Russia hits JACKPOT, finds huge treasure of 'black gold' in this country, name is..., not Ukraine, Saudi Arabia, Iran, Iraq
If we compare this oil reserve with the rest of the world's oil reserves, then this oil found in Antarctica is about 10 times the oil extracted from the North Sea in the last 50 years. It is also 10 times the total oil reserves of Saudi Arabia. However, by doing this, Russia has been accused of breaking international laws. Where was so much oil found?
This huge oil reserve has been found in the Weddell Sea. It comes in that area of Antarctica which Britain claims as its own. Argentina and Chile have also staked claims on this area. Despite this, Russia has gone ahead and discovered it. This has made other countries doubt Russia's intentions. Was the treaty really violated?
According to the Antarctic Treaty of 1959, Antarctica is only for scientific research. No military activity or extraction of natural resources can be carried out at this place. Countries like the USA and Britain have also agreed to this. But Russia's scientific expeditions can violate this treaty. This is because experts say that Russia is doing something else under its guise. Why did a new controversy erupt?
Klaus Dodds, professor of geopolitics at Royal Holloway College in the United Kingdom, has warned that Russia is investigating resources under the guise of scientific research. The professor says that this can lead to large-scale extraction of resources. This can weaken the restrictions imposed on mining and drilling in Antarctica. This has happened at a time when Russia and Ukraine are at war.
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The Hindu
38 minutes ago
- The Hindu
U.S.-EU trade deal wards off further escalation but will raise costs for companies, consumers
President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal that imposes 15% tariffs on most European goods, warding off Mr. Trump's threat of a 30% rate if no deal had been reached by August 1. The tariffs, or import taxes, paid when Americans buy European products could raise prices for U.S. consumers and dent profits for European companies and their partners who bring goods into the country. Here are some things to know about the trade deal between the United States and the European Union: What's in the agreement? Mr. Trump and Ms. von der Leyen's announcement, made during Mr. Trump's visit to one of his golf courses in Scotland, leaves many details to be filled in. The headline figure is a 15% tariff rate on 'the vast majority' of European goods brought into the US, including cars, computer chips and pharmaceuticals. It's lower than the 20% Mr. Trump initially proposed, and lower than his threats of 50% and then 30%. Ms. von der Leyen said the two sides agreed on zero tariffs on a range of 'strategic' goods: Aircraft and aircraft parts, certain chemicals, semiconductor equipment, certain agricultural products, and some natural resources and critical raw materials. Specifics were lacking. She said the two sides 'would keep working' to add more products to the list. Additionally, the EU side would purchase what Mr. Trump said was $750 billion worth of natural gas, oil and nuclear fuel to replace Russian energy supplies, and Europeans would invest an additional $600 billion in the U.S.. What's not in the deal? Mr. Trump said the 50% U.S. tariff on imported steel would remain; Ms. von der Leyen said the two sides agreed to further negotiations to fight a global steel glut, reduce tariffs and establish import quotas — that is, set amounts that can be imported, often at a lower rate. Mr. Trump said pharmaceuticals were not included in the deal. Ms. von der Leyen said the pharmaceuticals issue was 'on a separate sheet of paper' from Sunday's (July 27, 2025) deal. Where the $600 billion for additional investment would come from was not specified. And Ms. von der Leyen said that when it came to farm products, the EU side made clear that 'there were tariffs that could not be lowered,' without specifying which products. What's the impact? The 15% rate removes Mr. Trump's threat of a 30% tariff. It's still much higher than the average tariff before Mr. Trump came into office of around 1%, and higher than Mr. Trump's minimum 10% baseline tariff. Higher tariffs, or import taxes, on European goods mean sellers in the U.S. would have to either increase prices for consumers — risking loss of market share — or swallow the added cost in terms of lower profits. The higher tariffs are expected to hurt export earnings for European firms and slow the economy. The 10% baseline applied while the deal was negotiated was already sufficiently high to make the European Union's executive commission cut its growth forecast for this year from 1.3% to 0.9%. Ms. Von der Leyen said the 15% rate was 'the best we could do' and credited the deal with maintaining access to the US market and providing 'stability and predictability for companies on both sides.' What is some of the reaction to the deal? German Chancellor Friedrich Merz welcomed the deal, which avoided 'an unnecessary escalation in transatlantic trade relations" and said that 'we were able to preserve our core interests,' while adding that 'I would have very much wished for further relief in transatlantic trade.' The Federation of German Industries was blunter. "Even a 15% tariff rate will have immense negative effects on export-oriented German industry," said Wolfgang Niedermark, a member of the federation's leadership. While the rate is lower than threatened, "the big caveat to today's deal is that there is nothing on paper, yet," said Carsten Brzeski, global chief of macro at ING bank. 'With this disclaimer in mind and at face value, today's agreement would clearly bring an end to the uncertainty of recent months. An escalation of the US-EU trade tensions would have been a severe risk for the global economy," Mr. Brzeski said. 'This risk seems to have been avoided.' What about car companies? Asked if European carmakers could still sell cars at 15%, Ms. von der Leyen said the rate was much lower than the current 27.5%. That has been the rate under Mr. Trump's 25% tariff on cars from all countries, plus the preexisting U.S. car tariff of 2.5%. The impact is likely to be substantial on some companies, given that automaker Volkswagen said it suffered a $1.5 billion hit to profit in the first half of the year from the higher tariffs. Mercedes-Benz dealers in the US have said they are holding the line on 2025 model year prices 'until further notice.' The German automaker has a partial tariff shield because it makes 35% of the Mercedes-Benz vehicles sold in the U.S. in Tuscaloosa, Alabama, but the company said it expects prices to undergo 'significant increases' in coming years. What were the issues dividing the two sides? Before Mr. Trump returned to office, the U.S. and the EU maintained generally low tariff levels in what is the largest bilateral trading relationship in the world, with some USD 2 trillion in annual trade. Together, the U.S. and the EU have 44% of the global economy. The U.S. rate averaged 1.47% for European goods, while the EU's averaged 1.35% for American products, according to the Bruegel think tank in Brussels. Mr. Trump has complained about the EU's 198 billion-euro trade surplus in goods, which shows Americans buy more from European businesses than the other way around, and has said the European market is not open enough for U.S.-made cars. However, American companies fill some of the trade gap by outselling the EU when it comes to services such as cloud computing, travel bookings, and legal and financial services. And some 30% of European imports are from American-owned companies, according to the European Central Bank.
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Business Standard
38 minutes ago
- Business Standard
US-EU trade deal wards off escalation, to raise costs for firms, consumers
President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal that imposes 15 per cent tariffs on most European goods, warding off Trump's threat of a 30 per cent rate if no deal had been reached by August 1. The tariffs, or import taxes, paid when Americans buy European products could raise prices for US consumers and dent profits for European companies and their partners who bring goods into the country. Here are some things to know about the trade deal between the United States and the European Union: What's in the agreement? Trump and von der Leyen's announcement, made during Trump's visit to one of his golf courses in Scotland, leaves many details to be filled in. The headline figure is a 15 per cent tariff rate on the vast majority of European goods brought into the US, including cars, computer chips and pharmaceuticals. It's lower than the 20 per cent Trump initially proposed, and lower than his threats of 50 per cent and then 30 per cent. Von der Leyen said the two sides agreed on zero tariffs on both sides for a range of strategic goods: Aircraft and aircraft parts, certain chemicals, semiconductor equipment, certain agricultural products, and some natural resources and critical raw materials. Specifics were lacking. She said the two sides would keep working to add more products to the list. Additionally, the EU side would purchase what Trump said was USD 750 billion worth of natural gas, oil and nuclear fuel to replace Russian energy supplies, and Europeans would invest an additional USD 600 billion in the US. What's not in the deal? Trump said the 50 per cent US tariff on imported steel would remain; von der Leyen said the two sides agreed to further negotiations to fight a global steel glut, reduce tariffs and establish import quotas that is, set amounts that can be imported, often at a lower rate. Trump said pharmaceuticals were not included in the deal. Von der Leyen said the pharmaceuticals issue was on a separate sheet of paper from Sunday's deal. Where the $600 billion for additional investment would come from was not specified. And von der Leyen said that when it came to farm products, the EU side made clear that there were tariffs that could not be lowered, without specifying which products. What's the impact? The 15 per cent rate removes Trump's threat of a 30 per cent tariff. It's still much higher than the average tariff before Trump came into office of around 1 per cent, and higher than Trump's minimum 10 per cent baseline tariff. Higher tariffs, or import taxes, on European goods mean sellers in the US would have to either increase prices for consumers risking loss of market share or swallow the added cost in terms of lower profits. The higher tariffs are expected to hurt export earnings for European firms and slow the economy. The 10 per cent baseline applied while the deal was negotiated was already sufficiently high to make the European Union's executive commission cut its growth forecast for this year from 1.3 per cent to 0.9 per cent. Von der Leyen said the 15 per cent rate was the best we could do and credited the deal with maintaining access to the US market and providing stability and predictability for companies on both sides. What is some of the reaction to the deal? German Chancellor Friedrich Merz welcomed the deal which avoided an unnecessary escalation in transatlantic trade relations" and said that we were able to preserve our core interests, while adding that I would have very much wished for further relief in transatlantic trade. The Federation of German Industries was blunter. "Even a 15 per cent tariff rate will have immense negative effects on export-oriented German industry," said Wolfgang Niedermark, a member of the federation's leadership. While the rate is lower than threatened, "the big caveat to today's deal is that there is nothing on paper, yet," said Carsten Brzeski, global chief of macro at ING bank. With this disclaimer in mind and at face value, today's agreement would clearly bring an end to the uncertainty of recent months. An escalation of the US-EU trade tensions would have been a severe risk for the global economy," Brzeski said. This risk seems to have been avoided. What about car companies? Asked if European carmakers could still sell cars at 15 per cent, von der Leyen said the rate was much lower than the current 27.5 per cent. That has been the rate under Trump's 25 per cent tariff on cars from all countries, plus the preexisting US car tariff of 2.5 per cent. The impact is likely to be substantial on some companies, given that automaker Volkswagen said it suffered a $1.5 billion hit to profit in the first half of the year from the higher tariffs. Mercedes-Benz dealers in the US have said they are holding the line on 2025 model year prices until further notice. The German automaker has a partial tariff shield because it makes 35 per cent of the Mercedes-Benz vehicles sold in the US in Tuscaloosa, Alabama, but the company said it expects prices to undergo significant increases in coming years. What were the issues dividing the two sides? Before Trump returned to office, the US and the EU maintained generally low tariff levels in what is the largest bilateral trading relationship in the world, with some USD 2 trillion in annual trade. Together the US and the EU have 44 per cent of the global economy. The US rate averaged 1.47 per cent for European goods, while the EU's averaged 1.35 per cent for American products, according to the Bruegel think tank in Brussels. Trump has complained about the EU's 198 billion-euro trade surplus in goods, which shows Americans buy more from European businesses than the other way around, and has said the European market is not open enough for US-made cars. However, American companies fill some of the trade gap by outselling the EU when it comes to services such as cloud computing, travel bookings, and legal and financial services. And some 30 per cent of European imports are from American-owned companies, according to the European Central Bank. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
2 hours ago
- Time of India
Ukraine aid row: EU withholds $1.7 billion; Zelenskyy's new bill faces internal and external pressure
The European Union has frozen $1.7 billion in aid earmarked for Ukraine after President Volodymyr Zelenskyy signed a bill that weakens the independence of the country's top anti-corruption agencies. The withheld amount represents over a third of the funding set aside by the Union under its Ukraine Facility fund, which was launched last year to support Kyiv's war recovery and its path to EU membership. The move follows what EU officials described as a troubling shift in Ukraine's governance standards. The legislation in question hands greater authority to the politically appointed Prosecutor General over the National Anti-Corruption Bureau (NABU) and the Specialized Anti-Corruption Prosecutor's Office (SAPO), two key institutions created in the wake of Ukraine's 2014 Revolution of Dignity to fight high-level corruption. The decision sparked the first wartime protests against Zelenskyy's administration, with thousands taking to the streets to demand that the NABU and SAPO remain free from political interference. Under public pressure, Zelenskyy swiftly introduced measures aimed at safeguarding the agencies' independence, but concerns continue to grow. Marta Kos, the EU's Commissioner for Expansion, warned that Ukraine's efforts to exert political control over its top anti-corruption bodies had raised 'serious concerns' within the bloc, New York Post reported. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like China is wooing Malaysia and Indonesia with mega investments. Is the plan working? CNA Read More Undo Although the EU's freeze on funds is not yet final, Brussels has made it clear that the money will only be released once Ukraine realigns with the bloc's anti-corruption benchmarks. Zelenskyy has previously pledged to continue Ukraine's anti-corruption campaign but has grown increasingly critical of the agencies, especially after they began targeting individuals close to his inner circle. Among them is former deputy PM Oleksiy Chernyshov, who was investigated by SAPO. The president initially defended the bill by arguing it was necessary to rid the agencies of 'Russian influence' and to address a backlog of unresolved cases. However, that explanation has done little to ease tensions either within Ukraine or among its allies. British prime minister Keir Starmer also reportedly urged Zelenskyy to reconsider the bill and take concrete steps to address governance concerns, as per the New York Post. Further pressure is mounting from the International Monetary Fund, which has tied its $15.6 billion aid package, to be distributed over four years, to Ukraine's progress on anti-corruption reforms. Kyiv now faces a Thursday deadline to appoint a new head of its Economic Security Bureau in order to maintain eligibility for the IMF programme. Zelenskyy has so far refused to appoint Oleksandr Tsyvinskyi, the official who led the case against Chernyshov, despite a recommendation from an independent commission. The post remains vacant, with no update yet on who might be chosen. As Ukraine continues to fend off Russia's invasion, the controversy over anti-corruption efforts threatens to undermine both foreign confidence and much-needed financial support.
