Palestinian refugee issue can’t be wished away: UN official

Agencies
August 25, 2018

Jerusalem, Aug 25: The head of the UN agency for Palestinian refugees suggested that the US slashed his budget early this year to punish the Palestinians for their criticism of the American recognition of Jerusalem as Israel’s capital, but he warned that the Palestinian refugee issue will not go away.

The comments by Pierre Kraehenbuehl came amid signs that the US, with Israeli support, is aiming to abolish UNRWA in an apparent attempt to remove one of the most contentious issues in the Israeli-Palestinian conflict from the negotiating agenda.

“One cannot simply wish 5 million people away,” Kraehenbuehl, commissioner of the UN Relief and Works Agency, said in an interview with The Associated Press.

In January, the US, the largest donor to the agency, slashed some $300 million from its annual contribution to UNRWA, prompting what Kraehenbuehl called an unprecedented financial crisis.

Although he has made up some of the deficit by raising money from other countries, the agency still lacks over $200 million. It recently laid off over 100 people in the Gaza Strip and cut back the hours of 500 other employees. The upcoming school year for hundreds of thousands of Palestinian children across the Middle East has been threatened.

Kraehenbuehl said he was caught off guard by the American decision, which came just weeks after he had held what he described as a successful meeting with Jared Kushner, President Donald Trump’s son-in-law and chief Mideast adviser.

He said he still has not gotten a straight answer from the Americans about why they made their decision.

But he said he believes it is connected to the uproar over the US recognition of Jerusalem as Israel’s capital in December. The Palestinians, who seek east Jerusalem as their capital, condemned the decision and severed nearly all ties with the Americans.

“I can say with a great degree of confidence that the decision was not related to UNRWA’s performance, because in November I had received very constructive and openly positive feedback on those issues,” he said.

“A few weeks later, tensions increased around the question of Jerusalem,” he added. “It appears that the humanitarian funding to UNRWA got caught up in the deep polarization around that question.”

The State Department said it is reviewing funding to UNRWA and has not decided whether to restore support in the future. It repeated its position that the agency’s repeated financial crises are “unsustainable” and called on it to find other countries to share the funding burden and to undertake “fundamental reforms.”

But privately, there are signs that the American agenda runs deeper and that the Trump administration seeks to abolish UNRWA altogether.

In an internal email recently published by Foreign Policy magazine, Kushner called for a “sincere effort to disrupt UNRWA.”

“This (agency) perpetuates a status quo, is corrupt, inefficient and doesn’t help peace,” he reportedly wrote.

The Palestinians fear the US is putting pressure on host countries to absorb their refugee populations and eliminate the issue from future peace negotiations. The White House says it is working on a regional peace plan, though it has not said when it will be released.

UNRWA was established in the wake of the 1948 Mideast war surrounding Israel’s creation. An estimated 700,000 Palestinians fled or were forced from their homes in the fighting.

In the absence of a solution, the UN General Assembly has repeatedly renewed UNRWA’s mandate. The agency now provides education, health care and social services to more than 5 million refugees and their descendants. It serves populations in Gaza and the West Bank, as well as Jordan, Lebanon and Syria.

Seen by the Palestinians and most of the international community as providing a valuable safety net, UNRWA is viewed far differently by Israel.

Prime Minister Benjamin Netanyahu accuses the agency of perpetuating the conflict by helping promote an unrealistic Palestinian demand that refugees have the “right of return” to long-lost homes in what is now Israel. He has said UNRWA should be abolished and its responsibilities taken over by the main UN refugee agency.

Some in Israel have even tougher criticism, accusing UNRWA of teaching hatred of Israel in its classrooms and tolerating or assisting Hamas militants in Gaza.

Kraehenbuehl said Israel has raised similar concerns for years, but that there has been a “strong intensification” of the criticism now that the Trump administration appears to be in agreement.

He rejected the Israeli claim that his agency is perpetuating the conflict, saying that it is carrying out a UN-mandated mission that reflects the will of the international community.

Kraehenbuehl said that Israeli claims that the Palestinians are the only people to pass down refugee status to their children also are unfounded, saying that Afghan refugees displaced decades ago have the same status.

He also noted that UNRWA has a committee to monitor the content of its classrooms and has condemned attempts by Gaza militants to use UNRWA facilities for cover.

Kraehenbuehl said the best way to solve these matters is to find a “political solution” to the Israeli-Palestinian conflict that addresses the fate of the refugees.

In the meantime, he said UNRWA’s focus is for its schools to open on schedule in early September. For now, he said there are enough funds to keep the schools running only until the end of the month. An aggressive fund-raising effort is under way to ensure the schools operate for the entire academic year.

“I see the courage displayed by our students in the face of so much adversity,” he said. “I really find it very difficult to imagine that I have to go back to them and tell them that I have failed and we have failed to mobilize the needed resources, to keep the one thing that gives them a certain prospect in life ... which is their education. So, we will knock on every door, we will leave no stone unturned until we have good news on this front.”

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News Network
March 2,2020

New Delhi, Mar 2: Senior Congress leader P Chidambaram on Sunday hit out at Union Home Minister Amit Shah for his comments that no one from the minority community will be affected by amended Citizenship Act and asked why then was the community excluded from the law in the first place.

Addressing a rally in Kolkata, Shah assured people of the minority community that not a single person will lose citizenship due to the Citizenship (Amendment) Act (CAA).

"The Home Minister says that no minority will be affected by CAA. If this is correct, they should tell the country who would be affected by CAA. If no one would be affected by CAA, as it currently is, why did the government pass the law?

"If the CAA aims to benefit all minorities (no one will be affected, says HM), then why are Muslims excluded from the list of minorities mentioned in the Act?," the former finance minister asked in a post on Twitter.

At his first public rally in Kolkata after the 2019 general elections, Shah said, "The opposition is terrorising the minorities. I assure every person from the minority community that the CAA only provides citizenship, does not take it away. It won't affect your citizenship."

"The opposition parties are spreading canards that refugees will have to show papers but this is absolutely false. You don't have to show any paper. We will not stop until all refugees are granted citizenship," Shah told the public.

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News Network
March 6,2020

New Delhi, Mar 6: Shares of YES Bank and State Bank of India came under huge selling pressure on Friday as developments unfolded regarding SBI picking stake in the private lender. Shares of the lender hit record low of Rs 5.55, plunging 85 per cent, and were trading below its previous low of Rs 8.16 hit on March 9, 2009.

SBI, on the other hand, slumped 11 per cent to Rs 257.35 on the BSE. The benchmark S&P BSE Sensex was trading with a cut of over 3 per cent at 37,251.37 level.

In the past three months, share price of the private lender has plunged 41 per cent, while the state-owned lender has slipped 14 per cent. In comparison, the S&P BSE Sensex has dipped 5.6 per cent till Thursday.

On Thursday, the Reserve Bank of India superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it “in the absence of a credible revival plan” amid a “serious deterioration” in its financial health.

During the moratorium, which came into effect from 6 pm on Thursday, YES Bank will not be allowed to grant or renew any loans, and “incur any liability”, except for payment towards employees’ salaries, rent, taxes and legal expenses, among others.

This is the first time that a bank of this size will be put under a moratorium by the RBI.

“The financial position of YES Bank had undergone a steady decline “largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits,” RBI said in a statement.

“After the moratorium, the next step will be to infuse to money and keep the bank afloat. So from shareholders’ point of view, the future is certainly hazy as the capital requirement is huge. The good part, however, is that the RBI has stepped in and depositors don't have to worry,” says Siddharth Purohit, a research analyst at SMC Securities.

Meanwhile, analysts at Nomura believe that placing the Bank under moratorium implies that equity value in the bank would be negligible, and that the chances of private capital participating in future capital raising plan are near zero.

"Any resolution for Yes Bank is more proposed from the perspective of deposit holders and systemic stability, and not from the perspective of Yes Bank equity investors or even perpetual bond holders," they wrote in a note dated March 6.

In another development, SBI’s Board Thursday gave in-principle approval to consider an “investment opportunity” in YES Bank, even as it said “no decision had yet been taken to pick up stake in the bank”.

According to a  report, highly-placed sources indicated a rescue plan involving SBI and Life Insurance Corporation of India (LIC) was being discussed and an announcement in this regard might be made soon.

“While the finer details of the deal are being worked out, it is anticipated that both SBI and LIC together will take a 51 per cent stake in the bank, with a one-year lock-in period,” the report said.

Most analysts believe it is a positive step for the Indian financial sector as the government has tried to avoid a repeat of IL&FS-like crisis.

“The move is a positive step for the financial sector as a whole. By this, the government has tried to avoid a repeat of IL&FS-like crisis and has saved the depositors,” said AK Prabhakar, Head of Research at IDBI Capital. While we know that YES Bank has a huge pile of bad loans, SBI is the only bank that has the capacity to absorb it, he added.

However, the valuation at which YES bank would be taken over remains a cause of concern.

Global brokerage firm JP Morgan Thursday cut its target price for YES Bank on Thursday to Rs 1 per share, taking into account the potential fall in the lender’s net worth due to stressed assets.

“We believe forced bailout investors will likely want the bank to be acquired at near-zero value to account for risks associated with the stress book and likely loss of deposits. We think the bank will need to be recapitalised at nominal equity value and could test dilution of additional tier 1 (AT1) capital. We remain underweight and cut our target price to Rs 1 as we believe net worth is largely impaired,” JP Morgan said in a note.

Global brokerage firm Nomura estimates a need of Rs 25,000-44,000 crore and adjusted for Rs 7,400 crore of current coverage, if the current stress of Rs 65,000-70,000 crore faces 70 per cent loss given default (LGD).

"It implies Rs 18,000-37,000 crore needed for provisioning against the current net worth of Rs 25,700 crore Also, to run as going concern, the bank would require over Rs 20,000 crore of CET-1 capital as well," the note said.

YES Bank has registered slippages of Rs 12,000 crore so far in FY20, while it has placed Rs 30,000 crore of loan assets under the watch list. Its deposits stood at Rs 2.09 trillion on September 30, 2019, while its advances totalled Rs 2.24 trillion. The bank has delayed publishing its December quarter results by a month to March 14.

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Agencies
July 22,2020

Dubai, Jul 22: Saudi Arabia's Minister of Haj and Umrah, Dr Muhammad Saleh Benten, has inspected the facilities and arrangement made for the Haj pilgrims in Makkah and the holy sites.

Speaking to the Saudi Press Agency after the tour, the minister said that the Saudi government has worked out unprecedented plans for the running of this year's Haj, enabling pilgrims to perform their rituals in ease and comfort.
 
This year's Haj, which has been scaled back dramatically to include only around 1,000 Muslim pilgrims as Saudi Arabia battles a coronavirus surge, will begin on July 29, authorities said Monday.

"The comprehensive, foolproof plans will be implemented by the security, health and service agencies. The plans include the provision of the best health services, and the most appropriate crowd control, strictly in line with the precautionary measures and preventive protocols, formulated by the Ministry of Health to ensure full safety of pilgrims from the coronavirus pandemic," Dr Benten said.

According to the Saudi Gazette, Benten emphasised the eagerness of the government of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia and Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud to implement the Haj operation by following the highest health standards and precautionary measures in order to ensure the safety of the pilgrims.

Earlier, the minister inspected the arrangements and facilities for the reception and accommodation of pilgrims at Four Point Hotel in Makkah.

He was briefed by ministry officials with regard to receiving and accommodating pilgrims during the period from 4 to 8 of Dhul Hijjah before leaving for Mina.

Benten also visited the tents in Arafat and the facilities in Muzdalifah.

After that, his inspection tour visited the tent city of Mina, where he viewed one of the towers designated for the housing of pilgrims. 

According to the Saudi Gazette, he was impressed with the services and facilities being arranged for the accommodation and serving of food for the pilgrims.

To complete his visit, the minister watched a visual presentation of the mechanism for providing logistical services for the pilgrims during their travel from accommodation to Jamarat to undertake the stoning ritual.

Meanwhile, Maj. Gen. Mohammed Bin Wasl Al Ahmadi, assistant commander of the Haj security forces for the Grand Mosque and its premises, said on Tuesday that the security plan for this year's pilgrimage prioritises on organisational, security, humanitarian and health aspects.

He said the Haj security forces have installed entry and exit mechanisms from the Grand Mosque during Haj, with passages for pilgrims extending from the southern and western premises of venue as well as special passages around the circumambulation and Saey areas.

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