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- Samsung heir found guilty of corruption and sentenced to five years in prison
- Court seeks arrest warrant for former Thai PM Yingluck Shinawatra after no-show in court
- EU states begin returning refugees to Greece as German reunions slow
- Russian tanker sails through Arctic without icebreaker for first time
- Hurricane Harvey: evacuations under way as storm heads for Texas
- Trudeau forced to backtrack on open invitation to refugees
- US public lands: Trump official recommends shrinking national monuments
- Rohingya militants blamed as Myanmar border attacks kill 32
- Angola's ruling party claims election victory
- Charleston shooting: hostage situation ends as police wound angry employee
- Catalonia’s response to terror shows it is ready for independence | Luke Stobart
- Man held in Netherlands suspected of preparing terror attack on Allah-Las gig
- Indian army on standby on eve of guru's rape charges verdict
- Brazil abolishes huge Amazon reserve in 'biggest attack' in 50 years
- Living on the edge of oblivion: life along the North Korean border
- Sterling and markets calm ahead of Jackson Hole bankers meeting - live
- Powerball prize-winner picks up $758.7m – video
- North Korea: UK faces 'miserable end' if it joins US-led military drills
- Man dies after being struck by police car in Brighton
- Fallen police and fake sheep: news from everywhere – in pictures
- Tony Abbott admits sleeping through 2009 stimulus debate after boozy night – video
- Mining giant Adani cleared in second case over allegations of financial fraud
- Friday briefing: 'Bogus' student migration figures exposed
- Afghanistan: New Zealand boosts army commitment, by three
- Would you invite 30 strangers into your bedroom? Singapore’s Open Homes project
- Lamido Sanusi, Kano's 'progressive fraud', takes aim at child marriage in Nigeria | Emmanuel Akinwotu
- Aerial footage of Switzerland landslide shows trail of destruction – video
| Samsung heir found guilty of corruption and sentenced to five years in prison Posted: 24 Aug 2017 11:41 PM PDT South Korean court sentences Lee Jae-yong over role in scandal that led to impeachment of former president Park Guen-hye A bribery and cronyism scandal that has already toppled a South Korean president has claimed a major business scalp after a court sentenced Lee Jae-yong, the acting chairman of Samsung, to five years in prison after finding him guilty of offering bribes and other crimes. The billionaire, who is South Korea's third-richest man and heir to the sprawling Samsung empire, had been accused of making large donations to foundations run by a close friend and confidante of the deposed South Korean president, Park Geun-hye, in return for political favours. Continue reading... |
| Court seeks arrest warrant for former Thai PM Yingluck Shinawatra after no-show in court Posted: 24 Aug 2017 08:17 PM PDT Yingluck was facing charges of negligence in a controversial rice subsidies scheme that carry a sentence of 10 years in prison A Thai court is seeking an arrest warrant for former prime minister Yingluck Shinawatra, toppled by military generals who took power in a 2014 coup, after she failed to appear to hear the verdict in her long-running trial. Thousands of supporters had massed outside the country's supreme court on Friday morning to witness the outcome of the trial over allegations of failing to prevent alleged corruption. Continue reading... |
| EU states begin returning refugees to Greece as German reunions slow Posted: 24 Aug 2017 09:00 PM PDT Germany, UK and others to send asylum seekers back to where they first sought refuge, despite the continued economic strife in Greece European countries are poised to begin the process of returning refugees to Greece, as migrants seeking reunification with their family members – mostly in Germany – step up protests in Athens. In a move decried by human rights groups, EU states will send back asylum seekers who first sought refuge in Greece, despite the nation being enmeshed in its worst economic crisis in modern times. Continue reading... |
| Russian tanker sails through Arctic without icebreaker for first time Posted: 24 Aug 2017 08:51 AM PDT Climate change has thawed Arctic enough for $300m gas tanker to travel at record speed through northern sea route A Russian tanker has travelled through the northern sea route in record speed and without an icebreaker escort for the first time, highlighting how climate change is opening up the high Arctic. The $300m Christophe de Margerie carried a cargo of liquefied natural gas (LNG) from Hammerfest in Norway to Boryeong in South Korea in 19 days, about 30% quicker than the conventional southern shipping route through the Suez Canal. Continue reading... |
| Hurricane Harvey: evacuations under way as storm heads for Texas Posted: 25 Aug 2017 01:04 AM PDT Weather system due to make landfall on Friday evening is most powerful to hit the US in 11 years Tens of thousands of people have been evacuated, oil refineries are expected to shut down and 700 members of the National Guard are being called up as Hurricane Harvey, the most powerful weather system to hit the US in almost 12 years, barrels towards Texas. Related: From heatwaves to hurricanes, floods to famine: seven climate change hotspots Continue reading... |
| Trudeau forced to backtrack on open invitation to refugees Posted: 24 Aug 2017 11:19 PM PDT Prime minister accused of reducing immigration system to 'shambles' as Canada struggles to cope with asylum-seekers crossing border from US on foot Justin Trudeau has sought to temper the notion that Canada is a guaranteed safe haven for those fleeing the threat of deportation in the United States, as his government faces criticism that its refugee-friendly messaging has given "false hope" to the thousands of asylum seekers streaming into Canada from the US. Since the start of the year, more than 11,300 people have crossed into Canada by foot from the US. The pace has picked up in recent weeks, with as many as 250 people a day – many of them driven by fears of Donald Trump's crackdown on immigrants – entering the country at remote, unguarded locations. Doing so allows them to skirt a longstanding pact that bars most refugee claimants in the US from applying for asylum in Canada. Continue reading... |
| US public lands: Trump official recommends shrinking national monuments Posted: 24 Aug 2017 09:10 AM PDT Interior secretary Ryan Zinke says his recommendations include boundary adjustments for some locations among 27 national monuments Conservation safeguards on a "handful" of national monuments across the US could be rolled back following the delivery on Thursday of the White House's long-awaited review of such public lands, interior secretary Ryan Zinke said. Related: The Trump administration's national monuments 'review' is a sham | Brian Calvert Continue reading... |
| Rohingya militants blamed as Myanmar border attacks kill 32 Posted: 25 Aug 2017 12:36 AM PDT Security forces among dead from pre-dawn raids on police posts in Rakhine state near Bangladesh border At least 32 people, including 11 members of the security forces, were killed as Rohingya militants besieged border posts in northern Rakhine state, Myanmar's army chief has said, in the worst violence in the region in months. The state is riven by religious hatred focused on the stateless Rohingya Muslim minority, who are reviled by many Buddhists and perceived as illegal immigrants. Continue reading... |
| Angola's ruling party claims election victory Posted: 24 Aug 2017 10:41 AM PDT MPLA expects to win parliamentary majority, heralding end of José Eduardo dos Santos's near 40-year rule The ruling party in Angola has claimed a widely expected election victory, setting the stage for a change of leadership after decades of authoritarian rule by the cold war veteran José Eduardo dos Santos. Though final results from Wednesday's voting were still being counted, the People's Movement for the Liberation of Angola (MPLA) said it was on track to win a two-thirds parliamentary majority, based on its calculations. Continue reading... |
| Charleston shooting: hostage situation ends as police wound angry employee Posted: 24 Aug 2017 11:20 AM PDT Interim Charleston police chief said hostages at a Virginia restaurant were rescued safely, after police shot and wounded a man who had killed one person An angry employee who killed one person in a crowded restaurant on Thursday has been shot and wounded by police to end a siege in Charleston, South Carolina. Interim Charleston police chief Jerome Taylor said all the hostages at Virginia's restaurant were rescued safely. Continue reading... |
| Catalonia’s response to terror shows it is ready for independence | Luke Stobart Posted: 24 Aug 2017 07:10 AM PDT Their dignity in the face of horror – in the run-up to the referendum – has shown Spain that Catalans deserve to run their own affairs • Luke Stobart, a lecturer at Birkbeck College, London, writes on politics and migration in Catalonia and Spain Horrific events like the Barcelona and Cambrils terror attacks now seem horribly familiar in the west (though worse examples are regular occurrences in the global south). But this time there was one unusual, and overlooked, factor: the territory that was targeted is the focus of a national dispute that could lead to secession. Related: Splits in Catalonia's pro-independence campaign before key vote Continue reading... |
| Man held in Netherlands suspected of preparing terror attack on Allah-Las gig Posted: 24 Aug 2017 09:25 AM PDT Dutch police say 22-year-old was detained after alert from Spain led to cancellation of LA band's gig on Wednesday A man arrested in the Netherlands early on Thursday morning is suspected of preparing a "terrorist attack" on a concert by an American rock band, Dutch police have said. Police detained the 22-year-old in Brabant province, south of Rotterdam, after an alert from Spanish colleagues. The Spanish warning led to the cancellation of a performance on Wednesday night by Los Angeles band Allah-Las. |
| Indian army on standby on eve of guru's rape charges verdict Posted: 24 Aug 2017 07:37 AM PDT Parts of two Indian states are in lockdown as tens of thousands of Ram Rahim Singh's followers await verdict Parts of two northern Indian states are in lockdown as tens of thousands of followers of a flamboyant "godman" nicknamed the "guru of bling" await a verdict on long-standing rape charges against the spiritual leader. The Indian army is on standby in Punjab and Haryana, surveillance drones are circling, and schools and roads have been shut in the city of Panchkula, over fears that supporters of Ram Rahim Singh may turn violent if he is found guilty. Continue reading... |
| Brazil abolishes huge Amazon reserve in 'biggest attack' in 50 years Posted: 24 Aug 2017 10:07 AM PDT Brazilian president has dissolved Renca to attract investment in region thought to contain gold, with critics warning of irreversible damage The Brazilian president Michel Temer has abolished an Amazonian reserve the size of Denmark, prompting concerns of an influx of mineral companies, road-builders and workers into the species-rich forest. The dissolution of the Renca reserve – which spans 46,000 sq km on the border of the Amapa and Para states – was described by one opposition senator Randolfe Rodrigues of the Sustainability Network party, as the "biggest attack on the Amazon of the last 50 years". |
| Living on the edge of oblivion: life along the North Korean border Posted: 25 Aug 2017 01:36 AM PDT Fear and fortitude characterise many of the residents whose homes nudge up against the land that splits the two Koreas Woo Jong-il can see North Korea from his front yard. He still remembers the moments when stray bullets would fly through the air, terrifying the hundreds of families scattered along the border. These days the retired dairy farmer is prepared: he has two concrete bunkers in case of an attack. Continue reading... |
| Sterling and markets calm ahead of Jackson Hole bankers meeting - live Posted: 25 Aug 2017 01:25 AM PDT ECB's Mario Draghi and Federal Reserve's Janet Yellen set to give keynote speeches
The pound is holding fairly steady after a downbeat week dominated by Brexit worries, edging lower against the dollar but marginally higher against the euro. It is currently at ¢1.2798, down 0.01%, and €1.0860, up 0.09%. In recent days it has been flirting with eight year lows against the single currency, with some talk of it falling to parity. But Viraj Patel, foreign exchange strategist at ING Bank, thinks this is unlikely: The pound has been an easy target for currency markets as the combination of a post-Brexit economic reality check and ongoing political anxiety has made the UK economy an outlier relative to its faster growing European peers. We believe this economic divergence story has largely run its course. In fact, the pound is beginning to show signs of idiosyncratic selling, similar to previous periods when domestic political risks have flared up. We make two points here. First, this tends to be a short-run phenomenon, with the pound's material undervaluation acting as a limiting factor for sustained weakness. Second, and more importantly, we would need to see an additional layer of bad news to fuel any further politically-induced GBP selling. This seems unlikely in the absence of a Brexit disaster situation unfolding - that is a complete breakdown in UK-EU negotiations and renewed cliff-edge risks. Political will from both sides suggests the worst-case scenario will be avoided. The euro has become a 'political haven' for currency markets We had earmarked October as being a pivotal month for the pound regarding political risk events. The Tory Party Conference (1-4 October), the final round of opening Brexit talks (9 October) and EU summit (19-20 October) will give markets an opportunity to assess the progress made when it comes to the UK's exit from the EU. These event risks mean that it is understandable to see the pound markets trading with some apprehension. We have been warning of a potential 'sell on (PM) May and go away' type of behaviour emerging ahead of October. Political will suggests a Brexit disaster can be avoided For the pound's politically-driven weakness to persist and extend all the way towards parity against the euro, we would argue that 'hard Brexit' risks would need to notch up another gear. In reality, the only way this could occur over the next six months is if we get a nightmare Brexit scenario in October - that is a complete breakdown of UK-EU negotiations. The pound is cheap, very cheap We see the pound as extremely undervalued, with the very stretched valuation likely putting a limit on the scale of further downside. EUR/GBP is rich by a staggering 20% based on our medium-term Behavioural Equilibrium Exchange Rate valuation framework. Even if we control for the post 2015 rise in pound fair value due to improving UK terms of trade and declining UK government consumption, EUR/GBP would still be overvalued by 14%. When the medium-term valuation reaches such extreme levels, it tends to be difficult for the currency to weaken materially given the limits imposed by the underlying fundamentals. Apart from one (or more) of our four assumptions turning out to be wrong, currency markets can sometimes be an untamed beast. Just because the pound is undervalued doesn't mean it should rally. There needs to be some positive catalysts for the pound to manifest, not least signs of a stabilisation in a slowing UK economy and greater progress towards a Brexit transition deal (even if not fully agreed). But certainly, the very negative psychology needs to be broken, such that the pound is not such a clear sell on rallies. Indeed we – and the BoE – are on the look-out for a 'sell UK' mentality developing, where the pound, gilts and equities all sell-off at the same time. This, however, has not been the case so far. If that mood was to develop, with pound weakness proving more trouble for the inflation trajectory, the IMF might recommend sharp rate hikes to break the vicious cycle. Typically that has been the prescription for significant 20% falls for the likes of the Russian ruble, Turkish lira and Brazilian real. Of course, the UK has had some painful experiences in using rate hikes to defend the pound (think 1992), and we very much doubt that the BoE would do that to support the currency. Yet, we believe, the bearish psychology on the pound still needs to be broken. Continue reading... |
| Powerball prize-winner picks up $758.7m – video Posted: 25 Aug 2017 12:23 AM PDT Mavis Wanczyk from Massachusetts, who won the $758.7m (£592.5m) jackpot, says she has quit her job at Mercy Medical Center after 32 years in order to take it easy. Wanczyk used birthdays to choose some of the numbers when she bought the winning ticket on Wednesday at Pride Market in Chicopee |
| North Korea: UK faces 'miserable end' if it joins US-led military drills Posted: 25 Aug 2017 12:21 AM PDT Pyongyang says annual troop exercises arranged by US, South Korea and their 'puppets' are dress rehearsal for war North Korea has warned the UK that it faces "a miserable end" if it takes part in military exercises alongside troops from South Korea and the US. The Ulchi Freedom Guardian drills, which began on Monday and run until the end of the month, are thought to involve a small number of personnel from Britain, Australia and other countries. Continue reading... |
| Man dies after being struck by police car in Brighton Posted: 25 Aug 2017 12:34 AM PDT Sussex police say vehicle was on its way to emergency call when it collided with man in Kemptown early on Friday morning A man has died after being struck by a police car that was travelling to an emergency call in Brighton. The vehicle collided with the pedestrian on Devonshire Place in Kemptown shortly before 1am on Friday. The man died at the scene. Continue reading... |
| Fallen police and fake sheep: news from everywhere – in pictures Posted: 24 Aug 2017 11:00 PM PDT What do you do if smog has made your fields unfit for grazing? Put sculptures of sheep on them instead. Lu Guang's shot of phoney livestock in China is just one of many intriguing images from the International Festival of Photojournalism in Perpignan, France Continue reading... |
| Tony Abbott admits sleeping through 2009 stimulus debate after boozy night – video Posted: 25 Aug 2017 12:25 AM PDT The former Australian prime minister Tony Abbott tells Annabel Crabb, host of the ABC's television series The House, about the time he was too drunk to vote on an economic stimulus package legislated during the global financial crisis. 'There was one famous occasion when Peter Costello, Kevin Andrews and I hung out rather a long time,' he says. 'I think quite a few bottles of wine were consumed by the three of us ... I lay down and the next thing I knew it was morning.' The current prime minister, Malcolm Turnbull, who was opposition leader at the time of the incident, tells broadcaster Neil Mitchell on 3AW radio that he was aware Abbott was too drunk to get into the parliament. 'There was nothing we could do,' he says. 'I was disappointed but, you know, you've got to move on with these kind of things.' • Malcolm Turnbull rebukes Tony Abbott for being 'too drunk' to vote on GFC package Continue reading... |
| Mining giant Adani cleared in second case over allegations of financial fraud Posted: 24 Aug 2017 11:20 PM PDT India's customs authority dismisses claims of huge sums of money being siphoned out of India India's customs authority has cleared the Adani Group of illegally siphoning money into overseas tax havens, dismissing one of two sets of power equipment fraud allegations known to be facing the mining conglomerate. The judgment this week involved separate Adani Group subsidiaries to those named in similar allegations reported by the Guardian earlier this month, but employed the same allegedcompany in Dubai and the same modus operandi. Continue reading... |
| Friday briefing: 'Bogus' student migration figures exposed Posted: 24 Aug 2017 10:30 PM PDT Row among Tories as key premise of migration policy collapses … 'platoons' of robot lorries take to roads … and, how do you think Game of Thrones will end? Hello – it's Warren Murray helping you sound well informed at the water cooler today. Continue reading... |
| Afghanistan: New Zealand boosts army commitment, by three Posted: 24 Aug 2017 06:25 PM PDT Government announces extra non-combat personnel, boosting contingent to 13, as part of Nato mission, but still to decide about Trump's call for fighting troops Just days after the United States said it would increase troop numbers in Afghanistan and ask its allies to do the same, New Zealand has announced an extra three non-combat military personnel, boosting its military commitment to 13. Donald Trump on Monday unveiled his strategy to end the conflict in Afghanistan, committing the United States to an open-ended conflict and signalling he would dispatch more troops to America's longest war. Continue reading... |
| Would you invite 30 strangers into your bedroom? Singapore’s Open Homes project Posted: 24 Aug 2017 06:01 PM PDT Arts festival events let you rifle through the drawers of strangers – all in the aim of promoting transparency in the famously restrictive society On my third morning in Singapore, I find myself on the 20th floor of a public housing flat in Clementi, sitting next to a cat who is baring her teeth, hissing. "You have to pet her rougher than that," my host tells me, smiling. "Otherwise she gets ticklish." Continue reading... |
| Posted: 24 Aug 2017 11:00 PM PDT His daughters tease that he is a mild reformer, but the chief of Nigeria's Kano emirate hopes to end child marriage in the country's deeply conservative north Lamido Sanusi II, Nigeria's second highest Islamic authority, is on a mission to end child marriage. As the emir of Kano in northern Nigeria, one of 13 states where there is no minimum age for marriage, he is well placed to understand the issue. Yet Sanusi, a hugely symbolic religious figure, is at pains to point out that it is a social rather than scriptural problem. Continue reading... |
| Aerial footage of Switzerland landslide shows trail of destruction – video Posted: 24 Aug 2017 04:44 AM PDT Several people are missing after a landslide struck Bondo in the Swiss Alps on Wednesday morning. Aerial footage shows mud, rocks and dirt flooding into the village, near the Italian border Continue reading... |
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