US STRATEGY SHORTFALL
During a G7 summit sideline meeting with Iraqi Prime Minister Haider al Abadi, US president Barack Obama admitted that the US has no complete strategy for training Iraqi forces to fight
ISIS.Obama said that the 3,000 US security personnel in Iraq sometimes find themselves with "more training capacity than we've got recruits".The Iraqi military has been the beneficiary of billions in US assistance dating back to the invasion of Iraq in 2003.
NEW CONSTITUTION
Nepal's rival political parties have reached a historical agreement on a new constitution that will divide the country into 8 provinces. The deal came weeks after an earthquake that killed thousands.Nepal information minister, Minendra Rijal, said the natural disaster had "motivated us to work together." More than 8,700 people died in two quakes that hit Nepal on April 25 and May 12, destroying nearly half a million houses and leaving thousands without shelter.
ELECTION WITHDRAWAL
The candidate of the German Patriotic Europeans Against the Islamisation of the West, Tatjana Festerling, has announced her withdrawal from the second round of mayoral elections. Festerling advised her supporters to vote for pro-business Free Democratic Party candidate Dirk Hilbert in the second round. Pegida, an anti-muslim and anti-immigration group established late last year, is seen as racist by many in Europe.
HSBC CUTS OPERATIONS
HSBC has announced it will cut costs by as much as $5 billion within two years by laying off as many as 25,000 staff.In a statement to the Hong Kong Stock Exchange, HSBC also said that it would shrink its global banking and markets risk-weighted assets to less than a third of the group's assets.HSBC also said that it intended to sell its Turkish and Brazilian operations.
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