Isn't it present continuous tense? Is "are" skipped after the subject?
You're right, it is present continuous tense and the word "are" is skipped here after the subject in the sentence. In news announcements and article titles, it is common to skip lots of small filler words like articles and linking verbs, because they are already implied. Technically, it is not grammatically correct to leave these out, however, in English they are sometimes left out to shorten sentences since words like "are" are implied.
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