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New Straits Times
5 minutes ago
- Politics
- New Straits Times
Zelenskyy under pressure as anti-corruption rollback sparks backlash
AT a rare protest in central Kyiv on Wednesday, demonstrators rallied against a law that curbs the power of anti-corruption agencies, warning the fight for Ukraine's democracy was taking place both on the battlefield and at home. The legislation, removing the independence of two key anti-corruption bodies, sparked the first major protests in Ukraine since it began fighting off the Russian invasion over three years ago. "Our struggle takes place on two fronts. Our main enemy is external, but we have an internal battle, too," said protester Viacheslav Bykov. "We don't want Ukraine to be part of Russia, we don't want a corrupt or authoritarian Ukraine. We want a free Ukraine." Several thousand demonstrators — mostly young — called for a veto to the law passed by Ukraine's parliament on Tuesday. The law places the National Anti-Corruption Bureau of Ukraine (NABU) and Specialised Anti-Corruption Prosecutor's Office (SAPO) under the authority of the prosecutor-general, who is appointed by the president. Critics say the legislation would facilitate presidential interference in corruption probes and threatens the independence of key institutions in Ukraine. President Volodymyr Zelenskyy responded to the backlash on Wednesday evening, saying he would submit a new bill ensuring "all norms for the independence of anti-corruption institutions will be in place". Kyiv's partners had reacted with alarm, including European Commission head Ursula von der Leyen, who the European Union (EU) said demanded explanations from Zelenskyy over the change. Civil society groups warn the bill is part of a broader pattern of pressure on anti-corruption activists and bodies. Some European allies worry the moves will undermine anti-corruption reforms key to Ukraine's bid to join the EU — a fear shared by many of the protesters. "We've worked for years to move closer to Europe... only to be thrown back 10 years in a single day," said protester Anya Kutsevol. Ukraine's two anti-corruption bodies, NABU and SAPO, were born a decade ago in the wake of the 2014 Maidan revolution. Those pro-European protests, centred on Kyiv's main square, also called Maidan, ousted a Kremlin-backed leader who scrapped a key partnership agreement with the EU. The Kremlin, which refused to accept Ukraine's democratic turn towards Europe, then launched a first assault over Ukraine that led Moscow-backed separatists to occupy Crimea and parts of the eastern Donbas region. "Ukraine is Europe," said Kutsevol. "We won't be returned to Russia. We will keep fighting for Europe." Some fear that a political crisis over the legislation could work in Russia's favour by undermining unity within the country, which is struggling to hold the front. Kremlin spokesman Dmitry Peskov seized on the opportunity to say there was "a lot of corruption" in Ukraine. "If I were Russia, I would do the same," said another protester, Yevgen Popovychenko, convinced that Moscow would try to exploit the protests. He was holding a banner that read: "Don't take me back" to the years of Maidan, where he took to the streets as a 21-year-old. As he stood in the crowd, he said he was having flashbacks from Maidan, a feeling shared by his friends. But many other protesters were only children during the famed 2014 demonstrations — including 25-year-old Kutsevol. "When tyres were still burning, I was 14. What good was I?" she said. Wednesday's was her first political protest, and she teared up looking at people gathered around her for the second day in a row, despite martial law banning large gatherings. She vowed to keep defending Ukraine's democracy. "We're adults now. Now it's our turn."
San Francisco Chronicle
6 minutes ago
- Business
- San Francisco Chronicle
Like the Fed, European Central Bank holds off on rate cuts amid tariff upheaval
FRANKFURT, Germany (AP) — The European Central Bank left interest rates unchanged Thursday, hitting pause on rate cuts amid uncertainty over US President Donald Trump's tariff onslaught and high-stakes trade talks marked by threats of drastically higher import taxes on European goods. Bank President Christine Lagarde said the current economic environment and the potential impact of higher tariffs was 'exceptionally uncertain." Higher tariffs could slow investment, growth and inflation - or they could be inflationary by disrupting existing supply chains for parts and raw materials. 'The sooner this trade uncertainty is resolved ... the less uncertainty we will have to deal with," she said. 'And that would be welcome by any economic actors, including trade tensions are resolved in short order, it will clear some of the uncertainty that we have weighing on the decision-making of consumers, of investors, of, untold enterprises." 'You could argue that we are on hold, we are in this wait and watch situation.' The central bank for the 20 countries that use the euro is facing the same dilemma that has led the U.S. Federal Reserve to hold off on cutting rates further: it's hard to tell how high the tariffs will end up after fraught negotiations, and what the ultimate impact will be on the economy. Fed Chair Jerome Powell has been harshly criticized by the Trump for delaying rate cuts. For his part, Powell has said the Fed wants to see the impact of the duties on prices and the economy before making any rate changes. The ECB has already cut rates eight times since June of last year. The monetary authority for the 20 countries that use the euro currency has been lowering rates to support growth after raising them in 2022-2023 to snuff out inflation caused by Russia's invasion of Ukraine and the rebound after the pandemic. With the bench mark rate now at 2%, down from a record high of 4% Analysts say a rate cut in September is a possibility but not a certainty. The reason: ECB's policymakers simply don't know the outcome of talks between the EU's executive commission and the Trump administration. Trump first set a 20% tariff for EU goods, then threatened 50% after expressing displeasure at the pace of talks, then sent the EU a letter informing officials of a potential 30% tariff. EU officials earlier held out hope of winning at least the 10% baseline that applies to almost all trade partners, and analysts think that the actual rate may be lower than Trump's tariff threats. The talks are up against an Aug. 1 deadline, but earlier deadlines have slipped as the sides kept talking. Higher tariffs, or import taxes, on European goods would mean sellers would have to either increase prices for U.S. consumers - risking loss of market share - or swallow the added cost in terms of lower profits. In either case, higher tariffs would hurt export earnings for European firms and slow the economy, which would strengthen the case for another rate cut in September. The ECB's rate cuts have helped support economic activity by lowering the cost of credit for consumers and businesses to purchase goods. Higher rates have the opposite effect and are used to cool of inflation by reducing demand for goods. Growth in the eurozone was relatively strong at 0.6% in the first quarter - though that was partly due to rushed shipments of goods trying to beat the tariffs. Inflation has fallen from double digits in late 2022 to 2% in June, in line with the ECB's target. A stronger euro, which lowers the price of imports, and softer global prices for oil have helped keep inflation moderate.
Straits Times
6 minutes ago
- Business
- Straits Times
EU says China's links with Russia now ‘determining factor' in ties
Find out what's new on ST website and app. EU chief Ursula von der Leyen (left) and European Council President Antonio Costa briefing the media after their meetings in Beijing, China, on July 24. BEIJING - EU chief Ursula von der Leyen warned on July 24 that China's ties with Russia were now the 'determining' factor in its relations with the European Union, as she wrapped up a tense summit in Beijing that also saw China agree to speed up exports of rare earth minerals to the bloc. China's leadership has sought to draw the European Union closer as it positions itself as a more reliable partner than the United States and a bedrock of stability in a troubled world. But while nominally intended to celebrate 50 years of diplomatic ties, the EU has made clear there are deep divisions over trade, fears that cheap, subsidised Chinese goods could overwhelm European markets and Beijing's tacit support for Russia's war against Ukraine. Brussels says China's deepening political and economic relations with Moscow since the 2022 invasion have helped Russia's economy weather sweeping Western sanctions. Beijing denies that claim. Wrapping up that summit, Dr von der Leyen told a news conference in Beijing that the bloc had made clear that the issue was now the 'determining' factor in its relations with China. She and European Council President Antonio Costa expressed 'our expectations that China would follow up on our concerns and the expectation that it would use its influence to bring Russia to accept a ceasefire, to come to the negotiation table, enter peace talks and put an end to the bloodshed', Dr von der Leyen said. She also said the bloc agreed with Beijing to an 'upgraded' mechanism for Chinese exports of rare earth minerals – another key sticking point in ties. Top stories Swipe. Select. Stay informed. 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'If there is a delay... we have now established a mechanism where the companies can immediately ask us to mediate and to find out why there's a delay on the delivery of the critical raw materials,' Dr von der Leyen said. And Mr Costa said the officials had raised human rights concerns with Chinese counterparts. 'Deepen cooperation' China, in contrast, framed the July 24 summit as a way for the bloc and Beijing to deepen trust in a turbulent world. Welcoming Dr von der Leyen and Mr Costa at Beijing's ornate Great Hall of the People, President Xi Jinping said 'the more severe and complex the international situation is, the more important it is for China and the EU to strengthen communication, increase mutual trust and deepen cooperation'. 'The challenges facing Europe at present do not come from China,' he said, calling on both sides to 'make correct strategic choices'. Mr Costa also stressed to the Chinese leader that the EU wanted to see 'concrete progress on issues related to trade and the economy, and we both want our relationship to be... mutually beneficial'. Chinese Premier Li Qiang told the EU leaders in a separate meeting that 'close cooperation' was a 'natural choice' for the two major economies. 'As long as both China and the EU earnestly uphold free trade, the international economy and trade will stay dynamic', he said. Climate agreement In rare agreement, China and the EU vowed to 'step up' efforts to address climate change. The warming planet is historically an area of convergence between Brussels and Beijing, with both willing to cooperate on combating climate change. Chinese and European leaders agreed on enhancing bilateral cooperation in energy transition and committed to accelerating global renewable energy deployment, a joint statement said. The EU also flagged its yawning trade deficit with China that stood at around US$360 billion (S$460 million) in 2024 and which Dr von der Leyen described as 'unsustainable'. Beijing dismissed those concerns, insisting that Brussels must 'rebalance its mentality', not its economic ties with China. If EU concerns were not addressed, 'our industry and citizens will demand that we defend our interests', Dr von der Leyen told Premier Li. The EU has imposed hefty tariffs on electric vehicles imported from China, arguing that Beijing's subsidies unfairly undercut European competitors. China has rebuffed that claim and announced what were widely seen as retaliatory probes into imported European pork, brandy and dairy products. AFP
Time of India
7 minutes ago
- Business
- Time of India
Irish watchdog threatens Elon Musk's X over adult content controls
Academy Empower your mind, elevate your skills Ireland's media watchdog, acting on behalf of the EU, has warned Elon Musk 's social network X that it must enact rules to restrict children's access to adult content by Friday or "face action".The regulator, Coimisiun na Mean, is tasked by the European Union with overseeing compliance by tech giants including X, Meta and TikTok , which all have European headquarters in the Irish authority formally adopted an Online Safety Code in October -- following consultation with the European Commission -- introducing binding rules to protect EU users of video-sharing platforms from harmful were given nine months before the more detailed provisions of the code came into force to allow time for any IT changes that may have been rules, which came into force this week, included an obligation for video-sharing platforms that allow pornography to use effective age assurance to ensure that children are not normally able to access also prohibit the uploading of content such as cyberbullying, the promotion of self-harm, suicide, eating disorders or dangerous challenges, as well as pornography and all the platforms based in Ireland, X is the only one that allows a statement sent to AFP on Thursday, the regulator said that X, formerly Twitter, has not so far complied with the an initial review, the watchdog said it "cannot see any evidence of measures taken to comply with the age assurance requirement"."Non-compliance is a serious matter which can lead to sanctions including significant financial penalties," it said.X did not immediately reply to an AFP request for to the code, breaches carry fines of up to 10 percent of a platform's annual turnover or up to 20 million euros ($23.5 million) -- whichever is regulator also said on Thursday it had "further concerns" about X's compliance with some of the other rules "including but not limited to, the availability of parental controls".It said it "will take further action" if X does not provide evidence of compliance with the code by also said it is continuing to review the compliance of other designated video-sharing platforms to assess their compliance "and will take any further supervisory, investigative or enforcement action required".
Euronews
7 minutes ago
- Politics
- Euronews
Zelenskyy announces new anti-corruption bill to defuse protests
Ukrainian President Volodymyr Zelenskyy announced a new draft bill on Thursday aimed at combating corruption, in an effort to quell protests sparked by a controversial law that critics say undermines the independence of two key anti-graft bodies. The contentious legislation was passed on Tuesday, meant to give the country's chief prosecutor oversight over the National Anti-Corruption Bureau of Ukraine (NABU) and the Specialised Anti-Corruption Prosecutor's Office (SAPO). Ukraine's leader sought to portray the move as positive, claiming it would lead to quicker investigations, more convictions and less 'Russian influence'. However, in the first major demonstrations since the full-scale Russian invasion of Ukraine in early 2022, thousands of Ukrainians took to the streets of cities including Kyiv on Wednesday to voice their opposition to the government's actions. In an attempt to placate protesters, Zelenskyy changed course on Thursday by saying a new anti-graft bill would be brought before parliament later that day. The president claimed in a Telegram post that the draft bill 'guarantees the real strengthening of the law and order system in Ukraine' and the 'independence of anti-corruption bodies'. 'It is important that we maintain unity,' Zelenskyy added. As well as causing protests at home, the vote in Ukraine's parliament on Tuesday also generated unease in the EU, which Kyiv aspires to join. In a post on X on Tuesday, the EU's Enlargement Commissioner Marta Kos said it was a 'serious step back', adding that the NABU and the SAPO were 'essential' for Ukraine's path towards becoming a member of the bloc. The Ukrainian branch of Transparency International also condemned the parliament's decision, saying it damaged trust with international partners. Zelenskyy's U-turn comes the day after negotiators from Russia and Ukraine met in Istanbul for a third round of talks, which were brief and did not yield a significant breakthrough. Ukraine's internal problems have coincided with an increase in Russian aerial bombardments of Ukrainian cities. On Thursday morning, Russian planes dropped two glide bombs on the eastern Ukrainian city of Kharkiv, injuring at least 37 people, according to the regional governor Oleh Syniehubov.
