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Month: May 2023

Czech Republic Advances to IIHF World Championship Quarterfinals

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The Czech Republic’s national hockey team has secured a spot in the quarterfinals of the IIHF World Championship with a 2:0 victory over Norway on Saturday. The Czechs, who are currently ranked fourth in the world, have been in impressive form throughout the tournament, having won all three of their group stage matches.

The Czechs will now face Switzerland on Sunday evening in their final group stage match. The Swiss team is currently ranked fifth in the world and will be looking to secure a spot in the quarterfinals with a win.

The Czechs will then face Canada in their final group stage match on Tuesday. Canada is currently ranked second in the world and will be looking to secure a spot in the quarterfinals with a win.

The Czechs have been in impressive form throughout the tournament and will be looking to continue their winning streak in the quarterfinals. With a strong team and a good chance of progressing to the semi-finals, the Czechs are sure to be a force to be reckoned with in the upcoming matches.

France’s Protest Against Pensions Law: Clanging Saucepans

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For weeks, protesters across France have been banging pots and pans in a deafening racket to express their frustration over President Emmanuel Macron’s pension changes. The casserolades, as they are known, have disrupted or stopped dozens of visits by ministers to schools and factories. The kitchenware has become the symbol of a broader discontent in France after months of large street demonstrations failed to push the government to back down on the pension changes. The pan beating has also become a centuries-long protest tradition in France, with people banging pots and pans to demand greater freedoms. The casserolades reflect a desire to deafen and respond with noise to a political discourse that is not being heard. The protests are a reminder that the French people are determined to keep up the fight against the unpopular pension overhaul.

Russia Imposes Sanctions on Trump Adversaries in the U.S.

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Russia has imposed sanctions on 500 people, including several Americans seen as adversaries of former President Donald J. Trump. The list includes New York Attorney General Letitia James, Justice Department Special Counsel Jack Smith, Georgia Secretary of State Brad Raffensperger, and Capitol Police Officer Michael Byrd. The Russian Foreign Ministry offered no specific explanation for why they were included, but did say that among its targets were “those in government and law enforcement agencies who are directly involved in the persecution of dissidents in the wake of the so-called storming of the Capitol.” The sanctions are likely to have little effect on the individuals, as none of them are known to have assets in Russia or plans to travel there. However, the move is seen as a tit-for-tat retaliation for the latest curbs imposed by the United States, and a sign that President Vladimir V. Putin of Russia is adopting perceived enemies of Mr. Trump as his own.

G7 Leaders Convene in Japan as Biden Pledges Further Support for Ukraine

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At the G7 Summit in Hiroshima, Japan, President Biden and other world leaders rallied around Ukraine with promises of military aid and support. President Volodomyr Zelensky of Ukraine made an audacious journey to the summit to solicit aid for his war-torn homeland. Mr. Biden announced an additional $375 million in artillery, ammunition and other arms for Ukraine, and reversed his decision to make it possible for Ukraine to obtain F-16 warplanes. Prime Minister Fumio Kishida of Japan hoped to use the meeting to rejuvenate stalled efforts to eliminate nuclear weapons. Meanwhile, China sharply denounced the G7 summit, warning the leaders against pressing Beijing about Taiwan, economic coercion and other contentious topics. The G7 leaders sent a strong message of solidarity for Ukraine, while Russia responded by positioning two warships and two submarines in the Black Sea.

Exploring the Benefits of Therapy

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Millions of Americans turn to talk therapy for help with mental health issues, but does it really work? It’s a surprisingly difficult question to answer. Research has been mixed, with some studies finding that therapy has a higher chance of helping than not, while other research has shown more limited results. It likely comes down to individual preferences, as a therapist or type of therapy that works for one person might not align with someone else’s personality or problems. The New York Times Magazine’s therapy issue, published this week, dives into the evidence for different kinds of therapy and how therapists are trying to improve. Read the full issue to learn more about the evidence for talk therapy and how it can help.

Employees of Credit Suisse to Take Legal Action Against Swiss Regulator for Denied AT1 Bonuses-FT

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Credit Suisse staff are reportedly preparing to take legal action against the Swiss financial regulator, Finma, over $400 million of bonuses that were canceled after the troubled lender’s rescue by UBS Group AG. Law firms Quinn Emanuel and Pallas have received multiple requests from senior managers at Credit Suisse to take legal action on their behalf.

The Swiss regulator had decided to render around $18 billion of Credit Suisse’s Additional Tier 1 (AT1) debt worthless, which triggered hundreds of lawsuits. Following this, the Federal Council instructed Credit Suisse to cancel or reduce all outstanding bonus payments for the top three levels of management and examine whether those already paid can be recovered.

The legal action is expected to be a test case for the Swiss banking law, which allows the Federal Council to impose bonus-related measures on a systemically important bank if it received state aid from federal funds. Credit Suisse, Finma and the law firms have declined to comment on the matter.

S&P/ASX 200 Closes Lower; Australian Stocks Down 0.22%

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The S&P/ASX 200 closed lower on Monday, as losses in the A-REITs, Telecoms Services and Financials sectors weighed on the index. St Barbara Ltd (ASX:SBM) was the best performer, rising 3.42%, while EML Payments Ltd (ASX:EML) was the worst, falling 4.41%. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 3.83%. Gold Futures for June delivery was down 0.16%, while Crude oil for delivery in July fell 0.38%. The AUD/USD was unchanged, while the AUD/JPY fell 0.25%. The US Dollar Index Futures was down 0.01%.

US-China Trade Dispute Rekindled by Micron Ban, Sparking Chip Rally in Asia

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Tensions between the US and China have been escalating in recent months, with Beijing’s move to bar US firm Micron Technology Inc from selling memory chips to key domestic industries ramping up the trade spat. China’s cyberspace regulator said late on Sunday that Micron, the biggest US memory chipmaker, had failed its network security review and that it would block operators of key infrastructure from buying from the company.

Analysts said they saw limited direct impact on Micron, as most of its key customers in China are consumer electronics players, but warned the move could prompt some companies to rid their supply chains of Micron products due to political risks. The US Commerce Department said it firmly opposed the restrictions and would engage with key allies and partners to address distortions of the memory chip market caused by China’s actions.

Shares in companies including Gigadevice Semiconductors, Ingenic Semiconductor, Shenzhen Kaifa technology opened up between 3% and 8% on Monday, as state media reported that domestic players could benefit from the move. Micron’s major rivals also saw their shares gain, with South Korea’s Samsung Electronics and SK Hynix up 0.9% and 2.1%, respectively. Analysts expect limited impact on Micron, as its exposure to the enterprise and cloud server segment is relatively small.

China has gradually reduced its reliance on foreign-made chips in a multi-year campaign to boost its self-sufficiency. The US Commerce Department said it would speak directly with authorities in Beijing to clarify their actions.

Nikkei 225 Rises 0.90% at End of Trading Day in Japan

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Japan stocks closed higher on Monday, with the Nikkei 225 index reaching a new 5-year high. Gains in the Transportation Equipment, Machinery and Chemical sectors led the index higher. Fujikura Ltd. was the best performer of the session, rising 7.58%, while Toyo Seikan Group Holdings, Ltd. was the worst, falling 2.92%.

Tokio Marine Holdings, Inc. hit an all-time high, rising 5.72%. Crude oil for July delivery was down 0.61%, while the June Gold Futures contract fell 0.18%. The US Dollar Index Futures was up 0.04%.

Overall, the Nikkei 225 gained 0.90%, closing at a new 5-year high.

NatWest Share Sale of $1.59 Billion by Britain

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NatWest, the British state-backed bank, has agreed to buy 1.3 billion pounds ($1.6 billion) worth of its shares back from the government. This deal will reduce the government’s stake in the former Royal Bank of Scotland to 38.69%. The lender returned to majority private ownership in March 2022 after a similar block sale.

The government has a target of fully returning NatWest to private ownership by 2026. This is the sixth block sale of NatWest stock to date and reduces government ownership below 40%.

“Today’s sale is another major milestone in returning NatWest to full private ownership as promised,” said Andrew Griffith, economic secretary to the Treasury. NatWest CEO Alison Rose added that the transaction “demonstrates positive progress on the bank’s strategic priorities and the path to privatisation”.

Britain owned 84% of NatWest at the peak of its ownership after it bailed out the bank in 2008. The sale announced on Monday is a step closer to the bank’s full privatisation.