Barack Obama 'Not Optimistic' On Syria As Aleppo Pummelled

November 21, 2016

Damascus/Syria, Nov 21: US President Barack Obama said he is "not optimistic" about Syria's future, as the UN warned time is running out to avoid a humanitarian catastrophe in Aleppo which has been pounded by air strikes for nearly a week.

obamaGovernment forces launched a ferocious assault last Tuesday to recapture eastern Aleppo, killing 115 civilians so far. In fresh fighting on Sunday at least eight children died when rebel rocket fire hit their school in the government-controlled west.

Obama warned that Syria's second city was likely to fall, and that Russian and Iranian backing for Syrian leader Bashar al Assad had made the situation untenable for the opposition.

"I am not optimistic about the short-term prospects in Syria," he said Sunday at a summit of Pacific leaders in Lima.

"Once Russia and Iran made a decision to back Assad in a brutal air campaign... it was very hard to see a way in which even a trained and committed moderate opposition could hold its ground for long periods of time."

Obama earlier Sunday urged greater efforts to end the violence when he met Russian President Vladimir Putin at the Asia-Pacific Economic Cooperation forum.

But in Damascus, UN envoy Staffan de Mistura was rebuffed on a truce proposal that would allow the opposition to administer the city's rebel-held east.

"We are running out of time, we are running against time," de Mistura said after meeting Foreign Minister Walid Muallem.

Muallem said he had rejected the proposal, under which jihadist forces would leave and the government would recognise the opposition administration in the east which has been bombarded by air strikes, barrel bombs and artillery.

"How is it possible that the UN wants to reward terrorists?" he asked.

Aid agencies fear that instead of a humanitarian or a political initiative there will be "an acceleration of military activities" in eastern Aleppo and elsewhere, de Mistura told journalists.

"By Christmas... due to military intensification, you will have the virtual collapse of what is left in eastern Aleppo; you may have 200,000 people moving towards Turkey -- that would be a humanitarian catastrophe."

'War crimes'

On Sunday, rebels retaliated with a barrage of rockets into government-held western Aleppo, state media said, hitting a primary school and killing at least eight children.

Syrian television showed bloodied and weeping children being treated in hospital, and an AFP journalist saw pupils being rushed from the school after the attack.

But regime forces broke through into the city's northeastern area of Massaken Hanano, sparking fierce clashes, the Syrian Observatory for Human Rights said.

It also reported heavy fighting as the army sought to gain ground in two eastern neighbourhoods.

The Britain-based monitoring group said at least 19 civilians including five children were killed in the east on Sunday. That brought to 115 the number of civilians killed since the bombardment resumed.

UN chief Ban Ki-moon condemned the indiscriminate shelling, saying it had killed and maimed civilians, destroyed schools and left the city's east without functioning hospitals.

"The Secretary-General reminds all parties to the conflict that targeting civilians and civilian infrastructure is a war crime," his office said in a statement.

"Those responsible for these and other atrocities in Syria, whoever and wherever they are, must one day be brought to account."

On Monday the UN Security Council is scheduled to meet in New York to discuss humanitarian efforts in Syria. Last week it decided to extend for another year a probe into chemical attacks in the country and who is responsible.

The regime offensive on eastern Aleppo has forced hospitals and schools to close and destroyed facilities for hard-pressed rescue workers.

Shelling on Friday destroyed one of the last hospitals there and staff were also forced to evacuate the area's only children's hospital because of repeated attacks.

Russia, which intervened militarily last year, says it is not involved in the current assault on Aleppo, and is instead concentrating its firepower on opposition and jihadist forces in neighbouring Idlib province.

But Damascus and its allies have made clear they want rebels expelled from eastern Aleppo, which fell from regime control in mid-2012.

More than 250,000 people remain in eastern Aleppo, which has been sealed off since government forces surrounded it in mid-July. No aid has entered the east since then and the siege has created food and fuel shortages.

More than 300,000 people have been killed in Syria since the conflict began with anti-government protests in March 2011.

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News Network
June 25,2020

Jun 25: Tencent Holdings Ltd.'s $40 billion surge this week and the recent ascent of Pinduoduo Inc. have reshuffled the ranking of China's richest people.

The country's largest game developer has surpassed Alibaba Group Holding Ltd. as Asia's most-valuable company, with its shares rising above HK$500 in intraday trading Wednesday for the first time. Pinduoduo, a Groupon-like shopping app also known as PDD, has more than doubled this year.

The rallies have propelled the wealth of their founders, with an added twist: Tencent's Pony Ma, worth $50 billion, has surpassed Jack Ma's $48 billion fortune, becoming China's richest person. And Colin Huang of PDD, whose net worth stands at $43 billion, has squeezed real estate mogul Hui Ka Yan of China Evergrande Group out of the top three earlier this year, according to the Bloomberg Billionaires Index.

The coronavirus pandemic has accelerated the digitization of the workplace and changed consumers' habits, boosting shares of many internet companies. Now tech tycoons are dominating the ranks of China's richest people. They occupy four of the top five spots: Ding Lei of Tencent peer NetEase Inc. follows China Evergrande's Hui.

‘Perform Strongly'

Tencent has come a long way since hitting a low in 2018, when China froze the approval process for new games. Since then, the stock has almost doubled, and last month the tech giant reported a 26 per cent jump in first-quarter revenue.

“Tencent's online games segment will probably perform strongly through the Covid-19 pandemic, and most of its other businesses are relatively unscathed,” said Vey-Sern Ling, a Bloomberg Intelligence analyst.

That has been a boon for Pony Ma, 48, who owns a 7 per cent stake in the company and pocketed about $757 million from selling some 14.6 million of his Tencent shares this year, data complied by Bloomberg show.

The native of China's southern Guangdong province studied computer science at Shenzhen University and was a software developer at a supplier of telecom services and products before co-founding Tencent with four others in the late 1990s. At the time, the company focused on instant-messaging services.

It has been a long comeback for Pony Ma. He overtook real estate tycoon Wang Jianlin as China's second-richest person in 2013 and topped Baidu Inc.'s Robin Li as the wealthiest in early 2014. Later that year, Alibaba went public in the U.S., catapulting Jack Ma's fortune.

Bloomberg Intelligence's Ling notes, however, that Tencent's jump this year has lagged behind some internet peers, especially those in e-commerce, games and online entertainment. Just consider: Tencent shares have climbed 31 per cent in 2020, while PDD's American depositary receipts have more than doubled. Alibaba, meanwhile, has advanced just 6.9 per cent.

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Agencies
April 17,2020

Washington, Apr 17: A record number of 4,591 Americans have died in the last 24 hours due to the deadly novel coronavirus in the US, which has the highest number of COVID-19 casualties in the world.

According to the Johns Hopkins University data, by 8 pm on Thursday, as many as 4,591 Americans have died in the last 24 hours, The Wall Street Journal said.

The previous highest was 2,569 on Wednesday.

By Thursday, more than 662,000 Americans tested positive with the coronavirus.

The dreaded disease, which originated in Wuhan city in China in December last year, has so far claimed more than 144,000 lives and infected over 2.1 million people.

The virus has infected over 671,000 people and claimed more than 33,000 lives, the highest for any country in the world.

New York City and its adjoining areas, including New Jersey and Connecticut have emerged as the epicenter of the virus in the US.

New York alone accounts for 226,000 cases of infections and 16,106 deaths.

In New Jersey, as many as 3,518 people have died of the disease and 75,317 have tested positive.

According to the US Centers for Disease Control and Prevention, till April 14, four per cent of the Americans infected with COVID-19 were of Asian origin and nearly one-third (30 per cent) were African Americans.

US President Donald Trump told reporters at the White House that experts and scientists report that his strategy to slow the spread of the virus has saved hundreds of thousands of lives.

Models predicted between 1.5 million and 2.2 million US deaths. If there was no mitigation, it could have even been higher than that and between 100,000 and 240,000 deaths with mitigation. It is looking like we will come far under even these lowest numbers, he said.

Noting that experts say the curve of the virus has flattened, and the peak in the new cases has passed, Trump said that nationwide, more than 850 counties or nearly 30 per cent of the country have reported no new cases in the last seven days.

Because of our early and aggressive action, we have avoided the tragedy of health care rationing and deadly shortfalls that have befallen in many other nations, nations which wherever possible we are helping, he said.

According to Trump, at least 35 clinical trials are already underway, including antiviral therapies, immune therapies, and blood therapies in the form of convalescent plasma. So far, more than 3.5 million tests have been carried out.

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Agencies
June 7,2020

Moscow, Jun 7: OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.

The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.

OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis. Those cuts were due to taper to 7.7 million bpd from July to December.

“Demand is returning as big oil-consuming economies emerge from pandemic lockdown. But we are not out of the woods yet and challenges ahead remain,” Saudi Energy Minister Prince Abdulaziz bin Salman told the video conference of OPEC+ ministers.

Benchmark Brent crude climbed to a three-month high on Friday above $42 a barrel, after diving below $20 in April. Prices still remain a third lower than at the end of 2019.

“Prices can be expected to be strong from Monday, keeping their $40 plus levels,” said Bjornar Tonhaugen from Rystad Energy.

Saudi Arabia, OPEC’s de facto leader, and Russia have to perform a balancing act of pushing up oil prices to meet their budget needs while not driving them much above $50 a barrel to avoid encouraging a resurgence of rival U.S. shale production.

It was not immediately clear whether Saudi Arabia, the United Arab Emirates and Kuwait would extend beyond June their additional, voluntary cuts of 1.18 million bpd, which are not part of the deal.

BULGING INVENTORIES

The April deal was agreed under pressure from U.S. President Donald Trump, who wants to avoid U.S. oil industry bankruptcies.

Trump, who previously threatened to pull U.S. troops out of Saudi Arabia if Riyadh did not act, spoke to the Russian and Saudi leaders before Saturday’s talks, saying he was happy with the price recovery.

While oil prices have partially recovered, they are still well below the costs of most U.S. shale producers. Shutdowns, layoffs and cost cutting continue across the United States.

“I applaud OPEC-plus for reaching an important agreement today which comes at a pivotal time as oil demand continues to recover and economies reopen around the world,” U.S. Energy Secretary Dan Brouillette wrote on Twitter after the extension.

As global lockdowns ease, oil demand is expected to exceed supply sometime in July but OPEC has yet to clear 1 billion barrels of excess oil inventories accumulated since March.

Rystad’s Tonhaugen said Saturday’s decisions would help OPEC reduce inventories at a rate of 3 million to 4 million bpd in July-August. “The quicker stocks fall, the higher prices will get,” he said.

Nigeria’s petroleum ministry said Abuja backed the idea of compensating for its excessive output in May and June.

Iraq, with one of the worst compliance rates in May, agreed to extra cuts although it was not clear how Baghdad would reach agreement with oil majors on curbing Iraqi output.

Iraq produced 520,000 bpd above its quota in May, while overproduction by Nigeria was 120,000 bpd, Angola’s was 130,000 bpd, Kazakhstan’s was 180,000 bpd and Russia’s was 100,000 bpd, OPEC+ data showed.

OPEC+’s joint ministerial monitoring committee, known as the JMMC, will meet monthly until December to review the market, compliance and recommend levels of cuts. JMMC’s next meeting is scheduled for June 18.

OPEC and OPEC+ will hold their next scheduled meetings on Nov. 30-Dec. 1.

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