff deal with US President Donald Trump. Exports to the United States, Germany's largest trading partner, fell by 7.7 percent compared to April to 12.1 billion euros ($14.2 billion), federal statistics office Destatis said. The drop left German exports to the United States at their lowest level since March 2022, came after the initial April announcement by Trump of sweeping 'Liberation Day' tariffs. The punitive reciprocal rates which could see EU exports hit with a flat 20 percent tariff were first suspended until July 9, before Washington extended the pause till August 1. Overall, Germany exported a total of 129.4 billion euros' worth of goods in May, a drop of 1.4 percent on the previous month. Analysts surveyed by financial data firm FactSet had expected the trade barometer to stagnate. ING bank analyst Carsten Brzeski said May's fall likely reflected a reversal of earlier 'frontloading' after American customers had rushed to get orders in before announced tariffs could take effect. 'This effect has now dissipated,' he said, adding that 'the risk of (more) tariffs hangs like a sword of Damocles over German and European exporters'. The White House on Monday said it had sent letters to more than a dozen countries detailing the tariffs they would face if they did not reach new trade agreements with Washington by August 1. Ongoing trade tensions threaten new pain for export powerhouse Germany, whose economy is already reeling from high production costs and intense Chinese competition in sectors from cars to machine tools. German Chancellor Friedrich Merz last week called on the EU to strike a 'quick and simple' bargain with the United States, saying Germany's 'key industries' needed clarity.
Daily Maverick
07-07-2025
- Politics
- Daily Maverick
D-day for Judge President Selby Mbenenge, who faces the inquisition of a lifetime
This morning at 9.30am, Eastern Cape Judge President Selby Mbenenge will finally testify at the mammoth Judicial Conduct Tribunal investigating allegations against him of sexual harassment. July 7 at 9.30am, Eastern Cape Judge President Selby Mbenenge will finally testify at the mammoth Judicial Conduct Tribunal investigating allegations against him of sexual harassment. The complaint, lodged with the Judicial Service Commission (JSC) by court secretary Andiswa Mengo in January 2023, has hovered over the judge president like a sword of Damocles. Mbenenge took special leave (he was not suspended as is customary) as a result of the controversy. The judge president, according to Judges Matter, 'is highly regarded as a senior lawyer' and credited with transforming the division, unifying the disparate seats. He also attracted some of 'the finest legal minds to serve as judges of that court'. This case, as tribunal evidence leader, advocate Salomé Scheepers highlighted at the start, is historic. It is also the first major case of sexual harassment to reach the formal complaints process of the Judicial Service Commission. Judges Matter noted that 'the gravity of these proceedings [is] increased by Mbenenge's status in the judiciary: he is the second-most senior judge president in the country and is the sixth-most senior judge in judicial leadership. 'If found guilty, he might just be the third judge to face judicial impeachment in the history of South Africa'. Last week, several witnesses testified in favour of Mbenenge, including court secretaries and a Unicode expert on the technical architecture of emojis. These pollarded (basic) childlike digital icons became a centrepiece of the inquiry, with several 'experts' testifying on the multiple meanings that could be attached to an eggplant or a blushing peach. The central issue — which has been somewhat obscured by the dust kicked up by Mbenenge's formidable legal team, advocates Muzi Sikhakahne and Griffiths Madonsela — remains power relations in the workplace. Mbenenge has not denied sending crude, suggestive and explicit WhatsApp messages to Mengo and has insisted their contact was consensual. No contest On Friday, in an attempt to counter evidence by renowned Gender-Based Violence and sexual harassment expert, Dr Lisa Vetten, Mbenenge's legal team wheeled in a court stenographer. Unathu Sokoni, who began working for the courts in Springbok as a stenographer, and who moved to the Makhanda High Court, was called by Madonsela. But it turned out all Sokoni could offer was a WhatsApp conversation between the accuser, Mengo, and herself and that this was to be admitted as 'expert evidence' – possibly as a woman. 'Lisa Vetten came here in this tribunal and gave evidence to the effect that the complainant was subjugated because of the power positions of her, as a child secretary, and because the judge president was a judge and a father', complained Madonsela. Sokoni's conversation with Mbenenge's accuser would prove this not to be the case, he argued vehemently. The tribunal heard earlier in the week from another court secretary, Zintle Nkqayi, who testified for the judge president, that he had often referred to female staff as 'my big girls' and had a penchant for commenting on their appearance. Ironically, advocate Muzi Sikhahane had earlier accused Vetten of 'infantilising' Mengo by suggesting she did not have the capacity to ward off Mbenenge's persistent approaches. The tribunal has heard that Mbenenge would not take 'no' for an answer. Mengo's legal representative, Nasreen Rajab-Budlender, informed the inquiry that Sokoni was not 'an expert in power relations' and added that Mbenenge's legal team had been given ample time to find their own expert. 'They chose not to do so. The evidence Ms Sokoni seeks to give is irrelevant to the matter'. Ngoepe agreed that 'the panel is correct that Sokoni's evidence should be regarded as inadmissible'.
Mint
04-07-2025
- Business
- Mint
Vodafone lenders worried about the fate of loans as telco seeks more debt
Mumbai: Lenders to Vodafone Idea Ltd are worried that the telecom operator which is trying to borrow ₹35,000 crore more may prioritize paying its government debts over its new bank loans, a person aware of the matter said. Their concern centres around the company's ability to sustain loan repayments on the proposed loans if Vodafone Idea has to pay the adjusted gross revenue (AGR) dues to the government. The weakest player in India's telecom landscape has been steadily posting losses since FY17. On 19 May, the Supreme Court rejected petitions from Bharti Airtel Ltd and Vodafone Idea to waive some of the dues linked to their AGR. Vodafone Idea had sought a waiver on interest, penalty, and interest on penalty crossing ₹45,000 crore on the ₹83,400 crore pending AGR dues. The four-year moratorium on these payouts ends in September. In May, the operator told the Supreme Court that it would not be able to operate beyond the current financial year without bank funding. According to another person, whether banks approve the fresh loan proposal depends on promoter Aditya Birla Group injecting additional equity or providing a backstop to assure banks in case the telco's health worsens in future. To be sure, last financial year, the telco raised ₹4,000 crore in a preferential issue of shares to promoters, with Aditya Birla Group putting in ₹2,100 crore and Vodafone Group ₹1,900 crore. 'The company wants to raise ₹35,000 crore from banks; but for that, the promoters have to put in more equity or produce a corporate guarantee from a strong group company," said the first person cited above. 'In such a situation, if there is no additional skin in the game, bankers are not willing to put in more money." The second person said discussions between Vodafone Idea and a consortium of banks have been underway even before the AGR case returned to court. The person said there were a few virtual meetings between the bankers in the consortium and the management of Vodafone Idea a few months back, where lenders raised the two contentious issues on additional equity and promoter guarantee. 'This information is incorrect, and no such proposal is on the table," a spokesperson for Vodafone Idea said, without saying which proposal was being referred to. The spokesperson added: 'We remain in active discussions with lenders and will provide an update at the appropriate time." Also Read: Sword of Damocles hangs over Vodafone Idea's bank guarantees 'The position of lenders has not changed; the AGR setback in the Supreme Court has only made it worse," said the second person cited above. According to Care Ratings, bankers to Vodafone Idea include State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, and Axis Bank. While some have given term loans, others have provided bank guarantees. Its bank debt stood at ₹2,330 crore as on 31 March, as against ₹4,040 crore a year ago, as per disclosures made to analysts on 2 June. Email sent on Wednesday to the State Bank of India—Vodafone Idea's largest lender—remained unanswered. What complicates the matter is the government's decision not to convert more of the company's dues to equity. Following two rounds of such conversions, the government now owns a 49% stake in Vodafone Idea. Promoters Aditya Birla Group and Vodafone Group held a 25.6% stake, while the remaining are public shareholders. On Wednesday, telecom minister Jyotiraditya Scindia told CNBC TV18 in an interview that the government's stake in the telco 'will not go beyond the current 49%". While banks seem reluctant, the company is actively chasing loans. Akshaya Moondra, chief executive officer, Vodafone Idea told analysts on 2 June that the 'primary source of fundraising remains bank borrowing", which the telco is working on. 'The conversion of government dues to equity, along with the upgrade in the credit rating, are facilitating factors for us to take those discussions forward. Post the conversion, the engagement has started again seriously," Moondra told analysts. While the first round of equity conversion took place in 2023, the latest one happened in April, taking the total government stake to 49%. In May, Vodafone Idea's board approved raising ₹20,000 crore through a follow-on public offering (FPO), private placement, or other permissible mode. Also Read: Two months after second lifeline, Vodafone Idea again raises survival fears Analysts believe that raising debt is crucial to the telco's expansion plans. '...we believe the company's network investments remain contingent on debt raise which, in turn, is dependent on continued support/AGR relief from the Government of India. Stabilization of the subscriber base, along with further relief from the government of India remains imperative for Vi's long-term survival," analysts at Motilal Oswal Financial Services said in a note to clients on 2 June. The tussle over AGR has stretched out over almost 20 years. On 17 April, Vodafone Idea, which has 198.2 million mobile subscribers, submitted a representation to the government, seeking a waiver of interest, penalty and interest on penalty on its AGR dues. The telco said the government's AGR liability demand stood at ₹83,400 crore as of March end, with an annual instalment of approximately ₹18,000 crore due starting 31 March 2026 for the next six years. In comparison, Vodafone Idea generated ₹8,400-9,200 crore cash annually in the last three years.
