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Chinese stocks plunge further, facing worst week
Chinese stocks experienced a tumultuous week, marking their worst performance in years despite efforts by Beijing to restore confidence in the economy and address the prolonged stock market decline that has seen a staggering USD 6 trillion in value disappear over three years, CNN reported. The Shanghai Composite Index witnessed a significant 6.2 per cent drop, the most substantial weekly loss since October 2018, while the Shenzhen Component Index recorded an 8.1 per cent decline, marking its largest drop in three years. Year-to-date, both indexes have lost more than 8 per cent and 15 per cent, respectively. The CSI 300 index, composed of 300 major stocks listed in Shanghai and Shenzhen, also suffered a 4.6 per cent decline, marking its worst week since October 2022. The index is down 7 per cent since the beginning of the year, as reported by CNN. Several issues are contributing to the challenges facing the world’s second-largest economy, including a record downturn in the real estate market, elevated youth unemployment, deflation, and a declining birthrate. The International Monetary Fund anticipates China’s gross domestic product growth to slow to 4 per cent in 2024, down from 5.2 per cent in 2023, reflecting one of the weakest performances in decades. Further declines are projected, with growth expected to dip to around 3.5 per cent in 2028. The week commenced with a Hong Kong court ordering the liquidation of Evergrande, the world’s most indebted property developer and a symbol of the real estate crisis. This move, the first of its kind by a Hong Kong court for such a large Chinese company, has raised numerous questions about the future of Evergrande and other insolvent developers. Despite efforts to instill confidence, concerns persist among investors about China’s economic trajectory. The People’s Bank of China and the Chinese government recently announced plans to expand access to commercial bank loans for property developers. “These policies indicate that healthier developers can therefore expect increased funding this year, while those struggling to clear their debts will likely go the way of Evergrande,” said Diana Choyleva, chief economist for Enodo Economics, as reported by CNN. While these initiatives briefly calmed investors, worries persist about the long-term outlook for China’s economy. Analysts at Bank of America highlighted the absence of clear policy guidance or initiatives to promote growth, with Chinese investors expressing “low expectations” for government stimulus measures. China’s economic challenges contrast sharply with the positive performance of its neighbour, India. India’s benchmark Sensex index, tracking 30 large companies, and the broader Nifty 50 index have reached record highs in recent months, reflecting the potential of its rapidly growing economy. The International Monetary Fund projects India’s gross domestic product to grow by 6.5 per cent in 2024 and 2025, outpacing major economies worldwide, CNN reported. Source: ANI
04 Feb 2024,22:42

Libya floods: What we know a week after the disaster
A week after a catastrophic flood devastated Derna, a coastal city in Libya, affected regions are still threatened by more dams breaking due to rising water levels. The disaster has claimed thousands of lives, and many remain missing. As the deceased are interred in collective burial sites, survivors are confronted with a challenging decision: whether to stay near the flooded region, risking infectious disease and water shortage, or to flee through areas where the torrential waters may have dislodged land mines. More dams at risk? The United Nations Office for the Coordination of Humanitarian Affairs (OCHA) issued a warning on Saturday indicating that two additional dams in eastern Libya might be at risk of imminent failure due to rising water levels. This comes a week after Storm Daniel led to the collapse of the Abu Mansour and Derna dams, unleashing destructive torrents of water upon the city of Derna. The OCHA noted that there are "conflicting reports" surrounding the condition of the Jaza dam, situated between Derna and Benghazi, and the Qattara dam, located near Benghazi. Over the past five days, Libyan and international media have reported rising water levels and potential structural damages at these two dams, raising fears that another tragedy similar to the deadly flooding in Derna might occur. Nevertheless, some reports suggest that authorities have taken proactive measures to mitigate the risk, including installing pumps at the Jaza dam to alleviate the pressure on its structure and ordering the evacuation of nearby villages and towns. Claudia Gazzini, an analyst from the Crisis Group currently in the flooded areas, personally visited the Wadi Qattara dam on Thursday to assess the situation and provide clarity. She shared her findings via the social media platform X.  "Given the disinformation circulating, today I decided to check in person on the state of Wadi Qattara dam near Benghazi," she wrote. Accompanying her tweet was a video from the dam suggesting the situation was under control. "See for yourself: all is fine," Gazzini wrote. Mass graves The UN reported that more than 1,000 individuals have been laid to rest in communal burial sites, raising concerns among human rights groups about the potential psychological distress inflicted upon the families of the deceased. While some aid organizations worry that mass burials may heighten the risk of water contamination and the spread of infectious diseases, Melanie Klinkner, an international law professor at Bournemouth University, believes this is primarily the case when deaths are attributed to contagious diseases. "Dead bodies only pose risks if the deaths result from highly infectious diseases. It is, of course, possible for diseases to be transmitted by the surviving population due to inadequate sanitation," she told DW. However, "the distress the lasting mental health issues caused by the improper handling of human remains should not be underestimated as a health concern." From a human rights perspective, ensuring dignified handling for future identification is imperative, Klinkner said, emphasizing the importance of implementing the World Health Organization and Interpol guidelines and regulations to ensure that the bodies are treated with dignity and can be identified later.   These guidelines entail measures such as assigning a unique code to each body, promptly capturing photographs, recording relevant data for each individual and securely placing each body in a body bag, Klinkner explained. Displaced land mines and contaminated water Flood survivors in Derna now confront the danger of displaced land mines in the surrounding areas. Libya has been littered with land mines and other explosive. While some unexploded munitions date back to World War II, many more have been planted by rebel groups, government forces and the Russian private military company Wagner Group since 2011, when the civil war broke out in the oil-rich country. Libya has one of the highest numbers of land mine casualties in the world. Nearly 3,500 Libyans have been killed by mine explosions between 2011 and 2021, according to a UN report. With thousands of displaced people and aid workers on the move, the risk of land mine exposure is rising, OCHA's report said. The International Committee of the Red Cross (ICRC) said their team is assessing the risk posed by unexploded ordnance and abandoned munition stores in Derna to prevent further death and injury. The survivors, 30,000 of whom have been displaced in Derna alone, need clean water as the flood has damaged and contaminated the water network. Libyan health authorities have reported over 150 cases of diarrhea, with at least 55 children suffering from poison from polluted water in Derna.
19 Sep 2023,15:17

Arunachal’s rich textile heritage takes centre stage at Arunachal Fashion Week
The grand event of ‘Arunachal Fashion Week – The Artisans Movement’, presented by Yana In Style, was held at Waii International Hotel in Itanagar, Arunachal Pradesh, on April 22. The event was organized to promote and preserve the traditional handicrafts and textiles of Arunachal Pradesh. The charitable event provided a platform for artisans and weavers from remote areas of Arunachal Pradesh to exhibit and showcase their creations and products. The event aimed to revive the rich textiles and promote the products of local designers and artisans by providing networking alliances with partners and markets within the country. The Arunachal Fashion Week – The Artisans Movement by Yana In Style (You Are Not Along In Style) was inaugurated by the special guest of the evening, Talo Potom, deputy commissioner of Itanagar Capital Complex, Arunachal Pradesh. The evening was filled with glamour and glitz as designers and weavers showcased their creations in a ramp walk/fashion show. The event also included cultural and awards programmes, clothing and handicrafts exhibition stalls, and an after-party. The fashion week showcased the social and cultural aspects of different tribes of Arunachal Pradesh. The designers and weavers were determined to succeed in their mission to promote and preserve loom heritage as well as the vast variety of textiles, indigenous to Arunachal Pradesh. The event also included the Spring/Summer Fashion Queen and King Award and the Buyer of the Year award. The total footfall for the event was approximately around 350. The designers who participated at the Arunachal Fashion Week were Rupa Rebe, Risha Tok, Angie Chakpu Namchoom, Juno Pinggam, Mikbi Riba, Jibom roley, Yachi Natung taniang, and Yana Ngoba Chakpu, who was also the organizer of the event. Hiphop artist and music composer, along the chain of rap culture from Itanagar, Karik Yomcha aka Meverick aka karick_y performed at the event. The event was a huge success, with visitors appreciating the traditional handicrafts and textiles of Arunachal Pradesh. The Arunachal Fashion Week – The Artisans Movement by Yana In Style is an excellent initiative to promote and preserve the local artisans and weavers of Arunachal Pradesh. The event has helped to create a bridge between local artisans and designers with buyers and markets both locally and nationally. Apart from promoting the traditional handicrafts and textiles of Arunachal Pradesh, the event also worked towards providing a livelihood to many artisans and weavers.
29 Apr 2023,22:30

Finland to officially become 31st NATO member this week
The Finnish flag will be raised at NATO headquarters in Brussels following the "quickest ascension procession in NATO's history," according to Jens Stoltenberg. The Finnish president's office said that Finland would officially become a member of NATO on Tuesday. The news was confirmed by NATO Secretary General Jens Stoltenberg, "tomorrow we will welcome Finland as the 31st member." He told reporters it would be "a historic and great day for NATO and for Finland." The country's flag will be raised at NATO's headquarters in Brussels, signaling it has become the latest member of the military alliance. Finland's President Sauli Niinisto will also speak at the event.  Completing the ratification in well under a year still makes it the "quickest ascension procession in NATO's history," Stoltenberg said. Hard way to NATO Fearing that they would be next targeted after Russian invasion of Ukraine last year, Finland and Sweden abandoned their traditional position of military non-alignment. They applied for NATO membership in May 2022. Admitting a new country requires unanimity among all member nations. Turkey and Hungary were holdouts for months, but both countries' parliaments ratified Finland's application in the past few weeks, clearing the last major hurdle for the country to join NATO. Sweden's membership is still pending Turkish ratification due to several sticking points. Stoltenberg, however, pointed out "Sweden will also be safer as a result," of Finland's membership. He added that he expected that Sweden would be able to join NATO soon. Setback for Russia Stoltenberg pointed out that by Finland joining NATO, the military alliance's land border with Russia more than doubled. Finland shares a 1,300 kilometers (800 miles) border with Russia. "President Putin went to war against Ukraine with the clear aim to get less NATO...he is getting the exact opposite, he is getting more NATO presence in the eastern part of the alliance, and he is getting two new members with Finland and Sweden," Stoltenberg said. Russian Deputy Foreign Minister Alexander Grushko said Moscow would strengthen its military capacity in its western and northwestern regions in response to Finland's accession, state-owned news agency RIA reported.
03 Apr 2023,19:15

Iraq: Protesters storm parliament second time this week
Followers of cleric Moqtada al-Sadr have forced entry into parliament over Iran-backed political groups involved in forming the next government. Demonstrators tore down concrete barriers before entering the Green Zone. Thousands of demonstrators forced their way into Iraq’s parliament on Saturday in Baghdad’s Green Zone. Followers of Shiite cleric Moqtada al-Sadr are demonstrating over the formation of the next government, involving Iran-backed political groups. A parliamentary session that was due to be held did not take place and there were no lawmakers in the hall. We came today to remove the corrupt political class and prevent them from holding a parliament session, and to prevent the Framework from forming a government, Raad Thabet told the Associated Press news agency. We responded to al-Sadr’s call. We will go to the Green (Zone). No matter the cost, Thabet said. The second breach of Iraq’s parliament Iraqi security forces used tear gas and stun grenades in an effort to disperse the crowds. Several police officers were hurt as stones were thrown, according to police. A witness told Reuters news agency that protesters had managed to tear down concrete barriers before entering the city’s Green Zone which houses government buildings and various diplomatic missions. It’s the second time in the space of a week that crowds of protesters have managed to breach the country’s parliamentary building. On Wednesday, hundreds of demonstrators forced their way into the building voicing opposition to the nomination of Mohammed al-Sudani for the office of prime minister. Iraq’s political crisis Political parties have failed to reach agreement on the selection of a national leader since the elections in October last year. It’s the longest period the Middle Eastern country has gone through without an official prime minister. Al-Sadr’s bloc won the most seats in the election, but talks with other parties stalled as Kurdish and Shiite lawmakers failed to reach an agreement. While al-Sadr and his supporters are Shiite, they oppose other Shiite parties with strong connections to Iran, such as al-Sudani’s Coordination Framework bloc.
04 Aug 2022,20:41
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