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Mediation fails in dispute over Franco-German fighter jet, Handelsblatt says
Handelsblatt reported on Saturday that despite the fact that 'political leaders have still got the option to intervene in the dispute between companies involved in a Franco-German FCAS project fighter jet,'mediators failed to resolve it. The newspaper cited?people who were familiar with the discussions as saying that the mediators, one from France and another from Germany, would each submit separate reports about their efforts. Persons familiar with the situation said that the German mediator will conclude that building a common fighter jet, which was once a major pillar of the project?, is no longer possible. The person said that the German Chancellor Friedrich Merz will be informed about the current status of the dispute Sunday. According to sources familiar with the project, Germany and France are likely to abandon the development of a?jointly piloted jet? but continue their cooperation on software and data systems as well as drones. Merz will meet French President Emmanuel Macron during the informal European Union Summit in Cyprus next Thursday and Friday. FCAS is at risk of failing or being scaled back as Europe looks to increase unity and collaboration in the face of threats from Russia, and the waning support from the United States. The project was stalled due to a control dispute between France's Dassault and Airbus which represent?Germany, Spain and the 100 billion-euro project. Dassault Aviation's head said on April 1 that he would give his company between two and three weeks to determine if a deal can be reached regarding the "air combat system". Merz stated that he was doing all he could to save the program and two mediators were appointed to "overcome differences" late last month. A spokesperson for Airbus in France declined to comment. Dassault, the French presidency, and Dassault have not responded to comments.
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FIFA warns that New Jersey's $150 fare for transit will have a 'chilling' effect.
FIFA has warned that New Jersey's decision to charge $150 round-trip for transit?to World Cup games?will have a 'chilling effect' on fans. The fare is a tenfold increase over the $15 usual for the route. The price increase can add thousands of dollars to World Cup tickets, especially if they are sold on the secondary market. The MetLife Stadium will host eight matches including the final on July 19. Kris Kolluri, the CEO of New Jersey Transit, had defended his pricing by citing increased passenger numbers due to the closure of public parking near the stadium and the World Cup security requirements. Heimo Schirgi is the Chief Operating Office for the World Cup in 2026. He said that the price increase would force the fans to consider other options. The current NJ Transit pricing model will have a chilling effect. Schirgi stated that increased fares will inevitably drive fans to alternative transportation options. This increases the concerns about congestion and late arrivals and creates wider ripple effects which ultimately reduce the economic benefits and lasting legacy that the entire region stands a chance to gain by hosting the World Cup. "Furthermore... to arbitrarily raise prices and then demand FIFA cover these costs is unprecedented." "No other major event, concert, or global sporting promoter faced such a request." GOVERNOR SAYS "FIFA SHOULD PAID" New Jersey Governor Mikie?Sherrill said previously NJ TRANSIT was "stuck" with a bill of $48 million to ensure fan security while?FIFA made $11 billion. I'm not going leave New Jersey commuters to foot the bill for many years. Sherrill said that FIFA should pay for rides. FIFA denied Sherrill’s claim and said they generated $11 billion of revenue, not profits. "FIFA is a non-profit organization as per our Statutes." Schirgi added that the FIFA World Cup revenues are reinvested in 'developing football worldwide, especially for youth and women. "Finally, we applaud all of our partner cities across the country for embracing this opportunity to showcase their regions to visitors through low-cost and often unchanged rates on mass transit." (Reporting and editing by Clare Fallon in Bengaluru, Rohith Nair from Bengaluru)
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Machado, Venezuela's Machado, says that the Spanish PM's summit on leftist politics is why he has not met him
Maria 'Corina Machado, Venezuelan opposition leader, said that she refused to meet with Spain's Prime Minister during her visit as he was hosting an?event of progressive leaders in Barcelona. Machado is a Nobel Peace Prize-winning?liberal? of the right-wing, who has refused to meet with Spain's leftist government led by Prime Minister Pedro Sanchez. This is in stark contrast to her frequent meetings with Sanchez's opponents from the right. Machado said at a?event held in Madrid that "what transpired over the last few hours in his meeting in Barcelona with different political leaders from different countries was proof that such a?meeting was not advised." Sanchez said that he would be willing to meet Machado at any time. He also called for Venezuelans to determine their own future democratically, without foreign interference. Machado will be feted by one of Sanchez’s fiercest critics later that day, Madrid regional leader Isabel Diaz Ayuso. She will then?hold a rally in the Spanish capital with?the Venezuelan Diaspora. Return to VENEZUELA Machado praised Spain for its welcoming Venezuelan migrants but said that neutrality is no longer acceptable in regards to the interim government led by Delcy Rodrguez, which was formed after the U.S. army ousted Nicolas Maduro during a raid on Caracas last January. Washington has since then been working with?Rodriguez to increase its presence in Venezuela’s oil sector. This week, the World Bank and International Monetary Fund resumed their dealings with Caracas after a break that began in 2019. Machado stated that she is coordinating with Washington regarding?her return to Venezuela in order to lead a democratic transformation. She said she supported the IMF's renewed supervision of the economy and that it would allow the central bank vaults to be opened in order to reveal the gold reserves of Venezuela. She also demanded that she be informed clearly when the next elections will take place. She said: "It is very clear that at the moment, there are those who want Venezuela to be democratic and free and those who wish to maintain the status quo. Just ask them when elections should take place." Corina Pons is the reporter. David Latona is the author. Louise Heavens (Editing by David Latona)
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UKMTO reports incident involving tanker near Oman
The United 'Kingdom Maritime - Trade Operations (UKMTO), a government agency, said on saturday that it had received a report about a tanker which was being fired at by "two gunboats connected to Iran's Revolutionary IRGC" located 20 nautical miles north of oman. UKMTO's advisory note stated that the captain of the tanker reported that?the two armed gunboats fired without issuing any radio challenges, adding that the vessel and crew were safe. UKMTO reported that it received a'report of an unknown projectile hitting a container vessel 25 nautical miles north-east of Oman. UKMTO reported that the attack damaged some containers on board but no fires, environmental impacts, or casualties were immediately reported.
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Iran's Navy tells Ships Strait of Hormuz Closed Again, Two Vessels Report Gunfire
?Ship sources reported that two merchant vessels were hit by gunfire while attempting to cross the Strait of?Hormuz. After receiving a mariner's notice a day before, a number of commercial vessels attempted to transit the strait. The notice stated that passage was allowed but limited to Iran-approved lanes. Sources in maritime and shipping security said that on Saturday, "at least two ships" reported that Iranian boats had fired shots. These incidents occurred in the waters between Qeshm Island and Larak. Sources said that the vessels returned without completing their crossing. The United Kingdom Maritime?Operations agency (UKMTO), said that it received a report about an incident which occurred?20 nautical mile northeast of Oman. The captain of the tanker reported that two gunboats from the Islamic Revolutionary Guard Corps had fired at his vessel after approaching it. The tanker was safe, as were its crew. According to a source in maritime security, gunfire also struck a container ship. Several?vessels have reported that Iran's Navy has been broadcasting VHF messages saying the Strait of Hormuz is closed again. The Strait of Hormuz is now completely closed by Iran due to the U.S. Government's failure to fulfill its commitment in the negotiations. The radio message stated that no vessel of any type or nationality was allowed to cross the Strait of Hormuz. About 20,000 seafarers and hundreds of ships remain stranded on the Gulf coast, waiting for passage through this key waterway that carries about 20% of all global oil and LNG flows. Reporting by Renee Maltezou and Yannis Souliotis. Marwa Rashad Ahmad Ghaddar Muhammad Al Gebaly. Emelia Sithole Matarise and Mark Potter edited the article.
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Handelsblatt reports that mediation fails over spat about Franco-German fighter aircraft
Handelsblatt reported on Saturday that mediators failed to resolve the dispute between the companies involved in a Franco-German fighter jet project. However, political leaders have the right to intervene. The newspaper cited?people who were familiar with the discussions as saying that the mediators, one from France and another from Germany, would each submit separate reports about their efforts. The paper said that German Chancellor Friedrich Merz will be briefed over the weekend on the current status of the dispute and plans to decide on Germany's stance by Tuesday. Merz 'is scheduled to meet French president Emmanuel Macron during the informal European Union'summit in Cyprus next Thursday and Friday,?it said. The 100 billion euro?FCAS project, which has been in crisis for years, is stalled because of a long-running dispute between Dassault Aviation (France) and Airbus (Germany and Spain), who represent the project. Dassault Aviation's head said that on April 1, he would give his company between two and three weeks to determine if a deal could be made on the air-combat system. Merz announced late last month that he would do everything he could to save the program and that two mediators were appointed to resolve differences. A spokesperson for Airbus Group in France declined comment. Dassault, the French presidency, and the German government did not respond to requests for comment.
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India increases inflation-linked allowances and approves a $1.4 billion maritime insurer pool
A minister announced on Saturday that India had approved a 129.8 billion rupees ($1.4 billion) guarantee to?a maritime pool?, as sanctions and wars prompt insurers?to withdraw coverage, threatening trade flow?. Ashwini Vashnaw, Information and Broadcasting minister, said that the pool would 'run for 10 year's?and could be extended another five years. According to a government statement, "there was a necessity for a domestic risk-covering pool in order to maintain sovereignty and the continuity of trade when coverage is withdrawn due to sanctions or geopolitical tensions." Reports earlier this month revealed that several major reinsurance companies, including India's sole state-backed reinsurer GIC, had either removed?coverage or raised premiums sharply, leaving the industry without much reinsurance assistance. Reinsurers help insurers spread risks, which is a vital support. The Iran war and Western Sanctions on Russia are among the 'issues that have led the insurance industry to reduce coverage. In a statement, it was stated that the insurance pool would cover all maritime risks including hull, machinery, cargo, and war risk. Members will issue policies using a combined underwriting capability of approximately?9.50 billion rupies. The inflation-linked allowance has been increased In a separate announcement, the government announced that inflation-linked allowances would also be increased by?2% starting on January 1. Dearness allowances and dearness reliefs are government mandated payments that are aimed at reducing inflation among employees and pensioners. The allowances are reviewed twice a year according to the consumer price index. Government data released earlier this month showed that India's CPI increased to 3.40% from 3.21% year-on-year. The price of cooking gas has increased, despite the fact that government tax cuts have protected consumers from the full impact.
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Turkey's Iran gas pipeline contract is nearing its expiration date, but no extension talks have yet taken place.
The long-term contract between Turkey and Iran for the?import of natural gas is due to expire within the next few months. Both countries could discuss a possible extension. However, no?negotiations have yet been initiated, according to the Turkish energy minister. The agreement expiring in July calls for a delivery of 9,6 billion cubic meters of gas per year. However, actual flows are often far below the agreed amount. Turkey imported 7,6 bcm of gas from Iran in 2012, which accounted for 13% total imports. Data from regulators shows that the pipeline's contracted volume was last reached in 2022. According to our forecasts, we might need this gas pipe or the flow of gas from Iran for the supply security of Turkey. No negotiations are currently underway. I believe?they're busy with so many other things. We could sit down and discuss an extension," Alparslan Bayraktar said to reporters at a diplomatic forum in Antalya, a southern Turkish province. Bayraktar, in reference to the Iran War, said: "But we haven’t started a discussion during the current conditions in the region." Bayraktar said that Turkey is also seeking to diversify its natural gas supply, including by using Russian liquefied?gas. Ankara issued a licence to BOTAS, a pipeline operator in Russia, for long-term LNG imports. This was reported by local media this month. BOTAS has been granted a 10-year licence by the regulator. This license was only given to countries where Turkey had long-term LNG contracts. These include Algeria and Oman. When asked about LNG imports from Russia, Bayraktar replied that Turkey has not yet started to import LNG. Turkey imports Russian gas through the BlueStream and TurkStream pipelines. Together, these two pipelines account for approximately 35% of Turkey's overall gas mix. Tuvan Gumrukcu, Can Sezer and Tuvan Gumrukcu (Reporting). Huseyin Haatsever wrote the article. Editing by Louise Heavens, Mark Potter and Mark Potter
To Europe's financial despair, include a leadership space
France and Germany's political crises are an obstacle for efforts to modernise Europe's struggling economy and are currently making it harder for companies to take the investment choices they require to contend worldwide.
Federal government collapses in Germany and France - the huge two economies that for decades have powered the European Union - come simply as the region must navigate the return of Donald Trump to the White House and mounting trade tensions with China.
From French cognac-makers facing Chinese tasks to German element manufacturers waiting for clearness on Europe's commercial technique for electrical automobiles, the timing could not be even worse.
Throughout the 27-nation bloc, couple of disagree that the region's. economies must be upgraded if they are to create the wealth. required to sustain an aging population of 450 million. However more. than ever, the question is whether its political leaders can deliver.
The French crisis, together with the German one, should not. decrease the execution of the financial reforms, Enrico. Letta, author of a 147-page, EU-commissioned report this year on. the weaknesses of the area's economy, informed Reuters.
The fall of President Emmanuel Macron's government on. Wednesday - simply weeks after the implosion of the German. coalition - is a prospective meteorite for financial stability. in an area having problem with high debt, he alerted.
While lots of Europeans would not swap their quality of life. and welfare safeguard for those of their American peers, the. continent has fallen behind the United States in regards to. financial growth per capita given that the 2008 financial crisis.
Whatever from weak efficiency to fragmented capital. markets and the wider banking sector has actually been blamed. Sanctions. on Russia imposed after it got into Ukraine have deprived. European producers of a low-cost energy source.
With the increase of far-right and hard-left parties making it. more difficult to reach consensus in national parliaments and EU. institutions, the prospects for action on Europe's long-term. failings are not fantastic.
Uncertainty caused by the collapsed German coalition. government is poison for us, stated Axel Petruzzelli, works. council chief at the Stuttgart plant of automobile parts supplier giant. Bosch. His company is waiting for urgent clarity on. German commercial policy, especially Berlin's stance towards. the EV sector, however that will not come up until after February's. election.
UNITED ON TRADE?
National provider Lufthansa deals with a similar radio. silence from Berlin over its require reductions in airport. charges, which are much higher than elsewhere in Europe. One. executive stated it could even move operations away to lower expense. hubs like Rome.
Lufthansa did not react to a request for discuss any. possible relocation.
French jet engine-maker Safran said last week that. political stability was one essential factor in a choice it will. take early next year on the site of a brand-new carbon brakes plant,. with the United States and Canada shortlisted alongside France.
Furthermore, the French parliament's failure to agree a 2025. spending plan raises the possibility that the spending limitations of this. year's spending plan will have to be rolled over as an emergency. stopgap, even as inflation presses expenses higher throughout the board.
In defence, that will create pressure, Safran CEO Olivier. Andries told reporters. Beyond that, where the pressure will. land and how the defence ministry will handle that, I can't. say.
With Europe's economy seen hardly growing one percent this. year, much hope is being put on consumer spending leading a. recovery next year as wage increases enhance home incomes -. however that presumes that buyers do not start getting unnerved.
This sort of political climate does not encourage. usage in general, and particularly for more substantial. purchases such as a brand-new automobile, stated Marc Mortureux, CEO of. French vehicles lobby group La Plateforme automobile (PFA).
Europe prides itself on its open, trade-oriented economy. It. is in trade where the most instant challenges are to be found.
China's move in October to impose anti-dumping tasks on. European brandy imports - days after the EU announced tariffs on. Chinese EV imports - was possibly catastrophic for the. sector, said French cognac association BNIC.
The no-confidence vote ... must in no other way block these. emergency actions on which the survival of much of our. stakeholders depends, BNIC said, describing Macron's pledge. to solve the conflict with China.
Trump's danger to impose tariffs of a minimum of 10% on all U.S. imports is a test of Europe's solidarity both as it chooses how. it can preempt those dangers and how to strike back if Trump goes. ahead with them.
Yet all the inherent tensions in Europe's trade policy -. with individual countries all looking for to safeguard those sectors. most crucial to their domestic economy - were cruelly on display screen. this week as the EU initialled a trade deal with Brazil,. Argentina, Uruguay, Paraguay and Bolivia.
Hailed as the EU's biggest ever trade offer, it would - if. settled - pit the German interest in nurturing new markets for. its cars and makers against the French interest in safeguarding. its farming sector from imports.
For now, the political flux in Paris and Berlin makes its. final fate even more unclear. In the words of one French. diplomatic source: It's not completion of the story..
(source: Reuters)