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  • Klopp ‘signals willingness’ to take over as Germany coach Nagelsmann resigns after World Cup failure

    Klopp ‘signals willingness’ to take over as Germany coach Nagelsmann resigns after World Cup failure

    Germany’s men’s national soccer program is facing a leadership shakeup after a historic third straight early World Cup exit, with head coach Julian Nagelsmann stepping down and former Liverpool manager Jürgen Klopp emerging as the leading candidate to take over the role, the German Football Federation (DFB) confirmed in an official announcement Friday.

    Nagelsmann’s departure comes four days after Germany suffered a stunning penalty shootout defeat to Paraguay in the round of 32, a result that extended the country’s decades-long drought of knockout-stage success at the world’s biggest soccer tournament. Germany has not won a World Cup knockout match since claiming its 2014 title in a final against Argentina, with the latest early exit following group-stage eliminations at the 2018 Russia World Cup and 2022 Qatar tournament.

    The 38-year-old coach, who took the reins of the national side in 2023 and extended his contract last year through Euro 2028, initially said he would honor the remaining two years of his deal — which reportedly made him one of the highest-paid coaches at this year’s tournament — and insisted after the exit that he was “not one to walk away.” But after returning to Germany for crisis talks with DFB leadership Thursday, he reversed course, saying a clean break was in the best interest of the team.

    “In the days since we went out I’ve done a lot of thinking and spoken with trusted people in my personal life and at the federation,” Nagelsmann said in a public statement. “This decision was anything but easy for me. My main aim has always been the team’s success. After such a bitter disappointment, they’ve earned the chance for a completely fresh start.”

    Nagelsmann faced intense public and media criticism throughout the tournament over his tactical choices and squad selection. Controversial calls included recalling 40-year-old veteran goalkeeper Manuel Neuer to the starting squad ahead of the tournament after using Oliver Baumann for all qualifying matches, repositioning regular Bayern Munich midfielder Joshua Kimmich to right-back instead of fielding a specialist in the role, and consistently starting winger Leroy Sane — a former Bayern colleague of Nagelsmann’s. The fallout from these choices was visible in Germany’s loss to Paraguay: amateur stand-in Waldemar Anton, a natural central defender, was forced to cover Kimmich’s right-back position late in the match, while in-form striker Nick Woltemade — who played every minute of Germany’s qualifying campaign — remained benched until the final minutes of the knockout fixture.

    The DFB confirmed Friday that it intends to open formal talks with Klopp, who has already privately signaled he is open to taking the national team job. This would mark Klopp’s first senior coaching position since he stepped down from Liverpool at the end of the 2023-2024 Premier League season. Currently, Klopp serves as global head of soccer for the Red Bull Group, and worked as a high-profile pundit for German television during this year’s World Cup, even conducting pitchside post-match interviews with Nagelsmann during the tournament. When asked about the vacancy earlier this week, Klopp downplayed the speculation, saying “I haven’t thought about it” and calling it “not the moment to really talk about it.”

    The news of Nagelsmann’s resignation drew a formal statement of recognition from German Chancellor Friedrich Merz’s office. “The chancellor thanks Julian Nagelsmann for his commitment and service in recent years as national team coach,” Merz spokesperson Stefan Kornelius told reporters during a scheduled press conference where the breaking news broke.

    Nagelsmann is far from the only high-profile men’s head coach to exit his post after an early elimination from this year’s World Cup. Just hours after Germany’s defeat to Paraguay, Netherlands manager Ronald Koeman stepped down following his own side’s surprise penalty shootout exit. Coaches leading Ecuador, South Korea, Scotland and the Czech Republic have all departed their roles after early exits, while Argentina legend Marcelo Bielsa moved forward with a pre-planned departure from Uruguay even before the team’s group-stage elimination was confirmed.

    Germany does not return to competitive action until a September 24 Nations League fixture against the Netherlands, giving the DFB time to finalize a deal for Klopp before the new national team cycle begins.

  • Interpol names suspect in Monaco bombing that reportedly targeted Russia-linked Ukrainian tycoon

    Interpol names suspect in Monaco bombing that reportedly targeted Russia-linked Ukrainian tycoon

    PARIS – In a major update to the investigation into a deadly targeted bombing in Monaco last week, international police agency Interpol has publicly named a 39-year-old Ukrainian woman as the primary suspect and issued an urgent global Red Notice calling for her immediate arrest. The woman, identified as Anastasiia Berezovska, remains at large more than a week after the explosion that rocked a residential building in the small Mediterranean principality.

    The blast, which detonated at the entrance of a Monaco apartment building on Monday, wounded five people total. Three members of a single family were directly targeted in the attack, local authorities confirmed, among them prominent Ukrainian construction magnate Vadym Yermolaiev, multiple independent media outlets have reported. Yermolaiev, who gave up his Ukrainian citizenship roughly 10 years ago, was placed under Ukrainian sanctions in 2023 over his well-documented business and political ties to Russia. Alongside the tycoon, a woman and a young child were also injured in the explosion. As of Friday, one victim remained in critical, life-threatening condition, while two additional bystanders suffered minor injuries in the attack, Monaco’s prosecution team confirmed.

    Initial witness reports and early CCTV analysis led investigators to misidentify the suspect as a heavyset man wearing dark long sleeves, pale shorts and a black bucket hat. But a re-examination of surveillance footage from the days leading up to the attack, combined with new witness testimony, shifted the investigation’s focus: the suspect was actually a woman disguised as a man, authorities confirmed at a joint press conference Friday. According to Interpol’s Red Notice filing, Berezovska was born in Ukraine, has dark hair, speaks fluent German, and bears a distinctive snake tattoo that stretches from her right shoulder down to her elbow. The notice includes two public photos of the suspect: in one, she is pictured on a public street holding an electronic device with a trailing cable in her left hand, wearing a white t-shirt with dark vertical stripes.

    Monaco Deputy Prosecutor Morgan Raymond told reporters the explosive device was triggered remotely via a remote control, and residual fragments of the bomb have been sent to forensic experts across the border in France for detailed analysis. Berezovska is being sought on charges of attempted murder, unauthorized placement of an explosive device in a public space with criminal intent, and criminal conspiracy.

    Investigators say the complexity of the explosive and the operational planning behind the attack strongly suggests Berezovska did not act alone. “The relative sophistication of the explosive device and the modus operandi suggest that the person who planted the device did not act alone,” Raymond told reporters. Two men were detained earlier this week for questioning as potential accomplices, but both have since been released without charge.

    Authorities have already traced the suspect’s movements after the attack: she used a rented vehicle with German license plates to flee Monaco, traveling first from France into Italy before crossing through multiple other European countries to reach her last known country of residence. According to Raymond, Berezovska’s most recent confirmed address is in Germany, a nation that maintains robust, active judicial cooperation with Monaco on cross-border criminal cases.

    The brazen attack has sent shockwaves through Monaco, one of the world’s smallest sovereign states and a global hub for high-net-worth individuals. Prince Albert II, Monaco’s ruling monarch, called the bombing “an odious act” and confirmed that all of the principality’s public security services have been mobilized to assist the investigation and prevent further attacks.

    The bombing comes amid a growing pattern of targeted attacks linked to the ongoing war in Ukraine. While Ukraine has acknowledged carrying out targeted strikes against Russian-aligned figures during the conflict, most of these operations have been limited to Ukrainian or Russian territory. In December 2024, Ukraine’s security service claimed responsibility for the assassination of the head of Russia’s nuclear, biological and chemical military defense corps. Western intelligence agencies have also noted in recent months that Russia has significantly expanded its own global campaign of targeted killings against dissidents and opponents since launching its full-scale invasion of Ukraine in February 2022.

  • Moldova’s prime minister steps down, triggering the government’s resignation

    Moldova’s prime minister steps down, triggering the government’s resignation

    CHISINAU, Moldova – In an unexpected announcement that has upended the pro-Western administration of this EU candidate nation, Moldovan Prime Minister Alexandru Munteanu revealed Friday he will resign from office — a step that automatically dissolves the entire sitting government. Munteanu took office less than 12 months ago, leading his pro-European bloc to power after a hard-fought national election framed widely as a defining geopolitical choice between alignment with the West or continued ties to Russia. In a departure that has sparked political uncertainty across the country, he offered no explicit explanation for his sudden exit.

    In a public statement shared via social media, Munteanu framed his decision as a matter of personal principle. “Today I end my term as prime minister,” he wrote. “The moment I understand that I can no longer exercise my mandate in accordance with my principles and beliefs, I choose to walk away.” He went on to note that he took on the role of prime minister with a deep sense of responsibility and unwavering confidence that he could help move Moldova toward meaningful, positive change.

    Under Moldovan constitutional rules, a prime minister’s resignation takes effect immediately upon announcement. While the cabinet remains in place to manage routine government business as a caretaker administration, all executive authority is limited until a new prime minister is nominated and a full new cabinet is approved by parliament.

    Shortly after Munteanu’s announcement, Moldovan President Maia Sandu, the leading architect of the country’s push for EU membership, released a statement acknowledging the resignation. She thanked Munteanu for guiding the country through what she described as a uniquely complex period for Moldova, but made clear that his leadership did not meet her expectations. Sandu stated she had sought greater engagement on tough policy decisions and more openness to public input from the prime minister.

    The president outlined her next steps, noting that she will meet with representatives of all parliamentary factions starting next week to begin consultations on nominating a new prime minister. “We must have a united, strong team in the Government that will fulfill our country’s objective,” Sandu said. “We are obliged to succeed in taking Moldova into the EU and helping the country.” She acknowledged the challenges ahead, noting that finding viable candidates for the prime ministership has grown increasingly difficult in recent Moldovan politics, and she could not predict how long the process of forming a new government would take. Even so, she stressed the urgent need to install a new administration in a timely manner.

    Nestled between war-torn Ukraine to the east and Romania — a member of both the European Union and NATO — to the west, Moldova has a unique and volatile geopolitical position. A former constituent republic of the Soviet Union, Moldova gained formal independence in 1991. Over the past three years, it has pursued an unambiguous path of Western integration, earning official EU candidate status in 2022. This shift has turned the small nation into a key front in the ongoing geopolitical standoff between Russia and the European bloc.

  • The far-right Alternative for Germany is buoyant as it eyes a slice of power in regional elections

    The far-right Alternative for Germany is buoyant as it eyes a slice of power in regional elections

    As Germany’s far-right Alternative for Germany (AfD) gathers for its national leadership convention this weekend in the eastern city of Erfurt, the nationalist party is entering one of its most politically consequential moments in modern German history. Riding a wave of deep public discontent with the country’s unpopular ruling coalition, which has struggled to deliver economic reform after years of stagnation, the AfD is positioning itself to seize its first state-level governorship in regional elections this fall, a breakthrough that would upend decades of post-World War II political norms in the country.

    Buoyed by rising poll numbers that have pushed the party into first place nationally, the convention’s central order of business is consolidating party unity by extending the leadership terms of co-chairs Alice Weidel and Tino Chrupalla, who have helmed the party for four years. This gathering comes on the heels of a historic 2024 national election performance, where the AfD secured the strongest result for any far-right German party since 1945, taking second place nationally to become the country’s official largest opposition party. It has long dominated the political landscape of Germany’s formerly communist eastern states, where it is now on the cusp of unprecedented electoral gains.

    Weidel has framed the 2026 national election as a “year of destiny” for the AfD, and the party has set an ambitious target of winning 40% or more of the vote in the September 6 Saxony-Anhalt state election. A result that strong would put the party within reach of an absolute majority, or allow it to lure defectors from mainstream parties to install its first state governor. Two weeks later, a second regional election in Mecklenburg-Western Pomerania also leaves the AfD optimistic for additional gains.

    Political analysts note that the AfD is already knocking on the door of formal executive power. In 2023, the party won its first county administration leadership post in Thuringia, the state that hosts Erfurt, though no further local executive wins have followed as mainstream parties have rallied to block additional gains. Winning control of a full state government would mark a far more transformative milestone: Germany’s 16 regional governments hold extensive autonomy over key policy areas including public education and domestic security.

    Critics have raised urgent alarms over the prospect of AfD rule in Saxony-Anhalt, warning that the party could move to replace large numbers of non-partisan civil servants with ideological loyalists, putting sensitive confidential information at risk of leaking to far-right networks or even the Russian government. “An AfD interior minister would be a security risk,” Gregor Maier, Thuringia’s center-left interior minister, told public broadcaster ARD. The party has pushed back forcefully against these concerns, arguing that it will demonstrate more effective governance than the long-dominant mainstream parties, which it claims are failing German voters. “We will prove that we can do it better, and that is exactly what the old parties are afraid of,” Chrupalla stated at a recent Berlin rally.

    Still, even outside observers predict major internal hurdles if the party does win power. Albrecht von Lucke, a leading German political analyst and editor of *Blätter für deutsche und internationale Politik*, warned that governing successfully would pose a “huge challenge” for the AfD, marked by likely internal factional conflict. “A lot speaks for this not succeeding,” von Lucke noted.

    The AfD’s rising political fortunes have been directly fueled by the deep unpopularity of Chancellor Friedrich Merz’s national coalition government, which took office 14 months ago on promises to revitalize Germany’s sluggish, stagnant economy – the largest in Europe. The coalition has embarked on a series of potentially painful structural reforms, but has yet to convince voters that its policies will deliver tangible improvements, leaving a wide opening for populist opposition.

    Merz has pleaded for public patience, arguing that meaningful reform takes time. “It is unrealistic always just to lament decline, mope and wait for a big bang,” he told a recent industry gathering. “There isn’t going to be one. We are in a reform process … and we are moving forward in this process. We want to show that solutions are possible from the political center of this country, that we also recognize the problems correctly.”

    Beyond its signature anti-migration platform that drove its initial rise in the mid-2010s, the AfD has refined its strategy to capitalize on widespread discontent across a range of policy issues. The party has aligned broadly with the policy approach of the former Trump administration in the U.S., has criticized ongoing conflict in Iran, and has repeatedly called for the lifting of Western sanctions on Russia while opposing all Western weapons deliveries to Ukraine. Chrupalla has criticized Merz’s hardline approach to Moscow, arguing “[Merz] thinks he has to escalate against Russia, like in the Cold War. He should be building bridges.”

    The AfD remains a deeply polarizing force in German politics, and its Erfurt convention is expected to draw tens of thousands of counter-protesters this weekend. All mainstream German parties maintain a strict “firewall” policy, refusing to enter any formal coalition or cooperate with the AfD at any level of government.

    The party is also locked in a long-running legal battle with Germany’s domestic intelligence agency, the Federal Office for the Protection of the Constitution (BfV). The BfV designated the AfD as a proven right-wing extremist organization in 2024, but suspended the official classification after the party filed a legal challenge. In February 2025, a Cologne court ruled that the agency could not use the designation while it reviews the AfD’s lawsuit in full.

    A 2025 BfV report released earlier this week reaffirmed the agency’s assessment, finding no evidence that the party has softened its controversial ideological stances. “Many statements by the AfD and its representatives reflect an understanding of the nation that is based on ethnicity and ancestry and contradicts the understanding of the nation enshrined in Germany’s constitution,” the report stated. It specifically highlighted the party’s calls for “remigration” of millions of people living in Germany and repeated promotion of the far-right “great replacement” conspiracy theory that claims native Germans are being systematically replaced by non-European migrants.

    The AfD continues to reject all accusations of extremism, arguing that the intelligence agency has been politically weaponized by mainstream parties to target the opposition. While some anti-far-right activists have called for the AfD to be formally banned nationwide, Germany’s supreme court has set an extremely high legal bar for banning political parties, and many opponents of the AfD warn that a failed ban attempt would only hand the party a major political victory. Merz and his center-right bloc have argued that the most effective response to the AfD’s rise is for the sitting government to deliver tangible improvements to the lives of ordinary German voters, rather than pursuing a legal ban.

  • Huge VAR call prolongs Ronaldo’s last dance but ends Modric’s

    Huge VAR call prolongs Ronaldo’s last dance but ends Modric’s

    The 2026 FIFA World Cup knockout stage delivered one of the most dramatic and debated finishes in tournament history on Wednesday, as a last-gasp VAR ruling eliminated Croatia in cruel fashion and sent Portugal through to the quarter-finals. What unfolded over 90-plus minutes at Toronto Stadium packed in every element of high-stakes football: last-minute goals, offside disputes, generational career milestones and a technology-driven controversy that has reignited debate over the role of VAR in the modern game.

    Portugal entered the match as marginal favorites, but the first half was largely underwhelming until Croatia broke the deadlock early in the second half through veteran winger Ivan Perisic. What followed was a chaotic second half that shifted momentum repeatedly. Portugal captain Cristiano Ronaldo, appearing in his sixth World Cup, had a stunning equalizer ruled out by a tight offside call before converting a controversial penalty to level the score at 1-1. The strike marked Ronaldo’s first ever knockout-stage goal at a World Cup, a milestone that added extra narrative to a night already thick with subplots.

    Ronaldo was substituted in the 81st minute, leaving a dejected figure on the bench, but his evening was far from over. Portugal substitute Goncalo Ramos netted a go-ahead goal in the fourth minute of stoppage time, putting Portugal up 2-1 and prompting Ronaldo to sprint onto the pitch to celebrate with his teammates. With seconds remaining, and extra time seeming inevitable, Croatia thought they had forced an additional 30 minutes when defender Josko Gvardiol tapped home from close range in the 13th minute of stoppage time. Croatian players erupted in wild celebration, while Ronaldo sat stunned on the Portuguese bench.

    That celebration was cut short when VAR intervened. Premier League official Jarred Gillett, the video assistant referee for the match, called for a full offside check, centered on whether Croatian forward Igor Matanovic had made contact with the ball in the build-up to Gvardiol’s finish. If Matanovic had touched the ball, he was in an offside position and the goal would be ruled out; if no contact was made, the goal would stand. Referee Espen Eskas reviewed multiple replay angles, which looked visually inconclusive, but a Snickometer-style ball-tracking technology, adapted from cricket and integrated with a microchip in the official Adidas Trionda match ball, detected a faint touch. The goal was disallowed, drawing immediate fury from the Croatian camp and fans in attendance.

    Angry Croatian supporters threw plastic bottles onto the pitch in protest, as the final whistle blew moments later, ending the Balkan nation’s World Cup campaign. The result also brings a close to what is almost certainly the final World Cup appearance for Croatian legend Luka Modric, the 40-year-old Real Madrid midfielder who made his tournament debut in 2006. Modric, who hit the 200-cap milestone for his country earlier in the tournament, was consoled by his former Real Madrid teammate Ronaldo after the final whistle, ending an era for one of the game’s most decorated midfielders.

    Post-match reactions highlighted the deep divide over the controversial call. Croatian manager Zlatko Dalic launched a scathing attack on officiating and the impact of VAR on the sport. “I will not comment much about it but I will say the refereeing was very bad,” Dalic told reporters. “No fouls, no set-pieces on our side which should have been but that’s no reason to talk about the defeat. It was very bad refereeing. You were able to see to what extent emotions had been killed, and altogether all these decisions take you back and actually take the joy out of football. VAR kills emotions, it kills everything within you. We have gone too far with VAR.”

    Portuguese manager Roberto Martinez defended the call, pointing to the precision of the in-ball sensor technology. “It’s a shame one of the two teams had to lose,” Martinez said. “But there is no bad decision or lucky decision. It was a clear moment. The balls now have a chip and the sensor shows the ball was touched.”

    Pundits and former players were split on the ruling. Former England defender Matt Upson, commentating for BBC Radio 5 Live, said he remained unconvinced of a touch after reviewing multiple angles. “From what I can see, I don’t see any change in direction of the ball. What the telling thing is, is the spin on the ball doesn’t change and it looks like Matanovic has touched that ball but it’s interesting that they’re saying beyond any reasonable doubt he has. I can’t quite see that,” Upson said. Former Premier League assistant referee Darren Cann, however, backed the decision, saying the Snickometer technology “100% proves that he touched it with the flick-on.”

    For Ronaldo, the result keeps his World Cup dream alive, just days after his sister labeled the tournament his “last dance”. The Portuguese captain had played every minute of his side’s tournament up to the knockout clash, and his substitution has reignited debate over whether he should retain his starting spot for the quarter-finals. Former England forward Theo Walcott backed Martinez’s call to withdraw Ronaldo, saying: “I think it was the right decision in the end, it really was.”

    Tributes poured in for Modric after the match, with former Brazil midfielder Lucas Leiva calling the result a harsh end to an iconic career. “It is very harsh for Croatia to go out like this, for Luka Modric, probably his last game in the World Cup,” Leiva told BBC Sport. “A legend of the game. I think he has shown for 20-odd years how good he is. You feel sad for him, but he has had a great career. He took Croatia to the highest level in the World Cup. A great player.”

  • Steam railway that travels through the Swiss Alps celebrates its 100th anniversary

    Steam railway that travels through the Swiss Alps celebrates its 100th anniversary

    Nestled among Switzerland’s most dramatic high-Alpine landscapes, a beloved piece of railway history is preparing to mark a major milestone this weekend, as hundreds of train lovers and travel enthusiasts gather to celebrate 100 years of continuous connection along the iconic Furka Pass route.

    Perched 2,431 meters above sea level, the Furka Pass ranks among Switzerland’s highest mountain crossings, gaining global pop culture fame as the backdrop for a heart-pounding car chase in the 1964 James Bond classic *Goldfinger*. But long before Sean Connery’s 007 navigated the pass’s famous hairpin turns, a steam locomotive made the first full continuous crossing of the steep, winding alpine corridor on July 3, 1926. That historic run established a critical permanent rail link between the central Swiss cantons of Uri and Valais, serving regional communities and travelers for more than five decades.

    The original route’s operational era came to a close in the early 1980s, when a new base tunnel built under the Alps diverted all regular rail traffic and left the high mountain tracks abandoned. It would have fallen into complete disrepair if not for a large community of dedicated volunteers, who affectionately call themselves the railway’s “pioneers.” Over thousands of collective hours, these enthusiasts worked to restore, repair, and maintain the original tracks and vintage rolling stock, reviving the line to operate exactly as it did a century earlier.

    The first section of the restored route opened as a heritage railway in 1992, and the full 18-kilometer stretch between Realp and Oberwald was finally completed and opened to passenger service in 2010. Today, the vintage steam trains run exclusively as a seasonal tourist attraction, operating only during summer months. Visitors can step into restored heritage carriages for a slow journey through some of the Alps’ most breathtaking scenery, past glacial rivers, wild alpine meadows, and lush green pastures that still hold patches of lingering snow from the winter months.

    Unlike modern railway operations, every role along the Furka heritage line is filled by volunteer enthusiasts, who say mastering the art of operating a century-old steam locomotive requires far more than technical training. “It’s something like a living machine, so you have to get kind of the feeling for it,” explained Bernhard Lang, a veteran volunteer driver. “To feel how it behaves, how it moves, how it smells, how it sounds.”

    For the youngest members of the volunteer team, the project offers a rare, tangible connection to early 20th-century engineering. “You hear every sound, you hear if everything is right,” said Jacob Kallert, a 21-year-old German transport engineering student and the line’s youngest train manager. “You can pretty much feel how it was then and how it is now.”

    Volunteers say the project has a way of winning over anyone who spends time on the line. “We say, in German, that everyone who works here has the ‘Furka Virus, the Furka disease,’” joked volunteer Sergio Rovelli. “Once you come here, you like it, and you stay.”

    Tickets for the scenic 2-and-a-half-hour one-way journey start at 46 Swiss francs, equal to roughly $56.82. Centennial anniversary celebrations kicked off Friday and will run through the weekend, giving visitors the chance to mark the milestone while riding the historic locomotives through the Alps.

  • World shares are mixed after Dow hits a new record, as some AI shares bounce back

    World shares are mixed after Dow hits a new record, as some AI shares bounce back

    BANGKOK – Global equity markets ended a volatile trading session with mixed results on Friday, one day after the Dow Jones Industrial Average notched a fresh all-time high, as divergent performance across artificial intelligence-linked stocks kept indexes across the world split between gains and losses.

    U.S. markets will remain closed Friday in observance of the Independence Day public holiday. Ahead of the long weekend, S&P 500 futures edged 0.3% higher, while Dow futures slipped 0.2% heading into the holiday break.

    In European afternoon trading, benchmark indexes delivered uneven results: Germany’s DAX gained 0.4% to close at 25,667.73, while France’s CAC 40 slipped a modest 0.1% to 8,471.19. The UK’s FTSE 100 declined 0.4% to settle at 10,613.55.

    Across Asian markets, most indexes rebounded after two straight days of tech-driven selloffs. South Korea’s Kospi staged a dramatic 5.8% recovery to 8,088.34, just one day after plummeting nearly 8% in a broad tech selloff. Samsung Electronics, the nation’s largest listed company and a leading global memory chip manufacturer, jumped 8.2%, while smaller rival SK Hynix surged 10.9% as investors bought the dip following the previous session’s sharp losses.

    Japan’s Nikkei 225 also advanced, climbing 1.5% to 69,744.07. Leading chip equipment manufacturer Tokyo Electron gained 0.4%, while memory chip producer Kioxia jumped 9.2% on the day. Hong Kong’s Hang Seng index added 1.3% to reach 23,350.03, and China’s Shanghai Composite gained a modest 0.4% to close at 4,043.64. Taiwan’s Taiex edged up 0.1%, India’s Sensex rose 0.4%, and Australia’s S&P/ASX 200 gained 1.4% to finish at 8,844.40.

    “Asian stocks found some footing after two bruising tech-led sessions, with the Korean market once again showing how quickly a stretched rubber band can snap back when everyone leans the same way,” Stephen Innes, managing director at SPI Asset Management, noted in a market commentary Friday.

    The mixed global performance follows a divergent trading session on Wall Street Thursday, when the Dow Jones Industrial Average climbed 1.1% to a new record closing high of 52,900.07, with seven out of 10 stocks across the S&P 500 registering gains. Even with broad upward momentum across most sectors, the S&P 500 finished little changed, edging up less than 0.1% to close at 7,483.24, while the Nasdaq composite dropped 0.8% to 25,382.67, dragged down by steep losses across high-flying AI and chip stocks.

    Market momentum received a partial boost from a new U.S. jobs report showing employers added 57,000 new positions in June. While the hiring gain indicates ongoing resilience in the world’s largest economy, the total fell short of economists’ consensus forecast of 100,000 new jobs and marked a slowdown from May’s faster hiring pace.

    The weaker-than-expected hiring data has reduced expectations that the Federal Reserve will need to implement multiple interest rate hikes through 2024 to cool persistent inflation. Inflation pressures have already eased slightly as oil prices have pulled back below levels seen during the height of geopolitical tensions linked to the Iran war, which earlier drove crude prices higher. Lower rates are broadly positive for equities, as they cut borrowing costs for households and businesses and support higher valuations for stocks and other financial assets.

    Beyond chip stocks, crypto-linked equities rallied after Bitcoin pulled back from near its 2024 low on Thursday to post roughly 2% gains that day, with another 0.9% increase early Friday. Trading platform Robinhood Markets gained 3.8%, and crypto exchange operator Coinbase Global added 3.9% for the session.

    The recent selloff in major chip stocks stems from growing investor concerns that valuations for AI-linked semiconductor companies have grown overstretched during the multi-month AI boom. Investors have begun questioning whether massive current spending on new chip production and AI data centers will deliver the level of profit and productivity growth that market bulls have projected. On Thursday, leading U.S. chip stocks extended losses: Micron Technology erased early gains to close 5.5% lower, a day after a 10.6% plunge. AI chip leader Nvidia fell 1.4%, and semiconductor equipment maker Lam Research sank 10.2%. Because Nvidia has a market capitalization of nearly $4.7 trillion, its price movements carry more weight on the S&P 500 than any other single stock, amplifying the impact of its declines on the broader index.

    In commodity trading early Friday, Brent crude, the global benchmark for oil, slipped less than 0.1% to $71.76 per barrel, while U.S. West Texas Intermediate crude fell 0.2% to $68.48 per barrel. In currency markets, the U.S. dollar inched up to 161.14 Japanese yen from 161.11 yen in the prior session, while the euro appreciated slightly to $1.1451 from $1.1431.

  • Putin shrugs off fuel shortages in Russia as he ramps up attacks on Ukraine

    Putin shrugs off fuel shortages in Russia as he ramps up attacks on Ukraine

    As Ukraine ramps up long-range strikes on Russian energy infrastructure that have triggered widespread fuel shortages across the world’s second-largest oil exporter, Vladimir Putin has remained defiant, dismissing the disruptions as non-critical and rejecting all ceasefire proposals to continue his full-scale invasion of Ukraine. The Russian leader’s unflinching stance comes amid escalating tit-for-tat strikes that have pushed the conflict to new levels of intensity, with a massive 11-hour Russian aerial assault on Kyiv overnight Thursday killing at least 30 people, marking one of the deadliest single attacks on the Ukrainian capital since the 2022 full-scale invasion began.

    Since the start of March, Ukraine has launched more than 50 documented strikes against oil refineries, storage depots, and other energy facilities across mainland Russia and illegally annexed Crimea, a strategic campaign Kyiv says is designed to bring the costs of the war home to ordinary Russians and pressure the Kremlin to negotiate an end to the conflict. The campaign has already succeeded in undermining Putin’s long-held narrative that the war does not disrupt daily life for Russian citizens, breaking through the controlled narrative most Russians consume through state media.

    Industry analysts estimate that roughly one-third of Russia’s total oil refining capacity has been taken offline by the strikes, with damage that will cost billions of rubles to repair. Even Moscow’s top domestic refinery, protected by layers of advanced air defense systems, has been hit twice; the second strike in mid-June sparked a large fire that damaged critical infrastructure, with repairs expected to last through the end of 2025. Official Russian government data confirms domestic gasoline production has dropped by 17% to 850,000 barrels per day, forcing regional authorities to implement fuel rationing that has left motorists waiting in multi-hour lines to refuel across large swathes of the country. To alleviate immediate shortfalls, the Kremlin has authorized the sale of lower-quality gasoline with elevated sulfur content through the end of the year. The illegally annexed Crimean Peninsula has faced the most severe shortages, with authorities periodically halting all gasoline sales to civilian consumers entirely.

    During a televised meeting with senior government officials last weekend to address the growing fuel crisis, Putin acknowledged the country is navigating a “difficult period” but downplayed the long-term impact of the strikes, framing the shortages as strictly temporary. He outlined a series of emergency steps to address the gap: accelerating repair work on damaged energy facilities, exploring gasoline imports to boost domestic supply, and ramping up production of air defense systems to prevent future strikes on key infrastructure. Putin characterized Ukraine’s energy strike campaign as a deliberate attempt to split Russian society, disrupt Moscow’s battlefield offensive, and force the Kremlin into negotiations on terms favorable to Kyiv.

    “We will not give them that chance,” Putin stated firmly.

    While Putin claims Ukrainian strikes on Russian energy facilities have “absolutely no effect on the situation at the front,” Western military analysts disagree, noting that midrange strikes on Russian logistics and supply lines over recent months have hampered military operations and slowed the pace of Russian advances, leaving most of the frontline locked in a tense stalemate. On Friday, Putin visited the Russian military command center overseeing operations in Ukraine to receive what Russian state media called an update on the capture of Kostyantynivka, a key industrial and transportation hub in the Donetsk region after weeks of brutal street fighting. Dressed in military fatigues, Putin hailed the capture as a major strategic step toward seizing Sloviansk and Kramatorsk, the last major heavily fortified Ukrainian strongholds in Donetsk’s forest belt.

    Ukrainian officials have not confirmed Russia’s claim of seizing Kostyantynivka, and earlier Friday the Ukrainian General Staff reported that its forces had repelled 24 separate Russian assaults in the Kostyantynivka area and surrounding settlements. Putin also issued new warnings Friday, arguing that increased Ukrainian strikes on Russian civilian infrastructure will force Russia to expand a “security zone” inside Ukrainian territory to prevent future attacks. He also issued a veiled threat to Western countries supplying military aid to Ukraine, saying Russia would complete an analysis of Western “engagement in hostilities” to guide future “responsible decisions.”

    Putin has also flatly rejected multiple ceasefire proposals put forward by Kyiv and its Western allies, responding to Ukrainian President Volodymyr Zelenskyy’s offer of direct talks by demanding Zelenskyy travel to Moscow — a non-starter for the Ukrainian government. Putin argues any truce would only allow Ukrainian forces time to rest, rearm, and regroup, making any ceasefire conditional on full Ukrainian withdrawal from the remaining territory Ukraine holds in Donetsk region, a demand Kyiv has already rejected outright. He also said any final peace agreement must require Ukraine to abandon its bid for NATO membership, demilitarize its armed forces, and enshrine legal protections for the Russian language and Russian cultural identity within Ukraine.

    In a recent interview, Putin claimed Ukrainian officials had tabled a confidential proposal to limit active fighting to the four regions Russia illegally annexed in 2022 — Donetsk, Luhansk, Kherson, and Zaporizhzhia — none of which Russia controls fully. Putin said he rejected the proposal, arguing it would allow Ukraine to reposition troops from other fronts to reinforce defensive positions in the four regions. “Faced with a catastrophic shortage of personnel, the armed forces of Ukraine apparently believe this could be their salvation,” Putin said. “Saving the Kyiv regime is not part of our plans.” The Kremlin has said the offer was communicated through backchannel diplomatic routes, but Ukrainian officials have never publicly acknowledged any such proposal.

    Putin also dismissed a separate Ukrainian proposal for a mutual moratorium on deep strikes into each other’s territory, noting that Russian deep strikes are “much more powerful, sensitive and, frankly speaking, destructive” than those Ukraine carries out. Thursday’s massive barrage on Kyiv followed that pattern, with Russian missiles and drones striking multiple residential neighborhoods despite Russian claims that all attacks targeted military infrastructure. Unlike Russian strikes, which regularly hit civilian residential areas and infrastructure, the vast majority of Ukrainian strikes inside Russia have targeted energy facilities, weapons production plants, and other military-related infrastructure.

    More than three years into the full-scale invasion, United Nations data records that more than 16,000 Ukrainian civilians have been killed since the war began, with tens of thousands more injured and millions displaced from their homes.

  • Trump’s ties to Erdogan sold him on this year’s NATO summit. Turkey may win big in other ways

    Trump’s ties to Erdogan sold him on this year’s NATO summit. Turkey may win big in other ways

    As next week’s NATO summit in Turkey approaches, a unique dynamic between U.S. President Donald Trump and Turkish President Recep Tayyip Erdogan has reshaped expectations for the alliance gathering, with the Turkish leader turning his close personal ties to the American president into both a guarantee of Trump’s attendance and the prospect of a landmark U.S. defense sale.

    Unlike many European NATO leaders who have faced repeated public criticism and scorn from Trump in recent years, Erdogan has cultivated a warm rapport that has convinced Trump to make the trip to Ankara. Trump, who has openly admitted he would skip the event for most other heads of state, confirmed his attendance out of personal respect for Erdogan, who personally reached out to lobby for his presence.

    The Turkish president’s successful push to secure Trump’s attendance has averted a major crisis for the 31-nation alliance. For years, Trump has repeatedly threatened to withdraw U.S. military forces from Europe and scale back Washington’s longstanding commitment to NATO’s collective defense framework, stoking deep uncertainty among allies. He has also regularly chastised fellow NATO members for failing to meet alliance-mandated defense spending targets, and has more recently clashed with European counterparts over their refusal to back his administration’s hard-line stance against Iran. A Trump no-show would have amplified already existing fears about the future of U.S. engagement with the bloc.

    Beyond securing his attendance, Erdogan stands to gain a far more concrete reward: Trump has openly hinted that he will announce progress on long-blocked sales of U.S. defense technology, including F-35 stealth fighter jets and F-110 jet engines, during his visit.

    Turkey was removed from the F-35 program in 2019 after moving forward with a purchase of Russia’s S-400 air defense system. U.S. defense officials have long warned that operating the Russian S-400 alongside American stealth aircraft would give Moscow access to sensitive data that could compromise the F-35’s stealth capabilities. Still, Trump suggested as early as last September that he was open to reversing that ban, and confirmed last week that he expects to make an announcement that will please Erdogan on the issue.

    On the jet engine front, the Trump administration has already moved to advance a $700 million sale of F-110 engines that Turkey plans to use to power its domestically developed KAAN fighter jet. The State Department recently notified key congressional leaders that it plans to bypass existing bipartisan opposition to the sale, a move that drew swift condemnation from top lawmakers. House Foreign Affairs Committee ranking member Gregory Meeks accused the administration of failing to provide any legal or strategic justification for the move, and of ignoring concerns over Turkey’s continued possession of the S-400 system and broader regional security risks. Bipartisan opposition to F-35 sales remains entrenched on Capitol Hill, with even influential Republican leaders like Senate Foreign Relations Chairman Jim Risch opposing the move as long as Turkey retains the Russian missile system.

    Analysts say Erdogan’s close relationship with Trump fits a broader pattern of the U.S. president’s well-documented affinity for authoritarian strongman leaders. Erdogan, who has consolidated power over 13 years as Turkey’s president following his tenure as prime minister, has faced widespread international criticism over democratic backsliding, increased restrictions on freedom of expression, and the widespread prosecution of opposition figures, journalists, and human rights activists. During the Biden administration, Washington kept Erdogan at arm’s length over these human rights and governance concerns, a posture that stands in stark contrast to Trump’s warm embrace of the Turkish leader.

    “His relationship with Erdogan, which is pretty strong, is consistent with what seems to be a pattern of his preference,” said Philip Gordon, a former national security adviser to Vice President Kamala Harris and current senior fellow at the Brookings Institution. “It has often been pointed out he seems to have better relationships with adversaries and autocrats, and he certainly says nicer things about them than with allies.” Gordon added, “Erdogan is taking full advantage of it.”

    The personal chemistry between the two leaders first developed during Trump’s first term in office, according to Soner Cagaptay, a Turkey expert at the Washington Institute. Cagaptay noted that when the Biden administration invited Erdogan to Washington in 2024 after Turkey approved Finland and Sweden’s accession to NATO, Erdogan declined the invitation — a deliberate snub of the sitting Democratic president that he framed as a gesture of support to Trump ahead of the 2024 U.S. election. Cagaptay said Trump interpreted the move as a significant show of support.

    Trump will become the first sitting U.S. president to visit Turkey since Barack Obama’s 2015 trip, and he is scheduled to hold a one-on-one bilateral meeting with Erdogan on the sidelines of the summit. The warming of ties between the two leaders under Trump’s second term extends beyond defense: earlier this year, the U.S. Justice Department dropped a major sanctions-evasion case against Turkey’s state-owned Halkbank, a longstanding point of friction between the two countries. Trump has also appointed his longtime close ally Tom Barrack, who chaired his inaugural committee, as U.S. ambassador to Ankara, a move that Erdogan has welcomed.

    The two leaders have maintained steady contact through regular phone calls, covering a range of regional issues including the conflict in Syria, the war in Gaza, and tensions with Iran. Turkey joined Trump’s Gaza Board of Peace, a body tasked with overseeing the ongoing ceasefire in the Palestinian territory. Trump has even publicly claimed that he convinced Erdogan to stay out of the recent conflict between Israel and Iran, a request Erdogan honored, though there is no public evidence that Turkey ever planned to join the fighting.

    Erdogan has publicly praised the speed and openness of his communication with Trump, noting that any call between the two leaders is returned within 24 hours. “With my friend Trump, we are opening the door to a new era in Turkish-American relations,” Erdogan said last year after meeting Trump at a previous NATO summit in The Hague. “The process of telephone diplomacy between us has never exceeded 24 hours so far. When we call, the other side responds within 24 hours.”

    Even during meetings with other world leaders who have tense relations with Ankara, Trump has made his admiration for Erdogan clear. Last year, during a joint press conference with Israeli Prime Minister Benjamin Netanyahu — whose government is locked in a bitter dispute with Turkey over regional influence — Netanyahu hoped to win Trump’s support for pushing back against Turkish activity in Syria. Instead, Trump publicly lavished praise on Erdogan and urged Netanyahu to take a more conciliatory approach to Ankara.

  • Moment huge waterspout twirls over lake in Germany

    Moment huge waterspout twirls over lake in Germany

    On a recent day at Lake Constance, situated close to the southern German city of Friedrichshafen, onlookers captured a striking natural phenomenon unfolding on the water’s surface: a massive, rotating waterspout that twisted across the lake’s expanse.

    Waterspouts are rotating columns of air that form over bodies of water, typically connecting the surface of the water to the base of a cumulus cloud. While they are most common in tropical or subtropical regions, they can occasionally form over temperate lakes like Lake Constance when specific atmospheric conditions align, including sharp temperature contrasts between air layers and high humidity near the water surface.

    Local residents and tourists in the area who witnessed the event shared footage and photos of the towering vortex, which quickly drew attention online from weather enthusiasts and casual observers alike. While the waterspout remained over the open water and did not move inland toward populated areas, authorities reminded visitors to the lake that if similar weather phenomena are spotted in the future, they should maintain a safe distance and move inland quickly to avoid potential danger. Even waterspouts that appear weak can generate strong winds and toss debris, creating unexpected hazards for anyone too close to the shoreline.

    Meteorologists note that while sightings of large waterspouts on southern German lakes are relatively rare, they are not unheard of during the warmer months of the year when unstable weather systems move through the Alpine foothill region where Lake Constance is located.