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In Europe, the ground is being prepared for another genocide | Opinions

On April 15, Austrian Nobel laureate Peter Handke was supposed to appear on Austria’s national broadcaster ORF to talk about his new writings. Instead, he proceeded to once again deny that the Srebrenica genocide happened, calling it Brudermord – biblical fratricide and framing it as a spiritual tragedy rather than a crime against humanity.

ORF stood by its decision to interview Handke when it faced criticism. It claimed that it had done nothing wrong since the interviewer acknowledged the genocide in a question.

That a European broadcaster would choose to platform genocide denial at this time is hardly surprising.

Europe faces a crisis not only of memory but of dangerous continuity. From the Holocaust to Srebrenica to Gaza, denial of state violence against marginalised groups seeks to erase past atrocities, normalise present ones, and pave the way for future ones.

Fratricide as ‘the worst crime’

The Bosnian genocide was the first genocide broadcast on television. In 1995, distressing images from Srebrenica filled living rooms worldwide, exposing the failure of international protection. Despite a lengthy process of prosecuting war crimes through the International Criminal Tribunal for the former Yugoslavia and court decisions implicating the complicity of European peacekeepers in the massacres, denial of the Bosnian genocide continues to be well tolerated in Europe.

While Handke is by far not the only prominent public figure who engages in it, his rhetoric makes clear how this crime has come to be weaponised in minimising German and Austrian guilt for the Holocaust.

Handke portrays the Bosnian genocide as a tragic civil war between “brothers” – Brudermord. He romanticises war criminals as victims and embeds genocide denial in a fascist narrative of redemption through ethnic violence.

According to him, fratricide is “much worse” than genocide – ie, those who kill their “brothers” must be deemed worse criminals than the Nazis who killed “the other”. By framing atrocities this way, Handke effectively minimises the responsibility of Germans and Austrians for the Holocaust.

In this twisted narrative, the descendants of the Nazis can claim moral superiority, insisting they did not commit the “worst crime of all”- Brudermord. The chilling implication is that Jews were never truly “brothers” to Europeans like Handke.

Serb nationalists may see Handke as an ally in genocide denial, but he doesn’t defend them – he uses them. Through them, white Europe cleans its hands of its bloody crimes – from Auschwitz to Algeria, from Congo to Rwanda. Handke’s theological language is an alchemy of European conscience, shifting guilt onto the Muslims, the Jews, and the “Balkan savages”.

Transplanting anti-Semitism

Handke’s logic parallels and reinforces the broader campaign to shift the blame for anti-Semitism – and even the Holocaust – onto Arabs and Muslims. In Germany, this trend has been fully embraced by the state and various public institutions, which – against all evidence – have begun to claim that the immigrant Muslim community in the country is responsible for rising anti-Semitic sentiment.

In 2024, the German parliament, the Bundestag, passed a resolution stating that “the alarming extent of anti-Semitism” is “driven by immigration from North African and Middle Eastern countries”.

German media continues to fabricate a “Muslim Nazi past”, with one article claiming: “Unlike Germany, the Middle East has never come to terms with its Nazi past.” Meanwhile, state-funded NGOs have branded the Palestinian keffiyeh a Nazi symbol and echoed the discredited Israeli claim that the grand mufti of Palestine “inspired” the Final Solution.

Germany’s political establishment is now constructing a revisionist moral alibi: one in which Nazis are reimagined as reluctant, remorseful perpetrators, while Palestinians and their Muslim and Arab allies are vilified as more evil than the Nazis themselves.

For many years, this used to be a fringe idea adopted by far-right parties like the Alternative for Germany (AfD). But now, the AfD’s core ideas, not just on Germany’s Nazi past, but also on immigration and Islam, have been widely adopted by the political centre.

This shift reflects a longstanding strategy of displacing guilt. Historian Ernst Nolte, celebrated by the conservative Konrad Adenauer Foundation with a major award in 2000, argued the Holocaust was a reaction to Soviet “barbarism”, relativising Nazi crimes by equating Auschwitz with the Gulag.

Nolte argued that Hitler had “rational” reasons for targeting the Jews and rejected the “collective guilt” attributed to Germany since 1945. Today, AfD leader Alice Weidel echoes this stance, dismissing Germany’s remembrance culture as a “guilt cult”.

Where Nolte blamed the Soviets, today’s political establishment blames Muslims. The goal is the same: to erase German responsibility from history.

From denial to enabling

Genocide denial is not a passive act of forgetting but an active, harmful process that perpetuates violence. Genocide scholar Gregory Stanton recognises denial as the final stage of genocide, one that is also a critical sign that the next one is coming.

For survivors and their descendants, denial deepens trauma by invalidating suffering, distorting truth, and stripping victims of dignity, memory and justice. These wounds extend beyond individuals, affecting entire communities across generations.

Meanwhile, genocide denial shields perpetrators, delays reparations and blocks reconciliation, deepening social divisions. It also undermines international law and human rights frameworks, signalling that even crimes against humanity can be ignored.

Genocide denial, thus, directly prepares the ground for the next genocide to take place and be accepted. We see this clearly in how Europeans are reacting to the genocide in Gaza, denying that it is happening at all, despite repeated pronouncements by United Nations experts and genocide scholars, and continuing to provide Israel with weapons and diplomatic cover.

The playbook developed in Bosnia is now applied to Gaza. It follows a familiar pattern: blame “both sides”, portray victims as aggressors, and assign responsibility to a few individuals – thus hiding systematic violence. This blueprint is perhaps most clearly echoed in the claim that it is only Prime Minister Benjamin Netanyahu and his two far-right ministers who are responsible for the “violence” happening in Gaza, thus separating policy from structure and evading deeper accountability.

In the narrative denying the Bosnian genocide, responsibility is also reduced to a few “bad apples” within the Serb state apparatus – as if genocide were a spontaneous aberration rather than a meticulously planned, state-executed crime requiring widespread coordination and intent.

Preparing for a future genocide in Europe

Europe today faces a profound crisis as far-right nationalism surges and a vanishing middle class struggles amid growing social and economic precarity. In many Western countries, the middle class is shrinking while what the right calls “surplus population” – disproportionately composed of Muslims – is increasingly marginalised and scapegoated.

In a time like this, recasting a past genocide against an othered population as a misunderstanding contributes to creating the environment for the next genocide to come. And there are already clear indications that segments of the political class are pushing for removing this “surplus population” under various guises.

The Nazi euphemism “Umsiedlung nach Osten” (resettlement to the East) was a grotesque excuse to deport Jews to gas chambers. Today, European actors like Austrian far-right activist Martin Sellner openly advocate for “remigration”, a sinister echo of this deadly logic aimed at uprooting Muslim communities.

European political elites may not have embraced this term yet, but they are busy putting into practice various policies that have the same ultimate goal – limit or decrease the Muslim presence in Europe. They have been building a legal regime for exclusion through the 2024 EU Migration Pact, plans to offshore asylum seekers to Albania or other countries, and a big injection of cash into Frontex, the EU’s border agency accused of – among other things – illegal pushbacks.

These are not neutral measures but ideological tools of racialised removal, cloaked in liberal rhetoric. And they will only get more violent with time.

This is not alarmism. It’s a pattern. The erosion of rights always begins with those deemed to be “the other”.

If genocide denial is not urgently addressed, if the Gaza genocide is not recognised and immediate action taken to stop it, Europe risks coming full circle. With genocide denial expanding and the urge to renounce responsibility for the Holocaust growing, the ground is being prepared for these horrific atrocities to repeat.

The views expressed in this article are the author’s own and do not necessarily reflect Al Jazeera’s editorial stance.

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What are the anti-Trump, ‘No Kings’ protests planned across the US? | Protests News

Americans are taking to the streets on Saturday to protest United States President Donald Trump’s policies in thousands of locations across the country.

The “No Kings” protests will coincide with a military parade in Washington, DC, marking the US Army’s 250th anniversary, and with Trump’s 79th birthday.

The demonstrations are planned after days of protests against immigration arrests in multiple US cities.

What are the No Kings protests?

Protesters planning to take part in the No Kings demonstrations said they oppose the Trump administration.

The organisers’ website said the administration has “defied our courts, deported Americans, disappeared people off the streets, attacked our civil rights, and slashed our services”.

Since Trump’s inauguration, the administration has sent immigrants to foreign prisons, set immigration arrest quotas, clashed with courts, slashed government jobs and proposed reductions to social services.

The website describes the protests as a “national day of defiance”.

The name of the protests is derived from opposition to one-person rule. “The corruption has gone too far. No thrones. No crowns. No kings,” the website said.

Where are the No Kings protests taking place?

The protests are planned in more than 2,000 cities and towns in all 50 US states as well as in Mexico, Australia, Malawi and some European countries, the organisers’ map shows.

The protesters plan to gather at a range of meeting spots, such as parks, community centres and public landmarks.

Major rallies are planned in Philadelphia, Charlotte, Atlanta, Houston, Chicago and New York.

However, the organisers have deliberately left Washington, DC, off the map and protests will not be held there.

The reason they provide on their website is: “Instead of allowing this birthday parade to be the center of gravity, we will make action everywhere else the story of America that day: people coming together in communities across the country to reject strongman politics and corruption.”

The protests are organised by a social media movement called 50501, which stands for “50 states, 50 protests, one movement”.

What time are the protests?

Times vary according to location and can be found on the organisers’ map.

Some locations will begin protesting early, such as Norman, Oklahoma, where the protest is to begin at 9am (14:00 GMT).

Others will start demonstrations in the evening. In Big Sur, a rugged region on California’s central coast, protests are to begin at 4:30pm (23:30 GMT).

When is the military parade, and what is expected?

On Saturday, the military parade and celebration in Washington, DC, are to begin about 6:30pm (22:30 GMT).

Tanks will roll through the streets of the US capital in the first military parade to be staged in the US since 1991 when a parade marked the end of the Gulf War under President George HW Bush.

Thousands of soldiers will take part in the parade along with hundreds of military aircraft and vehicles. Army officials have estimated the cost of the parade to be $25m to $45m.

Will the protests be peaceful?

The No Kings website said the protests are intended to be peaceful. “Weapons of any kind, including those legally permitted, should not be brought to events,” it said.

However, the No Kings demonstrations are planned after days of protests in multiple US cities, beginning in Los Angeles, against Immigration and Customs Enforcement (ICE) raids and Trump’s use of the military to quell protests.

The anti-immigration protests began on June 6 in Los Angeles after military-style ICE raids on several locations across the city, resulting in the detention of 44 people. While the protests in all cities have reportedly been largely peaceful, occasional clashes have led to injuries and further arrests. The immigration raids continue, and National Guard soldiers have been deployed in multiple cities. Trump has also sent Marines to Los Angeles.

Ahead of the No Kings protests, some Republican leaders have threatened demonstrators with prosecution if protests become violent, some even going as far as to mobilise National Guard forces in advance of the protests. This approach has attracted a large amount of criticism.

“Protests are tumultuous, and military forces are trained to kill,” Gregory Magarian, professor of law at Washington University’s School of Law in St Louis, Missouri, told Al Jazeera.

What does Trump think about the No Kings protests?

When asked about the protests, Trump said at a White House news briefing on Thursday: “I don’t feel like a king, I have to go through hell to get stuff approved.”

The president’s allies and Republican lawmakers responded with laughter to his response.

“We’re not a king at all, thank you very much,” he said.

However, Trump has made use of this terminology himself in the past. In February, he posted on his Truth Social platform: “CONGESTION PRICING IS DEAD. Manhattan, and all of New York, is SAVED. LONG LIVE THE KING!”

Congestion pricing refers to fees levied on motorists entering cities. It is aimed at reducing road traffic and increasing the use of public transport. Trump wrote the post after Sean Duffy, his transportation secretary, wrote a letter to New York Governor Kathy Hochul ending the US Department of Transportation’s agreement with the state for congestion charging in Manhattan.

Shortly after, the White House shared a computer-generated photo of Trump wearing a crown on a fake Time magazine cover.

What do other Republicans say?

Texas Governor Greg Abbott announced on Thursday that he ordered the deployment of more than 5,000 National Guard soldiers and 2,000 state police officers to help manage the anti-ICE protests in the state on the border with Mexico.

Abbott also deployed National Guard soldiers in San Antonio during protests against immigration enforcement actions there.

Florida Governor Ron DeSantis said during a news conference on Tuesday: “The minute you cross into attacking law enforcement, any type of rioting, any type of vandalism, looting, just be prepared to have the law come down on you.”

Republican South Carolina Attorney General Alan Wilson released a video on his X account warning “extremist left-leaning groups” against causing disruptions in South Carolina. “If you attack our officers, destroy property, or threaten innocent lives in South Carolina – you will be arrested, charged, and prosecuted. No excuses. No second chances.”

Will anti-ICE protests continue in the US?

Anti-ICE protests are continuing in Los Angeles and other cities.

Civil and human rights attorney Robert Patillo told Al Jazeera that the protests could be expected in “more than 30 cities, met with a familiar response: more riot gear, more barricades”.

“The protests are spreading because what’s happening in Los Angeles isn’t unique – it’s a mirror,” Patillo said.

“Communities across the country see themselves in the images coming out of LA: the same painful encounters with police, the same racial disparities, the same struggle to make ends meet in a system that feels stacked against them. These aren’t isolated incidents. They’re part of a deeper, shared experience of injustice that stretches from coast to coast.”



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Judge rules Mahmoud Khalil can remain in custody amid green card dispute | Donald Trump News

The Trump administration has argued that Khalil, a Columbia University student, did not disclose past affiliations.

A United States federal judge has allowed the administration of President Donald Trump to keep student protester Mahmoud Khalil in custody based on allegations of immigration fraud.

On Friday, Judge Michael Farbiarz of Newark, New Jersey, ruled that Khalil’s legal team had not adequately shown why his detention on the charge would be unlawful.

It was a major setback for Khalil, who had been a negotiator for the student protesters at Columbia University demonstrating against Israel’s war on Gaza. He was the first high-profile protester to be arrested under Trump’s campaign to expel foreign students who participated in pro-Palestinian advocacy.

Just this week, Farbiarz appeared poised to order Khalil’s release, on the basis that his detention under the Immigration and Nationality Act of 1952 was unconstitutional.

That law stipulates that the secretary of state – in this case, Marco Rubio – has the power to remove foreign nationals who have “potentially serious adverse foreign policy consequences for the United States”. But Farbiarz ruled that Rubio’s use of the law violated Khalil’s freedom of speech.

Still, the Trump administration filed additional court papers saying it had another reason for wanting to deport Khalil.

It alleged that Khalil, a permanent US resident, had omitted information from his green-card application that would have otherwise disqualified him from gaining residency.

The Trump administration has long accused Khalil of supporting terrorism through his protest-related activities, something the former graduate student has vehemently denied.

In the case of his green-card application, it argues that Khalil failed to disclose his work with the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), a humanitarian organisation. Politicians in Israel and the US have accused UNRWA of ties to the armed group Hamas, an allegation reportedly made without evidence.

Khalil, however, has denied he was ever an “officer” in UNRWA, as alleged. Instead, his legal team points out that he completed a United Nations internship through Columbia University.

The Trump administration also argues that Khalil did not accurately identify the length of his employment with the Syria Office of the British Embassy in Beirut. Khalil and his legal team, meanwhile, say he accurately identified his departure date from the job as December 2022.

Judge Farbiarz had set Friday morning as a deadline for the Trump administration to appeal Khalil’s release on bail. But that deadline was extended to give the government more time to challenge Khalil’s release.

Ultimately, Farbiarz allowed the Trump administration to continue its detention of Khalil. He advised Khalil’s lawyers to seek release on bail from the immigration court where his deportation trial is being held in Louisiana.

Farbiarz had been weighing a separate habeas corpus petition from the Khalil team that called into question the constitutionality of his continued detention.

Marc Van Der Hout, a lawyer for Khalil, told the Reuters news agency that immigration fraud charges are exceedingly rare, and the Trump administration’s use of such charges was simply a political manoeuvre to keep Khalil in lock-up.

“Detaining someone on a charge like this is highly unusual and frankly outrageous,” said Van Der Hout. “There continues to be no constitutional basis for his detention.”

Another lawyer representing Khalil, Amy Greer, described the new allegations against his green-card application as part of the government’s “cruel, transparent delay tactics”. She noted that Khalil, a new father whose child was born in April, would miss his first Father’s Day, which falls this Sunday in the US.

“Instead of celebrating together, he is languishing in ICE [Immigration and Customs Enforcement] detention as punishment for his advocacy on behalf of his fellow Palestinians,” Greer said in a statement.

“It is unjust, it is shocking, and it is disgraceful.”

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Oil markets are spooked as Iran-Israel tensions escalate | Oil and Gas News

Israel’s strike on military and nuclear sites, and Iran’s retaliation, have rocked already strained global supply chains.

As airlines suspend flights to Tel Aviv, Tehran and other airports across the region, oil companies, shipping firms, and regulatory agencies are scrambling amid growing concerns that key trade routes like the Strait of Hormuz could be caught in the crossfire.

Merchant shipping is still passing through the Strait of Hormuz, but with increased caution. Iran has previously threatened to close this critical trade route in response to Western pressure. Even the suggestion of such a move has already sent shockwaves through global markets, and the price of oil has risen.

United States President Donald Trump’s latest rhetoric has done little to ease those concerns. He warned that if Iran does not “make a deal”, there could be more “death and destruction”.

“If the United States is perceived to be involved in any attacks, the risk of escalation increases significantly,” Jakob Larsen, chief safety and security officer with shipping association BIMCO, told the Reuters news agency.

Oil Prices Rise

As of 4:00pm in New York (20:00 GMT), Brent crude prices, which are considered the international standard, are 5 percent higher than yesterday’s market close.

Oil futures spiked more than 13 percent at one point, reaching their highest levels since January.

Any closure of the Strait of Hormuz, a strategic trade route between the Arabian Gulf and the Gulf of Oman, through which roughly 20 percent of the world’s global oil output travels, would likely drive oil prices even higher. This could intensify inflationary pressures globally, and particularly in the US.

 

The price surge comes on the heels of a better-than-expected Consumer Price Index report in the US earlier this week, which showed prices increased by just 0.1 percent for the month. Energy costs remain a key inflation driver. Petrol prices, in fact, fell 2.6 percent during the period. Consumer sentiment, too, jumped for the first time in six months as tariff fears eased. However, the new conflict could cut short the relief that US consumers had expressed, according to analysts from JPMorgan Chase.

Wait and see 

“Sustained gains in energy prices could have a dire impact on inflation, reversing the months-long trend of cooling consumer prices in the US,” commodity researchers for JPMorgan Chase said in a note released on the heels of the strike. “We continue to believe that any political policies that might drive oil and inflation higher would likely yield to Trump’s primary objective of maintaining low energy prices—a campaign promise,” analysts Natasha Kaneva, Prateek Kedia, and Lyuba Savinova wrote.

The markets more broadly dropped on the news. The S&P 500 tumbled 1.1 percent, the Dow Jones Industrial Average is down 1.7 and the Nasdaq is 1.3 percent lower.

“Today, as you can see from the markets, whether it’s the S&P, whether it’s Bitcoin, things have been kind of stable or flat. So there’s a little bit of a wait-and-see approach. Oil is acutely affected simply because Iran is such a significant part of the global oil supply. But thus far, Israel has refrained from hitting in any severe fashion the oil infrastructure of Iran. Should that change, that will obviously have a much more dramatic impact,” Taufiq Rahim, an independent geopolitical strategist and Principal for the 2040 Advisory, told Al Jazeera.

If shipping through the critical seaway were suspended, even temporarily, the International Energy Agency said it is well supplied to release emergency reserves, if needed. However, that comes with the risk of depletion.

There are 1.2 billion barrels in its strategic reserves. The world uses about 100 million barrels of oil per day.

“If it does rise to the level of closing the Strait of Hormuz, well, now that’s going to be the biggest oil shock of all time,” Matt Gertken, chief geopolitical strategist and senior vice president at BCA Research, a macroeconomic research firm, told Al Jazeera.

OPEC Secretary-General Haitham al-Ghais criticised the IEA for its statement that it could release strategic reserves, saying it “raises false alarms and projects a sense of market fear through repeating the unnecessary need to potentially use oil emergency stocks”.

This comes amid increased pressure for the group of oil-producing nations to increase output. Earlier this month, OPEC+ members agreed to raise production by 411,000 barrels for the month of July.

The Strait of Hormuz remains open for now. Countries, including Greece and the United Kingdom, have advised ships to avoid the Gulf of Aden, the body of water between Yemen and Somalia that connects to waterways that are close to Israel, and to log all voyages through the Strait, according to documents first seen by Reuters.

Further escalation on the horizon?

Iran could attack Iraq to reduce the global oil supply to further escalate tensions. In January 2024, Iran attacked Iraq, which it said was in retaliation for armed attacks within its own territory, The New York Times reported.

“We should assume that we’re going to lose both Iranian and Iraqi oil production, which brings us to the point where we could be seeing five to seven million barrels per day taken offline,” Gertken told Al Jazeera.

Gertken believes Iran would do this to provoke the West.

“They have to take out some oil supply, but not attack Saudi Arabia or close the Strait of Hormuz because, of course, that would ensure that the US enters the conflict. They need to target some regional production [where] they can have plausible deniability [and blame] some militant group.”

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Hundreds of missiles launched at Israel as Iran vows retaliation | Nuclear Weapons News

Iran’s Supreme Leader Ali Khamenei says Tehran’s response to Israel’s attack will not not be ‘half measured’.

Iran has launched hundreds of ballistic missiles towards Israel in retaliation for a major attack on Tehran’s nuclear sites.

Explosions were heard over Tel Aviv and Jerusalem as sirens sounded across Israel on Friday night. This follows an unprecedented attack by Israel in the early hours of Friday, which targeted Iranian nuclear sites, senior military commanders and scientists.

Iran’s Supreme Leader Ali Khamenei said Israel’s strikes had “initiated a war” and it would not be allowed to do “hit and run” attacks without consequences.

“The Zionist regime [Israel] will not remain unscathed from the consequences of its crime. The Iranian nation must be guaranteed that our response will not be half-measured,” Khamenei said in a statement.

Iran’s Islamic Revolutionary Guard Corps (IRGC) said Iran “carried out its crushing and precise response against dozens of targets, military centres and airbases” in Israel at the command of Supreme Leader Khamenei.

Three separate waves of attacks were launched at Israel on Friday night, Iranian state news agency IRNA said.

At least one projectile impacted central Tel Aviv, said Al Jazeera’s Nour Odeh, reporting from Amman, Jordan.

A modern apartment block was hit in central Tel Aviv, and according to live footage from the scene, fires raged inside some of the apartments, with smoke billowing from the building.

Another residential building, next to the apartment block, also appeared to have suffered significant damage, with windows blown and pieces of twisted metal hanging from its exterior.

Israeli newspaper Haaretz, citing emergency services, said 15 people have been wounded in central Israel, with one in moderate condition.

The Israeli public has been instructed to remain in shelters.

Israel’s attacks on Iran killed several top Iranian generals and scientists, including the armed forces chief of staff, Major-General Mohammed Bagheri, and the IRGC chief, Hossein Salami.

However, Major-General Mohammed Pakpour was swiftly promoted to replace Salami.

In a letter to Khamenei read out on state television, Pakpour promised that “the gates of hell will open to the child-killing regime”, referring to Israel.

During Israel’s surprise attack in the early hours of Friday, its military said it had struck more than 200 targets across Iran.

Before Iran’s retaliatory strikes, Israeli military spokesperson Brigadier-General Effie Defrin told journalists that Israel’s army was “continuing to strike”.

“Iran has the ability to significantly harm the Israeli home front”, Defrin told a televised news conference that was cut short due to what the army said was an incoming attack.

The army also urged citizens to stick close to “protected spaces” and avoid public gatherings amid a potential Iranian attack on Israel.

In a statement earlier on Friday, Prime Minister Benjamin Netanyahu said he expected “several waves of Iranian attacks”.

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CFO Corner: Rouven Bergmann, Dassault Systemes

Rouven Bergmann has been CFO of Dassault Systèmes since January 2022. A software company, Dassault Systemes is also active in CAC 40 Index of blue-chip French stocks. It is a unit of the Dassault Group, which has holdings in aeronautics, high tech, digital, and communications.

Global Finance: Since you joined Dasault Systemes, what has been the most challenging period, and why?

Rouven Bergmann: The balance of managing long term and short term is always the biggest struggle for the CFO. You have to create the capacity to invest in the long term, but you also have to manage performance quarter to quarter. Certainly, 2024 was a difficult year, because of volatility in the end markets. There was a lot of geopolitical instability in the world and in Europe. Think back to the European elections and the uncertainty in France. This really has been a headwind in terms of decision cycles.

The timing of decision-making is becoming a bit less predictable for our customers. It’s not that they’re deciding against us or for the competition—that’s not the case. We are winning market share from the competition. But managing the cycle of transactions and deals has become really something that’s more difficult to predict.

To give you an example, we signed a strategic agreement with Volkswagen in December of last year; the first discussion started two years ago.

GF: What’s the impact of the new US tariff policy?

Bergmann: Clearly, 2025, with the situation that the US administration has started with tariffs, is creating a lot of uncertainty for our customers. Now they need to invest and adapt to the new world. I’m not worried about our future, but for sure, there could be short-term volatility and noise.

GF: There is a sort of academic debate over how the role of the CFO has changed: becoming more an ally and business partner of the CEO and less an accountant. What do you think?

Bergmann: I have been in this role for 10 years at different companies. For me, I don’t think it has changed. I think there are three types of CFOs. There is more of an accountant, who comes from the audit function, which I think is more about compliance and implementing standards but has less business interaction. Then there is the CFO who comes from an investment bank, who is more about capital and markets and investor communication. And then there is the operational CFO, who is deeply connected to the company’s value creation cycle. I think today you need to find the right mix of the three.

GF: What do you suggest to someone who is young and wants to become a corporate CFO?

Bergmann: Gain as much experience as you can with a company, in and out of finance. The CFO role is much more than finance; you have to understand the finance function, but also understand how the business works.

For example, when I was already at a very senior level at a software company, I left finance and worked as COO of product development. It was a role that was a combination of operational planning and financial planning. I had to find the right resourceallocation mix, maintaining and optimizing what exists, while freeing up enough capacity to develop new products.

At the same point in time, we all know that there are constraints to resources. You cannot hire as many people as you want, so you really have to find productivity, move people around, and create that flexibility in your workforce. The company where I did that was one of the largest software companies in the world. There were 20,000 engineers in software development. So, I really learned the operational part of the company, and now I can combine that with finance.

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China: CATL Supercharges Hong Kong’s IPO Market

On May 27, Chinese EV battery giant CATL raised HK$41 billion (about $5.23 billion) in the world’s largest IPO of 2025 on the Hong Kong Stock Exchange.

Shares jumped 16.4% on its debut, with JPMorgan Chase underwriting the deal that propelled the bourse to the top of global rankings.

“CATL’s Hong Kong listing is a significant milestone, not just for the company but for the broader regional market,” said Joshua Chu, a Hong Kong-based lawyer at CITD.

“The scale of the IPO, given the current global macroeconomic headwinds and the cautious investor sentiment in Asia, is impressive,” he added.

The advisers also managed a complex dual-listing process, underscoring Hong Kong’s growing capability to handle large strategic offerings. After all, these were some of the most seasoned global and regional financial institutions and law offices, according to Anandaday Misshra, managing partner of Indian law firm AMLEGALS.

“It is clear that CATL has leaned on deep institutional and sectoral expertise to structure a deal of this magnitude,” Misshra added.

Also, CATL’s Hong Kong listing “shows growing confidence in zero-carbon technologies and the companies building them,” Kapil Dhiman of Quranium said.

“As a company building secure digital infrastructure for the future, we see this as a sign that Hong Kong is ready to play a leading role again in supporting bold, forward-looking industries,” Dhiman adds.

CATL reported a 40% year-on-year increase in EV battery deliveries in the first quarter of the year. Seoul-based SNE Research suggests it also acquired a 38.2% global market share.

CATL’s Hong Kong listing proceeds would be utilized for factory construction in foreign markets—accounting for 30% of its total revenue.

“For now, it looks far more like a war chest. The large earning to spending suggests China will take up any new technologies slowly anyway,” said economist Dr. Bryane Michael of Oxford University.

CATL’s IPO also reflects a broader shift in global capital flows.

“As US-China trade tensions ease, Chinese equities have rebounded strongly, while ongoing US-EU tariff disputes and political uncertainties continue to weigh on US markets,” Chu said. “Hong Kong’s mature market infrastructure and strategic positioning make it an increasingly attractive destination for international investors seeking stability and growth in Asia.”

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‘I realised I was alive’: Sole survivor of Air India crash recounts tragedy | Aviation News

Viswashkumar Ramesh, the only survivor of the Boeing 787 plane crash, said he witnessed other passengers die.

The only survivor of the Air India plane crash says he couldn’t believe he made it out alive after escaping from a broken emergency exit in a deadly crash that killed 241 people.

Shortly after Thursday’s crash, social media footage showed Viswashkumar Ramesh limping down the street in a blood-stained t-shirt and with bruises on his body.

The British national was sitting in seat 11A on the Boeing 787-8 Dreamliner that was flying in to London when the plane crashed into a medical college hostel moments after taking off from India’s northwestern city of Ahmedabad.

Ramesh, 40, told India’s national broadcaster DD News from his hospital bed on Friday that he thought he was “also going to die”.

“But when I opened my eyes, I realised I was alive and I tried to unbuckle myself from the seat and escape from where I could. It was in front of my eyes that the air hostess and others [died],” he said.

He was travelling with his brother Ajay, who had been seated in a different row, members of his family said.

“The side of the plane I was in landed on the ground, and I could see that there was space outside the aircraft, so when my door broke, I tried to escape through it and I did,” Ramesh said.

“The opposite side of the aircraft was blocked by the building wall so nobody could have come out of there,” he added.

He explained that the plane had seemed to have come to a standstill midair for a few seconds shortly after taking off and felt the engine thrust, which later “crashed with speed into the hostel”.

Ramesh’s cousin Hiren Kantilal, 19, told the AFP news agency that he called his family in Leicester, in the East Midlands in England, after the crash to tell them he was alive.

“Our plane has been crashed,” Ramesh told his dad, according to his cousin.

“He was bleeding all over him, in the face and everything, and he said, ‘I am just waiting for my brother and I don’t know how I get out of the plane.’

“He said: ‘Do not worry about me, try to find about Ajay Kumar’ and he said: ‘I am totally fine.’”

Kantilal said his cousin had spent about 10 to 15 minutes seeking his brother, and then was whisked away to hospital by the rescue services.

“We are happy Vishwash has been saved, but on the other hand, we are just heartbroken about Ajay,” he told AFP.

Indian Prime Minister Narendra Modi visited the crash site on Friday and met Ramesh at the hospital.

Rescue workers continued to search for missing people and aircraft parts on Friday following the worst aviation crash in a decade.

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Trump urges Iran to ‘make a deal’ as Tehran vows response to Israel attacks | Nuclear Weapons News

President Donald Trump has urged Iran to agree to US demands to restrict its nuclear programme as Tehran promised a strong response to Israeli air strikes targeting its nuclear sites and military facilities, killing at least two senior military commanders and several nuclear scientists.

Writing on his Truth Social platform on Friday, Trump warned that the “next already planned attacks” on Iran would be “even more brutal” and urged Iranian officials to “make a deal before there is nothing left”.

“Iran must make a deal, before there is nothing left… JUST DO IT, BEFORE IT IS TOO LATE,” he said.

Secretary of State Marco Rubio earlier said that the United States had no part in the Israeli attacks and urged Iran not to target American interests or personnel in the region in retaliation, but Tehran said Washington would be “responsible for consequences”.

Iran promised a harsh response to the barrage, and Israel said it was trying to intercept about 100 drones launched towards Israeli territory in retaliation.

Iranian state media has reported that Hossein Salami, commander-in-chief of the Islamic Revolutionary Guard Corps, and Mohammad Bagheri, the chief of staff of Iran’s Armed Forces, were both killed in the attacks. Nuclear scientists Mohammad Mehdi Tehranchi and Fereydoun Abbasi were also killed.

Some 200 Israeli warplanes took part in overnight air strikes on Iran, hitting more than 100 targets in the country, according to Israeli army spokesman, Brigadier General Effie Defrin.

Prime Minister Benjamin Netanyahu said Israel struck at the “heart of Iran’s nuclear enrichment programme”, taking aim at the main uranium enrichment facility in Natanz.

The attacks would “continue as many days as it takes”, he said.

Iranian media reported explosions, including some at the main uranium enrichment facility at Natanz. Iran’s Atomic Energy Organisation said Natanz had sustained damage but no casualties had been reported.

On Friday afternoon, Iran’s Tasnim news agency reported a new Israeli attack in the city of Tabriz, northwest of Iran.

‘Severe punishment for Israel’

Iran’s Supreme Leader Ayatollah Ali Khamenei warned Israel that it “must expect severe punishment” after the assault. The country’s Ministry of Foreign Affairs added that Tehran has a “legal and legitimate” right to respond.

Iranian President Masoud Pezeshkian, who is expected to address the public, also said in a statement on his official X account: “The Zionist regime will regret its action today.”

Israel’s military said on Friday it was intercepting Iranian drones. The country’s public broadcaster and Channel 12 reported that Israel also intercepted drones over Saudi Arabia.

At about 08:00 GMT, Israeli media reported that an earlier order requiring citizens to remain near protected areas had been lifted.

In the Iranian city of Qom, hundreds of protesters gathered at the Jamkaran Mosque to demand a “severe punishment” for Israel in response to the strikes.

Mohammad Eslami, a research fellow at Tehran University, said Iranian leaders are preparing an imminent strike on Israel targeting military and nuclear facilities.

“The Iranian military were thinking about this scenario for many years and also in recent days, we have heard lots of statements by the Defence Ministry of Iran that they are ready for any strike by the Israelis,” he told Al Jazeera from Tehran.

“Most Iranian political parties support defending the country because all Iranians [know] the history of Iraq attacking Iran. This is not about political points of view,” he added.

Nuclear talks

US and Iranian officials are due to attend a sixth round of talks over Iran’s nuclear programme in Oman on Sunday.

The two sides have been negotiating over Iran’s enrichment of uranium, with Trump stating recently that “zero” enrichment should be allowed in Iran. He has also said repeatedly that Iran will not be allowed to obtain nuclear weapons.

Tehran has consistently said that its nuclear programme is only for civilian purposes.

Iran said in a statement that Israel’s “cowardly” attack showed why Iran had to insist on enrichment, nuclear technology and missile power.

The International Atomic Energy Agency’s Board of Governors on Thursday declared Iran in breach of its non-proliferation obligations for the first time in almost 20 years.

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Addressing Uncertainty, Driving Change: The Innovators

Topping the priority list for our Innovators class of 2025 are addressing uncertainty, improving customer experience, and leveraging technology for broader applications.

Uncertain times call for innovative thinking and a greater focus on both future-proofing and resilience. Accordingly, many of the innovations this year’s award winners are putting in place focus on two imperatives: minimizing the risk of obsolescence or failure when facing unforeseen circumstances and developing greater agility to adapt and thrive in the face of future uncertainties and disruptions.

APIs continue to provide banks with ways to increase efficiency and improve customer experience, lowering the entry barrier for creating new services and introducing new business models. This year’s winners include API-based embedded-finance and open-banking solutions.

AI remains a critical enabler, driving innovation in areas such as chatbots, risk monitoring and detection, algorithms, automation, and internal GenAI customer service assistance.

Banking-app enhancements include budget management, onboarding processes, and the use of telemetry to enhance business management and data utilization.

Digital assets, encompassing a broad spectrum from conventional bonds to instruments backed by unique items like violins, are the rare emerging field that extends beyond the boundaries of traditional finance. Expanded use of digital assets is transforming payment processes. This year’s winners have been active in such areas as tokenization, integration of assets typically financed with bitcoin, and development of crypto-custody services.

Banking innovations are opening doors to expanded opportunities. Hyper-personalized lifestyle banking can now encompass services such as mobile phone access, insurance, mortgages, and even estate-management support. Broader applications of finance, including the linking of operational weather forecasts with commodity prices and improved monitoring of ESG performance, demonstrate how technology is expanding finance’s remit. Innovations addressing financial accessibility, unclaimed benefits solutions, and simplified access to credit underscore how financial inclusion remains a hotbed of innovation. Among our nonbank winners, meanwhile, are firms that support banks in everything from compliance to payments.

Banking innovation is by no means confined to the largest and most mature markets. Indeed, Latin America, Africa, and the Middle East reported the highest number of financial innovations this year, thanks to a focus on meeting unmet needs, the ability to leapfrog legacy systems, a strong mobile-first culture, and a potentially supportive regulatory approach. These regions are likely to remain fertile ground for financial innovation as they strive for greater financial inclusion and leverage technology to address their specific economic and social challenges.

Innovation is proving a process of evolution for all banks, wherever they are located, leaving no margin for complacency if they want to remain competitive. Innovation for innovation’s sake, however, should be avoided as it is only by understanding user needs that banks can adopt and integrate new technologies that deliver innovations to genuinely benefit users and improve the customer experience.

The 2025 Innovator Winners

Financial Innovation
Global Winners
Innovation Africa
Africa
Innovation in banking
Asia-Pacific
Innovation in Banking CEE
Central & Eastern Europe
innovation in banking
Latin America
Innovation Middle East
Middle East
Innovators North America
North America
Innovators Western Europe
Western Europe

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Investigators search Air India crash site as Modi meets lone survivor | Aviation News

One black box found as Indian Prime Minister Narendra Modi visits the scene and calls the devastation ‘saddening’.

Investigators and rescue teams are searching the site of one of India’s worst aviation disasters, and Prime Minister Narendra Modi has met with the lone surviving passenger, a day after an Air India flight fell from the sky and killed 241 people on the plane and multiple people on the ground.

The Boeing 787-8 Dreamliner, en route from Ahmedabad to London Gatwick Airport with 242 people on board, went down shortly after takeoff on Thursday, striking a medical college hostel in the western Indian city.

One of the plane’s black boxes has been found, local media reported, and operations on Friday were focused on locating missing people and recovering aircraft fragments and the remaining black box.

An official from the National Disaster Response Force said it deployed seven teams to the crash site and they have recovered 81 bodies so far.

The crash caused extensive damage and left bodies scattered both inside the aircraft and among buildings at the site.

‘The devastation is saddening’

Indian Prime Minister Narendra Modi visited the scene in his home state of Gujarat on Friday, meeting with rescue officials and some of the injured in hospital. “The scene of devastation is saddening,” he posted on X.

Civil Aviation Minister Ram Mohan Naidu Kinjarapu said the Aircraft Accident Investigation Bureau launched an investigation into the incident.

Medics are conducting DNA tests to identify those killed, said the president of the Federation of All India Medical Association, Akshay Dongardiv.

Meanwhile, grieving families gathered outside the Civil Hospital in Ahmedabad.

Two doctors at the hospital said the bodies of four medical students killed on the ground were released to their families. They said at least 30 injured students were admitted to the hospital and at least four were in critical condition.

Witnesses described hearing a blast on Thursday before dark smoke engulfed the area. “We were at home and heard a massive sound. It appeared like a big blast,” the Reuters news agency quoted 63-year-old resident Nitin Joshi as saying.

Footage from CCTV cameras captured a fireball rising above the crash site shortly after the Dreamliner took off. Parts of the fuselage were found scattered across the hostel complex, and the aircraft’s tail was lodged in the building’s roof.

Boeing said it was ready to send experts to assist in the investigation, which Air India warned would take time. The crash marks the first fatal accident involving a Dreamliner since the aircraft began commercial service in 2011.

Air India CEO Campbell Wilson arrived in Ahmedabad early on Friday.

Modi meets lone survivor

The sole survivor of the crash was seen in television footage meeting Modi at the government hospital where he was being treated for burns and other injuries.

Viswashkumar Ramesh told India’s national broadcaster he still could not believe he is alive. He said the aircraft seemed to become stuck immediately after takeoff. He said the lights came on and right after that, the plane accelerated but seemed unable to gain height before it crashed.

He said the side of the plane where he was seated fell onto the ground floor of a building and there was space for him to escape after the door broke open. He unfastened his seatbelt and forced himself out of the plane.

“When I opened my eyes, I realised I was alive,” he said.

The crash claimed the life of Vijay Rupani, Gujarat’s former chief minister. Police said most passengers were still strapped in their seats when found.

The passengers included 217 adults, 11 children and two infants, a source told Reuters. Air India said 169 were Indian nationals, 53 were Britons, seven were Portuguese and one was Canadian.

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Who was Mohammad Bagheri, chief of Iran’s military killed by Israel? | Military

Israel on Friday morning struck multiple Iranian military and nuclear facilities, as well as residential homes in Tehran known to house senior security officials, pulling the region to the brink of a full-fledged war between the rivals.

The attacks killed multiple senior members of Iran’s military. They included General Mohammad Bagheri, the chief of staff of Iran’s armed forces and the country’s highest-ranking military official.

Who was Bagheri?

Bagheri was born Mohammad Hossein Afshordi in the 1960s. In his current role, he oversaw both the Islamic Revolutionary Guards Corps (IRGC) and the rest of the country’s military, also ensuring coordination between those different arms of the country’s security apparatus.

He reportedly had a distinguished military career with the IRGC; however, little is known about him outside of his record of service, academic achievements and multiple sanctions imposed by various international bodies.

“A lot [of] higher-ranked intelligence and military officials in Iran tend to be more on the secretive side,” Reza H Akbari, Middle East and North Africa programme manager at the Institute for War and Peace Reporting, told Al Jazeera.

Bagheri joined the IRGC in 1980, a year after the Iranian revolution and the same year the Iran-Iraq war began. That conflict lasted eight years and saw hundreds of thousands of people killed on both sides, with Iran enduring the greater losses.

One of those killed was Bagheri’s older brother, Hassan, who had reportedly founded the IRGC’s military intelligence branch in 1980 and who, aged 27, led a division.

Bagheri fought in the Iran-Iraq war, according to a United States congressional research report, which described him as “an early IRGC recruit who fought against a post-revolution Kurdish uprising and in the Iran-Iraq War”.

According to Iranian media, Bagheri became the head of the IRGC’s intelligence operations in 1983, after the death of his brother. After the war, he also served as deputy head of intelligence and operations, and as the head of the armed forces’ common affairs.

He played a “special role” in a 1997 operation in Iraq against Kurdish forces, according to Rokna, an Iranian state-affiliated news agency. In 2016, he replaced Major-General Seyyed Hassan Firoozabadi as the chief of staff of the IRGC.

TEHRAN, IRAN - JUNE 13: A view of the scene following an attack in Iranian capital, Tehran, on June 13, 2025. Israeli Defense Minister Israel Katz has announced that Israel conducted strikes on Iran. ( Fatemeh Bahrami - Anadolu Agency )
A view of a scene following an attack in the Iranian capital, Tehran, on June 13, 2025. Israeli Defence Minister Israel Katz has announced that Israel conducted strikes on Iran [Fatemeh Bahrami/Anadolu]

He was affiliated with an “elite force within the IRGC,” according to Akbari, tasked with “carrying out the most sensitive missions, especially those related to the air force unit”.

Bagheri was sanctioned by the US in 2019, when the first Trump administration levelled sanctions against what they called the “inner circle” of Iran’s Supreme Leader Ali Khamenei.

The European Union, meanwhile, reportedly sanctioned Bagheri for supplying Russia with drones, while he was further sanctioned by the US, Canada and the United Kingdom for his role in the crackdown on the 2022 protests in Iran following the killing of Mahsa Amini.

Following Bagheri’s assassination, Iran appointed Ahmad Vahidi, a former defence and interior minister, as his interim replacement.

An injured person sits on a roadside in the aftermath of Israeli strikes, in Tehran, Iran, June 13, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY TPX IMAGES OF THE DAY
An injured person sits on a roadside in the aftermath of Israeli strikes, in Tehran, Iran, June 13, 2025. [Majid Asgaripour/West Asia News Agency via Reuters]

In addition to Bagheri, Israel also assassinated Hossein Salami, commander in chief of the Islamic Revolutionary Guards Corps, and Gholamali Rashid, deputy commander-in-chief of the armed forces.

They also killed multiple nuclear scientists in the Friday morning attacks.

The attacks came as the US and Iran were preparing for their next round of nuclear talks on Sunday in Muscat. Rhetoric over a possible attack from Israel and the US had intensified in recent days and US embassy staff had been put on alert in numerous locations, while Iran had responded with its own warnings of potential retaliation if struck.

The attacks were condemned by many in the international community, including many Gulf states, such as Saudi Arabia, Oman and Qatar, who called it a “flagrant violation” of international law.

US Special Envoy Steve Witkoff said on Friday morning that he still expected talks to continue on Sunday.

But Akbari of the Institute for War and Peace Reporting said he saw little likelihood of the US-Iran negotiations continuing. “I find the plausibility of talks continuing as slim to none,” he said.

Iran Mideast Wars
Firefighters work outside a building that was hit by Israeli air strikes north of Tehran, Iran, on June 13, 2025 [Abedin Taherkenareh/EPA-EFE]

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Israel launches major strike on Iran: What is the market fallout?

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European equities tumbled when the market opened on Friday and oil prices surged, as investors reacted to Israel’s large-scale air strikes on Iran’s nuclear infrastructure, fuelling fears of a broader Middle East conflict.

The operation, named Rising Lion, marks the most extensive Israeli military action on Iranian soil to date, targeting over 100 facilities including the Natanz complex and missile sites near Tehran.

As of 9.15am CEST, the Euro STOXX 50 had dropped 1.5%, extending weekly losses to 2.7% — the worst performance since early April.

Financials led the downturn among Eurozone blue chips. Deutsche Bank fell 2.73%, UniCredit 2.56%, Banco Bilbao Vizcaya Argentaria 2.48% and Banco Santander 2.46%.

Germany’s DAX lost 1.34% to 23,453, France’s CAC 40 dropped 1.35% to 7,660, Italy’s FTSE MIB retreated 1.68% to 39,271, and Spain’s IBEX 35 fell 1.70% to 13,849.

Oil prices surged following the Israeli strike, as markets began to price in a higher geopolitical risk premium. Brent crude jumped over 5% to trade at $73 (€68) per barrel, while West Texas Intermediate rose to $71.5 (€66.60). For the week, oil prices are up more than 10%, on track for the strongest weekly gain since October 2022.

As energy prices rallied, oil majors such as Italy’s Eni and Spain’s Repsol gained 2%.

German defence powerhouse Rheinmetall also rose 2% as investors turned to military and security-exposed stocks.

Dutch TTF natural gas futures climbed 2% to €37.12 per megawatt hour, amid concerns over potential disruptions to energy flows.

The Israeli campaign involved over 200 fighter jets, according to the IDF, and reportedly resulted in the death of senior Islamic Revolutionary Guard Corps commanders Hossein Salami and Mohammad Bagheri.

Gold eyes new record, dollar rebounds

Demand for safe-haven assets surged. Gold rose 1% to $3,430 (€3,200) per ounce, nearing its all-time high of $3,500. Silver also held ground, hitting $36.5 per ounce overnight.

The dollar gained strength following days of steady declines. The euro fell 0.5% to $1.1540 after touching a three-year high of 1.16 on Thursday. On the data front, Germany’s final inflation reading for May was confirmed at 2.1% year-over-year. Spain’s annual inflation was upwardly revised from 1.9% to 2%.

The pound also slipped 0.5% to $1.1350.

The Israeli shekel tumbled 1.8% against the dollar, heading for its steepest daily loss since the Hamas attack of October 2023.

Analysts see upside risks for oil prices

“The Israeli strike on Iran’s nuclear facilities has sent oil prices spiking and has offered the oversold and undervalued dollar a catalyst for a rebound,” said Francesco Pesole, currency strategist at ING.

While there are currently no confirmed disruptions to oil production, analysts warn that the situation could escalate rapidly.

“The key difference from previous standoffs is that nuclear facilities have now been targeted,” Pesole added.

Warren Patterson, head of commodities research at ING, noted: “In a scenario where we see continued escalation, there’s the potential for disruptions to shipping through the Strait of Hormuz. Almost a third of global seaborne oil trade moves through that route.”

He warned that up to 14 million barrels per day could be at risk, with oil potentially surging to $120 per barrel in the event of a prolonged disruption — levels not seen since 2008.

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N Korea’s Kim eyes more warships as damaged destroyer relaunched | Kim Jong Un News

North Korean leader says restoration of new vessel named Kang Kon has not delayed Pyongyang’s bid to boost naval power.

North Korean leader Kim Jong Un has promised to build more warships and deploy them to the Pacific Ocean, as he officiated at the relaunching of a destroyer that partially sank during its inauguration last month, state media reports.

The Korean Central News Agency (KCNA) reported on Friday that Kim presided over the ceremony for the 5,000-tonne destroyer at the Rajin shipyard in the country’s far north. The ship has been named Kang Kon after a senior North Korean military official who was killed in action during the Korean War.

In a speech at the ceremony on Thursday, Kim was quoted as saying that repairs to the destroyer “had not delayed” North Korea’s attempts to enhance naval power.

“In two weeks’ time, the vessel was brought upright safely and set afloat, accomplishing its complete restoration today as planned,” Kim said, according to KCNA.

The North Korean leader also announced that plans were in place “to build two more 5,000-tonne destroyers next year”, as he called for his country to strengthen its maritime military presence in the Pacific Ocean in the face of what he said were provocations by the United States and its allies.

“Soon, enemies will experience, themselves, how provocative and unpleasant it is to sit and watch the ships of an adversary run rampant on the fringes of sovereign waters,” Kim said.

North Korean leader Kim Jong Un waves from on board a warship that had been damaged upon its first attempt to launch, as he and his daughter Kim Ju Ae attend the warship's launching ceremony, in Rajin, North Korea, June 12, 2025 in this photo released by North Korea's official Korean Central News Agency. KCNA via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. REUTERS IS UNABLE TO INDEPENDENTLY VERIFY THIS IMAGE. NO THIRD PARTY SALES. SOUTH KOREA OUT. NO COMMERCIAL OR EDITORIAL SALES IN SOUTH KOREA.
North Korean leader Kim Jong Un waves from the warship that had been damaged upon its first attempt to launch, as he and his daughter Kim Ju Ae attend the warship’s relaunching ceremony, in Rajin, North Korea, on June 12, 2025 [KCNA via Reuters]

“I’m sure that in the near future, the routes of our battleships … will be opened on the Pacific Ocean toward the outposts of aggression,” he said.

Recent satellite images had shown ongoing repairs of the Kang Kon destroyer that had partially capsized in May during a botched inaugural launch that Kim described as a “criminal act”.

The newly launched Kang Kon is North Korea’s second known destroyer and is seen as a crucial asset in Kim’s goal of modernising his country’s naval forces.

The South Korean military estimates, based on its size and scale, that the new warship is similarly equipped to the 5,000-tonne destroyer-class vessel Choe Hyon, which North Korea built with Russian assistance and launched in May.

Kim has been pushing for the modernisation of his military and calling for an aggressive response to threats from the US and South Korea, who are key allies and regularly conduct military drills together.

On Wednesday, the White House said that US President Donald Trump would welcome communications with Kim after having had friendly relations with him during his first term in office.

But the South Korea-based NK News, which monitors North Korea, reported recently that Pyongyang’s delegation at the United Nations in New York had repeatedly refused to accept a letter from Trump to Kim.

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Oil prices surge, Europe’s shares set for a hit on Israel Iran strikes

By&nbspEleanor Butler&nbspwith&nbspAP

Published on
13/06/2025 – 7:57 GMT+2

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European indexes prepared to take a hit on Friday as Asian markets dropped on news that Israel had attacked Iran’s capital. The strikes came amid the ramping up of tensions over Tehran’s rapidly advancing nuclear program.

Oil prices, on the other hand, soared — linked to concerns that the conflict could restrict supply.

US benchmark crude oil rose 8.8%, to just under $74 per barrel. Brent crude, the international standard, increased by 8.28% to $75.10 per barrel.

In share trading, Tokyo’s Nikkei 225 fell 1.2% to 37,719.82 while the Kospi in Seoul edged 1.4% lower to 2,879.08.

Hong Kong’s Hang Seng retreated 0.9% to 23,831.85 and the Shanghai Composite Index lost 0.8% to 3,375.16.

Australia’s S&P/ASX 200 drifted 0.3% lower to 8,535.90.

An Israeli attack on Iran is in “our top ten of global risks”, but “Asian markets are expected to recover quickly as they have relatively limited exposure to the conflict and growing ties to unaffected Saudi Arabia and the UAE”, said Xu Tiachen of The Economist Intelligence.

Following the strikes on Iran, S&P 500 futures dropped 1.5%, Nasdaq 100 futures fell 1.7% and Dow Jones Industrial Average futures fell 1.4% by around 1.30am ET.

On Thursday, US stock indexes had ticked higher following another encouraging update on inflation across the country.

The S&P 500 rose 0.4% to 6,045.26. The Dow Jones Industrial Average added 0.2% to 42,967.62, and the Nasdaq Composite gained 0.2% to 19,662.48.

Oracle pushed upward on the market after jumping 13.3%. The tech giant delivered stronger profit and revenue for the latest quarter than analysts expected, and CEO Safra Catz said it expects revenue growth “will be dramatically higher” in its upcoming fiscal year.

That helped offset a 4.8% loss for Boeing after Air India said a London-bound flight crashed shortly after taking off from Ahmedabad airport on Thursday with 242 passengers and crew onboard. The Boeing 787 Dreamliner crashed into a residential area near the airport five minutes after taking off.

Stocks broadly got some help from easing Treasury yields in the bond market following the latest update on inflation. Thursday’s update said inflation at the wholesale level wasn’t as bad last month as economists expected.

Wall Street took it as a signal that the Federal Reserve will have more leeway to cut interest rates later this year in order to give the economy a boost.

The Fed’s next meeting on interest rates is scheduled for next week, but the nearly unanimous expectation on Wall Street is that officials won’t cut.

In currency trading early Friday, the US dollar rose slightly to 143,67 Japanese yen. The euro fell about 0.5% against the US dollar, to $1.1528.

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Can Israel’s finance minister shut down the Palestinian banking system? | Israel-Palestine conflict

Finance Minister Bezalel Smotrich hits back after being sanctioned by the UK and other nations.

Israel’s far-right finance minister says he wants to cut Palestinian banks off from the global financial system.

Bezalel Smotrich’s plan has not yet been approved by the Israeli government.

But if it does happen, what could the consequences be?

Presenter: 

Cyril Vanier

Guests: 

Raja Khalidi – Director-general at the Palestine Economic Policy Research Institute

Shahd Hammouri – Lecturer in international law at the University of Kent

Mustafa Barghouti – Secretary-general at the Palestinian National Initiative

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