Latest news with #WesternEuropean
Fibre2Fashion
11 hours ago
- Business
- Fibre2Fashion
Fitch cuts sector outlooks as global trade risks climb
Fitch Ratings has revised multiple 2025 sector outlooks from 'neutral' to 'deteriorating', citing mounting global trade risks, tighter financial conditions, and a projected cyclical slowdown in the global economy. Western European sovereigns are under increasing fiscal pressure due to deteriorating macroeconomic conditions, heightened geopolitical risk, and significant new defence spending commitments. Fitch said that most countries are unlikely to implement sufficient fiscal consolidation to offset these medium-term costs, putting further strain on public finances. Fitch Ratings has downgraded multiple 2025 sector outlooks to 'deteriorating' due to rising trade risks, fiscal strain, and a global slowdown. Western European sovereigns face pressure from defence spending, while tariffs and trade shifts hit corporates and ports. Revenue forecasts for 2025 were cut by 3.4pp, especially in automotives, oil and gas, and chemicals. The ratings agency also downgraded the outlook for multiple corporate sectors and ports, which are being directly impacted by tariffs, shifts in global trade routes, and second-order effects of trade disruptions. The 2025 leveraged finance outlook has also turned negative, with Fitch noting that leveraged issuers are particularly vulnerable if funding conditions tighten further. European corporate revenue forecasts have been lowered across most sectors, with Fitch cutting its top-line growth expectations for 2025 by an average of 3.4 percentage points since December 2024. The steepest revisions were seen in automotives, oil and gas, and chemicals. Fibre2Fashion News Desk (HU)
ITV News
a day ago
- Politics
- ITV News
What would UK recognition of a Palestinian state mean?
Prime Minister Keir Starmer says the UK will recognise a Palestinian state in September – unless Israel agrees to a ceasefire in Gaza and takes steps toward long-term the UK follows through on this promise, it will be following in the footsteps of more than 140 other United Nations member it would become the second G7 country to formally recognise Palestine.A growing number of nations have taken similar action in the last two years, as the conflict in Gaza has taken an increasingly heavy toll on the territory's civilian 2024, three Western European countries – Norway, Spain and Ireland – officially recognised the Palestinian state. Last week, France became the first G7 nation to commit to it, a move that will be confirmed at the UN General Assembly in Monday, Palestinian Prime Minister Mohammed Mustafa called for all countries that have not yet recognised Palestine as a state to do so 'without delay".'The path to peace begins by recognising the state of Palestine and preserving it from destruction,' he said, addressing a UN conference in New York. Why does it matter ? A UN partition plan in 1947 called for the creation of a Jewish state alongside a Palestinian state, but Palestinians and the wider Arab world rejected it because it would have given them less than half of the land even though Palestinians made up two-thirds of the population. The Arab-Israeli war the following year left Israel with even more territory, Jordan in control of the West Bank and east Jerusalem, and Egypt in control of Gaza. In the 1967 war, Israel seized all three territories, and decades of on-again, off-again peace talks have failed. The Palestinians have long sought an independent state in Gaza, the West Bank and east Jerusalem. The idea of a land corridor linking Gaza and the West Bank through Israel was discussed in previous rounds of peace talks, but no serious or substantive peace negotiations have been held since 2009. What is the Palestinian state ? The UK would not be recognising an existing state, just the possibility of one. Recognition is a formal acknowledgment of Palestinian self-determination – rather than a committment to difficult practicalities such as the location of its borders or its capital city. However, the symbolism would help enhance the Palestinians' international standing and heaps more pressure on Israel to open negotiations on ending the war. Recognition would mark a significant accomplishment for the Palestinians, who believe it confers international legitimacy on their struggle. Israel condemns recognition, saying it rewards Hamas for its acts of 'terror'.
Russia Today
6 days ago
- Politics
- Russia Today
‘Ganba' in Kiev: Zelensky goes to war with Washington's men
Ukraine is seeing its first mass protests since the start of the conflict with Russia – and they're not about battlefield losses or conscription raids, but corruption. Or rather, a particular kind of corruption: the kind linked to Vladimir Zelensky's attempts to seize control of the anti-corruption agencies. Since July 22, thousands have taken to the streets chanting 'Ganba!' ('Shame!'), echoing the spirit of past Maidan uprisings. But this is no popular revolt. It's a turf war – an internal power struggle between two rival camps in Ukraine's elite. On one side are Zelensky and his right-hand man, Andrey Yermak – let's call them the 'Office faction,' based in Bankova Street. On the other are the foreign-funded NGOs, intelligence-linked assets, and the remnants of former President Pyotr Poroshenko's political machine. These include the National Anti-Corruption Bureau of Ukraine (NABU) and the Specialised Anti-Corruption Prosecutor's Office (SAPO) – bodies created at the West's insistence to impose external control over Ukrainian politics. The spark was a recent bill rammed through the Rada in emergency mode. The law stripped NABU and SAPO of their autonomy and placed them under the control of Ukraine's Prosecutor General – effectively, Zelensky's office. In other words, the very agencies tasked with investigating corruption must now report to the people they're meant to investigate. Unsurprisingly, the 'anti-corruption' camp cried foul. But this isn't really about clean government – it's about influence. For years, NABU and SAPO operated as instruments of Western leverage, particularly from the Democratic Party establishment in Washington. They answered more to US and EU embassies than to the Ukrainian people. And Zelensky has finally had enough. The timing is no accident. With Donald Trump back in power, the institutional support once enjoyed by the Poroshenko-era clique is fading. Zelensky saw an opening – and struck. His first move came earlier this year with corruption cases targeting Poroshenko himself. Now, he's gone after the crown jewels of Western liberal influence in Kiev. The message is clear: there is to be no parallel power structure. The president wants full control. But it may be a gamble too far. Western European officials, already frustrated with Kiev's domestic conduct, quickly warned that Ukraine's EU accession bid could be blocked. The opposition, sensing blood, brought people into the streets – and unlike previous protests, these gained traction fast. On Wednesday, the Bankova realised the crowd wasn't going home. The real question now is whether Zelensky will stand firm or retreat. Early in his presidency, he was terrified of sharing Viktor Yanukovich's fate and often folded under public pressure. But war changes men. He now rules over a cleansed political landscape, has a wartime excuse to quash dissent, and is backed by a disciplined vertical of power. Yermak, a ruthless operator, may urge him to dig in. Yet the risks are considerable. Zelensky has never managed to convince Western Europe that he's irreplaceable. If Brussels decides to pull the plug – financially or politically – his position could unravel fast. The same donors who once backed him could soon be shopping for a more pliant successor. And even if he climbs down and restores NABU and SAPO's powers, the damage is done. The opposition has momentum. Western backers will start asking tough questions. And the illusion of Zelensky as a unifying, democratic wartime leader will take another hit. None of this means Ukraine is headed for collapse – but it does suggest Zelensky is more vulnerable than he appears. His grip on power now depends on how far he's willing to go to silence opposition, both foreign and domestic. If he wins this standoff, he'll emerge as the undisputed master of Ukraine. If he loses, it could trigger a slow bleed of authority that leads to a political reckoning. The most likely outcome? A messy stalemate. Zelensky may backtrack enough to appease the EU but not enough to restore full control to the Western-funded agencies. The protests may fizzle or grow, depending on how much oxygen the opposition and its foreign patrons can pump in. But whatever happens, one thing is clear: Ukraine's politics are fracturing again. The West's man in Kiev is no longer playing by the West's rules. And his enemies – both at home and abroad – are watching closely. For now, all we can do is enjoy the show. And hope it runs a while article was first published by the online newspaper and was translated and edited by the RT team
The Print
6 days ago
- Politics
- The Print
Modi in UK takes aim at Sikh separatists. ‘Must not be allowed to misuse democratic freedoms'
The Indian Prime Minister added: 'On the matter of extradition of economic offenders as well, our agencies will continue to work together in close coordination and cooperation.' 'We also agree that forces with extremist ideologies must not be allowed to misuse democratic freedoms. Those who misuse democratic freedoms to undermine democracy itself must be held to account,' Modi declared while speaking to the press alongside his British counterpart Keir Starmer. New Delhi: Prime Minister Narendra Modi Thursday took aim at Sikh separatists in the UK asserting that 'forces with extremist ideologies' must not be allowed to 'misuse democratic freedoms'. While the Prime Minister's statement did not directly mention them, Sikh separatists have attempted to disrupt Indian diplomatic activity in the UK, even breaking the security cordon during External Affairs Minister S. Jaishankar's visit to the Western European country earlier this year. Foreign Secretary Vikram Misri during a special briefing prior to Modi's visit to the UK had pointed out that Sikh separatists 'impact social cohesion and social order' in nations where they are allowed to operate. There have been incidents by Sikh extremists against Indian diplomatic missions in the US, the UK and Canada in the last few years. After the incident with Jaishankar in March, India issued a stern warning to the UK, demanding action not words, as the Sikh separatists were able to break through the foreign minister's security cordon. The Ministry of External Affairs summoned British charge d'affaires Christina Scott and handed over a demarche. In March 2023, the Indian flag was detached from the Indian High Commission in London after the building was breached by Sikh separatists protesting against police action aimed at arresting Amritpal Singh in the state of Punjab. He was arrested following a manhunt, and later successfully contested the 2024 general election from Khadoor Sahib. That same year in September, Vikram Doraiswami, India's High Commissioner to the UK was prevented from entering a gurdwara in the Scottish city of Glasgow by Sikh separatists. Doraiswami had been invited to visit the gurdwara by the local community. These incidents have been some of the major irritants in ties between New Delhi and London. India has also raised the issue of the extradition of wanted fugitives who fled the country for the United Kingdom. Nirav Modi, Lalit Modi and Vijay Mallya are some of the well known cases of individuals wanted by Indian authorities, who currently reside in the UK. Nirav Modi is currently lodged in a British prison, while his attempts to appeal his extradition have been rejected by the courts in the UK so far. The Indian Prime Minister is on a two-day visit to the UK from 23 July till 24 July, where he witnessed the signing of the Comprehensive Economic and Trade Agreement (CETA). The CETA is considered to be India's most comprehensive free trade agreement till date, and the most significant trade deal for London since its exit from the European Union (EU). It is India's first bilateral trade agreement with a Western nation. It will see duties removed across 99 percent of tariff lines, representing roughly 100 percent of the total value of trade for Indian exporters. The deal will see the average tariff on Indian exports to the UK fall from 15 percent currently to 3 percent. The UK has gained a number of wins in the trade deal, including seeing the tariffs on its whisky and gin exports to India halved from 150 percent to 75 percent. Within 10 years, the tariffs on such exports to India will fall by a further 35 percent. During the visit the two leaders also agreed to the India-UK Vision 2035 strategy document, which covers defence and security, technology and innovation, climate and clean energy, education, investment and growth. Modi will call on King Charles III before departing the UK for Maldives. In Maldives, the Indian Prime Minister will be the 'guest of honour' at the island nation's sixtieth Independence Day celebrations. (Edited by Amrtansh Arora) Also Read: Air India crash: India 'working closely' with UK after reports of families receiving wrong bodies surface
Daily Maverick
23-07-2025
- General
- Daily Maverick
No aid supplies left, staff starves in Gaza, Norwegian Refugee Council says
By Olivia Le Poidevin 'Our last tent, our last food parcel, our last relief items have been distributed. There is nothing left,' Jan Egeland, the secretary general of the council, told Reuters in an interview via video link from Oslo. The council, which has 64 Palestinian and two international staff on the ground in Gaza, echoed comments on Tuesday by the head of the Palestinian refugee agency UNRWA who said its staff were fainting on the job from hunger and exhaustion. The NRC said that for the last 145 days, it has not been able to get tents, water, sanitation supplies, food and education materials into Gaza, where Israel has been at war against Palestinian group Hamas since October 2023 and the United Nations has warned of a worsening hunger crisis. 'Hundreds of truckloads have been sitting in warehouses or in Egypt or elsewhere, and costing our Western European donors a lot of money, but they are blocked from coming in… That's why we are so angry. Because our job is to help,' Egeland said. 'Israel is not yielding. They just want to paralyse our work,' he added. COGAT, the Israeli military aid coordination agency, said in a statement that Israel does not restrict aid trucks entering Gaza, but international organisations face challenges in collecting the trucks on the Gaza side of border crossings. Israel is working with the groups to improve the system, COGAT said, adding that more than 4,500 aid trucks carrying food for the U.N. and international organizations have entered the enclave in the last two months. Many truckloads were still waiting to be picked up. COGAT said 950 shipments were on the Gaza sides of 'the Kerem Shalom Crossing in the southern side of the Strip, and the Zikim Crossing in the northern part, pending collection and distribution.' COGAT has accused Hamas of stealing food, which Hamas denies. The NRC said its supplies of safe drinking water were running out due to dwindling fuel to run desalination plants. The water has reached 100,000 people in central and northern parts of Gaza in recent weeks An Israeli official told Reuters that the U.N. has been given approval to bring in half a million liters of fuel. 'They're bringing in fuel and collecting, but they can bring in and they can collect more, and we are having discussions with them,' the official said.
