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Thailand joins other Asia nations in battle against cheap Chinese imports
Bangkok — For many countries in Southeast Asia, Chinese investment and tourism are key to their economies. However, cheap low-quality Chinese products that are flooding markets across the region are also raising concerns about how they are undercutting local businesses, experts say.
That is forcing countries like Thailand to find ways to combat onslaught of low-priced goods.
Last year, bilateral trade between Thailand and China was more than $126 billion, with direct Chinese foreign investment heavily contributing to the Thai economy.
Three of Thailand’s main economic industries are manufacturing, agriculture and services. But manufacturing has seen a decline, with 2,000 factories closing in 2023, leading to thousands of jobs lost, according to data from the Department of Industrial Works.
Business owners have long bemoaned the fact that low-quality Chinese goods are undercutting local Thai businesses.
Bobae Shopping Mall – a retail and wholesale market in Bangkok – is one of the places where that impact is showing. With seven floors dedicated to shopping units, many have their shutters down, even though Thailand is in its peak season and Christmas is next week.
Banchob Pianphanitporn is the owner of Ben’s Socks, which is located on the fifth floor. He has owned the business for 26 years and manages four units. He has one factory in Thailand that employs 24 staff in total.
He said that over the last decade, his sales have dropped by half because of Chinese imports.
“I would say [sales are] 50% down since 10 years ago,” he told VOA.
“I sell socks for 150 baht ($4.38) per a dozen, but if this was a Chinese product, they would sell at 85 baht ($2.48). If [customers] have low budget they will say [my socks] are expensive. They don’t consider the materials, [my socks] are much better material and more flexible,” he added.
Thailand’s slow manufacturing industry has contributed to a sluggish year for the economy. Forecasts project that Thailand’s economic will grow by 2.3% – 2.8% percent in 2024, which is less than its regional neighbors. Although the Bank of Thailand forecasts a 3% growth in 2025, concerns from business owners remain.
Banchob points to several closures of units in his mall, blaming Thailand’s economy. But in an effort to remain open, he promotes his business on social media to attract more customers.
“Social media is a must. I’m on TikTok; I make much content. I have to work harder to tell people I’m still alive; Ben Sock’s made in Thailand is here,” he added.
According to Thai government spokesperson Sasikarn Wattanachan, there has been a 20 percent decrease in low-quality imports in Thailand since July. Authorities have introduced tighter inspections of cheap imports, focusing on agricultural, consumer and industrial items. Thailand has also added a 7% value added tax on goods imported that are under 1,500 baht or $43.77, the Bangkok Post has reported.
But for other sellers and store owners, they don’t see any difference.
Pam, a seller at Pretty Baby, a baby clothes store in the Bangkok mall, says the seemingly unlimited stock from Chinese manufacturers has affected sales. Pam did not want to disclose her full name fearing retaliation for speaking with the press.
“[Chinese products] are selling a lot, but we don’t have that much stock. The government still allows the products from overseas. Our sales have dropped down a little bit,” she told VOA.
For some customers, retaining regular customers is key to beating cheaper alternatives.
Prang is part-owner of V.C. shop, a clothing store which specializes in loose-fitting clothing known as elephant pants.
“The hard advertising from Chinese people [on social media] has had a big effect,” she told VOA. Prang too did not want to give her full name.
“Pants can sell here for 70 baht ($2.04) but Chinese sell for 50 baht ($1.46). In the past we can tell [the difference] between Thai and China products, now China copies look 99 percent the same. We cannot fight with the costs, but we are confident on our material and quality, and we can keep our customers,” she added.
It’s not just Thailand that is trying to reduce low-quality imports. A growing number of countries across Asia are looking for ways to protect local manufacturers and trade.
In India, a proposed temporary tax of 25% on steel imports is likely to be imposed to curb cheaper alternatives from China and boost production from Indian manufacturers, the Reuters news agency reported on December 17.
And in Indonesia, protests against Chinese imports have prompted Jakarta to propose a 200% tariff on certain imported clothing and ceramic goods, to protect small and medium enterprises.
Vietnam also relies heavily on China in trade. Beijing is Hanoi’s largest trading partner, with bilateral trade amounting to more than $171 billion in 2023. Although both governments share communist ideologies and a 1,287-kilometer land border, Vietnam is also acting to combat China’s cheap imports.
In late November, Hanoi banned Chinese online retailers Shein and Temu after the two companies failed to meet a business registration deadline with the Vietnamese government. But local businesses in Vietnam have long voiced concern over discounted products and the sale of counterfeit items from the retailer.
“Cheap Chinese imports from platforms like Shein and Temu are flooding Vietnam’s markets, squeezing local producers and sparking outrage over unfair competition,” Nguyen Khac Giang, Visiting Fellow at ISEAS, told VOA.
“In response the government is cracking down by scrapping VAT exemptions, tightening oversight, and banning platforms which do not register in Vietnam. It’s a bold move to rein in Chinese e-commerce giants and defend local businesses, but I think the fight is far from over,” he added.
Zachary Abuza, a professor at the National War College in Washington who focuses on Southeast Asia politics, says both Thailand and Vietnam may also have another motive.
“China produces on an economy of scale that no one in Southeast Asia can, their productions costs are lower for most products. I think what you see Thailand and Vietnam doing now is trying to court Chinese investment for local production, to create local product ecosystems. But neither is willing to take China head on and accuse them of unfair trading practices,” he told VOA.
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Manhattan man pleads guilty to helping establish secret Chinese police station in New York City
NEW YORK — A Manhattan resident has pleaded guilty to helping establish a secret police station in New York City on behalf of the Chinese government.
Chen Jinping, 60, entered the guilty plea on a single count of conspiracy to act as an agent of a foreign government in Brooklyn federal court on Wednesday.
Matthew Olsen, an assistant attorney general in the U.S. Justice Department, said Chen admitted in court to his role in “audaciously establishing an undeclared police station” in Manhattan and attempting to conceal the effort when approached by the FBI.
“This illegal police station was not opened in the interest of public safety, but to further the nefarious and repressive aims of the PRC in direct violation of American sovereignty,” he said in statement, referring to the People’s Republic of China.
Prosecutors say Chen and his co-defendant, Lu Jianwang, opened and operated a local branch of China’s Ministry of Public Security in Manhattan’s Chinatown neighborhood starting in early 2022.
The office, which occupied an entire floor of the building, performed basic services, such as helping Chinese citizens renew their Chinese driver’s licenses, but also identified pro-democracy activists living in the U.S., according to federal authorities.
The clandestine Chinese police operation was shuttered in fall 2022 amid an FBI investigation. But in an apparent effort to obstruct the federal probe, Chen and Lu deleted from their phones the communications with a Chinese government official they reported to, prosecutors said.
China is believed to be operating such secretive police outposts in North America, Europe and other places where there are Chinese communities. The country, however, has denied that they are police stations, saying that they exist mainly to provide citizen services such as renewing driver’s licenses.
The arrest of Chen and Lu in April 2023 was part of a series of Justice Department prosecutions aimed at cracking down on “transnational repression,” in which foreign governments such as China work to identify, intimidate and silence dissidents in the U.S.
Lawyers for Chen and Lu didn’t immediately respond to emails seeking comment Wednesday. Chen faces up to five years in prison at his sentencing on May 30.
Lu, who is due back in court in February, had a longstanding relationship with Chinese law enforcement officials, according to prosecutors.
Over the years, they say, the Bronx resident, who was also known as Harry Lu, helped harass and threaten a Chinese fugitive living in the U.S. and also worked to locate a pro-democracy activist in California on behalf of China’s government.
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Sanctioned by China, Rubio confident in engaging Beijing as US top diplomat
STATE DEPARTMENT — U.S. Secretary of State Antony Blinken held a “substantive” face-to-face meeting Wednesday morning with Republican Senator Marco Rubio of Florida, who has been selected by President-elect Donald Trump as his nominee for the next U.S. secretary of state. The meeting comes as Trump’s team prepares for the transition process.
“It was a good, constructive and substantive conversation,” State Department deputy spokesperson Vedant Patel told reporters during a briefing.
“We continue to stand ready to help support a seamless transition on January 20,” he added.
In August 2020, China sanctioned Rubio, a longtime critic of the government in Beijing, along with others, citing what it described as “egregious behavior” related to “Hong Kong-related issues.” Rubio told VOA earlier in December that he is confident in his ability “to find some solution” to engage with Beijing if confirmed.
When asked if he would maintain his previous stance on foreign policy issues, Rubio said, “The president sets foreign policy, and our job at the State [Department] will be to execute it.”
Here is a look at Rubio’s past legislative actions and public statements on key China-related issues:
Securing US technologies
Rubio has warned that “Communist China is the most powerful adversary the United States has faced in living memory,” in a September report titled “The World China Made.”
The report asserts that the Chinese Communist Party controls the world’s largest industrial base through “market-distorting subsidies” and “rampant theft.” Rubio urged a “whole-of-society effort” by U.S. lawmakers, CEOs, and investors to “rebuild our country, overcome the China challenge, and keep the torch of freedom lit for generations to come.”
Rubio has been a vocal critic of U.S.-China research collaborations, warning that taxpayer funds have unknowingly supported Chinese military-linked experiments in areas like stealth technology, semiconductors, and cybersecurity — potentially giving Beijing a strategic edge.
In July, he introduced a bill to fortify U.S. research, with key provisions including the creation of a “TRUST” database to track high-risk Chinese research entities, stricter grant application transparency, and penalties for undisclosed foreign funding. The bill also enhances visa screening for individuals linked to adversarial foreign research and mandates stronger oversight of U.S.-China research partnerships.
Rubio has advocated for the bipartisan 2021 Secure Equipment Act, a law that prohibits the U.S. government from issuing new equipment licenses to Chinese companies like Huawei and ZTE that the United States and other Western countries have deemed a national security risk.
Revoking China’s ‘most favored nation’ status
Rubio is among the Republican lawmakers who proposed a bill to revoke China’s Permanent Normal Trade Relations, or PNTR, with the United States.
Commonly known as “most favored nation” status, PNTR means that Chinese goods being imported into the United States are granted the most advantageous terms that the country offers when it applies tariffs and other restrictions.
Introduced in September 2024, the Neither Permanent Nor Normal Trade Relations Act marks a shift toward a more protectionist U.S. trade strategy. The bill aims to impose higher tariffs on Chinese imports, strengthen supply chain resilience, and reduce U.S. dependence on Chinese goods.
One of the key provisions includes the establishment of a trust fund using tariff revenue to compensate U.S. industries harmed by China’s retaliatory trade actions, with priority support for agriculture, semiconductor, and aerospace sectors.
Rubio outlined his position as early as a 2022 speech at the Washington-based Heritage Foundation, calling the belief that free trade and globalization would change China “the single biggest geopolitical blunder of the last quarter century.”
“For over two decades, China methodically undermined our economic strength by stealing our critical technology, our manufacturing capacity, and our jobs,” he argued.
Monitoring China’s human rights record
Rubio also chaired the bipartisan Congressional-Executive Commission on China, CECC, from 2017 to 2019 and continues to serve as a commissioner.
The CECC was established in 2000 in response to concerns that granting PNTR to China would eliminate Congress’s ability to annually review and debate China’s human rights record. The commission monitors China’s compliance with international human rights standards and maintains a list of victims of human rights abuses.
Rubio has criticized China’s crackdown on pro-democracy protests in Hong Kong, introduced bills to ban imports linked to forced labor in the Xinjiang Uyghur Autonomous Region, and expanded sanctions on Uyghur human rights abusers.
The Florida senator has also supported U.S. arms sales to Taiwan and efforts to enhance its global standing.
He has met with Hong Kong’s pro-democracy activists and has been a staunch advocate for their movement. He introduced the Hong Kong Human Rights and Democracy Act, which was signed into law in 2019.
Rubio also headed the Uyghur Human Rights Policy Act, signed into law in 2020, which imposed sanctions on Chinese officials responsible for human rights abuses in Xinjiang. With the law’s sanctions set to expire in 2025, Rubio introduced the Uyghur Human Rights Policy Reauthorization Act of 2024 in June, sponsored by CECC co-chair Senator Jeff Merkley, a Democrat from Oregon, to extend key provisions for another five years, ensuring continued U.S. support for the human rights of Uyghurs and other ethnic groups in China.
On April 10, 2024, Rubio and Merkley introduced a resolution reaffirming the U.S. commitment to Taiwan’s vibrant democracy and recognizing the 45th anniversary of the Taiwan Relations Act – a landmark U.S. public law that has guided U.S.-Taiwan relations since 1979. The TRA, as it is called, outlines U.S. policy to provide Taiwan with defensive arms and commits Washington to provide Taipei with the capacity to resist coercion or force that could threaten its security or economic system.
Rubio has been a vocal critic of China’s increasing economic, military, and political coercion against Taiwan. He has introduced bills aimed at bolstering deterrence in the Taiwan Strait and led legislation to facilitate visits between U.S. and Taiwanese officials, such as the Taiwan Travel Act, which President Trump signed into law in 2018.
The law is considered a substantial upgrade to U.S.-Taiwan relations, as it removed previous restrictions on travel for officials.
The Communist Party-led People’s Republic of China has never governed Taiwan but claims sovereignty over the self-ruled democracy. China has not ruled out the use of force to bring Taiwan under its control.
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US Federal Reserve cuts key loan rate by quarter-point
WASHINGTON — The Federal Reserve cut its key interest rate Wednesday by a quarter-point — its third cut this year — but also signaled that it expects to reduce rates more slowly next year than it previously envisioned, largely because of still-elevated inflation.
The Fed’s 19 policymakers projected that they would cut their benchmark rate by a quarter-point just twice in 2025, down from their estimate in September of four rate cuts. Their new projections suggest that consumers may not enjoy much lower rates next year for mortgages, auto loans, credit cards and other forms of borrowing.
Fed officials have underscored that they are slowing their rate reductions as their benchmark rate nears a level that policymakers refer to as “neutral” — the level that is thought to neither spur nor hinder the economy. Wednesday’s projections suggest that the policymakers may think they are not very far from that level. Their benchmark rate stands at 4.3% after Wednesday’s move, which followed a steep half-point reduction in September and a quarter-point cut last month.
This year’s Fed rate reductions have marked a reversal after more than two years of high rates, which largely helped tame inflation but also made borrowing painfully expensive for American consumers.
Balancing inflation and unemployment
But now, the Fed is facing a variety of challenges as it seeks to complete a “soft landing” for the economy, whereby high rates manage to curb inflation without causing a recession. Chief among them is that inflation remains sticky: According to the Fed’s preferred gauge, annual “core” inflation, which excludes the most volatile categories, was 2.8% in October. That is still persistently above the central bank’s 2% target.
At the same time, the economy is growing briskly, which suggests that higher rates haven’t much restrained the economy. As a result, some economists — and some Fed officials — have argued that borrowing rates shouldn’t be reduced much more for fear of overheating the economy and re-igniting inflation. On the other hand, the pace of hiring has cooled significantly since 2024 began, a potential worry because one of the Fed’s mandates is to achieve maximum employment.
The unemployment rate, while still low at 4.2%, has risen nearly a full percentage point in the past two years. Concern over rising unemployment contributed to the Fed’s decision in September to cut its key rate by a larger-than-usual half point.
On top of that, President-elect Donald Trump has proposed a range of tax cuts — on Social Security benefits, tipped income and overtime income — as well as a scaling-back of regulations. Collectively, these moves could stimulate growth. At the same time, Trump has threatened to impose a variety of tariffs and to seek mass deportations of migrants, which could accelerate inflation.
Chair Jerome Powell and other Fed officials have said they won’t be able to assess how Trump’s policies might affect the economy or their own rate decisions until more details are made available and it becomes clearer how likely it is that the president-elect’s proposals will be enacted. Until then, the outcome of the presidential election has mostly heightened the uncertainty surrounding the economy.
“I’ve got the least amount of conviction about what will happen with the economy over the next 12 months than I’ve had in years,” said Subadra Rajappa, head of U.S. rates strategy at Societe Generale. “This is going to be a work in progress as things evolve.”
Projections for 2025
Such uncertainty was underscored by the quarterly economic projections the Fed issued Wednesday. The policymakers now expect overall inflation, as measured by their preferred gauge, to rise slightly from 2.3% now to 2.5% by the end of 2025.
Inflation by their measure is now far below its peak of 7.2% in June 2022. Even so, the prospect of slightly higher inflation makes it harder for the Fed to reduce borrowing costs because high interest rates are its principal weapon against inflation.
The officials also expect the unemployment rate to inch up by the end of next year, from 4.2% now to a still-low 4.3%. That slight increase might not be enough, by itself, to justify many more rate cuts.
Most other central banks around the world are also cutting their benchmark rates. Last week, the European Central Bank lowered its key rate for the fourth time this year to 3% from 3.25%, as inflation in the 20 countries that use the euro has fallen to 2.3% from a peak of 10.6% in late 2022. The Bank of Canada also cut its rate by a quarter-point last week, as did the Bank of England last month.
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Лубінець: за час повномасштабного вторгнення війська РФ стратили 177 українських військовополонених
Про випадки страти українських військовополонених українська сторона інформує Міжнародний комітет Червоного Хреста та ООН
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Top US Senate Republican urges Supreme Court to reject TikTok appeal
WASHINGTON — Top Senate Republican Mitch McConnell on Wednesday urged the U.S. Supreme Court to reject a bid by TikTok and its China-based parent company ByteDance to block a law intended to force the sale of the short-video app by January 19 or face a ban on national security grounds.
The court has scheduled arguments on the case for January 10.
McConnell in a brief filed with the court called the companies’ arguments “meritless and unsound. … This is a standard litigation play at the end of one administration, with a petitioner hoping that the next administration will provide a stay of execution. This court should no more countenance it coming from foreign adversaries than it does from hardened criminals.”
McConnell noted Congress set the January 19 date that “very clearly removes any possible political uncertainty in the execution of the law by cabining it to an administration that was deeply supportive of the bill’s goals.”
TikTok did not immediately comment. The company noted in legal filings that President-elect Donald Trump has said he does not want TikTok banned.
The American Civil Liberties Union, Electronic Frontier Foundation and Knight First Amendment Institute at Columbia University in a joint filing urged the court to block a ban of TikTok “that millions use every day to communicate, learn about the world, and express themselves.”
The groups called the ban unprecedented, adding it “will cause an extraordinary disruption in Americans’ ability to engage.”
New downloads of TikTok on Apple or Google app stores would be banned but existing users could continue to access TikTok but services would degrade over time and eventually stop working as companies will be barred from providing support.
TikTok said in a court filing this week it estimates one-third of the 170 million Americans using TikTok would stop accessing the app if the ban lasts a month.
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Міноборони: начальника Національної академії Сухопутних військ Ткачука звільнили
Генерал-лейтенант Павло Ткачук очолював Національну академію сухопутних військ імені гетьмана Петра Сагайдачного з 2002 року
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US repatriates 3 Guantanamo detainees, one held 17 years without charge
WASHINGTON — The United States has transferred two Malaysian detainees at the Guantanamo Bay U.S. military prison to their home country after they pleaded guilty to charges related to deadly 2002 bombings in Bali and agreed to testify against the alleged ringleader of that and other attacks, the Pentagon said Wednesday.
Prosecutors say Mohammed Farik bin Amin and Mohammed Nazir bin Lep worked for years with Encep Nurjaman, known as Hambali, an Indonesian leader of al-Qaida affiliate Jemaah Islamiyah. That includes helping Nurjaman escape after bombings on Oct. 12, 2002, killed 202 people at two nightspots in Bali, U.S. officials said.
The two men entered guilty pleas to conspiracy and other charges in January. Their transfer comes after they provided testimony that prosecutors plan to use against Nurjaman, the alleged mastermind, the Pentagon said in a statement.
Nurjaman is in custody in Guantanamo awaiting resumption of pretrial hearings in January involving the Bali bombings and other attacks.
The two Malaysian men’s transfers leave 27 detainees in custody at the U.S. naval base in Guantanamo Bay. Then-President George W. Bush set up a military tribunal and prison after the Sept. 11, 2001, al-Qaida attacks on the United States.
At its peak, Guantanamo detained hundreds of men, most of them Muslim, in the U.S.-led global war on terrorism after the attacks.
Just two of the men at Guantanamo are serving sentences. U.S. prosecution of seven others currently facing charges has been slowed by legal obstacles — including those presented by the torture of the men in their first years under CIA custody — and logistical difficulties.
Kenyan held 17 years
On Tuesday, U.S. authorities repatriated a Kenyan man, Mohammed Abdul Malik Bajabu, after 17 years at Guantanamo without charge.
His release leaves 15 other never-charged men awaiting release. The U.S. is searching for suitable and stable countries willing to take them. Many are from Yemen, a country split by war and dominated by an Iranian-allied militant group.
Amnesty International urged President Joe Biden to end the detention of those never-charged men before he leaves office. If not, the rights group said in a statement, “he will continue to bear responsibility for the abhorrent practice of indefinite detention without charge or trial by the U.S. government.”
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Kenyan president strongly defends animal vaccination program
NAIROBI, KENYA — Kenya’s president said Tuesday that a mass livestock vaccination campaign will continue despite fears of some herders and farmers that the inoculations will somehow hurt their animals.
Kenyan President William Ruto lashed out at those objecting to a Ministry of Agriculture livestock vaccination program, which the ministry says is aimed at blocking the spread of several diseases and making the livestock meet international standards.
Critics have questioned the effectiveness of the vaccines, and some livestock farmers expressed concern — not backed by any evidence — that the vaccine program is meant to sabotage their herds.
Patrick Torome, a livestock farmer in the Rift Valley region of Kenya, said he will not allow his animals to be inoculated.
“I will not vaccinate my animals because maybe I will be compromising the quality of my cows,” he said. “We don’t know whether someone is trying to introduce a virus to the animals. So, the rich will be able to afford the cure but the poor maybe will not be able, so people will introduce poverty in Africa.”
Ruto, speaking at a goat auction in Baringo County, said the vaccinations will help Kenyan farmers make money — and was critical of those who oppose them.
“I want to promise the people of Kenya that we are going to carry out this vaccination because our farmers deserve improved earnings,” he said. “I want to ask leaders who have no knowledge, who have no understanding, who have no plan, to spare us their ignorance.”
According to the Ministry of Agriculture and Livestock Development, the vaccination drive targets 22 million cattle and 50 million sheep and goats.
The ministry has assured animal owners the vaccines are safe and are produced locally.
Ruto said those against the vaccination of animals are preventing livestock owners from accessing international markets for their products.
“Vaccination is about disease control. … You cannot use disinformation and fake news to deny the people of Kenya international markets by discouraging disease control in Kenya,” he said.
Anthrax, foot and mouth disease, rift valley fever, African swine fever and rinderpest are some of the diseases that affect livestock in Kenya.
According to the World Health Organization, animal vaccination helps prevent and control the spread of the diseases.
The Ministry of Agriculture says so far, only 10% of animals have been vaccinated. It says the vaccination rate needs to rise to 85% to make livestock products eligible for export.
Some farmers and experts have blamed the government for the low uptake of vaccines, saying it failed to provide a clear message and allowed politicians to assume the roles of experts and veterinarians, which has fueled the false message about vaccines.
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Київ: прокуратура вимагає розірвати договір генпідряду на будівництво Подільського мосту
«Протягом 6 років сторонами укладались додаткові угоди, якими збільшувався строк виконання договору та його ціна»
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Senators urge US House to pass Kids Online Safety Act
A bipartisan effort to protect children from the harms of social media is running out of time in this session of the U.S. Congress. If passed, the Kids Online Safety Act would institute safeguards for minors’ personal data online. But free speech advocates and some Republicans are concerned the bill could lead to censorship. VOA’s Congressional Correspondent Katherine Gypson has more. Kim Lewis contributed to this story.
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VOA Kurdish: Syrian currency increased; prices remain high
After the fall of the regime of Bashar al-Assad, the value of the Syrian currency increased against the U.S. dollar, but the price of goods remains high. Residents say that traders are exploiting this situation and that official monitoring institutions are not properly preventing this.
Click here to see the full story in Kurdish.
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G20 watchdog urges governments to address non-bank financial risks
ZURICH — The Financial Stability Board (FSB) on Wednesday pitched recommendations for governments to reduce risks around hedge funds, insurers and other non-bank financial intermediaries, which now account for almost half of global financial assets.
The sector of non-bank financial intermediation has grown by around 130% between 2009 and 2023, making markets more vulnerable for stress events, according to the Basel-based FSB, which acts as the G20’s financial risk watchdog.
“This growth comes with an increase in complexity and interconnectedness in the financial system, which, if not properly managed, can pose substantial risks to financial stability,” said FSB Secretary General John Schindler.
In its consultation report, the FSB proposed member governments and institutions enhance their focus on non-banks and ensure they manage their credit risks adequately.
One set of recommendations calls for the creation of domestic frameworks to identify and monitor financial stability risks related to non-bank leverage.
Another group proposes that policy measures be selected, designed and calibrated by governments to mitigate the identified financial stability risks.
A third group deals with counterparty credit risk management, calling for a timely and thorough implementation of the Basel Committee on Banking Supervision’s revised guidelines.
The FSB also proposed stepping up private disclosure practices in the non-bank sector and addressing any regulatory inconsistencies by adopting the principle of “same risk, same regulatory treatment.”
A last recommendation calls for improved cross-border cooperation and collaboration.
With the consultation report, the FSB is inviting comments from member governments and institutions on its policy recommendations.
A final report is planned for release in mid-2025.
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Community members wrestle with grief in aftermath of Wisconsin school shooting
MADISON, Wis. — Community members in Wisconsin continued to wrestle with grief and called for change in the aftermath of a school shooting that killed a teacher and a student and wounded six others.
Several hundred people gathered outside the Wisconsin State Capitol for a vigil Tuesday night to honor those slain at Abundant Life Christian School in Madison the day before, with some passing candles to each other and standing close against the winter chill.
Among those in attendance was Naomi Allen, 16, who was in a nearby classroom Monday when a 15-year-old girl attacked people in a study hall before fatally shooting herself.
“It’s doesn’t matter who you are or where you are, something like this could happen. There’s nothing that is going to exempt someone,” Allen said at the vigil.
Allen’s father, Jay Allen, reflected on the dangers students face these days.
“When I was in school these things never happened,” he said. “This country at some point needs to take mental health seriously and we need to pour resources into it. We really need some changes in the way we handle that issue.”
The motive for the shooting appears to be a “combination of factors,” Madison Police Chief Shon Barnes said Tuesday as he appealed to the public to call in to a tip line and share what they might know about the shooter.
He offered no details about what that motive might be, though he said bullying at Abundant Life Christian School would be investigated. He also said police are investigating writings that may have been penned by the shooter, Natalie Rupnow, and could shed light on her actions.
“Identifying a motive is our top priority, but at this time it appears that the motive is a combination of factors,” Barnes told reporters.
Two students among the six people wounded Monday remain in critical condition. Officials have declined to disclose the names of the victims.
“Leave them alone,” Mayor Satya Rhodes-Conway said.
The school shooting was the latest among dozens across the U.S. in recent years, including especially deadly ones in Newtown, Connecticut; Parkland, Florida; and Uvalde, Texas.
The shootings have set off fervent debates about gun control and frayed the nerves of parents whose children are growing up accustomed to doing active shooter drills in their classrooms. But school shootings have done little to move the needle on national gun laws.
School shootings by teenage females have been extremely rare in U.S. history, with males in their teens and 20s carrying out the majority of them, said David Riedman, founder of the K-12 School Shooting Database.
Abundant Life is a nondenominational Christian school — prekindergarten through high school — with approximately 420 students. Barbara Wiers, the school’s director of elementary and school relations, said the school does not have metal detectors but uses cameras and other security measures.
Barnes said police were talking with the shooter’s father and other family members, who were cooperating, and searching the shooter’s home.
The shooter’s parents, who are divorced, jointly shared custody of their child, but the shooter primarily lived with her 42-year-old father, according to court documents.
Investigators believe the shooter used a 9mm pistol, a law enforcement official told The Associated Press. The official spoke on the condition of anonymity because they were not authorized to discuss the ongoing investigation.
Madison resident Cristian Cuahutepitzi said he attended Tuesday’s vigil to let the families of the victims know “we’re thinking of them.” He said his uncle’s two daughters go to the school.
“They’re still a little bit shook,” he said.
Joe Gothard, the superintendent of the Madison Metropolitan School District, said at the vigil that the tragedy happened less than two blocks away from his childhood home. He said it wasn’t enough to say the district would work on safety.
“We need to connect like we are tonight, each and every day and make a commitment that we know we’re there for one another, hopefully to avoid preventable tragedies like yesterday,” he said.
A prayer service was also held Tuesday night at City Church Madison, which is affiliated with the school.
Several teachers from the school prayed aloud one by one during the service, speaking into a microphone and standing in a line. One middle school teacher asked for courage, while another sought help quieting her own soul.
“God, this isn’t a Abundant Life Christian School tragedy,” said Derrick Wright, the youth pastor at the church. “This is a community tragedy. This is a nation tragedy.”
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Return to Earth for 2 stuck NASA astronauts delayed until March
CAPE CANAVERAL, florida — NASA’s two stuck astronauts just got their space mission extended again. That means they won’t be back on Earth until spring, 10 months after rocketing into orbit on Boeing’s Starliner capsule.
NASA on Tuesday announced the latest delay in the homecoming for Butch Wilmore and Suni Williams.
The two test pilots planned on being away just a week or so when they blasted off June 5 on Boeing’s first astronaut flight to the International Space Station. Their mission grew from eight days to eight months after NASA decided to send the company’s problem-plagued Starliner capsule back empty in September.
Now the pair won’t return until the end of March or even April because of a delay in launching their replacements, according to NASA.
A fresh crew needs to launch before Wilmore and Williams can return, and the next mission has been bumped more than a month, according to the space agency.
NASA’s next crew of four was supposed to launch in February, followed by Wilmore’s and Williams’ return home by the end of that month alongside two other astronauts. But SpaceX needs more time to prepare the new capsule for liftoff. That launch is now scheduled for no earlier than late March.
NASA said it considered using a different SpaceX capsule to fly up the replacement crew in order to keep the flights on schedule. But it decided the best option was to wait for the new capsule to transport the next crew.
NASA prefers to have overlapping crews at the space station for a smoother transition, according to officials.
Most space station missions last six months, with a few reaching a full year.
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Police look for motive in latest US school shooting
Police in Madison, Wisconsin, said Tuesday that they were working to establish a motive for the shooting at a small, private Christian school that killed a teacher and a student and wounded six other people.
“Identifying a motive is our top priority,” Police Chief Shon Barnes said of the shooting Monday that he called a “hurting and haunting situation.”
Police were trying to verify a document posted online by the 15-year-old shooter, who apparently died of a self-inflicted wound.
Authorities said the shooter, Natalie Rupnow, was a student at the Abundant Life Christian School, which has an enrollment of just over 400 students from kindergarten to high school. She opened fire in a study hall late Monday morning.
“We don’t know nearly enough yet,” Mayor Satya Rhodes-Conway told reporters Tuesday about the shooting.
Rhodes-Conway also said it was too early to determine whether the shooter’s parents, who were cooperating with the police investigation, would face criminal charges.
“We have to allow law enforcement the time and space for a careful and methodical examination,” she said.
Barnes said Tuesday that several schools across the Madison metropolitan area “were targeted by false threats, often known as swatting.” He said police and the school district were working together to determine who initiated the scheme.
The mayor lashed out at reporters’ requests Tuesday for more information about the victims.
“I’m going to say this and then we’re done,” she said. “It is absolutely none of y’all’s business who was harmed in this incident. Please have some human decency and respect for the people who have lost loved ones or were injured themselves or whose children were injured. Just have some human decency, folks.”
Vice President Kamala Harris, speaking in Maryland, said, “Our nation mourns for those who were killed, and we pray for the recovery of those who were injured.”
The vice president said stronger gun controls were needed.
“Solutions are in hand,” she said, “but we need elected leaders to have the courage to step up and do the right thing.”
President Joe Biden said in a statement Monday that the shooting was “shocking and unconscionable.”
“Every child deserves to feel safe in their classroom,” he said. “Students across our country should be learning how to read and write, not having to learn how to duck and cover.”
Wisconsin Governor Tony Evers ordered flags to be flown at half-staff to honor the shooting victims.
Some information for this report came from The Associated Press.
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