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It is not a secret that Julian Assange can divide opinion. But now is a time to put all such issues firmly to one side. Now is a time to stand by Mr Assange, and to do so on principle, for the sake of his freedom – and ours.
There can be no divide over the attempt by the United States to have the WikiLeaks founder extradited from Britain to face charges under the US Espionage Act, which reaches a critical stage in London this week. The application embodies not just a threat to Mr Assange personally. It is also, as this newspaper has consistently argued over many years, an iniquitous threat to journalism, with global implications. It poses the most fundamental of questions about free speech. On these grounds alone, Mr Assange’s extradition should be unhesitatingly opposed. In 2010, WikiLeaks published revelatory US government documents exposing diplomatic and military policy in the Afghan and Iraq wars. Four years ago, during the Trump presidency, the US justice department issued a WikiLeaks-related indictment of 18 counts against Mr Assange. It charged him with multiple breaches of the 1917 Espionage Act, a statute that originally clamped down on opposition to America’s entry into the first world war. In recent years, though, the act has mainly been invoked against leakers. Earlier targets included the Pentagon Papers whistleblower Daniel Ellsberg, who passed documents to the New York Times exposing US government lies about the Vietnam war. Those charges were eventually dismissed, but it was a close-run thing. The Espionage Act contains no public interest defence. A person charged under it cannot present evidence about the content of the material leaked, cannot say why they did what they did and cannot argue that the public had a right to know about the issues. Those restrictions are no more acceptable in Mr Assange’s case than in Mr Ellsberg’s time. The free press still matters. Journalists sometimes depend on whistle blowers. The relationship between them is particularly delicate and important in cases where national security is invoked. When the unequalled global power of the US is involved, the stakes are especially large. But even national security, and certainly the national security of a global superpower, cannot in every single circumstance invariably override the public interest in publication and the right to know. That was the core issue in the Ellsberg case, as it also was in the WikiLeaks and Edward Snowden cases. In Espionage Act prosecutions, however, that public interest argument is always muzzled. This week, Mr Assange’s lawyers will seek leave to appeal against the extradition decision made in 2022 by the then home secretary Priti Patel. If he is extradited, and unless the UK relents or President Biden intervenes, he faces a criminal trial in which his arguments will be silenced, and a maximum penalty of 10 years in prison for each of the Espionage Act charges. If convicted, he could be locked away for his lifetime. The implications for journalism are every bit as serious. This newspaper’s journalism, and that of potentially every newspaper based in the US or an allied country, would be at risk too. If the prosecution succeeds, the New York Times lawyer in the Pentagon Papers case has said, “investigative reporting based on classified information will be given a near death blow”. That prospect is on the line in the courts this week. A society that claims to uphold freedom of the press cannot possibly remain indifferent. Light-emitting diodes (LEDs) have revolutionized modern lighting and display technology, offering energy efficiency, durability, and versatility. Among the myriad colors they can emit, the blue LED holds particular significance due to its pivotal role in advancing LED technology. This essay explores the fascinating history and development of the blue LED, tracing its journey from theoretical conception to practical realization and its transformative impact on various industries.
Early Discoveries The journey towards the blue LED began with fundamental research into semiconductor physics and materials science. In the 1950s and 1960s, scientists were exploring the properties of different materials and experimenting with semiconductor junctions to understand their behavior. It was in this era that researchers first observed electroluminescence, the phenomenon of a material emitting light when subjected to an electric current. In 1972, Herbert Paul Maruska and Jacques Pankove at RCA Laboratories achieved the first demonstration of a blue-emitting LED using zinc-doped gallium nitride (GaN:Zn). However, the efficiency and practicality of these early blue LEDs were limited, and they remained a scientific curiosity rather than a commercially viable technology. Breakthroughs in Materials Science The quest for a commercially feasible blue LED gained momentum in the 1980s and 1990s as researchers delved deeper into materials science and semiconductor engineering. Shuji Nakamura, a Japanese engineer working at Nichia Corporation, made significant breakthroughs in this field. Nakamura focused on developing gallium nitride (GaN) based semiconductors, which had the potential to emit blue light when appropriately doped and fabricated. In 1993, Nakamura succeeded in creating the first high-brightness blue LED using gallium nitride. He achieved this breakthrough by inventing a new method for growing high-quality GaN crystals, known as metalorganic chemical vapor deposition (MOCVD). This innovation significantly improved the efficiency and reliability of blue LEDs, paving the way for their commercialization. Commercialization and Applications The commercialization of blue LEDs marked a turning point in the lighting industry. Blue LEDs, when combined with red and green LEDs, enabled the creation of white light, opening up new possibilities for energy-efficient lighting solutions. The development of blue LED backlighting also revolutionized the display industry, leading to thinner, brighter, and more vibrant displays in devices such as smartphones, televisions, and laptops. Moreover, blue LEDs found applications beyond lighting and displays. They became essential components in optical storage devices like Blu-ray discs, which utilize blue laser diodes for high-density data storage. Additionally, blue LEDs have been instrumental in the advancement of medical and scientific instrumentation, including fluorescence microscopy and photodynamic therapy. Recognition and Impact In recognition of his pioneering work on blue LEDs, Shuji Nakamura was awarded the Nobel Prize in Physics in 2014, alongside Isamu Akasaki and Hiroshi Amano, who also made significant contributions to LED technology. Their groundbreaking research not only revolutionized lighting and display technology but also contributed to energy conservation and sustainability efforts worldwide. The history and development of the blue LED exemplify the power of scientific inquiry, technological innovation, and interdisciplinary collaboration. From humble beginnings as a scientific curiosity to becoming an indispensable component of modern technology, the blue LED has illuminated our world in more ways than one. As we continue to push the boundaries of materials science and engineering, the legacy of the blue LED serves as a beacon of inspiration for future innovations yet to come. Yemen’s Houthi rebels have attempted to use a submersible drone for the first time, but it was destroyed in yet another wave of US-led coalition attacks over the weekend, the US Central Command has claimed.
The US Navy conducted a series of five strikes, hitting three Houthi cruise missiles, an unmanned surface vessel (USV), and one unmanned underwater vessel (UUV) on Saturday, CENTCOM announced on X (formerly Twitter) on Sunday. “This is the first observed Houthi employment of a UUV since attacks began in Oct. 23,” the US military wrote, claiming it presented an “imminent threat” to US Navy ships and commercial vessels in the area. Since the beginning of the Israeli military operation in Gaza, the Houthi militants, who are in control of a large portion of Yemen, have harassed multiple vessels sailing the Red Sea. In solidarity with the Palestinians in Gaza, the Houthis vowed to attack any ships they find to be linked to Israel until the siege of Gaza stops. In response, the US launched an international maritime coalition to patrol the Red Sea called ‘Prosperity Guardian’, with the stated goal of protecting shipping lanes. Since mid-January, the US and UK have carried out air- and sea-launched attacks against “multiple underground storage facilities, command and control, missile systems, UAV storage and operations sites, radars, and helicopters” in Yemen in an attempt to “degrade Houthi capabilities” to attack military vessels and merchant ships. The Houthis vowed to “meet escalation with escalation” and expanded their list of potential targets to include US- and UK-owned merchant vessels. While no Houthi missiles have hit a US Navy vessel thus far, the group has launched scores of missiles and drones against the US-led coalition ships in the Red Sea. The attacks on Suez Canal freight – a route which normally accounts for around 15% of the world’s commercial shipping – have forced major companies to avoid the Red Sea altogether and sail around the coast of Africa, facing increased costs and spiking insurance premiums. On Sunday, another vessel sailing off the coast of Yemen was hit, according to the United Kingdom Maritime Trade Operations. The master of the ship reported an “explosion in close proximity of the vessel resulting in damage,” adding that all crew members were safe. In the realm of rock music, certain instruments become as legendary as the musicians who wield them. Among these, the Dragon Telecaster stands out as an emblem of innovation, creativity, and the iconic sound of Led Zeppelin. Forever associated with guitar virtuoso Jimmy Page, this instrument has a rich history that intertwines with the evolution of rock music itself. From its humble beginnings to its status as a symbol of rock 'n' roll mythology, the story of the Dragon Telecaster is a testament to the enduring legacy of one of the genre's most iconic figures. The Birth of a Legend: The story of the Dragon Telecaster begins in the early 1950s with the creation of the Fender Telecaster, a revolutionary instrument that would go on to shape the sound of popular music. With its solid body, bolt-on neck, and distinctive twangy tone, the Telecaster quickly became a favorite among guitarists seeking versatility and reliability on stage and in the studio. However, it wasn't until the hands of Jimmy Page that the Telecaster would undergo a transformation that would elevate it to legendary status. Jimmy Page and Led Zeppelin: Jimmy Page's association with the Telecaster began in the mid-1960s when he was a session musician in London, recording with a variety of artists in the burgeoning British rock scene. However, it was his role as the guitarist for The Yardbirds that would truly catapult him to fame and set the stage for his legendary partnership with the Telecaster. When The Yardbirds disbanded in 1968, Page formed Led Zeppelin, a band that would come to define the sound and spirit of hard rock and heavy metal. The Transformation: As Page's musical vision evolved, so too did his approach to the guitar. Seeking to push the boundaries of sound and performance, he embarked on a quest to customize his instruments to better suit his artistic sensibilities. It was during this time that he acquired a 1959 Fender Telecaster, which he promptly set about modifying to fit his unique style. Inspired by the psychedelic artwork of the era, Page enlisted the help of artist Zacron to paint a intricate dragon design on the body of the guitar, thus giving birth to the legendary Dragon Telecaster. The Legacy:
From its debut on Led Zeppelin's iconic 1971 album "Led Zeppelin IV" to its appearances on stage during the band's legendary live performances, the Dragon Telecaster quickly became synonymous with Page's virtuosic playing and the raw energy of Zeppelin's music. Its distinctive sound, combined with its eye-catching design, captured the imagination of a generation of guitarists and music fans, cementing its status as one of the most iconic instruments in rock history. The Dragon Telecaster stands as a testament to the power of creativity, innovation, and artistic expression in the world of music. From its humble origins as a stock Fender Telecaster to its transformation into a symbol of rock 'n' roll mythology, this legendary instrument embodies the spirit of Jimmy Page and the timeless appeal of Led Zeppelin's music. As long as there are guitarists seeking to push the boundaries of what is possible, the legacy of the Dragon Telecaster will continue to inspire and captivate audiences for generations to come. The Netherlands’ outgoing Prime Minister, Mark Rutte, has said that admitting Ukraine to NATO is not feasible while the conflict with Russia is ongoing.
Rutte has been described in the media as a frontrunner to become the next secretary-general of the US-led bloc. The politician made the comments at the Munich Security Conference on Saturday in response to a question about whether EU prime ministers would “personally support” Ukraine’s membership bid at the next NATO summit in Washington in July. “The bad news is – as long as the war is raging, Ukraine cannot become a member of NATO,” Rutte has said. “The good news is that we can learn from the European Union,” he added referring to the EU approach of implementing “intermediate steps” that countries take on “the way to accession” as opposed to NATO’s process that goes “from nothing to full membership.” Rutte admitted that the last time the question of Ukraine’s membership arose, Kiev was left “dissatisfied.” As a result, there is a need to “work carefully” to see “what next step is possible” so as not to “overpromise.” Ukraine applied to integrate with the NATO Membership Action Plan in 2008 and a decade later enshrined in its constitution membership in the US-led bloc as a strategic foreign policy goal. At last year’s NATO summit in Vilnius, the bloc’s leaders said that Ukraine’s “rightful place is in NATO,” but failed to provide clear commitments or describe a timeline. While the question of Ukraine’s membership is likely to be discussed at the next NATO summit in July, some Western politicians have warned against expecting a “big leap forward on that.” Russia views NATO expansion towards its border as a major security threat. President Vladimir Putin has argued that Western powers have used Ukraine to antagonize Russia after the fall of the Soviet Union. In a recent interview with Tucker Carlson, Putin called the West’s approach to Ukraine a colossal political mistake, pointing to NATO’s 2008 promise to accept the country into the bloc, as well as the Western-supported coup in Kiev in 2014. Vladimir Putin reportedly ordered Yevgeny Prigozhin's demise last year — and he's now trying to do the same to his mercenary group.
Since Prigozhin's plane crashed last August, many have pondered the fate of the Wagner paramilitary organization without its leader. In the hours after Wagner's short-lived mutiny last June, the Kremlin began privately reassuring African and Middle Eastern governments that Russia would take full control of Prigozhin's global empire. Prigozhin crossed Africa in a frantic attempt to protect his global business empire, before his untimely demise. Six months after his death, experts say Wagner's days operating anywhere in the world could be numbered. Sergey Sukhankin, a senior fellow at the Jamestown Foundation, said there is no doubt that the Wagner Group has become "marginalized" and "de facto" subordinated to Russia's defense ministry following Prighozhin's death. "The fighters will do what they are told" by the ministry, he told BI. Wagner is shrinking in Ukraine In the months since Prigozhin's death, intelligence reports have offered clues about the Kremlin's efforts to take over his organization, which had been a major player in the war in Ukraine and also operated elsewhere. Former Wagner fighters have been absorbed into Russia's national guard, also known as Rosgvardia, according to a report by the UK government this month. Three former Wagner assault detachments are being integrated into its first Volunteer Corps formation with the likely goal of deploying them to Ukraine and Africa, the UK said. Another update last week said Wagner's plan to establish a new headquarters near a Russian barracks is likely a sign of its subordination. And Russia's efforts aren't stopping there. Russia is taking over Wagner's mercenaries in Africa The military formation has been actively recruiting former Wagner Group mercenaries and soldiers who fought in Ukraine for combat operations in Africa. In a Telegram post last week, it promised an unspecified "high monetary" allowance, payments in foreign currency, service under "competent commanders" with extensive combat experience, and medical care and social benefits. Fighters joining the new group is likely a sign of diminishing allegiance to Prigozhin's paramilitary organization, according to Raphael Parens, a fellow in the Foreign Policy Research Institute's Eurasia Program and an international security researcher specializing in small armed groups. "Wagner fighters likely have little loyalty to the company itself after Prigozhin's demise and would be willing to fight for whichever Kremlin-backed organization that exists in Africa," Parens told BI. "These mercenaries care about the bottom line rather than an ideological alignment with Prigozhin," he said. The Kremlin is likely using the Africa Corps to take over many of the functions of the Wagner Group, Parens added. However, it's unclear how successful Russia's efforts will be: "Prigozhin relied heavily on personal connections and a variety of shell corporations, which may be difficult for a state government to control," he said. Instead of being another attempt by Russia to subordinate Wagner, Sukhankin said its recruitment of Wagner fighters is about "making the best of professional mercenaries familiar with the African environment." Ukraine and Western allies may be trying to stop Russia Alessandro Arduino, the author of "Money for Mayhem: Mercenaries, Private Military Companies, Drones, and the Future of War," said the Wagner Group could either fall under Russia's control or split into smaller, heavily armed groups serving local warlords. "Regardless, in Africa, the perception that Wagner or the new creation Africa Corp is protecting territorial integrity against militant forces is on the rise," he told BI. Last week, in a video obtained by the Kyiv Post, Ukrainian special forces were shown interrogating captured Wagner mercenaries in Sudan. The undated video shows one soldier confessing to being part of a Wagner mercenary outfit sent to Sudan to overthrow the local government, per the outlet. According to Parens, the presence of Ukrainian special forces in Africa highlights that Ukraine is competing with Russia in a new area. "This signals the Ukrainian government's willingness to fight and defeat Russian forces via attrition regardless of their location," he said. Sukhankin suggested that the operation may be part of "some sort of tacit agreement" between Western allies and Ukraine to battle Russian mercenaries in Africa in exchange for certain military backing for Ukraine in its war against Russia. "Ukrainian special services have acquired considerable experience of waging non-linear warfare against the Russian side and especially against the Wagner Group," he said. "This is something the West does not have." In Sukhankin's view, this makes Ukrainians "the best option — both in terms of effectiveness/efficiency and cost-benefit basis — in confronting Russian mercenaries in Africa." The fate of the Wagner Group, it seems, still hangs in the balance.
The newspaper’s anonymous sources also attributed a separate incident to Israeli sabotage – an explosion that rocked a chemical factory on the outskirts of Tehran on Thursday, which local officials ruled an accident. The two gas pipelines run for more than 1,000 kilometers and carry around 2 billion cubic feet (57 million cubic meters). The blasts temporarily took out around a sixth of Iran’s daily natural gas production, causing local outages. While Iran has said the damage was minor and the repairs were finished by Wednesday evening, the strikes were a “stark warning” of the kind of damage Israel could inflict, one of the NYT’s sources said. Given the vast distances and varied terrain the pipelines run, and the regular Iranian patrols, inside knowledge of the system would have been needed to carry out the sabotage, an Iranian official told the paper.
Recent strikes by Israel and the US have killed Iranian commanders in Syria and hit ‘Axis of Resistance’ targets in Iraq and Syria. The Axis of Resistance – composed of Hezbollah, Hamas, and Yemen’s Houthis – is an unofficial coalition that opposes US and Israeli influence in the Middle East. While Iran supports the Axis of Resistance, they have categorically denied any involvement with the events of October 7 – when Hamas attacked Israel, killing 1,200 people and taking another 240 hostage. The jailed blogger lost consciousness after going for a walk, and resuscitation efforts failed, authorities have said.
The Russian opposition figure Alexey Navalny has died in jail in central Russia after falling ill during a walk, local authorities have said, adding that an investigation into the exact cause of his death was ongoing. The Kremlin says President Putin has been informed and that it has no information about the cause of death. The prison claimed in an initial statement that Navalny became unwell while out for a walk. At the end of December, Navalny was transferred to the IK-3 penal colony in the far north of Russia, on the edge of the Arctic Circle. The opposition leader had been missing for weeks in the days before. Strong criticism of Putin. Navalny was one of President Putin's best-known opponents. The opposition leader was arrested at Sheremetyevo Airport near Moscow in January 2021. A few months earlier he was poisoned with the nerve agent Novichok and received treatment in Germany. He served a years-long prison sentence. A Russian court had convicted him of what was called "creating an extremist movement". With his anti-corruption foundation, Navalny has exposed abuses since 2011, such as the construction of a billion-dollar palace on the Black Sea that is said to be owned by President Putin. Hours after his death was reported, Navalny’s wife, Yulia Navalnaya, made a dramatic appearance at a security conference in Germany where many world leaders had gathered, and said she had considered canceling her appearance. “But then I thought what Alexei would do in my place. And I’m sure he would be here,” she said, adding she was unsure if she could believe the news from official Russian sources. “But if this is true, I want Putin and everyone around Putin, Putin’s friends, his government to know that they will bear responsibility for what they did to our country, to my family and to my husband. And this day will come very soon.” Praise for Navalny’s bravery poured in from Western leaders and others opposing Putin. Navalny’s health has deteriorated recently and the cause of death may never be known, but many of them said they held Russian authorities ultimately responsible for his death — particularly after the deaths of many Kremlin opponents. Norwegian mass killer Anders Behring Breivik will remain in isolation in prison after he lost his legal attempt to end the conditions imposed on him by the state. The neo-Nazi, who killed 77 people in a bombing and shooting rampage in 2011, sued the Norwegian state in January, arguing his prison conditions violated his human rights. “The Oslo District Court has, after an overall assessment, concluded that Breivik’s sentencing conditions are not a violation of human rights,” the court said in a statement accompanying its verdict on Thursday. Breivik, who changed his name to Fjotolf Hansen, is serving a 21-year sentence, the maximum penalty at the time of his offences, which may be extended for as long as he is deemed a threat to society. He has been held in isolation since 2012 for his crimes, which include killing eight people with a car bomb in Oslo and gunning down 69 others, most of them teenagers, on Utoya island, on July 22, 2011 – the deadliest violence in Norway since World War II. Breivik argued his isolation amounted to “inhumane” punishment under the European Convention on Human Rights. But the court rejected his claim against the Norwegian Ministry of Justice and Public Security. “Breivik has good physical prison conditions and relatively great freedom in everyday life,” Judge Birgitte Kolrud said in the ruling. “There has been a clear improvement in the sentencing conditions” and there was “no evidence of permanent damage from the punishment”, she added. Breivik, 45, was transferred two years ago to Ringerike Prison, where he is held in a two-storey complex with a kitchen, dining room and TV room with an Xbox, several armchairs, and black and white pictures of the Eiffel Tower on the wall. He also has a fitness room with weights, a treadmill and a rowing machine, and three parakeets fly around the complex. “Breivik is particularly well treated,” prison director Eirik Bergstedt testified at the court hearing last month. The case took place over five days at Breivik’s high-security prison, set on the shore of Tyrifjorden lake, where Utoya also lies. “In summary, the court has come to the conclusion that the sentencing conditions cannot be said to be, or to have been, disproportionately burdensome,” Thursday’s verdict said. Breivik has shown no remorse for his attacks and is still considered dangerous by the Norwegian authorities. During his testimony at the hearing, he shed tears, saying he was suffering from depression and suicidal feelings. However, Janne Gudim Hermansen, the prison-appointed psychiatrist who has met with Breivik since he was transferred to Ringerike, testified at the hearing that she was in doubt about the tears, saying, “I think perhaps this was used to achieve something.” Breivik lodged a similar legal claim in 2016 and 2017. In 2016, the Oslo District Court stunned the world when it ruled his isolation was a breach of his rights. However, on appeal, Norway’s higher courts found in the state’s favour, and the European Court of Human Rights in 2018 dismissed his case as “inadmissible”.
The British economy fell into recession in the final quarter of 2023, according to official figures released on Thursday.
GDP dropped by 0.3% in the fourth quarter following a 0.1% decline in the previous quarter, the Office for National Statistics (ONS) has said. A technical recession is typically defined as two successive quarters of contracting output. All three main sectors of the economy – services, production, and construction – posted declines in the fourth quarter, according to the ONS. For the whole of 2023, the economy is estimated to have increased by 0.1%, which the ONS described as “the weakest annual change in real GDP since the financial crisis in 2009,” excluding the pandemic year of 2020. In 2022, growth stood at 4.3%. According to the government, high inflation has been the single biggest barrier to growth. Although price growth in the country has come down from the 11% peak recorded in 2022 and stood at 4% as of January, it’s still double the Bank of England’s 2% target. Some economists also partially attribute the weak economic performance to the effects of Brexit.The data released on Thursday represents a preliminary estimate and is subject to revision, the ONS note Eighteen NATO member states plan to meet the alliance’s target of spending the equivalent of 2 percent of gross domestic product (GDP) on defence in 2024, Secretary-General Jens Stoltenberg said. Speaking in Brussels before a meeting of defence officials from NATO’s 31 members on Wednesday, Stoltenberg noted that the number of states meeting the threshold has risen rapidly amid Russia’s seizure of Ukrainian territory and ultimately its full-scale invasion in 2022. Concern that the return of former United States President Donald Trump to the White House has also encouraged a rise in spending. “That is another record number and a sixfold increase from 2014 when only three allies met the target,” Stoltenberg said at a news conference. Stating that US partners in NATO have raised spending by $600bn over the past decade, the alliance’s political chief also warned that Trump was undermining their security by calling into question Washington’s commitment to its allies. Trump has long complained over the spending levels of NATO states. Over the weekend, the likely Republican candidate in November’s US election called into question the country’s willingness to support “delinquent” members of the alliance if they were attacked by Russia. “We should leave no room for miscalculation or misunderstanding in Moscow, about our readiness and our commitment, our resolve to protect allies,” Stoltenberg said. “NATO has the capabilities, we have the resolve to protect and defend all allies,” he continued. “We don’t see any imminent threat against any NATO ally.” Germany’s Chancellor Olaf Scholz also criticised Trump’s comments. His Defence Minister Boris Pistorius said the Republican hopeful risked damaging transatlantic relations and could “ultimately saw off the branch on which America is sitting”. The government in Berlin has boosted defence spending since 2022 and is allocating the equivalent of 71.8 billion euros ($76.8bn) on defence this year through regular and special budget outlays. The total defence spending sum is classified. That will see Germany meet the 2 percent of GDP target for the first time since the end of the Cold War.
In an eagerly awaited reveal, the Mercedes-AMG Petronas Formula 1 Team launched the W15 E PERFORMANCE, setting a bold course for the 2024 FIA Formula 1 World Championship. The unveiling not only showcased a car that builds upon the lessons learned over the past challenging seasons but also symbolized the team’s relentless pursuit of returning to the pinnacle of motorsport. Team Principal Toto Wolff and Technical Director James Allison shared insights into the philosophy behind the W15’s development, emphasizing a blend of innovation and reflection. The car represents a pivotal step in Mercedes‘ journey, with Wolff acknowledging the “mountain to climb” to compete at the front and Allison highlighting the iterative design process that has led to significant improvements over the W14. “We know we have a mountain to climb to fight at the very front. There are no miracles in this sport,” Toto Wolff said in a statement. “But our ambition and determination are strong. Since charting this new course, development has progressed well. “We had several items on our priority list for this car. We will soon see if we’ve made the step we’ve aimed for.” The W15’s debut at Silverstone, shared by Lewis Hamilton and George Russell, marked the beginning of a critical testing and development phase. The car’s livery, blending the iconic Mercedes silver with the powerful black of recent years, commemorates the Silver Arrows’ 90th anniversary, reflecting the team’s heritage and future aspirations. With a new chassis, gearbox casing, and aerodynamic refinements aimed at efficiency and downforce, the W15 targets the unpredictability issues of its predecessor, particularly around the rear axle. The design team has meticulously worked to ensure a more stable and controllable platform, vital for the drivers to extract maximum performance.
For more than seven decades, a secretive and highly influential organization has been bringing together the heads of Europe’s largest banks twice a year at luxury hotels and royal palaces across the continent to discuss global policymaking among other issues, according to a report by the Financial Times on Monday.
The article highlighted that the existence of the Institut International d’Etudes Bancaires (IIEB) is barely known outside its membership while the group has no website and its meeting agendas are not made public. Members are reportedly discouraged from sharing details of the discussions. “This is not like Davos, where anyone can buy their way in,” one longtime member told FT on condition of anonymity. “This really is exclusive,” he added. Some members have been complaining about lack of transparency within the group, which was set up to encourage closer ties among banks at a time of geopolitical tensions and challenges to financial stability across Europe. “We were members for decades when the organization served a purpose to bring European banks closer together,” Par Boman, the chair of Swedish bank Handelsbanken, told the FT. “But after the financial crisis we felt its extravagance and lack of transparency did not fit our values.” According to the report, the IIEB was established in Paris in 1950 by the heads of four lenders from across the continent – Crédit Industriel et Commercial, Union Bank of Switzerland, Société Générale de Belgique and Amsterdamsche Bank. The aim was to hold regular high-level discussions on developments in the banking sector, as well as the economy and monetary system. The topics under discussion reportedly reflected the concerns of European bankers at certain periods of time. In the 1950s, for example, it was the formation of subsidiaries in former colonies, while by the 1960s, the attention had turned to the global role of the US dollar, the problems with the Bretton Woods system of fixed exchange rates and the threat of American takeovers of European banks. Towards the end of the century, the IIEB discussions were more concerned with the impact of the euro, the growing derivatives market, and M&A deals between big banks, the FT wrote. “As Europe’s lenders come under pressure to improve their lackluster valuations – having fallen far behind their US rivals on profitability in recent years – and with the continent bracing for a long-heralded wave of cross-border dealmaking, the IIEB is entering one of its most important periods since it was set up in the aftermath of the second world war,” the paper wrote. According to the FT, besides being a forum where Europe’s top financiers can exchange ideas, the IIEB serves as an elite social club where, over three days, the bankers’ spouses can enjoy gala dinners, private tours of historic landmarks and high-end shopping trips. The report noted there has been almost no media coverage of the IIEB’s activities during its more than seven decades of existence despite the importance of the topics under discussion. |
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