Sunday, October 6, 2024
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Global stocks fall after China manufacturing weakens

BEIJING (AP) – Global markets sank yesterday after Chinese manufacturing weakened and Russian shelling around Ukraine’s capital shook hopes for progress in peace talks.

London, Shanghai, Paris and Tokyo declined while Frankfurt opened higher.

Oil fell almost USD5 per barrel in New York but stayed above USD100 following reports United States (US) President Joe Biden would release US reserves to cool surging prices amid anxiety about possible disruption to Russian supplies.

OPEC and allied oil producers including Russia will be deciding how much crude to pump to the world. Analysts expect the group, known as OPEC+, to stay on its schedule of gradual increases to restore production cuts made during the depths of the coronavirus pandemic in 2020.

Russian forces were shelling areas near Kyiv and another city after Moscow said it would scale back operations there to promote trust.

Russia is “pouring cold water on headlines of constructive cease-fire talks”, Stephen Innes of SPI Asset Management said in a report.

In early trading, London’s FTSE 100 lost less than 0.1 per cent to 7,575.04 while Frankfurt’s DAX added 0.1 per cent to 7,578.75. The CAC 40 in Paris shed less than 0.1 per cent to 6,743.19.

A man walks past the New York Stock Exchange building. PHOTO: AP

On Wall Street, the future for the benchmark S&P 500 index was 0.2 per cent higher a day after falling on weaker-than-forecast US economic growth. The future for the Dow industrials was virtually unchanged.

In Asia, the Shanghai Composite Index lost 0.4 per cent to 3,252.20 after an index of Chinese manufacturing activity fell to a five-month low following the shutdown of much of Shanghai and two smaller industrial cities to fight coronavirus outbreaks.

The Hang Seng in Hong Kong sank 1.1 per cent to 21,996.85.

“The near-term outlook remains highly uncertain,” Julian Evans-Pritchard of Capital Economics said in a report. “Even if the outbreak is brought under control soon, it will still take a while for the economy to get back on track.”

The Nikkei 225 in Tokyo shed 0.7 per cent to 27,821.43 and Sydney’s S&P-ASX 200 lost 0.2 per cent to 7,499.60.

The Kospi in Seoul gained 0.4 per cent to 2,757.65 after data showed February industrial
production improved.

India’s Sensex shed 0.2 per cent to 58,560.02. New Zealand and Jakarta gained while Singapore and Bangkok declined.

On Wednesday, the S&P 500 declined 0.6 per cent after Commerce Department data showed the US economy grew at an annual pace of 6.9 per cent in the final quarter of 2021.

The Dow Jones Industrial Average slipped 0.2 per cent and the Nasdaq composite lost 1.2 per cent.

Markets have mostly gained ground this week as talks between Russia and Ukraine seemed to show progress.

Investors already were worried about higher US interest rates and a Chinese economic slowdown.

Benchmark US crude tumbled USD4.98 to USD102.84 per barrel in electronic trading on the New York Mercantile Exchange. It was down more than USD7 at one point. The contract rose USD3.58 on Wednesday to USD107.82.

Ramadhan school hours announced

The Ministry of Education (MoE) has announced the school hours for primary schools, secondary schools and sixth form centres nationwide during the month of Ramadhan.

In a press release issued by the MoE, school hours for primary schools are 7.45am to 11.40am, while school hours for secondary schools and sixth form centres are 7.45am to 11.50am for the morning session and noon to 4pm for schools with afternoon sessions.

Pre-school students will be given flexibility in learning times at the discretion of their respective schools.

Ramadhan stall application open

Rokiah Mahmud

Application for Ramadhan food stalls is open, the Youth and Sports Department (JBS) announced yesterday, for vendors to set up stalls at the Hassanal Bolkiah National Stadium’s ‘Zone L’ parking area in Berakas.

The stalls are open for Brunei citizens and residents and priority will be given to youth aged 18-35 as well as youth and sports associations.

Payment for each category is as follows: Category ‘A’ is BND250 per stall for youth as well as youth and sports associations; Category ‘B’ is BND350 per stall for the public; and Category ‘C’ is BND100 per stall for targetted groups under the JBS.

Items for sale will include takeaways, cooked food, and processed drinks and fruits.

Each application is limited to two stalls. Registration forms can be obtained from Riza Fudhlana Management Service, No 14, Simpang 271 Kampong Lambak or contact 2339901 or 8988299. Contact the Youth Section at Level 3, JBS at 2381903 (ext 1304) for information.

 

El Salvador hikes prison sentences for gang members

SAN SALVADOR, EL SALVADOR (AP) – El Salvador’s Congress on Wednesday increased sentences for crimes committed by gang members, expanding on a state of emergency lawmakers granted last weekend as President Nayib Bukele pursues the country’s powerful street gangs.

Justice and Public Security Minister Gustavo Villatoro said that now simply belonging to a gang would bring “an exemplar sentence”.

The changes to El Salvador’s penal code, which had been requested by Bukele, passed with votes from 76 of the 84 lawmakers.

The vote came the day after El Salvador experienced its first day without a killing since imposing a state of emergency following a rash of gang violence last weekend.

The National Civil Police said on Wednesday that no one had been killed in the country on Tuesday, though they later reported that two suspected gang members were killed early on Wednesday by security forces.

On Saturday alone 62 people were killed. That led Bukele to request congressional approval for a state of emergency that suspended some constitutional rights.

The move has faced criticism from human rights organisations in El Salvador and abroad that warn the suspension of fundamental rights could open the door to human rights abuses.

In the first four days of the state of emergency, security forces arrested 2,163 suspected gang members, according to Bukele.

The measures approved by the Congress on Sunday included restricting freedom to associate, the right of someone being informed of their rights when arrested and access to a lawyer. The government also extended to 15 days from 72 hours the time that someone can be held without charges and allowed authorities to intercept suspects’ communications without a judge’s approval.

Opposition lawmaker Jhonny Wright, of the Our Time party, said during a news conference on Wednesday that the Congress had already given the maximum amount of latitude to the government to act in an emergency.

The only rights remaining were those of free movement, freedom of expression, he said.

“The president is already talking about a war and this is highly worrisome,” Wright said.

Police and soldiers have already cordoned neighbourhoods, searching house-by-house for gang members and controlling who enters and exits areas. Images of soldiers searching children’s backpacks were being widely shared on social media.

The ‘perfect fit’

The new Pirelli P Zero Corsa tyres that have been specifically developed for the latest Porsche Cayenne Turbo GT as original equipment are characterised by performance, sportiness and control. The Porsche Cayenne Turbo GT is equipped with P Zero Corsa tyres in 285/35ZR22 XL (106 Y) size at the front and 315/30ZR22 XL (107 Y) size on the rear with the marking NO which identifies the dedicated tyres developed for Porsche.

P Zero Corsa tyres were developed in collaboration with the world’s finest high-performance carmakers to provide a perfect driving experience on every surface. The structure and compound of the tread pattern delivers optimal handling in all driving conditions as well as perfect traction and braking on both wet and dry surfaces.

Thanks to the dual compound and asymmetric design of the tread pattern, there’s the right balance between speed and grip, as well as strong resistance to the high energy loads generated by the strong performance of the cars to which these tyres are fitted. The prominent blocks on the shoulder of the tyre and continuous central groove benefit high performance when cornering, keeping the car on the right line.

There are more than 30 sizes available for the Pirelli P Zero Corsa between 19 and 22 inches, all marked with symbols denoting the most prestigious car manufacturers in the world, to signify the special relationship between the car and the tyre fitted to it.

Made according to Pirelli’s ‘perfect fit’ philosophy, the P Zero Corsa puts the accent on sporting performance and provides the best possible driveability and control, giving the driver a direct connection via the steering wheel. To improve internal acoustic comfort, some sizes of P Zero Corsa are available with Pirelli’s noise-cancelling system (PNCS). This consists of a sound-deadening material within the actual tyre that soaks up air vibrations and so reduces road noise.

Pirelli tyres are available at all Tyremart branches, and thorughout the month of April, all customers with minimum spending of BND500 of Pirelli tyres are eligible to receive exclusive gift(s) and a chance to win the latest smartphone or a dream holiday worth BND1,688.

Indonesia seeks longer shelf life donations as 19 million COVID-19 shots expired

JAKARTA (CNA) – Nineteen million doses of COVID-19 vaccines in Indonesia’s national stockpile have expired this year and 1.5 million more are set to expire next month, as donated shots arrive with a short shelf life, a health official said on Wednesday.

Indonesia and many other developing nations are ramping up their vaccination campaign, aided by donations from wealthy countries, but they have been calling for donations with a longer shelf life.

Lucia Rizka Andalusia, a senior health ministry official, told a parliamentary hearing that of the 19.3 million doses that expired between January and March, 97 per cent were donated.

Most of the expired doses were AstraZeneca’s shot, and they also included Moderna’s, she said.

Indonesia receives donations from the COVAX global vaccine sharing scheme and countries such as Australia and the United States. Foreign Ministry official I Gede Ngurah Swajaya told the same hearing the country will stop receiving donations until April and tell donating countries that the vaccines donated must carry at least two-thirds of the shelf life.

The GAVI vaccine alliance, which runs COVAX with the World Health Organization, told Reuters that COVAX “only ships doses that have been accepted by countries with full knowledge of vaccine type, estimated shipment plan and vaccine shelf life”. Indonesia’s food and drug agency said earlier this month that it extended the expiry dates of several vaccines, including AstraZeneca’s and Sinovac’s, after reviewing new available data about their efficacy.

Indonesia would prioritise the distribution of vaccines nearing expiry, Health Ministry official Rizka said.

Poorer nations rejected more than 100 million doses of COVID-19 vaccines distributed by COVAX in December, mainly because of a rapidly approaching expiry date, a UNICEF official said.

EU lawmakers set to tighten up on crypto transfers

LONDON (CNA) – European Union (EU) lawmakers were set yesterday to back tougher safeguards for transfers of bitcoin and other cryptocurrencies, in the latest sign that regulators are tightening up on the freewheeling sector.

Two committees in the European Parliament have thrashed out cross-party compromises to be voted on. Crypto exchange Coinbase Global Inc has warned the rules would usher in a surveillance regime that stifles innovation.

The USD2.1 trillion crypto sector is still subject to patchy regulation across the world.

Concerns that bitcoin and its peers could upset financial stability and be used for crime have accelerated work by policymakers to bring the sector to heel.

Under the proposal first put forward last year by the EU’s executive European Commission, crypto firms such as exchanges would have to obtain, hold, and submit information on those involved in transfers.

An illustration of cryptocurrencies. PHOTO: CNA

That would make is easier to identify and report suspicious transactions, freeze digital assets, and discourage high-risk transactions, said Spanish Green Party lawmaker Ernest Urtasun, helping to steer the measure through the Parliament.

The Commission had proposed applying the rule to transfers worth EUR1,000 or more, but under the cross-party agreement this ‘de minimis’ rule has been scrapped – meaning all transfers would be in scope.

Urtasun said removing the threshold brings the draft law into line with rules from the global Financial Action Task Force that sets standards for combatting money laundering. Those rules mean crypto firms must collect and share data on transactions.

An exemption for low value transfers is not appropriate, as crypto users could dodge the rules by creating an almost unlimited number of transfers, Urtasun said, also citing the small amounts involved in transfers linked to some crime.

Baseball manager arrives in style

TOKYO (AFP) – His extravagant outfits and jaw-dropping stunts are headline news in Japan, but now larger-than-life baseball manager Tsuyoshi Shinjo has upped the theatrical ante by entering the stadium on a hover-bike.

Shinjo, a flamboyant 50-year-old who calls himself Big Boss, stunned the crowd on Tuesday when he appeared for his team the Hokkaido Nippon Ham Fighters’ first home game of the season on a futuristic black vehicle.

He took off and soared high above the field at the Sapporo Dome before landing about a minute later, then whipped off his helmet and red jacket before striding off.

Shinjo, a former player who had stints in Major League Baseball, was appointed Fighters manager ahead of the new season despite having no coaching experience. His charismatic persona and spectacular stunts have brought the three-time Japanese champions huge attention, and his latest antics made another splash.

Always on alert

NEW YORK (AFP) – Sekou Salaam knows all too well the dangers of living on New York’s streets. Homeless for six months, he said he’s been beaten with a metal pipe and repeatedly threatened with knives.

“It’s real out here. You can get hurt, you can get killed,” the 55-year-old told AFP, after eating a free lunch at the Bowery Mission, which helps poor and hungry New Yorkers, in Lower Manhattan.

The dangers facing America’s homeless were highlighted last month when a man murdered two homeless men and wounded three others during a string of shootings in New York and Washington.

Activists said attacks on homeless people in the United States (US) are rising as the pandemic compounds mental illness and drug addiction and as gun crime soars.

They also accuse politicians of worsening the problem with policies that stigmatise the homeless.

The shootings on the second weekend of March as the men slept outdoors spread fear among New York’s roughly 50,000 homeless.

“I was alarmed, like whoa I’ll be careful where I lay my head,” said Salaam, who often seeks refuge in outdoor dining sheds that have proliferated during the pandemic.

Homeless people and others in need receive free lunches at a canteen at the Bowery Mission, a non-profit organisation caring for New Yorkers experiencing homelessness, hunger and other crises. PHOTOS: AFP
ABOVE & BELOW: Activists, supporters and members of the homeless community attend a protest calling for greater access to housing and better conditions at homeless shelters, outside City Hall in New York City; and homeless people and others in need queue outside the Bowery Mission

“But you can’t protect yourself while you’re asleep,” he added. “People are able to steal from you, so obviously they’re gonna be able to kill you.”

Thirty-nine-year-old Arnie Medero, homeless for five years, said “precautions” he takes to stay safe include never sleeping in the same spot and scattering broken glass so he hears people coming.

“I’m always on alert. My guard is always up,” he told AFP.

Data compiled by the city show that the number of homeless murdered in New York City soared from seven in 2018 to 22 in 2021.

In October 2019, four were beaten to death with a pipe by another homeless man in a killing spree in Manhattan.

Although there are no nationwide statistics, because most police departments don’t track housing status, the National Coalition for the Homeless believes attacks are increasing across the country.

“Anecdotally, we can say the numbers are increasing. Violence is definitely on the rise,” executive director Donald Whitehead told AFP.

On March 15, Washington police charged 30-year-old Gerald Brevard III with first-degree murder for the New York and Washington shootings. He has a lengthy criminal record and history of mental illness.

Salaam, who has a drug addiction, has been homeless since spending two months in Rikers prison on robbery charges. He said he’s seen violence committed among homeless people and by non-homeless on the homeless.

Both he and Medero said living on the streets is getting more dangerous and more difficult.

“There’s people out of work, people can’t give to charity like they used to, there’s a lot of people suffering from psychosis,” said Medero, who gradually slid into homelessness after he “stopped caring” following a breakup.

The Coalition for the Homeless said homelessness in New York City is at its highest level since the Great Depression of the 1930s.

It recorded almost 48,500 people sleeping in the city’s shelter system in January, up 15 per cent, from a decade ago.

Salaam and Medero said they prefer to take their chances on the streets rather than the shelters, citing overcrowding and violence. They can wash at privately run centres like the Bowery Mission.

Jovada Senhouse, 56, lived in various shelters for five years. She said there were often dozens of women sharing a bathroom.

“There’s no privacy. There’s fights and arguments. It’s like being in jail,” Senhouse told AFP.

New York Mayor Eric Adams recently instructed police to remove homeless people from the subway, a sanctuary of sorts during the Big Apple’s bitterly cold winters.

Activists said the policy makes life more dangerous for those without homes.

“Many unsheltered New Yorkers choose to bed down in the subways because that is where they feel the most safe in the absence of housing and low-barrier shelters,” said Coalition for the Homeless policy director Jacquelyn Simone.

Seth Pollack, an organiser at the non-profit Housing Works, said the policy also contributes to society viewing homeless people as criminals.

“When he (Adams) speaks of homelessness as an inconvenience to people who have housing, that dehumanises people suffering the most today,” he told AFP.

The mayor’s office did not respond to requests for comment.

Advocacy groups said the primary cause of homelessness is a lack of affordable housing.

Rather than throwing money at shelters, they want more permanent, private accommodation built.

“Things just need to change. They got to understand that homeless people are human too,” said Senhouse.