Latest news with #USPresident
Zawya
6 hours ago
- Business
- Zawya
EU to lift EIB lending limit to $115bln in defence push
LONDON/BRUSSELS - EU governments have agreed to lift the annual spending of the bloc's powerful European Investment Bank (EIB) lending arm to 100 billion euros ($115 billion) this year and treble its funding for the EU's defence industry. Sources briefed on the plans said the decision was approved at an EIB board meeting in Luxembourg ahead of a formal sign-off expected by EU finance ministers later on Friday. They spoke on condition of anonymity because the information was not yet public. The new 100 billion euro annual spending ceiling is more than 10 billion euros above the amount the EIB lent last year and 5 billion higher than 95 billion euros the bank's President Nadia Calvino set as a target at the start of the year. It will also allow it to more than treble its funding for defence-related projects. The amount will go up 3.5 billion euros from 1 billion euros last year and be well above the 2 billion euros it had flagged would be spent back in January, the sources said. The EIB is prohibited from investing directly in weapons or ammunition but it can lend for so-called "dual use" purposes, such as GPS systems or buildings and infrastructure for army bases. It has signed off on funding for one such base in Lithuania near the border with Belarus where German troops are due to be permanently deployed on foreign soil for the first time since the Nazi military in World War II. European nations are scrambling to ramp up their defence spending amid pressure from U.S. President Donald Trump who has signalled plans to reduce the decades-long U.S. security backstop for the continent. It also comes just days before a NATO summit in The Hague where the alliance's members are under pressure to raise their defence commitments. The increased EIB lending is set to funnel money into other areas as well, the sources said, including technology innovation and renewable energy. It follows a mid-year review of its operational plan and comes after it got approval last year to raise its so-called gearing ratio, which sets out a nominal maximum for the amount of loans on its balance sheet as a percentage of its subscribed capital. EU officials said the bank, already the biggest multilateral lender in the world, is also likely to announce plans to pump 70 billion euros into the development of European technology firms over the next three years. The programme, called Tech EU, aims to help Europe better compete with China and the United States in the race for cutting-edge tech like supercomputing, robotics and artificial intelligence as well as renewable energy. The 70 billion euros funding is to be split into 20 billion euros for equity and quasi-equity, 40 billion euros for loans and 10 billion for guarantees in 2025-2027, the officials said. They hope the money to mobilise a further 250 billion euros of private investor funding and complement broader European Commission efforts to support startups and higher risk ventures. ($1 = 0.8727 euros)
Times of Oman
10 hours ago
- Politics
- Times of Oman
Trump postpones decision to get involved in Iran conflict
Washington: US President Donald Trump is expected to make a decision about whether to take direct action against Iran in the next two weeks, the White House Press Secretary said. Karoline Leavitt, told reporters at a briefing here on Thursday that she had a message directly from Trump in response to speculation about whether he would get directly involved in the conflict between Iran and Israel. "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," the White House press secretary quoted Trump as saying. Leavitt said communication between the US and Iran "has continued" as the two sides engage in negotiations. She, however, did not provide specifics about whether they were direct or through intermediaries. Iran must agree to no enrichment of uranium, and Tehran must not be able to achieve a nuclear weapon as part of any diplomatic agreement, Leavitt said. Trump, on Wednesday, when asked about a potential US strike on Iran, remained noncommittal. "I may do it, I may not do it. I mean, nobody knows what I'm going to do," Trump told reporters. "I can tell you this, that Iran's got a lot of trouble. And they want to negotiate. And I say, 'Why didn't you negotiate with me before all this death and destruction?'", the US President said. Trump demanded that Iran give up its entire nuclear programme and has warned Iran to quickly surrender to a deal or face even more dire repercussions. On June 13, Israel launched an attack against Iran, carrying out strikes including against Iran's state television station. Tehran carried out a retaliatory attack, firing ballistic range missiles at Israel, targeting military and security installations, and hitting the Haifa oil refinery among others. The two countries have since then exchanged strikes. As per an analysis by Al Jazeera, Iran had long relied on its ally, the Lebanese armed group Hezbollah, to provide deterrence from direct Israeli attacks, but Hezbollah was significantly weakened after fighting an all-out war against Israel last year. In addition, Iran lost another ally when Syria's former President Bashar al-Assad was toppled in December 2024. Iran could also make Americans feel the impact of the war economically. It has threatened to attack commercial ships in the Strait of Hormuz, which would affect global trade and increase oil prices.
Japan Times
11 hours ago
- Business
- Japan Times
Spain risks derailing NATO summit by resisting 5% defense spending goal
Spain has asked to opt out of NATO's plan to increase members' defense spending to 5% of their gross domestic product, a move that could derail a summit at which the military alliance plans to ask them to commit to the target. In a letter sent to NATO chief Mark Rutte on Thursday and seen by Reuters, Prime Minister Pedro Sanchez requested a "more flexible formula" that either makes the spending target optional or excludes Spain from its application. He said it was not Spain's intention to obstruct the outcome of next week's NATO summit. But any agreement to raise defense spending — a response to a request by U.S. President Donald Trump — would require unanimous approval by the 32 member states. "Committing to a 5% target would not only be unreasonable, but also counterproductive, as it would move Spain further away from optimal spending and would hinder the EU's ongoing efforts to strengthen its security and defense ecosystem," Sanchez wrote in the letter. "It is the legitimate right of every government to decide whether or not they are willing to make those sacrifices. As a sovereign Ally, we choose not to," he added. At an estimated 1.28% of GDP, Spain had the lowest proportion of expenditure on defense in the alliance last year, according to NATO estimates. Sanchez agreed in April to accelerate efforts to meet NATO's current target of 2%. Rutte has proposed that member states agree to boost defense spending to 3.5% of GDP and commit a further 1.5% to broader security-related spending. Leaders across NATO say its current spending goal is no longer sufficient, with Russia posing a greater threat since its 2022 invasion of Ukraine. Asked for comment on Spain's request, a NATO official said: "Discussions among Allies on a new defense investment plan are ongoing." The U.S., which has been Kyiv's primary military backer since Russia's invasion, spent an estimated 3.38% of GDP on defense in 2024, the third-most among NATO nations, according to the alliance. Trump has said NATO members are not spending their fair share on defense and has threatened not to come to the aid of those falling short. Sanchez, however, said that rushing to a 5% target would harm European Union efforts to become self-reliant in defense production, pushing governments to procure equipment outside the bloc and that it was "incompatible with our welfare state and our world vision." Junior coalition partners, the far-left Sumar platform, oppose any increase, as does the Podemos party, which is not part of the coalition but has supported the government in key votes. Now, a corruption scandal engulfing the prime minister's Socialist party has generated fury among coalition partners and allies, even raising the specter of an early election. "If the government needs parliamentary support to approve spending, it will have a very difficult time in the current situation," Jose Miguel Calvillo, a professor of international relations at the Complutense University of Madrid. Some other NATO members have also questioned the timeline, saying it is too rapid, but are generally willing to sign up, diplomatic sources say. Italy, for example, wants the deadline moved to 2035 from 2032 and the removal of a requirement to increase spending by 0.2% per year, a source with knowledge of the matter said. "It doesn't look good, indeed, but we are not over yet," said one senior European official in relation to Sanchez's letter. "We will have in-depth discussions tomorrow, and perhaps we find a way out. Spain has demonstrated to be a steadfast ally so far."
Arab News
a day ago
- Politics
- Arab News
Massive security operation for NATO summit turns parts of The Hague into a fortress
THE HAGUE, Netherlands: Locals, art lovers and diplomats like to meet over a meal and a drink in the historic Gastrobar Berlage behind a landmark art museum in The Hague. But the usual stream of visitors turned into a trickle when fences started rising outside as part of super-tight security around a meeting of NATO leaders that is smothering the Dutch city in a massive military and police operation called Orange Shield. Parts of the usually laid-back city, where NATO Secretary General Mark Rutte used to ride his bicycle to work while munching on an apple when he was prime minister of the Netherlands, are turning into a military fortress. 'It's dead,' Berlage owner Bianca Veenhof said as she looked at an almost empty terrace at the start of what should have been Wednesday's lunchtime rush. Parking spots have been blocked off by freshly installed security fencing, workers in nearby offices have been told to stay home and public transit lines near the grounds have been diverted. The city that markets itself as the global hub of peace and justice because of the international courts it hosts is turning into a city of security and inconvenience for the June 24-25 meeting that is scheduled to feature leaders of the 32-nation alliance, including US President Donald Trump. The summit comes as global geopolitical tensions soar and conflict escalates in the Middle East. About half of the Netherlands' police force will be on duty In what they are calling the biggest security operation ever staged in the Netherlands, authorities are locking down parts of the city, closing off roads, and shutting down airspace. Temporary barricades and metal mesh fences surrounding the World Forum summit venue are just a fraction of the measures that radiate out from The Hague. Some 27,000 police officers – about half of the country's entire force – will be on duty around the summit along with more than 10,000 defense personnel. Military police will protect delegations. Frigates will patrol the North Sea, F-35 fighter jets and Apache helicopters will take to the skies and air defense systems will be on alert. Bomb squads will comb the venue for explosives. Convoys carrying leaders will be whisked with military police escorts along closed-off highways from airports to their accommodations. While civilian drones are banned from the airspace around the summit and other key locations, police and military drones will buzz around the skies over the summit venue and other locations where leaders gather. Police and riot police also will be on hand for several protests that have already been announced, including an effort by demonstrators to shut down a major highway into the city. Then there are the less visible but no less important measures being taken to provide cybersecurity. The country's top counterterrorism official declined to go into details. Boosting NATO spending and Ukraine are on the agenda The leaders are scheduled to have dinner with Dutch King Willem-Alexander at his palace in a forest in the city Tuesday night before a meeting the next day where they are expected to agree a new defense spending target. While the leaders are dining with the Dutch royals, foreign and defense ministers from NATO nations will hold meetings at the summit venue to discuss issues including the war in Ukraine. When the government heads meet Wednesday, they will seek agreement on ramping up military spending as Trump insists Europe must look after its own security, while Washington focuses on China and its own borders. The Hague is known for hosting international courts The summit venue is a conference center and theater close to the building that once housed the UN tribunal for the former Yugoslavia where Bosnian Serb leader Radovan Karadzic, his military chief Ratko Mladic, and others were convicted of war crimes. The venue also is close to the headquarters of the Nobel Peace Prize-winning Organization for the Prohibition of Chemical Weapons and the European Union's law enforcement and judicial cooperation agencies. Just down the road is the International Criminal Court, whose chief prosecutor and four judges have been slapped with sanctions by Trump. Closer still is the top United Nations court, the International Court of Justice, whose judges settle disputes between nations. Getting away from it all Many residents near the summit are not sticking around to watch the event unfold. At the end of the week, Berlage will close its doors and sunny terrace for a week, only reopening when the NATO bandwagon has moved on. Veenhof estimates the enforced closure and weeks of plummeting bookings will cost the bistro up to €150,000 ($173,000) in lost earnings. Veenhof and her partner Bauke van Schaik, who is the chef at Berlage, have had enough of the summit already and are fleeing the city for the duration. 'Good friends of ours live in Portugal, so we going there for a few days,' she said. 'We'll be a bit further away from all the misery and frustration.'
Al Arabiya
a day ago
- Politics
- Al Arabiya
Massive security operation for NATO summit turns parts of The Hague into a fortress
Locals, art lovers, and diplomats like to meet over a meal and a drink in the historic Gastrobar Berlage behind a landmark art museum in The Hague. But the usual stream of visitors turned into a trickle when fences started rising outside as part of super-tight security around a meeting of NATO leaders that is smothering the Dutch city in a massive military and police operation called Orange Shield. Parts of the usually laid-back city where NATO Secretary General Mark Rutte used to ride his bicycle to work while munching on an apple when he was prime minister of the Netherlands are turning into a military fortress. 'It's dead,' Berlage owner Bianca Veenhof said as she looked at an almost empty terrace at the start of what should have been Wednesday's lunchtime rush. Parking spots have been blocked off by freshly installed security fencing, workers in nearby offices have been told to stay home, and public transit lines near the grounds have been diverted. The city that markets itself as the global hub of peace and justice because of the international courts it hosts is turning into a city of security and inconvenience for the June 24–25 meeting that is scheduled to feature leaders of the 32-nation alliance, including US President Donald Trump. The summit comes as global geopolitical tensions soar and conflict escalates in the Middle East. About half of the Netherlands police force will be on duty in what they are calling the biggest security operation ever staged in the Netherlands. Authorities are locking down parts of the city, closing off roads, and shutting down airspace. Temporary barricades and metal mesh fences surrounding the World Forum summit venue are just a fraction of the measures that radiate out from The Hague. Some 27,000 police officers–about half of the country's entire force–will be on duty around the summit, along with more than 10,000 defense personnel. Military police will protect delegations. Frigates will patrol the North Sea, F-35 fighter jets and Apache helicopters will take to the skies, and air defense systems will be on alert. Bomb squads will comb the venue for explosives. Convoys carrying leaders will be whisked with military police escorts along closed-off highways from airports to their accommodations. While civilian drones are banned from the airspace around the summit and other key locations, police and military drones will buzz around the skies over the summit venue and other locations where leaders gather. Police and riot police also will be on hand for several protests that have already been announced, including an effort by demonstrators to shut down a major highway into the city. Then there are the less visible but no less important measures being taken to provide cybersecurity. The country's top counterterrorism official declined to go into details. The leaders are scheduled to have dinner with Dutch King Willem-Alexander at his palace in a forest in the city Tuesday night before a meeting the next day where they are expected to agree a new defense spending target. While the leaders are dining with the Dutch royals, foreign and defense ministers from NATO nations will hold meetings at the summit venue to discuss issues including the war in Ukraine. When the government heads meet Wednesday, they will seek agreement on ramping up military spending as Trump insists Europe must look after its own security while Washington focuses on China and its own borders. The summit venue is a conference center and theater close to the building that once housed the UN tribunal for the former Yugoslavia, where Bosnian Serb leader Radovan Karadzic, his military chief Ratko Mladic, and others were convicted of war crimes. The venue also is close to the headquarters of the Nobel Peace Prize–winning Organization for the Prohibition of Chemical Weapons and the European Union's law enforcement and judicial cooperation agencies. Just down the road is the International Criminal Court, whose chief prosecutor and four judges have been slapped with sanctions by Trump. Closer still is the top United Nations court, the International Court of Justice, whose judges settle disputes between nations. Many residents near the summit are not sticking around to watch the event unfold. At the end of the week, Berlage will close its doors and sunny terrace for a week, only reopening when the NATO bandwagon has moved on. Veenhof estimates the enforced closure and weeks of plummeting bookings will cost the bistro up to 150,000 euros (173,000) in lost earnings. Veenhof and her partner, Bauke van Schaik, who is the chef at Berlage, have had enough of the summit already and are fleeing the city for the duration. 'Good friends of ours live in Portugal, so we're going there for a few days,' she said. 'We'll be a bit further away from all the misery and frustration.'
