Latest News
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Staff message shows that Commerzbank has been in touch with the German regulator regarding UniCredit's stake building,
According to an internal memo seen on Wednesday, Commerzbank is in touch with German regulator?BaFin regarding recent disclosures made by Italy's UniCredit concerning the acceptance of its tender offer to the German lender. The message sent to employees on Tuesday stated that UniCredit’s communication was?misleading. It claimed that it was not "economically reasonable" for investors who had offered a cumulative stake?7.58% as reported by UniCredit. This is because the Italian bank’s offer price falls below?the current market price. UniCredit responded by saying it would not comment "on insinuations lacking a factual base", adding that the facts regarding its Commerzbank Holdings were what it had reported. This development highlights the escalating tensions that have developed between UniCredit and Commerzbank as UniCredit seeks to take over a company, which Commerzbank called hostile. Commerzbank stated in a staff message that a large portion of the shares UniCredit has reported as being tendered could come from market players who are also counterparties with the Italian Bank for derivatives. The message read: "We are monitoring and analysing this process closely, and we're also in touch with BaFin about this matter." A spokesperson from Commerzbank confirmed that the message was correct. Last month, the?year-long battle to?control Commerzbank came to a crucial juncture after UniCredit made a bid which was then formally rejected by Germany’s second largest bank. UniCredit announced on Tuesday that it had achieved its goal with the bid. The aim was not to take control of 'Commerzbank, but to raise 'UniCredit’s direct stake from 27% to 30%. UniCredit can buy more Commerzbank stock on the market in the coming year once it has reached the mandatory threshold.
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Automakers ask EPA to act quickly on rewriting vehicle pollution regulations, and back a two-year delay
Major automakers have backed the U.S. Environmental Protection Agency's proposal to delay enforcement for two years of a regulation that requires significant reductions in air pollution by?vehicles. However, they want the agency to act quickly to rewrite the rules. At a public hearing, the Alliance for Automotive Innovation (a trade group that represents General Motors Toyota Motor, Volkswagen Ford Stellantis and Hyundai) said the delay was necessary and demanded "a reasonable and workable way forward" as well as for the agency "to establish realistic and durable long term standards." Environmental groups have criticized this delay saying that it would lead to an increase of preventable illnesses and premature deaths. Last month, the EPA estimated that 'delaying Joe Biden’s anti-pollution regulation would save automakers $1.7billion. The proposal would delay the compliance deadlines for medium- and light-duty vehicles. It cited the decline in U.S. electric vehicle sales, which made it 'unattainable' for manufacturers to meet the more stringent emission rules. The automaker group stated that the decline in EVs sales has "already stranded a billions?of dollar in investments." Biden's EPA published a final rule in April 2024 requiring significant cuts to so-called criterion pollutants emitted by passenger and commercial vehicles for the model years 2027-2032. Rishab Jagetia, a fellow at the Environmental Defense Fund, said that a delay of two years will cause billions in health damages. This includes more serious lung and heart diseases as well as premature deaths. He said that vehicle standards "save lives". The Biden regulations require a 50% cut through 2032 in the six criteria pollutants (ozone, particulate, carbon monoxide and nitrogen dioxide), and a 58% reduction for medium-duty vehicle. EPA estimates that by 2024 the reduction of pollutants which contribute to the formation smog and soot will result in an annualized benefit of $13 billion. The 'Trump Administration has taken several steps to rollback vehicle regulations. In February, the EPA finalized the repeal of its "endangerment findings" for vehicles. This was a 2009 determination by the EPA that greenhouse gas emissions were a threat to human?health. It gave it the authority to regulate vehicle emissions. The?Transportation Department? proposed in December to reduce fuel economy standards from model years 2022-2031. This would require 34.5 miles per gallons on average by 2031.
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Scientists discover new species of grasshopper, dragonfly and fluorescent spider
A conservation group reported that wildlife experts discovered eight new species of dragonfly in Angola, along with three unknown grasshoppers, and 60 vibrant-colored butterflies and moths. The Wilderness Project visited four major African rivers that feed off the water flowing through the plateau: the Congo River, Okavango River, Zambezi river, and Cuanza. The new species include an armoured predatory cricket, a copper caterpillar species and its adult butterfly that was previously unknown, as well as a crowned spider fluoresces when exposed to ultraviolet light. Experts have also discovered a 'new blood orange-hued ladybird orb web spider that mimics ladybirds to signal to predators with a bright color - usually a darker shade of red - indicating it is too bitter?or toxic. Rob Taylor, expedition leader, said: "The armoured insects are cool...very fierce-looking." As a defensive mechanism, they are able to squirt liquid onto anyone who is trying to attack. Scientists around the globe are trying to record as many species as possible in order to cope with an ecological crisis which has threatened a million animal and plant species. Scientists estimate that there are 8,7 million species in the world. However, only 1.5 million have been identified by science. More than 800 species of animals have gone extinct in the last 1500 years due to?human activity. Taylor stated that wildlife on the Lisima Plateau is threatened by "tree felling,?deforestation, and...the artisanal diamond mining industry." He also said that slash-and burn agriculture, which destroys natural forests in order to plant, washes away nutrients, threatens the animals.
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Three people are killed in Gaza by Israeli strikes, say medics
Israeli strikes in Gaza killed three Palestinians on Wednesday, according to health officials. The militant Palestinian group Hamas also said that an end to these attacks is crucial for further talks?on safeguarding the U.S.-brokered truce. Medical personnel?said that one Palestinian had been?killed? in an airstrike near Mughraqa, a central Gaza Strip area. Israeli forces said they had killed a suspicious person who was acting near forces in a controlled area. Two brothers were killed in a separate Israeli airstrike in a courtyard of a home in Maghazi Refugee Camp, said medics. Israel's military has not commented on the incident immediately. The ceasefire was brokered by the U.S. The ceasefire brokered by the U.S. The indirect talks to implement the second phase of this deal, including the disarmament of the group and the withdrawal of Israeli troops, have reached a deadlock. Sources familiar with the negotiations said that further talks were expected in Egypt this week, but Hamas denies sending delegates. On Wednesday, a Hamas official said that the group is in constant contact with mediators. He also stressed the importance of ending Israeli attacks on Gaza. The official stated that Israel has refused to end its attacks, continues to restrict aid and goods entering Gaza, and expands its occupation in violation of the ceasefire agreement. Israel claims its strikes aim to?thwart imminent attacks. Israel also claims that it allows goods and aid to enter Gaza. Gaza health officials, who do not differentiate between combatants or civilians, have reported that 930 "Palestinians" have died in Israeli strikes since the truce started. Israel's military confirmed that four Israeli soldiers were killed by militants in the same time period.
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As inflation fears fuel war, gold slips in bets with higher rates
The gold price fell on Wednesday as investors focused on the Middle East, and economic data. By 8:40 am EDT (1240 GMT), spot gold had fallen 0.7% per ounce to $4,452.09. U.S. Gold Futures fell 0.9% to $4480.50. Gulf hostilities flared up again after Iranian attacks on Kuwait damaged the airport and injured dozens, while?U.S. Military strikes were carried out near the Strait of Hormuz. Diplomacy, which was supposed to end the war but showed little progress, failed to stop the conflict. David Meger is the director of metals at High Ridge Futures. As the conflict intensifies it is expected that rising energy prices will increase inflation expectations. He added that this could lead to higher rates of interest, which would 'further strengthen the dollar' and add additional downward pressure on precious metals. Bullion is seen as an asset that protects against inflation. However, it becomes less appealing as a non yielding asset when interest rates are high. The U.S. Dollar Index rose for the third consecutive session, and oil prices also increased. The dollar price of metals increases when the U.S. currency is stronger. In an opening note, Federal Reserve chairman Kevin Warsh promised to follow "the Fed's best traditions" as he begins his four-year tenure, while also promising to?address what could be done differently. Beth Hammack, the president of the Cleveland Federal Reserve, said that if inflation pressures are to continue to rise in the United States central bank may need a rate increase soon. The U.S. Nonfarm Payrolls Data for May, due Friday, will also be closely watched to determine the Fed's monetary policies. ADP's "national employment report" showed that private payrolls in the U.S. increased more than expected for May. (Reporting by Ashitha Shivaprasad in Bengaluru, Editing by Louise Heavens) (Reporting and editing by Louise Heavens in Bengaluru. Ashitha shivaprasad is based in Bengaluru.
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Trump confirms calling Netanyahu insane in phone call
?U.S. Donald Trump admitted to calling Israeli Prime Minister Benjamin Netanyahu crazy during an angry phone call over the fighting in Lebanon while the U.S. was trying to negotiate a ceasefire with Iran. In an interview aired Wednesday, Trump, paraphrasing Axios, was asked if he called the long-time Israeli leader, "effing insane" and accused him ingratitude. Trump said, "I did," in a podcast called "Pod Force One". "I wouldn’t say angry. "I was a bit upset at his constant fighting with Lebanon." Trump continued to say that he and Netanyahu get on very well. Axios reported, citing an unidentified U.S. government official, that Trump told Netanyahu during a phone call on Monday, "You are fucking insane." If it wasn't for me, you'd be in jail. I'm saving you. Everybody hates you now. Everyone hates Israel for this. Trump said during the interview: "At one point, I said to Bibi, We have to stop this." We have to stop this. Iran says it won't agree to an agreement with the United States that would end the war Trump and Netanyahu started in late February unless the ceasefire extends to Lebanon. Israel invaded Lebanon in March to pursue the Iran-aligned Hezbollah, who fired across the border to support Tehran. The hostilities continue despite an agreement announced by the United States on Monday, which led Israel to stop attacking the Hezbollah controlled southern suburbs of Beirut and Iran-backed groups to cease cross-border attacks. Lebanese sources of security said that Israeli drones killed six people in southern Lebanon on Wednesday and also targeted a vehicle just south-east of Beirut. Israel claimed to have intercepted an enemy aircraft fired by Hezbollah. Trump was irritated when asked if Netanyahu?tricked him into attacking Iran. He said his critics were "the enemy". Trump has used expletives in the past to describe Israel, including saying publicly last year that Israel or Iran "don't even know what they are doing". Reporting by Doina chiacu Editing and Peter Graff by Andrew Heavens
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Gold drops on stronger dollar and oil amid renewed Middle East hostilities
?Gold prices fell on Wednesday as a result of a stronger dollar, and rising oil prices. The conflict in the Middle East continued to dampen hopes for a quick resolution of the U.S. - Iran conflict. By 1128 GMT, spot gold had fallen 0.5% to $4463.74 an ounce. U.S. Gold Futures for August Delivery fell 0.6% to $4492.00. Gulf hostilities flared up again on Wednesday as an Iranian missile attacked Kuwait's airport, and the U.S. Military carried out strikes near the Strait of Hormuz. Diplomacy between Washington, Tehran and Tehran made little progress. Due to the renewed conflict in the Middle East, gold is under pressure and has been knocking against $4,450. Lukman Otunuga is a senior research analyst at FXTM. He said that fading hopes of a U.S. Iran peace deal will likely keep oil prices high. The dollar increased by?0.1%, and oil prices continued to rise for the third consecutive session. Oil prices rising increase inflation risk, which increases the likelihood of longer-term interest rate hikes. Gold is often viewed as an inflation hedge, but it loses its appeal when interest rates are high. According to CME Group’s FedWatch tool, the markets, who had?expected? two U.S. rate cuts in this year, before the Iran War, are now pricing in a 42 percent chance of a rate?hike? in December by 25 basis points. Beth Hammack, President of the Cleveland Federal Reserve, said on Tuesday that if inflation continues to rise at a high rate it may be necessary to increase interest rates. Investors are now awaiting the U.S. Nonfarm Payrolls Data for May due on Friday in order to gauge the U.S. Federal Reserve monetary policy direction. Otunuga said that a strong jobs report would likely add to the decline of gold, particularly if it led more traders to price in an interest rate increase by December. Silver fell by 1%, to $74.37 an ounce. Platinum dropped 0.4%, to $1,929.80. Palladium declined 1.3%, to $1,351.75. (Reporting and editing by Janane Vekatraman, Louis Heavens, and Noel John from Bengaluru)
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Trump claims Iran has agreed not to have nuclear weapons
U.S. president Donald Trump stated that Iran had agreed to?not have a nuclear weapons?and he will probably meet Supreme Leader Mojtaba?Khamenei at a certain point if "things work?out". In an interview that aired on Wednesday, Trump said about Iran: "They have already?agreed to not have a nuclear weapons." When asked about Khamenei?s involvement in the talks with the U.S. on ending hostilities Trump replied, "He is absolutely involved." ... "I think they have great respect for him." Trump claimed that he heard the Iranian leader saying?not too well' but giving his approval to the negotiations. Trump said that he did not have the "privilege" of meeting Khamenei. "I would like to meet him." We will probably meet at some stage, depending on the outcome of everything," Trump said. The U.S. President said that he considered the Iran war a success, because the military of the country had been defeated. The conflict, which began on February 28 with U.S. and Israeli strikes, has upset the global energy markets. It has also proven unpopular among Americans in the months leading up to November's congressional elections. In the interview, Trump said that Iran was a "big success". "We'll have to wait and see." We are going to do, we are working on a deal and it will be fine. It's fine if it doesn't work out. "We'll do it in the opposite way." He didn't?specify? what this might mean, but he has in the past said that the U.S. will resume strikes. Reporting by Doina Ghosh and Kanjyik in Washington; Editing by Andrew Heavens, Gareth Jones and Andrew Heavens
Israeli strikes kill 3 people in Gaza as truce talks stagnate
Health officials reported that Israeli strikes in Gaza killed three Palestinians on Wednesday. Hamas, the militant Palestinian group, said stopping'such a?attacks is crucial for further talks to safeguard a U.S. mediated ceasefire.
According to medical personnel, a Palestinian was killed by an airstrike in the Mughraqa region of the central Gaza Strip.
Israeli forces said they had killed a suspicious person near troops operating in an Israeli controlled area.
Two brothers were killed in a separate Israeli airstrike -- Saqer Khalil and Moamen Khalil Ab?Karim - in the courtyard a nearby refugee camp in Maghazi, according to medics.
Israel's military didn't immediately comment on the incident. The ceasefire brokered and signed by U.S. president Donald Trump failed to stop Israeli attacks in Gaza. Israel now controls over half of the enclave after the conflict which began in October 2023 with Hamas attacks against southern Israel.
The indirect talks about the implementation of the second phase of the agreement, which includes disarmament by the group and the withdrawal of Israeli troops, have reached a deadlock.
HAMAS MUST DISARM :?NETANYAHU
In an interview on CNBC, Benjamin Netanyahu said that the Hamas group should disarm, and that the Board of Peace, led by the United States, would take action on this.
"Hamas must disarm." "That's the plan of President Trump," he said.
We'll need to talk about how to get them to comply. We make sure that they do not have weapons smuggled into the country to arm themselves. This is number one. And number two, they are not able launch missiles against us," Netanyahu said.
According to sources close to the talks, further negotiations were expected in Egypt this week. However, Hamas denied sending delegates to Cairo.
Hamas officials told reporters on Wednesday that the group has been in contact with mediators every day and stressed the need to stop Israeli attacks in Gaza.
The official stated that "Israel has rejected ending its attack; it continues restricting?aids and goods into Gaza, and expanding its occupation in blatant violation of the ceasefire agreement."
Israel claims that its strikes aim to thwart imminent attacks. Israel says that it also allows goods and aid to enter Gaza.
Gaza health officials, who do not differentiate between combatants or civilians, have reported that 930 Palestinians were?killed by Israeli strikes since the truce started.
Israel's military confirmed that four Israeli soldiers were killed by militants in the same time period.
(source: Reuters)