Latest news with #Russian-Ukraine
NZ Herald
04-07-2025
- Business
- NZ Herald
European ESG rebrand challenges NZ ethical investing norms – Fran O'Sullivan
The US President has strong-armed Nato members into increasing their defence budgets to 5% of GDP. However, the Europeans are determined their increased expenditure should boost their own defence companies – not simply be used to buy American military hardware and boost the profits of those American companies contributing to the US war machine. Back here, New Zealand companies have devoted thousands of pages in successive annual reports to trumpeting their prowess on environmental, social and governance metrics (traditional ESG). Some are required by law. Some frankly fall into 'feel-good' box-ticking (often notable among failing companies!) and a deflection from a company's true commercial driver, which is to post a profit and stay in business. It is time for a rethink. As with DEI (diversity, equity and inclusion) policies, which even BlackRock chief executive Larry Fink (a previous champion) has walked away from, there is a sharpening of focus. At the Amsterdam Stock Exchange last week, chief executive René van Vlerken was quick to emphasise that the heightened geopolitical risks – obvious on Europe's backdoor where the Russian-Ukraine conflict verges on a 'forever war' – has made for the more existential approach. The Amsterdam exchange is part of the pan-European stock exchange Euronext, which operates regulated exchanges in Belgium, France, Ireland, Italy, Norway, and Portugal as well as the Netherlands. In May, Euronext's chief executive and chairman Stephane Boujnah said the redefinition of ESG was in response to a 'new geopolitical order'. 'European aerospace and defence companies have expressed the urgent need to invest heavily in their innovation and production capacities to guarantee Europe's strategic autonomy for the next decade,' Boujnah said. Euronext said it would revisit the methodologies for ESG indexes to limit the exclusions currently placed on defence companies. This poses a challenge for traditional ESG ratings agencies when it comes to advertising investments in defence industry-related bonds (for instance). It also has ramifications for entities like the New Zealand Super Fund and KiwiSaver funds, which walk a tightrope on definitions of ethical investing, with all sorts of activists getting exercised over where the funds invest. How will funds approach investing in New Zealand companies ranging from aerospace to quantum computing or drone manufacturing – all within the scope of the Government's new defence plans – when there is a clear implication their products will be used in armed conflict? Euronext has said it will encourage the rating agencies to restrict the concept of controversial weapons solely to armament activities prohibited by relevant international treaties. What's at stake is not small bikkies. European Commission president Ursula von der Leyen believes the EU could mobilise up to €800 billion ($1.55 trillion) to strengthen its defence industry. There are also opportunities for Kiwi companies like Dawn Aerospace, with its dual base in the Netherlands and New Zealand. I was in the Netherlands with 40 business leaders on the New Zealand Initiative think tank's Go Dutch study tour, which was designed to provide insights from small, advanced economies. Fortuitously, our time in the Netherlands coincided with the Nato Summit in the Hague. It also coincided with the US attack on three nuclear facilities in Iran with 'bunker buster' bombs and Tomahawk missiles, which made for frantic rebooking of flights back to New Zealand after some airlines pulled back from flying over the Middle East. Trump did attend Nato, being hosted overnight by the Dutch King and Queen in their personal palace before a truncated Nato meeting. At the summit, the allies made a commitment to investing 5% of GDP annually on core defence requirements and defence and security-related spending by 2035. At least 3.5% of GDP was to fit within agreed definitions of Nato defence expenditure to resource core defence requirements and to meet Nato's Capability Targets. The other 1.5% was to be invested in protecting critical infrastructure; defending networks; ensuring civil preparedness, resilience and innovation; and strengthening the defence industrial base. Prime Minister Christopher Luxon was also in the Netherlands. He was the only political leader from the Indo-Pacific Four – Japan, Australia, South Korea and New Zealand – to attend the Nato Summit. It was noted that he had turned up. Luxon contends he was under no pressure to increase New Zealand's defence spending above the targeted 2% of GDP within the decade that was outlined in the recent Budget. But this is a more dangerous world. It was notable that when we visited Rotterdam – which hosts Europe's largest port and some fully-automated container terminals – that the Dutch Ministry of Defence wants to acquire terminal capacity for handling multiple ships carrying military cargo (mainly equipment and ammunition) simultaneously. It has been agreed within Nato that this type of cargo can be transported via the Netherlands, even if the destination is outside the Netherlands. In the Netherlands, where older Dutch people still hold sharply to the lessons from the Nazi occupation in World War II – and where they have more recently been hurt by soaring energy prices sparked by the withdrawal of Russian gas flowing to Europe via Ukraine – there is a quiet confidence. With 26% of land under sea level, the Netherlands has developed extensive water management systems, including dikes, dams and polders (land reclaimed from the sea) to manage the obvious risk. There is a frank realism there – we could do with a bit more here. Disclaimer: Fran O'Sullivan met her own costs to take part in the New Zealand Initiative's Go Dutch study tour. These are her views.
RTHK
30-06-2025
- Business
- RTHK
Wang Yi off to seal 'anchor of stability' with Europe
Wang Yi off to seal 'anchor of stability' with Europe Wang Yi will meet his EU, German and French counterparts during his EU trip. File photo: AFP China's top diplomat heads to Europe on Monday for a visit that Beijing said will highlight ties as an "anchor of stability" in a world in turmoil. Wang Yi's tour will take him to the European Union's headquarters in Brussels as well as France and Germany as China seeks to improve relations with the bloc as a counterweight to the United States. But deep frictions remain over the economy – including a yawning trade deficit of US$357.1 billion between China and the European Union – and the Russian-Ukraine war. "The world is undergoing an accelerated evolution of a century-old change, with unilateralism, protectionism and bullying behaviour becoming rampant," Foreign Ministry Spokesman Guo Jiakun said on Friday. Guo said Beijing and the European bloc must "keep the world peaceful and stable, safeguard multilateralism, free trade, international rules, fairness and justice, and act firmly as anchors of stability and constructive forces in a volatile world". Wang will meet his EU counterpart, Kaja Kallas, at the bloc's headquarters in Brussels for "high-level strategic dialogue". In Germany, he will hold talks with Foreign Minister Johann Wadephul on diplomacy and security – his first visit since Berlin's new conservative-led government took power in May. And in France, Wang will meet minister for Europe and foreign affairs Jean-Noel Barrot, who visited China in March. (AFP)
Canada News.Net
27-06-2025
- Politics
- Canada News.Net
Trump shares fawning private letter from NATO chief
Mark Rutte has praised the US leader for his extraordinary action against Iran US President Donald Trump has posted screenshots of a private text message from NATO Secretary General Mark Rutte, in which he showered the American leader with praise for "decisive action in Iran." The message, which Trump shared on his Truth Social platform, appears to have been sent ahead of the two-day NATO summit in The Hague, which started on Tuesday. "Congratulations and thank you for your decisive action in Iran, that was truly extraordinary, and something no one else dared to do. It makes us all safer," Rutte wrote, aparently referring to the US strikes on Iranian nuclear sites which took place on June 22. In his message, Rutte also promised "another big success" for Trump in The Hague, saying that all NATO members had agreed to spend 5% of their GDP on defense. "You will achieve something NO American president in decades could get done," he wrote. A NATO spokesperson has confirmed to the BBC that the text is authentic. Truth Social / @realDonaldTrump Trump has long insisted that NATO members in Europe should significantly increase their military budgets, which many have pledged to do in recent years, citing the Russian-Ukraine conflict. Spain has reportedly decided to opt out of the 5% spending target, after Prime Minister Pedro Sanchez rejected the idea as "not only unreasonable but also counterproductive." Madrid is currently below the existing 2% spending threshold, with only about 1.3% of its GDP allocated for the military. Rutte, however, told journalists on Monday that NATO rules don't allow such exemptions.
Canada News.Net
27-06-2025
- Politics
- Canada News.Net
Trump publicizes fawning private letter from NATO chief
Mark Rutte has praised the US leader for extraordinary action against Iran US President Donald Trump has posted screenshots of a private text message from NATO Secretary General Mark Rutte, in which he showered the American leader with praise for "decisive action in Iran." The message, which Trump shared on his Truth Social platform, appears to have been sent ahead of the two-day NATO summit in The Hague, which opened on Tuesday. "Congratulations and thank you for your decisive action in Iran, that was truly extraordinary, and something no one else dared to do. It makes us all safer," Rutte wrote, seemingly referring to US strikes on Iranian nuclear sites on June 22. In his message, Rutte also promised "another big success" for Trump in The Hague, saying that all NATO members had agreed to spend 5% of their GDP on defense. "You will achieve something NO American president in decades could get done," he wrote. Truth Social / @realDonaldTrump Trump has long insisted that NATO members in Europe should significantly increase their military budgets, which many pledged to do in recent years, citing the Russian-Ukraine conflict. Spain has reportedly decided to opt out of the 5% spending target, after Prime Minister Pedro Sanchez rejected the idea as "not only unreasonable but also counterproductive." Madrid is currently below the existing 2% spending threshold, with only about 1.3% of its GDP allocated for the military. Rutte, however, told journalists on Monday that NATO rules don't allow such exemptions.
New Indian Express
21-06-2025
- Politics
- New Indian Express
'Won't get a Nobel Peace Prize, no matter what I do,' laments Trump; repeats India-Pakistan mediation claim
"No, I won't get a Nobel Peace Prize no matter what I do, including Russia/Ukraine, and Israel/Iran, whatever those outcomes may be, but the people know, and that's all that matters to me," he said. Meanwhile, the Pakistan government said in a statement that it has decided to "formally recommend" Trump for the 2026 Nobel Peace Prize, in "recognition of his decisive diplomatic intervention and pivotal leadership during the recent India-Pakistan crisis." At a moment of "heightened regional turbulence, President Trump demonstrated great strategic foresight and stellar statesmanship through robust diplomatic engagement with both Islamabad and New Delhi which de-escalated a rapidly deteriorating situation, ultimately securing a ceasefire and averting a broader conflict between the two nuclear states that would have had catastrophic consequences for millions of people in the region and beyond," the statement claimed. It said this "intervention" stands as a testament to his role as a genuine peacemaker and his commitment to conflict resolution through dialogue. It also noted Trump's "offers" to resolve the Kashmir issue. "President Trump's leadership during the 2025 Pakistan India crisis manifestly showcases the continuation of his legacy of pragmatic diplomacy and effective peace-building. Pakistan remains hopeful that his earnest efforts will continue to contribute towards regional and global stability, particularly in the context of ongoing crises in the Middle East, including the humanitarian tragedy unfolding in Gaza and the deteriorating escalation involving Iran," the Pakistani government said. In a post on X, John Bolton, who was National Security Advisor during Trump's first term as President, said the Republican leader wants a Nobel Peace Prize, because former US president Barack Obama received one. "He won't get it for solving the Russian-Ukraine war. He tried unsuccessfully to claim credit for the recent India-Pakistan ceasefire. He's now failing to reach an agreement with Iran, and is being asked by Israel to help destroy Tehran's nuclear-weapons programme. And he still hasn't made up his mind," Bolton said. Obama had been US President for less than eight months when he was awarded the Nobel Peace Prize in 2009. On May 10, Trump claimed on social media that India and Pakistan had agreed to a "full and immediate" ceasefire after a "long night" of talks mediated by Washington. He has repeated the claim over a dozen times that he "helped settle" the tensions between India and Pakistan. Trump said that he told the nuclear-armed South Asian neighbours that America will do a lot of trade with them if they stopped the conflict. Modi and Trump were scheduled to meet on the sidelines of the G7 Leaders' Summit held in Kananaskis, Canada earlier this week. But Trump returned to Washington early. Before wrapping up his first visit to Canada in a decade, Modi had a 35-minute phone conversation with Trump in Washington. Foreign Secretary Vikram Misri said in a video message from Kananaskis that Modi clearly conveyed to Trump that at "no point" during the days following Operation Sindoor was there any discussion, at any level, on an India-US trade deal, or any proposal for a mediation by the US between India and Pakistan. The discussion to cease military action took place directly between India and Pakistan through the existing channels of communication between the two armed forces, and it was initiated at Pakistan's request. Prime Minister Modi firmly stated that India does not and will never accept mediation, Misri had said. On Wednesday, Trump hosted Pakistan Chief of Army Staff Asim Munir for lunch at the White House. Later speaking to reporters in the Oval Office, Trump said, "Reason I had him here, I want to thank him for not going into the the war. And I want to thank, as you know, Prime Minister Modi just left, just a little while ago, just left, and we're working a trade deal with India. We're working on a trade deal with Pakistan."
