More than 200 killed as strong quake rocks Iran-Iraq border

Agencies
November 13, 2017

Tehran, Nov 13: More than 200 people were killed and hundreds more injured when a 7.3-magnitude earthquake shook the mountainous Iran-Iraq border triggering landslides that hindered rescue efforts, officials said Monday.

The quake hit 30 kilometres (19 miles) southwest of Halabja in Iraqi Kurdistan at around 9.20 pm (1820 GMT) on Sunday, when many people would have been at home, the US Geological Survey said.

On Monday morning, Iran gave an provisional toll of more than 200 dead, while only six others were reported killed on the Iraq side of the border.

"There are 207 dead and around 1,700 injured", all in Iran's province of Kermanshah, Behnam Saidi, the deputy head of the Iranian government's crisis unit set up to handle the response to the quake, told state television.

Mojtaba Nikkerdar, the deputy governor of Kermanshah, said authorities there were "in the process of setting up three emergency relief camps".

Iran's emergency services chief Pir Hossein Koolivand said it was "difficult to send rescue teams to the villages because the roads have been cut off... there have been landslides".

The official IRNA news agency said 30 Red Cross teams had been sent to the quake zone, parts of which had experienced power cuts.

In Iraq, officials said the quake had killed six people in the northern province of Sulaimaniyah and injured around 150.

Footage posted on Twitter showed panicked people fleeing a building in Sulaimaniyah, as windows shattered at the moment the quake struck, while images from the nearby town of Darbandikhan showed major walls and concrete structures had collapsed.

In Sulaimaniyah, residents ran out onto the streets and some damage to property was reported.

"Four people were killed by the earthquake" in Darbandikhan, the town's mayor Nasseh Moulla Hassan said.

A child and an elderly person were killed in Kalar, according to the director of the hospital in the town about 70 kilometres (40 miles) south of Darbandikhan, and 105 people injured.

The quake, which struck at a relatively shallow depth of 25 kilometres, was felt for about 20 seconds in Baghdad, and for longer in other provinces of Iraq, AFP journalists said.

On the Iranian side of the border, the tremor shook several cities in the west of the country including Tabriz.

It was also felt in southeastern Turkey, "from Malatya to Van", an AFP correspondent said. In the town of Diyarbakir, residents were reported to have fled their homes.

The quake struck along a 1,500 kilometre fault line between the Arabian and Eurasian tectonic plates, a belt extending through western Iran and into northeastern Iraq.

The area sees frequent seismic activity. In 1990, a 7.4-magnitude quake near the Caspian sea in northern Iran killed 40,000 people and left 300,000 more injured and half a million homeless. Within seconds the quake reduced dozens of towns and nearly 2,000 villages to rubble.

Thirteen years later, a catastrophic quake struck the ancient southeast Iranian city of Bam, famed for its mud brick buildings, killing at least 31,000 people and flattening swathes of the city.

Since then, Iran has experienced at least two major quake disasters, one in 2005 that killed more than 600 and another in 2012 that left some 300 dead.

More recently, a 5.7-magnitude earthquake near Iran's border with Turkmenistan in May killed two people, injured hundreds and caused widespread damage.

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Agencies
May 30,2020

Washington, May 30: US President Donald Trump on Friday said that America is terminating its relationship with the World Health Organization as he blamed it and China for the deaths and destruction caused by the COVID-19 pandemic across the globe.

Stating that the funding of the WHO would now be diverted to other global public health organisations, Trump announced a series of decisions against China including issuing proclamation to deny entry to certain Chinese nationals and tightening of regulations against Chinese investments in America.

"Because they (WHO) have failed to make the requested and greatly needed reforms, we will be today terminating our relationship with the World Health Organization and redirecting those funds to other worldwide and deserving urgent global public health needs, Trump said.

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News Network
February 2,2020

Feb 2: Prime Minister Narendra Modi’s second budget in seven months disappointed investors who were hoping for big-bang stimulus to revive growth in Asia’s third-largest economy.

The fiscal plan -- delivered by Finance Minister Nirmala Sitharaman on Saturday -- proposed tax cuts for individuals and wider deficit targets but failed to provide specific steps to fix a struggling financial sector, improve infrastructure and create jobs. Stocks slumped as a proposal to scrap the dividend distribution tax for companies failed to impress investors.

"Far from being a game changer, the budget provides little in terms of short-term growth stimulus,” said Priyanka Kishore, head of India and South East Asia economics at Oxford Economics Ltd. in Singapore. “While income tax cuts will provide some relief on the consumption front, the multiplier effect is low and the overall stance of the budget is not expansionary."

India has gone from being the world’s fastest-growing major economy three years ago, expanding at 8%, to posting its weakest performance in more than a decade this fiscal year, estimated at 5%.

While the government has taken a number of steps in recent months to spur growth, they’ve fallen short of spurring demand in the consumption-driven economy. Saturday’s budget just added to the glum sentiment.

Okay Budget

“It’s an okay budget but not firing on all cylinders that the market was hoping for,” said Andrew Holland, chief executive officer at Avendus Capital Alternate Strategies in Mumbai.

The government had limited scope for a large stimulus given a huge shortfall in revenues in the current year. The slippage induced Sitharaman to invoke a never-used provision in fiscal laws, allowing the government to exceed the budget gap by 0.5 percentage points. The result: the deficit for the year ending March was widened to 3.8% of gross domestic product from a planned 3.3%.

On Friday, India’s chief economic adviser Krishnamurthy Subramanian said reviving economic growth was an “urgent priority” and deficit goals could be relaxed to achieve that. The adviser’s Economic Survey estimated growth will rebound to 6%-6.5% in the year starting April.

The fiscal gap will narrow to 3.5% next year, as the government budgeted for gross market borrowing to rise marginally to 7.8 trillion rupees from 7.1 trillion rupees in the current year. A plan to earn 2.1 trillion rupees by selling state-owned assets in the year starting April will also help plug the deficit.

Total spending in the coming fiscal year will increase to 30.4 trillion rupees, representing a 13% increase from the current year’s budget, according to latest data.

Key highlights from the budget:

* Tax on annual income up to 1.25 million rupees pared, with riders

* Dividend distribution tax to be levied on investors, instead of companies

* Farm sector budget raised 28%, transport infrastructure gets 7% more

* Spending on education raised 5%

* Fertilizer subsidy cut 10%

Analysts said the muted spending plan to keep the deficit in check will lead to more downside risks to growth in the coming months.

“It is very doubtful that the increase in expenditure will push demand much,” Chakravarthy Rangarajan, former governor at the Reserve Bank of India told BloombergQuint, adding that achieving next year’s budget deficit goal of 3.5% of GDP was doubtful.

With the government sticking to a conservative fiscal path, the focus will now turn to central bank, which is set to review monetary policy on Feb. 6. Given inflation has surged to a five-year high of 7.35%, the RBI is unlikely to lower interest rates.

What Bloomberg’s Economists Say:

The burden of recovery now falls solely on the Reserve Bank of India. With inflation breaching RBI’s target at present, any rate cuts by the central bank are likely to be delayed and contingent upon inflation falling below the upper end of its 2%-6% target range.

-- Abhishek Gupta, India economist

Governor Shaktikanta Das may instead focus on unconventional policy tools such as the Federal Reserve-style Operation Twist -- buying long-end debt while selling short-tenor bonds -- to keep borrowing costs down.

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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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