Biden to push for using Russian assets to help Ukraine at G7 summit
Western allies have been arguing for two years over what to do with $300 billion in frozen Russian assets. It seems that a compromise is about to be announced.
European leaders worried that seizing the assets would violate international law. So the Biden administration developed a plan to use the interest generated by the assets to back a loan that could be immediately disbursed to Ukraine.
The loan could be as much as $50 billion and would be repaid in installments from profits generated by the Russian funds. G7 finance ministers have been working out the details, and a U.S. spokesman said he expected “agreement” on it at the summit.
The leaders will also discuss how to stop China from selling “dual-use” microelectronics and other equipment to Russia to rebuild its military. The Biden administration announced yesterday that it would increase sanctions Aims to stop China from helping the Kremlin Invasion of Ukraine.
EU imposes more tariffs on Chinese electric vehicles
The European Union said yesterday that it would Imposing additional tariffs The United States imposed tariffs of up to 38% on electric vehicles imported from China, a move leaders said was aimed at protecting manufacturers from unfair competition. The move came a month after the United States tripled tariffs on Chinese electric vehicles to 100%.
“By raising the cost for consumers of low-cost Chinese imports, tariffs are likely to slow the uptake of electric vehicles in Europe, while also slowing progress on emissions reductions,” my colleague Jim Tankersley, who writes about U.S. economic policy, told me.
“But they could also help prevent job losses at European carmakers,” he added. “Such protections could help maintain political support for green initiatives at a time when Europe’s decarbonization efforts are increasingly facing opposition from voters unhappy with rapid price increases in recent years.”
This is for consumers and What happens next?
How immigration affects Western politics
The recent European Parliament elections are the latest sign of the impact immigration is having on the West. By David LeonhardtRight-wing parties that pledged to reduce the flow of migrants made gains, while centre-right parties took the lead by taking a stricter stance.
Modern immigration to the West has brought huge benefits, but it also has drawbacks. Increased competition can hurt workers; governments have difficulty providing social services, and some people may feel uneasy about social change. Historically, large-scale immigration has sparked political backlash, such as Brexit.
For many years, mainstream politicians in the West have ignored voters’ concerns about immigration, leading to a large number of voters turning to far-right parties. But recently, left-wing and centrist political forces have begun to take a moderate attitude towards immigration and pay more attention to public opinion.
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Jin, a member of the Korean pop music group BTS, became First band member Complete South Korea’s mandatory military service. The record company said the group will reunite “around 2025.” But first, Jin plans to hug 1,000 fans in Seoul today.
Life experience: Françoise Hardy was a pop music icon of the 1960s and is still cherished by the French. Died at the age of 80. listen Her best songs.
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Saudi Arabia targets boxing
Saudi Arabia has already begun a hostile takeover of professional golf and invested billions of dollars in world football. Now, It wants to own professional boxingalso.
A Saudi plan to reshape the economy, structure and future of boxing is in the final stages of approval, according to two people with direct knowledge of the plan. An initial investment of up to $2 billion is said to be required. The project, which was developed with the help of a consulting firm, would effectively create a single global boxing entity with around 200 top male boxers.
The sport, governed by a labyrinth of promoters and sanctioning bodies, is in desperate need of reform and has been losing fans to the Ultimate Fighting Championship, which follows a similar model.
