Egypt’s first-ever asylum law fuels concerns over refugee rightsFri, 20 Dec 2024 02:10:50 GMT

Egypt adopted its first-ever asylum law this week, but it has sparked concerns among human rights groups who warn it takes a “security-focused approach” that could undermine refugee protections.Signed into law by President Abdel Fattah El-Sisi on Tuesday, the legislation comes as Egypt faces a severe economic crisis and fallout from regional conflicts, including Sudan …

Egypt’s first-ever asylum law fuels concerns over refugee rightsFri, 20 Dec 2024 02:10:50 GMT Read More »

Japanese inflation jumps to 2.7% in November

Japanese inflation accelerated in November, with prices rising 2.7 percent on-year partly because of higher energy costs, government data showed Friday.The core Consumer Price Index (CPI), which excludes volatile fresh food prices, topped market expectations and was up from 2.3 percent in October.The reading remained above the Bank of Japan’s two percent inflation target, set more than a decade ago as part of efforts to boost the stagnant economy.The two percent target has been surpassed every month since April 2022, although central bank policymakers have sometimes questioned the role of temporary factors such as the war in Ukraine.Analysts had forecast a core CPI reading of 2.6 percent for November. “Core core CPI”, which excludes both fresh food and energy prices, stood at 2.4 percent.Rice prices continued to soar, with the data showing an on-year increase of around 64 percent after this year’s harvests were hit by hot weather and water shortages.”Rising prices for food, including rice, and the scaling back of measures against extreme summer heat, such as subsidies for electricity and fuel bills” contributed to the jump in inflation, deputy chief cabinet secretary Fumitoshi Sato told reporters.Japan’s summer this year was the joint hottest on record — equalling 2023 — as extreme heatwaves fuelled by climate change engulfed many parts of the globe.The Bank of Japan on Thursday left its borrowing costs unchanged and warned of uncertainty over the US economy under president-elect Donald Trump.That caused the yen to fall against the dollar, extending a retreat that began Wednesday when the Federal Reserve forecast it would make fewer interest rate cuts.On Friday morning, one dollar bought 157.61 yen, compared with about 153.60 on Wednesday.”Despite the pause, the BoJ appears determined to tighten policy further,” said Stefan Angrick of Moody’s Analytics.”The central bank’s monetary policy statement maintains a fairly hawkish tone, arguing that the economy is recovering and will keep growing above its potential rate — a view that feels at odds with the data,” he said.Weak demand has been a drag on growth for Japan, and it’s likely that data will show the economy shrinking in 2024, Angrick said, adding that the bank faced a tricky situation.”The domestic economy isn’t strong enough for significant rate hikes, but maintaining the status quo risks further yen depreciation and higher inflation,” he said.”We anticipate two more rate hikes in 2025.”

UAE says will not arm Sudan paramilitary RSF: White HouseFri, 20 Dec 2024 00:59:18 GMT

The United Arab Emirates has informed the United States that it will not arm paramilitaries in Sudan’s brutal civil war, US lawmakers long critical of the Gulf power’s role quoted the White House as saying on Thursday.The assurance came as the United States announced $200 million in new aid for Sudan, one of the world’s …

UAE says will not arm Sudan paramilitary RSF: White HouseFri, 20 Dec 2024 00:59:18 GMT Read More »

China’s Xi to lead Macau handover anniversary celebrations

Chinese President Xi Jinping will preside over a day of celebrations in Macau and inaugurate the city’s new leader on Friday as the former colony marks 25 years since being returned to China.Macau is regarded by China as a shining example of its “One Country, Two Systems” model, and Xi praised the city as a “pearl in the nation’s palm” at the start of his three-day visit.The Chinese casino hub has grown from a Portuguese trading outpost to the world’s casino capital by gaming revenue and a popular destination for Chinese tourists.When Macau reverted to Chinese rule on December 20, 1999, Beijing promised that the city’s “capitalist system and way of life shall remain unchanged for 50 years”.Celebrations kicked off Friday morning with a flag-raising ceremony at the city’s Lotus Square, with incoming city leader Sam Hou-fai, Macau government ministers and some visiting Chinese officials in attendance.Xi has lauded Macau’s “world-recognised success” in implementing the “One Country, Two Systems” framework and said the city had a bright future.”Macau is a pearl in the nation’s palm, and I have always kept in my thoughts its development and the welfare of all its people,” Xi said Wednesday.He has vowed to use his trip for “extensive and in-depth exchanges with our friends from all places, and discuss plans for Macau’s development”.Friday’s festivities will be centred around the inauguration of Sam, the former president of Macau’s apex court, as the city’s fourth post-handover leader, replacing Ho Iat-seng.Security was tight around the city, with roadblocks set up around an event venue and authorities increasing checks on inbound visitors.- Casino hub -Following the end of 442 years of Portuguese rule, Macau’s fortunes have risen in lockstep with China’s economic growth.It is the only place in China where casino gambling is permitted and has long surpassed Las Vegas as the world’s top casino hub, fuelled by two decades of Chinese visitor spending.Macau, which has a resident population of 687,000, saw just over 29 million visitor arrivals in the first 10 months of the year.Its GDP has soared from $6.4 billion in 1999 to more than $47 billion last year, and its population is the richest in China on a per capita basis.Under orders from Beijing to diversify the economy, Macau leaders have suggested financial services, technology and Chinese medicine as new economic drivers.But as of November, gaming-related taxes still made up 81 percent of government revenue and experts say Macau is years away from weaning itself off casino wealth.Xi on Thursday visited the Macau University of Science and Technology and was “briefed on the development of two state-level key laboratories” that involved Chinese medicine and planetary science, according to state news agency Xinhua.He also visited the Guangdong-Macao In-Depth Cooperation Zone on Hengqin Island, speaking to residents and people there in charge of planning, construction, management and services, Xinhua reported.Hengqin Island, a landmass adjacent to Macau and three times its size, was partly leased by Beijing to Macau to boost its land supply for non-gaming development.

Japanese inflation jumps to 2.7% in November

Japanese inflation accelerated in November, with prices rising 2.7 percent on-year partly due to higher energy costs, government data showed Friday.The core Consumer Price Index (CPI), which excludes volatile fresh food prices, topped market expectations and was up from 2.3 percent in October.It remained above the Bank of Japan’s key two percent inflation target, set over a decade ago as part of efforts to boost the stagnant economy.The two-percent target has been surpassed every month since April 2022, although central bank policymakers have sometimes questioned the role of temporary factors such as the war in Ukraine.Analysts had forecast a core CPI reading of 2.6 percent for November. “Core core CPI”, which excludes both fresh food and energy prices, stood at 2.4 percent.The Bank of Japan on Thursday left its borrowing costs unchanged in a policy decision, warning of uncertainty over the US economy under president-elect Donald Trump.That caused the yen to fall against the dollar, extending a retreat that began Wednesday when the Federal Reserve forecast it would make fewer interest rate cuts.On Friday morning, one dollar bought 157.61 yen, compared with about 153.60 on Wednesday.”Despite the pause, the BoJ appears determined to tighten policy further,” said Stefan Angrick of Moody’s Analytics.”The central bank’s monetary policy statement maintains a fairly hawkish tone, arguing that the economy is recovering and will keep growing above its potential rate — a view that feels at odds with the data,” he said.Weak demand has been a drag on growth for Japan, and it’s likely that data will show the economy shrinking in 2024, Angrick said, adding that the bank faced a tricky situation.”The domestic economy isn’t strong enough for significant rate hikes, but maintaining the status quo risks further yen depreciation and higher inflation,” he said.”We anticipate two more rate hikes in 2025.”

Global stocks mostly fall as US Treasury yields climb

Global stocks mostly fell Thursday as markets digested fresh central bank decisions and a rebound effort on Wall Street faded while US Treasury bond yields climbed further.US indices bounced early in the day, but the attempted rally faded as the yield on the 10-year US Treasury note rose above 4.5 percent. The Fed on Wednesday lowered interest rates but signaled it expects fewer interest rate cuts in 2025.Thursday’s move in stocks is “kind of a lackluster recovery effort,” said Briefing.com analyst Patrick O’Hare.”A lot of good news has been priced into this market,” he said. “And now the market is going to sit back and see if a lot of that good news that’s priced in actually comes to fruition.”While major US indices finished little changed, equity markets in Europe and Asia retreated.The Bank of England held its key interest rate steady due to UK inflation rising again, and it did not commit to when or by how much it would cut rates in 2025.While that decision was widely expected, more BoE policymakers voted for a cut, which sent the pound falling against the dollar and the euro.The split suggests “members may be more nervous about the state of the economy than originally thought,” said Daniela Sabin Hathorn, senior market analyst at Capital.com.The yen fell against the dollar after the Bank of Japan left borrowing costs unchanged and warned of uncertainty over the economic policies of US President-elect Donald Trump.BoJ governor Kazuo Ueda told reporters after its announcement that officials would hike interest rates if prices and the Japanese economy develop as they expect.He warned that “uncertainty surrounding economic policies by the upcoming (Trump) administration is high, so I believe we will need to size up the possible effect.””The upcoming administration’s financial, trade and immigration policies have the potential not only to affect the US economy and prices but also significantly impact the global economy” and financial markets, Ueda said.The rate decisions by Britain’s and Japan’s central bank were the last of the year.”With the major risk events of the week behind us, the question remains: will the traditional Santa rally take hold, or will 2024 mark a departure from the norm?” asked City Index and FOREX.com analyst Fawad Razaqzada.Markets often drift higher at the end of the year when small investors influenced by the holidays dominate trading in what is often called a “Santa rally.”A possible US government shutdown could spoil a Santa rally, but investors appeared unfazed on Thursday.President-elect Trump and tech billionaire Elon Musk urged Republican lawmakers to scupper a cross-party deal to avert a halt in non-essential US government operations in the early hours of Saturday.But Trump announced on social media Thursday afternoon that Republicans had come up with a new funding package to avert a shutdown.- Key figures around 2130 GMT -New York – Dow: UP less than 0.1 percent at 42,342.24 (close)New York – S&P 500: DOWN 0.1 percent at 5,867.08 (close)New York – Nasdaq Composite: DOWN 0.1 percent at 19,372.77 (close) London – FTSE 100: DOWN 1.1 percent at 8,105.32 (close) Paris – CAC 40: DOWN 1.2 percent at 7,294.37 (close)Frankfurt – DAX: DOWN 1.4 percent at 19,969.86 (close)Tokyo – Nikkei 225: DOWN 0.7 percent at 38,813.58 (close)Hong Kong – Hang Seng Index: DOWN 0.6 percent at 19,752.51 (close)Shanghai – Composite: DOWN 0.4 percent at 3,370.03 (close)Euro/dollar: UP at $1.0364 from $1.0353 Pound/dollar: DOWN at $1.2496 from $1.2574Dollar/yen: UP at 157.35 yen from 156.87 yen Euro/pound: UP at 82.91 pence from 82.33 penceBrent North Sea Crude: DOWN 0.7 percent at $72.88 per barrelWest Texas Intermediate: DOWN 1.0 percent at $69.91 per barrelburs-jmb/aha