Austria's Raiffeisen completes damages payment to Russia
The payment of interests, which completes the transfer of the more than 2 billion euros in damages due, has previously been seen as a key step in the struggle for Russian regulatory clearance of Raiffeisen's plans to sell its Russian subsidiary.
Last year, the bank came under intense pressure from the United States as well as European regulators to pare its ties to Russia, something it is in the process of doing.
The lender has been working on a sale of its Russian subsidiary for more than three years since Russia's invasion of Ukraine.
Russia's central bank had previously taken almost 1.9 billion euros from the lender to settle a court dispute in Russia.
Earlier this year, a Russian court awarded more than 2 billion euros of damages against RBI in a dispute that erupted after an unsuccessful attempt to unlock some of the bank's frozen billions in Russia.
($1 = 0.8839 euros)
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The Guardian
42 minutes ago
- The Guardian
‘It's time for us to be louder': Germany's Pride parades face up to rise in attacks
The organisers of the Christopher Street Day parade in Berlin have urged participants to be vigilant amid a rise in attacks on LGBTQ+ events across Germany. Hundreds of thousands of people are expected to take to the streets of the German capital this weekend for a loud and colourful celebration held in memory of the 1969 Stonewall riots in New York, Christopher Street being the location of the Stonewall Inn. But behind the party atmosphere there is a more sombre mood than usual as LGBTQ+ organisations warn that attacks have become more frequent. 'It has been said in recent years that Christopher Street Day had become too big, too commercialised, too apolitical,' said one of the organisers, Thomas Hoffmann. 'But now it's time for us to be louder than ever and for people to come out in large numbers when we're losing rights for which we have fought for decades.' At stake, he said, was nothing less than societal tolerance across the board, which was being tested 'first and foremost on us as we're most visible'. Campaigners say a rise in hostility has accompanied the increase in support for the far-right Alternative für Deutschland (AfD) party, which came second in February's elections and is now the biggest opposition party in the German parliament. Lorenz Blumenthaler, a spokesperson for the Antonio Amadeu Foundation which campaigns against rightwing extremism, racism and antisemitism, said there had been 55 rightwing extremist attacks at Pride parades across Germany last year. The organisation had already recorded 30 attacks 'with a rightwing extremist background' on Christopher Street Day parades in Germany so far this year, he said. There are about 120 parades due to take place this year. 'It was last year we noticed that rightwing extremist mobilisation against Pride celebrations was increasing massively,' he said. The attacks on Christopher Street Day celebrations, he said, ranged from 'traditional verbal insults to physical assaults, including people being doused with boiling water for walking under buildings as part of the Pride parade'. With the campaign platform Campact, a German NGO, the foundation has established a €100,000 (£87,000) fund to support Christopher Street Day parades, particularly those in eastern Germany. The AfD is high in the polls there and there was an increasingly aggressive opposition to gay rights, Blumenthaler said. Bastian Finke, the head of Maneo, a Berlin project that documents cases of homophobic violence, said the parades had increasingly become targets in the last year. While the events in cities such as Cologne and Berlin had not been specifically threatened, it was those in smaller towns and rural areas that were most at risk and harder to police, he said. Sign up to This is Europe The most pressing stories and debates for Europeans – from identity to economics to the environment after newsletter promotion Danjel Zarte, who owns the Das Hoven cafe, a popular meeting point for the LGBTQ+ community in the Neukölln district of southern Berlin, said the hatred had become a daily challenge. He has filed 45 police complaints in the last 18 months, all connected to homophobic attacks. On top of the psychological burden, it was also threatening the existence of his cafe as guests were staying away out of fear, he said. 'We are constantly verbally abused. People spit at the windows, or throw dog shit at them. A fire extinguisher was thrown through the window of our office, staff have been physically attacked or had the windscreen wipers torn off their cars. I constantly ask myself how long I can continue.' Blumenthaler said analysis of the increased hostility often focused on the influence of Donald Trump in emboldening conservatives and rightwingers globally, but 'the fact is homophobia has always been central to [German] rightwing extremist mobilisation'. He added: 'It's not an import; it's in our midst.' Finke of Maneo said there were almost no Pride celebrations in Germany any more that didn't trigger some kind of rightwing extremist demonstration, whether by small or large groups. At the same time, he said, the organisation had also seen an increase in Islamist-inspired attacks by 'people who, out of a misunderstood interpretation of their religion, feel compelled to punish people for who they are'. This weekend's parade has adopted the slogan 'Never be silent again!' in a clear reminder of the Nazi era when hundreds of thousands of gay people were rounded up. The numbers were particularly high in Berlin, where a nascent gay rights movement in the 1920s was crushed by the Nazis. Christopher Street Day organisers say Friedrich Merz's new government is contributing to the atmosphere of fear by engaging in dog-whistle politics to win voters back from the AfD. Julia Klöckner, the parliamentary president from Merz's centre-right CDU, drew criticism when she said that, unlike in recent years, the rainbow flag would not be hoisted on the parliament building for the Berlin parade. 'We are the German parliament, and we fly one flag: black, red and gold,' she said, alluding to the German flag. 'It represents everything our basic law stands for: freedom, human dignity and also the right to sexual self-determination. No flag flies above it.' Merz said he agreed with her decision, stating: 'The Bundestag is not a circus tent.'
Auto Blog
3 hours ago
- Auto Blog
Pirelli's Latest High-Performance Tire Is 70% Recycled Materials – But Only Available For One Car
By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. A spin in the right direction While drivers tend to overlook tires until they need to be replaced, companies like Pirelli obsess over them. Constantly improving and iterating, Pirelli is now introducing a tire to market that features nearly three-quarters recycled components, suggesting that the future of high-performance tires can utilize used materials without compromising performance. The downside is that, at least for its first recycled tire, Pirelli is limiting production to a single tire size, which was developed specifically for a single vehicle. It was also developed as an OEM tire, and it's unclear whether Pirelli will produce them for the aftermarket. Pirelli P Zero tire — Source: Pirelli All about the 70% recycled Pirelli P Zero This new tire is part of Pirelli's commitment to making all natural rubber used in its European factories Forest Stewardship Council (FSC) certified by 2026. The tire maker previously released an FSC-certified tire in 2021. FSC certification is specific to the rubber used in the tire, which has to be certified as natural rubber and is an attestation that Pirelli exercised 'responsible management' of its natural rubber supply chain from plantation to production. In addition to FSC-certified rubber, the new P Zero utilizes recycled steel, which the company reclaimed in part from melted scrap metal. Rice husk-derived silica was also used in the P Zero, as the silica is a byproduct of rice production and is used in the P Zero's tread for enhanced handling in wet conditions. End-of-life tires were also included. To make the tires black, Pirelli used pyrolysis oil from scrap tires, which is obtained via a process of rapid heating and cooling that essentially extracts the oils from the used tires. The same pyrolysis oil derivative was used in the tire polymers. Finally, plant-based bio-resins help optimize dry and wet performance for the new P Zero. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. If you want the new P Zero, you'll need a Range Rover Developed for JLR (Jaguar Land Rover), Pirelli states that the new tire will only be available in a 22-inch wheel size. The mostly-recycled P Zero will 'initially be available on selected' Range Rover vehicles, but it's unclear whether the tire will be an optional add-on for buyers or if it will be standard for Range Rovers with 22-inch wheels. It's not the first collaboration between JLR and Pirelli, either. In 2024, JLR equipped some of its cars with Pirelli tires that contained 110 percent FSC-certified natural rubber. The new P Zeros will feature FSC markings and a 'distinctive logo' denoting that the tires contain more than 50 percent bio-based recycled materials, which is verified by the third-party certification body Bureau Veritas. Range Rover Evoque — Source: Jaguar Land Rover Final thoughts There's no doubt Pirelli ran this tire through its paces, both virtually in its design and development phase as well as in real-world testing. If any company has mastered high-performance tire manufacturing, it's Pirelli. Even so, it's unclear how recycled materials will hold up over the long term, but if all goes well, we could be looking at a breakthrough in the future of tires. About the Author Nate Swanner View Profile
Daily Mail
3 hours ago
- Daily Mail
The sneaky way Anthony Albanese will turn Australia into a high-taxing European nation with new super tax
Anthony Albanese risks turning Australia into a high-taxing European nation with his plan for a radical new tax on superannuation savings, an investment group warns. The federal government wants to impose a new 15 per cent tax on unrealised gains on super balances above $3million, where capital growth would be taxed before assets are sold. Wilson Asset Management chairman Geoff Wilson said this departure from taxing capital gains after assets are sold would see Australia share a similarity with European nations, which are renowned for their high taxes and targeting the rich. 'Australia is proving to be no different from Norway, Spain and Sweden, where taxing unrealised gains led to capital exodus and therefore lower than expected tax revenue,' he said. In 2023, the Labor government announced that from July 1, 2025, 0.5 per cent, or 80,000, of super balances with more than $3million would be hit with a new 15 per cent tax on unrealised gains. This would be in addition to the 15 per cent tax on earnings that already exists for all super during the accumulation or working phase. The debut of a new tax on unrealised gains also marks the biggest change to the capital gains tax since it was introduced in Australia in 1985. Previously, European nations have been the main enthusiasts for taxing the notional or paper value of assets, based on gains during a financial year. Norway applies a 38 per cent unrealised gains tax on the wealth of those who leave. Sweden does a similar thing, but with a 30 per cent exit tax on unrealised gains. Spain also has an exit tax, based on unrealised gains, if someone with a large investment portfolio leaves the country to become a tax resident elsewhere. Germany during the 1970s and 1980s taxed unrealised gains on wealth, but the policy was notoriously difficult to administer. France still has a wealth tax that applies on assets worth more than €1.3million (AU$2.1million) of real estate assets, but it stops short of taxing unrealised gains. Other European nations, renowned for having higher income taxes to fund more services, do not touch retirement savings in the way Labor is proposing to do. US Democrat presidential candidate Kamala Harris last year campaigned to tax unrealised gains on wealth - but only for the ultra rich with assets worth US$100million (AU$152million) or more. Australia would be the first to apply an unrealised gains tax to superannuation, in a bid to raise $2.3billion a year in Budget revenue. Left-leaning crossbench senators David Pocock and Jacqui Lambie last year declined to back Labor's Better Targeted Superannuation Concessions bill, because they are opposed to taxing unrealised gains. The Greens back taxing unrealised gains but want the threshold reduced to $2million, but indexed to inflation. They hold the balance of power in the Senate, and Labor is still negotiating amendments with the minor party. The government has previously flagged giving Australians a year's notice from the time legislation is passed, with Mr Wilson noting panic selling was already occurring in self-managed super funds to avoid the potential new tax. 'Despite requiring Senate approval, the proposed tax on unrealised gains has already prompted a rush to liquidate assets ahead of the 30 June 2026 implementation date,' he said. Wilson Asset Management has proposed an alternative super tax strategy to Labor's plan to tax unrealised gains, in a submission to the government's Economic Reform Roundtable, where it argued it would raise $2.433billion in revenue. 'The outcome of the proposal would allow the government to increase tax revenue from high balance accounts without breaching the realisation principle of the tax act,' Mr Wilson said. 'Our proposal is in the national interest and a Budget-positive alternative to the government's proposed policy to tax unrealised gains in superannuation.' He proposes to keep the existing structure of taxing realised capital gains, but adding a new 15 per cent tax to balances of $3million to $6million. A 17.5 per cent tax would apply for balances of $6million to $10million, rising to 20 per cent for balances of $10million to $20million and 25 per cent for balances above $20million.
