Latest News
-
German expert panel recommends social media ban for children under 13
A government-appointed panel of experts has recommended that Germany consider banning under-13s from having their own social media accounts, imposing child safety measures on 'platforms, and introducing parental duties to prevent "digital negligence". According to a document released on Wednesday, the commission has submitted 56 "recommendations" to the Family Ministry for a strategy for protecting children and young people online. This includes the option of banning social media for those under 13 years old. The government has welcomed the recommendations, which will be discussed in the political arena. In a press release, German Minister of Family Affairs, Senior Citizens, Women and Youth Karin Prien said: "I believe the proposal to impose a legal age limit on the use of social media is the best way forward in terms of the independent use." The panel proposed tiers of protection for those aged 13-16, 16-18, and 17-19 years old, in order to protect young people against online risks, without completely excluding them. The commission proposes that instead of a uniform age limit, restrictions should be based on the risk assessment of each platform and based upon specific service- or function-specific requirements. Many countries, including Australia, France and Canada, as well as Spain, Slovenia, Greece, Canada, and the United Kingdom, have banned social media to protect their youth. The ruling conservatives and Social Democrats in?Germany have already?spoken out for access restrictions. They see fake news and AI-generated images as threats to children and young people. Politicians are also concerned that radical forces target young people at a very young age.
-
Binance vows that it will remain in Europe despite a license setback
Binance, the crypto?platform, plans to remain in 'the?European Union, and will seek permission to operate there again, according to a senior executive. This is after its application for a new license regime failed. It threatened access for millions users. Gillian Lynch said that Binance would not leave Europe after the company's bid to obtain a license in Greece for services such as crypto trading within the EU failed. She said, "We might just have to take a different route in order to be?authorized." "If Greece is not an option, I am looking at alternatives." Binance is now on a collision course with European regulators. The company only has a week to obtain a license before its current operating permit in Europe expires. This would force it to shut down EU operations. Binance, according to two people familiar with the process, has met with regulators in Ireland and Greece. However they have encountered resistance. Officials expressed concern about the company’s past sanctions for money laundering, its complicated international structure and their perception of a high-risk culture. The regulators in all three countries refused to comment or didn't respond. The letters sent to regulators show how one of the largest crypto companies in the world has struggled to get an EU license despite regulatory opposition. Lynch stated that Binance didn't know why they had been?refused approval? and believed previously that the Greek regulator planned to grant a license. She stated that Binance had contacted at least four regulators, but had only submitted one application to Greece. Lynch, when asked about Binance’s past issues, said that Binance had invested in internal controls and compliance, had employed approximately 1,500 compliance personnel, and did not have any outstanding issues relating to its application. Reporting by John O'Donnell and Elizabeth Howcroft. Francesco Canepa, Lefteris papadimas. (Editing by Tommy Reggiori Wilkes. ElisaMartinuzzi, Mark Potter and Mark Potter.
-
UN agency reports that ships have begun sailing through Hormuz as part of the UN evacuation scheme
A spokesperson announced on Wednesday that ships have started sailing through the 'Strait of Hormuz' under a new scheme by the U.N.'s shipping agency in order to evacuate vessels trapped there by the conflict. International Maritime Organization announced on Tuesday that the initiative, which took months to complete, would allow hundreds of ships and 11,000 seafarers stranded at the Gulf of Mexico to pass through Hormuz. A spokesperson for the IMO said that "ships have already started to pass under this plan", refusing to give any details about the vessels that have crossed. LSEG ship-tracking data showed that at least two dry bulk?ships and one cargo'ship' have sailed past Hormuz in the last 12 hours under this scheme. According to LSEG's and MarineTraffic's ship tracking data based upon analysis of ship movement, at least 35 commercial ships, primarily?dry bulk?, cargo?, and container?vessels?, were preparing for passage through the strait. According to the analysis of?vessels-waiting, these vessels include smaller commercial ships, including five smaller oil tanks, coastal ships, and tugs. The IMO stated that the U.S., Iran and the Sultanate of Oman had reached a ceasefire agreement, allowing the scheme to be implemented. In a Wednesday note, the IMO emphasized that vessels should wait for instructions. "Crowding in the waiting area may?result?in the need to pause further notifications due to?safety." The U.S. Military launched a mission in recent weeks to assist ships get out of the Strait. (Reporting and editing by Andrew Heavens, Philippa Fletcher and Jonathan Saul)
-
UN agency reports that ships are already sailing through Hormuz as part of the UN evacuation scheme
A spokesperson for the U.N. shipping agency said that ships have already passed through 'the Strait of Hormuz' under a newly-launched evacuation scheme. A spokesperson for the International Maritime Organization (IMO), a U.N. agency, said that "ships have already started to pass under the plan." He declined to give any 'details' on the ships that had passed. LSEG's ship tracking data revealed on Wednesday that two dry -bulk ships, and one cargo -ship, have sailed through Hormuz in the past 12 hours. According to LSEG & MarineTraffic'ship tracking data' based on an analysis of ship movement, at least 35 commercial ships, primarily dry?bulk, cargo, and container vessels, were preparing for a passage through the strait. The IMO announced on Tuesday that the scheme, which took months to complete, would allow hundreds of ships, with a total of?11,000 seafarers, to sailed through Hormuz. (Reporting and editing by Andrew Heavens; Jonathan Saul)
-
FedEx's margin hit is a concern for investors as they gauge the freight spin-off company's fortunes
FedEx shares fell 7% on Wednesday before the bell, due to investor concerns about the 'transition' of the company following the spin-off of its highly profitable trucking unit. FedEx spun off its trucking division, FedEx Freight earlier this month, in an effort to focus on the delivery business. Investors are scrutinizing the slimmed down company to boost profits and reduce cost. FedEx Federal Express' operating margin fell from 8.4% to 7.7% as employee salaries, benefits and outsourced transportation costs increased. Fuel prices have risen due to the Iran 'war' and changes in U.S. Trade Policies. Volumes have also been affected by the loss of duty-free treatment "de?"minimis" for low-value e?commerce shipments linked to China-linked discounters such as Shein or Temu. In a recent note, J.P. Morgan analysts noted that FedEx may experience an overhang as the market sorts through the various moving parts of the Freight'spin-off' and moves to a year-end reporting period. FedEx, an indicator of 'global trade', has forecast earnings per share between $16.90 and $18.10, after re-aligning its fiscal year with the calendar from May. Analysts still haven't 'built models to enable comparisons with a new forecast that only includes its delivery operations. Analysts at Morgan Stanley said that it would be difficult to judge the numbers in a few quarters due to the noise. However, they will focus on fundamental issues. FedEx is trading at 14.68 times its projected 12-month earnings, a little higher than UPS's 14.05. (Reporting and editing by Shreya biswas in Bengaluru, Siddarth S. in Bengaluru)
-
Deutsche Bahn blames technical issue for nationwide rail standstill
A'security source' said that nothing indicated sabotage. After one of the largest incidents in the history of the country, train services were resumed Wednesday. The incident affected passengers on regional and long-distance trains as well some local transport networks. The scheduled replacement of a technical component appears to be the cause of the disruption yesterday of the GSM-R system digital railway radio, according to Philipp Nagl of Deutsche Bahn Infrastructure. He added that "we are analysing how this disruption occurred as a matter a highest priority" in a statement. A security source stated that despite repeated warnings by intelligence agencies about the vulnerability of Germany's infrastructure to an?attack?, there was no evidence of any external interference in the railway. German authorities have suspected sabotage in the past when attackers cut fibre optic cables or forced rail traffic to a halt. The outage is a high-profile issue for the state-owned 'Deutsche Bahn. It has been criticized in recent years due to chronic delays, cancellations, and poor service, which critics claim is 'a result of decades underinvestment. Evelyn Palla, the new CEO of Evelyn Palla Inc. has announced "a major" overhaul. Deutsche Bahn said that "after the rapid resolution overnight, rail services started off largely smoothly this morning, although there could still be some disruptions." The German Bahn halted all trains for two hours late on Tuesday night, citing a problem with the?Global System for Mobile Communications for?Railways (GSM-R), the main communication?tool used between train drivers, traffic control centers, and other railways. Reporting by Andreas Rinke and Christoph Steitz; writing by Christoph Steitz & Madeline Chambers. Editing by Franklin Paul Jamie Freed & Stephen Coates.
-
Sevastopol, in the Russian-held Crimea, is now without power after a Ukrainian strike
Local officials reported that Ukrainian drones targeted energy infrastructure in central and southern Russia and the largest city in Russian-held Crimea. This highlights the'reach' of Kyiv’s attacks. Ukraine intensified its strikes against Russian oil refineries and depots this year, driving up the price of gasoline in Russia where authorities have restricted sales in certain regions. The fuel shortages in the Crimean peninsula have been especially acute since Russia's annexation of the peninsula in 2014. Sevastopol's newly-installed Russian governor has ordered the early closure of cafes, public transport, and street lights to protect Sevastopol from overnight attacks. He said that the power supply had been knocked out by Wednesday's storm and that there would be no trolley buses and that parents should keep their children at home. The governor of Telegram, Mikhail Razvozhayev said that work was underway to restore supplies, even though Kyiv "tried to deprive [us] of our normal living condition and sow panic." DRONES DOWNED OFF THE SOUTHERN SIDE Robert Brovdi, commander of Ukraine's drone force, said that drones hit the main substation in the Sevastopol?plant. Crimea is not recognized as Russian territory by many countries. Kyiv says it will never cede the peninsula. Gleb Nikitin, the Governor of Nizhny Novgorod in central Russia, said that falling Ukrainian drone debris destroyed an industrial facility there and killed two people. He said that the unspecified facility had not been damaged in a critical way. NORSI is the fourth largest oil refinery in Russia. It's one of several large oil plants located in central Russia which temporarily stopped or reduced production in May after drone attacks. The Russian Ministry of Defence reported that its air defences shot down 323 drones in various regions of the country overnight. Orenburg, a region in Russia located more than 1,000 km (621 mi) south of Moscow, has reported that drones were shot down over an industrial site. The extent of damage in this remote area, which borders Kazakhstan, is not clear. It is home to several industrial facilities including an oil refinery and a gas processing facility. The Kazakh energy ministry stated that gas is being supplied via alternative routes. Ukraine's strategy of using long-range drones to target Russian energy installations is meant to sapper a major source of war funding for Russia and show Russians that the four-year old conflict started by Moscow is not far away. The Russian President Vladimir Putin accused Kyiv on Tuesday of trying to destabilise the Russian society, and said that the Russian government will implement additional measures to counter the effects of the strikes. Both sides claim they don't target civilians, but Russian attacks in Ukraine have killed thousands of civilians and also caused fatalities in Russia. Local authorities reported that a Russian shelling on Wednesday killed a person in Balakliia, an eastern Ukrainian city, in Russia's border region of Belgorod. Could not independently verify details of the recent strikes. Reporting by Alessandra Prentice, Jekaterina Gólubkova, and editing by Jamie Freed; Andrew Osborn; Philippa Fletcher
-
Paris Club: Fix debt restructuring framework for poorer countries
In its annual report for 2025, the Paris Club said that reforms were needed to the core initiative of sovereign debt restructuring for low-income nations known as the Common Framework in order to make it more efficient and faster. The group released a report that was compiled of the views of various officials at 'the start of a annual meeting in Paris which brings together creditors and borrowing countries to discuss sovereign debt issues. The report stated that debt distress had decreased, even in the poorest countries of the world, since the G20 launched the Common Framework platform for speeding up restructurings after a series of defaults following the COVID-19 pandemic. The writings, however, focused on the need for improvements to the initiative. Critics have said that it is inefficient and slow. Thomas Revial, co-chair of the Paris Club, wrote in his report that "the Common Framework must deliver quicker?and quickly embark all creditors to deliver?comparable effort." China called for a strict enforcement of comparability of treatment, a principle which demands that other creditors suffer similar losses as official lenders. The International Monetary Fund (IMF), World Bank, and Ethiopia proposed allowing all creditors to negotiate simultaneously during a restructure. ETHIOPIA IS IN DIFFICULTY For the first year since?2017 more low-income nations - 52% – are at a low or moderate level of risk or debt distress compared to the 48% who are already at high levels or in debt distress. Ghana, Zambia, and Chad are all close to completing debt restructurings in accordance with the Common Framework. Ethiopia, however, is "caught up in a dispute" between investors who hold its defaulted $1 billion bond and official creditors. They agreed on a debt agreement in principle in March of 2025. Official creditors such as China and France rejected the initial agreement of bondholders. The bondholders have refused, arguing that the country's improved outlook doesn't justify their proposed loss. They have threatened to take legal action. The CF's implied sequencing means that, by the time a creditor engages 'bondholders', the analytical divergence of the 'IMF' and private creditors is not addressed," wrote 'Astewaye' Woldemichael in Ethiopia's Ministry of Finance's report. The IMF and OCC must engage private creditors sooner. It is not a good idea to leave the debtors to fill this gap. (Reporting and editing by Karin Strohecker Tomasz Janovowski, Sharon Singleton, and Libby George)
Additional oil tankers leaving Hormuz will add to global supply
Shipping data shows that three stranded oil tankers, each carrying 5 million barrels of crude oil, left the Strait of Hormuz Wednesday. Two of them were headed to Asia. The interim agreement between Iran and the U.S. has released more supply?stuck?in the Gulf, which is bringing down?global?prices.
Data from LSEG & Kpler revealed that the VL Breeze (flagged South Korean) is a Very Large Carrier, carrying 2,000,000 barrels of Qatari Condensate & Abu Dhabi Crude. It has passed through the strait on its way to Daesan. The supertanker was chartered by South Korean refiner Hyundai Oilbank.
The data revealed that the VLCC Plata Carrier chartered by Indian Oil Corp is headed?outside the strait, carrying 2 million barrels Saudi crude. It is accompanied by the Suezmax tanker Prudent Warrior which is headed?for Sohar in Oman with 1,000,000 barrels Iraqi Basrah oil. Both vessels are flying the 'Liberian flag.
Hyundai Oilbank and IOC were not available for comment. Kpler analysts and Vortexa analysts estimated that last week, close to 90 millions barrels of crude oil were trapped inside the Gulf.
The South Korean maritime ministry announced on Wednesday that four vessels operated by South Korean shippers had left the strait, and were sailing towards their destinations. One vessel was bound for South Korea while the other three were headed to third countries.
The ministry reported that 18 of the 26 vessels stranded in the Gulf since the beginning of the Middle East conflict are still there.
It wasn't immediately clear if the ships were sailing on the temporary maritime routes established by?Oman & the International Maritime Organization in order to help ships safely leave the region. Oman has said that it will keep the Strait of Hormuz free of tolls and open to all shipping. It has also designated two temporary routes to the north and south of existing shipping lanes to help vessels leave the area safely.
Shipping data revealed that two empty LNG tankers, the Milaha Qatar and the Shandong Redwood, were the last to be seen heading west of the strait in order to load cargoes at Qatar. Nine LNG tankers have been seen transiting the strait in order to load cargoes at Qatar, which is the highest number of empty LNG vessels since the start of the war. The Financial Times reported that Qatar's Prime Minister Sheikh Mohammed Bin Abdulrahman Al-Thani stated the Gulf state will resume normal?LNG output within a few short weeks. (Reporting from Florence Tan and Emily Chow, in Singapore; Nidhi in New Delhi; Jonathan Saul, in London; Additional reporting by Jack Kim, Heejin Kim, and Milla Nissi Prussak in Seoul)
(source: Reuters)