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Sweden announces emergency guarantees for energy companies

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Sweden announces emergency guarantees for energy companies

PM says Sweden is going through the prospect of a ‘battle winter’ because of an vitality crunch amid the Russia-Ukraine battle.

Sweden has mentioned it might present a number of hundred billion {dollars} in liquidity ensures to Nordic and Baltic vitality corporations to avert a monetary disaster sparked by Russia’s Gazprom shutting the Nord Stream 1 fuel pipeline.

Prime Minister Magdalena Andersson warned that Sweden was going through the prospect of a “battle winter” due to Europe’s vitality crunch, and mentioned the precise particulars of the ensures remained to be labored out.

Chatting with reporters on Saturday, Andersson mentioned the ensures have been geared toward giving vitality teams “the respiratory room that’s wanted”.

She mentioned there was “a transparent safety coverage agenda behind Russia’s actions”.

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Moscow has blamed sanctions imposed by the West following Russia’s invasion of Ukraine for impeding routine upkeep on the pipeline, however some European Union officers have accused Russia of utilizing vitality as a weapon.

“Russia’s vitality battle is having critical penalties for Europe and Swedish households and corporations, particularly in southern Sweden which depends on electrical energy costs in Germany, which in flip could be very depending on fuel,” she mentioned.

“This threatens our monetary stability. If we don’t act quickly it may result in critical disruptions within the Nordics and Baltics,” she mentioned.

“Within the worst-case situation, we may fall right into a monetary disaster.”

The announcement got here after Russia mentioned on Friday it was chopping off the Nord Stream fuel pipeline to Germany indefinitely because of what it mentioned have been leaks in a turbine – deepening Europe’s difficulties in securing winter gasoline.

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The closure is anticipated to result in even increased manufacturing costs for electrical energy corporations when the market opens on Monday.

Talking on the identical information convention, Finance Minister Mikael Damberg mentioned the federal government will put ahead a proposal that enables it to challenge credit score ensures, including that all the nation’s parliamentary events and the speaker had been knowledgeable.

Damberg additionally mentioned the Swedish determination would “safe monetary stability not solely in Sweden, however in your entire Nordic area”.

The ensures have been anticipated to be in place on Monday earlier than the inventory market closing and would cowl all Nordic and Baltic actors throughout the subsequent two weeks.

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Sweden’s parliament has been referred to as in from its summer time break to carry a vote on the federal government’s proposal on Monday.

Sweden is experiencing its highest inflation in 30 years, and the central financial institution has raised charges twice this yr, with extra steep hikes anticipated earlier than yearend.

Hovering electrical energy payments, rising rates of interest and stalling financial development have dominated campaigning forward of the final election on September 11.

On Wednesday, Damberg mentioned the federal government anticipated to have $8.36bn out there to assist ease shoppers’ ache of document electrical energy costs this yr and subsequent.

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Maps: 7.2-Magnitude Earthquake Shakes Peru

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Maps: 7.2-Magnitude Earthquake Shakes Peru

Note: Map shows the area with a shake intensity of 4 or greater, which U.S.G.S. defines as “light,” though the earthquake may be felt outside the areas shown. The New York Times

A major, 7.2-magnitude earthquake struck in the South Pacific Ocean off Peru on Friday, according to the United States Geological Survey.

The temblor happened at 12:36 a.m. Peru time about 5 miles west of Atiquipa, Peru, data from the agency shows. Follow our coverage here.

As seismologists review available data, they may revise the earthquake’s reported magnitude. Additional information collected about the earthquake may also prompt U.S.G.S. scientists to update the shake-severity map.

Aftershocks in the region

An aftershock is usually a smaller earthquake that follows a larger one in the same general area. Aftershocks are typically minor adjustments along the portion of a fault that slipped at the time of the initial earthquake.

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Quakes and aftershocks within 100 miles

Aftershocks can occur days, weeks or even years after the first earthquake. These events can be of equal or larger magnitude to the initial earthquake, and they can continue to affect already damaged locations.

Source: United States Geological Survey | Notes: Shaking categories are based on the Modified Mercalli Intensity scale. When aftershock data is available, the corresponding maps and charts include earthquakes within 100 miles and seven days of the initial quake. All times above are Peru time. Shake data is as of Friday, June 28 at 1:53 a.m. Eastern. Aftershocks data is as of Friday, June 28 at 8:36 p.m. Eastern.

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US removes Gaza aid pier due to weather and may not put it back, officials say

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US removes Gaza aid pier due to weather and may not put it back, officials say

The pier built by the U.S. military to bring aid to Gaza has been removed due to weather to protect it, and the U.S. is considering not re-installing it unless the aid begins flowing out into the population again, U.S. officials said Friday.

While the military has helped deliver desperately needed food through the pier, the vast majority of it is still sitting in the adjacent storage yard and that area is almost full. Aid agencies have had difficulty moving the food to areas further into Gaza where it is most needed because the humanitarian convoys have come under attack.

EXCLUSIVE: ISRAEL TO BOOST FRESH WATER SUPPLY IN GAZA WITH PLANT UPGRADE AS UN WARNS IT MAY SUSPEND AID

The U.N., which has the widest reach in delivering aid to starving Palestinians, hasn’t been distributing food and other emergency supplies arriving through the pier since June 9. The pause came after the Israeli military used an area near the pier to fly out hostages after their rescue in a raid that killed more than 270 Palestinians, prompting a U.N. security review over concerns that aid workers’ safety and neutrality may have compromised.

A U.S. Army soldier gestures as trucks loaded with humanitarian aid arrive at the U.S.-built floating pier Trident before reaching the beach on the coast of the Gaza Strip, Tuesday, June 25, 2024.  (AP Photo/Leo Correa)

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U.N. World Food Program spokesman Steve Taravella said Friday that the U.N. participation in the pier project is still on pause pending resolution of the security concerns.

While always meant to be temporary and never touted as a complete solution to the problems getting humanitarian aid into Gaza, President Joe Biden’s $230 million project has faced a series of setbacks since aid first rolled ashore May 17 and has been criticized by relief groups and congressional Republicans as a costly distraction.

The pier has been used to get more than 19.4 million pounds, or 8.6 million kilograms, of food into Gaza, but has been stymied not only by aid pauses but unpredictable weather. Rough seas damaged the pier just days into its initial operations, forcing the military to remove it temporarily for repairs and then reinstall it. Heavy seas on Friday forced the military to remove it again and take it to the Israeli port at Ashdod.

Several U.S. officials, speaking on condition of anonymity to discuss military movements, said the military could reinstall the pier once the bad weather passes in the coming days, but the final decision on whether to reinstall it hasn’t been made.

Sabrina Singh, a Pentagon spokeswoman, acknowledged that she doesn’t know when the pier will be reinstalled. “When the commander decides that it is the right time to reinstall that pier, we’ll keep you updated on that.,” she said.

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She also said Friday that there is a need for more aid to come into Cyprus and be transported to the pier. She noted that the secure area onshore is “pretty close to full,” but that the intention is still to get aid into Gaza by all means necessary. She said the U.S. is having discussions with the aid agencies about the distribution of the food.

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But, she added, “Of course, if there’s not enough room in the marshalling yard, then it doesn’t make sense to put our men or women out there when there’s nothing to do.”

Palestinians are facing widespread hunger because fighting in the nearly nine-month Israel-Hamas war, Israeli restrictions on border crossings that are far more productive than the sea route and the attacks on the aid convoys have severely limited the flow of food, medicine and other supplies.

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Meloni condemns antisemitism among ruling party's youth league

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Meloni condemns antisemitism among ruling party's youth league

Left-wing news outlet Fanpage claimed it had video evidence of some National Youth members using racist slurs and making a Nazi salute.

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Italy’s Prime Minister Giorgia Meloni has condemned racist and antisemitic remarks made by some members of the ruling Brothers of Italy party’s youth league.

Speaking to reporters in Brussels, Meloni said antisemitism and racism are incompatible with the party after two leading members of the National Youth resigned over alleged antisemtic remarks made against a Jewish Senator.

“I have said many times and repeat, I think that those who have racist, antisemitic or nostalgic feelings have simply got their home wrong, because these feelings are incompatible with the Brothers of Italy, they are incompatible with the Italian right, they are incompatible with the political line which we have clearly defined in recent years, and therefore I do not accept that there are ambiguities on this,” she said.

Meloni’s comments come after a report appeared in the left-wing online newspaper, Fanpage, which claimed it had video and audio recordings of some National Youth members using racist slurs and making Nazi salutes.

But Meloni also took a swipe at Fanpage’s reporting methods.

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“I think that if we want to call it a journalistic investigation, the same attitude and the same investigation would be carried out in all the youth organisations of other political parties. We don’t know what could come out, we won’t know. You know why? Because in the history of the Italian Republic, what Fanpage did with Brothers of Italy is a first,” she said.

“It has never even been considered that they could infiltrate a political organisation, secretly record its meetings, also record the personal affairs of minors.”

The Fanpage investigation, entitled ‘Melonian Youth’, has sent shockwaves through the Brothers of Italy at the same time as Meloni has been seeking to cement a reputation as a moderate voice on the EU stage.

There has also been outrage from members of the Jewish Community of Rome, with some calling on Meloni to punish the youth wing members exposed in the investigation. 

“The Jewish Community of Rome condemns the shameful images of racism and antisemitism that emerged from the Fanpage investigation,” president Victor Fadlun posted on X.

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He’s urged the party to take “appropriate action,” saying it was “imperative that society” reacts against discrimination.

Brothers of Italy has its roots in the Italian Social Movement (MSI), formed in 1946 as a successor to Benito Mussolini’s fascist movement that ruled Italy for more than 20 years.

Meloni has repeatedly condemned the racist, anti-Jewish laws enacted by Mussolini in 1938 in a bid to turn her party into a mainstream conservative force.

But she has also ignored calls to declare herself “anti-fascist”, prompting some of her critics to say she has failed to fully distance herself from neo-fascism.

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