DUBAI: The International Monetary Fund’s managing director Christine Lagarde did not discount the possibility of another financial crisis and has called on finance ministers and policymakers to act with caution and prepare in case it happens.
“There may, one day, be another crisis,” Lagarde told CNBC, responding to comments earlier made by US Federal Reserve chairwoman Janet Yellen that she did not believe that there will be another financial crisis for at least as long as she lives, because of reforms of the banking system after the 2007-2009 financial crash.
“I plan on having a long life and I hope she (Yellen) does, too, so I wouldn’t absolutely bet on that because there are cycles that we have seen over the past decade and I wouldn’t exclude that,” Lagarde said.
The IMF last week said that global growth should hit 3.5 percent this year and next year, but cautioned that leaders needed to address several financial vulnerabilities.
Lagarde, in a blog post to accompany the IMF report, said that “financial vulnerabilities present an immediate concern.”
“After a long period of favorable financial conditions, including low-interest rates and easier access to credit, corporate leverage in many emerging economies is too high. In Europe, bank balance sheets still need repair following the crisis. In China, a faster-than-projected expansion — if it continues to be fueled by rapid credit and increased spending — would potentially lead to unsustainable public and private debt in the future,” the IMF official said.
She likewise urged participants of the G20 summit in Hamburg to use the current period of growth as an opportunity “to further safeguard the financial sector — by building up capital buffers and strengthening corporate and bank balance sheets; to address the issue of stagnant real wages — which can undermine the recovery and fuel discontent; and to confront the problem of excessive current account imbalances — with both surplus and deficit countries playing their part.”
The G20 leaders’ summit was set up after the 2007-2009 financial crash to provide a broader and more inclusive institution than the G7 group of rich economies.
Its membership represents about 85 percent of global GDP and includes Argentina, Brazil, Canada, China, India, Turkey and several EU countries.
IMF’s Lagarde not ruling out possibility of another financial crisis
IMF’s Lagarde not ruling out possibility of another financial crisis
Philippines’ Marcos says threat of assassination ‘troubling’
- Security agencies at the weekend said they would step up their protocols
MANILA: Philippine President Ferdinand Marcos said on Monday he will not take lightly “troubling” threats against him, just days after his estranged vice president said she had asked someone to assassinate the president if she herself was killed.
In a video message during which he did not name Vice President Sara Duterte, his former running mate, Marcos said “such criminal plans should not be overlooked.”
Security agencies at the weekend said they would step up their protocols and investigate the statement, which Duterte made at a press conference. The vice president’s office has acknowledged a Reuters request for comment.
An average of 140 women and girls were killed by a partner or relative per day in 2023, the UN says
- The agencies reported approximately 51,100 women and girls were killed in 2023
- The rates were highest in Africa and the Americas and lowest in Asia and Europe
Globally, an intimate partner or family member was responsible for the deaths of approximately 51,100 women and girls during 2023, an increase from an estimated 48,800 victims in 2022, UN Women and the UN Office of Drugs and Crime said.
The report released on the International Day for the Elimination of Violence Against Women said the increase was largely the result of more data being available from countries and not more killings.
But the two agencies stressed that “Women and girls everywhere continue to be affected by this extreme form of gender-based violence and no region is excluded.” And they said, “the home is the most dangerous place for women and girls.”
The highest number of intimate partner and family killings was in Africa – with an estimated 21,700 victims in 2023, the report said. Africa also had the highest number of victims relative to the size of its population — 2.9 victims per 100,000 people.
There were also high rates last year in the Americas with 1.6 female victims per 100,000 and in Oceania with 1.5 per 100,000, it said. Rates were significantly lower in Asia at 0.8 victims per 100,000 and Europe at 0.6 per 100,000.
According to the report, the intentional killing of women in the private sphere in Europe and the Americas is largely by intimate partners.
By contrast, the vast majority of male homicides take place outside homes and families, it said.
“Even though men and boys account for the vast majority of homicide victims, women and girls continue to be disproportionately affected by lethal violence in the private sphere,” the report said.
“An estimated 80 percent of all homicide victims in 2023 were men while 20 percent were women, but lethal violence within the family takes a much higher toll on women than men, with almost 60 percent of all women who were intentionally killed in 2023 being victims of intimate partner/family member homicide,” it said.
The report said that despite efforts to prevent the killing of women and girls by countries, their killings “remain at alarmingly high levels.”
“They are often the culmination of repeated episodes of gender-based violence, which means they are preventable through timely and effective interventions,” the two agencies said.
Pakistan Senate chairman leaves for Saudi Arabia to strengthen bilateral ties
- Yousuf Raza Gillani to meet Saudi Shoura Council chairman, governors of Riyadh and Madinah during visit
- Pakistan and Saudi Arabia closely cooperate in defense, military, economy, trade and other vital sectors
ISLAMABAD: Pakistan’s Senate Chairman Yousuf Raza Gillani left for a five-day trip to Saudi Arabia on Monday with his visit aimed at strengthening bilateral ties and promoting institutional cooperation between Islamabad and Riyadh, the Senate Secretariat said.
The invitation to Gillani and his delegation was extended by Saudi Arabia’s Shoura Council, the secretariat said. The Majlis Al-Shoura, or Consultative Council, is a legislative body that advises the Saudi king on issues that are important to Saudi Arabia.
“Chairman Senate Syed Yousuf Raza Gillani has left for a five-day trip to Saudi Arabia with a delegation,” the Senate Secretariat said in a statement.
“The aim of the visit is to further promote bilateral relations and institutional cooperation.”
The Pakistani delegation will hold high-level meetings with the Shoura Council chairman, governors of Madinah and Riyadh, and conduct other high-level meetings, it said.
Pakistan and Saudi Arabia enjoy cordial relations that have resulted in close cooperation in defense, military, economic and other sectors.
Last month, Pakistan and Saudi Arabia signed investment agreements worth $2.8 billion while Crown Prince Mohammed bin Salman has pledged to expedite a $5 billion investment portfolio for Islamabad.
Saudi Arabia has frequently bailed Pakistan out of its economic crisis over the years, coming to its aid with loan rollovers and providing oil on deferred payments to Islamabad.
Russia says it downs seven Ukrainian missiles over Kursk region
Russia’s air defense systems destroyed seven Ukrainian missiles overnight over the Kursk region, governor of the Russian region that borders Ukraine said on Monday.
He said that air defense units also destroyed seven Ukrainian drones. He did not provide further details.
A pro-Russian military analyst Roman Alyokhin, who serves as an adviser to the governor, said on his Telegram messaging channel that “Kursk was subjected to a massive attack by foreign-made missiles” overnight.
Sri Lankan artist immortalizes Pakistan’s Olympic hero Arshad Nadeem with special painting
- Arshad Nadeem won Pakistan its first Olympic gold medal since 1992 in August with record-breaking javelin throw
- Titled “The Throw,” Mueen Saheed’s painting features an abstract portrayal of Nadeem and his mother
ISLAMABAD: Sri Lankan artist Mueen Saheed has paid tribute to Pakistani Olympian Arshad Nadeem by dedicating a “special painting” to the sportsman, state-run media recently reported, as a mark of respect for bagging the gold medal for his country earlier this year.
Nadeem made history at the Paris Olympics in August by setting a new record for the longest javelin throw in the global competition, winning Pakistan its first gold medal since 1992 with a record-breaking 92.97m javelin throw.
Saheed last week concluded an art cultural tour in Pakistan where he showcased his artwork at three major exhibitions in Lahore and Islamabad.
“Renowned Sri Lankan artist, Mueen Saheed made a memorable addition to his tour of Pakistan by presenting a special painting dedicated to Arshad Nadeem, Pakistan’s celebrated Olympic gold medalist, to the Pakistan National Council of the Arts (PNCA),” the state-run Associated Press of Pakistan (APP) reported on Sunday.
The painting, now a part of the PNCA’s prestigious permanent collection, pays homage to Nadeem’s remarkable achievements and his role in uniting fans across borders.
Titled “The Throw,” the painting features an abstract portrayal of Nadeem and his mother, veiled behind Saheed’s distinctive brushstrokes and use of small squares, the APP said.
The presentation ceremony at the PNCA in Islamabad, part of the artist’s “Passages of Light” exhibition, was attended by key figures in the arts and culture sector, including PNCA Director General Muhammad Ayoub Jamali and Information Minister Attaullah Tarar.
“Arshad Nadeem’s story is one of resilience and humility,” Saheed explained. “His victory at the Olympics and the moments of sportsmanship with his Indian counterpart, Neeraj Chopra, were powerful examples of unity in competition.”
Tarar praised Saheed’s gesture, noting the significance of honoring a national hero whose journey resonates beyond sports, inspiring audiences from Pakistan, India, and around the world, the state-run media said.
