Category: General

Michael Jordan is set to sell the majority share of the Charlotte Hornets, NBA confirmed on Friday, a move that will end his 13-year run overseeing the basketball team.

In a statement, NBA said that Jordan has reached an agreement to sell the majority share of the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall.

“Plotkin, who acquired a minority stake in the Hornets in 2019, has been an alternate governor on the NBA Board of Governors since 2019 and is the founder and chief investment officer of Tallwoods Capital LLC,” the statement said.

“Schnall is co-president of Clayton, Dubilier and Rice LLC, where he has worked for 27 years, and has been a significant minority owner of the Atlanta Hawks and an alternate governor on the NBA Board of Governors since 2015. Schnall is in the process of selling his investment in the Hawks, which is expected to be completed in the next several weeks,” it added.

Jordan is largely considered to be the greatest player in the history of the game, winning six NBA titles in 1991, 1992, 1993, 1996, 1997, and 1998 during his career with the Bulls.

He was also a six-time NBA Finals MVP (most valuable player) and 14-time NBA All-Star.

The 60-year-old legendary retired from basketball in 2003.

Source: Anadolu Agency

The UK has decided to impose a hosepipe and sprinkler ban on residents of Kent and Sussex, officials announced on Friday.

South East Water said 4,000 customers are without water or have been experiencing low pressure since Monday due to supply issues. The water company said it had no other choice after drinking water demand reached “record levels” in June, similar to last year’s drought.

People are not allowed to use equipment to water gardens, clean cars, and fill swimming pools.

The temporary usage ban can only be enforced after ten days of consultation, meaning after June 26. Those breaking the rules could face a £1,000 ($1,300) fine.

The Scottish Environment Protection Agency (SEPA) said a wide impactful “serious water shortage” was also threatening Scotland.

The water authority warned that scarcity would only worsen if hot and dry weather continues. It has issued a water scarcity alert for every region of the country and forecast that 28 out of 83 areas would be put on the highest warning level by the end of June if river levels do not recover.

SEPA’s head of water planning, Nathan Critchlow-Watton, said: “Scotland’s climate is changing, and we urgently need to adapt. Severe water scarcity significantly impacts our environment, economy, and society. Our rivers and lochs are under immense stress, and further action will be needed to protect them.”

According to SEPA, high temperatures and low-level river flows pose a real threat to fish, invertebrates, and plants.

“While some parts of river ecology can recover quickly, others such as fish and plant populations can be seriously damaged longer-term or lost completely.”

Source: Anadolu Agency

The Council of Ministers approved on Thursday the bill for the establishment of a Deputy Minister for Immigration and Asylum. Minister of the Interior Konstantinos Ioannnou said after the Cabinet meeting that the Deputy Minister’s goal will be the management of immigration and the protection of those who are legitimate beneficiaries. The Council of Ministers, he said, approved the bill for the establishment of the “Deputy Ministry of Immigration and Asylum and related matters” noting that the creation of the Deputy Ministry was a key pillar of the government’s policy. According to an official press release, the Minister added that the implementation of an integrated strategy for immigration and asylum will fall under the Deputy Ministry, with the aim to ensure the best management of the phenomenon and to offer protection to those who are legal beneficiaries, within the framework of the international and European obligations of the Republic, with respect for human rights. Ioannou noted that the establishment of the Deputy Ministry is expected to contribute to a more effective management of the various parameters related to immigration and asylum, based on a series of priorities. These priorities concern the prevention of irregular flows and the fight against the networks of traffickers, the acceleration of the procedures regarding asylum applications, especially those that are clearly unfounded, the fight against undeclared work, and the improvement of conditions in the reception and centers. Other priorities of the Deputy Ministry will include the integration of those third-country nationals legally residing in the country, through the utilization of qualifications and skills, which are lacking in the Cypriot labor market, through the promotion of a policy for unaccompanied minors, and the implementation of effective return procedures of third country nationals, who do not have the right to live in the Republic. The bill will be submitted to the House of Representatives. Replying to questions by journalists, the Minister said that the aim is to have the House vote on the bill as soon as possible. Regarding the situation in Cyprus, he said that it appears the measures taken by the government as far as returns are concerned, yield results. The Minister of the Interior noted that the returns of third country nationals have more than doubled. He referred to the voluntary return scheme, saying that financial incentives, co-financed by the EU, are given to migrants to return to their country of origin. Comparing last year’s period between March-May with this year’s corresponding period, he pointed out that “returns have more than doubled.” In addition, he said that in the two months of April-May, for the first time in many years, fewer total arrivals of immigrants were recorded, compared to returns. He noted that in recent months there has been a reduction in the arrivals of irregular immigrants, which he said is due to external factors, but also to the measures taken by the Republic of Cyprus, in consultation with the European Union. Ioannou also said that the number of examiners of asylum applications has doubled in the last two months. The goal, he explained, is to process applications as quickly as possible to end both benefits and the right to work.

Source: Cyprus News Agency

Risks to debt sustainability were contained in 2022 despite a weakened macroeconomic outlook, according to the chapter on Cyprus in the annual report of the European Stability Mechanism, which was published on Thursday. The report also records a strong growth of the Cypriot economy, partially due to a smaller than expected impact of the war in Ukraine. Furthermore, the ESM notes that the reduction of non-performing loans (NPL) has slowed down, and that the government’s reform efforts could contribute to the country’s growth. In the overall summary of the report, the Cypriot economy is found to have “recorded strong growth in 2022, partially due to the smaller-than-expected negative impact of the war in Ukraine.” The government budget balance was found to have moved into a surplus as pandemic-related fiscal support ended and energy-related spending remained limited. Sovereign financing conditions deteriorated throughout the year, it is also noted. In the banking sector, “profitability improved but NPL reduction slowed” and “risks to debt sustainability and repayment capacity were contained, despite a weakened macroeconomic outlook”. Finally, the government’s continued reform efforts, “supported by the implementation of the recovery and resilience plan, could raise the country’s growth potential and further promote financial stability.” Chapter on Cyprus from 2022 ESM report As noted in the report, Cyprus’ GDP grew swiftly in 2022, confirming the resilience of the economy despite the challenging economic and geopolitical environment. Real economic activity grew by 5.6% in 2022, above the euro area average and largely driven by robust domestic demand, in particular private consumption, and to a lesser extent external demand. The economic fallout from Russia’s invasion of Ukraine and subsequent sanctions imposed on Russia had less impact than expected. Exposure to Russian energy imports was limited, while the tourism sector coped well with the loss of Russian tourists and saw demand approaching pre-pandemic levels, it is added. The labor market remained strong overall, with an unemployment rate of 7.4% in December 2022. Cyprus received its first disbursement of pound 85 million under the EU’s Recovery and Resilience Facility in December. Strong economic activity, prudent fiscal policy, and the end of pandemic-related support contributed to turning the 2021 fiscal deficit into a surplus of 2.1% of GDP in 2022. Higher revenues and contained energy-related expenditure pushed the primary surplus to 3.6% in 2022. In the high-inflation environment, this contributed to a sharp fall in the public debt-to-GDP ratio to 86.5% in 2022, the report says. Cyprus’ credit ratings improved in 2022 due to better-than-expected economic and fiscal results, proven resilience to external shocks, support from the Recovery and Resilience Facility, and the positive medium-term economic outlook. All major rating agencies assigned an investment grade to Cyprus, except for Moody’s, which nevertheless changed its outlook to positive. Still, Cyprus faced a more challenging market environment in 2022. Yields increased throughout the year as inflation rose and monetary policy began to tighten financing conditions. It is also noted that Cyprus’ banking sector remains resilient. The direct negative effects of Russia’s invasion of Ukraine were primarily concentrated on one Cypriot bank, which decided to voluntarily phase out its banking business following the impact of geopolitical risks on its operations. The volume of outstanding NPLs stabilized in 2022, following considerable reductions over the past few years. In the medium term, the excess liquidity in the system and a further slowdown in NPL workouts could limit banks’ overall profitability gains. The government launched several policy initiatives to address high private sector indebtedness and avoid the build-up of new NPLs. This has become even more urgent in the current high interest rate environment. Cyprus’ economic activity is forecast to lose momentum and grow by 1.6% in 2023, while headline inflation is expected to decline to 4%. Downside risks relate to persistently high inflation weighing on domestic demand, accompanied by a further tightening of financial conditions. The ESM’s assessment of market distress indicates that Cyprus would retain the capacity to repay all obligations due to the ESM over the coming 12 months. An adequate cash buffer helps limit the risk of short term market stress. Over the medium to long term, Cyprus faces moderate risks to the sustainability of public debt and its repayment capacity. To mitigate these risks, Cyprus has committed to fiscal prudence and implementing the investments and reforms foreseen under its recovery and resilience plan. Macro-critical reform priorities include facilitating the transition to a diversified, green, and digital economy, as well as further improving the operational and legal environment for non-bank financial institutions (credit acquirers and servicers). The recurring challenges to and the partial suspensions of the foreclosure framework continue to pose risks to further NPL reduction.

Source: Cyprus News Agency

Secretary-General Antonio Guterres said on Thursday that the UN is committed to providing international support to countries hosting refugees. “We are totally committed to mobilize international support to the refugee-hosting countries,” Guterres said at a press briefing. He was responding to a question by an Anadolu reporter regarding whether the UN would provide assistance to nations, including Trkiye, that host Syrians and call for international cooperation to ensure their safe and dignified return. In order for the refugees to return to their countries, they must first be guaranteed that they will not be “persecuted,” said Guterres. The UN is currently engaged in discussions with the authorities of these countries on these matters, and the international community should lend support to projects aimed at facilitating the integration of returning refugees into the societies they go back to, Guterres stated. ‘Europe should define an effective migration policy’ Referring to the capsized fishing boat carrying irregular migrants off the Peloponnese in Greece, Guterres said, “I was terribly shocked and impressed by the horrible events that took place close to the Greek coasts.” “It is time for people to recognize that migration is inevitable,” he said. Guterres stated the world needs migration but migration needs to be done in a regular and orderly way. “If countries do not engage in creating the conditions for an orderly and regular migration, migrants will be in the hands of smugglers and traffickers and the consequences will be as tragic as we have seen yesterday (in the Greek coast),” Guterres warned. Concerning the capsized boat, Guterres said: “This is not a Greek problem. This is a European problem. I think it’s time for Europe to be able in solidarity, to define an effective migration policy for these situations to not happen again”.

Source: Anadolu Agency

The UN chief cautioned on Thursday that the global response to climate change “remains pitiful,” and emphasized that the world is rapidly heading towards a disaster. “Current policies are taking the world to a 2.8 degree temperature rise by the end of the century. That spells catastrophe. Yet the collective response remains pitiful,” said Secretary-General Antonio Guterres at a press briefing. Guterres said he is “very worried” about the world’s stance on climate change, and that countries are far off-track in meeting climate promises and commitments. “I see a lack of ambition. A lack of trust. A lack of support. A lack of cooperation. And an abundance of problems around clarity and credibility,” he added. He criticized the fact that the human rights of climate activists are being trampled and the vulnerable suffers the most. “We are hurtling towards disaster, eyes wide open – with far too many willing to bet it all on wishful thinking, unproven technologies and silver bullet solutions,” said the UN chief. Criticizing the countries for undermining the climate agenda, Guterres urged all nations to “rebuild trust based on climate justice” and “accelerate the just transition to a green economy”. Limiting the rise in global temperature to 1.5 degrees Celsius is still possible, Guterres noted.

Source: Anadolu Agency

Heavy fighting in Sudan between the army and paramilitary Rapid Support Forces (RSF) reached a two-month grim mark on Thursday, with clashes still ongoing in the capital and surrounding areas. At least 958 people have been killed and 4,746 others have been injured since April 15, when a conflict broke out in the capital Khartoum and other cities between the Sudanese Armed Forces (SAF) and the RSF, which the military had declared a rebel group. The power struggle between army chief General Abdel Fattah al-Burhan and RSF commander General Mohamed Hamdan ‘Hemedti’ Dagalo has brought the country to the brink of civil war. It comes after the country has grown increasingly unstable politically and economically following military coups in 2019 and 2021, as well as protests in 2018 over soaring living costs. At least 9 million people require humanitarian aid, and over 2 million people have been displaced, and more than half a million Sudanese have fled to neighboring countries due to the continuous armed clashes despite cease-fire decisions and threats of international sanctions, according to the UN. Peace negotiations initiated by the US and Saudi Arabia for the Sudan crisis were inconclusive, and the cease-fire decisions were repeatedly overturned. The following is a timeline of significant events since the beginning of the conflict. April 13: The Rapid Support Forces (RSF) make the first move, sending a large troop to the Merowe Airport and military base in the north, sparking the clashes. April 15: Tensions between the Sudanese army and the RSF escalate into a full-fledged armed conflict. April 17: UN announces to cease operations in the country. April 23: More than 50 countries begin evacuation process. April 28: Army chief General Abdel Fattah al-Burhan declines to meet with RSF commander General Mohamed Hamdan ‘Hemedti’ Dagalo. April 29: Clashes continue despite five cease-fires agreements. May 3: UN Secretary-General Antonio Guterres calls for urgent action to resolve crisis. May 26: Sudan’s defense minister asks retired soldiers and people who can handle a gun to take up arms. June 1: US imposes sanctions and visa restrictions on two sides of armed forces. June 8: Government declares UN representative in Sudan ‘persona non grata.’ Al-Burhan’s special representative says they will be pleased with whatever role Trkiye takes on. June 10: Al-Burhan says they ‘are in favor of any solution that ends the conflict.’ June 12: UN says it will not take the lead in resolving the Sudan crisis. June 13: Government official announces that an agreement reached with the mediators regarding meeting between al-Burhan and Dagalo.

Source: Anadolu Agency

Cyprus’ Minister of Labour, Yiannis Panagiotou, expressed his support for the initiative to create a Global Coalition for Social Justice, aiming to address social inequalities and ensure decent work for all, according to a statement from the Ministry. Speaking after the plenary session of the 111th Annual Conference of the International Labour Organization (ILO) in Geneva, the Minister stressed that together with ministers and social partners from around the world, they discussed the future of work and agreed that social justice is an integral part of development and progress. Specifically, regarding the report of the Director-General of the ILO, he noted that he believes in the ILO’s vision for promoting social justice and decent work, and expressed support for the initiative to create a Global Coalition for Social Justice. “As discussed yesterday with the Director-General of the ILO, Cyprus will actively participate in this process, and we have discussed specific ideas in this direction,” he said. In his speech at the plenary session, the Minister elaborated on his positions regarding the value of work and the necessity of tripartite cooperation to achieve social peace. He emphasized that the development of the economy and the cohesion of society are based on maintaining social peace through collective agreements and the stability of the social security system, achieved through intergenerational solidarity. Furthermore, he mentioned that since the establishment of the Republic of Cyprus, with the support and guidance of the ILO, a tripartite social dialogue based on cooperation between social partners has been established. “To manage the major challenges of the future, the Republic of Cyprus will continue to effectively utilize the recognized objectivity and specialized expertise of the ILO, in order to further upgrade labor relations, serving the public interest through better regulation of work,” he stated.

Source: Cyprus News Agency

Consumer inflation in Argentina slowed in May on a monthly basis, but posted a new record annually, according to data released Wednesday by the national statistics agency. On a monthly basis, consumer inflation rose 7.8% in May, according to the figures released by state statistics authority INDEC. The figure eased from 8.4% in April — the first softening in six months. Annually, however, consumer inflation jumped 114.2%, compared to the same month last year, marking a record for the country. The annual gain was an increase from 108.8% in April, 104.3% in March and 102.5% in February — the highest levels since the early 1990s. On May 15, Argentina’s central bank raised its benchmark interest rate by 600 basis points to 97%, following a rate hike of 1,000 basis points to 91% on April 27 and 300 basis points to 81% on April 20. Banco Central de la República Argentina on March 16 increased its benchmark interest rate by 300 basis points to 78%, which was the first hike by the bank since Sept. 15 when it hiked rates by a whopping 550 basis points to 75% to fight rising inflation.

Source: Anadolu Agency

Sen. Jim Risch has placed a halt on all US arms sales to Hungary for Budapest’s lack of progress toward advancing Sweden’s ascension to NATO, his office confirmed Wednesday. Risch, the top Republican on the Senate Foreign Relations Committee, said in a statement sent to Anadolu by his office that he is taking the action after Hungarian officials failed to follow through on promises made to him to advance Sweden’s bid. “For some time now, I have directly expressed my concerns to the Hungarian government regarding its refusal to move forward a vote for Sweden to join NATO,” he said. “Given promises that were made to me and others last year that this vote would be done, and the fact that it is now June and still not done, I decided that the sale of new U.S. military equipment to Hungary will be on hold. Hungary should take the actions necessary to allow Sweden into the alliance, and soon,” he added. Major US arms sales need to be approved by the chairs and ranking members of the House and Senate foreign relations committees during what is known as a congressional review period. Risch, as ranking member of the committee, can stop the State Department from executing proposed sales, including a $735 million arms package that the Washington Post newspaper said includes 24 HIMARS long-range rocket launcher batteries and more than 100 rockets and pods. Hungary has so far not approved Sweden’s NATO bid due to grievance it has about Stockholm’s criticisms of its record on democracy and the rule of law.. Budapest has condemned the statements, maintaining they are false and claiming Sweden is meddling in its internal affairs. Hungarian Foreign Minister Peter Szijjarto told Anadolu earlier this week that his government supports Sweden’s NATO membership, but the final decision lies with its parliament, which is taking into consideration the ‘insults’ Hungary has faced from Stockholm. ‘We never interfere in the domestic issues of other countries,’ he said. ‘They have accused us on many occasions … It can be taken into consideration as interference, but it’s not only the Swedish who are doing that,’ he said, alleging that the US and other European nations were meddling in Hungary’s internal affairs.

Source: Anadolu Agency