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Polls close in Bosnia in race where pro-Russia politician looms large and ethnic tensions simmer
Polls have closed evening in Bosnia after an election shaped by economic pressures, a youth exodus and concerns over corruption. Some leading politicians stoked ethnic tensions that have divided the
Bosnia votes as pro-Russian politician looms large and ethnic tensions simmer
Around 3.4 million voters are choosing the three members of the country's multi-ethnic presidency, lawmakers for the national Parliament and heads of institutions for the country's two entities.
Ukraine’s Science Under Fire: Russia Is Targeting Knowledge, People and the Future
Russian strikes are killing scientists, destroying laboratories and equipment, and putting Ukraine’s scientific and technological capacity at risk.
How Americans’ Financial Health Is Faring In The “K-Shaped” Economy
Hey all, Jason here. Money20/20 is still two weeks away, but I’ve already started packing (not procrastinating for once!). My calendar is already filling up with various sessions I want to catch, meetings, and of course happy hours, dinners, and other side events. If you’ll be in Vegas and want to catch up, let me know by replying to this email, and we can try to find a time amidst the chaos of the Venetian. A big if not totally unexpected piece of news dropped on Friday: the Independent Community Bankers of America, a trade group that represents smaller U.S. banks, filed a lawsuit against the OCC and Comptroller Jonathan Gould, arguing that the regulator’s move to grant trust bank charters to firms seeking to use them to conduct substantial non-fiduciary activities exceeds the authorities granted to the OCC by Congress. I haven’t had time to fully digest the legal filing or speak to folks in my network about it, but you can expect to see coverage and analysis on it in next week’s newsletter. Subscribe or Support by Upgrading The NerdCon agenda just dropped. It’s stacked. Partner content: Nubank built an AI-first bank. Chime built its own banking core. Figure and Valon are rebuilding the mortgage stack. At NerdCon, you’ll hear from the people behind those bets: what they chose, what they learned, and what they’re still figuring out. The agenda is live, with leaders from Nubank, Chime, OpenAI, Remitly, Mercury, Figure, Valon and more. Follow the mainstage conversations, bring the problem your team is wrestling with to a hands-on workshop, or pull up a chair at a roundtable. Pick your quests. Meet us in San Diego, November 18–20. Fintech Business Weekly readers save 20% with code FBW20. Explore the Agenda Things To Know & Other Good Reads Federal Reserve Board finalizes changes to enhance the transparency and public accountability of its stress test and reduce volatility in its stress test-related capital requirements (Federal Reserve Board of Governors) FDIC Announces Conclusion of Independent Monitorship (FDIC) Modernizing Financial Regulation: Initial Observations from eSLR (Fed Vice Chair for Supervision Michelle Bowman) The Data Version of Godzilla versus Kong: FRED Takes on AI (Fed Governor Christopher Waller) Financing the AI buildout (Brookings) Q3’26: Rules for Banks but Not for Crypto (Fintech Takes Banking) The Inevitability of Local Stablecoins (Lombard Notes) Delusions of AI Governance: The Human-in-the-Loop Comfort Blanket (Fintech Snark Tank) Stripe agrees to acquire Parafin to expand revenue opportunities for platforms and help small businesses grow (Stripe) Listen: Fighting Fraud in the Age of AI, with SEON’s Tamas Kadar (Fintech Business Weekly) How Americans’ Financial Health Is Faring In The “K-Shaped” Economy If there is one overarching theme across the economy and politics in the U.S. at the moment, it’s “affordability.” The term is vague enough to encompass a panoply of factors shaping Americans’ day-to-day lives: rising costs for the hallmarks of being “middle class,” including healthcare, housing, childcare, and education, inflation and rising interest rates, and a job market with the specter of AI hovering over it. At the same time, policy shifts under the Trump administration have resulted in reduced subsidies to those who get health insurance under the Affordable Care Act and new restrictions on qualifying for Medicaid and SNAP, the impacts of which have yet to be fully felt. These factors are contributing to declining consumer confidence and general dissatisfaction with the economy, despite continuing GDP growth and stock market records. This divergence is encapsulated in the idea of the “K-shaped” economy, in which a small proportion of Americans have seen their wealth balloon, while the majority of American households struggle to preserve the lifestyle they have. Perhaps the greatest determinant of which branch of the “K” a household is on is whether their wealth and income are primarily derived from employment vs. from assets. Nearly two decades of low interest rates and, more recently, elevated rates of inflation have benefited asset owners, while those whose income is primarily or solely derived from labor have largely seen real purchasing power stagnate or decline. This is reflected in recent Bureau of Labor Statistics data showing that labor share of U.S. GDP — the fraction of economic output that accrues to workers as compensation in exchange for their labor — dropped to just 52.8% in Q2 2026, the lowest since the BLS began keeping records. In 1947, approximately 2/3rds of economic output accrued to workers; even as recently as 2001, labor’s share of GDP was 64.1%. Against this backdrop, we’ve seen the rise of more credit and credit-like products: cash advance apps, “no-fee” overdraft, earned wage access, and buy now pay later, which are often used as small-dollar short-term borrowing mechanisms to meet immediate consumption needs or pay other bills (eg utilities, cell phone, other debt payments). With the markers of a middle class existence and, increasingly, basic financial stability seemingly out of reach for many, it should be no surprise there’s been an increase in “financial nihilism,” something industry peers like Alex Johnson and Frank Rotman have discussed and analyzed the roots of. The explosion of gambling and gambling-adjacent products and services — often marketed under the guise of being an “investment” — is inextricably intertwined with the rise of financial nihilism. Crypto, sports betting, and, more recently, prediction markets offer an escape or even hope of sorts, like a contemporary, digital version of a scratch-off lottery ticket, while leaving the overwhelming number of people who use such products worse off. Share of Households That Are Financially “Vulnerable” Ticks Up The Financial Health Network’s 2026 Financial Health Pulse® report adds context on how American households are faring. (I linked to this report in last week’s newsletter, but wanted to take time to further unpack the data in the report this week.) The Financial Health Network publishes the report annually, providing insight into how Americans’ financial circumstances are changing over time. The 2026 report is derived from a survey fielded in April and May 2026. The report leverages survey responses to assess indicators of financial health across spending, saving, borrowing, and planning/protecting and to determine a zero to 100 “FinHealth” score. Those with scores between 0 and 39 are considered “Financially Vulnerable,” consumers with scores ranging between 40 and 79 are defined as “Financially Coping,” and those with scores of 80 to 100 are “Financially Healthy.” The report found that moderate improvements in 2025 were reversed, with the share of respondents considered financially “vulnerable” rebounding to 17%. The longitudinal data reflect the impact of pandemic-era programs, like expanded unemployment, cash stimulus payments, and pauses of federal student loan payments. The positive impacts of those programs, as reflected in the Financial Health Pulse reports, had largely disappeared by 2023. While pandemic-era inflation — to be fair, in part caused by the various support and stimulus measures — had come down from as high as 9% in 2022, it has rebounded since the start of Trump’s second term, with tariffs and energy market disruptions owing to the war in Iran pushing prices back up. Specific indicators in the survey that deteriorated from 2025 to 2026 include the share of respondents spending less than their income over the past 12 months, the share paying all bills on time over the past 12 months, the share that have a manageable amount or no debt, the share that are “moderately” or “very” confident their insurance is adequate to cover them in an emergency, and the share that “somewhat” or “strongly” agree that their household plans ahead financially. Unsurprisingly, lower- and moderate-income households are more likely to struggle to pay their bills on time and have any funds leftover to save. The share of low-income households whose income exceeded their spending dropped from 35% in 2025 to 31% in 2026, while the share of upper-income households whose income exceeded expenses remained unchanged at 63%. Households with student loans or revolving credit card debt reported having “a bit more” or “far more” debt than was manageable at rates far higher than those not carrying these types of debts. The share of those with student loan debt indicating their debt load was too high to manage increased from 50% in 2025 to 55% in 2026, while the share of those with revolving credit card debt saying the same ticked up from 51% in 2025 to 54% in 2026. Households that had student loans were markedly more likely to be financially “coping” or “vulnerable” vs. those without student loans. In 2026, 27% of households with student loans were considered financially vulnerable, a jump of 6% points vs. 2025. Households without student loans saw just a 1% point increase (not statistically significant) in those considered financially vulnerable. Households’ perception of the affordability of categories of goods and services paints a stark picture, with less than one-fourth considering higher education affordable, about a third deeming childcare affordable, and less than half viewing healthcare as affordable. Fintech Business Weekly is made possible by the generous support of paying subscribers — bringing you independent analysis of banking, fintech, and crypto without fear or favor. You can support my work by becoming a paying subscriber if you aren’t already. Paying subscribers enjoy: access to the entire archive of nearly six years of newsletters extended versions of the weekly newsletter, with additional content and analysis and (for founding member tier) quarterly personal 1:1 fintech Q&A / strategy calls with me, tapping into my unparalleled knowledge of the intersection of banking and fintech and experience working in the sector, including helping to launch Goldman Sachs’ retail bank Marcus Support Fintech Business Weekly You can also support Fintech Business Weekly by sponsoring a newsletter or podcast, putting you in front of 93,000+ of the most influential decision makers in banking, fintech, and crypto. Learn more about sponsor opportunities or request a media kit by dropping me an email. Democratic Senate Report Highlights How Iran Uses Tether to Evade U.S. Sanctions Iran uses stablecoins, specifically Tether, to evade sanctions, fund regional proxies, and to purchase military drones, a report released last week by the Senate Permanent Subcommittee on Investigations says. The report was authored by committee ranking member Senator Richard Blumenthal (D-CT) and the minority staff. Crypto and stablecoin proponents will often push back on criticism that criminals make use of these assets by arguing that, on an absolute dollar basis, far more illicit funds flow through traditional banking systems and payment rails than via crypto and stablecoins. And while that is likely true, it elides the reality presented in news story after news story: whether state actors — Russia, Iran, North Korea — or criminal groups, those looking to engage in illicit transactions increasingly favor stablecoins and, specifically, Tether (USDT). The report from the Senate Permanent Subcommittee on Investigations released last week adds context to how Iran uses Tether has a lynchpin in its shadow banking system. The report analyzed 846 wallets that have been sanctioned or targeted for seizure, finding that 84% of them transacted exclusively or primarily in Tether. The ability to create near limitless, anonymous wallets and to move funds effectively instantaneously and irreversibly have made crypto a favored financial mechanism for bad actors. Stablecoins solved key drawbacks of bitcoin, namely, the original cryptocurrency’s highly volatile value in dollars. And while Tether (the company) has the technical ability to “freeze” or destroy funds, the company is often limited and reactive in its approach to doing so, the Senate report argues. Tether, which is nominally based in crypto-friendly El Salvador, “has stated that its compliance with OFAC sanctions is ‘voluntary’ and that it follows ‘OFAC guidelines,’” the Senate report says. Owing to these favorable attributes, Tether “became a primary cryptocurrency for Iran, Hamas, Hizballah, and the Houthis beginning in 2023 and has expanded in scale since,” according to the report. Tether’s role in Iran’s shadow banking system, the report says, is enhanced by crypto exchanges like Bybit, Kyrrex, OKX, Gate, and Binance, and through “over the counter” exchanges and hawala networks. The consequences of these financial flows aren’t hypothetical. The Senate report links Tether as a funds transfer mechanism to Iranian proxies in the region, including Hizballah, the Houthis, and Hamas. Tether has also been used to make payments to secure components necessary to manufacture drones, the report says. The report concludes by arguing that “[s]tablecoin issuers with a significant nexus to the United States, particularly those that offer dollar-denominated stablecoins, should be subject to American sanctions law rather than being allowed to hide behind foreign jurisdictions.” Stablecoin issuers like Tether must be held accountable for repeated failures to prevent illicit finance and sanctions violations by law enforcement, the Department of Justice, the Securities and Exchange Commission, and OFAC, the report argues. [Paying Subscriber Exclusive] OUSD Goes Live, Make Your Own Neobank, U.S. Sanctions Russia’s A7 Network As “Transnational Criminal Organization” OpenUSD, the stablecoin issued by the Open Standard consortium that includes Stripe, Visa, Mastercard, core providers, crypto firms, and numerous banks, went live last week. Social commerce platform Whop raised eyebrows in fintech by offering creators on its platform the ability to launch their own neobanks, which the company describes as “great businesses that are easy to run,” in just 15 minutes. And OFAC and FinCEN target Russia’s “shadow banking” A7 Network — more on these stories after the paywall.
Bosnia votes as pro-Russian politician looms large and ethnic tensions simmer
Bosnia is holding a general election with citizens of all ethnicities focused on everyday problems. But mainstream politicians are whipping up war-era tensions that have kept the country divided since
Polls open in Bosnia and Herzegovina as pro-Russian politician looms large over race
Bosnians are heading to the polls Sunday in elections that could impact their European Union membership bid and the influence that Russia seeks over the small Balkan nation. Bosnia and Herzegovina,…
Bosnia votes as pro-Russian politician looms large over the race and ethnic tensions simmer
Bosnia is holding a general election with citizens of all ethnicities focused on everyday problems
Bosnia votes as pro-Russian politician looms large over the race and ethnic tensions simmer
Bosnia is holding a general election with citizens of all ethnicities focused on everyday problems | WWJ Newsradio 950
Trump Negotiators’ Business Ties Collide With Multibillion-Dollar Russian Oil Deal: NYT
Trump’s negotiations with Russia about Ukraine reportedly now include an oil deal involving business figures connected to Steve Witkoff and Jared Kushner.
Borussia Dortmund to make ‘another attempt’ to sign Marcel Reguła
After missing out on Marcel Reguła in the summer at the eleventh hour, Borussia Dortmund are set to make another attempt to sign the newly capped Poland international, according to Ruhr Nachrichten, ...
Trump, Putin, Ukraine and an Oil Deal: 5 Takeaways
A proposal to bolster relations with the Kremlin through the purchase of Russian energy assets is striking even for an administration that regularly mixes personal business interests with foreign policy.
U.S.-Russia Talks on Ukraine Now Involve an Oil Deal Tied to Trump Allies
President Vladimir V. Putin brought up a sale of Russian energy assets with President Trump’s envoys, Jared Kushner and Steve Witkoff, pushing a deal that raises new questions about conflicts of interest.
Latvians vote for a new parliament as fears of Russian hybrid attacks loom
RIGA, Latvia (AP) — Latvians are electing a new parliament on Saturday as pro-Ukraine Prime Minister Andris Kulbergs seeks a full term. The vote comes as the small republic on NATO's eastern flank contends with growing concern about potential Russian aggression.
Parliamentary government and political competition are the oldest traditions in Russian politics. Where did they come from, and why did they disappear? Writer Mikhail Zygar explains in a new film.
It’s hard to believe today, but Rus’ had a parliament before Britain did and a woman with the political stature of a prime minister five centuries before Margaret Thatcher. The Novgorod Republic was a state in which the prince was a hired manager, major decisions were made by the veche or popular assembly, and political culture resembled that of Western Europe in many ways. In his new film, Mikhail Zygar explains how this system emerged, why it lost out to Moscow, and why Vladimir Putin is so fond of Alexander Nevsky.
Latvia vote shaped by Russia fears
Latvia's parliamentary election is being shaped by fears of Russian aggression and the war in Ukraine. While most parties back stronger defenses, they differ on whether remaining ties with Russia should be maintained.
Former German chancellor Schroeder joins supervisory board of Russian retailer, RBC reports
Former German chancellor Gerhard Schroeder has joined the supervisory board of the company that runs the Russian supermarket chain formerly belonging to German retailer Globus, Russian news outlet RBC reported on Friday.
Ed Sheeran Told U2 He Didn’t Want to ‘Get Into Politics’ While Making Track About Ukraine’s War With Russia, Says Bono
The pop star was featured on U2’s track “Yours Eternally” earlier this year
Minnesota Wild Going Full-Russian on Top Line?
It looks like the Minnesota Wild will open their season with an interesting all-Russian top line of Kirill Kaprizov, Danila Yurov and Maxim Shabanov.
Ed Sheeran Told U2 He Didn’t Want to ‘Get Into Politics’ on Song About Ukraine’s War With Russia, Says Bono
U2 and Ed Sheeran collaborated earlier this year on the song “Yours Eternally” off the band’s “Days of Ash” EP, which dropped in February. Bono told Rolling Stone UK in a new interview that Sheeran ex...
Gunvor publicly condemned Russia’s war but continued to do business with Russian energy firms, records show
Even as the trading giant publicly claimed to be winding down its Russia business, Gunvor privately acknowledged the deals to its bank, the Industrial and Commercial Bank of China, saying they complied with sanctions laws.
Russian state hackers use new RedFlick technique to push malware
The Russian state actor Star Blizzard has been using a new malware installation tactic dubbed "RedFlick" to deploy its signature CosmicPulse backdoor.
Leave your politics behind: Greenland is a historic US victory
The United States, Denmark, and Greenland signed a permanent agreement granting the U.S. broad military access to Greenland to bolster North Atlantic security and counter influence from Russia and …
Nico Schlotterbeck suffers fresh injury during Germany training
Ahead of Germany’s UEFA Nations League game against Serbia, Borussia Dortmund’s Nico Schlotterbeck went down with an injury during training, according to Sky Germany. The central defender was seen...
Debt service and the Pentagon. Private equity and the politics of the US housing market. The return of black lung disease & the Franco-Prussian War in color.
Thank you for opening your Chartbook email. RALPH BALSON. 1890—1964. Oil and enamel, signed. Source: Gavekal This going to hurt - the two 7s in the US: diesel and mortgage rates Source: Gavekal In the US housing market, costs are soaring and the role of corporate, private equity-backed buyers is high on the mid-term election agenda. HEY READERS, THANK YOU for opening the Chartbook email. I hope it brightens your day. I enjoy putting out the newsletter, but tbh, what keeps this flow going is the generosity of those readers who clicked the subscription button. If you are persuaded to click, please consider the annual subscription of $60. It is both better value for you and a much better deal for me, as it involves only one credit card charge. Why feed the payments companies if we don’t have to. Subscribe It is striking how, since 2020, big banks have dropped out of the political spotlight in the US. For contributing subscribers only. Subscribe Rates of the lung disease pneumoconiosis among working US coal miners have risen to levels not seen in nearly 40 years Source: Bloomberg Chinese Clean Technology Exports For contributing subscribers only. Subscribe Ralph Balson (1939) Portrait of Grace Crowley Cole, G. O. & Haseman, S. M., (2023) “‘The Substance of Paint’: Class and Materiality in the Work of Ralph Balson”, Open Library of Humanities 9(2). Ralph Balson (1890–1964) was an English plumber and house painter who emigrated to Australia in 1913 and subsequently became a key member of Sydney’s artistic avant-garde. He is credited with having the first solo exhibition of purely abstract painting in Australia in 1941. Despite his role in developing Australian non-objective painting, Balson remained principally a house painter, working on his art practice at weekends. In 1955 he retired on a state pension and became a full-time artist. Balson’s artistic education and methods were critically shaped by his working-class background. He did not travel abroad until 1960 and was an avid auto-didact. His materials, palette, techniques and compositional strategies were likewise informed by his trade. Balson’s profession as a painter-decorator made him conspicuous within the predominantly middle-class Sydney art scene, though his painting partner Grace Crowley considered it an advantage in their pursuit of constructive painting. This paper explores the impact of Balson’s trade on his trajectory towards pure abstraction. While his art was at odds with the predominantly figurative mode of class-conscious art in Australian Modernism, we argue that it is embedded in the experience of class through its creative adaptation of labour into aesthetics. Source: OLH Svetlana Alexievich, The Art of Oral History No. 1 Paris Review Issue 257, Fall 2026 Interviewed by Elena Kostyuchenko INTERVIEWER How were you able to go to Chernobyl? Did you need special papers? ALEXIEVICH It was a time of chaos. They let me right into the zone. … More than anything, there was confusion. Adamovich [Ales Adamovich, the Soviet Belarusian writer], I remember, persuaded Gorbachev to send in the scientists, who showed up without even bringing their shaving kits. They were told that there had been an explosion at a nuclear power plant, but for some reason they thought that they’d be there for only a day or two. The first time I went was several months later, and people kept telling me about things they didn’t understand—how the fishermen couldn’t find worms, because they’d burrowed deep into the earth, how the milk wouldn’t curdle at the cheese factories. The honeybees wouldn’t come out of their hives. The evacuations started, I think, in the first month. The old women hid, they wouldn’t leave. I mentioned radiation to one of them and she said, “I’ve seen that radiation, all right! It’s yellow with green in it. I saw puddles of it in my garden, and I told the other women, and we ran and looked, and she had it in her garden, and the other one, too!” God, it was wild, the way the mind made sense of it. There was a story going around about Gorbachev telling the scientists to show him the radiation. “We can’t, it’s invisible.” “But I want to see it!” I also ran into the soldiers who’d been flown in on helicopters from Afghanistan. I asked them, “What are you doing here with your machine guns?” They said, “We’re collecting the radiation, that’s what.” So you had some of them running around with their guns, others out in the village washing off firewood or burying soil in the soil. These were the kinds of things that exploded our worldview. They made you realize that culture was just a chest filled with old manuscripts. There were no books in there that could help me. Our philosophers turned out to be useless when faced with the unprecedented. Derrida, Baudrillard—philosophy fell silent. What was happening? How would we live with it? That’s when I decided it simply needed to be witnessed. Which is what I did. INTERVIEWER I wanted to ask about how you talk to people. … ALEXIEVICH Yes, we sit and we talk—about what interests me and about life in general. About love, about everything in the world. That way, what comes out is three-dimensional. If you cut straight to the part you need, which is what journalists do, it won’t be interesting, and it won’t be the truth, either. Not the whole truth. INTERVIEWER Do people always open up when you ask questions, or can questions get in the way? ALEXIEVICH You have to ask questions, of course. Your job is to scour away the banality and return people to their true selves, to make them face what they rarely tap into. With every new person, you have to find a new way to do it. When you ask an interesting question or you share what happened to you, you help people really think about what they’re saying and not just repeat whatever they’ve picked up from the newspaper. But not everybody is capable of it, not everyone wants to put themselves through that. Either the chemistry starts to kick in or it doesn’t. A person might be wonderful, but you can tell that the conversation just isn’t going to happen. You can try to push it, but it will be a product of your own intellect, rather than of that mysterious connection. Life doesn’t come from the mind. Some people I can call two years after our last conversation, and they’ll say, “Oh, Svetochka! I think of you all the time,” and we’ll start talking again. With others, that won’t happen. That doesn’t mean they’re not extraordinary people, just that you can’t connect with them. They might have some insight, but you don’t have the right antenna to pick up their signal. Source: The Paris Review Colorized Franco-Prussian war … the ruins of Strasbourg with a French photographer and his mobile dark room. Ralph Balson (1961) Matter Painting If you’ve scrolled this far, you know you want to click: Subscribe
Borussia Dortmund administrative trio receives contract extensions
Borussia Dortmund have extended the contracts of Carsten Cramer, Lars Ricken and Thomas Treß. At the same time, Cramer has been promoted to Chairman of the Management Board with immediate effect.Cram...
Borussia Dortmund sweating over Julian Ryerson’s injury
Borussia Dortmund’s 28-year-old right-back Julian Ryerson sustained an injury in Norway’s UEFA Nations League game against Portugal on Sunday. Ryerson was taken off in the 66th minute after collid...
Russia loses irreplaceable Tu-95 bomber in deadly training crash
Six of the seven crew members on board died in the crash in Far Eastern Amur, the defense ministry said.
Missile alerts cost Ukraine $45m for every hour they halt businesses
Figure cited by economy minister highlights trade-offs Kyiv faces as it tries to keep normal life moving amid Russian strikes
Ukraine’s Academy of Sciences warns against Russian cooperation after attack
The National Academy of Sciences of Ukraine has urged the international scientific community not to “restore or legitimise institutional cooperation with Russian state scientific and educational structures,” after a Russian drone hit its Presidium building in central Kyiv, killing at least two people and injuring several others. The drone strike took place in the early afternoon on September 28 while staff were working.The academy called the strike, one of several Russian attacks on Ukraine’s capital using jet-powered drones in recent days, an act of terrorism. “It is a strike [. . .] on the very idea that knowledge, research, and the search for truth should serve life, not its destruction,” it said in a statement.The academy thanked the global scientific community for its solidarity following the attack and warned against any temptation to normalise scientific relations with Russia.“Science cannot exist outside of moral responsibility. There can be no ‘ordinary scientific cooperation’ with a state that kills people and destroys scientific institutions of another country,” it said.“We urge not to create opportunities for Russian state institutions to return to the international scientific community as if nothing happened. There can be no ‘science beyond politics’ when science is attacked with weapons.”After the full-scale invasion of Ukraine in 2022, Europe almost entirely cut institutional ties and joint programmes with Russian science, although personal academic contacts are still ongoing.Related articlesRussia widens targeting of European research centresHow geopolitical rifts cut scientific collaborationThe European Federation of Academies of Sciences and Humanities (ALLEA), for instance, continues to exclude the Russian Academy of Sciences from its network.ALLEA condemned the latest attack as a “barbaric act” and part of a broader “systematic targeting of Ukraine’s scientific and cultural infrastructure.” This is a “deliberate attempt to erase the conditions under which free inquiry, knowledge, and democratic life are possible,” it said in a statement.Since Russia’s full-scale invasion, more than 4,650 educational institutions across Ukraine have been damaged, and a further 423 have been destroyed, according to ALLEA.National academies across Europe joined ALLEA in condemning the attack. “Science is about the pursuit of knowledge for the benefit of humanity, so this is an attack on civilisation itself,” said Paul Nurse, president of the UK’s Royal Society.Attacks on scientific, university and cultural institutions “are attacks on the foundations of society and constitute a clear violation of international law,” wrote the German National Academy of Sciences Leopoldina.The presidents of the US National Academies of Sciences, Engineering and Medicine also released a joint statement condemning the attack and pledging to continue to support the Ukrainian research community.The targeting of the Ukrainian academy prompted outcry from European leaders. “Today, science became a target for Russia,” European Commission President Ursula von der Leyen wrote on social media.“These strikes are the latest illustration of the Russian regime’s hostile contempt for science and truth,” said French President Emmanuel Macron.
"Contempt for Science and Truth": Macron Condemns Russian Strike on Ukraine’s Science Academy
The attack on the National Academy of Sciences follows drone hits on a Kyiv university where 160 sheltered, and damage to a UNESCO World Heritage site.
German firm Metro loses control of Russian business after Putin decree
Russian President Vladimir Putin has ordered that the assets of German retailer Metro AG be placed under temporary administration. The move comes amid escalating tensions between Germany and Russia over the Ukraine war.
BVB players continue to shine on the international stage
Daniel Svensson has long since established himself as a full-back in the Swedish national team. On Monday evening, he once again played the full 90 minutes for the Scandinavians in their second UEFA N...
Real Madrid, Barcelona and Liverpool still tracking Dortmund star
Nico Schlotterbeck was heavily linked with a move away from Borussia Dortmund earlier this year.He eventually signed a new contract with BVB until 2031, but that did little to end the speculation, wit...
The Russian Prison That Evan Gershkovich Carried Home
In an interview, Mr. Gershkovich, a Wall Street Journal reporter who was imprisoned in Russia for 16 months, described his ordeal and the moment that nearly broke him.
Europe Condemns Russian Strikes on Kyiv Science Academy and Medical Center
European leaders condemned Russian attacks on Kyiv that hit the National Academy of Sciences, a medical center and other civilian sites.
As Republicans break with Trump, one gets a brushback: From the Politics Desk
Plus, how Europe’s right-wing parties are dealing with Russia.
Kyiv Science Academy hit, 10 dead as Russian jet-drones strike across Ukraine
Kyiv Science Academy hit, 10 dead as Russian jet-drones strike across Ukraine
Kyiv Science Academy hit, 10 dead as Russian jet-drones strike across Ukraine
In recent weeks, Russia has begun hitting Kyiv and other Ukrainian cities with faster, high-flying jet drones.
Russian strikes hit science academy and medical facility in Kyiv
Russian strikes struck a science academy building and a medical facility in Ukraine’s capital, Kyiv, killing at least one person and injuring six others, including three children, according to President Volodymyr Zelenskyy. Zelenskyy said on Monday that the casualties were reported at the National Academy of Sciences of Ukraine building, which sustained a direct hit. […]
Two Scientists Killed in Russian Strike on Ukraine’s National Academy of Sciences
The death toll from a Russian strike on the National Academy of Sciences in Kyiv has risen to two scientists, with several colleagues still missing,
Kremlin transfers control of German retailer Metro's Russia business
FRANKFURT, Germany (AP) — President Vladimir Putin has ordered the Russian assets of German retailer Metro AG placed under temporary administration. The step comes against a background of tension between Germany and Russia over the war in Ukraine.
Fire, Smoke and Desperation After a Strike in the Heart of Kyiv
A Russian jet-powered drone hit Ukraine’s National Academy of Sciences, the source of almost all of the country’s major scientific discoveries.
Kremlin transfers control of German retailer Metro's Russia business
President Vladimir Putin has ordered the Russian assets of German retailer Metro AG placed under the temporary administration.
Russian attack on Ukrainian Academy of Sciences
Paul Nurse, President of the Royal Society, responds to the attack on the Ukrainian Academy of Sciences.
Staff killed and wounded in Russian strike on Kyiv’s science academy
Moscow’s jet-powered drones pummel Ukraine’s capital in switch to daytime attacks
Russian drones hit Kyiv science academy and hospital
One person killed and six injured in attack on capital, as Volodymyr Zelenskyy urges countries to do more to protect Ukraine
Kyiv Science Academy hit as Russian jet-drones strike across Ukraine
KYIV, Sept 28 () - At least one person was killed when a drone hit the National Academy of Sciences in central Kyiv on Monday, as Russia pounded the centre of the Ukrainian capital. Kyiv Mayor Vitali...
Russian strikes on Ukraine kill at least 7, including woman at Kyiv's National Academy of Sciences
Deadly strike on Kyiv Science Academy as Russian jet-drones hit Ukraine
The Ukrainian capital’s mayor said 19 people had been injured in attacks on the city.
Russia attacks scientists in strikes on Kyiv
A Russian drone hit Ukraine’s science academy in the heart of Kyiv, killing a woman and causing a large fire.
Russian drone ‘hits National Academy of Sciences’ in central Kyiv
A Russian drone slammed into a building belonging to Ukraine’s National Academy of Sciences in central Kyiv on Monday, causing a fire local media reported.
Dortmund defender picks up injury on international duty
Borussia Dortmund are sweating over the fitness of Julian Ryerson after the 28-year-old was forced off while on international duty with Norway.Ryerson was substituted after 66 minutes of his country��...
After five years of war, how do Ukrainian small businesses survive?
In this interview, writer and journalist Victoria Belim-Frolova shares her observations about Russia’s war on Ukraine and how it forces “a constant process of adaptation,” especially in women-led small businesses.
Kremlin pressures Russian businesses to pay for drone defences
Vladimir Putin backs army and spy agencies’ push to make businesses defend themselves from Ukrainian strikes
Swiss voters reject bid to lock neutrality into Constitution
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Alexander Nikishin May Have to Look Back to Russia
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Trump Invites Putin to Attend Group of 20 Summit in Miami
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Zelenskyy, at UN, urges leaders to keep choking Russia’s revenues
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“When someone gives Russia more money through trade, they give this war more time," he said
Zelenskyy, at UN, urges leaders to keep choking Russia’s revenues
“When someone gives Russia more money through trade, they give this war more time," he said
The An-124 Charter Business: Antonov, Volga-Dnepr, SALIS
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Reform and the UAE – a threat to British politics
By Alex Carlen The United Arab Emirates likes to present itself as part of the solution to the climate crisis. The oil-rich Gulf state has committed to Net Zero by 2050, hosted COP 28, and even declared “championing climate action” as one of three strategic objectives for this week’s session of the United Nations General Assembly. But behind the scenes the UAE has quietly built one of its closest political relationships in Europe with the party most hostile to climate action in Britain: Nigel Farage’s Reform UK. There is no evidence that the UAE is funding Reform. But a new FairSquare report, Petro-populism: the UAE–Reform threat, published today, documents a growing political relationship that should concern anyone interested in the integrity of British democracy. Reform’s leaders have embraced the UAE’s political model and promoted positions that align closely with the Emirati government’s priorities, while the UAE has given Farage and his party unusually warm access and public backing. What is emerging is not simply a relationship between British politicians and a wealthy Gulf state, but a channel through which an authoritarian government can cultivate political influence here, and abroad. Democracy for Sale relies on its readers. If you already support us, thanks so much. If you don’t, sign up to support fearless independent investigative journalism. Subscribe Back in January, Nigel Farage appeared at a GB News event in Dubai. On the 50th floor of a tower overlooking the luxury resorts and upscale residences of Palm Jumeirah, the Reform leader declared: “I want Clacton to look like this.” At the event – which Farage never declared on his official register of interests – senior Emirati officials mixed with British expats. Farage was keen to flatter. “We recognise you are our friends”, he said, assuring them that “a Brexit London, a Reform London, will remember you.” Controversy surrounding Reform’s finances and its susceptibility to foreign influence have centred around high-profile donations from billionaire crypto donors, and the jailing of Nathan Gill, Reform’s former leader in Wales, for accepting bribes to give pro-Russia speeches. Far less attention has been paid to Reform’s blossoming new alliance with the UAE, an oil-rich authoritarian state with a track record of ruinous anti-democratic interventions. Farage wasn’t always so fond of the UAE. Back in 2023 he called it an “absolute monarchy with an abysmal human rights record.” Now Reform’s hierarchy calls the UAE home. Deputy leader Richard Tice splits his time between his constituency and Dubai and has called on the UK to learn from the UAE. The party’s treasurer Nick Candy runs a firm which has been in partnership with a UAE-state linked firm since 2024. Nadhim Zahawi sits on the board of an Abu Dhabi think tank alongside an array of the most senior UAE officials and is reportedly close to three brothers of the country’s despotic ruler Mohammed Bin Zayed. Reform’s leading lights have effusively praised the UAE’s governance model, defended it from criticism, and advanced its political agenda in the UK. GB News, whose two major shareholders – the Legatum Foundation and Paul Marshall – have strong links to the UAE, has been more than happy to broadcast UAE propaganda and was forced to pay damages in 2025 after airing a false claim about a UK charity by the UAE “disinfluencer” Amjad Taha. The UAE has responded in kind. When the UAE Minister for Foreign Affairs conducted an official visit to the UK in May, Farage was the only non-government figure granted an audience. UAE state media publicised the meeting, and said that they discussed “the strategic relations between the two countries and ways to enhance them in a manner that serves mutual interests.” For the UAE these ‘mutual interests’ largely concern its paranoia over political Islam, and in this regard the UAE-Reform alliance is part of a broad and troubling pattern. Following a crackdown on dissent at home in the aftermath of the Arab Spring, the UAE has offered material and political support to a range of violent and authoritarian actors willing to oppose the Muslim Brotherhood with no regard for the consequences. Its meddling in Egypt, Tunisia, Yemen, and most notably Sudan, have been devastating. The UAE’s strategy of seeking out partners on the political fringes who it believes will advance its interests is not unique to Britain – it extends beyond the Middle East to Europe and the US. In France, it has offered clandestine support to Marine Le Pen through secret meetings, as well allegedly funding trips to the region after which Le Pen returned with a renewed focus on the UAE’s perceived enemies – Qatar and the Muslim Brotherhood. Left-wing opposition leader Jean-Luc Mélenchon has accused the UAE of smearing him and of “encouraging discrimination, hatred or violence”. In the US, the UAE actively supported the rise of Donald Trump, establishing itself as a key ally during both his first and second terms. Around these relationships sits a wider ecosystem of figures willing to amplify UAE narratives, that even extends to Andrew Tate and Tommy Robinson. Subscribe In Britain, the UAE has used a combination of aggressive diplomacy and illicit, disruptive tactics to achieve its policy goal of eliminating any perceived threat from political Islam. In 2012, for instance, it threatened to block billion-pound arms deals with the UK and stop inward investment if David Cameron did not act against the Muslim Brotherhood and rein in the BBC’s coverage of the group – going so far as to suggest, with no supporting evidence, that the group had infiltrated the BBC. It has financed smear campaigns against a high-profile UK charity and funded a mercenary to secretly surveil, and possibly assassinate, a British national on British soil. In Reform UK, the UAE has finally found an ally willing to not only ban the Muslim Brotherhood, but to publicly vilify the group and repeat the UAE’s claims that dangerous Muslims are a fifth column in British society, a narrative that aligns with the Islamophobia and anti-immigration sentiments that underpin Reform’s populist politics. The Rycroft review into foreign interference concluded that “hostile states and non-state actors have a clear incentive to attempt to undermine UK democracy.” The UAE’s network and alliance with Reform must be understood within that framework. It is a powerful, disruptive and deeply authoritarian actor with the resources and networks to intervene in our politics, and a track-record of doing so in a multitude of other countries. The evidence of the threat the UAE poses is overwhelming. The question is whether parliamentarians are willing to call the UAE out and demand action using the tools that the government has to respond. Placing the UAE on the “Enhanced Tier” of the Foreign Registration scheme alongside Russia and Iran would send a powerful signal to the UAE that its meddling will no longer be tolerated, and would place Farage’s next trips to the UAE under the scrutiny they deserve. Alex Carlen is research and advocacy manager at London based human rights organisation FairSquare and author of its new report Petro-populism: the UAE–Reform threat. Subscribe
Ibragimov flourishing after senior Russia call-up
Young striker Amir Ibragimov is benefitting from his first taste of senior international football last summer, according to Manchester United's Under-21 coach Adam Lawrence. Although he has been left out of the expanded 38-man squad for the forthcoming matches against Iran, Namibia and Nigeria, Ibragimov has caught the eye at youth level for United. Ibragimov had previously been thought of as a number 10, but that was the position JJ Gabriel slotted into at Under-18 level last season.
GOP senator calls for investigation into business dealings of Donald Trump Jr. and Hunter Biden
A Republican senator is calling for an investigation into the business dealings of Donald Trump Jr. and Hunter Biden following the revelation that a Russian oligarch paid for Trump Jr.’s post-wedding festivities in the Caribbean earlier this year. Sen. John Curtis, R-Utah, sent a letter Monday to the leaders of the Senate Judiciary Committee requesting that the panel subpoena the president’s eldest son as well as former President Joe Biden’s son for testimony. NBC News' Ryan Nobles reports.
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Republican senator calls for probe of Trump Jr. after wedding party bankrolled by Russian oligarch
Republican Sen. John Curtis of Utah wants the Senate Judiciary Committee to investigate and subpoena Donald Trump Jr. after his wedding party was partially bankrolled by a Russian oligarch.
Russians have a pragmatic approach to politics
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Republican calls for Senate investigation of Trump Jr wedding paid for by Russian oligarch
Putin ally helped cover cost of renting private island in the Bahamas for wedding of Trump Jr and Bettina Anderson
GOP Sen. calls for probe of Trump Jr. wedding party bankrolled by Russian
He is calling on the Senate Judiciary Committee to investigate whether Donald Trump Jr. used his proximity to the presidency for financial benefit
GOP Sen. calls for probe of Trump Jr. wedding party bankrolled by Russian
He is calling on the Senate Judiciary Committee to investigate whether Donald Trump Jr. used his proximity to the presidency for financial benefit
GOP Sen. calls for probe of Trump Jr. wedding party bankrolled by Russian
He is calling on the Senate Judiciary Committee to investigate whether Donald Trump Jr. used his proximity to the presidency for financial benefit
GOP senator calls for subpoena of Trump Jr. over oligarch-funded wedding report
Republican Sen. John Curtis of Utah wants Donald Trump Jr. subpoenaed over a report a Russian oligarch funded his wedding.
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Jiang Feng: The Unravelling of German & European Politics
A state election in eastern Germany has become a revealing test of the changing political landscapes of Germany and Europe, writes Jiang Feng, Professor and Chairman of the Council of the Shanghai Academy of Global Governance and Area Studies (SAGGAS) at Shanghai International Studies University. His analysis follows the decisive victory of the Alternative for Germany (AfD) (which has been classified as right-wing extremist by German authorities)in the state of Saxony-Anhalt on 6 September, in which it finished far ahead of its mainstream rivals. Jiang previously served as Minister-Counsellor at the Chinese Embassy in Berlin. The following article was published on 8 September 2026 on huanqiu.com, the online platform of the Global Times. On 6 September, the results of the state election in Saxony-Anhalt, Germany, were announced. The Alternative for Germany (AfD), classified as far-right by German authorities, made history by becoming the largest party in the state parliament, winning 43.8 per cent of the vote — twice its share in the previous election. The Christian Democratic Union (CDU), which had governed the state continuously for 24 years, won just 17.2 per cent, its worst result ever in Saxony-Anhalt. On the night the results were announced, the atmosphere at the CDU gathering was unusually calm. There was neither shock nor argument, as if the defeat had long been expected. Several veteran party members who had spent years working in the state government said: “Defeat is not a bad thing. It is time to make changes.” This state election has not only upended Saxony-Anhalt’s political landscape, but also laid bare the deep tensions between Germany’s traditional party structure and model of governance, on the one hand, and an increasingly polarised society on the other. Its repercussions are already being felt at the federal level, making Saxony-Anhalt a useful case study of the broader trend towards political polarisation and realignment in Europe. Governing Difficulties after Electoral Victory The most immediate consequence of the election is a historic setback for the mainstream party order that took shape in post-war Germany. In Saxony-Anhalt, the AfD has leapt from a peripheral party to the largest political force in the state. Its electoral base has expanded beyond the traditional category of “marginal protest voters” to take on the characteristics of a cross-class coalition. The party has not only consolidated its support in rural areas, but also attracted many middle-class voters and even members of the social elite with stable jobs, their own homes, and substantial incomes. It has thus evolved from a “protest party” into one with the potential to govern. Despite its commanding lead in the vote, however, the AfD faces an institutional obstacle to governing the state: the mainstream parties’ long-standing “firewall” against it. Neither of the two potential routes to forming a government appears likely to break the current political deadlock. The first would be a coalition of establishment parties, led by the CDU and bringing together the Social Democratic Party (SPD), the Greens, the Left Party (Die Linke) and the Sahra Wagenknecht Alliance (BSW) in a cross-camp government. In terms of parliamentary arithmetic, such a coalition could prevent the AfD from forming a government and preserve the outward stability of the traditional political order. Yet these parties are fundamentally divided over key issues including immigration, the energy transition, economic management, and cultural and education policy. Coalition negotiations would therefore be extremely difficult, and even if a government could be formed, it would most likely prove short-lived. More importantly, an alliance of establishment parties aimed at keeping the largest party out of government would play directly into the AfD’s narrative that “political elites are suppressing public opinion”. It could deepen perceptions of political unfairness, further strengthening the AfD’s political capital, and creating a dynamic in which “the more it is suppressed, the more people vote for it”. Ulrich Siegmund, the AfD’s candidate for state premier, has said that if efforts to form a government fail because other parties refuse to cooperate, the AfD will push for a fresh election, which he believes could deliver the party an absolute majority of seats. This points to more intense political battles ahead. The second option would be a coalition between the AfD and the BSW. Together, the two parties would command a simple majority in parliament, making this, on paper, the quickest route to forming a government. The BSW is the only elected party that has not ruled out cooperation with the AfD, and the two parties share some common ground, including on policy towards Russia. There is therefore a degree of political basis for cooperation. Were such a coalition to materialise, Germany would see its first state government jointly formed by a party defined as far-right and one with a far-left background, creating what might be called a “bipolar anti-establishment alliance”. Such an outcome would fundamentally break with the ideological boundaries of post-war German party politics. It is worth noting that even if the AfD ultimately fails to enter the state government, its roughly 47 per cent share of parliamentary seats would give it a powerful blocking minority. Without its consent, major decisions requiring a two-thirds majority — including constitutional amendments, significant budgetary adjustments, and state-level institutional reforms — would be extremely difficult to pass. Therefore, whoever ultimately forms the government, the AfD will be an unavoidable force in Saxony-Anhalt politics, with a direct influence on the state’s legislative process. Systemic Failures in Germany’s Governance Model The Saxony-Anhalt election result reflects a systemic failure of Germany’s post-war mainstream-party model of governance to adapt to rapidly changing socioeconomic conditions. It stems from multiple, mutually reinforcing structural tensions and highlights the existing political system’s difficulty in adapting to “an increasingly polarised society First, collective anxiety has replaced individual material hardship as a central driver of political mobilisation. The rise of the AfD can no longer be explained simply by poverty or social marginalisation. Its increasingly cross-class electoral base suggests that what is driving voters towards the party is, above all, concern about the broader direction of society. This anxiety about the future of the political community goes beyond individual gains and losses. In political discourse, economic anxiety has become closely intertwined with immigration, while immigration and refugee issues are, in essence, questions of social fairness. This perception turns conflicts over the distribution of social resources into negative assessments of governing parties, providing a broad social basis for far-right political narratives. Second, regional disparities and East German identity have undermined the strategy of addressing eastern Germany’s structural challenges at the regional level. More than three decades after German reunification, eastern states such as Saxony-Anhalt have experienced periods of economic growth, but their underlying economic structures remain weak, and household incomes and wealth remain significantly below those in western Germany. At the same time, they continue to face population outflow, an ageing population, labour shortages, and other structural challenges. At a deeper level, historical experiences — including the collapse of the former East German economic system, mass unemployment during the transition, and the westward shift of decision-making power over major issues — have left some residents with a sense of being “second-class citizens” and of being excluded. For years, the German government treated the “syndrome” of reunification as a regional problem to be gradually addressed at the local level. That approach is becoming increasingly unsustainable, as regional development disparities emerge as a core structural factor shaping national politics. Third, the erosion of institutional trust is perhaps the most decisive factor. AfD supporters tend to distrust establishment institutions, including parliament, government, and the mainstream media. Their concerns about economic security, pensions, and social fairness are significantly greater than the social average. Increasingly, their support for the AfD reflects not an expectation that the existing system can be improved, but a search for an alternative to the current political order. Such a systemic deficit of trust will be extremely difficult for the traditional parties to repair in the short term. Fourth, a generational shift in political mobilisation has amplified political polarisation. Unlike traditional parties, which rely heavily on offline rallies and mainstream media coverage, the AfD has developed a social-media mobilisation strategy built around “raising an issue — identifying who is responsible — offering a simplified solution — building a shared identity”. It turns complex social tensions into concise political narratives, rapidly channelling public sentiment into political support. The contrast on the eve of the election was particularly telling. The establishment parties, together with trade unions and churches, organised an offline march attended by more than 10,000 people, but its reach was largely confined to those present and to traditional media coverage. The AfD held a much smaller indoor event, yet livestreaming on TikTok, YouTube, and other platforms, combined with the involvement of online influencers, gave it a reach and mobilising capacity far beyond that of the march. The contrast illustrates how the traditional parties’ methods of political mobilisation are increasingly struggling to keep pace with a political environment transformed by changes in media technology. A Microcosm of Structural Political Change in Europe The shockwaves from the Saxony-Anhalt election quickly travelled beyond the state to the federal level. Calls for political accountability followed immediately after the results were announced. The governing CDU and SPD are now under enormous pressure, while Chancellor Friedrich Merz and Vice Chancellor Lars Klingbeil face an unprecedented test. Political polarisation in Germany is no longer simply a regional phenomenon. The post-war model of multiparty government by establishment parties is breaking down and being reshaped. Viewed in a broader European context, the Saxony-Anhalt election is part of a continent-wide wave of party polarisation, mainstream-party decline, and rising right-wing forces. Far from an isolated phenomenon, it is a microcosm of the structural political changes unfolding across Europe. Weak economic growth, cultural tensions over immigration, and declining trust in institutions are fuelling the rise of right-wing forces in several countries, challenging the liberal internationalist order established in post-war Europe. As a core member state of the European Union, Germany’s ability to adapt its political system and the direction of its politics will have profound implications for both European integration and the evolution of the international order. Subscribe [ Pekingnology China’s Germany watchers take stock of Berlin’s uneasy turn On 7 December 2025, nearly 50 Chinese scholars and policy researchers gathered in Beijing for the 2025年德国形势年终研讨会 “2025 Year-End Seminar on the Situation in Germany… Read more 9 months ago · 31 likes · 1 comment · YIRUI LI and Yuxuan JIA ](https://www.pekingnology.com/p/chinas-germany-watchers-take-stock?utm_source=substack&utm_campaign=post_embed&utm_medium=web&embedding_publication_id=1151841) [ Jiang Feng on Germany's 2025 and beyond: no easy exit ](https://www.eastisread.com/p/jiang-feng-on-germanys-2025-and-beyond) Yirui LI and Yuxuan JIA · Jan 24 The following is an op-ed by Jiang Feng, published on 29 December 2025 at Shanghai Observer 上观新闻, the digital platform of Jiefang Daily, the official newspaper of the Shanghai Municipal Committee of the Communist Party of China (CPC). [ Read full story ](https://www.eastisread.com/p/jiang-feng-on-germanys-2025-and-beyond)
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Ukrainian President Volodymyr Zelensky announced plans for a high-stakes meeting with President Donald Trump in New York. As the Ukraine-Russia war continues for more than four years, the U.S. has provided support valued at billions. Zelensky and Trump have had a strained relationship as the U.S. president balances relations with Ukraine and Russian leader Vladimir […]