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A price cap on Russian oil aims to starve Putin of cash. But it’s largely been untested. Until now

Published Wed, 26 Feb 2025 18:18:26 GMT

FRANKFURT, Germany (AP) — For months after Ukraine’s Western allies limited sales of Russian oil to $60 per barrel, the price cap was still largely symbolic. Most of Moscow’s crude — its main moneymaker — cost less than that.But the cap was there in case oil prices rose — and would keep the Kremlin from pocketing extra profits to fund its war in Ukraine. That time has now come, putting the price cap to its most serious test so far and underlining its weaknesses. Russia’s benchmark oil — often exported with Western ships required to obey sanctions — has traded above the price cap since mid-July, pumping hundreds of millions of dollars a day into the Kremlin’s war chest. With Russia’s profits rising, the Israel-Hamas war pushing up global oil prices and evidence that some traders and shippers are evading the cap, the first signs of enforcement are appearing 10 months after the price limit was imposed in December. But sanctions advocates say the crackdown ...

Leading in early results, Machado claims win in Venezuelan opposition’s presidential primary

Published Wed, 26 Feb 2025 18:18:26 GMT

CARACAS, Venezuela (AP) — Early returns in the Venezuelan opposition’s presidential primary gave a big lead to former legislator Maria Corina Machado early Monday, and she quickly claimed victory as the voters’ choice to lead the campaign to end the decade-long, crisis-ridden presidency of Nicolás Maduro. The independent National Primary Commission, which organized the primary, did not release any results until long after polling stations closed Sunday, blaming internet censorship. The organizers said that in the first 601,110 ballots counted, about 93% picked Machado, who had entered the vote as a strong front-runner. The rest of the votes were scattered among the other nine candidates. There was no indication of how many people cast ballots in all, and organizers were expected to release additional results throughout Monday.“Today, very powerful forces have been unleashed,” Machado told supporters gathered outside her campaign headquarters in the capital, Caracas...

Japan’s Prime Minister Kishida plans an income tax cut for households and corporate tax breaks

Published Wed, 26 Feb 2025 18:18:26 GMT

TOKYO (AP) — Japan’s Prime Minister Fumio Kishida said Monday he is preparing to take bold economic measures, including an income tax cut for households hit by inflation and tax breaks for companies to promote investment, in what’s seen as a move to lift his dwindling public support.In his speech to start a new Parliamentary session, Kishida said it was time to shift from an economy of low cost, low wages and cost-cutting to one backed by growth led by sustainable wage hikes and active investment.“I’m determined to take unprecedentedly bold measures,” Kishida said, pledging an intensive effort to achieve stronger supply capability in about three years. “I will put more emphasis on the economy than on anything else.”He said he is determined to help people ride out the impact of soaring prices for food, utilities and other costs that have exceeded their salary increases, by implementing income tax cuts. He also pledged to introduce corporate tax incentives to promote...

Commission adopts rules on independent audits under the Digital Services Act

Published Wed, 26 Feb 2025 18:18:26 GMT

The Commission has adopted a Delegated Regulation with rules on independent audits to assess compliance of Very Large Online Platforms and Very Large Online Search Engines with the Digital Services Act (DSA).Under the DSA, independent auditors must assess, at least once a year, compliance of Very Large Online Platforms and Search Engines with all DSA obligations. The audit reports should present a clear opinion concerning the compliance of the audited service with the DSA.As required by the DSA, the Delegated Regulation sets out the steps the designated services must apply to verify the capabilities and independence of their auditor. It also lays down the main principles that auditors should apply when performing DSA audits.The auditors will use templates to produce the independent audits, while Very Large Online Platforms and Search Engines will use templates to produce their implementation reports. Mandatory templates will ensure comparability between the reports from different se...

Some areas of Southern California could see rain Monday

Published Wed, 26 Feb 2025 18:18:26 GMT

The Los Angeles area and other parts of Southern California could see light precipitation as a low-pressure system moves through the region on Monday.“It won’t be heavy rain,” says KTLA weather anchor Kaj Goldberg. “But we could see anything from a drizzle to light showers through the morning.”The system will move quickly through SoCal, first bringing wind and light precipitation to the mountain and foothill communities, becoming more widespread into the morning, and then skies clear by the afternoon. SoCal Weather Home Page “Once we get into the lunch hour, we’ll see that low pressure rapidly moving to the south-east and bring dry conditions that continue into Tuesday,” Goldberg says.Monday’s temperatures will be much like Sunday with highs in the mid-to-upper 70s in the L.A. Basin, San Fernando Valley, San Gabriel Valley and Orange County.

President von der Leyen hosts Global Gateway Forum

Published Wed, 26 Feb 2025 18:18:26 GMT

Commission President Ursula von der Leyen (pictured) will host and open the Global Gateway Forum, that will bring together on 25 and 26 October, in Brussels, over 40 high-level government representatives from EU and partner countries, as well as representatives from financial institutions, including the EIB and EBRD, the private sector, civil society and international organizations. Watch the President's opening speech live on EbS at 13h30 CEST on Wednesday (25 October). Under the theme, ‘Stronger Together through Sustainable Investment', the Global Gateway Forum will showcase progress in the implementation of the Global Gateway strategy, the EU's offer for quality, transparent investments in connectivity, health, education and research systems across the world. On the 25 October, President von der Leyen will host a dinner for the Heads of State and Government and participate in the opening plenary session of the Forum, which will be followed, during the two days, by a series of lea...

Jill On Money: 2024 COLA fizzles out

Published Wed, 26 Feb 2025 18:18:26 GMT

Before COVID, the annual October ritual of announcing the following year’s Cost of Living Adjustment (COLA) for Social Security recipients was a sleepy event. But since the inflationary spike that started in 2021, millions have been waiting breathlessly for the news.A bit of historical context: Although President Franklin D. Roosevelt signed the law that enacted today’s Social Security system on August 14, 1935, it was not until decades later that Congress added an extra provision which accounted for rising prices.Before that, benefits were increased only when Congress enacted special legislation. The COLA provision was part of the 1972 Social Security Amendments, and automatic annual COLAs began in 1975.The problem with COLA is that the future year’s increase is based on what happened in the previous year – and we know that conditions can change quickly.Officials use a measure of the Consumer Price Index (CPI-W), which can differ slightly from the headline or core rate that you see...

Single family residence in San Jose sells for $3.9 million

Published Wed, 26 Feb 2025 18:18:26 GMT

1965 Georgetta Drive – Google Street ViewA spacious, recently built house located in the 1900 block of Georgetta Drive in San Jose has new owners. The 3,733-square-foot property, built in 2020, was sold on Sept. 29, 2023, for $3,900,000, or $1,045 per square foot. This single-story house boasts a generous living space with five bedrooms and six bathrooms. In addition, the house includes a two-car garage, ensuring ample room for parking and storage.These nearby houses have also recently been purchased:A 1,846-square-foot home on the 1900 block of Georgetta Drive in San Jose sold in May 2023, for $4,100,000, a price per square foot of $2,221. The home has 3 bedrooms and 3 bathrooms.In March 2023, a 1,874-square-foot home on Margot Place in San Jose sold for $2,380,000, a price per square foot of $1,270. The home has 4 bedrooms and 2 bathrooms.On Margot Place, San Jose, in August 2022, a 1,765-square-foot home was sold for $2,218,000, a price per square foot of $1,257. The home has 4 b...

Pakistani court indicts former Prime Minister Imran Khan on charges of revealing official secrets

Published Wed, 26 Feb 2025 18:18:26 GMT

ISLAMABAD (AP) — A Pakistani court on Monday indicted Imran Khan on charges of revealing official secrets after his 2022 ouster from office in another dramatic move against the former prime minister who could now face a possible death sentence and will likely be unable to run in parliamentary elections in January.Khan and Shah Mahmood Qureshi, a close aide and the deputy leader of Khan’s opposition Pakistan Tehreek-e-Insaf party, will go on trial this week at a high-security prison in the garrison city of Rawalpindi. The charge of revealing state secrets carries a sentence ranging from life in prison to the death penalty, according to Umair Niazi, one of Khan’s defense lawyers. Niazi, however, said he was confident Khan and Qureshi would be acquitted as they had done “nothing wrong.” The trial starts on Friday and both Khan and Qureshi have denied the charges against them. The hearings will take place before a special court behind closed doors at the Adiyala Prison, wher...

US renews warning it will defend treaty ally Philippines after Chinese ships rammed Manila vessels

Published Wed, 26 Feb 2025 18:18:26 GMT

MANILA, Philippines (AP) — The United States renewed a warning Monday that it would defend the Philippines in case of an armed attack under a 1951 treaty, after Chinese ships blocked and collided with two Filipino vessels off a contested shoal in the South China Sea. Philippine diplomats summoned a Chinese Embassy official in Manila on Monday for a strongly worded protest following Sunday’s collisions off Second Thomas Shoal. No injuries were reported but the encounters damaged a Philippine coast guard ship and a wooden-hulled supply boat operated by navy personnel, officials said.President Ferdinand Marcos Jr. called an emergency meeting with the defense secretary and other top military and security officials to discuss the latest hostilities in the disputed waters. The Philippines and other neighbors of China have resisted Beijing’s sweeping territorial claims over virtually the entire South China Sea, and some, like Manila, have sought U.S. military support as incidents mul...