Around the Globe

Around the Globe

German political limbo threatens European reform push

Half a year ago, the political stars seemed perfectly aligned for a deep reform of the European Union and its euro currency.

Emmanuel Macron had won the French presidency on a promise to relaunch Europe. And Angela Merkel, on track to win a fourth term as German chancellor, looked ready to embrace his bold vision, telling an audience in Bavaria that it was time for Europe to take its fate into its own hands.

Britain hikes Brexit pot, slashes growth forecasts

Britain today substantially hiked its funds for Brexit preparations, as it slashed growth forecasts over a five-year period in a key annual budget update.

The government will put aside another 3.0 billion pounds (USD 4.0 billion, 3.4 billion euros) ahead of its exit from the European Union, finance minister Philip Hammond told parliament.

"I stand ready to allocate further sums if and when needed," the chancellor of the Exchequer said, after Britain had already put aside 700 million pounds prior to Wednesday's additional amount.

World’s oldest leader Mugabe ends 37-year rule in Zimbabwe

Robert Mugabe’s near four-decade reign as the strongman of Zimbabwe ended on Tuesday, when he submitted a letter of resignation to the parliament, House of Assembly speaker Jacob Mudenda said.

Mudenda announced Mugabe’s resignation during a joint sitting of lawmakers in Harare, the capital, called to vote on a motion of impeachment of the 93-year-old leader, who was the world’s oldest-serving leader.

US General Says President Order for Nuclear Strike Can Be Refused

The top officer at U.S. Strategic Command said on Saturday an order from President Donald Trump or any of his successors to launch nuclear weapons can be refused if that order is determined to be illegal.

Air Force Gen. John Hyten, commander of Strategic Command, told a panel at the Halifax International Security Forum that he and Trump have had conversations about such a scenario and that he would tell Trump he couldn’t carry out an illegal strike.

Zimbabwe’s army seizes power, targets ‘criminals’ around Mugabe

Zimbabwe’s military seized power early on Wednesday targeting “criminals” around President Robert Mugabe but gave assurances on national television that the 93-year-old leader and his family were “safe and sound”.

Soldiers and armoured vehicles blocked roads to the main government offices, parliament and the courts in central Harare, while taxis ferried commuters to work nearby, a Reuters witness said.

Trump declares trade ‘rules have changed’ as Asia trip concludes

President Donald Trump ended his swing through Asia, hailing progress toward his goal of reducing the US trade deficit.

Trump took off from Manila aboard Air Force One on Tuesday, skipping the final session of meetings hosted by the Association of Southeast Asian Nations. The trip, which included stops in Japan, South Korea, China and Vietnam, brought Trump in contact with dozens of leaders, including the heads of Asia’s five biggest economies and a brief encounter with Russian President Vladimir Putin.

Embattled UK PM faces crucial Brexit bill battle in Parliament

British MPs returned to the House of Commons today after a brief parliamentary recess to what promises to be a bruising battle over a crucial Brexit legislation transferring existing EU laws to Britain.

The EU Withdrawal Bill, which formally converts all European Union (EU) legislation into UK law to ensure complete clarity on Brexit day 'March 29, 2019', returns for a line by line scrutiny by lawmakers in what is referred to as the committee stage of the bill.

As Venezuela goes belly up, contagion worries abound

Venezuela is on the verge of bankruptcy, teetering on the precipice. Venezuela’s overall debt is estimated at £90 billion ($150 billion) — the legacy of disastrous hard-left economic policies under Hugo Chavez and successor Nicholas Maduro. This could trigger a global contagion and its impact on oil importing India will be severe. As Maduro announced plans to restructure its debt, significantly it has not made any debt payment to many entities, including Indian Oil and gas major ONGC.

Powerful Earthquake on Iran-Iraq Border Kills Over 330

A powerful 7.3 magnitude earthquake that struck the Iraq-Iran border region killed over 330 people in both countries, sent people fleeing their homes into the night and was felt as far west as the Mediterranean coast, authorities reported on Monday.