U.S. flies bombers over Korean peninsula after North Korea missile test

Agencies
July 30, 2017

 

Seoul, Jul 30: The United States flew two B-1B bombers over the Korean peninsula in a show of force after recent North Korean missile tests, the U.S. Air Force said in a statement on Sunday.

North Korea said it conducted another successful test of an intercontinental ballistic missile (ICBM) on Friday that proved its ability to strike America's mainland, drawing a sharp warning from U.S. President Donald Trump.

The B-1B flight, conducted on Saturday, was in direct response to the missile test and the previous July 3 launch of the "Hwansong-14" rocket, the U.S. statement said. The bombers took off from a U.S. air base in Guam, and were joined by Japanese and South Korean fighter jets during the exercise, according to the statement.

"North Korea remains the most urgent threat to regional stability," Pacific Air Forces commander General Terrence J. O'Shaughnessy said in the statement.

"If called upon, we are ready to respond with rapid, lethal, and overwhelming force at a time and place of our choosing".

The U.S. has in the past used overflights of the supersonic B1-B "Lancer" bomber as a show of force in response to North Korean missile or nuclear tests.

North Korean leader Kim Jong Un personally supervised the midnight test launch of the missile on Friday night and said it was a "stern warning" for the United States that it would not be safe from destruction if it tries to attack, the North's official KCNA news agency said.

North Korea's state television broadcast pictures of the launch, showing the missile lifting off in a fiery blast in darkness and Kim cheering with military aides.

China, the North's main ally, said it opposed North Korea's missile launches, which it said violate United Nations Security Council resolutions designed to curb Pyongyang's banned nuclear and missile programmes.

"At the same time, China hopes all parties act with caution, to prevent tensions from continuing to escalate," China's foreign ministry said in a statement on Saturday.

However, Trump said he was "very disappointed in China".

In a message on Twitter, he said: "Our foolish past leaders have allowed them to make hundreds of billions of dollars a year in trade, yet..."

"...they do NOTHING for us with North Korea, just talk. We will no longer allow this to continue. China could easily solve this problem!" he said in a subsequent tweet.

The Hwasong-14, named after the Korean word for Mars, reached an altitude of 3,724.9 km (2,314.6 miles) and flew 998 km (620 miles)for 47 minutes and 12 seconds before landing in the waters off the Korean peninsula's east coast, KCNA said.

Western experts said calculations based on that flight data and estimates from the U.S., Japanese and South Korean militaries showed the missile could have been capable of going as far into the United States as Denver and Chicago.

David Wright of the U.S.-based Union of Concerned Scientists wrote in a blog post that if it had flown on a standard trajectory, the missile would have had a range of 10,400 km (6,500 miles).

North Korea refers to the United States as its sworn enemy in its propaganda, and has done so since the 1950-53 Korean War in which the Soviet and Chinese-backed North fought against the U.S.-backed South. The isolated country often shows mockup images of a missile hitting key U.S. landmarks in its media.

 

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Agencies
July 3,2020

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."

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News Network
April 9,2020

Paris, Apr 9: More than 1.5 million cases of the novel coronavirus have been registered worldwide, according to a tally compiled by AFP at 0530 GMT Thursday from official sources.

Of the 1,502,478 infections, 87,320 people have died across 192 countries and territories since the epidemic first emerged in China late last year.

The tallies, using data collected by AFP from national authorities and information from the World Health Organization (WHO), probably reflect only a fraction of the actual number of infections. Many countries are only testing the most serious cases.

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News Network
June 24,2020

Geneva, Jun 24: The global cumulative count of confirmed coronavirus cases is approaching nine million, with 133,326 cases recorded over the past day, the World Health Organisation (WHO) said in its daily situation report on Tuesday.

Over the past 24 hours, 3,847 people died from COVID-19 worldwide, taking the cumulative death toll to 469,587 fatalities, according to the report.

The global case total has now reached 8,993,659.

The Americas still account for the majority of cases and deaths -- 4.4 million and 224,207, respectively.

The United States remains the country with the highest count of cases and fatalities -- 2.3 million and 119,761, respectively.

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