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Russian Court Blocks Raiffeisen Bank’s Sale of Local Unit by Freezing Shares

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A Russian court has frozen shares in Raiffeisen Bank International’s (RBI) local subsidiary, the largest Western bank operating in Russia announced on Thursday. This move effectively blocks the sale of the unit and intensifies the standoff between Moscow and Western financial institutions.

Austria-based RBI had previously committed to spinning off its Russian business, which serves as a crucial payment conduit for hundreds of companies in the country. The bank had come under pressure from international regulators to divest its Russian operations following the outbreak of war between Russia and Ukraine. However, more than two years into the conflict, little progress has been made toward this goal.

A spokesperson for Raiffeisen confirmed that the Russian court’s decision precludes a sale of the bank but emphasized that it would not impact the Russian subsidiary’s operations or efforts demanded by the European Central Bank to reduce its presence in the country. “We can still appoint management and give instructions to the Russians but we cannot sell the bank,” the spokesperson stated.

RBI has announced its intention to challenge the court decision, which represents the most significant asset freeze involving a Western bank in Russia to date. The bank’s Russian operations have become a litmus test for Western resolve to sever ties with Russia, given its substantial presence in the country. RBI serves approximately 2,600 corporate customers, 4 million local account holders, and employs 10,000 staff in Russia.

The freeze is reportedly linked to a recent claim by Russian investment holding company Rasperia against Strabag and its Austrian shareholders, including the Raiffeisen unit. However, the bank itself is not accused of any wrongdoing.

RBI’s Russian business has become increasingly profitable since the start of the Ukraine war in 2022, accounting for about half of the group’s profits in the first quarter of this year as fees on international payments spiked. This profitability has complicated efforts to divest from the country.

The European Central Bank has been pressuring RBI to reduce its Russian operations, reflecting broader Western efforts to isolate Russia economically. However, Russian authorities have made it clear that they wish for RBI to maintain its presence, as it facilitates international payments for millions of Russian customers.

This court decision comes in the wake of other complications for RBI, including an investigation by the U.S. Treasury’s Office of Foreign Assets Control into the bank’s Russian activities, which began in early 2023. The bank had also recently abandoned plans to acquire a stake in Vienna-based construction group Strabag from a company reportedly controlled by sanctioned Russian oligarch Oleg Deripaska, following pressure from Washington.

As the situation unfolds, it highlights the complex challenges Western financial institutions face in navigating the geopolitical tensions between Russia and the West, balancing regulatory pressures, economic interests, and the practical realities of operating in a sanctioned environment.

Reuters

Canadian Opposition Party Ends Support for Trudeau, Raising Possibility of Early Election

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The possibility of an early Canadian election has increased following the New Democratic Party’s (NDP) decision to withdraw its unconditional support for Prime Minister Justin Trudeau’s minority Liberal government, NDP leader Jagmeet Singh announced on Thursday.

Singh’s statement comes after the NDP ended its 2022 agreement to automatically back Trudeau, forcing the Prime Minister to seek new alliances to maintain power until the mandated federal vote in October 2025. The NDP leader cited the achievement of many of the party’s social spending goals as a reason for terminating the agreement.

“I’ve ripped up the agreement with Justin Trudeau, and I know that means that an election is now more likely as a result. We are ready to fight an election whenever it happens,” Singh told reporters in Toronto. He also expressed dissatisfaction with the Liberal government’s recent decision to force railway employees back to work, calling it “a horrible decision.”

The political landscape in Canada has shifted significantly, with polls indicating that Trudeau’s Liberals would face a substantial defeat if an election were held now. The official opposition Conservative Party, led by Pierre Poilievre, has gained considerable ground, benefiting from increasing voter fatigue with Trudeau, who first took office in November 2015, and growing discontent over high prices and a housing shortage.

Trudeau’s position was further weakened on Thursday when his close aide Jeremy Broadhurst, who was set to run the Liberals’ election campaign, announced his resignation. While Broadhurst cited family reasons for his departure, sources quoted by the Toronto Star suggested he doubted Trudeau’s ability to secure another victory.

An Ekos poll released on August 21 placed the Conservatives at 38.2% public support, a level that could secure a majority government given the vote-splitting among left-of-center parties. The Liberals trailed at 23.7%, with the NDP at 18.2%.

Despite the increased likelihood of an early election, Trudeau’s government remains safe for now. It can only be defeated if opposition parties unite in a no-confidence vote. Singh has not committed to voting against Trudeau, stating that his party would decide on an issue-by-issue basis.

The NDP faces a strategic dilemma in the coming months. Supporting or abstaining from a confidence vote could allow the Conservatives to portray Singh as weak, while voting to bring down Trudeau could trigger an election at a time when polls show weak support for the NDP.

Shachi Kurl, president of the Angus Reid polling firm, noted that voters were not crediting the NDP for increased social program spending, and the party was suffering from its close association with Trudeau. “Unless you start to see somehow the NDP surging, is it really in the party’s interests, or in Jagmeet Singh’s interests, to trigger an election?” Kurl questioned.

A senior Liberal party official, speaking anonymously, stated that the party was not planning to engineer an early election and aimed to remain in power until October 2025. Trudeau himself dismissed talk of an early election on Wednesday.

As Canada’s political landscape continues to evolve, all eyes will be on the interactions between the major parties and any potential moves towards a no-confidence vote or early election call.

Atlanta Rapper Rich Homie Quan Dies at 34, Leaving Legacy in Trap Music

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Rich Homie Quan, the Atlanta-based rapper who rose to fame with trap music hits like “Type of Way” and “Flex (Ooh, Ooh, Ooh),” has died at the age of 34, leaving behind a significant legacy in the hip-hop community.

The Fulton County Medical Examiner’s office confirmed to The Associated Press that Quan, whose legal name was Dequantes Devontay Lamar, passed away at an Atlanta hospital. Jimmy Sadler, senior medical examiner investigator, reported that they were informed of the rapper’s death on Thursday. The cause of death remains unknown, with an autopsy scheduled for Friday.

Quan emerged as one of hip-hop’s most prominent figures in the mid-2010s. His breakthrough came in 2013 with the release of “Type of Way,” a song that garnered such widespread appeal that it spawned remixes featuring established artists like Jeezy and Meek Mill.

The rapper’s success continued with collaborations like “Lifestyle,” produced by London on da Track and featuring Young Thug and Birdman as part of the Rich Gang collective. His highest-charting solo single, “Flex (Ooh, Ooh, Ooh),” produced by DJ Spinz and Nitti Beatz, peaked at No. 26 on the Billboard Hot 100 chart.

In 2018, Quan released his first and only studio album, “Rich as in Spirit,” which notably featured minimal guest appearances, with Rick Ross being the exception on the track “Think About It.”

During a 2022 interview with The Associated Press, Quan discussed his return to music after an unexpected hiatus, citing legal issues with the independent label T.I.G. (Think It’s a Game Record). He also addressed the ongoing legal situation of his former collaborator Young Thug, expressing concern over the targeting of rappers by law enforcement.

“I wouldn’t say unfairly targeted because at the same time, some of these rappers are putting guns in videos and, you know, it’s like social media — it goes back to the social media thing,” Quan stated, reflecting on the complex relationship between hip-hop culture and law enforcement scrutiny.

Throughout his career, Quan was known for his storytelling approach to lyrics, often providing vivid narratives without explicit details. This style set him apart in the trap music genre and contributed to his widespread appeal.

As news of his passing spreads, the music industry and fans alike are left to reflect on Rich Homie Quan’s contributions to hip-hop and the indelible mark he left on trap music during his brief but impactful career.

AP

Aurora Police Refute Claims of Venezuelan Gang Takeover in Denver Suburb

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Police in Aurora, a Denver suburb, have denied claims that a Venezuelan street gang has taken control of a rundown apartment complex, contradicting allegations that have gained traction among conservatives and were amplified by former President Donald Trump.

The unsubstantiated claim gained momentum following the circulation of a video showing armed men knocking on an apartment door, fueling fears that the Tren de Aragua gang had seized control of the six-building complex.

Interim Aurora Police Chief Heather Morris visited the apartments and stated that gang members had not taken over and were not collecting rent. This contradicts earlier statements by Aurora Mayor Mike Coffman, who had claimed that “criminal elements” had taken over some unspecified buildings and were extorting residents.

Police have linked 10 people to Tren de Aragua and arrested six of them, including suspects in a July attempted homicide. However, they maintain that the gang does not control the apartment complex.

The situation has become a focal point in the broader debate over immigration. During a Fox News town hall on Wednesday, Trump overstated the gang’s presence, claiming, “Venezuelans are taking over the whole town, they’re taking over buildings, the whole town.”

Experts, including Jeremy McDermott of InSight Crime, have found no evidence that Tren de Aragua has established an organizational structure in the U.S., despite the presence of some suspected gang members among Venezuelan migrants.

Many immigrants living in the Aurora complex deny the presence of gangs and instead blame property manager CBZ Management for poor living conditions, including pest infestations and constant water leaks.

Aurora officials have stated they are taking the Venezuelan gang’s presence seriously and indicated more arrests were expected. They also pledged to address issues caused by “absentee, out-of-state owners” of the properties.

The police have announced a task force with local, state, and federal agencies to address concerns about Tren de Aragua and other criminal activity affecting migrant communities.

Cristiano Ronaldo Makes History with 900th Career Goal in Portugal vs. Croatia Match

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Cristiano Ronaldo has etched his name further into football history by becoming the first player ever to score 900 career goals. The 39-year-old Portuguese icon reached this unprecedented milestone during Portugal’s Nations League match against Croatia on Thursday.

Ronaldo’s historic 900th goal came in typical fashion, with the striker lurking at the back post to convert a precise cross from the left flank. Rafael Leao, the AC Milan star, provided the assist, delivering a pinpoint cross that Ronaldo calmly tapped home, putting Portugal 2-0 up in the process.

The goal’s significance extends far beyond this single match, representing a career achievement that spans over two decades of top-level football. Ronaldo’s journey to 900 goals began on October 7, 2002, when he scored his first professional goal for Sporting Lisbon against Moreirense.

Ronaldo’s goal-scoring milestones paint a picture of his remarkable consistency:

– 100 goals: Reached on January 27, 2008, against Tottenham Hotspur

– 500 goals: Achieved on September 30, 2015, versus Malmo in the Champions League

– 900 goals: Scored against Croatia in the Nations League, 2024

The breakdown of Ronaldo’s 900 goals showcases his impact across different teams:

– Real Madrid: 450 goals in 438 matches

– Manchester United: 145 goals in 346 games

– Juventus: Over 100 goals in just three years

– Portugal National Team: 130 goals, with his first coming in Euro 2004

Notably, Ronaldo has scored the majority of his goals (362) from the left wing position, with 285 as a center forward and 83 from the right wing. His 140 Champions League goals stand as a record that may never be surpassed.

As Ronaldo continues to set new benchmarks, speculation grows about whether he can reach the 1,000-goal mark. While his playing career may be in its twilight, Ronaldo’s recent focus on connecting with fans through social media platforms suggests he’s preparing for life beyond the pitch.

The football world now watches to see if this living legend, often debated as the greatest player of all time, can extend his career long enough to achieve yet another seemingly impossible feat: 1,000 career goals.

Chelsea Omits Cole Palmer from European Squad to Manage Workload

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Chelsea has left Cole Palmer, their 22-year-old England star, out of the squad for the opening stages of the UEFA Conference League. The decision aims to manage Palmer’s minutes in a season that could potentially run until mid-July due to Chelsea’s participation in the expanded Club World Cup in the United States.

Palmer, who scored in England’s Euro 2024 final defeat by Spain just 33 days before the Premier League season began, has also withdrawn from the England squad for upcoming Nations League matches against the Republic of Ireland and Finland.

The club’s decision extends to other players as well. Romeo Lavia and Wesley Fofana were also omitted from the European squad, reportedly for “load management” reasons. Chelsea is set to participate in the new Club World Cup, scheduled from June 15th to July 13th in the United States.

This move comes amid growing concerns about player welfare. On Thursday, FIFPro, the global footballers’ union, stated that football’s governing bodies are “failing to meet their duty of care” towards players by denying them sufficient rest as tournaments continue to expand. The union has suggested implementing a guaranteed minimum amount of time off and even introducing a maximum number of games for players.

Palmer’s situation exemplifies these concerns, having played 57 matches for club and country last season. The head of England’s Professional Footballers’ Association has pointed to the impressive form of Manchester City’s Erling Haaland and Liverpool’s Mohamed Salah, both of whom had a summer break from international commitments, as evidence of the benefits of rest periods for players.

In the UEFA Conference League, Chelsea will face Gent, Panathinaikos, FC Noah, Heidenheim, Astana, and Shamrock Rovers in the new league phase of UEFA’s third-tier European club competition. Despite his current exclusion, Palmer could still be added to the Blues squad for later stages should the team progress in the tournament.

Two Nigerian Brothers Sentenced to 17 Years in US for Fatal Sextortion Internet Scam

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Two brothers from Lagos, Nigeria, have been sentenced to 17 years and six months in prison by a U.S. court for their roles in a sextortion scam that led to the suicide of a 17-year-old Michigan teenager. The case marks the first successful prosecution of Nigerians for sextortion in the United States, where such cybercrime is rapidly growing and often linked to Nigeria.

Samuel Ogoshi, 24, and Samson Ogoshi, 21, pleaded guilty in April to conspiring to sexually exploit teenage boys in Michigan and across the U.S. The brothers lured Jordan DeMay into sending explicit images by posing as a girl his age on Instagram, then blackmailed him. DeMay took his own life less than six hours after the initial contact.

In the Marquette federal court, Jordan’s mother, Jenn Buta, held pictures of her son and wept as she read a victim impact statement. “I am shattered to my core,” she said. John DeMay, Jordan’s father, told the court he still has nightmares after finding his son dead in his bedroom, leading the family to move to escape the memory.

The Ogoshi brothers, dressed in orange jumpsuits and handcuffs, apologized to Jordan’s family in court. “I’m sorry to the family. We made a bad decision to make money and I wish I could change that,” Samson Ogoshi said. Their defense attorneys argued that the brothers’ crimes were fueled by drug abuse and the sextortion scam culture in Nigeria.

The judge stated that the crimes showed a “callous disregard for life,” particularly as the brothers continued targeting other victims after learning of Jordan’s death. The investigation identified 38 other U.S. victims, including 13 minors.

This case represents a significant breakthrough in combating international cybercrime. U.S. police tracked the criminals to Lagos last summer and successfully extradited them for trial, setting a precedent for future cases. Another Nigerian man linked to Jordan’s death and other cases is currently fighting extradition.

The sentencing has resonated in Nigeria, where cybercrime has become a significant issue. Professor Adedeji Oyenuga from Lagos State University expressed hope that news of the sentences would deter potential criminals. “The Ogoshis case has already sent a bad signal. I am hearing from street level that it is having an effect,” he said.

Dr. Tombari Sibe from Digital Footprints Nigeria emphasized the need for widespread coverage of the case to show young people that sextortion can lead to loss of life and long prison sentences. The case highlights the ongoing challenge of cybercrime in Nigeria, where such activities have become normalized among some youth.

As the U.S. and other countries grapple with the rise of sextortion crimes, this case serves as a stark reminder of the real-world consequences of online exploitation and the international efforts required to combat it.

bbc.com

Libya’s Oil Exports Remain Largely Halted, Some Tankers Loading from Storage

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Libya’s oil exports remained largely suspended on Thursday, according to shipping data, as the country continues to grapple with a political standoff over control of the central bank and oil revenue. However, some tankers are being permitted to load crude from storage facilities.

Engineers informed Reuters that the oil tanker Kriti Samaria is scheduled to enter Libya’s Zueitina port on Thursday evening or Friday to load 600,000 barrels of crude from storage before heading to Italy. Another tanker, the Front Jaguar, was reported to be loading crude from storage at Libya’s Brega port on Wednesday.

The current crisis stems from a political dispute that erupted on August 18 when western factions moved to oust veteran central bank governor Sadiq al-Kabir, who has since fled the country. In response, eastern factions declared a shutdown of all oil output on August 26.

On Tuesday, Libya’s two legislative chambers announced they had agreed on a mechanism for resolving the dispute over the central bank, which is the sole legal depository for Libyan oil revenue and responsible for paying state salaries across the country.

The National Oil Corporation (NOC), which oversees Libya’s oil resources, reported on August 28 that total oil output had dropped by more than half from typical levels to just over 590,000 barrels per day (bpd). Current production levels remain unclear.

Libya, a member of the Organization of the Petroleum Exporting Countries (OPEC), produced approximately 1.18 million bpd of crude in July, according to OPEC data citing secondary sources.

Ukraine Appoints New Foreign Minister in Major Cabinet Reshuffle

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Ukraine’s parliament approved Andrii Sybiha, a 49-year-old former diplomat and ex-adviser to President Volodymyr Zelensky, as the country’s new foreign minister on Thursday. This appointment marks a significant step in Zelensky’s most extensive government reshuffle since Russia launched its full-scale invasion in February 2022.

Sybiha replaces Dmytro Kuleba at the foreign ministry, though the change is not expected to significantly alter policy. President Zelensky and his office have largely overseen international relations from the presidential palace. Some observers view Sybiha as closer to Andriy Yermak, the increasingly powerful presidential chief of staff, who reportedly clashed with Kuleba.

The reshuffle includes several key appointments:

Oleksiy Kuleba, another presidential adviser, becomes deputy prime minister in charge of reconstruction, regions, and infrastructure.

Olha Stefanyshyna, 38, is reappointed as deputy prime minister for European integration and takes on the justice portfolio. She emphasized that “hundreds and thousands” of legal changes are needed for Ukraine’s EU membership bid.

Herman Smetanin, 32, is named strategic industries minister, overseeing domestic arms production amid ongoing conflicts in eastern Ukraine and the incursion into Russia’s Kursk border province.

President Zelensky reportedly told lawmakers that these changes aim to increase efficiency and reinvigorate his government. MP Inna Sovsun told the BBC the reshuffle was “the best way to bring in new people, new ideas into the government.”

However, critics, including opposition MP Dmytro Razumkov, argue that the changes will have little impact on decision-making. Another opposition MP, Iryna Gerashchenko, criticized Zelensky for not being present during the parliamentary votes to approve the new ministers, calling it a break from tradition.

Prime Minister Denys Shmyhal welcomed the appointments, acknowledging the “difficult tasks” ahead but expressing confidence in the new ministers’ abilities to implement “our state’s strategic goals.”

The reshuffle follows earlier dismissals, including that of former defense minister Oleksii Reznikov and military commander Valerii Zaluzhnyi. It also comes amid a crackdown on corruption that has seen some ministers detained by security services.

Under martial law, President Zelensky wields considerable executive power. With elections suspended during the war and his Servant of the People Party maintaining a parliamentary majority, some experts note limited checks on his government’s authority, raising concerns about the centralization of power around the president’s office.

Congo Receives First 100,000 Mpox Vaccine Doses, Fraction of Needed Supply

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The Democratic Republic of Congo received its first batch of 100,000 mpox vaccine doses in the capital Kinshasa on Thursday, three weeks after the World Health Organization declared mpox outbreaks in 12 African countries a global emergency.

The MVA-BN vaccine, manufactured by Danish company Bavarian Nordic, was donated by the European Union through HERA, the bloc’s health emergencies agency. Congolese authorities expect another 100,000 doses to arrive on Saturday.

Congo’s Health Minister Roger Kamba announced that UNICEF will manage the vaccination campaign in the most affected provinces. However, the start date for vaccinations remains unclear.

The Africa Centers for Disease Control and Prevention reported last week that about 380,000 mpox vaccine doses have been promised by Western partners, including the EU and the United States. This falls far short of the 3 million doses authorities say are needed to curb the outbreaks in Congo, the epicenter of the global health emergency.

Dr. Jean Kaseya, head of Africa CDC, reported over 22,800 mpox cases and 622 deaths on the continent, with infections surging 200% in the last week. Congo, where a new mpox variant was first detected, accounts for the majority of cases and deaths, with most infections occurring in children under 15.

Laurent Muschel, Director-General of HERA, stated that 215,000 doses were specifically pledged and purchased for donation to Congo. The European Medicines Agency is reviewing data to potentially approve the vaccine for children aged 12 to 17 by month’s end.

Mercy Muthee Laker, Congo representative for the Red Cross and Red Crescent, praised the government’s efforts but noted the inadequacy of the doses compared to the need on the ground. Experts warn that vaccine administration may take weeks due to logistical challenges in Congo’s vast territory with limited health infrastructure.

The United States recently donated 10,000 mpox vaccine doses to Nigeria, marking the first known donation to Africa since the current outbreaks began. Nigeria has recorded 40 cases this year, according to its CDC.

Dr. Dimie Ogoina, chair of WHO’s mpox emergency committee, highlighted that the current African outbreak differs from the 2022 global outbreak, with transmission now occurring through sexual contact and close contact among children, pregnant women, and other vulnerable groups.

The Africa CDC is developing a unified response plan for the outbreaks, to be presented to African heads of state at a September meeting.

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