policy

Analysis: Israel’s allies grapple with bid for ICC warrant against Netanyahu

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Analysis: Israel’s allies grapple with bid for ICC warrant against Netanyahu

International Criminal Court Prosecutor Karim Khan has requested an arrest warrant against Israeli Prime Minister Benjamin Netanyahu, causing a diplomatic dilemma for key member states who must balance support for Israel with backing the ICC’s actions. Some capitals, such as Paris, London, and Berlin, were informed beforehand about the plans, but many have not disclosed how they will respond if warrants are issued. Germany, in particular, faces challenges due to its support for Israel’s security and the ICC prosecutor’s independence. U.S. President Joe Biden and Secretary of State Antony Blinken have criticized the move, while European countries like Britain and Italy are divided over the issue. The ICC has jurisdiction over the conflict between Israel and Hamas since October 7, 2022, despite Israel not being a member of the court. The international community’s response to the arrest warrants will be crucial for the ICC’s credibility and the rule of law.

Markets await UK CPI, FOMC minutes

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Markets await UK CPI, FOMC minutes

The GBPUSD pair is trading around 1.2710 as financial markets await the release of the UK Consumer Price Index (CPI) and FOMC Minutes. Federal Reserve officials are cautious about the timing of interest rate cuts due to hotter-than-expected inflation data. Bank of England Governor Andrew Bailey expects a rate cut in the future. The UK CPI is estimated to show a decrease in April compared to the previous meeting. The reports could impact the timing of the first rate cut.

Globe editorial: The Liberals are ripping up Canada’s trump card for productivity growth

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Globe editorial: The Liberals are ripping up Canada’s trump card for productivity growth

The Trudeau government introduced the Accelerated Investment Initiative in late 2018 to encourage corporate investment by allowing companies to expense the cost of new equipment and systems. However, the policy is set to expire by 2028, leading to an increase in effective tax rates on new investments. The Liberals are focusing on redistributionist efforts and targeted tax credits, rather than extending the sector-neutral accelerated capital-cost allowances program. This approach limits the impact on productivity-enhancing assets and may hinder overall economic growth.

New Report Identifies Challenges with Global Minimum Tax Implementation in the EU

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New Report Identifies Challenges with Global Minimum Tax Implementation in the EU

Fact: European Union Member States are in the process of implementing the global minimum tax in line with a directive unanimously agreed to at the end of 2022.

Papadopoulos challenges Elam to debate

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Papadopoulos challenges Elam to debate

Diko leader Nicholas Papadopoulos challenged Elam leader Christos Christou to a debate over the latter’s alleged proposal to give passports to immigrants so they leave the country. Elam’s only response to the challenge was that their positions had been distorted. Interior Minister Constantinos Ioannou condemned the idea, describing it as dangerous and unrealistic.

Other View: Biden tax plan would pummel average Americans

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Other View: Biden tax plan would pummel average Americans

President Joe Biden’s 2025 budget blueprint includes plans to increase corporate taxes, which could ultimately cost low- and middle-income Americans more money than if their income tax rates were raised. The budget calls for record spending, soaring debt, and trillion-dollar deficits, despite promises not to increase taxes on those earning less than 0,000 a year. The plan is similar to Sen. Bernie Sanders’ approach and aims to target corporations, but economists argue that corporations pass on tax costs to consumers, impacting employees and investors, including those with pension plans and retirement accounts. Republicans may use these economic realities in the upcoming campaign.

Dollar juggles as Fed officials support higher-for-longer

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Dollar juggles as Fed officials support higher-for-longer

EURUSD is trading near 1.0850 in a tight range as the US Dollar stabilizes ahead of the FOMC Minutes and preliminary S&P Global PMI data. ECB policymakers are considering extending the rate-cut cycle, while Fed officials are emphasizing the need to maintain a restrictive policy framework. US inflation declined in April, and policymakers want to see more good inflation data before making any changes to monetary policy. Fed Vice Chair Barr and Atlanta Fed President Bostic both expressed the need for more time to be certain that inflation will reach the 2% target.

Iranian President Raisi, ’s memorial muted amid public discontent

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Iranian President Raisi, ’s memorial muted amid public discontent

Fact: President Ebrahim Raisi of Iran was killed in a helicopter crash near the Azerbaijan border along with his foreign minister and seven others.

Small island states secure historic,  climate win at international ocean court

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Small island states secure historic,  climate win at international ocean court

A group of small island states, including Antigua and Barbuda and the Bahamas, secured a win on climate change in an international court. The International Tribunal for the Law of the Sea (ITLOS) stated that greenhouse gas emissions absorbed by the ocean are considered marine pollution, and countries are obligated to protect marine environments beyond the requirements of the Paris climate agreement. The opinion is not legally binding but can guide countries in their climate policy and serve as legal precedent in other cases.

PAM award recognises CyI for climate crisis work

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PAM award recognises CyI for climate crisis work

The Cyprus Institute (CyI) won a Parliamentary Assembly of the Mediterranean (PAM) Award for its research and educational activities addressing the climate crisis in the Eastern Mediterranean and Middle East (EMME) region.