Baykar finalises takeover of Italy’s Piaggio Aerospace
Türkiye’s leading drone manufacturer Baykar has completed its acquisition of historic Italian aviation firm Piaggio Aerospace, paving the way for a...
France, Spain, Kenya, and several other nations announced on Monday a joint pledge to tax premium-class airline passengers and private jet users, in a move aimed at raising billions of dollars for climate action and sustainable development.
The agreement, unveiled at the opening of a major United Nations development summit in Seville, marks one of the first commitments under the newly launched "Sevilla Platform for Action" — a framework intended to revamp global financing mechanisms for developing countries.
In addition to France and Spain, the initiative is backed by Barbados, Kenya, Benin, Somalia, Sierra Leone, and Antigua and Barbuda. The plan will receive technical support from the European Commission and the Global Solidarity Levies Task Force, which has been advocating for innovative financing tools to address climate and development challenges.
“The aim is to help improve green taxation and foster international solidarity by promoting more progressive and harmonised tax systems,” said the office of Spanish Prime Minister Pedro Sanchez.
As traditional development aid from wealthier nations declines, especially amid rising fiscal pressures, participating countries say targeted taxes on high-emission sectors offer a fair and effective way to mobilize resources. The aviation sector, long criticized for its environmental impact and relative tax immunity, is seen as a high-potential revenue source.
Kenyan President William Ruto welcomed the initiative but emphasized that global action must follow political commitment. “Many of the ideas are not new, as different countries have had such levies,” Ruto said. “What we need here is political will. We cannot keep talking about change without implementing it. The world is watching and expecting real outcomes.”
Environmental advocates also praised the move. “This is an important step towards ensuring that the binge users of this undertaxed sector are made to pay their fair share,” said Rebecca Newsom of Greenpeace. She added that the “obvious” next step would be to impose similar accountability on the oil and gas industry.
The aviation levy is part of a broader push by the Global Solidarity Levies Task Force to explore taxes on other high-emission sectors such as maritime shipping, fossil fuel extraction, cryptocurrency trading, and ultra-high-net-worth individuals.
The proposal is still in its early stages, with details on implementation, collection, and distribution yet to be finalized. But supporters say it could generate significant revenue while signaling a shift toward climate justice and equitable development financing.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
Severe rain in Venezuela has caused rivers to overflow and triggered landslides, sweeping away homes and collapsing a highway bridge, with five states affected and no casualties reported so far.
A malfunction in the radar transmission system at the Area Control Center in Milan suspended more than 300 flights at the weekend, across northwest Italy since Saturday evening according to Italy's air traffic controller Enav (National Agency for Flight Assistance).
Thousands of protesters rallied in Bangkok on Saturday, demanding Prime Minister Paetongtarn Shinawatra resign as political and economic tensions mount.
The International Monetary Fund (IMF) on Monday approved the disbursement of an additional $500 million to Ukraine, following the completion of its eighth review under the country’s $15.5 billion Extended Fund Facility.
U.S. President Donald Trump on Monday publicly criticized AT&T for technical issues that disrupted a national conference call with faith leaders, urging the company’s leadership to address the situation and suggesting his administration may turn to a different carrier in future communications.
Special envoys from Pakistan, China and Russia held an informal meeting in the Qatari capital on Monday to discuss regional cooperation on Afghanistan, Pakistani envoy Mohammad Sadiq confirmed in a post on X.
Türkiye’s leading drone manufacturer Baykar has completed its acquisition of historic Italian aviation firm Piaggio Aerospace, paving the way for a European production base for its unmanned aerial vehicles and civil jets.
U.S. President Donald Trump on Monday sharply criticised the Federal Reserve, claiming America should be paying ultra-low interest rates similar to Japan and Denmark.
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