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Management Looking to Secure Control over Yandex

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Russia’s internet giant is considering securing control over the company by the management, Kommersant reports citing sources.

According to the newspaper, Yandex is debating over a plan, according to which 60% of voting rights in Yandex would be transferred to a fund controlled by company founder and CEO Arkady Volozh and a group of Russian top managers. The deal would require coordination with the holder of the “golden share” – Sberbank, which is considered a potential buyer of Yandex’s stake.

“The structure under discussion infers that 60% of the votes in the company will be controlled by a fund managed by its founder Arkady Volozh and 10-12 top managers with Russian citizenship,” the newspaper wrote.

To restructure management, the company plans to issue a new class of shares. Yandex already has A and B classes of shares, which provide voting rights and economic benefits, but in different proportions, the report said. The fund plans to issue B-1 class shares, which furnish just the right to vote.

An official told the newspaper that the proposed restructuring mechanism would “correspond to the position of the government”, which last summer began to “closely watch” the company. The mechanism might remove some of the risks, a source in one of the American investment funds owning a stake in Yandex told Kommersant.

Currently, the Yandex co-founder and its first employees have a combined 57% stake. According to the proposed mechanism, if Volozh retires, the businessman will not have the right to transfer his ownership over the shares, which will go to the fund.

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No Need to Take EU Steps Against Ankara Over Cyprus Issue Too Seriously – Turkish FM

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Turkish Foreign Minister Mevlut Cavusoglu said Tuesday that there was no need to take EU steps against Ankara over the drilling in Cyprus’ exclusive economic zone.

In the most recent development of the case, Northern Cypriot authorities filed a proposal to the Greek Cypriot government calling for cooperation on the extraction of natural gas off the coasts of Cyprus.

The proposal was made several days after the European Commission and the EU diplomatic service, in their turn, proposed several possible measures on Turkey’s drilling off Cyprus coast to EU leaders.

Two Turkish drillships, Yavuz and Fatih, are currently anchored off the coast of Cyprus in order to drill for oil and gas. Cyprus and Greece see it as a provocation, and the European Union has called on Turkey to end the drilling. Ankara, meanwhile, believes it has a right to drill for regional natural resources.

The row over hydrocarbons between the Republic of Cyprus and Turkey intensified in 2011 when the first gas deposits were discovered off the coast of the island.

Cyprus has been divided since 1974 after Turkish troops entered the island under the claim of protecting Cypriot Turks from the Greek community. Nearly a decade later, the Turkish Republic of Northern Cyprus was declared with only Turkey recognising it.

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Merkel Sitting Again For 2nd Time Since Latest Shaking Episode

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German Chancellor Angela Merkel has once again broken the protocol by sitting during the national anthem as she received new Moldovan Prime Minister Maia Sandu on Tuesday.

Germany’s chancellor has suffered several public trembling episodes for the last month. The first episode occurred in mid-June, when she could be seen shivering next to Ukrainian President Volodymyr Zelenskyy, was explained by her team as dehydration on a hot day.

A week later, the senior official was captured on a video, shaking at a meeting with German President Frank-Walter Steinmeier.

Last week, Merkel suffered a new bout of tremors at a meeting with Finnish Prime Minister Antti Rinne in Berlin.

During the latest incident, the German chancellor and Danish Prime Minister Mette Frederiksen broke the protocol by sitting during the national anthem. According to media reports, Merkel was the one to ask for the change.

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Migrant NGO Captain Demands Europe Take over 500,000 Migrants

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Migrant transport NGO Captain Carola Rackete has demanded that Europe take in all asylum seekers from Libya, a number believed to be over half a million people.

The Seas Watch captain told German media that she wanted to see Europe take in all of the migrants currently in Libya, according to German tabloid Bild, saying:

“We hear of half a million people in the hands of smugglers or in Libyan refugee camps we need to get out.”

Rackete, who is currently under investigation in connection with aiding illegal migration in Italy, was arrested late last month and then released after forcing her vessel, the Sea Watch-3, into Italian territorial waters without permission and ramming a patrol boat in the process.

“As far as the accident goes, nobody was in mortal danger, that was a minor technical collision. But even politicians should not judge that, but experts alone. In general, all the excitement could have been prevented if Italy had supported us,” Rackete said.

She went on to say that Europe should also take in so-called “climate refugees” arguing that “asylum has no limit!” and went on to say: “The collapse of the climate system causes climate refugees, which we naturally have to absorb. In some African countries, caused by industrialised countries in Europe, the food base is being destroyed.”

According to Rackete, European states like Germany have a “historical responsibility” to Africa because of their colonial past. “There is a historical responsibility to accept refugees who can no longer live in their countries due to the balance of power or the climate situation,” she said.

Italian populist interior minister Matteo Salvini has spoken out against Rackete and her actions repeatedly since her arrest including last week when Rackete was awarded a medal and cash from the city of Paris.

“The municipality of Paris awards Carola Rackete, prosecuted in Italy, with a medal. This is the one driving a boat that broke the law and crushed a [Guardia di Finanza] patrol boat against the dock of Lampedusa,” Salvini said.

As a result of his comments, Rackete launched a lawsuit for slander against the League party leader earlier this month and has demanded Salvini have his social media platforms on Facebook and Twitter taken away.

Rackete briefly commented on the lawsuit in her interview with Bild saying: “I think you can not put up with everything. He has spread falsehoods and I want him to erase these untruths on Twitter and Facebook. And also that a judge tells him: ‘You can never say that again!’”

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