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Gulf Insider
04-07-2025
- Business
- Gulf Insider
Swiss To Vote On 50% Inheritance Tax That Risks Exodus Of The Super-Rich
In a national referendum set for November, the people of Switzerland will vote on whether the country should impose a 50% inheritance tax on the wealthiest of people — under a regimen so harsh that not even surviving spouses would be spared from the rapacious confiscation. Naturally, this is triggering predictions of a mass-exodus of wealthy people, with opponents pointing to a wave of departures the United Kingdom has witnessed in the wake of its own recent wealth-seizure move. Under the proposal, a 50% federal tax would apply to inheritances and gifts above 50 million francs — about $63 million. The measure isn't supported by the legislative Federal Assembly nor the executive Federal Council. However, under Swiss law, public proposals must be put to a nationwide plebiscite if 100,000 supporting signatures are collected. The signature campaign was led by Switzerland's Young Socialists. Reliably sounding like an elementary school group project, under the Young Socialists proposal, the confiscated wealth would be thrown down a woke rathole, with all proceeds used to combat 'climate change.' While Swiss inheritance taxes at the cantonal level provide an inheritance tax exemption for transfers to spouses and direct descendants, the socialists' proposal for the 50% federal tax would not. Peter Spuhler, 66-year-old owner of steel giant Stadler Rail, decried the proposal as a pending 'disaster for Switzerland,' estimating the tax would seize upwards of 2 billion Swiss francs A popular vote for the new inheritance tax on Nov 30 could hammer Switzerland's long-held status as a premier tax haven for the world's wealthiest people. A consortium of opponents that includes centrists and conservatives is already working to dissuade Swiss voters from indulging any impulses to soak the rich. 'The brutal 50% inheritance tax threatens the existence of family businesses and causes high economic costs. It's a setback for everyone,' said the organization in a statement. In April, a new tax rule took effect in the UK, imposing a 40% inheritance tax on the global assets of 'non-doms,' a term that refers to residents of the UK who are considered under British law to have their permanent home — their domicile — in another country. Chancellor Rachel Reeves is already considering avenues by which the change can be undone, after it promptly triggered an exodus of wealthy people eyeing alternatives like the United Arab Emirates, Italy and, yes, Switzerland. Among those who are either considering departure from the UK or have already done so: Egypt's richest man, Nassef Sawiris, and Indian steel tycoon Lakshmi Mittal, who has lived in the UK for 30 years. Georgia Fotiou, a lawyer advising private clients at Zurich-based Staiger Law, says the proposal is already harming Switzerland's ability to benefit from the UK's own inheritance-tax folly. 'In terms of the chance for Switzerland to attract people leaving the UK, the damage has been done. The timing was terrible,' she told the Financial Times . 'It hasn't stopped everyone from coming but more have chosen Italy, Greece, the United Arab Emirates and elsewhere instead.' To become law, the proposal must clear two hurdles, garnering not only a majority of support nationwide, but also in a majority of Switzerland's 26 cantons. Despite the substantial likelihood of failure, the proposal already has some wealthy people on the move, say Swiss tax advisors and wealth managers. They caution that even a defeat — if it's by a relatively modest margin — could leave mega-wealthy individuals hesitant about the country. As Frédéric Rochat, managing partner of Geneva-based Lombard Odier, told the Times , 'It needs to be voted down with such an overwhelming majority [that this possibility can] be put to bed for 20 years.'
NDTV
25-05-2025
- Politics
- NDTV
"It Is By Our Side": Indian MPs Call Russia "Close, Tried And Tested" Friend
Moscow: A multi-party Indian delegation on Saturday expressed satisfaction at the Russian interlocutors' assurances of support to India in combating terrorism in all forms and manifestations as it concluded its visit to Moscow. The delegation led by DMK MP Kanimozhi Karunanidhi, which was in Russia to sensitise the diplomatic leadership about terror emanating from Pakistan, held wide-ranging discussions to brief the stakeholders in "tried and tested" friend Russia on Operation Sindoor. Earlier on Friday, Russia had reiterated its decisive commitment to "an uncompromising joint fight" with New Delhi against all forms of terrorism. Addressing the press at the end of their 48-hour visit to the Russian capital, Kanimozhi said that the nuclear threat by Islamabad was inadmissible, and India will resolutely respond to military escalation by Pakistan. The delegation described Russia as a "close and tried and tested" friend. "We naturally seek an understanding that Russia is by our side in this time of difficulty. It is better that people are aware of our suffering from state-sponsored terrorism from Pakistan," the delegation members said while answering a media question. In her initial remarks at the press conference, Kanimozhi described the Russia visit as a "great opportunity to explain our stand" and said, "Pakistan chooses to protect the terrorists, they go ahead and spread false propaganda. We had only targeted terror hubs. India is very clear, we would not come to the table for peace talks when Pakistan continues attacking us." During the talks with Deputy Foreign Minister Andrey Rudenko, former prime minister Mikhail Fradkov and prominent members of both the houses of the Russian Federal Assembly (Parliament) on Friday, the Russian side was sensitised about the situation post-Pahalgam terror attack and a new "normal" after the Operation Sindoor, she added. She underscored that India was not against the people of Pakistan. "From Jawaharlal Nehru, Vajpayee to Prime Minister Modi, all have been trying to mend relations with Pakistan, but in response, we get terrorist attacks aimed at disturbing our communal harmony," Ms Kanimozhi pointed out. "I am a Punjabi and was sometime back on a visit to Pakistan, people there are very friendly and want to have good relations with India, but it is their Army and the government who are against India," one of the members, Dr Ashok Kumar Mittal of AAP, added. Responding to a Russian correspondent, member of the delegation, veteran Indian diplomat Manjeev Puri said the existing political system makes it difficult to negotiate peace. "With whom to negotiate, with the government or army, who talk about non-state actors involved in terrorist attacks against India? Well, if they are unable to control them on their own territory, then under the UN charter, the international community should help them," Ambassador Puri said. The Moscow visit was very important because as a permanent member of the UN Security Council and a global power, it has the clout to support India in combating terrorism, he added. The Indian delegation members also offered tributes at the statue of Mahatma Gandhi in Moscow. It is leaving tonight for the next leg of their five-nation tour to convey India's concern at the Pak-sponsored cross-border terrorism. Today, I paid floral tributes to the Father of the Nation, Mahatma Gandhi, at the Embassy of India in Moscow, along with fellow members of the All-Party Parliamentary Delegation. The Mahatma's message of peace and non-violence continues to inspire the world—and we carry it with… — Kanimozhi (கனிமொழி) (@KanimozhiDMK) May 24, 2025 The other members of the delegation are Rajiv Rai of SP, Mian Altaf Ahmad of NC, Capt Brijesh Chowta of BJP, Prem Chand Gupta of RJD, and Ambassador Jawed Ashraf. Earlier on Friday, a Foreign Ministry statement issued after Deputy Foreign Minister Andrey Rudenko met with the visiting parliamentary delegation expressed readiness to increase close cooperation on the issue at regional and global venues. "A decisive commitment to an uncompromising joint fight against all forms of terrorism was confirmed. Readiness was expressed to increase close cooperation on these issues at regional and global venues, primarily in the UN, BRICS and SCO," the Foreign Ministry statement said. Prior to meeting Rudenko, the Indian parliamentarians also had "a fruitful interaction" with former prime minister of the Russian Federation Mikhail Fradkov, who heads the Russian Institute of Strategic Studies (RISS) and had a detailed exchange of views at a round-table meeting with all-party members of the Russian Federation Assembly (Parliament) led by the Duma (lower house) International Affairs Committee chair Leonid Slutsky of Liberal-Democratic Party. Honored to engage in a constructive dialogue with H.E. Mikhail Fradkov, former Prime Minister of Russia & Director of RISS, along with MPs as part of our parliamentary delegation. We discussed global security challenges and the collective fight against terrorism. @RajeevRai … — Kanimozhi (கனிமொழி) (@KanimozhiDMK) May 24, 2025 The delegation also met with First Deputy Chair of the Committee on International Affairs Andrey Denisov and other senators in the Federation Council of the Russian Federation. The delegation is one of the seven multi-party delegations to 33 global capitals to reach out to the international community on Pakistan's designs and India's response to terror, especially in view of the April 22 Pahalgam terror attack that killed 26 people. Tensions between India and Pakistan escalated after the Pahalgam attack, which claimed 26 lives. India carried out precision strikes on terror infrastructure in Pakistan and Pakistan-occupied Kashmir in the early hours of May 7, following which Pakistan attempted to attack Indian military bases on May 8, 9 and 10. The Indian side responded strongly to the Pakistani actions. The on-ground hostilities ended with an understanding on stopping the military actions following talks between the directors general of military operations of both sides on May 10.
Russia Today
29-04-2025
- Politics
- Russia Today
Beyond reach: Why America's ‘Golden Dome' may be powerless against Russia's doomsday missile
Earlier this year, US President Donald Trump launched the ambitious 'Golden Dome' initiative – a sweeping plan to build a national missile defense system capable of shielding America from modern threats: ballistic missiles, hypersonic weapons, and advanced cruise missiles. Designed as a next-generation shield, the Golden Dome aspires to close gaps in the nation's defenses and guarantee security against a broad range of airborne dangers. But even the most sophisticated defense can face a threat it wasn't designed to stop. As Washington doubles down on its plans for a new shield, Russia is preparing a weapon unlike anything currently in existence – a nuclear-powered cruise missile with unlimited range. And it's a threat the Golden Dome may struggle to counter. Russia is on the verge of deploying an entirely new class of cruise missile that could fundamentally alter air defense paradigms: nuclear-powered, unlimited-range cruise missiles. Chief among them is the Burevestnik. It's only logical that US missile defense planners are thinking ahead to such unconventional threats. Open-source intelligence researchers like MT_Anderson have recently shared satellite imagery revealing suspected construction of Burevestnik launch facilities near Vologda. If verified, this would mark the next phase in the deployment of a weapon capable of shaking the foundations of global strategic stability. 🇷🇺Burevestnik Launch Site🇷🇺Looking back to last summer, one can tell the pace at which they've built it out. They've been busy bees...@SkyfiApp | @planet imagery from Jun / Oct 2024, respectively Russia first revealed the Burevestnik missile during President Vladimir Putin's address to the Federal Assembly on March 1, 2018. Dubbed SSC-X-9 'Skyfall' in the West, the missile has been cloaked in secrecy ever since. The commonly used designation '9M730 Burevestnik' is actually a misnomer, as the 9M730 label originally referred to a version of the Iskander-M missile system – but that's a minor detail in the larger picture. Reports suggest that Burevestnik testing has been ongoing for years at sites like Novaya Zemlya, the Nenoksa naval testing range near Severodvinsk, and the Kapustin Yar missile complex – the latter featuring specialized infrastructure operated by Rosatom. As recently as two years ago, it seemed Russia was still far from completing development. Now, however, signs point to a major shift: operational launch sites are reportedly under construction. Visually, the Burevestnik resembles a traditional cruise missile, with folding wings for compact launch storage. It launches from a ground platform using a solid-fuel booster, then switches to an air-breathing nuclear-powered jet engine once it reaches cruising speed. In theory, this engine heats incoming air via a compact nuclear reactor, allowing the missile to stay airborne for weeks or even months without refueling. Sources estimate the missile's operational range at 22,000km, though in practice it may be virtually unlimited. Such a missile could patrol potential conflict zones indefinitely, awaiting launch commands. Upon receiving orders, it could maneuver toward targets from unpredictable vectors, making interception extraordinarily difficult. Effectively, the Burevestnik is designed to serve as a 'doomsday weapon' – a guaranteed retaliatory strike platform in the event of nuclear war. A nuclear-powered cruise missile would be capable of striking anywhere on the globe from any direction. It could exploit satellite communications to update flight paths, evade interception, and even receive new target information mid-flight. Naturally, preventing accidents is critical, but it's likely that specialized recovery systems – possibly involving parachutes – have been developed. The ability to safely operate a nuclear-powered engine stems from technological breakthroughs achieved in the 1990s and 2000s, when Russian scientists successfully built compact nuclear reactors. These advancements paved the way not only for the Burevestnik, but also for other projects like the Poseidon underwater drone. Notably, the US and the Soviet Union both explored nuclear-powered aircraft concepts during the Cold War. Despite extensive research on platforms like the B-36 and Tu-95, both nations ultimately abandoned the projects due to insurmountable engineering challenges, astronomical costs, and radiation safety concerns. Today, with more advanced reactor technology, Russia seems poised to achieve what Cold War engineers only dreamed of: a practical, nuclear-powered, unlimited-range missile. Can the Burevestnik be considered operational? Full details remain classified, but tests in 2020–2021 at Kapustin Yar and Nenoksa strongly suggest significant progress. The completion of permanent launch sites points to an impending deployment phase. According to some reports, Russia could begin fielding Burevestnik missiles as early as 2025-26 – potentially in large numbers. Thanks to their nearly limitless range, these missiles could patrol vast areas, including the Arctic, Siberia, or the Pacific Ocean, remaining invisible to conventional defense systems. A major challenge for America's Golden Dome initiative will be detecting and tracking such missiles – no easy task. It would likely require unprecedented coordination with the US Navy and the full use of space-based tracking systems. Ultimately, defeating a weapon like the Burevestnik would demand a fully integrated space-based missile defense component. Satellite tracking, rapid identification of launch zones, and intercept capabilities far beyond current systems would be necessary. Even advanced naval assets like Aegis-equipped ships would face a monumental challenge. For now, there is no simple solution. And while Washington scrambles to prepare, Moscow holds a major advantage – especially when considering additional next-generation weapons like the Poseidon nuclear drone. In this high-stakes race, Russia may have already moved the strategic chessboard – and set up a checkmate that America's Golden Dome might not be able to prevent.
Yahoo
06-03-2025
- Politics
- Yahoo
Seven Ukrainian children who witnessed Russians abusing their parents and abducting relatives are brought back from Russian occupation
Seven Ukrainian children, aged five to sixteen, have been rescued from the temporarily occupied territories of Ukraine and Russia. Source: Bring Kids Back UA and Save Ukraine initiatives Details: The Save Ukraine non-governmental organisation shared the stories of the rescued children, whose names have been changed for security reasons. Among them is Stanislav, 16, who openly expressed his pro-Ukrainian stance – removing Russian flags in his city and filling in Russian trenches. Eleven-year-old Nastia was also brought back to Ukraine after witnessing Russian soldiers abusing her parents. Quote: "That night, the girl woke up to noise in the next room. Four drunk Russian soldiers stormed into their house, forced her mother and father to kneel and put guns to their heads. This was their form of 'entertainment'." Details: Albina, 5, was born under occupation and spent her early years there. Throughout this time, her mother searched for ways to escape to Ukrainian-controlled territory, fearing that her daughter might inadvertently reveal her pro-Ukrainian views. Quote: "Now, the mother is happy that her daughter will attend a Ukrainian school and grow up in a free country." More details: Erik, 16, and Alla, 10, also managed to leave Russian-occupied territory. Their sister had been abducted by the Russians while attempting to flee the occupied city. She was held in a basement for several days, while her mother was forced to record a video thanking the occupiers for "saving" her daughter. Read more: Putin's path to The Hague through "filtration" and "rehabilitation": how Russia is abducting Ukrainian сhildren Seven-year-old Olesia endured bombings, occupation, an escape through Russia and a ban on coming back home. Her mother underwent multiple interrogations and psychological pressure from Russian forces. The family is now safe in Ukraine. Background: In August 2022, a Russian court ruled to abduct two children from a Kherson orphanage. As a result, Ukraine will prosecute in absentia a Russian Federal Assembly deputy and the wife of the leader of the Just Russia political party, who were involved in the abduction. Support Ukrainska Pravda on Patreon!
