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Russian President Vladimir Putin declared a brief Easter ceasefire in his war with Ukraine, saying “all hostilities” will pause for a two-day period.

There has been no immediate response from Ukraine, but if Kyiv accepts it will be the first pause in the conflict since Russia’s February 2022 full-scale invasion.

Russian fighting will halt between 6 p.m. Moscow time on Saturday (11 a.m. ET) and midnight on Monday (5 p.m. Sunday ET), Putin said.

“We assume that the Ukrainian side will follow our example,” he added.

The truce will help Russia determine how sincere Kyiv is about wanting to reach a ceasefire, Putin said.

The announcement comes at a pivotal time for the war. On the ground, Russia continues to make gains, claiming the capture of another settlement in the Kursk border region while US-led peace efforts are stuttering.

On Friday, US Secretary of State Marco Rubio warned that the US was ready to “move on” from efforts to bring peace to Ukraine within days if there were no tangible signs of progress.

Ukraine has previously been skeptical about such temporary pauses in conflict, having rejected a temporary ceasefire in January 2023 believing that Russia had ulterior motives in calling for a stop to the fighting, such as using the pause to bring in more troops.

This is a developing story and will be updated.

This post appeared first on cnn.com

Finlay Minerals Ltd.( TSXV: FYL) (OTCQB: FYMNF) (‘Finlay’ or the ‘Company’) announces that the Company has entered into two definitive earn-in agreements (the ‘Earn-In Agreements’) with Freeport-McMoRan Mineral Properties Canada Inc. (‘Freeport’), a wholly owned subsidiary of Freeport-McMoRan Inc. (NYSE: FCX), pursuant to which it has granted Freeport separate options to earn an 80% interest in its PIL and ATTY Properties (the ‘Properties’) in the Toodoggone District of northern British Columbia.

Highlights

  • Freeport may earn 80% of the PIL and ATTY Projects by expending $35 million in Exploration Expenditures and making Cash Payments of $4.1 million – (Refer to Table 1 below for further details);
  • Finlay will act as the Operator during the Earn-In period; and
  • Exploration Program planning is underway and will be announced shortly.

The earn-in in respect of each of the Properties may be exercised separately. Following the completion of the earn-in on either of the Properties, Freeport and Finlay will respectively hold interests of 80% and 20% in such Property, and a joint venture will be formed for further exploration and development. In the event that a party does not fund their portion of further joint venture programs, their interests in the joint venture will dilute. Any party that dilutes to below a 10% interest in the joint venture will exchange its joint venture interest for a net smelter returns (‘NSR‘) royalty of 1% on the applicable Property, which is subject to a 0.5% buyback for USD $2,000,000.

The earn-in requirements can be accelerated by Freeport at its discretion. During the earn-in period, Finlay will be the Operator on the Properties, collecting an operator’s fee, under the direction of a technical committee that will approve work programs and budgets during the earn-in period.

The PIL & ATTY Properties are each subject to a 3.0% NSR royalty held by Electrum Resource Corporation (‘Electrum’), a private company, the outstanding voting shares of which are held by Company directors: John A. Barakso and Ilona B. Lindsay. The Company has a current right to buy back ½ of the royalty (1.5%) on each property for an aggregate payment of $2,000,000 and $1,500,000 respectively. Finlay and Electrum have agreed that upon the exercise of the earn-in in respect of each Property by Freeport, the buy-back right will be amended to provide for a 2.0% buyback for each Property, in consideration for an increased buy-back payment to be sole-funded by Freeport without joint venture dilution to Finlay, and will be divided equally between Finlay and Electrum.

Freeport-McMoRan (FCX) is a leading international metals company focused on copper, with major operations in the Americas and Indonesia and significant reserves of copper, gold, and molybdenum.

The Earn-In Agreements were executed and delivered on April 17, 2025 and are subject to approval of the TSX Venture Exchange. Finlay and Freeport are arms-length parties and no finders’ fees were incurred with these transactions.

About the PIL Property:

The 100% owned PIL Property covers 13,374 hectares of highly prospective ground in the prolific Toodoggone mining district of north-central British Columbia. The core PIL claims were staked over 30 years ago by the founders of the Company. Over the decades, numerous Cu-Au-Mo porphyry and porphyry-related Au-Ag epithermal targets have been identified at PIL. The identified targets are central to a broader 70 km porphyry corridor trend, which includes: Centerra Gold’s past producing Kemess South Cu-Au porphyry mine and Kemess Underground Cu-Au-Ag porphyry resource, Thesis Gold’s Lawyers-Ranch Au-Ag epithermal resource, and the newly discovered Amarc Resources and Freeport AuRORA Cu-Au-Ag porphyry. Readers are cautioned that mineralization on the foregoing regional properties is not necessarily indicative of mineralization on the PIL Property. The PIL Property is road accessible and permitted for the 2025 season. (Refer to Figure 2 Map.)

About the ATTY Property:

The 100% owned ATTY Property covers 3,875 hectares in the prolific Toodoggone mining district of north-central British Columbia. The ATTY Property adjoins Centerra Gold’s Kemess Project and Amarc Resources and Freeport’s JOY property. Several epithermal-style Ag ± Au ± Cu ± base-metal veins are exposed on the ATTY Property, and geochemical and geophysical work have outlined at least two promising porphyry targets, including the drill-ready KEM Target. The ATTY Property is road accessible and permitted for the 2025 season.

Qualified Person:

Wade Barnes, P. Geo. and Vice President, Exploration for Finlay and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical content of this news release.

About Finlay Minerals Ltd.

Finlay is a TSXV company focused on exploration for base and precious metal deposits with four 100% owned properties in northern British Columbia: the PIL and ATTY properties in the Toodoggone, the Silver Hope Cu-Ag Property (21,322 ha) and the SAY Cu-Ag Property (15,246 ha).

Finlay Minerals is advancing the PIL, ATTY, SAY and Silver Hope Properties that host copper-gold porphyry and gold-silver epithermal targets within different porphyry districts of northern and central BC. Each property is located in areas of recent development and porphyry discoveries with the advantage of hosting the potential for new discoveries.

Finlay trades under the symbol ‘FYL’ on the TSXV and under the symbol ‘FYMNF’ on the OTCQB. For further information and details, please visit the Company’s website at www.finlayminerals.com

On behalf of the Board of Directors,
Robert F. Brown
President, CEO & Director

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information: This news release includes certain ‘forward-looking information’ and ‘forward-looking statements’ (collectively, ‘forward-looking statements’) within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as ‘expect’, ‘plan’, ‘anticipate’, ‘project’, ‘target’, ‘potential’, ‘schedule’, ‘forecast’, ‘budget’, ‘estimate’, ‘intend’ or ‘believe’ and similar expressions or their negative connotations, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’, ‘should’ or ‘might’ occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include statements regarding, among others, the exploration plans for the Properties and the potential exercise of Freeport’s option to acquire an interest in the Properties. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay’s proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements, and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law.

Source

This post appeared first on investingnews.com

Harvard’s brewing conflict with the Trump administration could come at a steep cost — even for the nation’s richest university.

On April 14, Harvard University President Alan Garber announced the institution would not comply with the administration’s demands, including to “audit” Harvard’s students and faculty for “viewpoint diversity.” The federal government, in response, froze $2.2 billion in multi-year grants and $60 million in multi-year contracts with the university.

According to CNN and multiple other news outlets, the Trump administration has now asked the Internal Revenue Service to revoke Harvard’s tax-exempt status. If the IRS follows through, it would have severe consequences for the university. The many benefits of nonprofit status include tax-free income on investments and tax deductions for donors, education historian Bruce Kimball told CNBC.

Bloomberg estimated the value of Harvard’s tax benefits in excess of $465 million in 2023.

Nonprofits can lose their tax exemptions if the IRS determines they are engaging in political campaign activity or earning too much income from unrelated activities. Few universities have lost their non-profit status. One of the few examples was Christian institution Bob Jones University, which lost its tax exemption in 1983 for racially discriminatory policies.

White House spokesperson Harrison Fields told the Washington Post that the IRS started investigating Harvard before President Donald Trump suggested on Truth Social that the university should be taxed as a “political entity.” The Treasury Department did not reply to a request for comment from CNBC.

A Harvard spokesperson told CNBC that the government has “no legal basis to rescind Harvard’s tax exempt status.”

“The government has long exempted universities from taxes in order to support their educational mission,” the spokesperson wrote in a statement. “Such an unprecedented action would endanger our ability to carry out our educational mission. It would result in diminished financial aid for students, abandonment of critical medical research programs, and lost opportunities for innovation. The unlawful use of this instrument more broadly would have grave consequences for the future of higher education in America.” 

The federal government has challenged Harvard on yet another front, with the Department of Homeland Security threatening to stop international students from enrolling. The Student and Exchange Visitor Program is administered by Immigration and Customs Enforcement, which falls under the DHS.

International students make up more than a quarter of Harvard’s student body. However, Harvard is less financially dependent on international students than many other U.S. universities as it already offers need-based financial aid to international students in its undergraduate program. Many other universities require international students to pay full tuition.

The Harvard spokesperson declined to comment to CNBC on whether the university would sue the administration over the federal funds or any other grounds. Lawyers Robert Hur of King & Spalding and William Burck of Quinn Emanuel are representing Harvard, stating in a letter to the federal government that its demands violate the First Amendment.

Harvard, the nation’s richest university, has more resources than other academic institutions to fund a long legal battle and weather the storm. However, its massive endowment — which has raised questions during the recent developments — is not a piggy bank.

Harvard has an endowment of nearly $52 billion, averaging $2.1 million in endowed funds per student, according to a study by the National Association of College and University Business Officers, or NACUBO, and asset manager Commonfund.

That size makes it larger than than the GDP of many countries.

The endowment generated a 9.6% return last fiscal year, which ended June 30, according to the university’s latest annual report.

Founded in 1636, Harvard has had more time to accumulate assets as the nation’s oldest university. It also has robust donor base, receiving $368 million in gifts to the endowment in 2024. While the university noted that more than three-quarters of the gifts averaged $150 per donor, Harvard has a history of headline-making donations from ultra-rich alumni.

Kimball, emeritus professor of philosophy and history of education at the Ohio State University, attributes the outsized wealth of elite universities like Harvard to a willingness to invest in riskier assets.

University endowments were traditionally invested very conservatively, but in the early 1950s Harvard shifted its allocation to 60% equities and 40% bonds, taking on more risk and creating the opportunity for more upside.

“Universities that didn’t want to assume the risk fell behind,” Kimball told CNBC in March.

Other universities soon followed suit, with Yale University in the 1990s pioneering what would become the “Yale Model” of investing in alternative assets like hedge funds and natural resources. Though it proved lucrative, only universities with large endowments could afford to take on the risk and due diligence that was needed to succeed in alternative investments, according to Kimball.

According to Harvard’s annual report, the largest chunks of the endowment are allocated to private equity (39%) and hedge funds (32%). Public equities constitute another 14% while real estate and bonds/TIPs make up 5% each. The remainder is divided between cash and other real assets, including natural resources.

The university has made substantial portfolio allocation changes over the past seven years, the report notes. The Harvard Management Company has cut the endowment’s exposure to real estate and natural resources from 25% in 2018 to 6%. These cuts allowed the university to increase its private equity allocation. To limit equity exposure, the endowment has upped its hedge fund investments.

University endowments, though occasionally staggering in size, are not slush funds. The pools are actually made up of hundreds or even thousands of smaller funds, the majority of which are restricted by donors to be dedicated to areas including professorships, scholarships or research.

Harvard has some 14,600 separate funds, 80% of which are restricted to specific purposes including financial aid and professorships. Last fiscal year, the endowment distributed $2.4 billion, 70% of which was subject to donors’ directives.

“Most of that money was put in for a specific purpose,” Scott Bok, former chairman of the University of Pennsylvania, told CNBC in March. “Universities don’t have the ability to break open the proverbial piggy bank and just grab the money in whatever way they want.”

Some of these restrictions are overplayed, according to former Northwestern University President Morton Schapiro.

“It’s true that a lot of money is restricted, but it’s restricted to things you’re going to spend on already like need-based aid, study abroad, libraries,” Bok said previously.

Harvard has $9.6 billion in endowed funds that are not subject to donor restrictions. The annual report notes that “while the University has no intention of doing so,” these assets “could be liquidated in the event of an unexpected disruption” under certain conditions.

Liquidating $9.6 billion in assets, nearly 20% of total endowed funds, would come at the cost of future cash flow, as the university would have less to invest.

Harvard did not respond to CNBC’s queries about increasing endowment spending. Like most universities, it aims to spend around 5% of its endowment every year. Assuming the fund generates high-single-digit investment returns, spending just 5% allows the principal to grow and keep pace with inflation.

For now, Harvard is taking a hard look at its operating budget. In mid-March, the university started taking austerity measures, including a temporary hiring pause and denying admission to graduate students waitlisted for this upcoming fall.

Harvard is also issuing $750 million in taxable bonds due September 2035. This past February, the university issued $244 million in tax-exempt bonds. A slew of universities including Princeton and Colgate are also raising debt this spring.

So far, Moody’s has not updated its top-tier AAA rating for Harvard’s bonds. However, when it comes to higher education as a whole, the ratings agency isn’t so optimistic, lowering its outlook to negative in March.

This post appeared first on NBC NEWS

Alphabet’s Google illegally dominated two markets for online advertising technology, a judge ruled Thursday, dealing another blow to the tech giant and paving the way for U.S. antitrust prosecutors to seek a breakup of its advertising products.

U.S. District Judge Leonie Brinkema in Alexandria, Virginia, found Google liable for “willfully acquiring and maintaining monopoly power” in markets for publisher ad servers and the market for ad exchanges, which sit between buyers and sellers. Websites use publisher ad servers to store and manage their ad inventories.

Antitrust enforcers failed to prove a separate claim that Google had a monopoly in advertiser ad networks, she wrote.

Lee-Anne Mulholland, Google’s vice president of regulatory affairs, said Google will appeal the ruling.

“We won half of this case and we will appeal the other half,” she said in a statement, adding that the company disagrees with the decision about its publisher tools. “Publishers have many options and they choose Google because our ad tech tools are simple, affordable and effective.’

Google’s shares were down around 2.1% at midday.

The decision clears the way for another hearing to determine what Google must do to restore competition in those markets, such as sell off parts of its business at another trial that has yet to be scheduled.

The Justice Department has said Google should have to sell off at least its Google Ad Manager, which includes the company’s publisher ad server and ad exchange.

However, a Google representative said Thursday that Google was optimistic it would not have to divest part of the business as part of any remedy, given the court’s view that its acquisition of advertising tech companies like DoubleClick were not anticompetitive.

Google still faces the possibility that two U.S. courts will order it to sell assets or change its business practices. A judge in Washington will hold a trial next week on the Justice Department’s request to make Google sell its Chrome browser and take other measures to end its dominance in online search.

Google has previously explored selling off its ad exchange to appease European antitrust regulators, Reuters reported in September.

Brinkema oversaw a three-week trial last year on claims brought by the Justice Department and a coalition of states.

Google used classic monopoly-building tactics of eliminating competitors through acquisitions, locking customers in to using its products and controlling how transactions occurred in the online ad market, prosecutors said at trial.

Google argued the case focused on the past, when it was still working on making its tools able to connect to competitors’ products. Prosecutors also ignored competition from Amazon.com, Comcast and other technology companies as digital ad spending shifted to apps and streaming video, Google’s lawyer said.

The ruling was issued as a district court in Washington, D.C., held its fourth day of an antitrust trial between Meta and the Federal Trade Commission, in which the government similarly accused the company then known as Facebook of monopolizing the social networking market through its acquisitions of Instagram and WhatsApp.

A Google representative said the partially favorable ruling in its case Thursday could point to success for Meta, as well, in defending its acquisitions from the government’s antitrust allegations.

This post appeared first on NBC NEWS

Capital One Financial’s application to acquire Discover Financial Services in a $35.3 billion all-stock deal has officially been approved by the Federal Reserve and the Office of the Comptroller of the Currency, the regulators announced on Friday.

“The Board evaluated the application under the statutory factors it is required to consider, including the financial and managerial resources of the companies, the convenience and needs of the communities to be served by the combined organization, and the competitive and financial stability impacts of the proposal,” the Fed said in a release.

Capital One first announced it had entered into a definitive agreement to acquire Discover in February 2024. It will also indirectly acquire Discover Bank through the transaction, which was approved by the Office of the Comptroller of the Currency on Friday.

Under the agreement, Discover shareholders will receive 1.0192 Capital One shares for each Discover share or about a 26% premium from Discover’s closing price of $110.49 at the time, Capital One said in a release.

Capital One and Discover are among the largest credit card issuers in the U.S., and the merger will expand Capital One’s deposit base and its credit card offerings. 

As a condition of the merger, Capital One said it will comply with the Fed’s action against Discover, according to the release. The Fed fined Discover $100 million for overcharging certain interchange fees from 2007 through 2023, and the company is repaying those fees to affected customers.

The OCC said it approved Capital One’s application on the condition that it would take “corrective actions” to remediate harm and address the “root causes” of outstanding enforcement actions against Discover.

After the deal closes, Capital One shareholders will hold 60% of the combined company, while Discover shareholders own 40%, according to the February 2024 release.

In a joint statement, Capital One and Discover said they expect to close the deal on May 18.

This post appeared first on NBC NEWS

US Secretary of State Marco Rubio said Friday that if it is not possible to end the war in Ukraine, the United States needs to abandon its efforts and move on.

“If it is not possible to end the war in Ukraine, we need to move on,” he told reporters before departing Paris. “We need to determine very quickly now, and I’m talking about a matter of days, whether or not this is doable.”

The comments come a day after he and special envoy Steve Witkoff met with European and Ukrainian allies as US President Donald Trump’s administration pushes for an end to Russia’s war in Ukraine.

A US-authored outline of a peace plan had received an “encouraging reception” at the talks, according to a State Department readout, which did not give details on the outline. Rubio also spoke with Russian foreign minister Sergey Lavrov and conveyed the same outline, the readout said.

Speaking Friday, Rubio said he and Witkoff had come to Paris to “begin to talk about more specific outlines of what it might take to end the war” and whether or not this is a war that can be ended.

“If it’s not possible, if we’re so far apart that this is not going to happen then I think the president is probably at a point where he’s going to say we’re done,” he said.

“It’s not our war. We didn’t start it. The United States has been helping Ukraine for the past three years and we want it to end, but it’s not our war,” he added.

“President (Trump) has spent 87 days at the highest level of this government repeatedly taking efforts to bring this war to and end. We are now reaching a point when we need to decide and determine whether this is even possible or not. Which is why we’re engaging both sides.”

Meanwhile, Russia launched a missile attack on Ukraine overnight, hitting a residential neighborhood of the city of Kharkiv. The strike killed one person and wounded 67 others, authorities said Friday, adding they feared more people could be trapped beneath the rubble of a damaged apartment building.

Step towards minerals deal

Rubio’s words of warning on Friday come after the US and Ukraine moved closer toward clinching an agreement on a minerals deal on Thursday night.

Kyiv and Washington have now signed a memorandum as a move towards the proposed agreement, Ukrainian Economy Minister Yulia Svyrydenko said.

“We are happy to announce the signing, with our American partners, of a Memorandum of Intent, which paves the way for an Economic Partnership Agreement and the establishment of the Investment Fund for the Reconstruction of Ukraine,” Svyrydenko said in a post on X.

Ukrainian President Volodymyr Zelensky had said earlier Thursday that a memorandum related to the deal could be signed remotely that day.

“This document is the result of the professional work of the negotiating teams, which recently completed another round of technical discussions in Washington,” Svyrydenko continued. “Ahead is the finalization of the text of the agreement and its signing — and then, ratification by parliaments.”

“There is a lot to do, but the current pace and significant progress give reason to expect that the document will be very beneficial for both countries,” Svyrydenko concluded.

An earlier iteration of the minerals deal went unsigned following a public argument between Zelensky and Trump in February.

This is a developing story and will be updated.

This post appeared first on cnn.com

Police have arrested scores of people in Pakistan in recent weeks after more than 10 mob attacks on outlets of US fast-food chain KFC, sparked by anti-United States sentiment and opposition to its ally Israel’s war in Gaza, officials said.

Police in major cities in the Islamic nation, including the southern port city of Karachi, the eastern city of Lahore and the capital Islamabad, confirmed at least 11 incidents in which KFC outlets were attacked by protesters armed with sticks and vandalized. At least 178 people were arrested, the officials said this week.

KFC and its parent Yum Brands, both US-based, did not respond to requests for comment.

A police official, who spoke on condition of anonymity, said one KFC employee was shot and killed this week in a store on the outskirts of Lahore by unknown gunmen. The official added there was no protest at the time and they were investigating whether the killing was motivated by political sentiment or some other reason.

In Lahore, police said they were ramping up security at 27 KFC outlets around the city after two attacks took place and five others were prevented.

“We are investigating the role of different individuals and groups in these attacks,” said Faisal Kamran, a senior Lahore police officer, adding that 11 people, including a member of the Islamist religious party Tehreek-e-Labbaik Pakistan (TLP), were arrested in the city. He added the protests were not officially organized by TLP.

TLP spokesman Rehan Mohsin Khan said the group “has urged Muslims to boycott Israeli products, but it has not given any call for protest outside KFC.”

“If any other person claiming to be a TLP leader or activist has indulged in such activity, it should be taken as his personal act which has nothing to do with the party’s policy,” said Khan.

KFC has long been viewed as a symbol of the United States in Pakistan and borne the brunt of anti-American sentiment in recent decades with protests and attacks.

Western brands have been hit by boycotts and other forms of protests in Pakistan and other Muslim-majority countries in recent months over Israel’s military offensive in the Gaza Strip.

The war was triggered by the Palestinian militant group Hamas’ October 7, 2023, attack on southern Israel, in which 1,200 people were killed and 251 taken hostage to Gaza, according to Israeli tallies.

Since then, more than 51,000 Palestinians have been killed in the Israeli offensive, according to local health authorities.

Yum Brands has said one of its other brands, Pizza Hut, has faced a protracted impact from boycotts related to Israel’s war in Gaza.

In Pakistan, local brands have made inroads into its fast-growing cola market as some consumers avoid US brands. In 2023, Coca-Cola’s market share in the consumer sector in Pakistan fell to 5.7% from 6.3% in 2022, according to GlobalData, while PepsiCo’s fell to 10.4% from 10.8%.

Earlier this month, religious clerics in Pakistan called for a boycott of any products or brands that they say support Israel or the American economy, but asked people to stay peaceful and not destroy property.

This post appeared first on cnn.com

Maintaining a good relationship between the United States and Europe has long been seen as a no-brainer by leaders on both side of the Atlantic. After all, it’s this friendship that has led to decades of peace, stability and prosperity.

And then came US President Donald Trump.

In his second term, Trump and his closest aides have repeatedly expressed a deep disdain for Europe, centered mainly around their belief that the continent is taking advantage of the US when it comes to security and trade.

They say the US has for decades been subsidizing Europe’s inadequate defense spending, while getting slapped with tariffs and trade barriers in return.

But their dislike seems to be at least partly rooted in ideology.

Majda Ruge, a senior policy fellow at the European Council on Foreign Relations, said that Trump’s foreign policy is an extension of the culture wars that he and his administration are leading against liberalism at home.

“And Europe is considered to be one of the bastions of that liberalism,” she said.

She said Trump’s “Make America Great Again” movement has been largely inspired by people’s disappointment with globalization.

Growing frustration with Europe

Few in the Trump administration have shown as much contempt for Europe as Vice President JD Vance.

Just weeks into his tenure, Vance stunned European leaders by using his speech at the Munich Security Conference to berate them over free speech and migration. He went as far as suggesting that the biggest threat to European security wasn’t Russia or China, but “the threat from within,” which he characterized as “the retreat of Europe from some of its most fundamental values.”

He followed that up a wide-ranging interview with British website UnHerd on April 15 where he shared his and the president’s frustration with European leaders.

“The reality is – it’s blunt to say it, but it’s also true – that Europe’s entire security infrastructure, for my entire life, has been subsidized by the United States of America,” he said.

“It’s not in Europe’s interest, and it’s not in America’s interest, for Europe to be a permanent security vassal of the United States.”

But the extent of his dislike for the continent was laid bare when the editor-in-chief of The Atlantic magazine, Jeffrey Goldberg, was accidentally added to a group chat of Trump’s top officials on the nongovernment messaging app Signal.

Vance suggested calling off a US attack on the Houthi rebels in Yemen, who had been disrupting key international shipping routes for months, because it would help European economies more than it would America’s.

“I just hate bailing Europe out again,” Vance said in the chat.

That remark was in line with Trump’s long-held belief that European countries have been able to underspend on defense because they knew the US would step in and bail them out.

He has threatened to take the US out of NATO and questioned Article 5 of the treaty, the principle of collective defense – a key pillar of the alliance that has only been invoked once in its history, after the September 11, 2001 attacks on the US.

Clash over defense spending

Trump made defense spending a major issue when he first became US commander in chief and 22 out of NATO’s then 27 members were spending less than the agreed upon 2% of their GDP on defense.

Things have changed since then – partly because of Trump’s pressure, but mostly because of Russia’s aggression against Ukraine, which was a major wake-up call for Europe.

In 2024, only eight out of the expanded alliance’s 32 members didn’t meet the target.

And while it is true that the US has invested a lot of money and manpower into Europe’s security, experts say the picture is a lot more nuanced than how Vance and other top Trump lieutenants present it.

“Americans didn’t do this out of the goodness of their hearts,” Ruge said. “Regardless of the administration, the US has rarely done something on the foreign policy front, which hasn’t been to the benefit of or in line with (the) national interests of the United States.”

Sudha David-Wilp, vice president of external relations and senior fellow at the German Marshall Fund of the United States, agreed with that assessment – and warned that pulling away from the time-tested alliance could end up costing the US.

The US was able to rely on the support of its European allies on a number of occasions, even when it didn’t necessarily benefit their own political standing – such as when they refused to condemn the decision by the US to kill Iran’s General Qasem Soleimani in Iraq, or when they supported the US invasion of Afghanistan and contributed troops to the multinational force there as required by NATO’s Article 5, even though majorities of their citizens opposed it.

“Is it perfect? Absolutely not. Does it need reform? Yes. But by tearing it all down, it could make (the world) more dangerous and riskier for the United States,” David-Wilp said.

US push for European independence

Trump and those close to him have long pushed for the US to pull back from its traditional role as the world’s policeman, warning against America’s involvement in foreign conflicts.

The paradox of this, Ruge said, is that Vance and other “restrainers” are aligned with many European countries who have in the past criticized US interventions abroad.

Vance said as much in the interview with UnHerd, when he suggested that if Europe was a “little more willing to stand up” to the US, it “could have saved the entire world from the strategic disaster that was the American-led invasion of Iraq.”

Both Germany and France opposed the 2003 Iraq invasion, a stance which greatly angered the Bush administration. The then-Secretary of State Colin Powell threatened France with “consequences” over its decision to stand up to Washington. An anti-French sentiment took hold across the US — with actions like “French fries” being renamed “freedom fries” in establishments around the country.

“If you think about the Signal chat, where they’re going into the action of bombing of Houthis in Yemen and saying ‘we’re going to give the bill to Europeans,’ well, there’s an amount of hypocrisy, because American action – especially in the Middle East and North Africa – has produced huge amounts of liabilities for Europe,” Ruge said.

Scrutiny over security

The US has a vast network of military bases across Europe, with some 80,000 service members deployed there, down from a 20-year peak of 105,000 at the time of Russia’s full-scale invasion of Ukraine in 2022. The current number is roughly one fifth of what it used to be during the Cold War.

The strategy of stationing American troops closer to conflict zones dates back to World War II and has proven to be beneficial time and time again.

While different administrations have tinkered with the number of troops and locations of bases, the US has always maintained a significant military presence around the world.

“One can certainly make credible arguments that it’s important to move assets to regions like the Indo-Pacific, but it still makes sense to have a presence in Europe, because having a presence in Europe also helps the United States when it comes to out-of-area conflict,” David-Wilp said.

According to research by the Atlantic Council, it would cost the US taxpayer nearly $70 million more per year to rotate military forces in and out of Europe rather than have them based in Germany and Poland.

The huge investments the US has been making into defense in Europe and elsewhere have also directly benefited the American economy.

Because while Trump and others often make it sound like the US is pouring cash into Europe, and Ukraine in particular, what the US is mostly doing is pouring money into American defense contractors.

“In terms of what the alliance has given to the US, besides all the other benefits, just in terms of the economy – the benefit (the) American economy has drawn from this in terms of weapon sales and weapon production is huge,” Ruge said.

Of the more than $175 billion in aid that the US Congress has appropriated to Ukraine since the start of the full-scale invasion, more than $120 billion has been spent directly with US companies or on US Forces, according to conservative think tank the American Enterprise Institute.

And according to the Kiel Institute, which monitors aid to Ukraine, European countries have provided even more aid to Ukraine than the US – first by using their own existing arsenals and then by procuring weaponry from Western defense industries. With four out of the top five global defense contractors being American companies, US industry is getting a sizable chunk of this new business.

European unity benefits the US economy

Trump has made his personal contempt for the European Union clear on multiple occasions in recent months. He even complained to Irish Prime Minister Micheál Martin, incorrectly, that the bloc was making it difficult for him to expand his golf resort in Ireland.

Last month, Trump claimed the EU was “formed to screw the United States” when announcing his “Liberation Day” tariffs.

It was a strange suggestion given that the EU would likely not exist if it wasn’t for the post-war push by the US to help form it. President Harry Truman was a great advocate of European unity and his and subsequent US administrations have supported European integration, seeing a united Europe as a more prosperous trade partner and stable ally.

In Trump’s worldview, the US is being “screwed” by the EU because it is running an overall trade deficit with the bloc. But, just like with defense spending, the issue is more complex than Trump might suggest.

The US and the EU have the largest trading relationship in the world, having traded $1.4 trillion worth of goods and services in 2023, according to the latest available official data. And while the US ran a trade deficit with the EU in goods, it had a surplus in services.

The two sides have been balancing on the edge of a trade war after Trump unveiled 25% tariffs on European steel, aluminum and car exports, and 20% “reciprocal” tariffs on all other goods. The EU said it would retaliate but then put a pause on the planned countermeasures after Trump announced he’d temporarily halt the tariffs.

But while a full-blown trade conflict has been avoided for now, trust between the two sides of the Atlantic has been fractured – perhaps irreparably.

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Turkey started hastily organized mass trials on Friday to prosecute some of the hundreds of people who took part in the widespread demonstrations over the jailing of Istanbul’s mayor Ekrem Imamoglu, the major rival to President Recep Tayyip Erdogan.

Some 189 people, including journalists, students and activists, were on trial across two overflowing court rooms in Istanbul’s Caglayan justice palace, one of the city’s main courts.

Both courts ruled to split the list of defendants to more manageable numbers after hearing procedural motions by defense lawyers.

Charges against the defendants stem from the protests that erupted after Imamoglu’s arrest on March 19 on corruption allegations — a move critics see as an attempt to sideline a key rival to Erdogan ahead of elections expected to be held in 2028.

At least 1,400 people were arrested during the demonstrations, posing one of the biggest challenges yet to the long rule of Erdogan, who is seeking to extend his presidency.

Human Rights Watch (HRW) condemned the trials as politically motivated, citing a lack of evidence and calling the charges incompatible with democratic norms.

A small group of parents and supporters gathered outside the court before the trials to demand justice for students who are among those being prosecuted, holding signs, releasing balloons and chanting “we want justice for our kids.”

“We release these balloons to symbolize their right to freely express themselves, their right to education, and their right to lead free lives,” the group said in a statement.

Eight journalists who were arrested while covering the protests in Istanbul also appeared in court on Friday.

One defense lawyer called for the immediate dismissal of the case and told the court, “The journalists were carrying out their constitutionally protected jobs.”

HRW reviewed the indictments against 650 demonstrators “accused of protest-related offenses,” noting that 120 were charged for assemblies held after an eight-day protest ban expired.

Potential sentences range from six months to five years, yet in some cases the evidence appeared thin. In one case, a rock allegedly held by a protester was cited as a weapon.

Protesters in the capital Ankara were met with police water cannons. In Istanbul, police doused people with pepper spray, and some officers kicked and hit demonstrators after several fireworks and other objects were thrown at riot police near the city’s municipality building, according to Reuters.

Hugh Williamson, HRW’s Europe director, criticized the trials as “a warning against exercising the rights to peaceful protest or free expression,” and urged prosecutors to drop charges without concrete evidence.

Turkey’s record on assembly rights has long drawn scrutiny, with the European Court of Human Rights (ECHR) issuing over 70 rulings against Ankara since 2010 for disproportionate crackdowns, HRW said.

The Council of Europe has called on Turkey to protect “the right to peaceful protest.”

“The presumption of innocence, the use of pre-trial detention strictly as a measure of last resort and the protection of political expression” must all be guaranteed, the Council said.

Despite this, Erdogan’s government has tightened control, with Freedom House, a US-based nonprofit research organization, labeling Turkey “not free” amid censorship and surveillance laws.

As the trials begin, observers have warned of deepening authoritarianism. With 90% of Turkish media under government influence and journalists routinely targeted, the cases underscore a broader erosion of rights under Erdogan, who has ruled since 2003 and could remain in power until 2029.

Elections are not scheduled until 2028 but would need to come earlier if Erdogan, 71, who has run Turkey for 22 years, wants to run again. Imamoglu leads the president in some polls.

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UK police have seized a 4-foot-long caiman – a carnivorous reptile native to Central and South America – during a drugs raid in Essex, the force said on Friday.

Officers found the animal at a property in Aveley, a small town in Essex on the outskirts of Greater London.

They also seized a “significant cannabis grow” as well as several weapons including knives, and arrested two people, police said in a statement.

A 36-year-old man was arrested on suspicion of producing cannabis, contravening the dangerous wildlife act and possessing an offensive weapon.

And a 35-year-old woman was arrested on the same charges and also on suspicion of possessing with intent to supply drugs.

Both of them were later released under investigation.

“Drugs cause misery in our communities and we work hard to tackle their production and sale. We know this matters to the public and we value our neighbourhoods so these issues matter to us,” inspector Dan Selby, from the Grays Neighbourhood Policing Team, said in the statement.

Caimans, which resemble small crocodiles and can measure up to 5 feet in length, normally live in the rivers and wetlands found in central and southern America.

Police released a photo of this caiman pictured in a makeshift tank, and entrusted the animal to the RSPCA, Britain’s largest animal welfare charity.

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