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Zelensky to make surprise visit to UK on Wednesday, says Downing Street | CNN

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Zelensky to make surprise visit to UK on Wednesday, says Downing Street | CNN


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Ukrainian President Volodymyr Zelensky will make a shock go to to London on Wednesday, Downing Road mentioned, at a time when Kyiv is urging the West to ship extra weapons and army assist to counter Russian advances.

Zelensky will meet Prime Minister Rishi Sunak together with Ukrainian troops being skilled by British forces, and handle Parliament, UK officers mentioned.

The president’s go to to London is simply his second outdoors his nation since Russia invaded Ukraine nearly a 12 months in the past, following his go to to Washington DC in December.

The journey comes as Zelensky has been desperately searching for army support from Western allies as Ukrainian officers warn Moscow is gearing up for a spring offensive.

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Britain introduced Wednesday it could ship extra army gear to Kyiv to assist counter a doable Russian spring offensive. Sunak mentioned the UK would increase coaching to Ukrainian fighter pilots and marines, whereas additionally promising a long-term funding in Ukraine’s army.

The UK will start coaching Ukrainian pilots on NATO-standard fighter jets, in what CNN understands can be the primary official coaching program for Ukrainian pilots on Western fighter plane. There was nonetheless no point out of offering Ukraine with Western fighter plane that Zelensky has been calling for.

The UK additionally mentioned it can present Ukraine with “longer vary capabilities,” with out going into particulars.

“The Prime Minister can even supply to supply Ukraine with longer vary capabilities,” a Downing Road assertion learn. “This can disrupt Russia’s capability to repeatedly goal Ukraine’s civilian and important nationwide infrastructure and assist relieve stress on Ukraine’s frontlines.”

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NATO allies just lately answered Kyiv’s requires most important battle tanks to bolster its army – which has till now been counting on Soviet-era tanks.

The UK was the primary to announce in mid-January that it could ship 12 Challenger 2 tanks to Ukraine. After weeks of stress, this was adopted by bulletins from Germany and the US that they might ship Leopard 2 and M1 Abrams tanks respectively.

In line with the Downing Road assertion, the UK will announce further sanctions in opposition to Russia on Wednesday.

The sanctions might be launched “in response to Russia’s continued bombardment of Ukraine, together with the concentrating on of those that have helped Putin construct his private wealth, and firms who’re taking advantage of the Kremlin’s battle machine,” Downing Road mentioned.

The UK authorities has already imposed sanctions on a whole bunch of Russian people and entities since final February when Russia invaded Ukraine, based on UK authorities information.

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Sunak mentioned: “President Zelensky’s go to to the UK is a testomony to his nation’s braveness, willpower and battle, and a testomony to the unbreakable friendship between our two nations.

“Since 2014, the UK has supplied important coaching to Ukrainian forces, permitting them to defend their nation, shield their sovereignty and battle for his or her territory.

“I’m proud that right now we’ll increase that coaching from troopers to marines and fighter jet pilots, making certain Ukraine has a army in a position to defend its pursuits properly into the longer term.”

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Iran begins funeral procession for president after helicopter crash

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Iran begins funeral procession for president after helicopter crash

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Iran has begun a three-day funeral procession for late president Ebrahim Raisi, who died in a helicopter crash at the weekend, as the country’s leaders sought to project stability following the disaster.

Large crowds gathered as the procession started on Tuesday in the north-western city of Tabriz, the largest city near the site of the crash, which took place in a remote and mountainous region where rescue teams took about 20 hours to find Raisi’s body.

Also among the eight victims was the country’s foreign minister, Hossein Amirabdollahian.

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Raisi’s body will be transported from Tabriz to the holy city of Qom, the base for senior Shia Muslim clergy, on Tuesday, before being taken to Tehran. The government has declared a public holiday on Wednesday for the ceremony in the capital. 

“Iran will create another historic epic in the funeral,” said Interior Minister Ahmad Vahidi on Tuesday. “There will be no disruption in the country’s affairs with the martyrdom of the revered president.” 

Iran’s Supreme Leader, Ayatollah Ali Khamenei, will lead the religious ceremony in Tehran on Wednesday before Raisi’s body is taken to his home area, the Khorassan region in the north-east.

The late president will then be buried on Thursday in the holy city of Mashhad, where the eighth Imam of Shia Muslims, Reza, is interred — the largest pilgrimage destination in the country.

Shia Muslims mark Raisi’s passing on Tuesday © Tauseef Mustafa/AFP/Getty Images

In keeping with Iran’s constitution, Khamenei has appointed first vice-president Mohammad Mokhber as the head of the executive branch until elections are held on June 28.

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Presidential candidates will begin registering next Tuesday, and those who pass the strict vetting process will be allowed to campaign for two weeks before polling day.

Mokhber’s major decisions will be made in co-ordination with the heads of parliament and the judiciary until a new president is elected. The judiciary has warned Iranians that any “spread of lies” or “insults” about Raisi and his death will be dealt with severely. 

Meanwhile, the new Assembly of Experts, which will be responsible for appointing the next leader when Khamenei dies, held a previously scheduled meeting on Tuesday.

Raisi — elected one more time for the assembly in the March election — was considered a strong candidate to become the assembly’s new head and potentially the next supreme leader.

The clerical members elected Mohammad-Ali Movahedi Kermani, a senior conservative cleric, as the body’s new head for the next two years.

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The death of Raisi, 63, has come at a difficult time for Iran. The economy is struggling in the face of US sanctions, while the country is part of heightened tensions in the Middle East. A years-long shadow war between Iran and Israel has burst into the open following Hamas’s October 7 attack on Israel.

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One voted Biden. One picked Trump. It's a tale of two counties in pivotal Wisconsin

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One voted Biden. One picked Trump. It's a tale of two counties in pivotal Wisconsin

Located less than an hour outside Madison, Wisc., Columbia county has both city commuters and people in more rural, small towns. Portage, with a population of around 10,000, is the largest town in the county.

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Located less than an hour outside Madison, Wisc., Columbia county has both city commuters and people in more rural, small towns. Portage, with a population of around 10,000, is the largest town in the county.

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On a recent Tuesday morning in Portage, Wis., Sharon Wade tended to her craft and antique furnishing shop. Standing in front of a wall lined with color-coded paints, she helped a friend find the correct tools to spruce up an old dresser.

“You’re going to be fine, Sandy! I promise you,” Wade laughed, as she unwrapped a new paintbrush. “You know you can call me if you need to.”

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Her store sits within Columbia County, a county less than an hour outside of Madison. Despite some loyal customers, Wade said business has slowed over the past year.

“It’s been difficult to see people come in, that were regulars before that bought, and now they just come in to look,” she said, addressing rising prices in town. “I don’t blame them, you get in that situation where you have to buy things that you need, not necessarily what you want.”

Protecting her business drives her vote. After supporting former President Barack Obama in both 2008 and 2012, she then backed former President Donald Trump twice in 2016 and 2020. Now, she plans to vote for President Biden, arguing Trump’s legal woes are a deal breaker for her.

Sharon Wade runs a store in downtown Portage, Wisc., that specializes in antique and vintage furnishings, and handcrafted gifts.

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Sharon Wade runs a store in downtown Portage, Wisc., that specializes in antique and vintage furnishings, and handcrafted gifts.

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“I just feel like there’s so much going on with his life that how can he focus on our country,” she said. “We need someone who’s going to be dedicated to what’s happening for us.”

Wade’s voting history mirrors Columbia County – known as a pivot county – one of several in the state that voted twice for Obama and then flipped to Trump in 2016.

In 2020, Trump won Columbia by just under two percentage points. But in neighboring Sauk County, he lost by about the same margin.

Both counties – made up of mid-size towns and rural areas outside the capital city – may be potential indicators of which candidate could win the state this year. But less than six months out, many voters remain divided and polarized, leaving little room for outliers to make up their minds.

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Jen Gamblethomas sat in a coffee shop in Baraboo, the largest town in Sauk County.

“I think that everybody that I know knows who they’re voting for,” said Gamblethomas, a Democrat who works with a local veterinarian in town.

“People have solidified what their values are and what they’d like to see happen,” she added. “I think everybody’s holding true to where they stand.”

Mark Kolloway sat a few tables away from Gamblethomas. The real estate investor supports Trump and actually moved from Illinois to Wisconsin in part because of the split nature of the state.

“I like the fairness of it,” he said. “At least here, it’s a flip of a coin.”

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A statewide ground game

Both the Biden and Trump teams are working alongside the state-wide parties to put staff on the ground in Wisconsin. But in a state that Biden won by just under 21,000 votes four years ago and Trump carried in 2016 by nearly the same margin, its political nature is not lost on either party.

“Wisconsin is the land of the nail-biter,” explained Ben Wikler, the chair of the state’s Democratic Party.

Wikler has seen the state through a series of major wins, including Biden’s victory in 2020. And he’s keen on delivering Biden’s message this year with what he’s calling “surround sound,” with both in-person and online outreach.

“Regardless of who’s going to win in a county and by how much, the real question is how many voters are out there that we have not connected with yet,” he said. “That is work that we can only really do by showing up and talking to people and meeting them where they are and listening to them. And you have to do that far out from Election Day.”

Brian Schimming, the chair of the Wisconsin Republican Party, said pivot counties like Columbia and Sauk are his party’s targets this year. Like Democrats, he’s keen on reaching out to new and nonvoters who could make a difference in a competitive county and state. That said, first-time voters in Wisconsin overwhelmingly voted for Biden four years ago – aligning with national trends.

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“It’s a major – if not the major opportunity for us,” he explained. “If I can get them to vote early, that is also good. So we’re trying some things around here that might not necessarily be expected of Republicans.”

Schimming’s emphasis on early voting is a shift that the RNC has taken over the past year, a notable move given Trump’s previous comments disparaging it, though Trump has recently pivoted on the subject and begun promoting early voting on social media.

“If I’m able to go talk… five, eight, 10% of Republicans in this state [into] voting early – like up to two weeks early,” Schimming explained, “I can then take the resources I save because I got those people to go vote and spend them on those swing voters or the new voters.”

Local organizers are pushing the issues

A plastic Christmas tree standing at least 10 feet tall and decked out with red, white and blue ornaments graces the front entrance of a repurposed bank in Rock Springs, Wisc., population 300. The walls are lined with campaign posters, and a sign reading “God Bless America” is hung on the original, heavy bank vault door.

The bank serves as the headquarters for the Republican Party of Sauk County, which has made it a tradition to gather every Thursday at 9 am for coffee.

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A family member of the Republican Party of Sauk County offered up the refurbished bank in Rock Springs to serve as the group’s headquarters.

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A family member of the Republican Party of Sauk County offered up the refurbished bank in Rock Springs to serve as the group’s headquarters.

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“Sauk County is a national bellwether,” said County Chairman Jerry Helmer as a dozen people sat around tables in the bank. “It’s not red, it’s not blue, it’s purple.”

Sauk has been somewhat of a bellwether since 2008, correctly voting for the winning presidential candidate since President Obama’s first run.

“I see that the Republicans are more excited and more wound up than I have ever seen them,” he added.

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Members of the group said the election is in part a referendum on Biden’s policies, notably his handling of issues like immigration and the economy, topics the county party brings up with voters.

“People now have seen the alternative. They’ve seen what Biden has done. They’ve seen what the Democrats are doing. They’ve seen the impact,” said member Gordon Statz.

“To me, Joe Biden is doing more campaigning for Trump than Trump is for himself,” he added.

Gordon Statz, a retired quality manager at an automotive company, is the treasurer of the Republican Party of Sauk County. He said he feels optimistic about former President Trump’s chances this fall.

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Gordon Statz, a retired quality manager at an automotive company, is the treasurer of the Republican Party of Sauk County. He said he feels optimistic about former President Trump’s chances this fall.

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Democrats in the county say they too know the stakes. When organizer Judy Brey goes out canvassing, she hears many of the same issues from voters that the Republican organizers also raised.

“The border and immigration and cost of living. Over and over and over again,” she said, sipping coffee around a table with a few members of the Sauk County Democrats. “They say our president is doing nothing about it. I’m not going to vote for him.”

“But that’s what our job is,” Susan Knower, the chair of the group, cut in. “Those low-information voters, those are the ones that we have to make sure that we’re contacting,” she added.

The group said they’re hoping to engage with voters over a handful of top issues, notably protecting access to abortion — a topic that Knower argued can bring in more women and younger voters.

Democrats have been successful in highlighting the issue in recent off-year elections. Just last spring Wisconsin voters turned out in record numbers for a state supreme court race where safeguarding reproductive rights was a top priority of the winning candidate.

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That said, Knower is worried about low levels of Democratic enthusiasm. Though she doesn’t expect large swaths of Sauk voters to flip to Trump, she’s concerned that Biden’s record has not resonated with his potential supporters.

Susan Knower, the chair of the Democratic Party of Sauk County, said the party needs to engage with voters around protecting abortion access and make a concerted effort to highlight President Biden’s policy wins.

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Susan Knower, the chair of the Democratic Party of Sauk County, said the party needs to engage with voters around protecting abortion access and make a concerted effort to highlight President Biden’s policy wins.

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“People don’t know that,” she explained, pointing to the president’s infrastructure bill and his work capping drug prices.

“Also if you’re not thrilled about Biden, you will be way less thrilled about another Trump administration,” she added. “And so you cannot sit home. And that’s got to be our message.”

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Uncertain voters in an uncertain county

Politics was not on Marissa Flick’s mind while she ate lunch with her family at a diner in Baraboo. Sitting there with her 18-month-old son, she laughed off the idea of another Biden-Trump rematch.

“I’m not voting for that reason alone,” Flick said, who also works as a caretaker for her sister. “I feel like there shouldn’t be 80-year-old men running our country.”

Flick explained her mother advised her to vote for Biden in the 2020 race. This time, despite taking issue with some of Trump’s rhetoric, particularly on immigration, she feels disconnected from the whole race.

“I don’t really know what to look for,” she said. “Every time you see a video of someone, they’re always just bashing the other side, not saying … what they’re going to do to make the country better.”

The door isn’t fully closed, Flick said, explaining if someone provided her with good enough reasons, she would consider backing Biden again.

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Kathleen Jahn, an artist in Portage who specializes in watercolor and pastel painting, said she’s not sure who she’ll vote for this election cycle.

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Kathleen Jahn, an artist in Portage who specializes in watercolor and pastel painting, said she’s not sure who she’ll vote for this election cycle.

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Back in Columbia County, local artist Kathleen Jahn is manning an art market in downtown Portage.

“Nobody’s grabbing my heart,” she said, standing near her section of the store which featured knitted items and framed watercolor paintings.

Despite supporting some of Trump’s policies, Jahn doesn’t trust him anymore. At the same time, she isn’t fully sold on Biden.

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“He’s got a lot of good ideas. And he wants to help a lot of the people. But I think sometimes he’s not doing it in the correct way,” she said.

As a swing voter in a swing county in a swing state, she has a rule.

“I personally, when I get together with people, say we’re here to enjoy ourselves. We will not talk about politics or religion,” she explained, letting out a laugh as she added, “Sorry!”

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Corporate Japan’s $77bn in property gains offer target for activists

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Corporate Japan’s $77bn in property gains offer target for activists

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Japanese companies outside the real estate sector generated more than $77bn in paper profits last year from their non-core property portfolios, increasing pressure on them as investors demand asset sales to unlock value. 

The paper profits were spread across more than 250 companies in industries ranging from food production and glass manufacturing to advertising and financial services — many of them businesses that built property empires in the 1980s and have never needed to sell them.

The calculation of their 2023 gains by analysts at Goldman Sachs has emerged ahead of the June annual meeting season — the 10-day stint at the end of next month during which more than 2,000 listed companies meet shareholders.

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Legal and banking advisers said the season would probably generate more friction than previous years, in part because of pressure on companies from the Tokyo Stock Exchange to focus on capital efficiency and valuations.

The glut of unrealised property gains last year follows 10 years in which prices of Japanese commercial property and condominiums have risen, and where, unlike London, New York and Hong Kong, remote working has not taken hold and Tokyo office vacancies remain low post-pandemic.

Actual real estate companies, such as Mitsubishi Estate and Tokyo Tatemono, have performed strongly, with shares for the sector up more than 20 per cent since January.

But Goldman’s Japan equity strategist, Bruce Kirk, said companies were under pressure from shareholders to justify their non-core businesses, and the vast property portfolios looked anomalous. 

Bankers who have advised Japanese companies on dealing with activists said that where investors once saw the property portfolios as a peculiarity, their existence now painted a target on companies and made them vulnerable to shareholder campaigns.

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Goldman’s report focused on about 250 companies in the Topix index that were not real estate specialists but had business segments operating their real estate assets. 

Accounting changes made in 2010 obliged companies to disclose the book value of properties held for investment or rental, along with an estimate of market value. The difference between those two figures produces an annual reckoning of unrealised gains or losses on the property, which in many cases is office space.

Between them, those companies declared $77bn of paper gains in 2023 — not far off the $89bn of paper gains declared by the Japanese real estate industry itself.

Recent high-profile activist fund engagements with Japanese companies, including Elliott Management’s tussle with Dai Nippon Printing, have focused on non-core property assets.

“The potential value unlock from undervalued non-core real estate provides investors with yet another pressure point to focus on during their discussions with Japanese corporate management,” said Kirk.

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He added there was likely to be some debate around the definition of core versus non-core, and his screening of companies with large non-core real estate portfolios deliberately omitted Japan’s railway companies, which hold significant properties around their stations.

“The corporate governance momentum is definitely on the side of investors at the moment,” said Kirk. “This could encourage a lot more scrutiny of the reasons why non-real estate companies have such extensive portfolios of real estate assets during this year’s AGM season.”

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