EU likely to shun Myanmar generals in new sanctions

Rohingya refugees, who arrived from Myanmar, walk in a rice field after crossing the border in Palang Khali near Cox's Bazaar, Bangladesh on Monday. (Reuters)
Updated 10 October 2017
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EU likely to shun Myanmar generals in new sanctions

BRUSSELS: The EU proposes cutting back contacts with Myanmar’s top generals in a first step to increase sanctions over an army offensive that has driven Rohingya Muslims out of the country, according to a draft document seen by Reuters.
The bloc “will suspend invitations to the commander-in-chief of the Myanmar/Burma armed forces and other senior military officers,” read the draft for agreement by EU foreign ministers meeting next Monday.
The document, to be discussed further by envoys from the 28 EU states on Tuesday, said the EU “may consider further measures” depending on developments on the ground “but also stands ready to respond accordingly to positive developments.”
The document confirmed support for an existing EU embargo on arms and equipment that can be used for “internal repression.” The US is also considering new targeted sanctions on Myanmar.
Meanwhile, at least 14 Rohingya refugees, most of them children, drowned and scores more were missing after their overloaded boat capsized in the latest tragedy to strike those fleeing violence in Myanmar.
Authorities in Bangladesh said the boat was carrying between 60 and 100 people when it overturned and sank in rough seas on Sunday night.
The bodies of 11 children, two women and a man were washed up on Shah Porir Dwip island in Bangladesh and border guards pulled 13 survivors from the sea, but the fate of the others remains unknown.
Alif Jukhar, a Rohingya refugee who has long lived in Bangladesh, lost nine relatives in the disaster including his mother and father.
“Yesterday, I spoke to my parents on the phone and they told me they would arrive in Shah Porir Dwip tomorrow,” he told AFP as he used his bare hands to bury their bodies.
Shortly afterward, overcome with grief, he collapsed screaming in the middle of the cemetery.
More than half-a-million Rohingya have left Myanmar since militant raids on police posts on Aug. 25 prompted a brutal military backlash against the Muslim minority that the UN has said could amount to ethnic cleansing.

Survivor Sayed Hossain wept as he watched the body of his two-year-old son being taken away to the local cemetery for burial.
The International Organization for Migration (IOM) said some children on board had lost their entire families in the disaster and were now alone in a strange country.
The government of Buddhist-majority Myanmar refuses to recognize the Rohingya as a distinct ethnic group and considers them illegal migrants from Bangladesh.
The Myanmar government has said its “clearance operations” against the militants ended in early September and people had no reason to flee. But in recent days the government has reported large numbers of Muslims preparing to leave, with more than 17,000 people in one area alone.


Saudi Arabia's Prince Faisal speaks with Iranian acting foreign minister Ali Bagheri Kani

Updated 11 sec ago
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Saudi Arabia's Prince Faisal speaks with Iranian acting foreign minister Ali Bagheri Kani

  • Kani has been the acting foreign minister since last week, following the death of his predecessor Hossein Amir-Abdollahian

RIYADH: Saudi Arabia’s Prince Faisal bin Farhan spoke on the phone with Iran’s acting foreign minister Ali Bagheri Kani on Thursday.

During the call, Prince Faisal bin Farhan and Kani discussed relations between the two countries, ways to enhance them, and regional and international developments, Saudi Press Agency reported.

Kani has been the acting foreign minister since last week, following the death of his predecessor Hossein Amir-Abdollahian, in a helicopter crash, which also killed President Ebrahim Raisi.


Saudi banks’ risk profiles stronger than GCC counterparts: Fitch 

Updated 2 min 11 sec ago
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Saudi banks’ risk profiles stronger than GCC counterparts: Fitch 

RIYADH: Saudi banks exceed their Gulf Cooperation Council counterparts in terms of risk profiles underpinning their asset quality, according to Fitch Ratings.

The credit rating agency said in a statement that there is a strong correlation between asset quality and risk profile scores among regional banks, particularly in the GCC, due to their lending-focused business models. Saudi banks boast a weighted-average risk-profile score slightly below “bbb+” and a similar asset quality score.

Conversely, in the UAE, Qatar, and Kuwait, both weighted-average scores stand two notches lower, at “bbb-.”

Despite experiencing credit growth around double the GCC average between 2022 and 2023, Saudi banks maintain stronger scores. This surge is attributed to heightened government spending and robust non-oil gross domestic product growth.

However, banking assets remained at 99 percent of GDP by the end of 2023, contrasting with figures of 206 percent in the UAE, 240 percent in Qatar, and 159 percent in Kuwait.

The stronger risk profiles of Saudi banks are evident in their asset quality metrics. From 2019 to 2023, the sector’s cost of risk averaged 60 basis points, lower than the averages observed in the UAE, Qatari, and Kuwaiti banking sectors.

Similarly, the combined Stage 2 and 3 loans ratio of 7.2 percent was the lowest among the four markets.

Fitch’s assessment of Saudi banks’ stronger risk profiles reflects their generally conservative underwriting standards and risk controls.

This evaluation also acknowledges the perception that the Saudi Central Bank,  also known as SAMA, is the region’s strictest and most prudent banking regulator.

“Saudi banks have less borrower concentration than the UAE and Qatari banks, but a similar level to Kuwaiti banks, due to a larger and more diversified economy and strong retail financing in 2021-2023,” the rating agency stated.

It added: “The 20 largest exposures at Saudi and Kuwaiti banks account for about 20 percent of the loan books on average, but significantly more — about 35 percent — at UAE and Qatari banks.”          

Moreover, Saudi banks extend lower levels of financing to companies owned or managed by high-net-worth individuals compared to certain UAE and Qatari banks.

Saudi banks’ exposure to real estate and construction companies rose to 15 percent of gross sector financing by the end of the first quarter of 2024, up from 12 percent at the end of 2021.

This trend is anticipated to persist as non-oil sectors continue to expand. While Saudi banks’ real estate financing proportion now resembles that of Qatari and the UAE banks, it remains below the average for Kuwaiti lenders, standing at 24 percent of gross loans as of end 2023.

“We typically view high exposure to real estate financing as a weakness for GCC banks’ risk profiles and asset quality, as the exposures are mostly long-term and often non-amortizing with final repayment contingent upon full completion of the building,” Fitch said in the statement.

It added: “Potential difficulty in realizing underlying collateral or repossessing prime residences can also weigh on how Fitch views the exposures.”

 

 


Saudi crown prince receives written message from Somali president

Deputy Minister for Political Affairs Saud Al-Sati receives the message from the Somali president’s special envoy Mahmoud Jeely.
Updated 6 min 25 sec ago
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Saudi crown prince receives written message from Somali president

  • The message was received on behalf of the crown prince by Deputy Minister for Political Affairs Saud Al-Sati

RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman received a written message from Somalia’s President Hassan Sheikh Mohamud concerning bilateral relations, Saudi Press Agency reported on Thursday.

The message was received on behalf of the crown prince during a meeting between the Deputy Minister for Political Affairs Saud Al-Sati and the president’s special envoy Mahmoud Tahir Jeely.

During the reception, bilateral relations between the two countries and ways to strengthen and develop them in all fields were reviewed. Topics of common interest were also discussed.


Animals collapse, water shortages bite amid India’s searing heat

Updated 11 min 32 sec ago
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Animals collapse, water shortages bite amid India’s searing heat

  • India’s capital Delhi recorded first heat-related death on Wednesday as sun scorches
  • Extreme temperatures spark fires in several regions of country such as Jammu and Kashmir

NEW DELHI: Animals collapsed, people jumped on water tankers with buckets amid shortages and government employees changed their work hours as blistering summer heat kept its grip on north India on Thursday.

Although Thursday’s readings were marginally lower in Delhi than the previous day when one area recorded an all-time high of 52.9 degrees Celsius (127.22 Fahrenheit), the region still saw temperatures touching 47 C (116.6 F).

Delhi, which has a population of 20 million, recorded its first heat-related death on Wednesday, with a 40-year-old laborer dying of heatstroke, local media reported. Authorities said they are investigating if the 52.9 C reading in the Mungeshpur neighborhood on Wednesday was caused by a sensor error at the local weather station.

Television images showed people chasing water tankers or climbing on top of them in parts of the city to fill containers amidst an acute water shortage that the government blames on low levels in the Yamuna River — Delhi’s primary source of water.

Along the river’s banks, women in shanties endured stifling conditions in their homes as their cooking stoves aggravated the sweltering weather.

“The heat is worse this year. We work like this every day so we get into the habit,” said Seema, 19, who cooks for her family twice a day.

In the neighboring state of Uttar Pradesh, a policeman used CPR to revive a monkey that he said had fainted and fallen from a tree because of the heat, pumping its chest for 45 minutes, local media reported, and Delhi also saw cases of heatstroke among birds.

As more people chose to order food and groceries by home delivery instead of venturing out in the heat, delivery personnel have been spending more time on their scooters and motorbikes, their employers said.

“Order frequency has been higher during the afternoon when people are avoiding stepping out,” said Ateef Shaikh, a delivery fleet manager at a Swiggy delivery app store in Mumbai.

Zomato and its grocery delivery business, Blinkit, have taken additional measures to help delivery workers, including providing refreshments and comfortable clothing, their spokespersons said.

Blinkit is installing air coolers in the waiting areas of all its stores, the spokesperson added.

The extreme temperatures have also sparked more fires in several parts of the country, including in the northern state of Jammu and Kashmir, where authorities are using drones to monitor forest fires.

The country, which is nearing the end of multi-phase national elections, is not alone in experiencing unusually high temperatures. Billions across Asia are grappling with the heat and in neighboring Pakistan the temperature crossed 52 C (125.6 F)this week.

Scientists say this trend has been worsened by human-driven climate change. India, the world’s third-biggest greenhouse gas emitter, has long held that, as a developing nation, it should not be forced to cut its energy-related emissions but has set a target of becoming a net-zero emitter by 2070. 


Cricket’s ability to mock itself

Updated 28 min 10 sec ago
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Cricket’s ability to mock itself

  • Shorter forms of cricket started as “a bit of a joke” but are now behemoths threatening longer-established formats

LONDON: In cricket, what started out as a “bit of a laugh” but turned out to be much more serious? This is not a trick question. It could refer to Test cricket’s origins. England v Australia, five-day matches, players switching allegiance between countries, a jibe by Australians to create the “ashes” of English cricket in an urn. Although this turned a bit of fun into a deadly serious contest over almost 150 years, it is not the answer.

Another possibility is the start of limited-overs cricket. The first so-called international limited-overs match was played between Australia and England on Jan. 5, 1971 in Melbourne. The first three days of a Test match had been rained off and the authorities faced a significant loss of income. They decided to abandon the match, replace it with a one-off, one-day match and add a seventh Test at the end of the series. This was much to the surprise and reluctance of the players, who were not consulted.

The English players seemed more concerned about receiving money for being asked to play extra matches. They were used to the benefits of limited-over cricket, which had started in the English and Welsh professional game in 1963 as a response to falling attendances and defensive play. Although commercially successful, with a sponsor in Gillette, no other Test-playing nation displayed any enthusiasm for the format. The decision by the Australian authorities to stage the match did not raise a laugh among the players, while the Australian Cricket Board was not laughing in the face of a serious need to generate income.

On what would have been day five of the Test match, the one-day game went ahead in a format of 40 overs, each of eight deliveries, the standard in Australia at the time. The teams were billed as an “England XI” and an “Australia XI.” Press reports referred to it as a “one-day Test match.” Any skepticism about the match by players and authorities was not shared by spectators, 46,000 of them turning up to watch.

This was a light-bulb moment for the Australian Cricket Board, whose head, Sir Donald Bradman, proclaimed: “You have seen history made.” Australia won the match, the England captain admitting that his players did not take the game seriously, although they were relieved to play some cricket after having spent so much time in the dressing room, as well as receiving an extra £50 for participating.

In this rather grumpy and fragile set of circumstances history was, indeed, created without many of the participants recognizing the significance of the event. Some years later, one Australian player recalled his surprise that a game they thought a “bit of a joke” became part of cricket’s history.

A revolution had been set in train. In 1973, the first women’s one-day world cup was staged, followed by the men’s in 1975. Kerry Packer’s breakaway World Series Cricket in 1977 in Australia shook cricket’s authorities into realizing the commercial opportunities offered by the format. At that time, Australia, England and the West Indies were dominant. India did not take the format, often referred to as “pyjama cricket” because of the use of colored kit, at all seriously.

This all changed in 1983 when not only did India take the format seriously but its team also won the one-day world cup, defeating England, Australia and the West Indies along the way, inspired by the captain, Kapil Dev. In two months, the appeal of limited-overs cricket was transformed, as the Indian public fell head-over-heels in love with it and its heroes. Triangular and quadrangular tournaments were spawned on the Indian subcontinent and Sharjah. A joke became a joyful and serious commercial activity.

Yet, this is still not the answer to the original question. At the turn of the 20th century, falling attendances in England and Wales, poor performances by the national team and the imminent banning of tobacco advertising in sport combined to create a new crisis. Based on focus groups and surveys, the England and Wales Cricket Board concluded that the population wanted a form of cricket with wider appeal in terms of both duration and form of delivery. Reduced-over formats, such as 15 eight-ball or 20 overs of six balls, had been used for decades in club cricket in mid-week evening cups. In 2002, the board proposed a new Twenty20 Cup competition for the professional game.

This was narrowly approved by the county cricket clubs and launched in May 2003 on a roof garden in central London with members of a quickly forgotten pop group appearing in a tacky photoshoot. They were accompanied by the captains of the two county teams that were to contest the first match. One of them admitted to cringing when he saw the result of the photoshoot. He also said that he found the first match, on June 13, 2003, a “bit of fun.” It was not taken too seriously, as the general view was that it would not last.

How wrong could they have been? Another piece of cricketing history had been made, without anyone understanding the significance of the event. Counties used increasingly garish methods to entertain their new breed of spectators, who responded positively, thus ensuring that the format lasted longer than many thought would be the case. Once again, India was slow to adopt the format, but when it did cricket was transformed, the subcontinent effectively hijacking the new format.

The impacts of this continue to reverberate and encroach on other formats, as well as driving the game’s global expansion. Matches in the imminent twenty-team T20 World Cup will take place in the US, and T20 cricket will be an Olympic sport in 2028. So, from being a “a bit of a laugh,” it has become the dominant format and a commercial behemoth of existential threat to longer-established formats, both of which started as a “bit of a joke.” Cricket has a way of making fools of those who joke.