money

China’s export of rare earth elements is central to the trade deal struck this week with the United States.

Beijing has a virtual monopoly on the supply of the critical minerals, which are used to make everything from cars to drones and wind turbines.

Earlier this year, Beijing leveraged its dominance of the sector to hit back at US President Donald Trump’s sweeping tariffs, placing export controls on seven rare earths and related products.

The restrictions created a headache for global manufacturers, particularly automakers, who rely on the materials.

After talks in Geneva in May, the US and China announced a 90-day pause on their escalating tit-for-tat tariffs, during which time US levies would be reduced from 145 percent to 30 percent and Chinese duties from 125 percent to 10 percent.

The truce had appeared to be in jeopardy in recent weeks after Washington accused Beijing of not moving fast enough to ease its restrictions on rare earths exports.

After two days of marathon talks in London, the two sides on Wednesday announced a “framework” to get trade back on track.

Trump said the deal would see rare earth minerals “supplied, up front,” though many details of the agreement are still unclear.

What are rare earths, and why are they important?

Rare earths are a group of 17 elements that are essential to numerous manufacturing industries.

The auto industry has become particularly reliant on rare-earth magnets for steering systems, engines, brakes and many other parts.

China has long dominated the mining and processing of rare earth minerals, as well as the production of related components like rare earth magnets.

It mines about 70 percent of the world’s rare earths and processes approximately 90 percent of the supply. China also maintains near-total control over the supply of heavy rare earths, including dysprosium and terbium.

China’s hold over the industry had been a concern for the US and other countries for some time, but their alarm grew after Beijing imposed export controls in April.

The restrictions affected supplies of samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium, and required companies shipping materials and finished products overseas to obtain export licences.

The restrictions followed a similar move by China in February, when it placed export controls on tungsten, bismuth and three other “niche metals”.

While news of a deal on rare earths signals a potential reprieve for manufacturers, the details of its implementation remain largely unclear.

What has been the impact of the export restrictions?

Chinese customs data shows the sale of rare earths to the US dropped 37 percent in April, while the sale of rare earth magnets fell 58 percent for the US and 51 percent worldwide, according to Bloomberg.

Global rare earth exports recovered 23 percent in May, following talks between US and Chinese officials in Geneva, but they are still down overall from a year earlier.

The greatest alarm has been felt by carmakers and auto parts manufacturers in the US and Europe, who reported bottlenecks after working their way through inventories of rare earth magnets.

“The automobile industry is now using words like panic. This isn’t something that the auto industry is just talking about and trying to make a big stir. This is serious right now, and they’re talking about shutting down production lines,” Mark Smith, a mining and mineral processing expert and the CEO of the US-based NioCorp Developments, told Al Jazeera.

Even with news of a breakthrough, Western companies are still worried about their future access to rare earths and magnets and how their dependence on China’s supply chain could be leveraged against them.

The Financial Times reported on Thursday that China’s Ministry of Commerce has been demanding “sensitive business information to secure rare earths and magnets” from Western companies in China, including production details and customer lists.

What have the US and China said about rare earth exports?

Trump shared some details of the agreement on his social media platform, Truth Social, where he also addressed concerns about rare earths and rare earth magnets.

“We are getting a total of 55% tariffs, China is getting 10%. The relationship is excellent,” Trump said, using a figure for US duties that includes levies introduced during his first term.

“Full magnets, and any necessary rare earths, will be supplied, up front, by China. Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me),” Trump said.

Ahead of the negotiations in London, China’s Ministry of Commerce had said it approved an unspecified number of export licences for rare earths, and it was willing to “further strengthen communication and dialogue on export controls with relevant countries”.

However, an op-ed published by state news outlet Xinhua this week said rare earth export controls were not “short-term bargaining tools” or “tactical countermeasures” but a necessary measure because rare earths can be used for both civilian and military purposes.

NioCorp Developments’ Smith said Beijing is unlikely to quickly give up such powerful leverage over the US entirely.

“There’s going to be a whole bunch of words, but I really think China is going to hold the US hostage on this issue, because why not?” he said.

“They’ve worked really hard to get into the position that they’re in. They have 100 percent control over the heavy rare earth production in the world. Why not use that?”

Deborah Elms, the head of trade policy at the Hinrich Foundation in Singapore, said it was hard to predict how rare earths would be treated in negotiations, which would need to balance other US concerns like China’s role in exporting the deadly opioid fentanyl to the US.

Beijing, for its part, will want guarantees that it can access advanced critical US technology to make advanced semiconductors, she said.

Published on
12/06/2025 – 8:00 GMT+2

ADVERTISEMENT

The EU is wrangling over a provision of Donald Trump’s so-called “Big Beautiful Bill” for the US budget that could see European companies taxed higher than others in retaliation for certain taxes imposed on US enterprises overseas, the vice-chair of the European Parliament’s tax subcommittee has told Euronews.

The German European People’s Party MEP Markus Ferber said the European Commission has raised the proposed legislation—already approved by the House of Representatives—in ongoing tariff negotiations with the Trump administration.

“We are concerned because within this ‘One Big Beautiful Bill’ there are special taxes aimed at jurisdictions that impose taxes on the US,” Ferber told Euronews.

He added that jurisdictions like the EU, which have already implemented the OECD agreement establishing a global minimum tax of 15% on multinationals, are directly targeted.

“It could also affect member states that have introduced a digital services tax,” he noted.

The OECD agreement, approved by 140 countries – though as yet unratified by the US – introduced a global minimum tax of 15% on the profits of multinational companies, regardless of where those profits are declared, with effect from 1 January 2024. The EU has transposed the agreement into law and applies it to multinationals operating within the Union, to the ire of the Trump administration.

Meanwhile countries such as Denmark, Portugal and Poland have implemented digital services taxes targeting US tech giants, while others are in the process of creating one.

The US is now looking to retaliate against taxes it deems unfair through a provision of the “Big Beautiful Bill” which would hit foreign investors with a bump in US income tax by five percent points each year, potentially taking the rate up to 20%, in addition to existing taxes.

The Commission is concerned, officials said.

According to Ferber, the EU executive has put this provision of the US budget bill on the negotiating table. “But we are not sure yet that the US agreed to put it in the basket,” the MEP said.

For several weeks, the EU and the US have been discussing a resolution to the trade dispute that has been ongoing since mid-March.

The US impose 50% tariffs on EU steel and aluminium, 25% on cars and 10% on all EU imports.

For its part, the EU has prepared countermeasures targeting around €115 billion worth of US products. These measures are either suspended until July or still awaiting approval by EU member states.

In a speech to Israel’s parliament, the Argentinian leader criticised Swedish activist Greta Thunberg’s advocacy for Palestinian rights.

Argentinian President Javier Milei has announced that his country will move its embassy in Israel to Jerusalem next year, as the populist leader signalled his support for Prime Minister Benjamin Netanyahu’s increasingly isolated government.

Argentina’s embassy is currently located in Herzliya, just outside Tel Aviv. But in a speech to Israel’s parliament on Wednesday, staunchly pro-Israel Milei said he was “proud to announce” his country will move its “embassy to the city of west Jerusalem” in 2026.

“Argentina stands by you in these difficult days,” Milei said.

“Unfortunately, the same cannot be said about a large part of the international community that is being manipulated by terrorists and turning victims into perpetrators,” he told the Knesset.

The Argentinian leader, currently on his second state visit to Israel since taking office in 2023, said Buenos Aires will continue to demand that Israeli captives held in Gaza be released, including four with Argentinian citizenship taken during the Hamas-led October 7, 2023, attack.

Milei also criticised Swedish activist Greta Thunberg, who was detained and deported by Israeli authorities this week after being taken with other activists from a Freedom Flotilla Coalition ship attempting to break Israel’s naval blockade on Gaza.

Thunberg has been a vocal critic of Israel’s war crimes in Gaza and deliberate starvation of the territory’s Palestinian population.

“[Thunberg] became a hired gun for a bit of media attention, claiming that she was kidnapped when there are really hostages in subhuman conditions in Gaza,” Milei said, according to a translation of his remarks from Spanish provided by the Knesset.

Israel is facing mounting international pressure over the dire humanitarian situation in Gaza, with the overall death toll after more than 20 months of war surpassing 55,000 Palestinians.

Delicate issue

Milei had pledged to move Argentina’s embassy during his first visit in February 2024, in which he also prayed at the Western Wall, a revered religious site for Jews in Jerusalem.

Speaking in advance of Milei’s address to parliament this week, Prime Minister Netanyahu said “the city of Jerusalem will never be divided again”.

The status of Jerusalem is one of the most delicate issues in the Israel-Palestinian conflict, with Israel claiming the entirety of the ancient city as its capital, while Palestine claims its occupied eastern sector as the site of any future Palestinian state.

Israel first occupied East Jerusalem during the 1967 Six-Day War, before unilaterally annexing it in 1980 in a move rejected by the United Nations Security Council. Due to its disputed status, the vast majority of the 96 diplomatic missions present in Israel host their embassies in the Tel Aviv area to avoid interfering with peace negotiations.

Currently only six countries – Guatemala, Honduras, Kosovo, Papua New Guinea, Paraguay and the United States – have embassies located in West Jerusalem.

During his first term in 2017, President Donald Trump made the shock decision to unilaterally recognise Jerusalem as Israel’s capital before moving the US embassy there a year later, prompting Palestinian anger and the international community’s disapproval.

This status was not revoked under the Biden administration and Washington continues to recognise Jerusalem as Israel’s capital today.

Australia says the plan to deliver nuclear submarines remains unchanged, despite opposition to the pact from a top Trump official.

Australia’s Defence Minister Richard Marles said he is “very confident” that the AUKUS security pact between Australia, the United States and the United Kingdom will continue to move forward despite news that the Pentagon is reviewing the 2021 deal between the three nations.

News of the review was first reported on Thursday as US defence officials said re-assessing the pact was necessary to ensure that the military deal, agreed to with much fanfare under former US President Joe Biden, was in line with US President Donald Trump’s “America First” agenda.

The pact includes a deal worth hundreds of billions of dollars to provide Australia with closely-guarded nuclear propulsion technology. Only five other countries besides the US can build nuclear submarines: the UK, China, Russia, France and India.

“The meetings that we’ve had with the United States have been very positive in respect of AUKUS,” Defence Minister Marles told the ABC network.

A review of the deal is “something that it’s perfectly natural for an incoming administration to do … It’s exactly what we did”, Marles said.

“There is a plan here. We are sticking to it, and we’re going to deliver it,” he said.

Under the terms of the AUKUS deal, Australia and the UK will work with the US to design nuclear-class submarines ready for delivery to Australia in the 2040s, according to the US Naval Institute.

The three countries are already close military allies and share intelligence, but AUKUS focuses on key strategic areas, such as countering the rise of China and its expansion into the Pacific.

Due to the long lead time in building the submarines under the AUKUS deal, Australia also agreed to buy up to three Virginia-class nuclear-powered submarines during the 2030s. The US and UK also plan to start the rotational deployment of their submarines out of Australia in 2027.

But some Trump administration officials, such as Pentagon policy adviser Elbridge Colby, say the submarine deal puts foreign governments ahead of US national security.

“My concern is why are we giving away this crown jewel asset when we most need it?” Colby said last year.

Other officials, including US Representative Joe Courtney from Connecticut – a US state which has an industry focused on building submarines for the US Navy – say the deal is in the “best interest of all three AUKUS nations, as well as the Indo-Pacific region as a whole”.

“To abandon AUKUS – which is already well under way – would cause lasting harm to our nation’s standing with close allies and certainly be met with great rejoicing in Beijing,” Courtney said.

Australian Prime Minister Anthony Albanese is expected to discuss the deal when he meets Trump next week during a meeting of the G7 leaders in Canada.

Earlier this year, Australia made a $500m payment towards AUKUS and plans to spend $2bn this year to speed up the production process in the US of the Virginia-class submarines.

The UK, like Australia, has downplayed concerns that the Trump administration could renege on the pact.

A UK official told the Reuters news agency that the deal is “one of the most strategically important partnerships in decades” that will also produce “jobs and economic growth in communities across all three nations”.

“It is understandable that a new administration would want to review its approach to such a major partnership, just as the UK did last year,” the official said.

NEW YORK — As President Trump focuses on global trade deals and dispatching troops to aid his immigration crackdown, his lawyers are fighting to erase the hush money criminal conviction that punctuated his reelection campaign last year and made him the first former — and now current — U.S. president found guilty of a crime.

On Wednesday, that fight landed in a federal appeals court in Manhattan, where a three-judge panel heard arguments in Trump’s long-running bid to get the New York case moved from state court to federal court so he can then seek to have it thrown out on presidential immunity grounds.

It’s one way he’s trying to get the historic verdict overturned.

The judges in the 2nd U.S. Circuit Court of Appeals spent more than an hour grilling Trump’s lawyer and the appellate chief for the Manhattan district attorney’s office, which prosecuted the case and wants it to remain in state court.

At turns skeptical and receptive to both sides’ arguments on the weighty and seldom-tested legal issues underlying the president’s request, the judges said they would take the matter under advisement and issue a ruling at a later date.

But there was at least one thing all parties agreed on: It is a highly unusual case.

Trump lawyer Jeffrey Wall called the president “a class of one” and Judge Susan L. Carney noted that it was “anomalous” for a defendant to seek to transfer a case to federal court after it has been decided in state court.

Carney was nominated to the 2nd Circuit by Democratic President Obama. The other judges who heard arguments, Raymond J. Lohier Jr. and Myrna Pérez, were nominated by Obama and Democratic President Biden, respectively.

The Republican president is asking the federal appeals court to intervene after a lower-court judge twice rejected the move. As part of the request, Trump wants the court to seize control of the criminal case and then ultimately decide his appeal of the verdict, which is now pending in a state appellate court.

Trump’s Justice Department — now partly run by his former criminal defense lawyers — backs his bid to move the case to federal court. If he loses, he could go to the U.S. Supreme Court.

“Everything about this cries out for federal court,” Wall argued.

Wall, a former acting U.S. solicitor general, argued that Trump’s historic prosecution violated the U.S. Supreme Court’s presidential immunity ruling, which was decided last July, about a month after the hush money verdict. The ruling reined in prosecutions of ex-presidents for official acts and restricted prosecutors from pointing to official acts as evidence that a president’s unofficial actions were illegal.

Trump’s lawyers argue that prosecutors rushed to trial instead of waiting for the Supreme Court’s presidential immunity decision, and that they erred by showing jurors evidence that should not have been allowed under the ruling, such as former White House staffers describing how Trump reacted to news coverage of the hush money deal and tweets he sent while president in 2018.

“The district attorney holds the keys in his hand,” Wall argued. “He doesn’t have to introduce this evidence.”

Steven Wu, the appellate chief for the district attorney’s office, countered that Trump was too late in seeking to move the case to federal court. Normally, such a request must be made within 30 days of an arraignment, but a federal appeals court in Washington, D.C., recently ruled that exceptions can be made if “good cause” is shown. Trump hasn’t done that, Wu argued.

While “this defendant is an unusual defendant,” Wu said, there is nothing unusual about a defendant raising subsequent court decisions, such as the Supreme Court’s immunity ruling for Trump, when they appeal their convictions. That appeal, he argued, should stay in state court.

Trump was convicted in May 2024 of 34 felony counts of falsifying business records to conceal a hush money payment to adult film actor Stormy Daniels, whose affair allegations threatened to upend his 2016 presidential campaign. Trump denies her claim and said he did nothing wrong. It was the only one of his four criminal cases to go to trial.

Trump’s lawyers first sought to move the case to federal court following his March 2023 indictment, arguing that federal officers including former presidents have the right to be tried in federal court for charges arising from “conduct performed while in office.” Part of the criminal case involved checks he wrote while he was president.

They tried again after his conviction, about two months after the Supreme Court issued its immunity ruling.

U.S. District Judge Alvin Hellerstein, who was nominated by Democratic President Clinton, denied both requests, ruling in part that Trump’s conviction involved his personal life, not his work as president.

Wu argued Wednesday that Trump and his lawyers should’ve acted more immediately after the Supreme Court ruled, and that by waiting they waived their right to seek a transfer. Wall responded that they delayed seeking to move the case to federal court because they were trying to resolve the matter by raising the immunity argument with the trial judge, Juan Merchan.

Merchan ultimately rejected Trump’s request to throw out the conviction on immunity grounds and sentenced him on Jan. 10 to an unconditional discharge, leaving his conviction intact but sparing him any punishment.

Sisak writes for the Associated Press.

These are the key events on day 1,204 of Russia’s war on Ukraine.

Here’s where things stand on Thursday, June 12:

Fighting

• A concentrated, nine-minute-long Russian drone attack on Ukraine’s second-largest city of Kharkiv in the middle of the night killed six people and injured 64, including nine children, Ukrainian officials have said.
• The Ukrainian military said it had struck a major Russian gunpowder plant in the western Tambov region overnight, causing a fire at the site.
• Russian mechanised infantry units have reached the western border of Ukraine’s Donetsk region and, along with a tank division, are continuing their offensive against the adjacent Dnipropetrovsk region, Russia’s Ministry of Defence said.
• Russia’s air defence systems destroyed 32 Ukrainian drones overnight, the Defence Ministry said on Wednesday. Half of the drones were downed over the southern Voronezh region, while the rest were intercepted over the Kursk, Tambov, Rostov region and the Crimean Peninsula.
• Ukraine has brought home the bodies of 1,212 soldiers killed in its war against Russia, Kyiv officials said. The Kremlin said Ukraine returned the bodies of 27 Russian soldiers.

Regional security

• Russia sent long-range Tu-22M3 bomber planes on a flight over the Baltic Sea, Russia’s Defence Ministry said, in what appeared to be a mission aimed at sending a message of business-as-usual following the stunning June 1 Ukrainian attack on Russian airbases in Siberia.
• Russia’s nuclear capability did not suffer significant damage due to the Ukrainian attacks on its airfields, and the scale of the damage has been exaggerated, the country’s Deputy Foreign Minister Sergei Ryabkov claimed.
• Russian President Vladimir Putin, speaking on state television, said 95 percent of weapons in Russia’s strategic nuclear forces were fully up to date.

International relations

• The United States ambassador to NATO, Matthew Whitaker, said the Ukrainian drone attack on Russian strategic bombers at their airbases earlier this month was “badass” but also “a little bit reckless, and a little bit dangerous”.
• Ukrainian President Volodymyr Zelenskyy, addressing a conference of southeast European leaders in the Black Sea port of Odesa, said Russia was determined to destroy the south of his country as well as nearby Moldova and Romania, as he called for increased pressure on Moscow to prevent further military threats.
• Serbia’s Kremlin-friendly populist President Aleksandar Vucic travelled to Odesa for the regional summit. It is the first time the leader has visited Ukraine during his 12 years in power.
• Finland’s Ministry for Foreign Affairs said it had summoned a Russian diplomat over a suspected June 10 violation of Finnish airspace by Russian aircraft, the second such event in under three weeks.
• Slovakia will not back the European Union’s 18th package of sanctions against Russia unless the European Commission provides a solution to the situation the country faces if the bloc phases out Russian energy as planned, the country’s Prime Minister Robert Fico has said.
• Germany’s imports of goods from Russia fell by 95 percent in the 2021-2024 period, while its exports of goods to Russia were cut by 72 percent, the country’s statistics office Destatis has reported.
• The EU as a whole cut its imports from Russia by 78 percent and exports by 65 percent over the same timeframe, leading to a trade deficit of 4.5 billion euros ($5.1bn) in 2024 compared with 147.5 billion euros ($170bn) in 2022, Destatis added.

Russian affairs

• A court in western Russia has ruled that opposition politician Lev Shlosberg be placed under house arrest for two months and face unspecified restrictions on his activities for “discrediting” the Russian army after describing the war in Ukraine as a game of “bloody chess”. He faces up to five years in prison if convicted.
• Russian dissident Leonid Volkov, a prominent ally of late opposition leader Alexey Navalny, was sentenced in absentia to 18 years in prison for spreading fake news about the war in Ukraine and “justifying terrorism”.

While the ruling does not order Khalil’s immediate release, it does undermine the US government’s case against Khalil.

A federal judge in New Jersey has ruled the administration of United States President Donald Trump cannot use an obscure law to detain Columbia University student Mahmoud Khalil for his pro-Palestine advocacy.

The ruling from US District Judge Michael Farbiarz on Wednesday cut to the core of the Trump administration’s justification for deporting Khalil, a permanent US resident. But it came short of ordering Khalil’s immediate release from detention.

Instead, Judge Farbiarz gave the administration until 9:30am local (13:30 GMT) on Friday to appeal. After that point, Khalil would be eligible for release on a $1 bail.

Nevertheless, the judge wrote that the administration was violating Khalil’s right to free speech by detaining and trying to deport him under a provision of the Immigration and Nationality Act of 1952. That provision allows the secretary of state to remove foreign nationals who bear “potentially serious adverse foreign policy consequences for the United States”.

Judge Farbiarz has previously signalled he believes that provision to be unconstitutional, contradicting the right to free speech.

“The petitioner’s career and reputation are being damaged and his speech is being chilled,” Farbiarz wrote on Wednesday. “This adds up to irreparable harm.”

Khalil was arrested on March 8 after immigration agents showed up at his student apartment building at Columbia University in New York City. After his arrest, the State Department revoked his green card. He has since been held at an immigration detention centre in Louisiana.

The administration has accused Khalil, a student protest leader, of anti-Semitism and supporting Hamas, but officials have offered no evidence to support their claims, either publicly or in court files.

Critics have instead argued that the administration is using such claims to silence all forms of pro-Palestine advocacy.

Like other student protesters targeted for deportation, Khalil is challenging his deportation in immigration court, while simultaneously challenging his arrest and detention in federal proceedings.

The latter is called a habeas corpus petition, and it asserts that the Trump administration has violated his civil liberties by unlawfully keeping him behind bars.

While students in the other high-profile cases — including Mohsen Mahdawi, Rumeysa Ozturk and Badar Khan Suri — have all been released from detention as their legal proceedings move forward, a ruling in Khalil’s case has been slower coming.

In April, an immigration judge had ruled that Khalil was deportable based on the State Department’s interpretation of the 1952 law, despite a written letter from US Secretary of State Marco Rubio providing no further evidence for the allegations made against him.

Immigration judges fall under the executive branch of the US government and are generally considered less independent than judges in the judicial branch.

Also that month, immigration authorities denied Khalil’s request for temporary release for his son’s birth.

In the case before the New Jersey federal court, meanwhile, the Trump administration has argued that Khalil was not fully transparent in his green card application, something his lawyers deny. But Judge Farbiarz indicated on Wednesday that it was unusual and “overwhelmingly unlikely” for permanent residents to be detained on such grounds.

The nightclub is being replaced with a permanent memorial to one of the US’s worst mass shootings in modern history.

Survivors and family members of the 49 victims killed at an LGBTQ+ friendly nightclub in the United States have gotten their first chance to walk through it before it is demolished and replaced with a permanent memorial to what at the time was considered the worst mass shooting in modern US history.

In small groups over four days starting Wednesday, survivors and family members of those killed plan to spend half an hour at the Pulse nightclub in Orlando, Florida, where Omar Mateen opened fire during a Latin night celebration on June 12, 2016, leaving 49 dead and 53 wounded. Mateen, who had pledged allegiance to ISIL (ISIS), was killed after a three-hour standoff with police.

The Pulse shooting‘s death toll was surpassed the following year when 58 people were killed and more than 850 injured among a crowd of 22,000 at a country music festival in Las Vegas.

The city of Orlando purchased the Pulse property in 2023 for $2m and plans to build a $12m permanent memorial that will open in 2027. These efforts follow a fumbled attempt to create a memorial over many years by a private foundation run by the club’s former owner.

The existing structure will be razed later this year.

“None of us thought that it would take nine years to get to this point, and we can’t go back and relitigate all of the failures along the way that have happened. But what we can do is control how we move forward together,” Orange County Mayor Jerry Demings said two weeks ago, when county commissioners pledged $5m to support the city of Orlando’s plan.

The opportunity to visit the nightclub comes on the ninth anniversary of the mass shooting.

About 250 survivors and family members of those killed have responded to the city’s invitation to walk through the nightclub this week. Families of the 49 people who were killed can visit the site with up to six people in their group, and survivors can bring one person with them. The club has been cleaned, and lighting has been installed ahead of the walk-throughs.

The people invited to visit are being given the chance to ask FBI agents who investigated the massacre about what happened.

Mental health counsellors will be available to talk to those who walk through the building in what could be both a healing and traumatic moment for them.

“The building may come down, and we may finally get a permanent memorial, but that doesn’t change the fact that this community has been scarred for life,” said Brandon Wolf, who survived the massacre by hiding in a bathroom as the gunman opened fire. He does not plan to visit the site.

“There are people inside the community who still need and will continue to need support and resources.”

Officials say death toll expected to rise as authorities launch search operation in the country’s Eastern Cape province.

At least 49 people have died in heavy flooding in South Africa’s Eastern Cape province after an extreme cold front brought torrential rain and blanketed snow in parts of the country, officials said.

Eastern Cape Premier Oscar Mabuyane said on Wednesday that the death toll, provided by police, is expected to rise as authorities continue to search for the missing.

“As we speak here, other bodies are being discovered,” Mabuyane told reporters at a briefing.

In one tragic incident, authorities reported the deaths of six high school students who were washed away on Tuesday when their school bus was caught in floodwaters near a river. Four other students were among the missing, Mabuyane said.

Authorities found the school bus earlier Wednesday, but it was empty. Three of the students were rescued on Tuesday when they were found clinging to trees, the provincial government said.

Disaster response teams have been activated in Eastern Cape province and the neighbouring KwaZulu-Natal province after torrential rain hit parts of southern and eastern South Africa over the weekend. Power outages have affected hundreds of thousands of homes, authorities said.

Eastern Cape officials said at least 58 schools and 20 hospitals were damaged by the floods. Approximately 500 people were taken to temporary shelters after their homes were washed away or damaged, they added.

“I have never seen something like this,” Mabuyane said.

South African President Cyril Ramaphosa offered his condolences to the affected families in a statement. His office said South Africa’s National Disaster Management Centre was now working with local authorities in the Eastern Cape.

Weather forecasters had warned for days prior that an especially strong weather front was heading for the eastern and southern parts of South Africa, bringing damaging rains in some parts and snow in others.

That Scottie Scheffler is the prohibitive favorite to win the U.S. Open this week at historic Oakmont Country Club surprises no one. He’s the top-ranked golfer in the world, winning three of his last four starts, including the PGA Championship.

That Scheffler deleted his Venmo account because bettors continually clicked the pay/request link on the mobile payment app and rudely demanded that he reimburse them when he didn’t win probably shouldn’t surprise anyone, either.

“I think everybody hears from fans whether they have a financial benefit or anything in their outcome,” Scheffler told reporters at the U.S. Open on Tuesday. “That’s why I had to get rid of my Venmo, because I was either getting paid by people or people requesting me a bunch of money when I didn’t win. It wasn’t a good feeling.”

Scheffler chuckled nervously when he said it, but athletes getting harassed by folks who lost money betting on their performances isn’t a laughing matter.

Ever since the U.S. Supreme Court in 2018 struck down a federal law that had prohibited most states from allowing sports betting, abuse toward athletes from bettors who blame them for their financial losses has soared. Gambling on sports is now legal in 39 states.

Houston Astros pitcher Lance McCullers Jr. and Boston Red Sox pitcher Liam Hendriks said recently that their families have received death threats on social media.

A man who lost money May 10 when McCullers gave up seven runs while recording only one out in a loss to the Cincinnati Reds threatened to “murder” McCullers’ two young daughters. Police traced the threats to an intoxicated man overseas who had lost money betting on the game.

“I understand people are very passionate and people love the Astros and love sports, but threatening to find my kids and murder them is a little bit tough to deal with,” McCullers said in an understatement. “There have been many, many threats over the years aimed at me mostly … but I think bringing kids into the equation, threatening to find them or next time they see us in public they’re going to stab my kids to death. Things like that are tough to hear as a dad.”

Hendriks posted on his Instagram story that he has received death threats while struggling to regain his form after missing nearly two years because of Non-Hodgkin Lymphoma and Tommy John surgery.

“Threats against my life and my wife’s life are horrible and cruel,” Hendriks wrote. “You need help. Comments telling me to commit suicide and how you wish I died from cancer are disgusting and vile. Maybe you should take a step back and re-evaluate your life’s purpose before hiding behind a screen attacking players and their families.

Hendriks later explained to reporters why he responded on social media.

“With the rise of sports gambling, it’s gotten a lot worse,” he said. “Unfortunately, that tends to be what it ends up being — whether it be Venmo requests, whether it be people telling you in their comments, ‘Hey, you blew my parlay. Go [f—-] yourself,’ kind of stuff.”

Some gamblers believe they can impact the outcomes of competition through harassment. FanDuel banned a man in Philadelphia after he bragged on social media about intimidating three-time Olympic gold medalist Gabby Thomas at a Grand Slam Track meet two weeks ago.

“I made Gabby lose by heckling her. And it made my parlay win,” he wrote on a post that included a screenshot of two bets on FanDuel.

Thomas responded by posting, “This grown man followed me around the track as I took pictures and signed autographs for fans (mostly children) shouting personal insults — anybody who enables him online is gross.”

College athletes are also targets, especially during high-volume betting events such as March Madness and the College Football Playoff.

The NCAA is lobbying for states to ban proposition bets on the performances of individual college athletes, saying it creates a temptation to compromise game integrity.

College athletes have long been considered more susceptible to taking money from gamblers than pro athletes because they are amateurs. That will soon change because of the passage last week of the House settlement, a revenue-sharing model that will allow universities to directly pay athletes up to $20.5 million per year.
Not to say paying college athletes will insulate them from disgruntled gamblers. The NCAA will continue to press for laws that could ban bettors from state-licensed sportsbooks if they are found guilty of harassment.

The sheer volume of betting makes policing the harassment and intimidation of athletes an enormous challenge. This year, it was estimated that $3 billion was legally wagered on the men’s and women’s NCAA basketball tournaments, according to the American Gaming Association (AGA), an increase of about 10% from 2024.

In an attempt to be proactive about harassment ahead of March Madness, the NCAA posted a public service announcement video titled “Don’t Be a Loser.”

“There’s losing and then there’s being a loser. Game time comes with enough pressure,” the video said. “Way too often, people are betting on sports, losing, and taking it out on the athletes. Only a loser would harass college athletes after losing a bet, but it happens almost every day.

“Root for your team, get crazy when the buzzer sounds, but don’t harass anyone because you lost a bet. It’s time we draw the line and put an end to the abuse.”

Scheffler drew the line by deleting his Venmo account, which had become just another means for gamblers to communicate with a prominent athlete. His career earnings exceed $150 million, according to Spotrac, but he said a handful of bettors had paid him “maybe a couple bucks here or there” via Venmo after he won tournaments and presumably lined their pockets as well.

“That didn’t happen nearly as much as the requests did,” Scheffler added.

Renewed violence by armed groups Boko Haram and ISIL (ISIS) has forced thousands of people to leave their homes in Nigeria.

Despite repeated government pledges, the military has been unable to end the unrest.

So why is it continuing – and what threats does it pose?

Presenter: 

Elizabeth Puranam

Guests: 

Kabir Adamu – Managing director at Beacon Security and Intelligence in Abuja

David Otto – Deputy director of counterterrorism training at the International Academy for the Fight Against Terrorism in Abidjan, Ivory Coast

Ovigwe Eguegu – Peace and security policy analyst at Development Reimagined in Abuja

Global Finance has released the results for the 2025 World’s Best Treasury & Cash Management Systems and Services Awards. This program is part of the 25th annual World’s Best Treasury & Cash Management  Providers awards, and a full report on the entire survey will be published in the July/August 2025 print and digital editions and online at GFMag.com. 

Global Finance used a multi-tiered assessment process—which included entries from banks and providers and input from industry analysts, corporate executives, technology experts and independent research—to select the treasury & cash management systems and services. A variety of subjective and objective criteria were considered, including profitability, market share and reach, customer service, competitive pricing, product innovation and the extent to which organizations have successfully differentiated themselves from their competitors around core service provision.

“Driven by digital advancements and demand for visibility, the Treasury and Cash Management sector is rapidly evolving,” said Joseph Giarraputo, founder and editorial director of Global Finance. “Corporations seek integrated platforms with automation and AI, while financial institutions offer innovative solutions for efficiency and transparency. The Treasury and Cash Management Awards recognize those excelling in this changing landscape.”

The list of Global Finance’s World’s Best Treasury & Cash Management Systems & Services Awards 2025 follows.

###

For editorial information, please contact Andrea Fiano, editor, [email protected]

Global Finance’s Transaction Banking Awards Ceremony 2025

On the morning of September 30, Global Finance will host its annual Transaction Banking Awards Ceremony at the Melia Frankfurt Hotel during the Sibos conference. Winning organizations will be notified about details in advance of the event.

About Global Finance

Global Finance, founded in 1987, has a circulation of 50,000 and readers in 193 countries and territories. Global Finance’s audience includes senior corporate and financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions. Its website — GFMag.com — offers analysis and articles that are the legacy of 38 years of experience in international financial markets. Global Finance is headquartered in New York, with offices around the world. Global Finance regularly selects the top performers among banks and other providers of financial services. These awards have become a trusted standard of excellence for the global financial community.

Logo Use Rights

To obtain rights to use Global Finance’s Award Logos, please contact Chris Giarraputo at: [email protected].

The unauthorized use of Global Finance Logos is strictly prohibited.

Wherever Israeli Prime Minister Benjamin Netanyahu looks, trouble seems to be looming.

Criticism of his government’s war on Gaza is mounting, with charges of genocide and war crimes coming from both foreign leaders and former Israeli prime ministers.

Internationally, Israel is looking increasingly isolated, as images of the starvation it is inflicting on Gaza flood global media.

Domestically, Netanyahu faces deep criticism of a war many believe he is only prolonging to stay in power.

Legally, the prosecution in his corruption trial has begun its cross-examination of him, while politically, he is facing a possible collapse of his governing coalition.

Netanyahu has never seemed so embattled in his career, but is this really the end for Israel’s longest-serving prime minister?

Here’s what we know.

Just how unpopular is Netanyahu with the Israeli public?

Very, and it’s growing.

Netanyahu has long been accused of manipulating the war in Gaza for his political ends, an accusation that gained new momentum since March, when Israel broke the ceasefire with the Palestinian group Hamas, further endangering the captives held in Gaza.

In late May, a poll for Channel 12 television showed a majority of Israelis thought Netanyahu cared more about retaining his grip on power than returning the captives.

Most of the protests held in Israel have focused on the captives taken during the Hamas-led assault of October 7, 2023, and how extending the war for political motivations endangers them.

But recently, a small but significant number of Israelis have also protested against the intense suffering their government is inflicting upon the people of Gaza. In addition to an open letter from the country’s academics denouncing Israel’s devastation of Gaza, a growing number of photographs of Palestinian children are being held by demonstrators as part of wider Saturday night protests against the war in Tel Aviv.

Even members of the military are growing unhappy with the war in Gaza.

As reports of reservists refusing to fight increased, open letters by current and former officers in various divisions appeared, calling for an end to the war.

What political criticism of Netanyahu has there been?

Two of Israel’s former prime ministers have recently publicly criticised Netanyahu.

Ehud Barak, a former general and prime minister from 1999 to 2001, said in Time magazine that Netanyahu must choose between a deal brokered by United States President Donald Trump to free the captives and end the war, or continuing with his politically motivated “war of deception”.

Ehud Olmert, prime minister from 2006 to 2009, wrote in Haaretz that Israel was guilty of having committed war crimes in Gaza and that: “This is now a private political war.”

“A sane country does not wage war against civilians, does not kill babies as a pastime, and does not engage in mass population displacement,” former general and leader of the Democrats party, Yair Golan, told local radio station Reshet Bet.

He was referring to the stated plans of far-right ministers like Finance Minister Bezalel Smotrich and National Security Minister Itamar Ben-Gvir to expel Palestinians from Gaza in order for Israelis to settle it.

Olmert added on Tuesday that Trump should tell Netanyahu that “enough is enough”.

What is the threat to Netanyahu’s coalition?

For years, Israel has been divided over the conscription of its ultra-Orthodox youth, who were exempt from military service if they were full-time students in religious schools or yeshivas.

In June 2024, Israel’s Supreme Court ruled that the exception could no longer apply, fulfilling a longstanding demand by secular Israelis who protested against the double standard.

But the leaders of the two ultra-Orthodox parties in the ruling coalition, Shas and United Torah Judaism (UTJ), are threatening to collapse the government unless it passes legislation that would override the Supreme Court decision. 

It is unclear whether elections would result in a parliament more sympathetic to the ultra-Orthodox, but recent developments, like plans to increase the number of conscription notices to ultra-Orthodox students, have pushed the issue to the fore.

How internationally isolated has Israel become?

Arab and European leaders have become increasingly vocal in their criticisms of Netanyahu and the war.

However, for now at least, he still has the vital support of the US and President Donald Trump.

In early May, Saudi Arabia and the Arab League slammed Netanyahu after he suggested that expelled Palestinians would be able to settle in Saudi territory.

Later the same month, Canada, France, and the United Kingdom, who had all previously supported Israel’s war on Gaza, issued a statement describing the level of human suffering in the enclave as “intolerable”.

Spain and Ireland, which, along with Norway, recognised a Palestinian state in May 2024, have also called for action to be taken against Israel and the Netanyahu government.

The UK, along with Australia, Canada, New Zealand and Norway, also announced on Tuesday that they would impose sanctions on Smotrich and Ben-Gvir.

How long Netanyahu will keep Trump’s support, however, is not clear, as speculation that the mercurial US president may be tiring of Netanyahu is widespread and growing.

And his legal problems?

Netanyahu has been embroiled in multiple corruption investigations since 2019. If he is found guilty, he faces jail, possibly up to 10 years.

His trial, which began in 2020, has faced numerous delays due to the COVID-19 pandemic and, more recently, the war on Gaza, which he is accused of extending and at times exacerbating precisely to avoid his trial.

Critics also say he is extending the war to avoid being held accountable for his government’s failings during the October 7 attack.

So, is time up for Benjamin Netanyahu?

Controversy and scandal have followed Netanyahu throughout his political career, and opposition to his rule is growing within Israel and parts of the West, yet he may still survive, observers say.

However, to do so, Netanyahu must retain US support for his government while sustaining a war that Trump appears to want ended.

“I don’t know if Netanyahu can come back from this,” one of his former aides, Mitchell Barak, told Al Jazeera in May.

“There’s a lot of talk about Netanyahu being at the end of his line … They’ve been saying that for years, and he’s still here … but I can’t see any more magic tricks that are available to him.”

Riots broke out in Northern Ireland’s Ballymena after two teenage boys appeared in court accused of attempted rape. Police say the violence, which left homes and vehicles burned and officers injured, was racially motivated, following reports the suspects required a Romanian interpreter in court.

Starving Palestinians in Gaza are flocking to controversial aid distribution centres in search of food. More than 150 aid-seekers have been killed – shot dead by Israeli forces and armed gangs. Soraya Lennie breaks down what’s going on at these sites.

The biggest temperature increases were recorded in the Middle East, West Asia, northeast Russia, and north Canada.

This year, the world experienced its second-warmest month of May since records began, the European Union’s Copernicus Climate Change Service (C3S) has said in a monthly bulletin.

Global surface temperatures last month averaged 1.4 degrees Celsius (2.5 degrees Fahrenheit) higher than in the 1850-1900 pre-industrial period, when humans began burning fossil fuels on an industrial scale, C3S said.

The latest data comes amid mixed momentum on climate action globally, with China and the EU reducing emissions as the Trump administration and technology companies increase their use of fossil fuels.

“Temperatures were most above average over western Antarctica, a large area of the Middle East and western Asia, northeastern Russia, and northern Canada,” the C3S bulletin added.

At 1.4C above pre-industrial levels, May was also the first month globally not to go over 1.5C (2.7F) in warming in 22 months.

“May 2025 breaks an unprecedentedly long sequence of months over 1.5C above pre-industrial,” said Carlo Buontempo, director of C3S.

“Whilst this may offer a brief respite for the planet, we do expect the 1.5C threshold to be exceeded again in the near future due to the continued warming of the climate system,” Buontempo said.

The increased temperatures were particularly felt in Pakistan’s Jacobabad city in Sindh province, where residents grappled with extreme temperatures in the high 40s, which sometimes reached 50C (122 F).

The soaring temperatures followed another heatwave last June that killed more than 560 people in southern Pakistan.

“While a heatwave that is around 20C might not sound like an extreme event from the experience of most people around the world, it is a really big deal for this part of the world,” Friederike Otto, associate professor in climate science at Imperial College London, told reporters.

“It affects the whole world massively,” Otto added. “Without climate change, this would have been impossible.”

In a separate report released on Wednesday, the World Weather Attribution (WWA) research collaboration said Greenland’s ice sheet melted 17 times faster than the past average during a May heatwave that also hit Iceland.

Mixed momentum on climate action

The latest data comes amid mixed progress on climate change action.

United States President Donald Trump has promised to “drill, baby, drill” during his presidency, even as his country faces increasingly severe weather events, like the fires that tore through California’s capital, Los Angeles, late last year. Emissions from technology companies are also surging, as expanding use of artificial intelligence (AI) and data centres drives up global electricity demand, according to a recent report from the United Nations International Telecommunication Union (ITU).

New analysis by the climate reporting site Carbon Brief found that China’s emissions may have peaked, as the country increased electricity supplies from new wind, solar, and nuclear capacity and reduced its reliance on coal and other fossil fuels.

“China’s emissions were down 1.6 percent year-on-year in the first quarter of 2025 and by 1 percent in the latest 12 months,” Carbon Brief reported last month.

“If this pattern is sustained, then it would herald a peak and sustained decline in China’s power-sector emissions,” it added.

The EU also announced last week that its 27 member states are well on track to meet their goal of a 55 percent reduction in greenhouse gas emissions by 2030.

“Emissions are down 37 percent since 1990, while the economy has grown nearly 70 percent — proving climate action and growth go hand in hand,” said Wopke Hoekstra, the EU’s commissioner for climate, net zero and clean growth.

In the Caribbean, leaders met recently to plan ways to restore the region’s mangrove forests, which help prevent climate change and protect from rising sea levels and intensifying storms.

A group of Black lawyers use a little-known law to win a case previously thought to have been lost. Their victory set a legal precedent still used in US courts today.

Five Black women from Chattanooga survived a shooting by members of the Ku Klux Klan in 1980. While the criminal courts handed a light sentence to the shooter and allowed two of the men to walk free, the women were adamant about holding the white supremacist group accountable for their crimes. Using legal ingenuity, the lawyers and the group of women devised a plan to bankrupt the Klan and bring justice to the community.

How to Sue the Klan is a documentary film by John Beder.

Police believe the 15-year-old arrested for the attempted murder of Senator Miguel Uribe was a hitman working for money.

A 15-year-old boy accused of trying to assassinate Colombian Senator and presidential candidate Miguel Uribe has pleaded “not guilty”, the prosecutor’s office said.

The teen was formally charged on Tuesday with the attempted murder of 39-year-old conservative presidential candidate Uribe, who was shot in the head on Saturday and is fighting for his life in critical condition in hospital.

The teenager – who police believe was a “sicario” or hitman working for money – was also charged with carrying a firearm.

“No family in Colombia should be going through this,” Uribe’s wife, Maria Claudia Tarazona, told reporters outside the hospital where her husband is being treated.

“There is no name for this – it’s not pain, it’s not horror, it’s not sadness,” she said.

The senator’s father, Miguel Uribe Londono, thanked the “millions of Colombians and people around the world for their prayers”.

“Miguel, amidst the pain and dismay that overwhelms us, has managed to unite this country in a single voice that rejects violence,” his father added.

It is not known why Senator Uribe, who was vying for the candidacy of his party, was attacked. He was polling well behind other party candidates at the time of the shooting.

Footage from the scene of the shooting showed Uribe addressing supporters in the west of the capital Bogota when a youth rushed towards him firing at least eight shots. Uribe was hit twice in the head and once in the leg.

The alleged attacker was apprehended by security guards and a Glock 9mm pistol was recovered.

In a video of the teen’s capture, independently verified by the Reuters news agency, the suspect can be heard shouting that he had been hired by a local drug dealer.

An earlier video showed that as the suspect, who was wounded, attempted to escape the scene, a voice could be heard shouting, “I did it for the money, for my family.”

But in court, the teenager rejected charges of attempted murder and illegal possession of a firearm, the attorney general’s office said. If convicted, he faces up to eight years in a rehabilitation centre, not prison, as he is a minor.

Also on Tuesday, Colombia was rocked by bomb and gun attacks in the country’s southwest where at least seven people were killed in a wave of violence that echoed earlier decades when attacks by armed fighters, paramilitary groups and drug traffickers were common.

The bomb and gun attacks were likely caused by an armed group that splintered from the Revolutionary Armed Forces of Colombia (FARC) rebels, according to the army and police.

Colombian President Gustavo Petro, meanwhile, has broadly pointed the finger at an international crime ring as being behind the attack on Uribe, without providing details or evidence.

Colombian Interior Minister Armando Benedetti suggested there may be a link with the assassination attempt as rebels have increasingly turned to drug trafficking to finance their activities, though he did not provide evidence.

President Petro has ordered beefed-up security for government officials and opposition leaders in response to the attacks.

Uribe had been a staunch critic of Petro’s security strategy, aimed at ending six decades of armed conflict, arguing that Petro’s approach of pausing offensives on armed groups despite the failure of peace talks only backfired.

The senator had two government-provided bodyguards protecting him at the time of the shooting, the head of the National Protection Unit said.

Uribe’s lawyer, Víctor Mosquera, said his client had repeatedly asked for more bodyguards.

BREAKINGBREAKING,

Karen Bass says curfew for part of downtown area will take effect from 8pm local time (03:00 GMT Wednesday).

Los Angeles Mayor Karen Bass has announced a curfew for a small part of downtown Los Angeles amid protests against United States President Donald Trump’s immigration crackdown.

The curfew will apply to an area of 1 square mile (2.6km) and be effect from 8pm on Tuesday to 6am on Wednesday, local time (03:00 GMT to 13:00 GMT Wednesday), Bass said during a news conference.

“Many businesses have now been affected or vandalised. Last night, there were 23 businesses that were looted and I think if you drive through downtown LA, the graffiti is everywhere and has caused significant damages to businesses and a number of properties,” Bass said.

“So my message to you is: If you do not live or work in downtown LA, avoid the area. Law enforcement will arrest individuals who break the curfew and you will be prosecuted.”

Bass said she expects the curfew to remain in effect for several days, but stressed that the order only applies to a small portion of the city, which covers 502 square miles.

“I think it is important to point this out, not to minimise the vandalism and violence that has taken place there – it has been significant – because it is extremely important to know that what is happening in this one square mile is not affecting the city,” Bass said.

“Some of the imagery of the protests and the violence gives the appearance that this is a city-wide crisis and it is not.”

More to follow…

The announcement marks the first time direct Libyan involvement in Sudan’s ongoing war has been alleged.

The Sudanese army has accused the forces of eastern Libyan military commander Khalifa Haftar of attacking Sudanese border posts, the first time it has accused its northwestern neighbour of direct involvement in the country’s civil war, now in its third year.

The war between the Sudanese army and the paramilitary Rapid Support Forces (RSF), whom the military also accused of joint involvement in the recent attack, has drawn in multiple countries, while international attempts at bringing about peace have so far failed.

Early in the war, Sudan had accused Haftar of supporting the RSF via weapons deliveries. It has long accused Haftar’s ally the United Arab Emirates of supporting the RSF as well, including via direct drone strikes last month. The UAE denies those allegations.

Egypt, which has also backed Haftar, has long supported the Sudanese army.

In a statement, Sudanese army spokesman Nabil Abdallah said the attack took place in the Libya-Egypt-Sudan border triangle, an area to the north of one of the war’s main front lines, el-Fasher, the capital of North Darfur.

He said the attack constitutes “a blatant aggression against Sudan”.

“We will defend our country and our national sovereignty, and will prevail, regardless of the extent of the conspiracy and aggression supported by the United Arab Emirates and its militias in the region,” Abdallah added.

Sudan’s Ministry of Foreign Affairs accused the UAE of backing the assault, describing it as a “dangerous escalation” and a “flagrant violation of international law”.

“Sudan’s border with Libya has long served as a major corridor for weapons and mercenaries supporting the terrorist militia, funded by the UAE and coordinated by Haftar’s forces and affiliated terrorist groups,” it said in a statement.

There was no immediate response from Haftar’s forces.

The RSF has not issued an official statement, but a source within the group said that its fighters had taken control on Monday of the entrance to Jebel Uweinat, a remote mountain area that sits where the three countries meet, according to the AFP news agency.