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UBS says to complete Credit Suisse takeover on 12 June

Swiss banking giant UBS is set to finalize its acquisition of troubled domestic rival Credit Suisse by 12 June, according to both banks. The completion date is slightly later than previously anticipated. UBS agreed to purchase Credit Suisse for three billion Swiss francs (US$3.25 billion) under government pressure to prevent its collapse. Upon completion, Credit Suisse shares and American Depositary Shares will be delisted, creating a superbank overseeing US$5 trillion of invested assets, according to UBS CEO Sergio Ermotti.

US, China join naval drills in Indonesia despite rifts

The United States and China have both deployed warships to participate in multinational naval drills in Indonesia, despite their ongoing tensions. The exercises aim to foster cooperation among like-minded nations and address common challenges such as humanitarian and disaster response. The presence of warships from the US and China highlights their fierce competition in various domains, including diplomacy, military, technology, and economy. The drills come amid escalating disagreements between the two powers over issues such as Taiwan and Pacific island nations. Efforts to renew dialogue and avoid misunderstandings leading to conflict have been emphasized by US Secretary of Defense Lloyd Austin.

Fossil fuelled: Climate talks begin with spotlight on oil chief

The upcoming UN climate negotiations will scrutinize the future of fossil fuels, with an Emirati oil chief, Sultan al-Jaber, at the forefront. As pressure mounts for ambitious plans to combat climate change, al-Jaber’s appointment as head of COP28 has faced criticism from campaigners urging him to step aside. While al-Jaber advocates for renewable energy development, he also emphasizes carbon capture technologies and the role of fossil fuels in the energy transition. The discussions aim to address the urgency of transitioning away from fossil fuels while assessing progress in reducing carbon emissions.

Hong Kong police detain more than 20 on Tiananmen anniversary

Hong Kong police detained over 20 people, including pro-democracy activists, for attempting to commemorate the Tiananmen Square crackdown. Beijing’s national security law imposed in 2020 banned the annual vigil, leading to charges against organizers. Meanwhile, in Taiwan, hundreds gathered at Taipei’s Liberty Square to mourn and chant slogans in support of Hong Kong. In Hong Kong, police searched and detained individuals found with candles, a symbol of the banned vigil. Despite the crackdown, defiant acts, such as candle giveaways and displays of archival material, persisted. Worldwide, candlelit vigils were held, and protesters reenacted the crackdown in London.

‘Unsafe’ action by China near American ship in Taiwan Strait: US

A Chinese Navy ship displayed “unsafe maneuvers” near a US destroyer in the Taiwan Strait, marking the second close encounter between American and Chinese military assets in less than 10 days. The US military criticized China’s actions and emphasized its commitment to operating safely and responsibly within international law. China, on the other hand, accused the US of provocation and interference in its sovereignty and security.

One dead, two missing in Japan after heavy rain

The remnants of former Typhoon Mawar have resulted in heavy rainfall across Japan, leading to one fatality, two missing persons, and power outages affecting thousands of households. As the storm has been downgraded to a tropical storm, some evacuation warnings have been eased, but flooding risks persist, particularly near Tokyo. Scientists link the increased risk of heavy rain in Japan and elsewhere to climate change, which intensifies atmospheric water retention.

Hong Kong artists mark Tiananmen quietly or overseas

Artistic expressions commemorating the Tiananmen Square crackdown have dwindled in Hong Kong since the implementation of the national security law in 2020. Public events and performances that once marked the anniversary have been suppressed, and artists face uncertainty and repercussions. Some artists have relocated their works to Taiwan, where they continue to foster a connection to the memory of Tiananmen and advocate for freedom and democracy. However, concerns persist over erasure and censorship in both Hong Kong and Taiwan.

Dehumanising migrants ‘deeply troubling’: incoming IOM chief

Amy Pope, the incoming head of the International Organization for Migration, expressed concern over the demonization of vulnerable migrants for political gain. She aims to shift the narrative, emphasizing the humanity of migrants and promoting a positive view of migration. Pope also plans to address the impact of climate change on migration and assist in building resilience for those at risk of displacement.

Vietnam detains climate activist on tax evasion accusation

Prominent climate activist Hoang Thi Minh Hong has been detained in Vietnam on charges of tax evasion, according to her husband. Hong, founder of the NGO CHANGE, focused on environmental issues such as climate change and wildlife trade. Her arrest adds to the government’s crackdown on environmentalists, drawing concern from human rights organizations.

Spike in boats smuggling meth out of Myanmar: UN

Asian drug trafficking networks are using sea routes to smuggle methamphetamines from Myanmar, avoiding tighter land patrols. Ketamine production is also on the rise. The region’s most powerful trafficking networks operate with certainty they won’t be stopped. Authorities seized a record amount of ketamine in 2022. Organized crime groups are pushing meth and ketamine together to increase demand.