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IMF sees heavy hit to German economy from Russian gas stop
AFP
Halting Russian gas supplies to Germany would cost Europe’s largest economy 1.5 percent of its GDP in 2022, the International Monetary Fund said Wednesday, as concerns mount that Moscow will further squeeze supply.
This year’s loss would be followed by a negative impact of 2.7 percent in 2023 and a 0.4-percent reduction in 2024, according to an IMF forecast where gas deliveries were assumed to have stopped on June 1.
A potential shutoff “could cause sizable reductions in German economic activity and increases in inflation”, the IMF said in a statement.
Supplies to Germany from Russia are currently at zero as the Nord Stream pipeline undergoes maintenance, after Moscow initially slashed deliveries by 60 percent in mid-June citing a delayed gas turbine repair.
Berlin has rejected Gazprom’s turbine explanation and believes Russia is squeezing supplies in retaliation for Western sanctions on Moscow over its invasion of Ukraine.
Works on the pipeline are due to finish Thursday, with officials watching closely to see if and at what levels supplies resume.
The risks for the economy from a complete shutdown, as well as a weak global economy and widespread supply bottlenecks “loom large”, the IMF said.
The same headwinds meant that German “growth is likely to be muted in the coming quarters”, it said.
In its standard forecast, the IMF sees the German economy growing by 1.2 percent in 2022 and just 0.8 percent in 2023.
Meanwhile, the rising price of energy associated with the gas supply reductions already seen also meant that inflation is “likely to remain elevated in the next two years”, the IMF said.
The IMF forecast inflation in Germany to sit at 7.7 percent in 2022 and 4.8 percent in 2023.
A complete Russian gas shut-off could potentially increase those figures by up to two percentage points in 2022 and 3.5 percentage points in 2023 in an “extreme” scenario where Europe struggles to source alternative supplies, it said.
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Trump files $15 billion defamation suit against The New York Times
U.S. President Donald Trump has filed a $15 billion defamation and libel lawsuit against The New York Times, which denounced the legal move on Tuesday as an attempt to silence the press.
In this new stage of his presidency, the 79-year-old Republican leader has escalated his long-standing hostility toward traditional media, repeatedly attacking critical journalists, limiting their access, or taking them to court.
The lawsuit, filed Monday in Florida, seeks $15 billion in damages, along with additional punitive compensation “in an amount to be determined at trial.”
The New York Times had reported last week that Trump threatened legal action over articles concerning a birthday letter allegedly sent by him to financier and convicted sex offender Jeffrey Epstein. The letter featured a typed message inside the outline of a nude woman. Trump denies that the accompanying signature is his.
“For too long, The New York Times has been allowed to lie, defame, and slander me freely — and that ends NOW!” Trump wrote on his social media platform, Truth Social.
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Maduro warns Venezuela would enter armed struggle if attacked by foreign forces
Venezuelan President Nicolás Maduro stated on Friday that if his country were attacked, it would enter a phase of armed struggle, amid his claims of “threats” from the United States, which is conducting a military deployment in Caribbean waters near Venezuela’s coast under the pretext of combating drug trafficking.
Maduro emphasized that Venezuela is currently in the non-armed phase, which he described as political, communicational, and institutional, but added that if the country were somehow aggressed, it would move to a planned, organized armed struggle involving the entire population, whether the threat is local, regional, or national.
“We would enter a stage of armed struggle, in defense of peace, territorial integrity, sovereignty, and our people,” Maduro said during an event activating citizen militias, broadcast on state channel Venezolana de Televisión (VTV).
He also noted that Venezuela is currently in a phase of readiness and preparation to defend the country and will proceed to the deployment of defensive capacities, including training and retraining of the entire Venezuelan population.
Maduro described the Venezuelan people as pacifist yet warrior-like, asserting that “no one will enslave us, neither today nor ever.”
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USCIS gains law enforcement powers: Agents now authorized to investigate and arrest immigration violators
The U.S. Citizenship and Immigration Services (USCIS), traditionally responsible for handling naturalizations, visas, residence permits, and work authorizations, is now expanding its role to include law enforcement powers, according to a statement released by the Department of Homeland Security (DHS).
Under the new directive, specially designated USCIS agents are now authorized to investigate, arrest, and bring to justice individuals who violate U.S. immigration laws. Previously, USCIS primarily managed administrative and bureaucratic processes, while enforcement responsibilities were handled by agencies like Immigration and Customs Enforcement (ICE) and U.S. Customs and Border Protection (CBP).
Illegal immigration has been a central issue under President Donald Trump’s administration, with DHS reporting that over 300,000 migrants have been arrested in the first six months of his presidency. However, the number of people who have crossed U.S. borders illegally in recent years remains controversial, with experts estimating between 8 to 10 million individuals.
The policy shift also comes amid heightened legal battles over immigration enforcement. Recently, a federal judge blocked the deportation of minors to Guatemala, who were moments away from boarding a flight. Trump’s aggressive measures, including large-scale raids in cities like Los Angeles, have faced multiple judicial challenges, some upheld and others overturned at various federal levels, including the Supreme Court.
According to the DHS statement, the expanded authority allows USCIS to “manage investigations from start to finish rather than referring cases to ICE,” aiming to reduce backlogs and combat fraud within the immigration system.
USCIS Director Joseph B. Edlow will have the power to appoint and train special agents under the order signed by DHS Secretary Kristi Noem, ensuring that the agency can effectively execute its newly granted enforcement responsibilities.
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