World
Biden and McCarthy reach “compromise” on raising US debt ceiling
Democratic and Republican negotiators reached an agreement Saturday A deal to resolve the debt ceiling crisisIt renews hopes for an immediate end to the world’s biggest economy risking its debt default.
U.S. President Joe Biden welcomed the deal to raise the federal government’s debt ceiling by $31.4 trillion, saying it represented a “significant step forward” and consensus, while protecting top priorities for Democrats.
“The agreement reflects consensus, which means that not everyone can get what they want,” he said in a statement.
For his part, McCarthy wrote on Twitter, “I spoke with the President on the phone. After months of him wasting time and refusing to negotiate, we have reached an agreement in principle that the American people deserve.”
The deal raises the debt ceiling for two years and cuts spending over the same period. These include restoring unused Covid-19 funding and speeding up the approval process for some energy projects and some additional business regulations for food assistance programs for poor Americans.
If a deal is passed in Congress before the Treasury Department finds the money to cover all of its obligations, the country will avoid destabilizing debt. The Treasury Department warned Friday that could happen if the debt ceiling is not raised before June 5.
A preliminary agreement for the US not to repay its dues
“A Breakthrough for Financial Markets”
After several meetings between the two at the White House, the Biden and McCarthy teams held very long negotiating sessions.
The initial deal that ended on Saturday was a breakthrough for financial markets, which did not see a panic move as a result of the issue, but their patience was running out.
A last minute solution is often reached in such files.
Credit rating agency Fitch put the US rating on “AAA” watch, saying failure to reach an agreement would “send a negative signal in terms of governance”.
The director general of the International Monetary Fund, Kristina Georgieva, said the global economy, already plagued by “great uncertainty”, was “vital” to these tense discussions.
The deal must be ratified by the Democratic-controlled Senate and House of Representatives, where conservatives hold narrow majorities.
Some progressives in the Democratic Party and members of Congress in the Republican Party have threatened to either not ratify the deal or delay it as long as possible if it makes too many concessions in favor of the opposing camp.
Republican Rep. Bob Goode said Saturday that “no member of Congress from the conservative camp can justify a positive vote” based on what he was told of the deal.
France 24/Reuters/AFP
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World
43,000 people have been displaced from Terna and its environs due to water shortages, and officials refuse to monitor infectious diseases. news
9/22/2023–|Last Updated: 9/22/202306:02 AM (Makkah Time)
The International Organization for Migration reported that more than 43,000 people have been displaced as a result of the devastating floods in eastern Libya, particularly in the city of Derna, after the passage of Storm Daniel on the evening of Sunday, September 10. The organization affirmed that the urgent needs of the United Nations displaced include food, fresh water, mental health, and the provision of support, psychological and social.
It comes as efforts to recover bodies and clear debris from affected areas continue to struggle and hopes of finding survivors dwindle.
According to the United Nations-affiliated international organization, the tragedy in eastern Libya has displaced 43,059 people, with about 24,500 displaced from the city of Terna alone. About 3,000 people were displaced from Al-Bayda town. More than 2,780 people fled their homes due to flooding in the city of Benghazi. About two thousand people fled their homes in al-Abraq, and about 1,500 each in al-Marj and Dogra.
The international organization pointed out in its report that many of the displaced within Terna had to travel to other cities in the east and west of the country due to lack of water supply.
Tawhid Basha, the director of the International Organization for Migration in Libya, told Al Jazeera that Derna was no longer a livable city and that the needs of its residents had to be followed and that relief agencies were working to assess the needs. Terna residents to meet them.
The catastrophic floods led to the death of 3,351 people, according to the provisional official count announced by the Minister of Health in the parliament-appointed government, Othman Abdel Jalil, on Tuesday evening. However, the United Nations indicated that the number of victims exceeded 11,300, excluding the 10,100 missing.
Humanitarian organizations and Libyan authorities fear the death toll could be much higher as the number of missing continues to rise.
The medical and emergency center in Derna said the task force began searching for bodies in several locations in the city, including Wadi al-Kafta and its neighboring valleys east of Derna and to the sea. This comes after authorities announced the division of the city into affected areas to facilitate the work of rescue teams.
The center said local and international rescue and diving teams removed a group of cars that had been swept away by currents inside the docking area of Terna port.
Health status
For his part, Othman Abdel Jalil, the health minister of the parliament-appointed government, said the health situation in Derna city is stable amid global efforts to mitigate the impact of the disaster. Abdul Jalil insisted on the use of sound scientific methods in dealing with the disaster, denying that any infectious diseases had been detected.
The Al-Monitor website cited the International Organization for Migration as saying that the catastrophic floods in Libya destroyed entire neighborhoods, and water swept countless thousands of residents into the sea, while a lack of clean water supplies forced many displaced people to flee. Terna for other areas.
The website cited the United Nations as saying that local authorities, aid agencies and the World Health Organization are concerned about the risk of disease transmission, particularly due to contaminated water and unsanitary conditions.
Rescuers are continuing their efforts to find the bodies of the missing, especially in the sea, after the flood swept away all the neighborhoods.
On Thursday, the National Unity Government in Tripoli announced that the bodies had been found in an area of about 100 kilometers between Terna and al-Bayda in the west. The government said it had provided relief services with a map of where the bodies were located to recover the bodies.
Communications networks and the internet were blacked out on Tuesday evening, and journalists were asked to leave the affected city the day after a demonstration by Terna residents demanding that authorities in the east of the country be held accountable. to disaster.
Officials spoke of an “optical fiber cut”, but according to analysts and internet users, the cut was deliberate and aimed at imposing a “blackout” after extensive media coverage of the demonstration the previous day.
American visit
Meanwhile, General Michael Langley, commander of the US Africa Command, and Richard Norland, the US ambassador to Libya, on Thursday delivered 13 tons of aid to Benghazi, the largest city in eastern Libya. The Agency for International Development (USAID), specifically, includes items such as personal hygiene and emergency shelter, according to the US Embassy.
Langley and Norland later met with Haftar. During the meeting, the US general “stressed the importance of forming a democratically elected national government, reintegrating the Libyan army and protecting Libya’s sovereignty by eliminating foreign mercenaries,” the same source said.
On the sidelines of the United Nations General Assembly meetings, US Assistant Secretary of State for Near East Affairs Barbara Leaf said in an interview with Al Jazeera that Washington would continue to provide aid to flood-affected areas in Libya.
In Tripoli, Libya’s highest institutions yesterday, Thursday, discussed ways to coordinate efforts to deal with the humanitarian crisis in the affected areas in the east of the country, especially in the city of Terna, which was hit hard by floods.
This happened during a meeting between the Vice Chairman of the Presidential Council, Abdullah Al-Labi, the Chairman of the Supreme Council of State, Muhammad Takala, and the Chairman of the Government of National Unity, Abdul Hamid, at the Prime Minister’s Office in the Libyan capital. According to two separate statements by Al-Tabaiba, the Presidential Council and the Unity Government.
The Presidential Council said in its statement that the meeting reviewed ongoing rescue and relief operations in Derna city and other flood-damaged cities in eastern Libya.
According to the report, the organization of humanitarian efforts to contribute to mitigating the effects of the disaster was ensured, and specialized local, Arab and international teams working in the affected areas were enabled to carry out their work successfully.
In particular, the Government of National Unity explained in its statement that the meeting discussed ways to coordinate efforts to address the humanitarian crisis facing Terna and all affected areas.
According to a government statement, participants emphasized the need to overcome difficulties to ensure that relief aid reaches flood and flood-affected people.
In this context, Al-Tabaiba pointed out during the meeting the importance of uniting and coordinating efforts to alleviate the sufferings of the people in the affected areas.
He also emphasized the need to provide relief to the people of Terna to restore their lives and to address the internal displacement crisis. Report.
For his part, the spokesman of the National Unity Government, Muhammad Hamouda, said experts and an assessment team of the Criminal Investigation Service identified 95 places where private and public properties were damaged within the city of Derna.
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World
The Kuwait panel has warned against downgrading the country’s sovereign rating
General view of the Kuwaiti capital (Archive)
Thursday 21 September 2023 / 19:19
A Kuwaiti government panel has warned it could downgrade the country’s sovereign debt because of slow financial and economic reforms, according to a document seen by Reuters.
The Supreme Committee for Sovereign Credit Rating Administration says all rating agencies expect Kuwait to adopt financing mechanisms other than withdrawal from the public reserve fund, according to the finance minister’s response to a parliamentary question.
The panel added in its response, “The agencies indicated the possibility of downgrading the sovereign debt rating of the State of Kuwait as the pace of implementing structural financial and economic reforms to diversify the state’s sources of income and rationalize public spending slows.”
In the first year of the plan, which will extend from 2023, the government said in a work plan submitted to parliament in July that it wants to approve a public debt law and its regulatory framework that links to projects of added economic value. 2027.
#Kuwait.. The new law prohibits election invalidation
https://t.co/6S1GPww1fC pic.twitter.com/BHA2lcx84j
— 24.ae (@20fourMedia) July 26, 2023
But the law ran into initial opposition from representatives, as key members of Kuwait’s National Assembly sharply criticized the government’s proposal to approve a long-awaited public debt law, an early sign that the new government may face old, familiar challenges. May be a hindrance to economic reforms.
Perpetual bickering between successive governments and parliaments in Kuwait in recent years has hampered economic reforms, including blocking a public debt law that, if passed, would have allowed Kuwait to benefit from international credit markets and hedge against risks to the country’s public budget. Dependent heavily on oil.
The government panel pointed out the importance of linking credit rating agencies to laws authorizing laws to provide liquidity to state public exchequers, such as the Public Debt Act and the Financial and Economic Reforms Act.
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World
Saudi Arabia’s trade surplus narrows to $6 billion
Beijing approves licenses to export “chip components”
China’s Ministry of Commerce said on Thursday that some Chinese companies have received export licenses for the elements gallium and germanium used in chipmaking, after Beijing imposed new conditions on exports from August 1.
Ministry of Commerce spokesman He Yadong said at a regular press conference that the ministry has approved the applications of some companies that meet the relevant requirements and is still reviewing others.
The comments came after China’s exports of germanium and gallium elements fell in August, the first month of export restrictions, customs data showed on Wednesday.
This followed a surge in exports of specialty chip miners in July, with foreign buyers rushing to secure supplies before the restrictions came into effect.
That month, China announced export restrictions on eight gallium products and six German products starting in August. It’s the latest episode in an escalating battle between Beijing and Washington over access to materials used to make high-tech microchips.
According to the new rules, exporters of germanium and gallium products must obtain an export license for dual-use materials and technologies, or those capable of military and civilian use.
China’s Ministry of Commerce said it received some applications for export licenses in mid-August.
China’s germanium exports in the first eight months of 2023 reached 36.48 metric tons, up 58 percent from the same period last year, while gallium exports fell 58 percent year-on-year to 22.72 tons. August.
Agence France-Presse told Agence France-Presse that Germany is considering banning components made by Chinese firms Huawei and ZTE in its fifth-generation communications networks starting in 2026, in exchange for Chinese moves to control markets related to the chip industry. On Wednesday.
According to the government’s proposals, Chinese elements will be excluded from the “core network” of communications in the country from January 1, 2026, the sources said.
The ban is understood to affect not only new components but also established ones. Sources indicate that the German government wants to start phasing out Huawei and ZTE components from its networks.
There are changes to Germany’s fifth-generation mobile phone networks, which are operated by Deutsche Telekom, Vodafone and Telefonica, that are “of great importance to the German government with regard to security policies,” according to a draft document from the interior ministry. Agence France-Presse.
The document said Germany has “major structural dependencies” on Huawei and ZTE, which in its view require urgent action.
The government’s plan is part of Germany’s strategy to “de-risk” its relations with China, announced by German Chancellor Olaf Scholz in July, the document says. Last July, Germany published a 64-page document outlining a new strategy for dealing with China, its largest trading partner.
The document sought to renew Germany’s stance towards China as a “partner and competitor” while seeking to strike a balance between China and the largest economy in the EU. Chancellor Olaf Scholz said when presenting the strategy: “We want to reduce sensitivity bias in the future,” adding that Berlin is thus “responding to China, which is becoming more assertive.”
“Creator. Award-winning problem solver. Music evangelist. Incurable introvert.”
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