11 people killed in Philippine road crash

11 people killed in Philippine road crash
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There were no fatalities on the passenger bus, but the driver and conductor were seriously hurt and 23 others suffered minor injuries. (Facebook: Cagayan Provincial Information Office)
11 people killed in Philippine road crash
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There were no fatalities on the passenger bus, but the driver and conductor were seriously hurt and 23 others suffered minor injuries. (Facebook: Cagayan Provincial Information Office)
11 people killed in Philippine road crash
3 / 4
There were no fatalities on the passenger bus, but the driver and conductor were seriously hurt and 23 others suffered minor injuries. (Facebook: Cagayan Provincial Information Office)
11 people killed in Philippine road crash
4 / 4
There were no fatalities on the passenger bus, but the driver and conductor were seriously hurt and 23 others suffered minor injuries. (Facebook: Cagayan Provincial Information Office)
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Updated 11 July 2024
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11 people killed in Philippine road crash

11 people killed in Philippine road crash
  • Accident happened shortly after midnight at an intersection in Abulug municipality in Cagayan province
  • Deadly road accidents are common in the Philippines

MANILA: Eleven members of a family returning home from a wake died Thursday when their pick-up truck collided with a passenger bus in the northern Philippines, police said.
The accident happened shortly after midnight at an intersection in Abulug municipality in Cagayan province.
The Toyota Hilux carrying 14 people reached an intersection with a major highway and hit the bus, police said.
Only three people in the pick-up survived, police Major Antonio Palattao said.
There were no fatalities on the passenger bus, but the driver and conductor were seriously hurt and 23 others suffered minor injuries, he said.
“The driver of the Toyota Hilux is not well-oriented with the area and was not aware they were already approaching a highway,” police Captain Jun-jun Torio said.
“Naturally, you slow down when approaching one.”
Deadly road accidents are common in the Philippines, where drivers frequently flout the rules and vehicles are often poorly maintained or overloaded.


India’s Modi faces delicate balancing act in post-election budget

India’s Modi faces delicate balancing act in post-election budget
Updated 13 sec ago
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India’s Modi faces delicate balancing act in post-election budget

India’s Modi faces delicate balancing act in post-election budget

NEW DELHI: Indian Prime Minister Narendra Modi’s first post-election budget on Tuesday will seek to lay out an economic vision that balances fiscal prudence with the expectations of disgruntled voters and the demands of his coalition partners.

“This budget will decide the direction of our work for the next five years and this will lay the foundation of fulfilling our objective to make India a developed country by 2047,” Modi said on Monday ahead of the budget, due to be presented by Finance Minister Nirmala Sitharaman.

Modi’s Hindu nationalist Bharatiya Janata Party (BJP) failed to secure a majority in the election last month, making it dependant on allies to form a government for the first time since he came to power more than a decade ago.

The budget is expected to cut taxes for the middle class, provide relief for distressed rural areas and heed the demands of two key coalition partners — Andhra Pradesh’s Telugu Desam Party and Bihar’s Janata Dal (United) — for billions of dollars in additional funding for their regions.

“Weaker political capital, uneven growth story with tepid consumption, and missing vigour in private capex and the rural sector form the backdrop of the upcoming Budget,” Madhavi Arora, an economist at Emkay, said.

The government will also look to keep at bay a resurgent opposition which has criticized the Modi government for a lack o f jobs, high cost of living and growing income inequality.

According to a report by World Inequality Lab, wealth concentrated in the richest 1 percent of India’s population is at its highest in six decades, while youth unemployment stands at over 17 percent according to government estimates.

INFRASTRUCTURE SPENDING

A government report published on Monday forecast economic growth of between 6.5 percent and 7 percent for the current fiscal year, slightly below consensus analysts’ estimates.

The government does, however, have enough cover from the central bank to ensure it stays on course to narrow the budget gap and finance its infrastructure projects.

In May, the Reserve Bank of India transferred a $25 billion surplus transfer to the government that will help it cover tax cuts, help for rural areas and coalition partners’ demands for regional funding.

Over the last three years, the government nearly doubled spending on long-term infrastructure projects as a way to push growth and generate jobs and plans to spend 11 trillion rupees ($131.51 billion) on such projects this year.

Some economists expect the budget could include improvements to an incentive scheme for domestic and foreign companies to boost manufacturing in India in 14 sectors including electronics, semiconductors and pharmaceuticals.

On Monday, the government’s economic survey warned of rising risks from a surging equity market, which is also drawing retail investors into risky derivatives trading.

To discourage such risky investments, economists say the budget could include measures such as an increase in capital gains tax on equity investments held long-term. However, such a move could be a major dampener for Indian equities and hit the stock market, according to Morgan Stanley.

Any hike in transaction tax on derivatives would also be a negative surprise, Jefferies said.

Finance Minister Sitharaman is due to present the budget from 0530 GMT.


US ambassador to UN visits Haiti, announces new aid

US ambassador to UN visits Haiti, announces new aid
Updated 6 min 5 sec ago
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US ambassador to UN visits Haiti, announces new aid

US ambassador to UN visits Haiti, announces new aid

PORT-AU-PRINCE: The US ambassador to the United Nations visited crisis-wracked Haiti on Monday, where she announced $60 million in additional humanitarian aid and received updates on the Kenya-led security support mission.

Ambassador Linda Thomas-Greenfield held talks with the country’s transitional presidential council and new Prime Minister Garry Conille during the day-long trip.

“Haitians deserve free and fair elections and a government that is truly accountable to the people,” she said during a press conference.

The ambassador also announced $60 million was being provided via USAID to contribute “significant US funding for additional security assets and humanitarian assistance for Haiti,” according to a news release.

The funds will go toward food, water, shelter and other essential needs, and comes on top of $105 million the United States had previously committed to Haiti.

Thomas-Greenfield’s visit comes just days after recently deployed Kenyan police started patrolling parts of the capital Port-au-Prince.

Kenya is deploying hundreds of police officers as part of an international force to help Haiti tackle its soaring insecurity.

The country has long been rocked by gang violence, but conditions sharply worsened at the end of February when armed groups launched coordinated attacks in Port-au-Prince, saying they wanted to overthrow then-prime minister Ariel Henry.

Unelected and unpopular, Henry stepped down in April, handing over control to the transitional government, tasked with leading the country toward its first elections since 2016.

Conille last week announced emergency measures to combat unrest in 14 communes reeling under the control of gangs.

The UN-approved, Kenya-led mission, with an initial duration of one year, will total 2,500 personnel from countries that also include Bangladesh, Benin, Chad, the Bahamas and Barbados.

The United States has ruled out sending forces, but is contributing funding and logistical support to the mission, including a “significant number” of armored vehicles.

The violence in Port-au-Prince has affected food security and humanitarian aid access, with much of the city in the hands of gangs accused of abuses including murder, rape, looting and kidnappings.


Kamala Harris lashes out at Trump as Democrats unite

Kamala Harris lashes out at Trump as Democrats unite
Updated 20 min 20 sec ago
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Kamala Harris lashes out at Trump as Democrats unite

Kamala Harris lashes out at Trump as Democrats unite
  • "Cheaters who broke the rules for their own gain. So hear me when I say I know Donald Trump’s type”

WASHINGTON: US Vice President Kamala Harris launched her election campaign Monday with a blistering personal attack on Donald Trump and vowed to win in November despite the “rollercoaster” of President Joe Biden’s shock exit.
As she closed in on the Democratic party’s nomination with the support of a slew of heavyweights and massive voter donations, Harris lashed out at Trump in her first speech to campaign workers since Biden’s announcement Sunday.
Biden, 81, meanwhile made his first public remarks for nearly a week as he recovers from a bout of Covid.
He called in to the campaign meeting to say that dropping out — after mounting party and voter concerns over his health and mental acuity — had been the “right thing to do” and he praised Harris as “the best.”
“We are going to win in November,” a smiling Harris told campaign workers in her fiery speech at campaign headquarters in Wilmington, Delaware.
She said she had gone to the Wilmington office to address them personally after the “rollercoaster” of the last few days.
Turning her fire on Trump, Harris referred to her past role as California’s chief prosecutor, saying she “took on perpetrators of all kinds.”
“Predators who abused women. Fraudsters who ripped off consumers. Cheaters who broke the rules for their own gain. So hear me when I say I know Donald Trump’s type,” she said to applause.
Harris also pledged to focus on the politically explosive issue of abortion, after Trump praised the Supreme Court’s 2022 decision to overturn the long-held federal right to the procedure.

Biden dropped out on Sunday and endorsed Harris after three weeks of intensifying pressure, triggered by a disastrous debate performance against Trump.
Aiming to become the first woman president in US history, the 59-year-old Harris won the backing of a seemingly unassailable number of Democrats.
Notably among them was powerful former US House speaker Nancy Pelosi, who said she endorsed Harris “with immense pride and limitless optimism.”
The major AFL-CIO union federation also gave its formal endorsement on Monday.
Donors have rallied behind Harris, pouring a record $81 million into her campaign in the 24 hours after Biden stood aside.
The campaign claimed the haul was the largest one-day sum in presidential history — and that, among the 888,000 grassroots donors, some 60 percent were making their first 2024 contribution.
In his comments, Biden pledged to keep working on key topics, including ending the war in Gaza.
Addressing Harris, he added: “I’m watching you kid. I love you.”
An aide to Harris later said she would meet with Israeli Prime Minister Benjamin Netanyahu this week during his Washington visit — separate from Biden’s own planned sit-down.
Harris will not attend Netanyahu’s address to Congress, the aide said, due to a previously scheduled event.
In a strikingly symbolic moment on Monday morning, Harris hosted a ceremony for college athletes at the White House while Biden remained stuck in isolation with Covid at his Delaware beach house.
Biden’s symptoms “have almost resolved completely,” his doctor said Monday, though the White House has not yet announced any events on his schedule this week.

Biden’s stunning withdrawal has completely upended the 2024 race, transforming a long slog between two unpopular elderly men into one of the most compelling races in modern US history.
The move has jolted a demoralized party that Harris could now unify, and could give America its first female president.
It has also hit Republicans hard, with former president Trump, 78 — now the oldest presidential nominee in US history — having to completely retool a strategy that had been built around attacking Biden over his age and physical frailty.
Harris’s entry not only flips the age issue, but puts Trump — a convicted felon also found liable of sexual assault — up against a woman and former prosecutor.
And Trump has seemingly found it hard to move on from Biden.
He launched a series of invective-filled social media posts after Biden quit, mocking the president’s age and saying he and Harris posed a “threat to democracy.”
Trump’s running mate J.D. Vance echoed that line of attack at a rally in Ohio Monday, telling supporters that Harris had the momentum because “elite Democrats got in a smoke-filled room and decided to throw Joe Biden overboard.”
“That is not how it works. That is a threat to democracy,” he said.

 


Harris to meet Netanyahu during Washington visit: VP aide

Harris to meet Netanyahu during Washington visit: VP aide
Updated 55 min 23 sec ago
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Harris to meet Netanyahu during Washington visit: VP aide

Harris to meet Netanyahu during Washington visit: VP aide

WASHINGTON: Israeli Prime Minister Benjamin Netanyahu will meet with US Vice President Kamala Harris this week during his visit to Washington, an aide to Harris told AFP on Monday.

The White House meeting will be separate from President Joe Biden’s planned sit-down with Netanyahu, the aide said, and comes after Harris looks set to replace Biden atop the Democratic ticket following his shock end to his reelection bid.


Ukraine reaches preliminary deal with bondholder group on $20-billion debt restructure

Ukraine reaches preliminary deal with bondholder group on $20-billion debt restructure
Updated 23 July 2024
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Ukraine reaches preliminary deal with bondholder group on $20-billion debt restructure

Ukraine reaches preliminary deal with bondholder group on $20-billion debt restructure
  • Ukraine’s finances are precarious as its 28-month war with Russia drags on. Russia’s 2022 invasion decimated its economy, leaving it heavily reliant on money – and military aid – from international partners

LONDON: Ukraine said on Monday it had reached an agreement in principle with a group of creditors to restructure $20 billion of international bonds, bringing the war-torn country closer to an unprecedented debt rework.
Ukraine’s announcement comes just over a week before a two-year debt suspension agreement struck in 2022 is due to run out and marks the first time a country has embarked on a debt restructuring during a full-scale war.
“After months of engagement and hard work with our private bondholders, the IMF and our bilateral partners, we have reached an agreement in principle with the Ad Hoc Creditor Committee on the comprehensive restructuring of our public external debt,” Finance Minister Serhiy Marchenko said in a statement.
This was an important step to ensure Ukraine maintained the budget stability and cash resources needed to continue financing its defense, he added.
Ukraine’s finances are precarious as its 28-month war with Russia drags on. Russia’s 2022 invasion decimated its economy, leaving it heavily reliant on money – and military aid – from international partners.
The US presidential election in November and the risk of wavering commitment to maintain support for Ukraine under a potential Donald Trump presidency increased pressure for a debt restructuring, sources close to the talks and analysts said.
The proposal would see a 37 percent nominal haircut on Ukraine’s outstanding international bonds, saving Kyiv $11.4 billion in payments over the next three years — the duration of the country’s program with the International Monetary Fund set to expire in 2027, according to government statements.
The government said the IMF had confirmed that the deal was compatible with the parameters of its $122 billion support package, and that the country’s official lenders, the Group of Creditors of Ukraine (GCU), had also signed off on it.
A spokesperson for the Paris Club of creditor nations, which usually handles communications for the GCU, confirmed the group was comfortable with the proposal.
The IMF welcomed the agreement and confirmed it is consistent with the current program, adding that it will be “essential to bring Ukraine’s debt burdens to sustainable levels, thereby ensuring room for critical spending and supporting growth.”
Ukrainian Prime Minister Denys Shmyhal said in a message on the Telegram app that the deal would free up resources for urgent needs, including defense, social protection and recovery.
A source at the Germany finance ministry welcomed the draft agreement and said it was a key step to preserve the Ukraine government’s ability to act and plan ahead.
The Ad Hoc Creditor Committee, which holds 22 percent of the country’s sovereign bonds, called the agreement “swift and constructive.”
“We are pleased to be able to provide significant debt relief to Ukraine, assist its efforts to regain its access to international capital markets, and support the future reconstruction,” it said in a statement.
RACING TO THE FINISH
Under the proposal, some of the new bonds issued would start paying a 1.75 percent coupon from next year, with payments stepping up to as much as 7.75 percent from 2034 onwards. Bondholders are also in line to receive a consent fee.
Interest payments had been a sticky issue in the talks. Bondholders sought financial inducement to agree to a rework, while Ukraine’s international partners such as Group of Seven nations and the IMF objected to large amounts of money being funnelled to private lenders and away from strained government finances.
Payments to bondholders under the deal would amount to less than $200 million through to end-2025.
While the bonds have a face value of $19.7 billion, Ukraine owes around $23 billion with past due interest.
The international bonds soared more than 5 cents after the announcement, with most maturities trading around the 35 cents mark and at their strongest in about two years.
Ukraine’s $2.6 billion GDP warrants — fixed-income instruments with payouts linked to the strength of economic growth — were not part of the restructuring, though the government said it would “ensure the fair and equitable treatment of holders of the Warrants.”
Bondholders will vote on the proposal in coming weeks. If enough sign off, the government will issue new bonds.
A first payment in the wake of the two year moratorium is due on Aug. 1, but Ukraine last week passed a law allowing it to miss payments — and enter debt default, even temporarily — while the agreement is finalized.
The debt deal would be Ukraine’s second in a decade triggered by its neighbor: Ukraine restructured in 2015 following Moscow’s annexation of Crimea.
“Once completed, this restructuring will also pave the way for Ukraine’s market re-entry as soon as possible when the security situation stabilizes to fund our country’s swift recovery and reconstruction,” Marchenko said in the statement.