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December
One dead as fresh clashes erupt between Afghan, Pakistani border forces
Written by Nur Yasmin
Clashes erupted once again between the border forces of Afghanistan and Pakistan near the key Chaman-Spin Boldak border crossing on Thursday, resulting in one death and over a dozen injuries, Pakistani officials said.
Previously, cross-border shelling and gunfire killed eight Pakistani civilians and one Afghan soldier on Sunday near the same crossing, which connects Pakistan's southwestern province of Balochistan with the southern Afghan province of Kandahar.
Thursday's fighting started when Pakistani forces repairing a portion of the border fence damaged during Sunday's clashes came under attack from the Afghan side of the frontier, a provincial official Balochistan, Zahid Saleem, told Reuters.
Both sides blamed each other for instigating Sunday's clashes.
Afghanistan's ministry of defence, run by the Taliban administration, said in a post on Twitter that Pakistani forces had opened fire first, and called for a resolution of the issue through negotiations.
"Negative actions and creating excuses for war will benefit no one," the ministry said.
Saleem, who is additional chief secretary of the province, said Afghan mortar shells had landed in civilian settlements on the Pakistani side.
"One civilian has been killed and 12 others, including women and children, were injured," a local official of the Pakistani border area of Chaman said, adding that clashes were still ongoing.
The police spokesman of the Afghan province of Kandahar did not reply to a Reuters request for comment on the casualties.
Afghanistan and Pakistan have for decades had territorial disputes at their border and the Chaman crossing was closed for several days after similar clashes last month.
Chaman-Spin Boldak is the second busiest crossing between the two countries and a key trade route through which large quantities of critical goods move in and out of landlocked Afghanistan. (Reuters)
December
U.S. accounting watchdog says it is able to inspect firms in China for first time
Written by Nur Yasmin
The U.S. Public Company Accounting Oversight Board on Thursday said it has determined that it has gotten full access to inspect and investigate firms in China for the first time ever.
The announcement from the U.S. accounting watchdog removes the risk that around 200 Chinese companies, including Alibaba (BABA.N), could be kicked off U.S. stock exchanges.
"For the first time in history, we are able to perform full and thorough inspections and investigations to root out potential problems and hold firms accountable to fix them,” said PCAOB Chair Erica Williams.
Shares of Alibaba were last up 1.1% on Thursday.
"The good news is there's some 200 companies that are based in China that actually have US traded ADRs that no longer face the acute threat of being kicked off US exchanges," said Art Hogan, chief market strategist at B. Riley Financial. "This falls into the category of a game changing view of Chinese companies because the threat of their delisting seems to have been eliminated."
The PCAOB, which oversees registered public accounting firms around the world, said late last year said that Chinese authorities had prevented the watchdog from completely inspecting and investigating in mainland China and Hong Kong.
Washington and Beijing reached a landmark deal in August to settle a long-running dispute over auditing compliance of U.S.-listed Chinese firms. Authorities in China have long been reluctant to let overseas regulators inspect local accounting firms, citing national security concerns.
U.S. lawmakers in 2020 agreed to legislation that would oust Chinese companies from U.S. stock exchanges unless they adhere to American auditing standards.
The deal gave PCAOB right to full access to Chinese audit working papers with no redactions, the right to take testimony from audit company staff in China and sole discretion to select what companies it inspects.
The PCAOB said it exercised sole discretion to select firms for audit and had selected two, KPMG Huazhen LLP in China and PricewaterhouseCoopers in Hong Kong.
U.S. officials had gained "good access" to all the information they requested during the seven-week inspection, Reuters reported in November. read more
PCAOB staff identified "numerous potential deficiencies" in their inspection work, Williams said.
"Today’s announcement should not be misconstrued in any way as a clean bill of health for firms in mainland China and Hong Kong," she said.
She declined to specify the types of deficiencies, but said they are in line with what the audit inspectors have seen in other jurisdictions during first-time inspections in other places. (Reuters)
December
Pakistan lifts ban on sugar exports - finance ministry
Written by Nur Yasmin
Pakistan has lifted a ban on sugar exports, the finance ministry said on Thursday, in a move that government sources indicated was aimed at boosting foreign reserves.
The decision was taken by the Economic Co-ordination Committee headed by Finance Minister Ishaq Dar.
The ECC approved a summary of the food security ministry, the statement said, adding it will apply to sugar exports during the fiscal 2022-2023 year.
Exports of sugar up to 100,000 tonnes will be allowed, it said, adding that the ECC would review the situation on fortnightly basis.
Sugar prices in the local market will not increase until at least Jan. 31, the finance ministry said.
Government sources said the move was a bid to boost the country's foreign reserves, which have fallen to as low as $6.7 billion, barely enough to cover a month of imports. (Reuters)
December
IAEA chief says to make all-out effort to stop North Korea's nuclear programme
Written by Nur Yasmin
International Atomic Energy Agency (IAEA) chief Rafael Grossi said on Thursday the IAEA would make an all-out effort to stop North Korea's nuclear programme and preserve international non-proliferation, according to South Korea's presidential office.
Grossi, who is on a visit to Seoul, was responding to a request from South Korean President Yoon Suk-yeol for the agency to join efforts to hold back what South Korea calls the North's nuclear provocations and achieve its denuclearisation by strengthening monitoring activity and readiness for inspection.
Grossi said that he shares the international community's concern about the North Korea nuclear issue, South Korea's presidential office said.
North Korea is believed to have completed preparations for the first nuclear test since 2017, according to officials from South Korea and the United States.
The IAEA has not had access to North Korea since the secretive communist state expelled its inspectors in 2009. (Reuters)
December
Fiji's ruling party leads provisional count after national election
Written by Nur Yasmin
The ruling Fiji First party led provisional national election results, boosted by a 31.42% vote for Prime Minister Frank Bainimarama, with half of polling stations counted in the Pacific island nation on Thursday.
Bainimarama, who came to power in a coup 16 years ago, is contesting his third democratic election since reforms to Fiji's constitution in 2013 scrapped a system that drew distinctions between the votes of indigenous Fijians and its large ethnic Indian population.
He is in a tight race against another former coup leader and one-time prime minister, Sitiveni Rabuka, whose People's Alliance Party has formed a coalition with Fiji's oldest political party, the National Federation Party.
The provisional result from Wednesday's vote showed Fiji First with 45.88% of votes at 7 a.m. Thursday, ahead of the People's Alliance Party with 32.66% of votes, while the National Federation Party had 9.29% of votes.
With 1,238 out of 2,017 polling stations counted, Bainimarama had personally garnered 31.42% of all votes in Fiji's proportional representation system, where there is a single constituency, and Rabuka had 16.34% of votes.
The final result, based on a manual count of voting papers, will be known on Sunday, election officials said.
Technical problems which plagued the election office's app, used by the public to track provisional results called in from election booths on Wednesday evening, has fuelled mistrust among opposition parties.
The app had shown a People's Alliance Party candidate leading, before it was taken offline around 11 p.m. on Wednesday and the election office told media there were errors. When the app came back at 2.30 a.m., it showed Fiji First ahead.
The election office said mistakes had been made transferring data to the app, which had incorrectly boosted some candidates vote.
Rabuka told reporters at a press conference on Thursday his party was "not satisfied", and is writing to the Supervisor of Elections, the army commander and Fiji's president.
Leaders of five opposition parties issued a joint statement on Thursday afternoon, calling for a halt to counting, saying the "glitch" had caused serious problems and they demanded an independent audit of the electoral system.
Fiji's election commissioner, Mohammed Saneem, responded by telling media a "double blind data entry" system was being used to avoid errors in the final count, which was fully manual, and each party was entitled to have agents present.
Voter turnout was less than 60%, which analysts said was the lowest in a decade.
A multinational observer group led by Australia, India and Indonesia includes 90 election observers.
Australian Foreign Minister Penny Wong told reporters Fiji's election appeared to have been conducted "peacefully and in an orderly manner". (Reuters)
December
Climate change will fuel humanitarian crises in 2023 -study
Written by Nur Yasmin
Climate change will accelerate humanitarian crises around the world in 2023, adding to the issues created by armed conflict and economic downturns, according to a study by the NGO International Rescue Committee (IRC).
The agency, based in New York and led by former UK politician David Miliband, flagged that the number of people in humanitarian need has skyrocketed in the last decade, approaching 339.2 million versus the 81 million seen in 2014.
Climate change is among the key factors accelerating humanitarian emergencies, the IRC noted, despite the fact that the 20 countries on its emergency watchlist - like Haiti and Afghanistan - contribute just 2% to global CO2 emissions.
"2022 has shown that the role of climate change in accelerating the global humanitarian crisis is undeniable," the report noted.
It pointed to record-long periods of rains, which has "brought catastrophic food insecurity to Somalia and Ethiopia," and killed thousands in Pakistan.
The IRC also flagged to need to more "proactively invest in climate change prevention and mitigation."
Meanwhile, food insecurity is already rife due to growing conflict as well as the economic crisis sparked by Russia's invasion of Ukraine and the coronavirus pandemic, it said.
In addition, the gap between humanitarian needs and its financing has grown to a global deficit of $27 billion as of November 2022.
"Donors are failing to respond proportionately," the report said. "The result is that communities affected by the crisis are unable to access the services they need to survive, recover and rebuild."
The study - titled "Emergency Watchlist 2023"- also highlighted that the number of people forced to flee their homes has risen to more than 100 million today, up from 60 million in 2014, with Venezuela among the biggest drivers. (Reuters)
December
EU seeks firm words on Russia at first summit with ASEAN
Written by Nur Yasmin
The European Union and the Association of Southeast Asian Nations (ASEAN) meet for their first summit on Wednesday to deepen economic ties, with European leaders pressing for firm, shared language critical of Russia.
The leaders of 27 EU countries and nine of 10 ASEAN leaders have been invited to a commemoration of 45 years of diplomatic relations. Military-ruled Myanmar has been excluded.
The leaders are set to discuss areas of future cooperation, including trade, the green and digital transitions and health. The two blocs have already signed a deal to allow their airlines to expand services more easily.
European Commission President Ursula von der Leyen is set to commit 10 billion euros ($10.6 billion) of public funds to 2027 for investment in projects in ASEAN, such as in renewable energy and sustainable agriculture.
"We see a lot of demand in the region to diversify their sources of investment and work with reliable partners," an EU official said of the region where links with China have grown.
The EU wants to expand its trade ties beyond its free trade agreements with Singapore and Vietnam and negotiations with Indonesia. The regional groupings are each other's third largest trading partners.
They are also expected to demonstrate a commitment to a rules-based international order.
The European Union is keen for a statement to describe the war in Ukraine as an act of aggression by Russia. An EU official said the bloc was very positive on prospects for the wording, while admitting it was not an easy task.
Singapore is imposing sanctions on Russia, while Laos, Thailand and Vietnam abstained in a United Nations vote in October to condemn Russia's annexation of Ukrainian regions.
Leaders of the Group of 20 (G20) nations agreed at a meeting chaired by ASEAN nation Indonesia last month that "most members" condemned the war.
The summit statement is likely also to call for calm in the South China Sea and address the February 2021 military coup in Myanmar and instability on the Korean peninsula. (Reuters)
December
Australia to pass energy price cap law after Greens signal support
Written by Nur Yasmin
Australia is set to pass legislation on Thursday to introduce domestic price caps on coal and gas for a year after the ruling Labor party announced the Greens would back the law in exchange for funds to support electrification.
Minister for Climate Change and Energy Chris Bowen said on Wednesday that given a deal with the Greens the government had the numbers to pass its energy price control legislation when parliament reconvenes for a special session on Thursday.
"The Albanese government struck an arrangement across the parliament to ensure our legislation has passage through the parliament tomorrow," Bowen said at a news conference.
"The legislation we will deliver tomorrow will ensure that the energy price rises we're seeing right around the world ... have the sting taken out of the tail when it comes to Australians."
The federal government has committed to working with the Greens to develop measures to help households and businesses transition from gas to electric, Greens party leader Adam Bandt said at a separate media conference earlier.
Bowen said details of the "substantial package" would be developed ahead of next May's budget and would include a role for the Clean Energy Finance Corporation and the Australian Renewable Energy Agency. He declined to provide further details.
The move to put a cap on gas and coal prices, announced by Prime Minister Anthony Albanese last week, comes amid soaring energy prices largely due to Russia's war in Ukraine that has resulted in windfall profits for miners and gas producers.
Parliament will vote on Thursday to cap gas prices at A$12 ($8.19) per gigajoule and coal prices for power producers at A$125 per tonne.
Short-term gas prices on Australia's east coast averaged A$26 in the third quarter, data from research group EnergyQuest shows. The export benchmark Newcastle coal futures for December hovered just over $400 per tonne on Tuesday.
The legislation will also include provisions opening the door for new regulations that will dictate a "reasonable price" for gas sales to domestic buyers after the price cap expires.
The Labor government has a majority in the parliament's lower house but needed the support of the Greens in the Senate.
The Greens had said it would oppose the bill if it included proposals to compensate companies for any revenue loss from the price cap. Albanese has said the legislation would not contain any clauses on compensation. (Reuters)
December
G7, Vietnam reach $15.5 bln climate deal to cut coal use -sources
Written by Nur Yasmin
The Group of Seven (G7) industrialised nations will provide $15.5 billion to Vietnam to help the country transition away from coal, two Western sources told Reuters on Wednesday.
The deal will be the third agreement of this type reached by G7 nations, as pressure mounts on rich, heavy-emitting nations to help poorer countries cope with climate change and transition to cleaner energy.
The group signed similar deals last year with South Africa and last month with Indonesia.
Vietnam, which is among the world's top 20 coal users, was initially slated to sign the so-called "Just Energy Transition Partnership" with G7 nations at the global COP27 climate summit in November, but high-level talks stalled before the meeting.
To persuade Vietnam to back the offer, Western negotiators led by the European Union and Britain have repeatedly increased the amount of funding offered to Hanoi.
Half of the agreed $15.5 billion will come from the public sector and the rest from private investors, sources said, declining to be named because they were not allowed to speak to media.
Only a minor part of the funding will be provided as grants, while most of the public investment will be loans, one of the sources said.
An initial amount of at least $15.5 billion will be disbursed over the next three to five years, one source said.
The G7's deal with Indonesia promised $10 billion in public funds to shut down coal plants in the country and bring forward the sector's peak emissions date by seven years to 2030. South Africa was promised $8.5 billion.
Western countries have pushed for funding to be directed at projects such as offshore wind farms and upgrades to the national power grid in Vietnam.
Vietnam's Environment Ministry did not immediately respond to a request for comment. (Reuters)
December
Russian strategic bombers patrol over Sea of Japan - defence ministry
Written by Nur Yasmin
Russia's defence ministry said on Wednesday that two Russian Tu-95 strategic bombers carried out a seven-hour patrol flight over the Sea of Japan.
The bombers - capable of carrying nuclear bombs and nuclear-armed cruise missiles - were accompanied by Russian SU-class fighter jets, the ministry said.
Even while bogged down thousands of miles away in its war in Ukraine, Russia has continued to conduct regular strategic bomber flights as a show of strength to its neighbours in the Far East. Last month it carried out joint patrols with China over the Sea of Japan and East China Sea.
The defence ministry said the latest mission complied with international airspace rules and was part of regular flights over what it called the neutral waters of the Arctic, North Atlantic, Black and Baltic Seas, and the Pacific Ocean. (Reuters)