Lora Smith VIENNA, July 28 -- The remaining signatories to the 2015 Iran nuclear deal are set to meet in Austria's capital, Vienna, to renew discussions aimed at salvaging the accord in the wake of United States' unilateral exit last year. Envoys from Britain, France, Germany, China, Russia and Iran will take part in Sunday's extraordinary gathering, the European Union's foreign policy service said. The meeting will "examine issues linked to the implementation of the JCPOA in all its aspects," the EU said, referring to the nuclear deal by its formal name, the Joint Comprehensive Plan of Action. The landmark agreement, which offered Iran relief from global sanctions in exchange for curbs on its nuclear programme, is in danger of unravelling following Washington's move in May 2018. The administration of US President Donald Trump has since reimposed punishing sanctions against Tehran, plunging its economy into recession and bringing hardship to ordinary Iranians. The pact's remaining signatories oppose Washington's move but have struggled to protect trade with Iran. In May, Iran said it would disregard certain limits the deal set on its nuclear programme. After surpassing a cap on stockpiles of enriched uranium, Iran's atomic agency earlier this month said it has also started to enrich uranium to a higher grade than the 3.67 percent set in the JCPOA. All of the moves were "reversible within hours" if the remaining signatories upheld their commitments, according to Iranian officials. However, they have also threatened to take further measures if the parties, especially European nations, did not help Tehran circumvent the US sanctions, particularly the restrictions on its ability to export oil.
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Lora Smith ROTTERDAM, July 27 -- On Friday, more temperature records are falling in parts of Europe as the historic heat wave that brought the hottest weather ever recorded in Paris, London, Britain, Belgium, the Netherlands and Germany shifts northward. In a few days, the weather system responsible for the heat wave will stretch all the way across the top of the globe. It's what this system, characterized by a strong area of high pressure aloft — often referred to as a heat dome — will do to the Arctic that has some scientists increasingly concerned. First, Norway, Sweden, and Finland will be the focus of unusually high temperatures through the weekend, as a potentially record strong area of high pressure in the mid-levels of the atmosphere sets up over the region, blocking any cold fronts or other storm systems from moving into the area, like a traffic light in the sky. Temperatures in parts of Scandinavia will reach into the 90s or higher, on the heels of an intense heat wave in 2018 that led to an outbreak of damaging wildfires on parts of the region. Bergen, Norway, already set an all-time record high on Friday with a temperature of 91 degrees (32.8 Celsius). So far this year, Arctic sea ice extent has hovered at record lows during the melt season. Weather patterns favorable for increased melt have predominated in this region, and an unusually mild summer has also increased melting of the Greenland Ice Sheet. Unlike with sea ice melt, runoff from the Greenland Ice Sheet increases sea levels, since it adds new water to the oceans. If the entire ice sheet were to melt, it would raise global average sea levels by 23 feet. Ruth Mottram, a researcher with the Danish Meteorological Institute, tells The Washington Post that as the high-pressure area, also referred to as a "blocking ridge," sets up over Greenland, it could promote a widespread and significant melt event last seen in 2012. During that summer, nearly all of the ice sheet experienced melting, including the highest elevations that rarely exceed 32 degrees. "... Assuming this comes off (and it seems likely) we would expect a very large melt event over the ice sheet," Mottram said via email. "This was a very similar situation to 2012 where melt reached all the way up to Summit station. As you have probably seen the Arctic sea ice is already at record low for the time of year so clearly we may be looking at a situation where both Arctic sea ice and Greenland ice sheet have record losses even over and above 2012 — though we won't know for sure until after the event." Zack Labe, a climate researcher at the University of California at Irvine who focuses on Arctic climate change, said the upcoming Arctic heat wave could have major ramifications and may push sea ice to another record low at the end of the melt season. "This appears to be a very significant event for the Arctic," he said of the upcoming weather pattern. "A massive upper-level ridge will position itself across the North Atlantic and eventually Greenland in the next few days. This negative North Atlantic Oscillation-like pattern will be associated with well above average temperatures in Greenland. In fact, simulations from the MARv3.9 model suggest this may be the largest surface melt event of the summer," Labe said, referring to a computer model projection of surface ice melt in Greenland. "Whether or not we set a new record low this year, the timing and extent of open water on the Pacific side of the Arctic has been unprecedented in our satellite record. This is already having significant impacts to coastal communities in Alaska and marine ecosystems," Labe said. Elsewhere in the Arctic, this summer has been similarly extreme. Alaska had its warmest June on record, and more than 2 million acres have gone up in flames across the state as a result of a long stretch of above-average temperatures. Arcticwide, an unusual spate of wildfires is burning, affecting vast stretches of Siberia as well. Smoke from these fires is circling the globe, tracked via satellite imagery. These fires are a positive feedback in the climate system, since they are emitting greenhouse gases such as carbon dioxide. Lora Smith PARIS, July 24 -- The French capital is going through its driest period in almost 150 years and temperatures across Europe continue to reach extreme levels, leaving scorched fields and farmers frustrated by another spell of bad weather. In the east German state of Mecklenburg-Western Pomerania, Christa-Maria Wendig is worried these once-rare droughts are becoming common. She plans to give up planting rapeseed in the coming months because of the dry weather and the heatwave stunted her ripening corn crop. 'Our ponds are empty and the meadows withered,' she said. As temperatures keep climbing across Europe this week, peaking on Thursday in Paris and London, the effects of extreme weather are becoming clearer. This summer has already seen raging wildfires in Portugal and Spain, falling water levels on Germany’s Rhine River and irrigation restrictions in France. Day-ahead electricity prices in France hit a five-month high Tuesday. In Paris, temperatures are forecast to hit 42°C. Electricite de France SA plans to halt two nuclear reactors at Golfech this week, as the Garonne river becomes too warm for cooling the plant. The company, which produces about three-quarters of France’s power, has said it will prepare nuclear plants to operate in more severe heatwaves in the coming decades amid a changing climate. In agriculture, the heatwave is having the biggest impact on corn fields, which are in a key growth stage. Yields will drop sharply if beneficial rains don’t arrive soon, said German grains handler Agravis Raiffeisen AG. Winter wheat and barley are already being collected and escaped most of the bad weather. Some farmers in France and Germany may harvest corn early as silage to build up their animal-feed supplies for the winter, rather than collecting the crops as grain to sell on the market, said Laurine Simon, an analyst at consultant Strategie Grains. Forage stocks are already low after last year’s drought, and Paris corn futures are up about 10% since late May. Lora Smith MONTPELLIER, July 21 -- About 600 yellow vests demonstrated in the center of Montpellier this Saturday afternoon. During clashes with protesters, three police officers were injured. Black blocs have committed degradations, especially at the level of the place of Europe. In their parade marking act 36 of the movement, the yellow vests again expressed their dissatisfaction with the government's policy with a sign "It's going to fart". The atmosphere of the procession, in which black blocks have interfered, has stretched to the level of the sector Antigone. During the clashes between protesters and police, three police officers, including two CRS, were injured. One person was arrested Lora Smith PAU, July 19 -- There is nothing bigger for male riders than victory at the Tour de France. It's the pinnacle of cycling. But there is no such prize for female riders. Despite calls from cycling's governing body UCI for the creation of a women's Tour, organizers of cycling's marquee race have yet to come up with plans for an equivalent. All they offer in July is a one day-race, La Course, that was held on the margins of the Tour de France on Friday in Pau and won by Dutch rider Marianne Vos. Fresh from winning four stages at the 10-day Giro Rosa in Italy, Vos added another trophy to her large collection in the southwestern city of Pau, but victory in France did not taste the same. "It was an incredible feeling to win four stages at the Giro, at the highest level," said Vos, a three-time world champion. "Here at La Course, it was really nice to show this form." Tour organizers ASO have been holding the event since 2014 and say it's not possible for them to operate a longer race, for logistical and security reasons. "We are not capable of organizing another event during the Tour," Tour director Christian Prudhomme told The Associated Press. "About 29,000 police forces are mobilized for three weeks. France has been struck by attacks, there were the yellow vests (protesters). It's impossible to have even just one extra security staff during the Tour." Linda Lim CHANTILLY, July 17 -- The Group of Seven industrialized nations started a two-day financial meeting Wednesday in France, focusing on effective measures to regulate Facebook Inc.'s proposed digital currency Libra to prevent potential money laundering and terrorist financing. The G-7 finance ministers and central bank governors are also expected to discuss ways to reform global corporate tax rules amid criticism that big internet companies get away without paying their fair share of taxes as they can book profits in low-tax jurisdictions. The meeting came as regulators, lawmakers and central bankers are scrutinizing Facebook's project -- unveiled just last month -- to create a crypto currency-based retail payments system in a move that critics say could affect the global financial system and challenge the role of the dollar as the world's main reserve currency. Speaking to reporters ahead of the meeting in Chantilly, north of Paris, Bank of Japan Governor Haruhiko Kuroda sought close international coordination in drawing up regulations for Libra and crypto currency payments. "If (Libra) were to be used as a means of payments, it could well affect the economy and finance," Kuroda said, calling for necessary regulations to curb a significant impact if the project were to be implemented "on a huge platform." He was referring to the social media giant's global reach with its user base of 2.7 billion, about a third of the world's population. The BOJ chief said that together with measures for financial stability, antitrust and privacy issues could also be part of regulations. Kuroda and Finance Minister Taro Aso are representing Japan at the gathering, which also brings together their counterparts from Britain, Canada, France, Germany, Italy, the United States and the European Union. U.S. Treasury Secretary Steven Mnuchin has warned that Libra and other cryptocurrencies are a "national security issue," and that digital asset providers must be subject to government regulations and oversight just like any bank. Mnuchin said President Donald Trump's administration has "very serious concerns" that Libra, which Facebook plans to launch as early as next year, could be used for unlawful activity such as money laundering and financing terrorism. France, which holds this year's G-7 presidency, has launched a task force to study how central banks can regulate Libra and other cryptocurrencies to prevent money laundering and ensure consumer protection and financial system stability. The G-7 also plans to discuss a French call for minimum corporate taxation as part of efforts to appropriately tax information technology giants such as Google LLC, Amazon.com Inc., Facebook and Apple Inc. in a revamp of cross-border tax rules proposed by the Organization for Economic Cooperation and Development. But it is not known whether France will win G-7 backing for its initiative, partly because the United States has criticized Paris' new tax on major internet companies' revenue in the country for "unfairly" targeting American companies. Customarily, the G-7 will assess the state of the world economy and look into measures to mitigate downside risks to global growth such as trade tensions between the United States and China. Federal Reserve Chairman Jerome Powell has signaled the U.S. central bank will likely cut interest rates in late July for the first time in 11 years, given uncertainties about trade policy and the world economic outlook. China's economic growth slowed to 6.2 percent in the April-June quarter, the weakest pace in at least 27 years, as Trump sharply raised tariffs on Chinese imports in May to pressure Beijing into altering what Washington says are unfair trade practices. The G-7 finance ministers and central bankers are not planning to issue a joint statement after the meeting, but French Finance Minister Bruno Le Maire is expected to release a summary of discussions, according to Japanese delegation sources. PARIS, July 13 -- Yellow Vests protesters are hitting the streets of Paris for the 35th weekend in a row on Saturday to rally against the French government’s policies. According to official numbers, over 6,000 protesters took to the streets last weekend across France. The Yellow Vests demonstrations that have been taking place in France since November last year have seen 550 gendarmerie officers injured, according to the General Director of the French Gendarmerie, General Richard Lisyure, speaking to the Er-te-el radio station. The Yellow Vests movement started as a protest against planned fuel tax hikes in France, but has since evolved into a broader anti-government movement which even spread to other parts of the continent. WASHINGTON, July 12 -- The US will investigate a French plan to impose taxes on technology companies, a move that has been a prelude to new US tariffs under the Trump administration. US trade representative Robert Lighthizer will have as long as a year to examine whether the plan would hurt US technology firms, and suggest remedies. The so-called 301 investigation is the same tool president Donald Trump used to impose tariffs on Chinese goods because of the country's alleged theft of intellectual property. Other European countries have started to pursue their own digital tax plans after a EU-wide effort stalled earlier this year. Author: Lora Smith PARIS, July 10 -- Air France condemned the French government's plan for a new tax on flights, saying the levy would hurt the airline's ability to invest in less polluting planes and aggravate already high costs of operating in the country. "This new tax would significantly penalise Air France’s competitiveness," the French arm of Air France-KLM said in a statement on Tuesday, estimating the extra costs would reach more than 60 million euros ($67 million) a year. "The company needs to strengthen its investment capacity to more rapidly reduce its environmental footprint, notably as part of its fleet renewal policy." The shares tumbled as much as 5.4%, the most in more than two months. The dispute between Air France-KLM and the government -- its most powerful shareholder -- burst into the open just hours after Transport Minister Elisabeth Borne unveiled a plan to raise 180 million euros ($202 million) annually from taxes of as much as 18 euros a ticket on departures from France. The move is aimed at replenishing state coffers and funding commuter-transport systems like regional trains to fight climate change. There is a "feeling of injustice among our citizens regarding the taxation of airline transport," Borne said at a press conference in Paris. The levies will range from 1.5 euros on domestic and European economy-class tickets to 18 euros on international business-class flights. All airlines will have to contribute, she said. The French government is seeking new ways to raise funds after dropping planned levies on gasoline and diesel in the face of the violent street protests that erupted across the country at the end of last year. Environment groups and some opposition lawmakers have also criticized the state for not taxing kerosene used to fuel aircraft. The planned tax on airline tickets won't apply to passengers in transit, or to flights to Corsica and French overseas territories, Borne said. France will continue to push for a tax on jet fuel at the European level, she added. The French government plans to reduce a tax break on fuel used by truck transporters, a move that will raise 140 million euros annually, Borne said. The government will also gradually reduce a tax break on diesel used by construction companies. "The government decision is all the more incomprehensible as this new air transport tax would reportedly finance competitive modes of transport including road transportation and not the energy transition in the air transport sector," Air France said. The airline added that half of its operations depart from the country and its domestic network lost 180 million euros last year. Author: Lora Smith PARIS, July 9 -- The number of funds domiciled in France has fallen steadily in recent years despite lobbying to attract more asset management business to the country following the upheaval caused by Brexit. There were 10,804 funds domiciled in France at the end of last year, according to financial regulator the Autorité des Marchés Financiers, which used data from the European Fund and Asset Management Association. This was down from 11,790 at the beginning of 2012. The decline is striking given that Europe's other large fund jurisdictions — Luxembourg, Ireland, Germany and the UK — all registered increases. The news is a blow to France, which had hoped the UK's decision to leave the bloc would open the door to it becoming a larger hub for fund management. Paris's business district launched a quirky campaign shortly after the 2016 EU referendum to try to lure London-based financial workers across the Channel. The AMF attributed the fall to the transfer of funds to other jurisdictions, although it added that the total fund number had remained stable since 2017. "Delegation" rules allow funds to be domiciled in one part of the EU, with investment management activity taking place elsewhere. Large numbers of investment managers have established entities in Luxembourg and Ireland in preparation for Brexit. Luxembourg is the biggest fund domicile in Europe with nearly 15,000 funds. France is the second-largest market while Ireland has overtaken Germany to claim third spot. It is not all bad news for France. A year ago BlackRock, the world's biggest asset manager, chose Paris over London for its new base to provide alternative investment services across Europe and Asia, although London remains its main European office. Part of the French campaign included French president Emmanuel Macron wooing Larry Fink, BlackRock chief executive, at the Elysée Palace. Other financial groups that have beefed up their presence in the French capital include US banks Citigroup and Bank of America. Author: Lora Smith PARIS, July 6 -- Yellow Vests protesters are hitting the streets of Paris for the 34nd weekend in a row on Saturday to rally against the French government’s policies. The number of participants in the 33rd Yellow Vests weekend rally, which took place last Saturday across France, was only around 5,800 - half as many of the 11,8000 which took to the streets on 22 June, according to the French Interior Ministry. According to the ministry, the demonstration in Paris, however, saw 1,300 thousand demonstrators gather, whereas a week earlier only 1,100 attended. The Yellow Vests movement erupted last November in response to planned fuel tax hikes in France, but has since evolved into a broader anti-government movement which even spread to other parts of the continent. STRASBOURG, July 2 -- The European Parliament will elect its president on July 3, even if European Union leaders fail to appoint the chair of the EU executive at a summit on Tuesday, a spokesman for the assembly told a news conference. “There is no way to modify” the decision to hold the vote on July 3, the spokesman said. The Parliament has, however, delayed by a few hours to 2000 GMT on Tuesday the deadline for candidates to submit their applications to participate to the first round of vote on Wednesday. Many EU leaders have said they would prefer the election of the parliament’s president to follow the appointment of the commission’ chair. PARIS, June 30 -- Thousands of demonstrators have been flooding the streets of France every weekend since the movement began in November 2018, initially to protest planned fuel tax hikes, but then growing into a larger movement against the policies of the French government. French police have employed teargas to disperse crowds of Yellow Vests protesters in Paris. Law enforcement officers have also blocked off streets to contain the demonstration. But tear gas and a heavy police presence didn’t deter ‘Yellow Vest’ protesters from filling the streets of Paris on Saturday, for their 33rd consecutive week of anti-government protests. Protesters could be seen marching and waving French flags amid clouds of tear gas, in footage captured by Ruptly. Since its beginning in November, tens of thousands have marched every Saturday through the streets of France over a variety of grievances, ranging from taxes on fuel to income inequality. OSAKA, June 29 -- The following are profiles of leaders of the countries making up the Group of 20 major economies. This year's G-20 summit takes place in Osaka, western Japan, on June 28 to June 29.
MADRID, June 27 -- Europe's record-breaking heatwave is forecast to intensify further on Thursday with authorities on high alert as temperatures threaten to exceed 40 degrees Celsius in some parts of the continent. The stifling heat prompted traffic restrictions in France, sparked forest fires in Spain, and fanned debate in Germany over public nudity as sweltering residents stripped down. Meteorologists blame a blast of hot air from northern Africa for the heat this week, which has already set new records in Europe for June. According to reports, the high temperatures have already claimed the lives of three people. Exceptional for arriving so early in summer, the heatwave will on Thursday and Friday likely send mercury above 40C in France, Spain and Greece. In Spain, hundreds of firefighters and soldiers, backed by water-dropping aircraft, battled on Wednesday to put out a wind-fuelled forest fire that erupted in Torre del Espanol in the northeastern region of Catalonia. The worst is expected on Friday when 33 of the 50 Spanish provinces face extreme temperatures, which could reach 44C in Girona. "Hell is coming," one Spanish TV weather presenter tweeted. In France, temperatures "unprecedented" for their timing and intensity since detailed surveys started in 1947 were expected to reach at least 39C over two-thirds of the country, said weather service Meteo-France. Health official Jerome Saloman said the effect of the extreme heat was starting to be felt in France, with an increase in weather-related calls to emergency medical services. Some schools were expected to close on Thursday and Friday while several cities - including Paris and Lyon - restricted traffic to limit a build-up of air pollution. French authorities were taking no chances after the August 2003 heatwave was blamed for 15,000 deaths in the country, with television and radio broadcasts issuing warnings. In Greece, where about 100 people died in last year's deadly fires at the Mati coastal resort, hospitals and officials were on red alert with temperatures of 45C. |
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