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US envoys met with Vladimir Putin in Moscow and are traveling to Kyiv to advance a peace initiative. Both sides discussed concrete next steps to end the war in Ukraine. Ukraine agreed to suspend attacks, while Russia is confident it can conquer eastern Ukraine.
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Israel attacked Hezbollah targets in southern Lebanon after the militia fired drones at Israeli soldiers. The army urged residents of one town to evacuate. Over 4,300 people have been killed in Lebanon since the conflict began in March.
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Dr. Nikolas Stihl, Chairman of the Supervisory Board of STIHL, is calling for a 40-hour work week without wage compensation to strengthen the German economy. He criticizes domestic issues like high costs and bureaucracy, emphasizing the need to increase work volume to maintain prosperity and the welfare state.
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Volkswagen has decided on a savings plan that includes the elimination of around 100,000 jobs worldwide. The company also plans to halve its model range and reduce R&D investments to increase profitability. However, experts criticize a lack of a forward-looking strategy.
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Turkey plans to privatize the two Bosphorus bridges and eight highways for 30 years, with ownership remaining with the state. The awarding of operating rights is expected to be completed by the end of 2031.
Companies & MarketsConsumer ProtectionIT & Internet
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Ultra-fast fashion provider Shein's IPO in Hong Kong valued the company at around $27 billion, 70 percent below its 2022 peak. Investors expressed concerns about supply chains and environmental impact, leading to a significantly reduced valuation.
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The US military reports attacking three Iranian oil tankers in the Gulf of Oman and sinking one. This action was a response to Iranian rocket fire targeting two US warships, which the US states were able to evade.
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The Spectrum carrier rocket from Bavarian company Isar Aerospace reached orbit during a test flight from the Andøya Spaceport in Norway. This marks a European first for a privately developed rocket.
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