Sanchez Is Putting NATO's Trump Plan at Risk by Opposing 5% Goal
The problems piling up for Primer Minister Pedro Sanchez in Spain are threatening to spill into next week's NATO summit, with potentially drastic consequences for the rest of the European Union.
The 53-year-old premier has been under fire at home, with allegations of graft in his inner circle putting his minority coalition under strain. As he seeks to reclaim the initiative, he's emerged as the only leader from the North Atlantic Treaty Organization refusing to sign up to a new target for spending 5% of GDP on defense.
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New York Times
39 minutes ago
- New York Times
His Prison Term Halved, Former Malaysia Leader Wins Another Reprieve
A Malaysian court on Friday dropped money-laundering charges against former Prime Minister Najib Razak, who is in prison for stealing millions of dollars from a government fund, saying prosecutors were not ready to proceed with the case even though they had filed the charges six years ago. The court issued what is called a discharge not amounting to an acquittal, meaning Mr. Najib could face those charges again. But that is unlikely, and the move fueled criticism that the authorities were being lenient with the former prime minister, who remains a political force. Mr. Najib, 71, was ousted from office and eventually convicted of graft in 2020 in the fallout from the looting of a multibillion sovereign wealth fund, 1MDB. The scandal also led to legal action in the United States because of the involvement of the investment bank Goldman Sachs. But last year, Mr. Najib's prison sentence was halved to six years and his fine reduced to $11 million, a quarter of the original. Since then, Mr. Najib has been petitioning the courts to serve the remainder of his term, which ends in 2028, at home. In November, charges of misappropriating public funds against Mr. Najib were dropped because of prosecutorial delays. Mr. Najib's shifting legal fortunes have become a lightning rod in Malaysia. To his critics, they are a sign of the weakness of the current prime minister, Anwar Ibrahim, who campaigned on anti-graft platform but took office only after forming an alliance with Mr. Najib's party, the United Malays National Organization. Mr. Anwar has repeatedly denied any involvement in Mr. Najib's legal cases but recently hinted at his priorities. 'I have no interest in jailing people,' Mr. Anwar said in a speech last Saturday. 'I'm interested in recovering the money so it can be returned to the people.' Want all of The Times? Subscribe.
Fox News
an hour ago
- Fox News
Trump's unpredictable Middle East moves actually follow a brilliant master plan
President Donald Trump came back into office promising no new wars. So far, he's kept that promise. But he's also left much of Washington — and many of America's allies — confused by a series of rapid, unexpected moves across the Middle East. In just a few months, Trump has reopened backchannels with Iran, then turned around and threatened its regime with collapse. He's kept Israel at arm's length — skipping it on his regional tour — before signaling support once again. He lifted U.S. sanctions on Syria's Islamist leader, a figure long treated as untouchable in Washington. And he made headlines by hosting Pakistan's top general at the White House, even as India publicly objected. For those watching closely, it's been hard to pin down a clear doctrine. Critics see improvisation — sometimes even contradiction. But step back, and a pattern begins to emerge. It's not about ideology, democracy promotion, or traditional alliances. It's about access. Geography. Trade. More specifically, it may be about restarting a long-stalled infrastructure project meant to bypass China — and put the United States back at the center of a strategic economic corridor stretching from India to Europe. The project is called the India–Middle East–Europe Corridor, or IMEC. Most Americans have never heard of it. It was launched in 2023 at the G20 summit in New Delhi, as a joint initiative among the U.S., India, Saudi Arabia, the UAE and the European Union. Its goal? To build a modern infrastructure link connecting South Asia to Europe — without passing through Chinese territory or relying on Chinese capital. IMEC's vision is bold but simple: Indian goods would travel west via rail and ports through the Gulf, across Israel, and on to European markets. Along the way, the corridor would connect not just trade routes, but energy pipelines, digital cables, and logistics hubs. It would be the first serious alternative to China's Belt and Road Initiative — a way for the U.S. and its partners to build influence without boots on the ground. But before construction could begin, war broke out in Gaza. The October 2023 Hamas attacks and Israel's military response sent the region into crisis. Normalization talks between Saudi Arabia and Israel fell apart. The Red Sea became a warzone for shipping. And Gulf capital flows paused. The corridor — and the broader idea of using infrastructure to tie the region together — was quietly shelved. That's the backdrop for Trump's current moves. Taken individually, they seem scattered. Taken together, they align with the logic of clearing obstacles to infrastructure. Trump may not be drawing maps in the Situation Room. But his instincts — for leverage, dealmaking and unpredictability — are removing the very roadblocks that halted IMEC in the first place. His approach to Iran is a prime example. In April, backchannels were reopened on the nuclear front. In May, a Yemen truce was brokered — reducing attacks on Gulf shipping. In June, after Israeli strikes inside Iran, Trump escalated rhetorically, calling for Iran's "unconditional surrender." That combination of engagement and pressure may sound erratic. But it mirrors the approach that cleared a diplomatic path with North Korea: soften the edges, then apply public pressure. Meanwhile, Trump's temporary distancing from Israel is harder to miss. He skipped it on his regional tour and avoided aligning with Prime Minister Netanyahu's continued hard-line approach to Gaza. Instead, he praised Qatar — a U.S. military partner and quiet mediator in the Gaza talks — and signaled support for Gulf-led reconstruction plans. The message: if Israel refuses to engage in regional stabilization, it won't control the map. Trump also made the unexpected decision to lift U.S. sanctions on Syria's new leader, President Ahmad al-Sharaa — a figure with a past in Islamist groups, now leading a transitional government backed by the UAE. Critics saw the move as legitimizing extremism. But in practice, it unlocked regional financing and access to transit corridors once blocked by U.S. policy. Even the outreach to Pakistan — which angered India — fits a broader infrastructure lens. Pakistan borders Iran, influences Taliban-controlled Afghanistan, and maintains ties with Gulf militaries. Welcoming Pakistan's military chief was less about loyalty, and more about leverage. In corridor politics, geography often trumps alliances. None of this means Trump has a master plan. There's no confirmed strategy memo that links these moves to IMEC. And the region remains volatile. Iran's internal stability is far from guaranteed. The Gaza conflict could reignite. Saudi and Qatari interests don't always align. But there's a growing logic underneath the diplomacy: de-escalate just enough conflict to make capital flow again — and make corridors investable. That logic may not be ideologically pure. It certainly isn't about spreading democracy. But it reflects a real shift in U.S. foreign policy. Call it infrastructure-first geopolitics — where trade routes, ports and pipelines matter more than treaties and summits. To be clear, the United States isn't the only player thinking this way. China's Belt and Road Initiative has been advancing the same model for over a decade. Turkey, Iran and Russia are also exploring new logistics and energy corridors. But what sets IMEC apart — and what makes Trump's recent moves notable — is that it offers an opening for the U.S. to compete without large-scale military deployments or decades-long aid packages. Even the outreach to Pakistan — which angered India — fits a broader infrastructure lens. Pakistan borders Iran, influences Taliban-controlled Afghanistan, and maintains ties with Gulf militaries. For all his unpredictability, Trump has always had a sense for economic leverage. That may be what we're seeing here: less a doctrine than a direction. Less about grand visions, and more about unlocking chokepoints. There's no guarantee it will work. The region could turn on a dime. And the corridor could remain, as it is now, a partially built concept waiting on political will. But Trump's moves suggest he's trying to build the conditions for it to restart — not by talking about peace, but by making peace a condition for investment. In a region long shaped by wars over ideology and territory, that may be its own kind of strategy.
Yahoo
an hour ago
- Yahoo
Gold prices slip as Trump sets two-week deadline over Iran-Israel conflict involvement
Gold prices slumped in early European trading on Friday morning, after US president Donald Trump set a two-week deadline to decide on whether the US would get directly involved in the Iran-Israel conflict. In a briefing on Thursday, White House press secretary Karoline Leavitt read a message from Trump: "Based on the fact that there's a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks." This provided some relief to investors who were concerned about the potential for more immediate US involvement in the conflict. Foreign ministers from UK, France and Germany are due to hold talks with Iranian officials in Geneva later on Friday to discuss Iran's nuclear programme. Read more: FTSE 100 LIVE: Markets upbeat as UK and EU begin talks on Iran and Trump sets two week deadline European stocks opened higher on Friday morning, on the back of Trump's two-week pause. Meanwhile, gold prices fell, signalling that investors had become less risk averse, as the precious metal is considered to act as a safe haven asset amid political and economic uncertainty. Gold futures (GC=F) were down 1.3% at $3,363.10 an ounce at the time of writing, while the spot gold price fell 0.7% to $3,348.84 per ounce. Neil Wilson, UK investor strategist at Saxo Markets, said: "Some temporary relief but not enough for anyone to hang their hats on properly as the situation remains way too unpredictable. "Base case has started to shift in the direction of direct US involvement, which opens up a pandora's box of mess, but markets seem to be clinging to expectation that it all remains contained like it has in the past. The meeting today is material and could shift the needle — stay sharp." Oil prices rose on Friday morning, trading at six-month highs, as investors assessed the latest developments around the Iran-Israel conflict. Brent crude futures (BZ=F) advanced 0.4% to $77 a barrel, at the time of writing, while West Texas Intermediate futures (CL=F) climbed 0.7% to trade at $75.66 a barrel. Stocks: Create your watchlist and portfolio Oil prices have surged over the past week, driven higher by concerns that the escalating conflict could lead to a disruption of global supply. There is particular focus on the Strait of Hormuz, off the coast of Iran, with around a fifth of global supplies passing through this channel. Derren Nathan, head of equity research at Hargreaves Lansdown, said: "For now, Iranian oil exports look to be unaffected with a report by Kpler suggesting tanker loadings had reached 2.2 million barrels per day so far this week, a five-week high. "Price support looks firm on the demand side after US crude inventories plummeted by 10.1 million barrels compared to a forecasted fall of just 0.6 million." The pound edged higher 0.1% against the dollar (GBPUSD=X) on Friday, trading at $1.3472 at the time of writing, helped by weakness in the greenback. The US dollar index ( which tracks the greenback against a basket of six currencies, fell 0.3% to 98.66. The muted currency moves came as investors weighed the latest UK economic data releases. Data published on Friday showed that UK government borrowing rose to £17.7bn in May, which was up from £17bn a year earlier. Danni Hewson, head of financial analysis at AJ Bell (AJB.L), said: "May's borrowing came in at the highest ever for the month outside of the pandemic and will only add to speculation that the chancellor will have to announce more spending cuts or further tax increases at the next budget if she wants to meet her fiscal rules and pay for her spending plans." Read more: Why bitcoin and gold are rallying as bond yields hit 30-year highs Separate data, also released on Friday, showed that UK retail sales slumped 2.7% in May, which was much lower than the average forecast of a 0.5% fall in a Reuters poll. "How much people are prepared to spend in the shops is a good indication of how confident consumers are feeling, or not, about their personal finances," said Hewson. 'It's interesting that on the day the latest the latest GfK survey suggests people were feeling a little less nervous in May after April's bill hikes, retail figures show sales in the same period were significantly down." In other currency moves, the pound was little changed against the euro (GBPEUR=X), trading at €1.1704 at the time of writing. More broadly, the UK's FTSE 100 (^FTSE) rose 0.5% to 8,838 points at the time of writing. For more details, on broader market movements check our live coverage here. Read more: Looming petrol price increase could hit fragile consumer confidence Bank of England holds interest rates at 4.25% amid inflation fears Eurozone inflation falls below ECB target to 1.9%Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
