Australian police arrest man for sending suspicious parcels to foreign consulates

The dollar's dominance will slowly melt away over the coming year on weakening global demand and a sombre U.S. economic outlook, according to a Reuters poll of currency forecasters whose views depend on there being no second coronavirus shock.

Despite fears a surge in new Covid-19 cases would delay economies reopening and stymie a tentative recovery, world stocks have rallied - with the S&P 500 finishing higher in June, marking its biggest quarterly percentage gain since the height of the technology boom in 1998.

Caught between bets in favour of riskier investments, weak U.S. economic prospects as well as an easing in the thirst for dollars after the Federal Reserve flooded markets with liquidity, the greenback fell nearly 1.0 per cent last month. It was its worst monthly performance since December.

While there was a dire prognosis from the top U.S. medical expert on the coronavirus' spread, the June 25-July 1 poll of over 70 analysts showed weak dollar projections as Fed Chair Jerome Powell on Monday reiterated the economic outlook for the world's largest economy was uncertain.

"The dollar rises in two instances: when you see risk off or when there is a situation where the U.S. is leading the global recovery, and we don't think that's going to be the case anytime soon," said Gavin Friend, senior FX strategist at NAB Group in London.

"The U.S. is playing fast and loose with the virus, and chronologically they're behind the rest of the world."

Currency speculators, who had built up trades against the dollar to the highest in two years during May, increased their out-of-favour dollar bets further last week, the latest positioning data showed.

About 80 per cent of analysts, 53 of 66, said the likely path for the dollar over the next six months was to trade around current levels, alternating between slight gains and losses in a range. That suggests the greenback may be at a crucial crossroad as more currency strategists have turned bearish.

But more than 90 per cent, or 63 of 68, said a second shock from the pandemic would push the dollar higher. Five said it would push the U.S. currency lower.

Much will also depend on debt servicing and repayments by Asian, European and other international borrowers in U.S. dollars.

While an early shortage of dollars in March from the pandemic's first shock pushed the Fed to open currency swap lines with major central banks, international funding strains have eased significantly since. In recent weeks, usage of the facility has reduced dramatically.

That trend is expected to continue over the next six months with major central banks' usage of swap lines to "stay around current levels", according to 32 of 46 analysts. While 13 predicted a sharp drop, only one respondent said use of them would "rise sharply".

The dollar index, which measures the greenback's strength against six other major currencies, has slipped over 5 per cent since touching a more than three-year high in March.

When asked which currencies would perform better against the dollar by end-December, a touch over half of 49 respondents said major developed market ones, with the remaining almost split between commodity-linked and emerging market currencies.

"The dollar is so overvalued, and has been overvalued for a long time, it's time now for it to come back down again, as we head towards the (U.S.) election," added NAB's Friend.

Over the last quarter, the euro has staged a 1.8 per cent comeback after falling by a similar margin during the first three months of the year. For the month of June, the euro was up 1.2 per cent against the dollar.

The single currency was now expected to gain about 2.5 per cent to trade at $1.15 in a year from around $1.12 on Wednesday, slightly stronger than $1.14 predicted last month. While those findings are similar to what analysts have been predicting for nearly two years, there was a clear shift in their outlook for the euro, with the range of forecasts showing higher highs and higher lows from last month.

"In comparison to even a month or two ago, the outlook in Europe has improved significantly," said Lee Hardman, currency strategist at MUFG.

"I think that makes the euro look relatively more attractive and cheap against the likes of the dollar. We're not arguing strongly for the euro to surge higher, we're just saying, after the weakness we have seen in recent years, there is the potential for that weakness to start to reverse."

Islamabad, Apr 26: Pakistan Prime Minister Imran Khan has been trumped by the country's powerful military yet again, this time over his government's inadequate steps and its poor response in curbing the coronavirus outbreak in the country, even as cases soared over 12,500.

In his address to the nation on March 22, Khan explained the reasons for not imposing a countrywide lockdown, asserting that millions would lose their jobs and affect families, who are below the poverty line, struggling to find enough food to eat. However, less than 24 hours later, Pakistan Army spokesperson Major General Babar Iftikhar announced the implementation of lockdown in the country having a population of over 200 million, contradicting the statements made by Imran Khan.

As lockdown was imposed, the military has deployed troops across Pakistan and is orchestrating the COVID-19 response through the National Core Committee, a body set up to coordinate policy between the national and provincial governments.

"The government left a big gap in its handling of the coronavirus. The army has tried to fill that gap, there was no choice," an unnamed retired general was quoted by Financial Times as saying.

The virus crisis in Pakistan has once again made things crystal clear about who is calling the shots -- the military, widely believed to bring Imran Khan to power in 2018.

The armymen have taken over the COVID-19 crisis as an opportunity to prove their competency in contrast to Imran Khan, who was mocked after urging youth to come forward and join Corona Relief Tigers Force, a volunteer body to wage "jihad" against the virus.

According to analysts, the military's seizure of the coronavirus response marks yet another policy failure for Imran Khan in the eyes of the generals, as per the Financial Times report.

The 67-year-old cricketer-turned-politician has repeatedly failed to gain international traction over the Kashmir issue and has struggled to convince the Financial Action Task Force (FATF) in getting his country removed from 'grey list' for terror funding.

In times of emergency, one has to take clear decisions and take them through. You can't dither. The whole world is advising strong lockdown. If the prime minister does not show that he is decisive, somebody else will," said Nafisa Shah, a Member of Parliament from the opposition Pakistan Peoples Party (PPP).

Even after the lockdown was imposed, Imran Khan continued to question the need for its implementation, raising eyebrows over the country's response in tackling the virus, as cases continue to rise. This comes even as such drastic measures are in place in many countries across the world, including neighbouring India.

According to The Dawn, the country has 12,657 confirmed cases of COVID-19, which includes 2,755 recoveries and 265 deaths. Punjab has the highest number of cases -- 5,326 --, followed by 4,232 in Sindh.

However, experts suggest that the actual numbers could be more given the low testing rates and inadequate supply of testing kits.

Doctors and nurses across the country have staged protests over the lack of personal protective equipment, as increasing numbers of health workers contract COVID-19.

"Because of the lack of resources, there is chaos among the doctors and healthcare workers. They know people are dying, they know the severity of the illness and they have to work without PPE," Shoaib Hasan Tarar, a doctor working in Rawalpindi, was quoted as saying.

As the coronavirus crisis continues to ravage Pakistan, the country's overwhelming health infrastructure has put a toll on its already floundering economy. The IMF said that the GDP will shrink 1.5 per cent in 2020. The cash-strapped nation is set to be the first major emerging economy to apply to a G-20 initiative to request debt repayment relief, according to Financial Times.

In early March, Pakistan saw a surge in coronavirus cases, when infected pilgrims and workers crossed the border from Qom, a religious city in Iran, which is a hotspot.

Pakistan's limited resources were exposed when quarantined pilgrims agitated against unhealthy conditions at Taftan camp on Pakistan-Iran border, where five people were living in a tent with no access to toilets.

While the lockdown is in place, authorities have been confronted by hardline clerics who have defied social distancing terms and downplayed the threat of the virus. During Friday prayers every week, worshippers violate the restrictions by gathering at various mosques.

Last week, Islamabad inked an agreement allowing mosques to stay open for Ramzan. It stipulated that people should follow 20 rules, including maintaining a six feet distance from each other.

"There is little consistency in terms of how the lockdown is being approached. Coronavirus has shown the disconnect between the national government, regional governments and the military. Imran Khan has been left behind as the cheerleader for keeping Pakistan's morale high. I think people are starting to ask, 'How long is he going to last?'", said Sajjan Gohel, South Asia expert and guest teacher at the London School of Economics.

Nakhon Ratchasima, Feb 9: The Thai soldier who killed at least 20 people and holed up in a mall overnight was shot dead Sunday morning by commandos, ending a near-17-hour ordeal which left dozens wounded and stunned the country.

It was unclear how many people remained trapped inside the Terminal 21 mall in Nakhon Ratchasima -- also known as Korat -- where the gunman held out through the night, armed with assault weapons stolen from his barracks.

Volleys of gunfire rang out as the siege ran into dawn, hours after Thai security services stormed the ground floor and freed scores of stunned, terrified shoppers from a bloody rampage that the gunman -- a junior army officer identified as Sergeant-Major Jakrapanth Thomma -- had relayed via Facebook posts.

"He was shot dead thirty minutes ago" (0200 GMT), chief of the Crime Suppression Division Jirabhob Bhuridej told AFP.

Commandos from elite Thai police units killed the gunman, a police spokesman added, after an operation involving hundreds of security personnel.

"The official death toll is 20 and wounded 42... nine are in surgery," Narinrat Pitchayakamin, a Korat doctor told reporters, revising down an initial death toll of 21.

But it was unclear if there were more victims inside the multi-level complex which was packed with Saturday shoppers when the gunman stormed in.

A fleet of ambulances left the front of the complex and forensic police poured into the grim crime scene, shortly before the gunman's death was confirmed.

The night was peppered with heavy exchanges of gunfire and sporadic evacuations.

A police officer who took part in a raid to flush out the gunman died, according to deputy prime minister Anutin Charnvirakul. "He had been hit and unfortunately, he couldn't make it," said Anutin.

Shocked evacuees recounted how an ordinary Saturday shopping day at the busy mall descended into horror as the gunman entered.

"It was like a dream... I'm grateful I survived," Sottiyanee Unchalee, 48, told AFP, explaining she hid in the toilet of a gym inside the mall as she heard the gunfire.

"I'm so sorry for those who died... (and) the people still trapped inside."

Stolen weapons

Jakrapanth relayed his shooting spree through Facebook posts which charted the attack from the army barracks in the city to the mall, where an unknown number of shoppers remained trapped.

A volunteer rescue worker recounted a bloody scene of horror after his team carried four corpses to the hospital.

"I've never seen anything like this," Peerapong Chatadee told AFP.

"I just feel so sad. He is a soldier, he should not have fired at unarmed people."

The bloodshed began Saturday afternoon when Jakrapanth shot three people -- among them at least one soldier -- at a senior officer's house and then at the nearby army barracks, before driving an army vehicle to the town centre.

There the gunman used weapons stolen from the military arsenal to unleash carnage in the town centre.

He "used a machine gun and shot innocent victims resulting in many injured and dead", said police spokesman Krissana Pattanacharoen.

Throughout the day, Jakrapanth posted images of himself and wrote several posts on his Facebook page as the attack unfolded.

In one Facebook video -- since deleted -- the assailant, wearing an army helmet, filmed from an open-top jeep, saying, "I'm tired... I can't pull my finger anymore" as he made a trigger symbol with his hand.

There were also photos of a man in a ski mask holding up a pistol.

A Facebook spokesperson said: "We have removed the gunman's accounts from our services and will work around the clock to remove any violating content related to this attack as soon as we become aware of it."

The city is home to one of the largest barracks in Thailand, a country where the military is enmeshed in politics and society.

The nation also has one of the highest rates of gun ownership in the world, and several shootings at courthouses last year renewed concern about gun violence.