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Source: https://www.digitaljournal.com/feed

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<title>OECD lifts 2024 growth forecasts, driven by US</title>
<link>https://www.digitaljournal.com/business/oecd-lifts-2024-growth-forecasts-driven-by-us/article</link>
<dc:creator><![CDATA[AFP]]></dc:creator>
<pubDate>Thu, 02 May 2024 13:32:53 +0000</pubDate>
<category><![CDATA[Business]]></category>
<category><![CDATA[Economy]]></category>
<category><![CDATA[hide]]></category>
<category><![CDATA[oecd]]></category>
<guid isPermaLink="false">https://www.digitaljournal.com/?p=3724048</guid>
<description><![CDATA[The OECD raised its global economic growth forecast for 2024 on Thursday, driven by strong performances in the United States and emerging countries while Europe lags behind. The world economy is expected to expand by 3.1 percent this year, up from a previous projection in February of 2.9 percent, according to the the Organisation for […]
The post <a rel="nofollow" href="https://www.digitaljournal.com/business/oecd-lifts-2024-growth-forecasts-driven-by-us/article">OECD lifts 2024 growth forecasts, driven by US</a> appeared first on <a rel="nofollow" href="https://www.digitaljournal.com">Digital Journal</a>.
]]></description>
<content:encoded><![CDATA[The OECD raised its global economic growth forecast for 2024 on Thursday, driven by strong performances in the United States and emerging countries while Europe lags behind.
The world economy is expected to expand by 3.1 percent this year, up from a previous projection in February of 2.9 percent, according to the the Organisation for Economic Cooperation and Development.
“Cautious optimism has begun to take hold in the global economy, despite modest growth and the persistent shadow of geopolitical risks,” OECD Clare Lombardelli said in the quarterly report.
But Lombardelli noted that “this recovery is unfolding differently across regions.”
The US economy — the world’s biggest — is now expected to expand 2.6 percent in 2024, up from the 2.1 percent previously expected, and faster than last year’s 2.5 percent.
The OECD also raised its forecast for the second biggest economy, China, to 4.9 percent from 4.7 percent previously, thanks notably to an expansionary budgetary policy.
But the OECD expects timid growth of 0.7 percent in the eurozone, slightly better than the 0.6 percent previously expected. 
It anticipates a slight recovery to 1.5 percent in 2025, compared to the 1.3 percent expected in February, thanks to a recovery in domestic demand.
“The global economy has proved resilient, inflation has declined within sight of central bank targets, and risks to the outlook are becoming more balanced,” said OECD Secretary-General Mathias Cormann.
Central banks worldwide raised interest rates in efforts to combat inflation, which rose after countries emerged from Covid lockdowns and soared further following Russia’s assault on Ukraine in 2022.
The US Federal Reserve and the European Central Bank have frozen their rates and markets are hoping to see cuts in the coming months as inflation has eased.
But the Fed is expected to make its cuts later than previously thought due to the resilience of the US economy and an uptick in consumer prices.
The US central bank held its interest rate at a 23-year high on Wednesday, with Fed chairman Jerome Powell saying that it will “take longer than previously expected” to have confidence that inflation is on track to meet the institution’s two-percent target.

– ‘Prudent’ policy –

The OECD warned that “high geopolitical tensions, particularly in the Middle East, could disrupt energy and financial markets, causing inflation to spike and growth to falter”.
“Policy action needs to ensure macroeconomic stability and improve medium-term growth prospects,” Cormann said.
“Monetary policy should remain prudent, with scope to lower policy interest rates as inflation declines,” he said.
He added that “fiscal policy needs to address rising pressures to debt sustainability, and policy reforms should boost innovation, investment and opportunities in the labour market particularly for women, young people and older workers.”
The OECD report said a recovery in household incomes, tight labour markets and the expected interest rate cuts will help to “generate a gradual rebound.”
But it warned that “the mixed macroeconomic landscape is expected to persist, with inflation and interest rates declining at differing paces, and differing needs for fiscal consolidation.”
The OECD cut its 2024 growth forecast for Germany, Europe’s largest economy, to 0.2 percent from 0.3 percent previously. 
France, the eurozone’s second biggest economy, is expected to post 0.7 percent growth, up from 0.6 percent in a previous forecast, lifted by consumer spending.
In Britain, the economy is seen growing 0.4 percent in 2024 and 1.0 percent in 2025, slower than what was expected in February, which the OECD blamed on persistent inflation. 
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<item>
<title>Maersk’s net profit sinks amid Red Sea attacks</title>
<link>https://www.digitaljournal.com/business/maersks-net-profit-sinks-amid-red-sea-attacks/article</link>
<dc:creator><![CDATA[AFP]]></dc:creator>
<pubDate>Thu, 02 May 2024 13:32:53 +0000</pubDate>
<category><![CDATA[Business]]></category>
<category><![CDATA[Conflict]]></category>
<category><![CDATA[denmark]]></category>
<category><![CDATA[Earnings]]></category>
<category><![CDATA[maersk]]></category>
<category><![CDATA[Shipping]]></category>
<category><![CDATA[Yemen]]></category>
<guid isPermaLink="false">https://www.digitaljournal.com/?p=3724047</guid>
<description><![CDATA[Danish shipping giant Maersk posted a huge drop in net profit for the first quarter on Thursday as Yemeni rebel attacks force it to avoid the vital Red Sea route. Maersk reported a net profit of $177 million in the first three months of the year, a 13-fold drop from the same period last year. […]
The post <a rel="nofollow" href="https://www.digitaljournal.com/business/maersks-net-profit-sinks-amid-red-sea-attacks/article">Maersk’s net profit sinks amid Red Sea attacks</a> appeared first on <a rel="nofollow" href="https://www.digitaljournal.com">Digital Journal</a>.
]]></description>
<content:encoded><![CDATA[Danish shipping giant Maersk posted a huge drop in net profit for the first quarter on Thursday as Yemeni rebel attacks force it to avoid the vital Red Sea route.
Maersk reported a net profit of $177 million in the first three months of the year, a 13-fold drop from the same period last year.
Turnover fell 13 percent to $12.4 billion, slightly lower than forecast by analysts surveyed by financial data firm FactSet.
The company raised, however, its outlook for the full year, citing higher demand and increased rates.
It now expects an underlying core profit ranging between $4 billion and $6 billion, up from $1 billion-$6 billion previously.
“We had a positive start to the year with a first quarter developing precisely as we expected,” Maersk chief executive Vincent Clerc said in a statement.
“Demand is trending towards the higher end of our market growth guidance and conditions in the Red Sea remain entrenched,” he said.
“This not only supported a recovery in the first quarter compared to the previous quarter, but also provides an improved outlook for the coming quarters, as we now expect these conditions to stay with us for most of the year.”
The Maersk share price was nonetheless down by almost five percent on the Copenhagen stock exchange around two hours after the earnings report was released, on a largely flat market.

– Costly alternate route –

Iran-backed Huthi rebels, who control the Yemeni capital Sanaa and much of the country’s Red Sea coast, have launched dozens of attacks on ships since November, claiming solidarity with Palestinians caught up in the Israel-Hamas war.
The United States in December announced a maritime security initiative to protect Red Sea shipping from the attacks, which have forced commercial vessels to divert from the route that normally carries 12 percent of global trade.
Maersk and other shipping groups have instead chosen to send their fleets around the Cape of Good Hope, which takes about two weeks longer, incurring additional costs.
According to the International Maritime Organization, 60 percent of the container transport that previously passed through the Suez Canal now passes south of Africa.
The Danish group said the alternate route led to a seven percent increase in its first quarter operating costs compared to the corresponding period last year.
In its maritime shipping unit, Maersk’s main business, loaded volumes increased during the quarter by 7.5 percent, led by higher demand primarily on Asia-Europe, North America and Asia routes.
The average loaded freight rate decreased by 18 percent year-on-year, but increased by 23 percent from the previous quarter, driven by the situation in the Red Sea and Gulf of Aden. 
Maersk said efforts to reorganise its traffic have enabled it to cope with the situation and improve the use of its ships to 95 percent even though “reliability suffered”.
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<item>
<title>Shell logs sliding profits as revenues sink</title>
<link>https://www.digitaljournal.com/world/shell-logs-sliding-profits-as-revenues-sink/article</link>
<dc:creator><![CDATA[AFP]]></dc:creator>
<pubDate>Thu, 02 May 2024 13:32:53 +0000</pubDate>
<category><![CDATA[World]]></category>
<category><![CDATA[Britain]]></category>
<category><![CDATA[Earnings]]></category>
<category><![CDATA[Energy]]></category>
<category><![CDATA[hide]]></category>
<category><![CDATA[shell]]></category>
<guid isPermaLink="false">https://www.digitaljournal.com/?p=3724046</guid>
<description><![CDATA[British energy major Shell on Thursday posted sharply lower first-quarter net profit on sinking revenues, but adjusted earnings topped expectations and it unveiled another bumper stock buyback. Profit after taxation dropped about 15 percent to $7.4 billion in the first quarter from a year earlier, hit also by accounting charges, Shell said in a results […]
The post <a rel="nofollow" href="https://www.digitaljournal.com/world/shell-logs-sliding-profits-as-revenues-sink/article">Shell logs sliding profits as revenues sink</a> appeared first on <a rel="nofollow" href="https://www.digitaljournal.com">Digital Journal</a>.
]]></description>
<content:encoded><![CDATA[British energy major Shell on Thursday posted sharply lower first-quarter net profit on sinking revenues, but adjusted earnings topped expectations and it unveiled another bumper stock buyback.
Profit after taxation dropped about 15 percent to $7.4 billion in the first quarter from a year earlier, hit also by accounting charges, Shell said in a results statement.
Turnover slid 16 percent to $74.7 billion following a sharp drop in gas prices, which had spiked following key producer Russia’s invasion of Ukraine in 2022.
Adjusted earnings sank almost a fifth to $7.7 billion in the reporting period but this beat market expectations, while cash flow from operating activities hit $13.3 billion.
The group unveiled a fresh $3.5-billion stock buyback and forecast capital expenditure this year would reach between $22 billion and $24 billion.
“Shell delivered another quarter of strong operational and financial performance,” said chief executive Wael Sawn in the earnings release.
“We continue to deliver on our… targets, giving us the confidence to commence another $3.5-billion buyback programme for the next three months.”
The news sent its share price 1.6 percent higher in early morning deals on the rising London stock market.
“Shell’s produced yet another quarter of staggering cash flows,” said Derren Nathan, head of equity research at stockbroker Hargreaves Lansdown.
“Higher margins and uptime at its refineries more than offset lower earnings in the upstream and integrated gas divisions.
“The strong cash generation is enabling Shell to reduce debt, reward shareholders and continue investing into the business.”
Shell had already warned last month that it expected lower natural gas sales in the first quarter after a particularly strong performance in the final three months of 2023.
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<item>
<title>Weight-loss drug maker Novo Nordisk’s profits soar further</title>
<link>https://www.digitaljournal.com/business/weight-loss-drug-maker-novo-nordisks-profits-soar-further/article</link>
<dc:creator><![CDATA[AFP]]></dc:creator>
<pubDate>Thu, 02 May 2024 13:32:53 +0000</pubDate>
<category><![CDATA[Business]]></category>
<category><![CDATA[denmark]]></category>
<category><![CDATA[Earnings]]></category>
<category><![CDATA[novonordisk]]></category>
<category><![CDATA[pharmaceutical]]></category>
<guid isPermaLink="false">https://www.digitaljournal.com/?p=3724045</guid>
<description><![CDATA[Danish pharmaceutical giant Novo Nordisk reported more soaring profits.
The post <a rel="nofollow" href="https://www.digitaljournal.com/business/weight-loss-drug-maker-novo-nordisks-profits-soar-further/article">Weight-loss drug maker Novo Nordisk’s profits soar further</a> appeared first on <a rel="nofollow" href="https://www.digitaljournal.com">Digital Journal</a>.
]]></description>
<content:encoded><![CDATA[Danish pharmaceutical giant Novo Nordisk reported more soaring profits on Thursday thanks to the popularity of anti-diabetes and weight-loss drugs Ozempic and Wegovy, which have made it Europe’s most valuable company.
Its net profit reached 25.4 billion kroner ($3.6 billion) in the first quarter, a 28 percent jump from the same period last year, the company said in a statement.
Sales rose by 24 percent at current exchange rates to 65.3 billion kroner — almost two billion kroner higher than forecast by analysts surveyed by Bloomberg and financial data firm FactSet.
Novo Nordisk raised its outlook for 2024, saying it now expects sales to rise by between 19 to 27 percent — up from 18-26 percent previously.
“More patients benefit from our innovative treatments,” Novo Nordisk chief executive Lars Fruergaard Jorgensen said in a statement.
The drugmaker increased its market share of the diabetic treatment market by 1.8 percentage points and now has a 34-percent share of the market.
Novo Nordisk saw its biggest growth in North America, with the United States accounting for 76 percent of the increase in sales.
Novo Nordisk produces Ozempic, an injectable anti-diabetic treatment which has become popular on social networks for its reported slimming properties.
It also makes Wegovy, which has the same active ingredient as Ozempic in a different dose and was approved by US regulators to treat obesity.
The treatments use analogues of the hormone GLP-1, which regulates blood glucose levels and appetite.
– Ramping up production –
Sales of Wegovy soared by 106 percent in the first quarter compared to a year earlier and those of Ozempic by 42 percent.
The rise in demand has led to supply constraints, and to step up production for its blockbuster drugs, Novo Nordisk is acquiring US drug manufacturing firm Catalent.
“The agreement to acquire the three Catalent manufacturing sites will enable us to serve significantly more people living with diabetes and obesity in the future,” Fruergaard Jorgensen added.
A global health scourge, obesity is a risk factor for cardiovascular disease, diabetes, certain cancers and complications from diseases such as Covid-19.
Difficult to treat, it is costly for healthcare systems and while its causes can be lifestyle-related, it can also be influenced by genetics.
The World Obesity Federation predicts that by 2035, over half of the world’s population will be overweight or obese and the global economic impact could then exceed $4 trillion a year.
Novo Nordisk also develops treatments for rare diseases such as haemophilia and makes growth hormones but sales of these fell by three percent in the first quarter due to supply constraints.
The Danish giant employs more than 64,000 people in 80 countries.
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<title>Shell logs ‘strong’ quarter as earnings fall but top expectations</title>
<link>https://www.digitaljournal.com/business/shell-logs-strong-quarter-as-earnings-fall-but-top-expectations/article</link>
<dc:creator><![CDATA[AFP]]></dc:creator>
<pubDate>Thu, 02 May 2024 13:32:53 +0000</pubDate>
<category><![CDATA[Business]]></category>
<category><![CDATA[Britain]]></category>
<category><![CDATA[Earnings]]></category>
<category><![CDATA[Energy]]></category>
<category><![CDATA[shell]]></category>
<guid isPermaLink="false">https://www.digitaljournal.com/?p=3724044</guid>
<description><![CDATA[British oil and gas giant Shell announced Thursday that first-quarter earnings fell but beat expectations in a “strong” performance, and unveiled another bumper stock buyback. Adjusted earnings sank almost a fifth to $7.7 billion from a year earlier but this smashed market expectations of $6.5 billion, while cash flow from operating activities hit $13.3 billion. Adjusted […]
The post <a rel="nofollow" href="https://www.digitaljournal.com/business/shell-logs-strong-quarter-as-earnings-fall-but-top-expectations/article">Shell logs ‘strong’ quarter as earnings fall but top expectations</a> appeared first on <a rel="nofollow" href="https://www.digitaljournal.com">Digital Journal</a>.
]]></description>
<content:encoded><![CDATA[British oil and gas giant Shell announced Thursday that first-quarter earnings fell but beat expectations in a “strong” performance, and unveiled another bumper stock buyback.
Adjusted earnings sank almost a fifth to $7.7 billion from a year earlier but this smashed market expectations of $6.5 billion, while cash flow from operating activities hit $13.3 billion.
Adjusted profit stood at $9.6 billion a year earlier when Shell saw a derivative inflow that was not repeated in the first quarter of 2024 due to lower prices in commodity derivatives, according to the company.
The energy major, which is investing heavily in renewables, insisted it remained on track to become a net zero emissions company by 2050, but its results sparked fresh anger from the green lobby.
Shell also unveiled a fresh $3.5-billion stock buyback and forecast capital expenditure this year would reach between $22 billion and $24 billion, it added in a results statement.
“Shell delivered another quarter of strong operational and financial performance, demonstrating our continued focus on delivering more value with less emissions,” said chief executive Wael Sawan.
“We continue to deliver on our… targets, giving us the confidence to commence another $3.5-billion buyback programme for the next three months.”
Thursday’s news sent its share price one percent higher in late morning deals on the rising London stock market.
Shell added that net profit, or profit after taxation, declined about 15 percent to $7.4 billion in the reporting period.
Revenues slid 16 percent to $74.7 billion following a sharp drop in gas prices, which had spiked following key producer Russia’s invasion of Ukraine in 2022.
Shell had already warned last month that it expected lower natural gas sales in the first quarter after a particularly strong performance in the final three months of 2023.
“Shell’s produced yet another quarter of staggering cash flows,” said Derren Nathan, head of equity research at stockbroker Hargreaves Lansdown, in response to the results.
“Higher margins and uptime at its refineries more than offset lower earnings in the upstream and integrated gas divisions.
“The strong cash generation is enabling Shell to reduce debt, reward shareholders and continue investing into the business.”
The company was, however, slammed by climate campaigners over its huge profit from fossil fuels.
“On a day where climate leaders are negotiating in Abu Dhabi how to help the world’s poorest meet the skyrocketing costs of climate loss and damage, Shell continues to bank billions from flogging the fuels that are driving the crisis,” said Charlie Kronick, senior climate advisor at Greenpeace UK.
“With countries experiencing the worst impacts of climate change among those least responsible for it, the case for making polluters pay for the damage their industry is causing could not be clearer.”
A Shell spokesperson responded that the company was seeking to help the world transition to low-carbon energy.
“We agree the world needs urgent climate action. Shell is playing an important role in the energy transition by providing the energy needed today while helping to build the low-carbon energy system of the future,” a spokesperson told AFP. 
“We are investing $10-15 billion between 2023 and the end of 2025 in low-carbon energy solutions, making Shell a significant investor in the energy transition.”
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<title>Wind energy giant Vestas swings to loss, sees geopolitical headwinds</title>
<link>https://www.digitaljournal.com/business/wind-energy-giant-vestas-swings-to-loss-sees-geopolitical-headwinds/article</link>
<dc:creator><![CDATA[AFP]]></dc:creator>
<pubDate>Thu, 02 May 2024 13:32:53 +0000</pubDate>
<category><![CDATA[Business]]></category>
<category><![CDATA[denmark]]></category>
<category><![CDATA[Earnings]]></category>
<category><![CDATA[vestas]]></category>
<guid isPermaLink="false">https://www.digitaljournal.com/?p=3724043</guid>
<description><![CDATA[Vestas, the world’s number one wind turbine maker, said Thursday it swung to a 75-million-euro ($80-million) loss in the first quarter and warned “geopolitical volatility” would continue to cause uncertainty. Revenue fell 5.2 percent to 2.68 billion euros in the first three months of the year, compared to the same period a year earlier. Its […]
The post <a rel="nofollow" href="https://www.digitaljournal.com/business/wind-energy-giant-vestas-swings-to-loss-sees-geopolitical-headwinds/article">Wind energy giant Vestas swings to loss, sees geopolitical headwinds</a> appeared first on <a rel="nofollow" href="https://www.digitaljournal.com">Digital Journal</a>.
]]></description>
<content:encoded><![CDATA[Vestas, the world’s number one wind turbine maker, said Thursday it swung to a 75-million-euro ($80-million) loss in the first quarter and warned “geopolitical volatility” would continue to cause uncertainty.
Revenue fell 5.2 percent to 2.68 billion euros in the first three months of the year, compared to the same period a year earlier.
Its net loss followed a net profit of 16 million euros in the first quarter of 2023.
The value of its order backlog reached a record high 61 billion euros.
“Financial results were in line with expectations,” said Vestas chief executive Henrik Andersen.
“In 2024, continued geopolitical volatility is expected to cause uncertainty. Nonetheless, we expect a combination of higher installations and increased pricing to drive growth in revenue,” the company said in its earnings report.
In turbine construction, the company, which employs more than 30,000 people worldwide, received new orders for a total capacity of 25.8 megawatts, compared with 20.6 MW a year earlier, taking its order book in this segment to 26.6 billion euros.
In Europe, the wind energy sector is struggling despite governments’ ambitions to invest in renewable energy sources. 
The sector is plagued by numerous problems, such as soaring interest rates, rising material costs and supply chain disruptions.
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<title>US trade gap wider than anticipated in March</title>
<link>https://www.digitaljournal.com/business/us-trade-gap-wider-than-anticipated-in-march/article</link>
<dc:creator><![CDATA[AFP]]></dc:creator>
<pubDate>Thu, 02 May 2024 13:32:53 +0000</pubDate>
<category><![CDATA[Business]]></category>
<category><![CDATA[Deficit]]></category>
<category><![CDATA[Economy]]></category>
<category><![CDATA[exports]]></category>
<category><![CDATA[Imports]]></category>
<category><![CDATA[Trade]]></category>
<category><![CDATA[US]]></category>
<guid isPermaLink="false">https://www.digitaljournal.com/?p=3724042</guid>
<description><![CDATA[The US trade deficit was wider than analysts anticipated in March — hovering close to the biggest in nearly a year — with exports and imports both declining, according to government data published Thursday. The trade gap came in at $69.4 billion, narrowing slightly from February’s $69.5 billion figure — which had been revised larger, […]
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]]></description>
<content:encoded><![CDATA[The US trade deficit was wider than analysts anticipated in March — hovering close to the biggest in nearly a year — with exports and imports both declining, according to government data published Thursday.
The trade gap came in at $69.4 billion, narrowing slightly from February’s $69.5 billion figure — which had been revised larger, said the Commerce Department.
Analysts had expected a figure of $69.0 billion, according to Briefing.com.
While consumption has helped to support US trade, economists see trade flows easing ahead with cooler global demand and growth.
Elevated interest rates in the United States could also weigh on demand in the country.
On Wednesday, the US central bank held rates at a 23-year high to stamp out stubborn inflation.
But for now, the “widening of the deficit in the first few months of the year is pointing to ongoing resilient domestic demand” alongside a backdrop of weaker global demand, said economist Rubeela Farooqi of High Frequency Economics.
She noted a “jump in imports” in the first quarter.
For March, exports and imports were both lower.
Exports fell by $5.3 billion to $257.6 billion, and imports receded $5.4 billion to $327.0 billion.
In particular, goods exports dropped by $5.1 billion with a decline seen in capital goods like civilian aircraft, as well as industrial supplies and materials.
Meanwhile, imports of goods declined on the back of lower shipments for passenger cars and other consumer goods, data showed.
The slightly smaller deficit between February and March, however, came as an uptick in the services surplus outweighed a larger goods deficit, said the Commerce Department.
The goods deficit with China was up $2.2 billion to $24.1 billion in March.
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<title>European court upholds Italy’s claim to Greek bronze</title>
<link>https://www.digitaljournal.com/world/european-court-upholds-italys-claim-to-greek-bronze/article</link>
<dc:creator><![CDATA[AFP]]></dc:creator>
<pubDate>Thu, 02 May 2024 13:19:58 +0000</pubDate>
<category><![CDATA[World]]></category>
<category><![CDATA[Archaeology]]></category>
<category><![CDATA[Court]]></category>
<category><![CDATA[Italy]]></category>
<category><![CDATA[Sculpture]]></category>
<category><![CDATA[US]]></category>
<guid isPermaLink="false">https://www.digitaljournal.com/?p=3724037</guid>
<description><![CDATA[Italy is allowed to confiscate an ancient Greek bronze fished from the Adriatic in the 1960s and now in the Getty Museum in Los Angeles, the European Court of Human Rights ruled Thursday. Representing a nude athlete and known in the United States as “Victorious Youth”, the statue vanished following its 1964 discovery until its […]
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]]></description>
<content:encoded><![CDATA[Italy is allowed to confiscate an ancient Greek bronze fished from the Adriatic in the 1960s and now in the Getty Museum in Los Angeles, the European Court of Human Rights ruled Thursday.
Representing a nude athlete and known in the United States as “Victorious Youth”, the statue vanished following its 1964 discovery until its 1977 purchase by the museum. The Getty has since refused to return it to Italy.
The museum had appealed to the Strasbourg-based court after Italy’s top tribunal in 2019 upheld an Italian confiscation order for the bronze.
Rome has been trying to recover it since it was auctioned for $3.9 million in Germany. It also tried to prevent its transfer to the United States via Britain.
But the sculpture, attributed to Greek artist Lysippos, has remained on display at the Getty Villa in Los Angeles’ high-end Pacific Palisades district.
Among their arguments, Italian judges had said the statue belonged to the country’s cultural heritage because of its recovery by an Italian-flagged ship.
They also pointed out the “continuum between Greek civilisation… and the subsequent Roman cultural experience”.
The ECHR rejected Getty’s appeal, agreeing that “the Italian authorities had reasonably demonstrated that the statue had been part of Italy’s cultural heritage and had also legally belonged to the state.
“The court stressed that an acquirer of property had to carefully investigate its origin in order to avoid possible confiscation claims,” it added.
“The Getty Trust, by purchasing the statue in the absence of any proof of its legitimate provenance and with full knowledge of the Italian authorities’ claims over it, had disregarded the requirements of the law, at the very least negligently, or perhaps in bad faith,” the court said.
Italy has already clashed with the Getty Museum, striking a deal with it in 2007 for the return of 42 ancient objects Rome said had been stolen and illegally exported.
Founded by oil billionaire John Paul Getty, the museum is backed by the world’s wealthiest art foundation, whose assets were estimated at several billion dollars in 2009.
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<title>More than 160 delegations invited to Ukraine peace talks</title>
<link>https://www.digitaljournal.com/world/more-than-160-delegations-invited-to-ukraine-peace-talks/article</link>
<dc:creator><![CDATA[AFP]]></dc:creator>
<pubDate>Thu, 02 May 2024 13:19:58 +0000</pubDate>
<category><![CDATA[World]]></category>
<category><![CDATA[Conflict]]></category>
<category><![CDATA[Diplomacy]]></category>
<category><![CDATA[Peace]]></category>
<category><![CDATA[Russia]]></category>
<category><![CDATA[Switzerland]]></category>
<category><![CDATA[Ukraine News]]></category>
<guid isPermaLink="false">https://www.digitaljournal.com/?p=3724036</guid>
<description><![CDATA[Switzerland has invited more than 160 delegations to next month’s Ukraine peace conference, the foreign ministry said Thursday, though Russia is not among them “at this stage”. Russia, which launched its full-scale invasion of neighbouring Ukraine in February 2022, has dismissed the Lucerne event as a US-orchestrated plot. It has repeatedly said it will not […]
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]]></description>
<content:encoded><![CDATA[Switzerland has invited more than 160 delegations to next month’s Ukraine peace conference, the foreign ministry said Thursday, though Russia is not among them “at this stage”.
Russia, which launched its full-scale invasion of neighbouring Ukraine in February 2022, has dismissed the Lucerne event as a US-orchestrated plot.
It has repeatedly said it will not participate in any talks unless Kyiv accepts Russia’s annexation of the roughly 20 percent of Ukraine’s territory it currently occupies.
“Russia has not been invited at this stage,” the foreign ministry in Bern said. “Switzerland has always shown openness to extending an invitation to Russia for this summit. 
“However, Russia has said repeatedly and also publicly that it has no interest in participating in this first summit. The summit in Switzerland is intended to initiate a peace process.
“Switzerland is convinced that Russia must be involved in this process. A peace process without Russia is unthinkable.”
For now, the attendance of Ukrainian President Volodymyr Zelensky and US President Joe Biden has not been confirmed.
Another big unknown is whether Moscow’s key ally China will attend.
China has never condemned Russia’s attack on Ukraine, and stands accused of indirectly supporting the war through its strategic partnership with its neighbour Moscow.
The weekend conference will be held on June 15-16 at the luxury Burgenstock resort near the central city of Lucerne.
The list of participating countries will be published shortly before the conference begins, but they include countries from every continent including members of the G7, the G20 and the BRICS group.
The G7 summit will be held in neighbouring Italy from June 13 to 15.
The Vatican, the European Union, the United Nations, the Council of Europe and the Organization for Security and Co-operation in Europe have also been invited.
Bern said the peace summit was expected to last just over a day.
“All states present at the summit should contribute their ideas and visions for a just and lasting peace in Ukraine,” the foreign ministry said.
The talks aim to “promote a common understanding of a possible framework to reach this goal”, and “jointly define a roadmap on how to involve both parties in a future peace process”.
On the ground, Russia has made recent advances against Ukraine’s outgunned, under-equipped forces, ahead of the long-awaited arrival of the bulk of US weapons to the front to support Kyiv’s troops.
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<title>Protesters try to stop UK migrant removals from temporary accommodation</title>
<link>https://www.digitaljournal.com/world/protesters-try-to-stop-uk-migrant-removals-from-temporary-accommodation/article</link>
<dc:creator><![CDATA[AFP]]></dc:creator>
<pubDate>Thu, 02 May 2024 12:14:59 +0000</pubDate>
<category><![CDATA[World]]></category>
<category><![CDATA[Britain]]></category>
<category><![CDATA[France]]></category>
<category><![CDATA[Migrants]]></category>
<category><![CDATA[Politics]]></category>
<guid isPermaLink="false">https://www.digitaljournal.com/?p=3724033</guid>
<description><![CDATA[Protesters in London tried Thursday to prevent the removal of migrants from their temporary accommodation, as the UK government began detaining people before controversial deportation flights to Rwanda start. Dozens of people surrounded a bus believed to be taking asylum seekers from a hotel in the Peckham area of the British capital to an accommodation […]
The post <a rel="nofollow" href="https://www.digitaljournal.com/world/protesters-try-to-stop-uk-migrant-removals-from-temporary-accommodation/article">Protesters try to stop UK migrant removals from temporary accommodation</a> appeared first on <a rel="nofollow" href="https://www.digitaljournal.com">Digital Journal</a>.
]]></description>
<content:encoded><![CDATA[Protesters in London tried Thursday to prevent the removal of migrants from their temporary accommodation, as the UK government began detaining people before controversial deportation flights to Rwanda start.
Dozens of people surrounded a bus believed to be taking asylum seekers from a hotel in the Peckham area of the British capital to an accommodation barge moored off the south coast of England.
Several other protests have been held or are planned around the country to stop immigration officers detaining migrants.
The UK interior ministry this week confirmed that it has begun detaining asylum seekers before planned deportation to Rwanda, after parliament passed a law declaring it a safe country.
Several migrants were seen in photos and video footage released by the ministry being taken away in handcuffs by immigration officers.
The ministry has not confirmed how many people have been held so far, but the government says it expects Rwanda to take 5,700 migrants this year.
The protests come after official figures published on Thursday showed that 711 people were brought ashore the previous day after trying to cross the Channel in small boats from northern France.
The number is the highest on a single day so far this year and comes even as London insists that its plan to “stop the boats” is working, notably through the controversial Rwanda deportation scheme.
The new high is more than the previous 2024 single-day record of 534 on April 14. 
It takes the total number of migrants who have made the Channel crossing so far this year to 8,278 — up more than a quarter on the same period in 2023.
The highest-ever single-day arrivals figure was 1,295 and recorded on August 22, 2022.
French police on Wednesday said they had rescued 66 people after their boat ran into trouble off the coastal town of Dieppe.
UK police have made a number of arrests as part of an investigation into the deaths of five people whose boat got into difficulties off the French coast on April 23.
Migration — both regular and irregular — has been a major political issue in the UK, given the government’s promise to tighten the country’s borders after leaving the European Union.
But doing so has proved harder to implement, with the Conservative government desperate to trumpet successes as it goes into local elections on Thursday and a general election later this year.
Some 122,600 people have been intercepted in British waters and brought ashore since the UK began recording arrivals in 2018.
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