Latest news with #ChancellorMerz
France 24
09-07-2025
- Business
- France 24
Commerzbank commits to strategy as UniCredit ups direct stake
UniCredit said late Tuesday it had increased its direct stake in Commerzbank to around 20 percent from 10 percent, following all the necessary regulatory approvals. The Italian group said it intended to convert a further tranche equivalent to around nine percent of Commerzbank's stock and held through derivatives into fully owned shares. The moves, which made UniCredit the single-largest shareholder in the German bank, were "once again not coordinated with Commerzbank", the bank said in a statement sent to AFP on Wednesday. Commerzbank has strongly resisted a possible takeover by UniCredit since the Italian bank announced in September it had quietly built up a stake in the German group. The move triggered talk that UniCredit chief Andrea Orcel wanted to push for an ambitious pan-European banking merger. "The adjustment in UniCredit's position has no impact on our strategic direction or our ambitions," Commerzbank said. Commerzbank has looked to trim costs to make it more resistant to a takeover, announcing plans to cut 3,900 jobs by 2028, most of them in Germany. Germany's second-largest private lender has also looked to win over stockholders by putting forward a share buy back programme. The German government has, similar to Commerzbank itself, flatly opposed a takeover by UniCredit, with Chancellor Friedrich Merz describing the Italian group's moves as "hostile". Berlin still holds a 12.1-percent stake in Commerzbank, the legacy of a 2008 bailout in the midst of the global financial crisis. The government had begun the process of exiting its position in Commerzbank but has paused sales of its shares since UniCredit's interest became clear. A large portion of the Commerzbank shares initially acquired by UniCredit in September were bought directly from the German government, a move which surprised officials. A finance ministry spokeswoman said Wednesday that the government had "taken note" of UniCredit's latest steps. The government "rejects UniCredit's renewed uncoordinated and unfriendly approach" and "supports Commerzbank's strategy of independence", the spokeswoman said. As such, the government would not be parting ways with the remainder of its stake, she said. © 2025 AFP
Russia Today
30-06-2025
- Politics
- Russia Today
Germany seeking ‘cyber dome' from Israel
Germany should look to Israel as a model for countering online threats, Interior Minister Alexander Dobrindt said Sunday, calling for the creation of a 'cyber dome.' Dobrindt made the statement after a visit to Israel on Saturday, just days after the conclusion of the country's 12-day military conflict with Iran. In an interview with the German tabloid Bild, Dobrindt praised Israel's civil defense infrastructure and urged his country to adopt similar approaches to modern threats. 'We will work closely with Israel on this. Germany needs a cyber dome – a powerful, digital shield against espionage, sabotage, and to protect critical infrastructure such as energy and communications companies,' he said. Dobrindt did not provide specifics. His use of the term 'cyber dome' appeared to reference Israel's Iron Dome short-range missile defense system. Earlier this month, Germany's Federal Crime Office (BKA) reported record levels of cybercrime in 2024, documenting over 131,000 cases. The agency specifically blamed pro-Russian and anti-Israeli hacktivist groups for a surge in denial-of-service operations targeting government agencies and private businesses. Germany's new government, which took office in May, has backed Israel in its recent conflict with Iran. Chancellor Friedrich Merz said West Jerusalem was doing 'dirty work for us' by launching strikes in order to prevent Tehran from developing nuclear weapons. The confrontation between Israel and Iran involved long-range strikes between the two nations. According to West Jerusalem, the conflict has resulted in an estimated $3 billion in direct damages to the country. Tehran has accused the Jewish State of committing an act of international aggression and said it was acting in self-defense by retaliating. Last week, Merz's government approved a proposed budget that includes substantial new public debt in order to sharply increase defense spending, which is set to double by 2029. Berlin has argued the investment is necessary to guard against a potential Russian attack on NATO. Moscow, however, has dismissed the scenario as implausible and accused Western governments of using fear tactics to rationalize deteriorating living conditions for their citizens.
Reuters
26-06-2025
- Politics
- Reuters
Germany scraps funding for sea rescues of migrants
BERLIN, June 26 (Reuters) - Germany is cutting financial support for charities that rescue migrants at risk of drowning in the Mediterranean, saying it will redirect resources to addressing conditions in source countries that spur people to leave. For decades, migrants driven by war and poverty have made perilous crossings to reach Europe's southern borders, with thousands estimated to die every year in their bid to reach a continent grown increasingly hostile to migration. "Germany is committed to being humane and will help where people suffer but I don't think it's the foreign office's job to finance this kind of sea rescue," Foreign Minister Johann Wadephul told a news conference. "We need to be active where the need is greatest," he added, mentioning the humanitarian emergency in war-shattered Sudan. Under the previous left-leaning government, Germany began paying around 2 million euros ($2.34 million) annually to non-governmental organisations carrying out rescues of migrant-laden boats in trouble at sea. For them, it has been a key source of funds: Germany's Sea-Eye, which said rescue charities have saved 175,000 lives since 2015, received around 10% of its total income of around 3.2 million euros from the German government. Chancellor Friedrich Merz's conservatives won February's national election after a campaign promising to curb irregular migration, which some voters in Europe's largest economy see as being out of control. Even though the overall numbers have been falling for several years, many Germans blame migration-related fears for the rise of the far-right Alternative for Germany (AfD), now the second largest party in parliament. Many experts say that migration levels are mainly driven by economic and humanitarian emergencies in the source countries, with the official cold shoulder in destination countries having had little impact in deterring migrants. Despite this, German officials suggest that sea rescues only incentivise people to risk the sometimes deadly crossings. "The (government) support made possible extra missions and very concretely saved lives," said Gorden Isler, Sea-Eye's chairperson. "We might now have to stay in harbour despite emergencies." The opposition Greens, who controlled the foreign office when the subsidies were introduced, criticised the move. "This will exacerbate the humanitarian crisis and deepen human suffering," said joint floor leader Britta Hasselmann. ($1 = 0.8547 euros)
Telegraph
21-06-2025
- Politics
- Telegraph
Hermer is wrong: international law permits Britain to strike against Iran
Israel's recent strikes against military and nuclear targets in Iran – more rapid, efficient and successful than anyone could have imagined – have been an unparalleled game changer in the Middle East. In the words of Germany's Chancellor Merz, Israel is doing the 'dirty work' of striking Iran 'for all of us', acting in resolute defence of the free world against this existential threat. Israel's actions are also potentially creating the circumstances in which the Iranian people may finally free themselves from more than four decades of the most vicious extremist oppression. It is remarkable, one may think, that in these circumstances the predominant discussion of the legal analysis of these developments could have been so resolutely incorrect. As reported in these pages, the UK Attorney General Lord Hermer KC has advised the Government that it may be complicit in an illegal war if it supports a strike on Iran, but apparently drew a distinction regarding 'defensive' support of Israel. Prof Richard Ekins KC and Policy Exchange have pointed out the curious self-contradictory nature of the position: 'It seems very odd that it is lawful to use 'defensive' force by, for example shooting down a missile heading for Tel Aviv, but unlawful to use 'defensive' force to destroy Iranian missile batteries in Iran.' Hermer's advice on the matter seems to fall into this now recognisable pattern of real international law being unceremoniously thrown out of the window by activist lawyers pushing their political agenda and worldview. This is pretty basic. The right to self-defence in international law is inherent, recognised as such in Article 51 of the UN Charter. It is an exception to the general prohibition on the use of force. It is one of the most fundamental norms. Likewise, the doctrine of defence of third parties permits other states to use force to defend another state that is under armed attack. There is debate about the extent to which an appeal by the attacked state is required, but it is hard to imagine the UK assisting Israel without being so requested. The most critical feature of this Iran-Israel war, however, which appears to have been generally glossed over, is its ongoing nature. This is not a new phenomenon. The international armed conflict between these two states has been decades long. The turning point in Iran-Israel relations was the 1979 Islamic revolution in Iran. The two states had previously enjoyed a close working relationship as major allies and trading partners. The proclamation 'Death to Israel ' was issued by Ayatollah Khomeini just before the 1979 revolution. After he seized power, this became the policy of the Islamic Republic of Iran, which has waged its decades-long proxy war against Israel, primarily through the cultivation, support and direction of internationally proscribed terrorist organisations Hezbollah and Hamas. Through these terror armies on Israel's northern and southern borders, and with the more recent inclusion of the Houthis in Yemen, Iran has diligently pursued its annihilistic war aims. The public threats by Tehran to eliminate Israel are a central tenet of Iran's foreign policy and are backed up by a clock in central Tehran, counting down to the date of Israel's destruction as prophesied by the Ayatollah. In the past year, this escalated to direct missile barrages against Israeli civilians. On April 13 2024, Iran launched its first direct attack on Israel, sending around 170 drones, 30 cruise missiles, and 120 ballistic missiles towards Israel, in what was called the most significant attempted drone attack in history. On October 1 2024, Iran launched 200 ballistic missiles at Israel, killing one Israeli civilian and one Palestinian civilian, as well as causing major damage to Israeli homes. These developments, together with the alleged airstrike by Israel on Islamic Revolutionary Guard Corps officers near the Iranian Embassy complex in Damascus, Syria, and the elimination of Ismail Haniyeh in Tehran last July, are all part and parcel of the ongoing international armed conflict. The existence of this ongoing armed conflict shifts the analysis from the law governing the resort to force – jus ad bellum – to the law governing the conduct of warfare – jus in bello. That is the appropriate lens through which to assess Israel's actions, and its compliance with the key principles governing the conduct of warfare: necessity, distinction, proportionality and precaution. As in other aspects of Israel's armed conflict against Iranian proxies, the targeting of military objectives, based on proportionality assessments and accompanied by precautions that strive to reduce civilian casualties and collateral damage, indicate strict adherence to these rules. The precision and discrimination with which they are conducted remain unprecedented in the history of armed conflict and in many respects exceed the requirements of international humanitarian law – as noted by a letter to the UN Security Council by Israeli foreign minister Gideon Sa'ar last week. The focus of Operation 'Rising Lion' is prompted by the latest critical developments in Iran's covert nuclear weapons programme. This includes the June 12 declaration by the IAEA that Iran was in breach of non-proliferation obligations, which immediately preceded the strikes. The apparent failure by Hermer and others to properly analyse this development in the context of the decades-long international armed conflict is truly inexplicable. It smacks of politics trumping law, where pseudo legal arguments are being advanced to support an agenda that is anti-Israel, anti-Western and fundamentally counter to the UK's national interest.
Yahoo
17-06-2025
- Business
- Yahoo
DOSB wants more money for sports from special infrastructure pot
President of the German Olympic Sports Confederation (DOSB) Thomas Weikert poses for a picture ahead of a panel discussion during the Sports-business (SPOBIS) industry conference at the Congress Center Hamburg (CCH). Weikert fears that sports will not get an adequate share from a €500 billion ($578 billion) government pot for infrastructure programmes in the country. Christian Charisius/dpa German Olympic Sports Confederation (DOSB) president Thomas Weikert fears that sports will not get an adequate share from a €500 billion ($578 billion) government pot for infrastructure programmes in the country. Weikert said in an interview on the DOSB website he feels "a mixture of incomprehension, anger and disappointment" in connection with the funds. Advertisement Weikert warned that many sports clubs have to trim down their programmes if they don't get the necessary funds to modernise their infrastructure. "I wonder why the importance of sport for society as a whole is apparently still not seen or understood in some places," he said. The new government led by Chancellor Friedrich Merz is meanwhile making the €500 billion pot available for various infrastructure projects, with €100 million each reserved for climate prtection and infrastructure investments by the federal states. The full distribution programme is yet to be announced, but Weikert named it "incomprehensible" that sports is so far not included. Advertisement Weikert said that so far only €1 billion has been earmarked for sports from other funds, but that it is not clear yet whether the figure is per year or for the full four-year government term. He called for a bigger overall share as he named an investment bottleneck of at least €31 billion concerning sports facilities in the country. Weikert also spoke of general benefits from such an investment, saying: "People who see investments into their club don't only enjoy doing sport, but are also motivated to get involved."
