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Trump Vows To Use “Every Tool In The Arsenal” To Force Big Pharma To Cut Drug Prices  

Trump Vows To Use “Every Tool In The Arsenal” To Force Big Pharma To Cut Drug Prices  

President Trump’s letter to eighteen of the world’s largest pharmaceutical companies, including AbbVie, Amgen, AstraZeneca, Boehringer Ingelheim, Bristol Myers Squibb, Eli Lilly, EMD Serono, Genentech, Gilead, GSK, Johnson & Johnson, Merck, Novartis, Novo Nordisk, Pfizer, Regeneron, and Sanofi, demanding drug price cuts for Americans, sent a jolt through pharma stocks in Europe.

Trump’s formal letters to major big pharma, demanding immediate action to reduce U.S. drug prices to Most-Favored-Nation (MFN) levels — i.e., the lowest prices offered in any other developed nation, represent a move by his administration to stop what he calls “global freeloading” on U.S. pharma innovation, as well as for the adminstration to lower costs for all Americans – a campaign pledge he made in 2024. 

Here are the key demands Trump made in the letter to drugmakers:

  • Provide MFN prices to all Medicaid patients.

  • Pledge not to offer lower prices abroad for new drugs than those offered in the U.S.

  • Sell drugs directly to consumers at MFN prices, bypassing middlemen.

  • Raise prices abroad (via trade policy support), but reinvest those gains into lowering prices for Americans.

The letters state that if the pharma companies “refuse to step up” and comply with the federal government, Trump “will deploy every tool in our arsenal to protect American families from continued abusive drug pricing practices.” 

In markets, the letters sparked selling with Novo Nordisk in Europe down 4.4%, AstraZeneca slid 3%, GSK fell 1.9%, and Sanofi decreased by about 1.5%. Novo is set to close down more than 30% this week (read why), the largest weekly decline ever.

This follows Trump’s May 12 Executive Order: “Delivering Most-Favored-Nation Prescription Drug Pricing to American Patients.” The Trump administration has made it clear to the American people that the days of consumers paying 3 times more for brand-name drugs than other OECD nations will be over.

The most shocking stat: The U.S. comprises <5% of the global population but funds about 75% of global pharma profits.

“In case after case, our citizens pay massively higher prices than other nations pay for the same exact pill, from the same factory, effectively subsidizing socialism aboard [abroad] with skyrocketing prices at home. So we would spend tremendous amounts of money in order to provide inexpensive drugs to another country. And when I say the price is different, you can see some examples where the price is beyond anything — four times, five times different,” Trump wrote in the White House press release. 

Here’s Goldman Sachs European pharma expert Seth James’s first take in a note to clients titled “Pharm to Table”

Shall we just all go to the pub instead? Trump sent out letters to Pharma CEO’s last night further demanding price cuts to innovative medicines. Demands included: i) MFN pricing for all drugs offered in Medicaid. ii) MFN pricing for any new drug launched in Medicare, Medicaid and Commercial channels. iii) DTC and/or DTB distribution at MFN pricing for high volume/high-rebate prescription medicines. Administration asking for binding commitments here in the next 60 days. ADRs were weak last night trading down 1-2% from the EU close – feedback pretty mixed but leant relaxed among the specialists, most pointing to a lack of detail on mechanism of implementation which for points ii and iii is likely to need a legislative fix to enforce. Also the 60 day ‘deadline’ seen by many as an exercise in can kicking. On the details MFN pricing in Medicaid is likely most easy to implement but least impactful given the lower pricing in that channel, point ii on new drug launches would be most nefarious given the inclusion of the commercial channel which wasn’t in many scenarios I’d seen run and would likely weigh heavily on the medium term growth outlook for the industry though imagine most see as unlikely to be implemented. Am in two minds as to how this plays out – Pharma (ex-Novo) has had a little bounce of late and can see that being given back –Novo for one not helpful for perceptions of the sector this week and letters could add to the capitulation here. On the other side think the lack of detail on implementation here is oddly reassuring – part of me wants to say that this helps put at least some pressure on getting this issue resolved more quickly than the 6+ months that Novartis’ CEO outlined but given the legislative fixes required perhaps these letters only introduce another 60 day no go period for generalists in the space – with the above context would you be involved if you didn’t have to?

Moves in reaction this morning feel much more a function of positioning than exposure – AZN has among the least Medicaid exposure of all EU Pharma yet most impacted this morning, ARGX closest to pricing parity globally yet also one of the hardest hit – on the other side GSK largest Medicaid exposure of EU names yet is outperforming, though I guess valuation is also an important component in all this. What a week to be a deep value investor….. Novo warning, Bayer pre-releasing and Philips moving onto our conviction list. Richard thinks that the 2Q print marked a turning point in the story as material headwinds from China come to and end while the U.S. strength persists as we saw in the order book which we think can carry the stock to 5-6% growth in the second half o this year and beyond with a CMD on the horizon to anchor too. Once the dust settles here I think its worth spending some time with Richard and going through it all. Deeper into medtech results next week – still astounded by how weak some of the discretionary exposed names have been but even the higher quality buckets are taking a beating – GE Healthcare had to take a lot of pain and Stryker down 6% overnight on a weaker quarter for knees despite efforts to reassure on the end market.

Not 100% doom and gloom with a better quarter for NVST with premium implants growing for the 3rd straight quarter and calling out stable dental market fundamentals which encouragingly continued through July which is an exact 180 of what we heard from ALGN – certainly ups the stakes for the STMN report in a few weeks. They say its always darkest before the dawn and I don’t want to be too bearish given where we are on valuations – especially in the likes of Novo but I think the pain can always last longer than you think and stuff can stay cheap for a long time without a catalyst which is maybe a better question to end on rather than the one in the paragraph above – what’s the catalyst to turn it around for healthcare in the second half.

In a separate note, BMO Capital Markets analyst Evan David Seigerman told clients the White House has sparked some “headline shock,” but emphasized that it’s unlikely the Trump administration will be able to implement the MFN successfully. In some cases, the analyst believes the administration may even lack the legal standing to enforce these policies. More or less, he believes the MFN threat is a negotiating strategy. 

Tyler Durden
Fri, 08/01/2025 – 08:05

Trump’s Global Tariff Breakdown: Full Country-By-Country Rate List

Trump’s Global Tariff Breakdown: Full Country-By-Country Rate List

Four months after President Trump stunned the world and rattled global markets by unveiling “Liberation Day” tariff rates, his latest revisions (read here), announced Thursday, and set to go into effect in a week, sparked fresh global equity futures selling early Friday morning. With an average tariff rate of 15%, the world now faces the highest US levies since the Great Depression days of the 1930s, and these rates are roughly six times higher than one year ago and will certaintly lead to further rejiggering of supply chains. 

The new tariff rates are set to take effect in just seven days, starting at 12:01 a.m. ET. A baseline 10% tariff will apply to imports from most countries. 

Here’s what you need to know: 

  • 10% Global Minimum Tariff imposed across all imports.

  • Canada: Tariff raised to 35% (from 25%), but goods under USMCA remain exempt.

  • Switzerland: Tariff increased to 39% (from 31%); Swiss officials criticize the change, citing divergence from prior draft terms.

  • 40 Countries: Imports face a 15% tariff.

  • 12+ Economies: Hit with even higher duties.

  • China & Mexico: Deadline delayed by 90 days.

The list:

The multi-month wave of tariff threats sparked front-loading of exports, supporting many Asian economies and shielding US consumers from price spikes. However, that could all change…

Commenting on this is Raghuram Rajan, former India central bank governor and chief economist of the International Monetary Fund, who is now a professor at the University of Chicago Booth School of Business, told Bloomberg TV earlier today, “For the rest of the world, this is a serious demand shock,” adding, “You will see a lot of central banks contemplating cutting as the rest of the world slows.” 

Tyler Durden
Fri, 08/01/2025 – 07:20

Standard Chartered Sees Higher Long-Term Oil Prices As Shale Costs Rise

Standard Chartered Sees Higher Long-Term Oil Prices As Shale Costs Rise

Oil prices are set to trend higher in the coming years, according to Standard Chartered, as the economics of U.S. shale have shifted significantly, according to OilPrice.com.

While crude has hovered near $70/bbl — close to the 20-year average of $73.38 — StanChart notes that breakeven costs in the shale patch have climbed sharply. “The average breakeven price for Permian producers is now edging back toward the mid-$60s, up from the mid-$50s just two years ago,” the bank said, attributing the rise to higher costs for steel, labor, and frac materials, in part due to U.S. tariffs.

Analysts at Rystad Energy and Wood Mackenzie share the view that today’s oil prices are unsustainably low for shale. Rystad estimates breakeven prices for new horizontal wells in key plays near $68/bbl, while WoodMac warns that without a firmer price floor, “the rig count will absolutely fall.” Both firms point to tight capital budgets, cautious reinvestment, and a continued investor focus on returns rather than growth.

OilPrice.com reports that the outlook comes as crude prices hit six-week highs. Brent crude for September rose 1.2% to $73.34/bbl, while WTI gained 1.5% to $70.24, driven by geopolitics and trade developments. President Trump extended his deadline for Russia to reach a ceasefire with Ukraine to Aug. 3 from July 14, warning of additional sanctions and tariffs if talks fail. “The new deadline caught many analysts by surprise and, if enforced, could tighten Russian crude and fuel supplies to the global market,” BOK Financial Securities said.

Oil prices also found support from a U.S.-EU trade agreement that avoided escalation into a full trade war. Under the deal, EU exports to the U.S. will face tariffs capped at 15%, providing relief to markets worried about a broader slowdown in trade.

Still, gains were tempered by a surprise U.S. crude stock build. The Energy Information Administration reported commercial crude inventories rose 7.7 million barrels in the week ending July 25 to 426.7 million barrels. While stocks remain 6% below the five-year seasonal average, the weekly jump was far larger than the 1.54 million-barrel increase reported earlier by the American Petroleum Institute, catching traders off guard.

Meanwhile, U.S. drilling activity continues to contract. The Baker Hughes rig count shows oil rigs falling for the 13th consecutive week to a 46-month low of 415, down 68 rigs year-to-date. Texas saw the steepest declines, with drilling in the Eagle Ford formation down five rigs to 34, while Permian activity slipped in both the Delaware and Midland basins.

Bloomberg reports separately that fracking activity in the Permian Basin is slowing faster than expected as tariff uncertainty and rising OPEC+ production weigh on demand. ProPetro Holding CEO Sam Sledge said only about 70 frack crews remain active in the world’s top shale region, down from roughly 100 earlier this year.

“The completions market in the Permian Basin continues to face challenges,” Sledge told analysts, citing idle capacity driven by weaker market conditions. ProPetro shares fell as much as 21% after a surprise second-quarter loss, with the company now planning 10–11 crews this quarter and potential cuts ahead.

The forecast echoes Halliburton, which said last week it will sideline equipment amid worsening U.S. shale conditions.

With U.S. output under pressure and global geopolitical risks mounting, Standard Chartered’s bullish view reflects a tightening supply picture. Many analysts see sustained prices above current levels as essential to stabilize U.S. production — a dynamic that may be shaping the Trump administration’s increasingly hard stance on Russia.

Tyler Durden
Fri, 08/01/2025 – 06:55

Berlin’s Special Visa Program For Syrians, Afghans, & Iraqis Scrapped After Federal Intervention

Berlin’s Special Visa Program For Syrians, Afghans, & Iraqis Scrapped After Federal Intervention

Authored by Thomas Brooke via Remix News,

Berlin’s special state-level migration program that allowed Syrians, Afghans, and Iraqis to privately sponsor relatives has come to an abrupt end following a federal order by Interior Minister Alexander Dobrindt.

In a letter to Berlin’s Finance Senator Stefan Evers, reported by Bild, Dobrindt made clear that the federal interior ministry “will not grant consent for new or for the extension of existing state reception programs.”

For over a year, Berlin’s coalition government had been divided over the program, which was introduced by the previous left-wing administration. The scheme enabled residents to bring close relatives to the city state, provided they personally covered the costs of health and long-term care insurance.

The SPD supports continuing the initiative, while the CDU remains firmly opposed.

Evers relayed the federal decision to Berlin’s Interior Senator Iris Spranger, stating that the program poses financial risks. Even when families cover the initial insurance, he warned, this “is not sufficient protection against additional costs for the state of Berlin.” He cited a lack of data and noted that after five years, the financial obligation ends, and taxpayers become responsible.

“Regardless of my department’s budgetary concerns, an extension of state admission orders can only be granted in agreement with the Federal Ministry of the Interior,” Evers wrote. With Dobrindt now firmly against it, any extension is off the table.

More than 4,000 people arrived in Berlin under the program. While the SPD approved an extension at its state party conference and both the Greens and the Left pushed for its continuation, the federal position is now decisive. A separate program for Lebanese nationals, active since 2001, was also halted last year due to security concerns.

The broader debate around family reunification has intensified across Germany. In December, the number of family reunification visas issued since 2015 surpassed 1 million. The AfD called for a full halt, with party member Martin Hess arguing that many new arrivals “will probably immigrate directly into our social systems.”

This is supported by the data.

Nearly half of Germany’s €17.68 billion in housing support for 2024 was paid out to foreigners, new government figures published last month revealed.

Last year, spending on German welfare, also known as “citizens’ money,” reached a record high of €46.7 billion, a massive 10 percent increase versus 2023, according to figures provided by the Federal Employment Agency.

As Remix News previously wrote, overall, 62.6 percent of all welfare recipients are migrants, and within the 15 to 25 age group, this number goes up to 71.3 percent.

In June, the Bundestag voted to suspend family reunification rights for migrants with “subsidiary protection” status — affecting around 380,000 people, primarily Syrians. The measure will last for two years.

Dobrindt hailed it as a “turning point” in Germany’s migration policy, aimed at easing pressure on housing, schools, and welfare, and deterring traffickers. He warned against the belief that “all you have to do is make it to Germany, then the whole family can follow suit.”

The AfD dismissed the move as political theater. Party spokesman Christian Wirth accused the government of ignoring “the complete overburdening of our country” and called the bill “a drop in the ocean.”

Co-leader Alice Weidel went further, calling the reunification pause “only a smokescreen,” and claimed that “ninety percent of the ‘refugees’ living in Germany can continue to bring their families with them.”

Read more here…

Tyler Durden
Fri, 08/01/2025 – 06:30

Zelensky Says He Discussed New ‘Large-Scale’ Arms Deal With Trump

Zelensky Says He Discussed New ‘Large-Scale’ Arms Deal With Trump

Ukrainian President Volodymyr Zelensky in a Wednesday night address said Kiev is on the brink of another major arms agreement with the US. He described he presented President Donald Trump with Ukraine’s “main principles” for future weapons deals, but without specifying whether Trump has agreed to the terms.

“Today, I also agreed on the main principles of our agreements with America, Ukraine – the United States, on arms,” Zelensky stated. “Large-scale agreements, I talked about them with President Trump, and I very, very much hope that we will be able to implement all of this. This will definitely strengthen both of our countries, and therefore – our allies, our partners.”

Via Reuters

While it was just last week that the Trump administration approved a series of arms sales to Ukraine totaling $650 million, it remains unclear if these are the same “large-scale” deals discussed by Zelensky.

The Ukrainian leader hailed all of this as part of the right direction and necessary step toward ending the war. “Right now we need to act to force Russia to peace. Yes, Moscow wants to continue fighting. But the whole issue is in the potential, the whole issue is in the resources for war, in money. That is why sanctions are useful. That is why pressure can work,” he said.

Trump also last week proclaimed the landmark Washington and the EU deal under which the bloc would pay “100% of the cost of all military equipment” provided by the US. 

“They’re going to ship it to the European Union, and then they’ll distribute it, and much of it will go to Ukraine,” he had stated.

And concerning all the latest talk about air defenses, the EU will also pay for any US-made Patriot air defense systems which are shipped – or rather forcibly donated from European countries for Ukraine. Trump has openly boasted that “this will be a business for us.”

Politico reported earlier this week that multiple EU member states are requesting tens of billions of dollars in loans from the European Union to fund weapons purchases for Ukraine.

All of this is within the context of Trump growing frustrated at lack of peace progress, and he has increasingly laid blame squarely on Putin and Russia, this week giving Moscow just ten days to come to the negotiating table and reach a peace agreement, or else face far-reaching new sanctions, particularly secondary sanctions punishing trade partners continuing to do business with Russia.

Tyler Durden
Fri, 08/01/2025 – 05:45

US Imposes Sweeping New Sanctions On Iranian Shipping Network

US Imposes Sweeping New Sanctions On Iranian Shipping Network

Via The Cradle

The US Treasury Department has announced new sanctions targeting the global shipping interests reportedly controlled by Mohammad Hossein Shamkhani, son of senior Iranian official Ali Shamkhani, in what it described as the most significant Iran-related action since 2018.

The sanctions aim to dismantle what Treasury officials called a “vast network” used to sell Iranian and Russian oil through container ships and tankers operated by front companies and intermediaries.

via Reuters

The network, they said, generated tens of billions of dollars used to support the Iranian government.

“These profits have helped prop up the Iranian regime,” the Treasury stated, accusing Shamkhani of leveraging corruption and personal connections in Tehran to evade existing restrictions.

In total, the action designates 15 shipping firms, 52 vessels, 12 individuals, and 53 entities involved in sanctions evasion, with operations spanning 17 countries, including Panama, Italy, Hong Kong, the UAE, and the UK.

A US official said the measure was “tailored” to avoid disrupting global oil markets while striking specific targets.

“From our perspective, given where this individual fits, given his connection to the supreme leader and his father’s previous sanctions activities, given the Iran-related authorities, it’s critically important to emphasize that this is an Iran action that is meaningful and very impactful,” the official said.

The EU sanctioned Shamkhani earlier in July for his role in the Russian oil trade, and his father, Ali Shamkhani, was sanctioned by the US in 2020.

Tehran condemned the decision as a hostile move, with Foreign Ministry spokesperson Esmail Baghaei calling it a “blatant assault on the Iranian people and their national dignity,” adding that it reflected “the hostility of American policymakers towards the Iranian people.”

He accused Washington of seeking to “cripple Iran’s development, sow internal discord, and erode the rights and livelihoods of ordinary citizens.”

“The Iranian people, fully aware of the malicious intent of the aggressive sanctioning party …, will stand firm with all their might to safeguard their dignity and interests,” Baghaei said.

He criticized the US’s “addiction” to unilateralism and said its measures repeatedly violated “international law, human rights, and freedom of sovereign trade.”

He called for international accountability and reaffirmed Iran’s “unshakeable resolve” to defend its sovereignty and continue its development goals.

Sanctioned entities include Sepehr Energy Jahan Nama Pars Company, linked to Iran’s Armed Forces General Staff. Among the targeted vessels are Bendigo, Carnatic, Luna Prime, Goodwin, Davina, and Spirit of Casper.

Tyler Durden
Fri, 08/01/2025 – 05:00

Spain Beats Germany, Tops EU, In Asylum Requests Amid Shift In Migrant Patterns

Spain Beats Germany, Tops EU, In Asylum Requests Amid Shift In Migrant Patterns

Germany is no longer the EU’s top destination for asylum seekers, as applications from Syrians plummet following the fall of Bashar al-Assad in December, according to an unpublished EU Agency for Asylum (EUAA) report seen by the Financial Times.

The report says the bloc’s asylum system is undergoing a “significant shift,” with May 2025 seeing 64,000 applications — nearly 25% fewer than the same month in 2024, according to the Financial Times. The drop was driven by an “extremely abrupt” fall in Syrian claims, from about 16,000 in October 2024 to just 3,100 in May.

“Since February Germany has no longer been the top EU+ destination; Spain, Italy and France all received more applications in May 2025,” the EUAA writes.

The Financial Times writes that Germany, long a top choice for Syrians, saw overall claims in May fall to 9,900 from 18,700 a year earlier. Spain now leads with 12,800 applications, mainly from Venezuelans fleeing the “severe economic and political crisis” in their country — a trend the agency partly links to U.S. deportations.

Italy is second with 12,300 claims, driven by Bangladeshis and Peruvians. France follows with 11,900, led by applicants from the Democratic Republic of Congo, Afghanistan, and Haiti.

The EUAA stressed the fall in Syrian claims is “likely not due to any asylum policy changes” but “rather, the shift likely reflects changing circumstances in Syria.”

Despite the decline, Germany still hosts the largest asylum seeker population, having granted asylum to 150,000 people in 2024, compared to about 50,900 in Spain, 40,000 in Italy, and 65,200 in France.

Tyler Durden
Fri, 08/01/2025 – 04:15

Germany’s Fiscal Free Fall: Record Debt, Recession, And Welfare Crisis

Germany’s Fiscal Free Fall: Record Debt, Recession, And Welfare Crisis

Submitted by Thomas Kolbe 

Germany’s 2026 federal budget is set. The cabinet has reached an agreement on the framework, with only parliamentary approval pending—a mere formality. With a record deficit and no credible path to fiscal consolidation, Germany is lurching toward a debt crisis.

On Wednesday, the federal cabinet greenlit the 2026 budget. Core expenditures are projected at €520.5 billion, €174.3 billion of which must be financed through new debt. This includes €89.9 billion in traditional borrowing and an additional €84.4 billion categorized as “special funds” directed toward infrastructure and climate initiatives.

Only with creative accounting has Finance Minister Lars Klingbeil (SPD) managed to present his deficit-ridden budget as Maastricht-compliant. Total new borrowing amounts to 3.3% of GDP—well above the 3% EU ceiling.

The reclassification of large parts of government spending marks a new chapter in fiscal recklessness. Any meaningful consolidation or structural reform is being kicked down the road.

Between 2025 and 2029, over €850 billion in new debt is planned.

Debt as Coalition Glue

The common denominator uniting the coalition of conservatives and social democrats is one thing: a massive debt package expected to pour over the country in coming years. The projected borrowing would push Germany’s debt-to-GDP ratio from 63% to over 90%, rapidly aligning the country with the debt profiles of Southern Europe.

But the crisis is not a distant threat—it’s already here. Near-daily headlines report fresh deficits from the country’s social insurance funds, and promised relief for citizens—like the cut in electricity taxes—has already been abandoned. Budgeting in Berlin has shifted into permanent crisis mode.

Social Security in Free Fall

While politicians in Berlin bicker over cost-cutting, serious consolidation measures vanish in the trenches between coalition factions. Meanwhile, the foundations of the welfare state are crumbling.

According to the statutory health insurance forecasting board (GKV), the system expects a record €47 billion deficit this year. That number is likely to rise further in tandem with the country’s deepening recession.

Hopes for a job market rebound have all but evaporated, with Germany entering its third year of contraction.

Long-term care insurers are also ringing alarm bells. Their current shortfall is €1.55 billion, and the Association of Statutory Health Insurance Funds warns it could double by 2026.

The national pension system fares no better. After a €2 billion deficit last year, the government forecasts a €7 billion shortfall for this year.

The exploding social deficits reflect not only failed immigration and demographic policies but also the fallout of a recession-prone economic model. The burden is falling squarely on the workforce—threatening a deepening loss of faith in the welfare system. For many, it’s becoming a bottomless pit, a hamster wheel from which there is no escape.

Workers Shouldering the Burden

The pain threshold for contributors has already been reached. The average social contribution rate now stands at 42.5% of taxable income. Health insurance alone—bloated with bureaucracy, expanded services, and rising staff costs—consumes 17.5%, including a 2.9% surcharge. Another hike is looming in 2025, driven in part by the multi-billion euro hospital transformation fund.

The long-term outlook is grim. Projections by the IGES Institute show pension contributions could rise above 21% by 2035, alongside 3.4% for unemployment insurance and 4.7% for long-term care. The German welfare machine is speeding full throttle toward a debt wall, dragging the federal budget down with it.

A Fiscal Capitulation

The 2026 budget marks a fiscal surrender by the Merz government. It offers no solution to the social insurance crisis.

Germany, once hailed for its sound budgeting and feared as the austerity enforcer during Europe’s last debt meltdown, is losing control over the financing of its bloated welfare state. With social deficits multiplying rapidly, the federal budget becomes a meaningless formality—soon to be patched up with endless supplementary budgets.

The only certainty is that Germany has entered an era of accelerated indebtedness. Political consensus is now bought with the sweet poison of cheap credit. The country edges closer to the political gridlock and debt spirals witnessed in France—where structural reform becomes all but impossible.

* * * 

About the author: Thomas Kolbe is a graduate economist. For over 25 years, he has worked as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.

Tyler Durden
Fri, 08/01/2025 – 03:30

These Are The Biggest Wartime Buyers Of Russian Fossil Fuels

These Are The Biggest Wartime Buyers Of Russian Fossil Fuels

China followed by India have been the two biggest wartime buyers of Russian fossil fuels, here defined as any oil, coal or gas purchased after Jan. 1, 2023.

Turkey was the third-biggest buyer while the European Union came fourth.

The economic bloc has attempted to wean itself off its dependency on Russian fossil fuels but has struggled to do so after 2022, especially when it comes to natural gas.

Timelines published by CREA show that EU reductions in purchases were very significant during the first year after Russia’s invasion of Ukraine, but have struggled to make meaningful progress since.

At the same time, China, India and Turkey upped their buying in 2022 as Russian oil could be had at reduced rates.

Especially fossil fuel flows to India rose by a lot during that year, while Turkish purchases also soared recently. The biggest EU buyers were Hungary, Slovakia, France and Belgium.

As Voronoi reports, many rounds of sanctions were not enough to diminish Russian fossil fuel revenues due to a mix of global dependency on the major energy exporter and opportunism by non-alligned nations.

After different types of sanctions have been tried out by Western alliances to curb Russia’s export income (often unsuccessfully), U.S. Senator Lindsay Graham on Sunday said that steep tariffs could be another option to pressure countries to abstain from buying Russian oil.

On Sunday, the lawmaker from the state of South Carolina said on Fox News directed towards India, China and Brazil: “We’re going to crush your economy.”

U.S. President Donald Trump had already mentioned this scenario last week on the ocassion of a visit by NATO Secretary General Mark Rutte, saying that “secondary tariffs” of 100 percent would come into effect for countries trading with Russia if no peace deal was reached within 50 days with Ukraine. 

A similar threat was leveled towards buyers of Venezuelan oil in March, but tariffs threatened only stood at 25 percent then.

Tyler Durden
Fri, 08/01/2025 – 02:45

Calls Grow For Nationwide Islamic Education In German Schools

Calls Grow For Nationwide Islamic Education In German Schools

Authored by Thomas Brooke via Remix News,

Germany’s Association for Education and Training (VBE) has called for the introduction of comprehensive Islamic religious education in schools across the country, arguing that Muslim students should be offered the same opportunities as their Christian peers.

“We are committed to ensuring that all believers can talk about their faith within schools and receive relevant information about their religion and other religions,” said VBE Federal Chairman Gerhard Brand in comments to the RedaktionsNetzwerk Deutschland (RND).

He urged political leaders to ensure that schools are equipped with the necessary personnel and materials, and that programs are implemented quickly and expanded over time.

Islamic religious education is currently regulated at the state level, resulting in significant variation. In North Rhine-Westphalia, Islamic religious education is already offered in schools, while in Bavaria, a state-run Islamic studies course is available as an alternative to ethics. However, the Bavarian model does not include cooperation with Islamic religious communities.

According to estimates, around 5.5 million Muslims live in Germany, and at least 580,000 were attending school as of 2020.

Yet only around 81,000 students are currently enrolled in Islamic religious education programs.

Advocates say that expanding access to these classes is essential for integration and for protecting students from extremist influences.

The Turkish Community in Germany also welcomed the initiative but warned of political and structural hurdles.

“Islamic religious education is a must — just like Catholic and Protestant religious education,” said the group’s chairman, Gökay Sofuoglu. He called for educational standards to be aligned at a national level, while acknowledging the constitutional limits imposed by Germany’s federal system.

“We would need a nationwide Islamic cooperation partner. Unfortunately, that isn’t in sight at the moment,” he said.

Sofuoglu stressed that while the state must remain secular, it has a duty to ensure fair and equal treatment of religious communities. “I don’t know how this could be regulated nationwide,” he added.

Stefan Düll, president of the German Teachers’ Association, told the RND that “religious education in public schools, taught by teachers trained and state-certified in Germany, can provide a counterbalance to fundamentalist attitudes — mediated by the family or by fundamentalist preachers online.”

The debate over Islamic education is not just reserved for Germany. As the Muslim population across Europe grows, both support for and opposition to Islamic teachings have risen in multiple European nations.

In April of this year, Remix News reported how, for the first time, Muslim students had become the largest religious group in Vienna’s schools, underlining the incredible demographic transformation taking place in the Austrian city.

According to data obtained from the office of Bettina Emmerling, the city councilor responsible for education, Muslims now account for 41.2 percent of all students, while Christian students fell to 34.5 percent. The trend is only growing, and is accompanied by rising problems, including violence in schools, anti-Semitism, and contempt for women.

“Islam is changing our society in ways we do not want,” warned Christian Klar, a Viennese school principal, last October. He expressed concern over the “rapid Islamization” of Austrian schools, alongside rising violence and anti-Semitic incidents.

In January, it was reported that approximately 200 schools across the Spanish autonomous community of Andalusia now teach Islam as part of their curriculum, following the disclosure of official figures after a parliamentary request by the local Vox party.

The inquiry submitted by Vox Andalusia sparked political debate over the extent to which the curriculum is being catered to immigrants and the scope of influence a rising Islamic community now has on institutions across the region.

Read more here…

Tyler Durden
Fri, 08/01/2025 – 02:00