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First Post
3 days ago
- Politics
- First Post
Poland presidential election: Can Trump decide Maga vs mayor battle in Warsaw?
Poland heads to the polls this Sunday in a fiercely contested presidential race between pro-EU centrist Rafał Trzaskowski and MAGA-aligned populist Karol Nawrocki. With global stakes and domestic divisions at play, the election could reshape Poland's future and Europe's. Trump's backing of Nawrocki adds a dramatic twist to this East-West ideological showdown. read more Karol Nawrocki, front, the conservative candidate heading into the second round of Poland's presidential election, meets with union members in Warsaw, Poland, on Tuesday, May 20, 2025. (AP Photo) Poland is bracing for a pivotal presidential election on Sunday that has become a symbolic clash between pro-European centrism and MAGA-style populism. In a nail-biting race that could reshape Poland's domestic and international trajectory, the centrist mayor of Warsaw, Rafał Trzaskowski is locked in a dead heat with the right-wing populist Karol Nawrocki. A Politico poll released earlier this week shows the race on a razor's edge, with Trzaskowski narrowly ahead by a single point—47% to Nawrocki's 46%. While the margin is statistically insignificant, the stakes are anything but. STORY CONTINUES BELOW THIS AD At the heart of this contest is a broader ideological battle that reaches well beyond Poland's borders. Trzaskowski, a liberal-leaning figure and key ally of center-right Prime Minister Donald Tusk, represents continuity with Tusk's Brussels-friendly agenda. Nawrocki, by contrast, is a newcomer to electoral politics and the preferred candidate of Poland's conservative Law and Justice party (PiS), now clinging to its last major lever of power. The presidency, largely ceremonial on paper, plays an outsized role in practice. The current president, Andrzej Duda also aligned with PiS has wielded his veto power repeatedly to block legislation from the Tusk government, especially reforms aimed at restoring judicial independence and repairing ties with the European Union. Trzaskowski's victory would likely end this stalemate, paving the way for deeper EU integration and institutional overhaul. Nawrocki, a historian by profession, has become the de facto torchbearer for Poland's populist right. His campaign has championed nationalist rhetoric, traditionalist values, and a strong stance against immigration, rhetoric that has increasingly echoed the playbook of Donald Trump. That resemblance was made explicit this week when Kristi Noem, Trump's former Homeland Security chief and a key surrogate in Europe, visited Poland to endorse Nawrocki. 'Electing the right leader here ensures a strong American presence,' Noem said, invoking 'Fort Trump'—a symbolic and potentially permanent U.S. military base in Poland—as a bulwark against Russian aggression. 'This election is about security, sovereignty, and strength,' she declared. STORY CONTINUES BELOW THIS AD Her remarks were interpreted by many as a direct attempt by Trump's orbit to influence the Polish vote. In return, Nawrocki has signaled enthusiastic alignment with Trump's worldview, pledging to be a 'reliable transatlantic partner' while resisting EU overreach. Trzaskowski, meanwhile, has framed the election as a referendum on Poland's future as a liberal democracy. 'We can either move forward with a modern, democratic Poland that plays a strong role in Europe, or return to isolation and division,' he told supporters during his final campaign rally in Warsaw. For Trzaskowski, the race also carries personal significance. He came within a whisker of winning the presidency in 2020, losing narrowly to Duda. Now, with Duda term-limited and the political winds shifting, this is his second—and perhaps last—chance. The outcome could determine not just the future of Polish politics but the balance of power in Europe. A win for Trzaskowski would mark a decisive turn toward the EU and liberal democratic values. A Nawrocki victory, on the other hand, would entrench a right-wing nationalist presidency, even as PiS's parliamentary grip has slipped. STORY CONTINUES BELOW THIS AD As voters head to the polls, the question looms large: Can Donald Trump's influence tip the scales in Warsaw? In a nation torn between westward ambition and populist nostalgia, the answer may reverberate far beyond Poland's borders.
Euronews
4 days ago
- Business
- Euronews
Which countries have the highest and lowest pensions in Europe?
Pensions are the main source of income for older people in Europe, according to the OECD's Pension at a Glance 2023 report. In many European countries, public transfers—such as state pensions and benefits—account for over 70% of older adults' total equivalised gross household income, exceeding 80% in some cases. So, how much do Europeans receive in old-age pensions? What is the average pension expenditure per beneficiary? And how do pension levels compare across Europe when adjusted for purchasing power? According to Eurostat, in 2022, the average pension expenditure per beneficiary for old-age pensions was €16,138 in the EU. This equals approximately €1,345 per month when divided over 12 months. It ranged from €3,611 in Bulgaria to €31,385 in Luxembourg within the EU. When EFTA and EU candidate countries are included, the range widens—from €1,648 in Albania to €35,959 in Iceland. The average old-age pension per beneficiary also exceeded €30,000 in two Nordic countries: Norway and Denmark. It was also significantly above the EU average in Sweden (€22,436) and Finland (€21,085). Besides Albania, EU candidate countries have the lowest average pensions. These include Turkey (€2,942), Bosnia and Herzegovina (€3,041), Serbia (€3,486), and Montenegro (€3,962). Montenegro ranks just above Bulgaria, but only by a small margin. These are annual figures, not monthly, demonstrating the wide gap between the lowest and highest pension levels in Europe. The EU's 'Big Four' economies ranked consecutively, all above the EU average. Italy had the highest average pension among them at €19,589, followed by France (€18,855), Spain (€18,100), and Germany (€17,926). Average pension figures show that: There's a strong East-West divide, with Western and Nordic Europe offering much higher pension benefits. The Southern European countries generally fare better than Eastern ones but still trail behind Northern Europe. The poorest performers are concentrated in the Balkans and Eastern EU, particularly among EU candidate countries. Inequalities in average pensions are significantly narrower when measured in purchasing power standards (PPS) compared to nominal terms. For example, within the EU, the ratio between the highest and lowest average pension is 8.8 in nominal terms, but it drops to 3.5 in PPS, reflecting differences in living costs. In the EU, average pension expenditure per beneficiary ranged from 5,978 PPS in Slovakia to 21,162 PPS in Austria. When non-EU countries are included, Albania had the lowest figure at 3,019 PPS. Turkey ranked significantly higher in PPS terms, with 8,128 PPS—placing it above several EU member states. All Nordic countries are above the EU average in pension spending, with some ranking among the highest in Europe. In euro terms, the average pension fell in only three countries in 2022 compared to 2021—and by less than 5%. These were Turkey, Ireland, and Greece. In Turkey, the decline was primarily due to a sharp depreciation of the national currency, which affected the euro value of pensions. In contrast, Bulgaria saw the largest increase at 33%, followed by Czechia with 16%. Pension growth also exceeded 10% in Latvia, Lithuania, Montenegro, and Romania. Old-age pensions are periodic payments intended to i) maintain the income of the beneficiary after retirement from paid employment at the legal or standard age or ii) support the income of elderly people. According to the 2024 Pension Adequacy Report, jointly prepared by the European Commission and the Social Protection Committee, EU countries are taking further steps to safeguard adequacy, but future adequacy remains under pressure. Pension replacement rates for a given career are projected to decline over the next four decades. The risk of poverty and social exclusion among older people has continued to rise since 2019, mainly driven by increasing relative income poverty. In 2022, more than one in five people aged 65 and over in the EU—about 18.5 million individuals—were at risk of poverty or social exclusion. This number is growing due to both the rising poverty rate and the ageing population. Across much of Europe, pension income falls well below pre-retirement earnings. This gap makes it hard for many older adults to maintain their standard of living after they stop working. The report shows that older women face higher poverty risks than men in every EU country. On average, women in the EU receive 26.1% less pension income than men, and 5.3% of women receive no pension at all. These gaps are rooted in gender pay disparities, shorter or interrupted careers, and a higher incidence of part-time work among women. Nvidia reported first-quarter earnings for fiscal year 2026 that exceeded market expectations and provided an upbeat outlook for the current quarter. This comes despite an estimated $8 billion (€7.1 billion) loss due to US chip export restrictions affecting sales to China. Nvidia's share price jumped nearly 5% in after-hours trading, placing it just 8% below its all-time high in January. Year-to-date, the stock is set to return to a positive return amid the price surge. Nvidia is now the world's biggest company, surpassing Microsoft and Apple in market capitalisation. 'Investors entered this quarter looking for signs that Nvidia could alleviate short-term concerns. What they received was a clear message that demand remains robust,' said Josh Gilbert, a market analyst at eToro Australia. Sales revenue from Nvidia's core business, data centres, increased by 73% year-on-year to $39.1 billion (€34.7 billion), reaching a new record. However, this represented a deceleration from 93% growth in the previous quarter. Despite the slower pace, the result aligned with market expectations, as some analysts had anticipated weaker figures due to regulatory headwinds. Overall revenue rose 69% to $44.1 billion (€39.2 billion), while earnings per share came in at $0.96 (€0.85), both ahead of expectations. CEO Jensen Huang attributed the sustained growth to strong global demand for artificial intelligence (AI), particularly from major cloud service providers. Nvidia's most advanced AI chip, Blackwell, 'is now in full-scale production across system makers and cloud service providers,' said Huang. 'Global demand for Nvidia's AI infrastructure is incredibly strong. AI inference token generation has surged tenfold in just one year, and as AI agents become mainstream, the demand for AI computing will accelerate. Countries around the world are recognising AI as essential infrastructure—just like electricity and the internet—and Nvidia stands at the centre of this profound transformation,' he added. The company expects revenue of $45 billion (€40 billion), plus or minus 2%, for the current quarter. 'This outlook reflects a loss in H20 revenue of approximately $8.0 billion due to the recent export control limitations,' it stated. The US government required Nvidia to obtain export licences for its H20 GPUs destined for China during the first quarter. Although the H20 chips had previously been approved, the new rules led to $4.5 billion (€4 billion) in write-downs due to excess inventory. Without this, the company would have generated an additional $2.5 billion (€2.2 billion) in sales. As a result, Nvidia's gross margin for the first quarter stood at 61%. It would have been 71.3% had the charges not occurred. 'The $50 billion China market is effectively closed to the US industry,' Huang said. 'As a result, we are taking a multibillion-dollar write-off on inventory that cannot be sold or repurposed.' Nvidia expects a non-GAAP gross margin of 72.0%, plus or minus 50 basis points, for the current quarter. For context, the margin was 73.5% in the fourth quarter of 2024 and 79% during the same quarter of the previous fiscal year. In an interview with Bloomberg TV, Huang noted that Nvidia is exploring alternatives to the H20 chip. However, the company must obtain approval from the US government for any such measures. Nvidia is among the tech giants supporting President Donald Trump's ambitious AI initiatives in the United States, announced in January. The company also unveiled a partnership with Saudi Arabia's HUMAIN to build AI factories in the kingdom during a recent visit to the region that coincided with Trump's trip. These developments were highlighted in the earnings report in the section for data centre. 'While sales in China are clouded by export restrictions, the Middle East looks set to become the new launchpad for Nvidia's next phase of growth,' Gilbert added.
Toronto Sun
7 days ago
- Business
- Toronto Sun
GUNTER: Federal civil servants out of touch with reality of private-sector counterparts
Nathan Prier, president of one of the federal government's largest unions, said the Carney cabinet must make regaining the trust of federal civil servants one of the Liberal government's highest priorities. Photo by Chris Wattie / Reuters Nathan Prier, president of the Canadian Association of Professional Employees, one of the federal government's largest unions, said earlier this week that Treasury Board president Shafqat Ali and the rest of the Carney cabinet must make regaining the trust of federal civil servants one of the Liberal government's highest priorities. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Huh!? You might think reducing out-of-control spending or reviving the economy would be tops. Or battling the Trump tariffs or building an East-West pipeline? How about quelling threats to national unity or building an armed forces that can actually defend this country from threats around the world and in our own Arctic? Nope, apparently civil servants feel hard done by and demand the government make nice-nice with them. Over what? Prier explained, 'Trust is pretty broken because of a long pattern of bad-faith consultation and disrespect for evidence-based decision-making.' I can't speak to what he meant by 'disrespect for evidence-based decision-making,' but as a taxpayer, I have broken trust, too. I don't trust public servants to discern between real evidence and consultants' reports that simply reinforce bureaucrats' own 'progressive' biases. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Take two examples: harm-reduction drug policies and lenient bail rules. Both are very clearly failures. And failures that have put the public in danger by prematurely releasing dangerous offenders onto Canadian streets and by giving addicts free drugs to shoot up in public. Civil servants pushed both policies (and still cling to them), based on 'evidence' provided by academics who believe that locking up criminals is cruel and unusual. Read More But quite apart from whether the Trudeau government followed the advice of their bureaucrats, or not, how else were federal employees disrespected (in their minds)? This advertisement has not loaded yet, but your article continues below. One big beef, apparently, is the fact they were told to go back to the office three days a week rather than two. Ah! The indignity of it all. When the treasury board made that announcement after the long weekend last May, many civil servants were incensed. They held angry rallies because it meant they would have to — gasp — commute again! And — shriek — pay for child care! You know, like the rest of working Canadians. The poor dears. Speaking of evidence, there is indirect evidence that federal civil servants may be skirting the return order. Statistics Canada's annual report on commuting shows that just one in four people in Toronto is still working from home on any given day. One in five in Montreal and Vancouver. One in 10 in Saskatchewan. This advertisement has not loaded yet, but your article continues below. Meanwhile in Ottawa, the hub of the federal civil service, one in three is working from home. Still. It's similar to when federal workers struck in the summer of 2023 and were shocked the public had no sympathy for their exorbitant wage and benefit demands. Civil servants, especially the federal variety, are already a privileged class compared to their private-sector counterparts. They make more money, work fewer hours, take longer vacations, retire earlier, have significantly better pensions and benefits, and enjoy a level of job security unheard of outside the hallowed halls of government. Almost no federal civil servants were laid off during the pandemic, and very few are ever disciplined when their agencies foul up (such as when they cannot process a passport in under six months). This advertisement has not loaded yet, but your article continues below. Indeed, 80 per cent or more of federal managers are paid annual bonuses of $17,000 on average, even when their offices fail to meet minimum performance standards. During the Trudeau years, the civil service expanded by 40 per cent and enjoyed 70 per cent greater pay, which means wage increases were galloping ahead faster even the new civil servants were being hired. When the largest public-sector union struck in 2023, the federal government paid them a big bonus to go back to work, on top of giving them a healthy pay raise. I'm betting a lot of private-sector workers wish they were disrespected as badly as federal civil servants. Ontario Sunshine Girls World Canada Opinion
Arab Times
25-05-2025
- Business
- Arab Times
GCC marks 44th anniversary, highlights decades of unity and growth
RIYADH, Saudi Arabia, May 25: Gulf Cooperation Council (GCC) Secretary General Jassem Mohammad Al-Budaiwi described the Council's journey as 'an example to be followed in unity, effective integration, and constructive cooperation, making it a pioneering model regionally and internationally.' Speaking during the celebration of the 44th anniversary of the Council's establishment at the GCC Secretariat in Riyadh late Saturday, Al-Budaiwi expressed pride in continuing the path that began on May 25, 1981. He conveyed appreciation for the progress made in joint Gulf cooperation and integration across various fields. 'During our celebration today of the 44th anniversary of the launch of the blessed journey of the GCC,' he said, 'we recall with pride and loyalty the insightful vision of the founding leaders who laid the solid foundation for this great institution, relying on deep fraternal ties, shared destiny, and common history among their peoples.' He affirmed that despite regional and international challenges, the Council's path remains a model of unity and integration, highlighting its growing role across multiple fields. 'The member states have become a model for collective action and a reliable partner regionally and internationally,' he said, noting that strategic vision and balanced policies had drawn the world's attention and supported security, peace, and sustainable prosperity. Al-Budaiwi emphasized the Council's growing diplomatic presence, citing the recent Gulf-European and Gulf-American summits and upcoming summits with ASEAN and China. 'This clearly affirms the Council's status and pivotal role in shaping international relations,' he said. These high-level summits, involving Their Majesties and Highnesses—the leaders of the member states—and their counterparts, along with 15 ministerial meetings with other nations, reflect the GCC's capacity to build balanced East-West partnerships that support mutual interests. 'They also reflect the global appreciation and respect for the GCC countries and the sincere desire from various nations to deepen relations based on mutual trust and strategic interests,' he added. Al-Budaiwi highlighted the GCC's economic advancement, driven by diversification, efficient resource use, and enhanced regional and international standing. He noted the GCC now ranks 11th globally in GDP, reaching USD 2.1 trillion, with a per capita average of USD 36,800—over three times the global average. He forecasted 4.5% economic growth in 2025 and 3.3% in the non-oil sector. He added that the region's financial markets are among the world's top seven, with market value exceeding 4.3% of the total global value. Intra-GCC trade also expanded significantly, with intra-exports valued at USD 131.6 billion—a 67% increase—demonstrating deepening economic integration and ease of goods movement. Cross-border Gulf investment is thriving as well. The total capital of publicly traded companies open to citizens of other member states reached USD 520.4 billion, marking a 226.9% growth, indicating smooth Gulf capital flow and enhanced market access. On sustainable development, Al-Budaiwi said GCC countries have seen major growth in clean energy capacity. They now account for 30% of the Middle East's renewable electricity production and 54.5% of its wind energy output—equivalent to 30% of global wind production. In education, approximately 12,800 Gulf students are enrolled in higher education institutions in other member states, reinforcing academic integration and mutual competence exchange. In the digital economy, he affirmed that GCC countries are among the most prepared globally, with artificial intelligence readiness exceeding the world average. By 2030, AI is expected to contribute 34% of the GCC's GDP. Aligned with digital transformation, the Ministers of Information in GCC states launched a joint application for the Council's news agencies. In addition, the General Secretariat, through the GCC Statistical Center, introduced a smartphone app offering reliable statistical data on development, economy, society, and the environment across the member states. 'These digital initiatives,' he said, 'reflect the scale of ambitious achievements and the comprehensive renaissance experienced by the member states.' He also highlighted two key societal initiatives. The first, Inspiring Gulf Woman, held on International Women's Day, showcased achievements of Gulf women and the Council's empowerment efforts. The second, Gulf Youth Day, aimed to support and encourage young people by displaying their creativity and accomplishments in various fields. Al-Budaiwi reaffirmed that the 44th anniversary of the GCC is a valuable occasion celebrating a journey marked by Gulf achievements and unity. He praised the vision of the founding leaders who laid the foundation for this enduring regional bloc. The ceremony was attended by Riyadh Governor Prince Faisal bin Bandar bin Abdulaziz, Kuwaiti Minister of Information, Culture, and Minister of State for Youth Affairs Abdulrahman Al-Mutairi, ambassadors, diplomatic representatives, and senior officials. He extended his gratitude for the support of the GCC member states to the General Secretariat and acknowledged the leadership of Kuwait as the current presidency holder, along with the efforts of all those involved in organizing the celebration. In closing, Al-Budaiwi prayed for the continuation of security, stability, and prosperity across the GCC and called upon God Almighty to guide the leaders toward greater achievements on the path of joint Gulf action.
Business Upturn
23-05-2025
- Business
- Business Upturn
Trump announces major prisoner swap between Russia and Ukraine, calls it potential breakthrough
By Aditya Bhagchandani Published on May 23, 2025, 15:22 IST In a surprise early-morning post on Friday, May 23, U.S. President Donald J. Trump announced that a 'major prisoner swap' between Russia and Ukraine has just been completed, calling the development a sign of possible progress between the two nations. 'A major prisoners swap was just completed between Russia and Ukraine. It will go into effect shortly. Congratulations to both sides on this negotiation. This could lead to something big???' Trump posted on Truth Social. The post follows recent diplomatic activity between Washington and Moscow, with Kremlin aide Yuri Ushakov confirming earlier this week that Russian President Vladimir Putin and Trump held a two-hour phone call, reportedly their third in 2025. During the call, the two leaders discussed a proposed exchange of nine prisoners from each side, although no further details were made public at the time. While exact names and terms of the swap remain undisclosed, the Kremlin described the discussion as a step toward normalising ties that have been deeply strained since Russia's 2022 invasion of Ukraine. Ushakov said both leaders were in favor of 'further normalisation of ties' and also touched on other global flashpoints, including heightened tensions with Iran. This marks one of the most high-profile exchanges since the large-scale East-West prisoner swap in 2024 and could signal a broader thawing of relations — though experts caution that deep-seated issues remain unresolved. More updates are expected as official statements from Moscow, Kyiv, and Washington are awaited. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
