Former Wall Street exec named head of Turkey central bank

ISTANBUL (AFP) -- Turkish President Recep Tayyip Erdogan appointed former Wall Street executive Hafize Gaye Erkan as central bank governor on Friday, signalling a possible shift from his unconventional policies to fight soaring inflation. Erkan -- a former chief executive of US real estate finance firm Greystone, co-CEO of First Republic Bank and managing director at Goldman Sachs -- will be the first woman to head the central bank. She takes over from Sahap Kavcioglu, who lowered rates even tho

World BusinessJune 9, 2023

[Graphic News] World’s major train collisions from 2013

At least 275 people were killed and hundreds more injured in a train collision in the city of Balasore, India, Friday. After two passenger trains collided, one struck a stationary freight train at full speed and derailed itself. This particular train crash is one of the worst train crashes in India in 20 years. According to India’s railways minister, the derailment was caused by an error in the train signaling system. Other deadly train collisions since 2013 include a crash in the Indian s

World NewsJune 6, 2023

Indonesia kicks off multilateral naval exercise amid Asia-Pacific tension

Indonesia on Monday launched a multilateral naval exercise in its waters, alongside navies from countries including the United States, Britain, China, Japan, Russia and South Korea, amid simmering tensions in the Asia-Pacific region. Indonesia's navy said in a statement the routine Komodo drills were a "non-war" exercise that aims to "strengthen relationships between the navies" of 36 countries. The drills come as China and the United States ramp up military diplomacy in

World NewsJune 5, 2023

UBS to retain more than 100 Credit Suisse bankers in Asia: source

UBS Group AG is looking to retain more than 100 Credit Suisse Group AG investment bankers across Asia as part of a plan to shore up talent in markets where its rival has a stronger presence, a source with direct knowledge of the matter said. Switzerland's biggest bank is in advanced discussions to keep dozens of Credit Suisse's senior dealmakers in countries including South Korea, Thailand, Vietnam and India following its planned takeover, the source told Reuters on Monday, requesting

World BusinessJune 5, 2023

Montenegrin court upholds decision to grant bail to Terraform co-founder

A Montenegrin court has once again granted bail to Do Kwon, co-founder of cryptocurrency firm Terraform Labs accused of fraud in South Korea and the United States, dismissing an appeal by local prosecutors to revoke the decision. The district court in Podgorica, Montenegro, announced in a notice released Friday that it has agreed to grant bail to Kwon and his aide, known only by the surname Han, on condition they each pay 400,000 euros ($428,241) in bail money and are placed in confinement under

World NewsJune 4, 2023

China says it opposes US defense chief's comments on engagement

SINGAPORE (Reuters) -- China strongly opposes the United States defense chief's comments at the Shangri-La Dialogue that Beijing was unwilling to engage on military crisis management, a senior People's Liberation Army official said on Saturday. Lieutenant General Jing Jianfeng also said Beijing reiterates its indisputable sovereignty over islands in the South China Sea and adjacent waters. US Defense Secretary Lloyd Austin had earlier told the conference in Singapore he was deeply conc

World NewsJune 3, 2023

Erdogan to be sworn in for third term as Turkish president

ANKARA (AFP) -- President Recep Tayyip Erdogan is set to be sworn in on Saturday as head of state after winning a historic runoff election to extend his two-decade rule for another five years as Turkey's economic woes worsen. The inauguration in parliament will be followed by a lavish ceremony at his palace in the capital Ankara attended by dozens of world leaders. Turkey's transformative but divisive leader won the May 28 runoff against a powerful opposition coalition, and despite an

World NewsJune 3, 2023

More than 280 dead, hundreds hurt in India horror rail crash

India -- At least 288 people were killed and more than 850 injured in a horrific three-train collision in India, officials said Saturday, the country's deadliest rail accident in more than 20 years. Images from the crash site showed smashed train compartments torn open with blood-stained holes near Balasore, in the eastern state of Odisha. Carriages had flipped over entirely in the crash late on Friday and rescue workers searched for survivors trapped in the mangled wreckage, with scores of

World NewsJune 3, 2023

[Graphic News] N. Korea has world’s highest rates of modern slavery

According to the 2023 Global Slavery Index, modern slavery is present in every country, regardless of its wealth status. The index, published by the human rights charity Walk Free, has indicated that in 2021, around 50 million people were living in situations of modern slavery, with approximately 27.6 million of those people being in forced labor and 22 million in forced marriages. The index indicated that the countries estimated to have the highest modern slavery rates tend to be “conflic

World NewsMay 31, 2023

Money makes the world go round – and development succeed

By Jeffrey Sachs The key to economic development and ending poverty is investment. Nations achieve prosperity by investing in four priorities. Most important is investing in people, through quality education and health care. The next is infrastructure, such as electricity, safe water, digital networks and public transport. The third is natural capital, protecting nature. The fourth is business investment. The key is finance: mobilizing the funds to invest at the scale and speed required. In pr

World NewsMay 30, 2023

[Graphic News] Amnesty reports highest number of executions in 5 years

Recorded executions worldwide reached 883 last year, the highest since 2017, according to an Amnesty International report that decried the Middle East and North Africa in particular. The 2022 figure for 20 countries known to have executed people is a 53 percent increase on the previous 12 months, the global rights monitor said. It excludes the “thousands” of prisoners put to death secretively in China, but does count the “staggering” 81 people executed in a single day in

World NewsMay 30, 2023

[Graphic News] AI threatens humanity’s future, 61% of Americans say: poll

The swift growth of artificial intelligence technology could put the future of humanity at risk, according to most Americans surveyed in a Reuters/Ipsos poll. More than two-thirds of Americans are concerned about the negative effects of AI and 61 percent believe it could threaten civilization. Since OpenAI's ChatGPT chatbot became the fastest growing application of all time, the widespread integration of AI into everyday life has catapulted AI to the forefront of public discourse. ChatGPT h

World NewsMay 25, 2023

[Graphic News] Press freedom in South Korea worsened from last year

South Korea ranked 47th in the 2023 World Press Freedom Index, the Paris-based Reporters Without Borders (RSF) announced, falling by four places from last year. The index, based on an evaluation of the journalism environment in 180 countries and territories, is divided into four categories; “good,” “satisfactory,” “very serious,” “difficult,” and “problematic.” Korea was remarked as “satisfactory.” South Korea appreciates me

World NewsMay 23, 2023

Rights groups urge World Expo organizers to rethink Riyadh bid

A dozen human rights advocacy groups led by the Switzerland-based MENA Rights Group have in an open letter called on World Expo organizers not to consider Riyadh as a potential host for the World Expo 2030. In the letter dated May 16, the groups cited concerns that the event could be used to "whitewash" the country's human rights record, which includes the continued use of the death penalty, crushing of human rights activism, silencing of women’s rights advocates and targeti

World NewsMay 22, 2023

Tens of thousands of Moldovans rally for EU membership

CHISINAU (AFP) -- Tens of thousands of Moldovans rallied on Sunday to demand European Union membership for their country, whose bid to join the bloc has been accelerated by the war in neighboring Ukraine. The former Soviet republic of 2.6 million people applied last year to join the EU and in June 2022 became a candidate country, alongside Ukraine. More than 75,000 people participated in the demonstration in the center of the capital, Chisinau, according to initial police estimates. They waved E

World NewsMay 21, 2023

Japanese PM faces dilemma at G7 as he balances anti-nuke goals with reality of threats

HIROSHIMA (AP) -- 8:15 on the morning of Aug. 6, 1945. It's a big reason leaders from the world's most powerful democracies descended on Hiroshima for this weekend's Group of Seven summit: Part commemoration, part effort to confront the continuing consequences of the moment a US B-29 Superfortress released what the Americans named “Little Boy” over the city in the first wartime use of a nuclear bomb. It also presents Japanese Prime Minister Fumio Kishida, the driving

World NewsMay 21, 2023

Zelenskyy denies Ukrainian city of Bakhmut occupied by Russian forces

HIROSHIMA, Japan (AP) -- Ukrainian President Volodymyr Zelenskyy said Sunday that Russian forces weren't occupying Bakhmut, casting doubt on Moscow's claims that the eastern Ukrainian city had fallen. Responding to a reporter’s question about the status of the city at the Group of Seven meeting in Japan, Zelenskyy said: “Bakhmut is not occupied by the Russian Federation as of today.” The fog of war made it impossible to confirm the situation on the ground in the inv

World NewsMay 21, 2023

Zelenskyy to attend G7 in Japan as bloc targets Russia 'war machine'

HIROSHIMA, Japan -- Ukrainian President Volodymyr Zelenskyy is poised for a first post-invasion trip to the Asia-Pacific, meeting allies at a G7 summit in Hiroshima as the bloc hit Russia's "war machine" with further sanctions. The previously unannounced visit was revealed by officials Friday -- a rare long-haul foray for the war-time president and an opportunity to huddle with leaders of seven wealthy democracies that bankroll his country's stoic defence. The visit comes at

World NewsMay 19, 2023

[Graphic News] Prices for sugar spike to record high in 11 years

Global sugar prices have risen every month this year, the highest level in 11 1/2 years since October 2011. The global Sugar Price Index soared 27.9 percent from January, according to the United Nations’ Food and Agriculture Organization. The index rose every month from 116.8 in January to 125.2 in February, 127 in March, and 149.4 last month due to concerns about reduced global sugar production in India, China and other countries. For instance, increased rainfall in Brazil has trimmed the

World NewsMay 19, 2023

[Graphic News] Nearly half of Americans worry their bank deposits aren’t safe

Almost half of US adults say they’re worried about the safety of their deposits in banks and other financial institutions — levels of concern that are as high or higher than they were during the 2008 financial crisis. A Gallup poll shows 48 percent of Americans are very or moderately worried about their money following the worst spate of bank failures in 15 years. Only 20 percent say they’re not worried at all. Levels of concern break somewhat among party lines, with 55 percent

World BusinessMay 18, 2023