AFP

EU chief, Italian PM in Israel for energy talks

European Commission chief Ursula von der Leyen and Italian Prime Minister Mario Draghi landed in Israel on Monday as the EU seeks to wean itself off Russian fossil fuel imports. 

Both leaders were due to hold energy talks in Israel, which has turned from a natural gas importer into an exporter in recent years because of major offshore finds.

Von der Leyen was to meet Foreign Minister Yair Lapid later Monday and Prime Minister Naftali Bennett on Tuesday, with talks expected to focus “in particular on energy cooperation”, a commission statement said.

Draghi, on his first Middle East trip since taking office last year, will also discuss energy and food security during his two-day trip, Italian media reported.  

Both leaders will on Tuesday meet Palestinian prime minister Mohammed Shtayyeh in the Israeli-occupied West Bank.

The EU this month formally adopted a ban on most Russian oil imports, its toughest sanctions yet over the war in Ukraine. Von der Leyen has suggested the bloc end its dependence on Russian hydrocarbons, including gas, by 2027.

Draghi and other EU leaders have warned European customers may need protection as energy costs continue to rise.  

Israeli Energy Minister Karine Elharrar and other officials have said their country could help meet EU demand if it can deliver gas from its offshore reserves estimated at nearly 1,000 billion cubic metres.

Ahead of Von der Leyen’s visit, European Commission spokeswoman Dana Spinant told reporters to “stay tuned for announcements that we are going to make on energy cooperation with Israel and other partners in the region”.

– Export options –

For now, getting Israeli gas to Europe is fraught with challenges and would require major and long-term infrastructure investments. 

With no pipeline linking its offshore fields to Europe, one option for now is piping natural gas to Egypt, where it could be liquified for export by ship to Europe. 

Another possible scenario is building a pipeline to Turkey. 

Israel’s ties with Ankara have thawed after more than a decade of diplomatic rupture and experts have said Turkey’s desire for joint energy projects has partly triggered its outreach to Israel.  

That pipeline project would take $1.5 billion and two to three years to complete, according to Israel’s former energy minister Yuval Steizitz, now an opposition lawmaker. 

Option three is known as the EastMed project, a proposal for a seafloor pipeline linking Israel with Cyprus and Greece. 

Experts have, however, raised concerns about the cost and viability of the project, while Israel has said it would like to see Italy sign on. 

A spokesperson for Elharrar, the Israeli energy minister, told AFP on Monday there have been talks since March to create an agreement or legal framework to enable Israeli gas exports to Europe via Egypt.

Further complicating Israel’s offshore gas production is a long-running maritime border dispute with Lebanon. 

The neighbours technically remain at war but have agreed to US-mediated talks aimed at delineating the border to allow both countries to boost exploration. 

Talks broke down last year but Israel has urged Lebanon to re-engage. 

Tensions flared this month following a Lebanese claim that Israeli production was taking place in contested waters.

Israel countered that the area was located clearly south of the disputed zone. 

The US envoy mediating the maritime border talks, Amos Hochstein, was due in Lebanon on Monday. 

Ryanair faces strike in Spain during summer break

Spanish unions called on staff at low-cost airline Ryanair on Monday to hold a six-day strike at the start of the summer holidays, the latest action by aviation industry workers to demand better conditions in Europe.

The planned work stoppage could cause more travel headaches in Europe, where strikes and shortages of staff have hit a sector that has started to recover from the Covid pandemic.

The call for flight crew to walk out from June 24 to July 2 aims to push Ireland’s Ryanair to reach a deal that “guarantees decent work conditions for all personnel” at the airline, the USO and SITCPLA unions said in a joint statement.

Ryanair is the only international airline not to have a collective bargaining agreement that defines workplace conditions for its Spanish employees, according to the trade unions.

It finally agreed to negotiate eight months ago, but ended talks after reaching a deal, which includes minimum pay and flight hours previsions, with one union that does not have a majority among flight crew.

Both the USO and SITCPLA unions believe that the agreement is insufficient and does not respect Spanish labour law.

“We don’t expect labour conflicts this summer,” Ryanair told AFP, adding the agreement it had reached in Spain had brought real improvements for staff.

The strike would come as summer holidays get underway in European countries and a recovery in air travel following the lifting of most Covid-19 travel restrictions.

The boom in demand has caught short some airlines and airports that shed staff during the pandemic and which are having trouble rehiring employees, as well as facing demands for wage hikes and better working conditions.

Staff shortages have disrupted flights in London, Amsterdam and Frankfurt in recent weeks.

Meanwhile, French easyJet pilots have warned management that the British low-cost airline faces having to cancel a massive number of flights this summer due to staff shortages.

The head of the SNPL pilots union at the airline, Arnaud Wiplier, said the unions sent a letter last week after management did not appear to realise the extent of the risk despite having to cancel flights during three-day holiday weekends last month.

Strikes at Paris’s main airport on Thursday led to a quarter of flights being grounded, runways closed and passengers delayed

Nearly 1,000 SAS pilots have threatened to go on indefinite strike from the end of June after talks broke down with the Scandinavian airline.

IPL cricket rights battle goes into day three

The battle for broadcast rights for the Indian Premier League reached fever pitch on Monday with global media giants reportedly bidding $5.65 billion to show and stream the hugely popular cricket contest.

Attracting some of cricket’s top stars from India and abroad with large salaries, the pioneering IPL helped make Twenty20, a shorter and more exciting format of the sport, hugely popular, spawning copycat events worldwide.

The Board of Control for Cricket in India (BCCI) began an online auction on Sunday for four different packages to show the annual two-month event, attracting giants such as Disney, Sony and Indian tycoon Mukesh Ambani’s Reliance group.

On Monday TV rights for the Indian market were sold for $3.02 billion while the digital streaming segment went for $2.56 billion for five seasons from 2023 to 2027, but it was unclear to whom, media reports said.

Two more packages of non-exclusive digital rights for 18 games including the play-offs as well and another for overseas TV and digital rights will likely be decided Tuesday.

This dwarfs the $2.55 billion paid in 2017 by Star India, owned by US behemoth Disney, for the previous TV and digital rights deal that expired last month with the conclusion of the 15th edition of the tournament.

Sony had televised the IPL for the first 10 years since the league started in 2008.

Jeff Bezos’s Amazon, which has spent hundreds of millions of dollars on rights for European soccer and American football,  had earlier shown interest in the IPL but pulled out of the contest ahead of the auction.

Iraq swept by tenth sandstorm in weeks

Iraq temporarily closed Baghdad airport Monday as choking clouds of dust blanketed the capital, the latest crippling sandstorm in a country that has warned climate change poses an “existential threat”.

It was the tenth such storm since mid-April to hit Iraq, which has been battered by intense droughts, soil degradation, high temperatures and low rainfall linked to climate change.

Earlier this month, to mark World Environment Day, President Barham Saleh warned that tackling climate change “must become a national priority for Iraq as it is an existential threat to the future of our generations to come”.

The sun eventually reappeared on Monday afternoon, after a thick white dust had covered Baghdad and surrounding areas through the morning, with visibility slashed to a few hundred metres (yards).

Officials at Baghdad airport announced the temporary suspension of flights, before they were restarted at around 10:30 am (0730 GMT).

In Najaf, a Shiite holy city in central Iraq, the airport briefly suspended operations in the morning before reopening a few hours later when the dust passed.

Airports have been forced to suspend flights several times due to sandstorms in recent weeks.

In May, sandstorms sent thousands of people to hospital with respiratory problems, and left one person dead.

Iraq, which is entering the scorching summer season when temperatures at times surpass 50 degrees Celsius (122 Fahrenheit), is ranked by the United Nations as one of the world’s five most vulnerable nations to climate change and desertification.

The environment ministry has warned that over the next two decades Iraq could endure an average of 272 days of sandstorms per year, rising to above 300 by 2050.

The World Bank warned in November that Iraq could suffer a 20 percent drop in water resources by 2050 due to climate change.

Water shortages have been exacerbated by the building of upstream dams in neighbouring Turkey and Iran.

Capitol riot hearing to focus on Trump's election fraud 'Big Lie'

The congressional hearings into the US Capitol assault were set to focus Monday on Donald Trump’s unfounded claims that the 2020 election was stolen, which fueled the anger investigators say led to the deadly insurrection.

Trump started pushing what came to be known as his “Big Lie” around 2:30 am on November 4, 2020, making baseless allegations of fraud and prematurely declaring victory in an election he ultimately lost to Joe Biden by seven million votes.

The committee says it will show how that initial claim grew quickly into a conspiracy to cling to power by Trump and his inner circle, even though they knew he’d lost.

The defeated former president, his fundraising organization and the Republican National Committee raised a fortune pushing bogus election fraud claims, investigators say.

“We will hear from witnesses… who will talk about the fact that the former president didn’t have the numbers to win, that he was told again and again that he didn’t have the numbers to win,” a committee aide said.

“We will reveal information about how the former president’s political apparatus used these lies about fraud about a stolen election to drive fundraising, bringing hundreds of millions of dollars between Election Day 2020 and January 6,” 2021, the aide added.

The committee suffered a setback, however, when its star witness, Trump 2020 campaign manager Bill Stepien, canceled his appearance due to a “family emergency” — his wife reportedly went into labor.  

– False claims –

Stepien, who was believed to be appearing under subpoena, helped formulate the strategy to challenge the election results, but he cut his ties to the Trump campaign in December 2020.

He supervised the “Stop the Steal” effort, the committee says, promoting “certain false claims related to voting machines despite an internal campaign memo in which campaign staff determined such claims were false.”

Other witnesses who are still due to appear include Chris Stirewalt, a former Fox News political editor who was part of the team that called Arizona for Biden before the network’s competitors, infuriating Trump and his inner circle.

Some Trump aides reportedly complained directly to the network’s leadership and Stirewalt was fired by what Fox News called a structural re-organization in January 2021.

Ben Ginsberg, a top Republican election lawyer, will also appear alongside BJay Pak, the former top federal prosecutor in Georgia. 

Pak was pressured by Trump to investigate false claims of election fraud and resigned in January 2021 after learning the then-president planned to fire him.

“The evidence is very powerful that Donald Trump began telling this big lie even before the election, that he was saying that any ballots counted after Election Day were going to inherently suspect,” Congressman Adam Schiff, a member of the panel, told ABC on Sunday.

“That lie continued after the election and ultimately led to this mob assembling and attacking the Capitol.”

Major markets dive on heightened recession fears

Global equities, oil prices and bitcoin plunged Monday on heightened recession fears triggered by runaway inflation.

The dollar, however, gained versus major rivals, benefiting from its status as a haven investment and expectations of aggressive interest-rate hiking from the Federal Reserve. 

The US currency struck a 24-year peak against the yen before retreating, while it broke above 78 Indian rupees for the first time. It jumped one percent versus the pound.

“The hangover from a higher-than-expected US inflation reading is continuing to cause scissoring pain throughout the markets, as it extinguishes the hope the US Federal Reserve might be able to take its foot off the pedal on interest rate rises,” noted AJ Bell investment director Russ Mould.

US and European stocks had already tumbled Friday following the inflation data, with Asia following suit Monday.

European stock markets extended pre-weekend losses, while London took a hit also from data showing the UK economy contracted in April for a second month in a row.

Wall Street opened sharply lower, with the blue-chip Dow down around two percent and the tech-heavy Nasdaq falling around three percent.

World oil prices, whose surge has contributed massively to soaring inflation, slid abound one percent as the high cost of living increases recession expectations.

The possibility of more Covid restrictions in China’s biggest cities also weighed on crude futures as the country is a major oil consumer.

Fresh coronavirus outbreaks in Shanghai and Beijing have seen authorities reimpose containment measures.

– Bitcoin crash –

Bitcoin tumbled to an 18-month low under $24,000 as investors shunned risky assets in the face of the vicious global markets selloff. 

The unit took a heavy knock also from news that cryptocurrency lending platform Celsius Network paused withdrawals, citing volatile conditions.

“It is not very surprising to see such a strong downturn as we have noticed an increased correlation over the last few years between traditional stocks, which have also tanked recently, and the cryptocurrency market,” noted XTB chief market analyst Walid Koudmani.

Patrick O’Hare, analyst at Briefing.com, said the carnage in the crypto market “is compounding worries about growth prospects due to the reduced wealth effect that also incorporates falling stock and bond prices.”

Investors were left surprised Friday when data showed US inflation jumped to 8.6 percent in May, the fastest pace in more than 40 years, as the Ukraine war further fuelled energy and food prices.

The reading has led to fervent speculation that the Fed will now be contemplating a single interest-rate lift of 75 basis points at its meeting this week.

With the central bank forced to be more aggressive, there is heightened concern that the US economy could be sent into recession next year.

“The market is now thinking much more about the Fed driving rates sharply higher to get on top of inflation and then having to cut back as growth drops,” said SPI Asset Management’s Stephen Innes.

– Key figures at around 1330 GMT –

London – FTSE 100: DOWN 1.2 percent at 7,229.50 points

Frankfurt – DAX: DOWN 2.2 percent at 13,462.38 

Paris – CAC 40: DOWN 2.4 percent at 6,040.28 

EURO STOXX 50: DOWN 1.7 percent at 3,452.95

New York – Dow: DOWN 2.0 percent at 30,752.22

Tokyo – Nikkei 225: DOWN 3.0 percent at 26,987.44 (close)

Hong Kong – Hang Seng Index: DOWN 3.4 percent at 21,067.58 (close)

Shanghai – Composite: DOWN 0.9 percent at 3,255.55 (close)

Dollar/yen: DOWN at 133.97 yen from 134.42 yen late Friday

Euro/dollar: DOWN at $1.0459 from $1.0526

Pound/dollar: DOWN at $1.2175 from $1.2309

Euro/pound: UP at 85.90 pence from 85.39 pence

Brent North Sea crude: DOWN 0.9 percent at $120.96 per barrel

West Texas Intermediate: DOWN 1.0 percent at $119.50 per barrel

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Ryanair faces strike in Spain during summer break

Spanish unions called on staff at low-cost airline Ryanair on Monday to hold a six-day strike at the start of the summer holidays, the latest action by aviation industry workers to demand better conditions in Europe.

The planned work stoppage could cause more travel headaches in Europe, where strikes and shortages of staff have hit a sector that has started to recover from the Covid pandemic.

The call for flight crew to walk out from June 24 to July 2 aims to push Ireland’s Ryanair to reach a deal that “guarantees decent work conditions for all personnel” at the airline, the USO and SITCPLA unions said in a joint statement.

Ryanair is the only international airline that does not have a collective bargaining agreement that defines workplace conditions for its Spanish employees, according to the trade unions.

It finally agreed to negotiate with trade unions eight months ago, but ended talks after reaching a deal, which includes minimum pay and flight hours previsions, with one union that does not have a majority among flight crew.

Both the USO and SITCPLA unions believe that the agreement is insufficient and doesn’t respect Spanish labour law.

The strike would come as summer holidays get underway in European countries and a recovery in air travel following the lifting of most Covid-19 travel restrictions.

The boom in demand has caught short some airlines and airports that shed staff during the pandemic and which are having trouble rehiring employees as well as facing demands for wage hikes and better working conditions.

Staff shortages have disrupted flights in London, Amsterdam and Frankfurt in recent weeks.

Strikes at Paris’s main airport on Thursday led to a quarter of flights being grounded, runways closed and passengers delayed

Nearly 1,000 SAS pilots have threatened to go on indefinite strike from the end of June after talks broke down with the Scandinavian airline.

EU chief, Italian PM head to Israel for energy talks

European Commission chief Ursula von der Leyen and Italian Prime Minister Mario Draghi were headed to Israel Monday as the EU seeks to wean itself off Russian fossil fuel imports. 

Both leaders were due to hold energy talks in Israel, which has turned from a natural gas importer into an exporter in recent years because of major offshore finds.

Von der Leyen was to meet Foreign Minister Yair Lapid on Monday and Prime Minister Naftali Bennett on Tuesday, with talks expected to focus “in particular on energy cooperation,” a commission statement said.

Mario Draghi, on his first Middle East trip since taking office last year, will also discuss energy and food security during his two-day trip, Italian media reported.  

Both leaders will on Tuesday meet Palestinian prime minister Mohammed Shtayyeh in the occupied West Bank.

The EU this month formally adopted a ban on most Russian oil imports, its toughest sanctions yet over the war in Ukraine. Von der Leyen has suggested the bloc end its dependence on Russian hydrocarbons, including gas, by 2027.

Draghi and other EU leaders have warned European customers may need protection as energy costs continue to rise.  

Israeli Energy Minister Karine Elharrar and other officials have said their country could help meet EU demand if it can deliver gas from its offshore reserves estimated at nearly 1,000 billion cubic metres.

Ahead of Von der Leyen’s visit, European Commission spokeswoman Dana Spinant told reporters to “stay tuned for announcements that we are going to make on energy cooperation with Israel and other partners in the region.”

– Export options –

For now, getting Israeli gas to Europe is fraught with challenges and would require major and long-term infrastructure investments. 

With no pipeline linking its offshore fields to Europe, one option for now is piping natural gas to Egypt, where it could be liquified for export by ship to Europe. 

Another possible scenario is building a pipeline to Turkey. 

Israel’s ties with Ankara have thawed after more than a decade of diplomatic rupture and experts have said Turkey’s desire for joint energy projects has partly triggered its outreach to Israel.  

That pipeline project would take $1.5 billion and two to three years to complete, according to Israel’s former energy minister Yuval Steizitz, now an opposition lawmaker. 

Option three is known as the EastMed project, a proposal for a seafloor pipeline linking Israel with Cyprus and Greece. 

Experts have, however, raised concerns about the cost and viability of the project, while Israel has said it would like to see Italy sign on. 

Further complicating Israel’s offshore gas production is a long-running maritime border dispute with Lebanon. 

The neighbours technically remain at war but have agreed to US-mediated talks aimed at delineating the border to allow both countries to boost exploration. 

Talks broke down last year but Israel has urged Lebanon to re-engage. 

Tensions flared this month following a Lebanese claim that Israeli production was taking place in contested waters.

Israel countered that the area was located clearly south of the disputed zone. 

The US envoy mediating the maritime border talks, Amos Hochstein, was due in Lebanon on Monday. 

Macron seeks bigger military budget in 'war economy'

French President Emmanuel Macron on Monday called for a boost to defence budgets following Russia’s invasion of Ukraine, saying France was now on a “war economy” footing. 

Speaking at Eurosatory, a weapons industry fair, Macron said Europe needed “a much larger defence industry” to avoid relying on suppliers elsewhere for its equipment needs.

Since Russia’s invasion of Ukraine in February, France “has entered into a war economy in which I believe we will find ourselves for a long time”.

Macron said he had asked the defence ministry and armed forces chiefs of staff to adjust a six-year framework defence spending plan running to 2025 to the new geopolitical situation, to “match the means to the threats”.

Even before Ukraine, French military spending had gradually increased since Macron came to power in 2017 to reach 41 billion euros ($43 billion) this year, and is currently scheduled to hit 50 billion euros in 2025.

“We didn’t wait for strategic changes to re-invest,” Macron said, but Russia’s war had created “an additional need to move faster and become stronger at a lower cost”.

Macron said that “anybody doubting the urgency of these efforts only needs to look to Ukraine, where soldiers are asking for quality weaponry and they are entitled to a response from us”.

According to Le Monde newspaper, the government’s armament agency DGA is considering a draft law that would allow the requisitioning of civilian equipment or civilian factories to make weapons.

As European governments bolster defence budgets, they need a larger EU-based defence industry to meet the new military needs, Macron said.

“Let’s not repeat the errors of the past going forward,” he said. “Spending large sums on purchases from elsewhere is not a good idea.”

Europe needs a defence industry that is “much stronger and much more ambitious” than now, he said, “or we will create our own future dependencies”.

A European fighter plan project is, according to experts, currently running about a decade late, while a new French-German battle tank project, MGCS, is not expected to be operational for nearly another two decades.

Space probe reveals secrets of 'restless' Milky Way

The Gaia space probe on Monday unveiled its latest discoveries in its quest to map the Milky Way in unprecedented detail, surveying nearly two million stars and revealing mysterious “starquakes” which sweep across the fiery giants like vast tsunamis.

The mission’s third data set, which was released to eagerly waiting astronomers around the world at 1000 GMT, “revolutionises our understanding of the galaxy,” the European Space Agency (ESA) said.

ESA Director-General Josef Aschbacher told a press conference that it was “a fantastic day for astronomy” because the data “will open the floodgates for new science, for new findings of our universe, of our Milky Way”.

Some of the map’s new insights came close to home, such as a catalogue of more than 156,000 asteroids in our Solar System “whose orbits the instrument has calculated with incomparable precision,” Francois Mignard, a member of the Gaia team, told AFP.

But Gaia also sees beyond the Milky Way, spotting 2.9 million other galaxies as well as 1.9 million quasars — the stunningly bright hearts of galaxies powered by supermassive black holes.

The Gaia spacecraft is nestled in a strategically positioned orbit 1.5 million kilometres (937,000 miles) from Earth, where it has been watching the skies since it was launched by the ESA in 2013.

The observation of starquakes, massive vibrations that change the shape of the distant stars, was “one of the most surprising discoveries coming out of the new data”, the ESA said.

Gaia was not built to observe starquakes but still detected the strange phenomenon on thousands of stars, including some that should not have any — at least according to our current understanding of the universe.

– ‘Turbulent’ galaxy –

“We have a fantastic new gold mine to do the asteroseismology of hundreds of thousands of stars in our Milky War galaxy,” said Gaia team member Conny Aerts.

Gaia has surveyed more than 1.8 billion stars but that only represents around one percent of the stars in the Milky Way, which is about 100,000 light years across.

The probe is equipped with two telescopes as well as a billion-pixel camera, which captures images sharp enough to gauge the diameter of a single strand of human hair 1,000 kilometres (620 miles) away.

It also has a range of other instruments that allow it to not just map the stars, but measure their movements, chemical compositions and ages.

The incredibly precise data “allows us to look more than 10 billion years into the past history of our own Milky Way,” said Anthony Brown, the chair of the Data Processing and Analysis Consortium which sifted through the massive amount of data.

The results from Gaia are already “far beyond what we expected” at this point, Mignard said.

They show that our galaxy is not moving smoothly through the universe as had been thought but is instead “turbulent” and “restless”, he said.

“It has had a lot of accidents in its life and still has them” as it interacts with other galaxies, he added. “Perhaps it will never be in a stationary state.”

“Our galaxy is indeed a living entity, where objects are born, where they die,” Aerts said. 

– ‘Tens of thousands of exoplanets’ –

“The surrounding galaxies are continuously interacting with our galaxy and sometimes also falling inside it”.

Around 50 scientific papers were published alongside the new data, with many more expected in the coming years. 

Gaia’s observations have fuelled thousands of studies since its first dataset was released in 2016.

The second dataset in 2018 allowed astronomers to show that the Milky Way merged with another galaxy in a violent collision around 10 billion years ago.

It took the team five years to deliver the latest data, which was observed from 2014 to 2017. 

The final dataset will be released in 2030, after Gaia finishes its mission surveying the skies in 2025.

Monday’s release confirmed only two new exoplanets — and 200 other potential candidates — but far more are expected in the future.

“In principle Gaia, especially when it goes on for the full 10 years, should be capable of detecting tens of thousands of exoplanets down to Jupiter’s mass,” Brown said.

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