Pakistan Affairs

Month: March 2023

  • U.S., Britain hustle to stop a potential banking crisis after Silicon Valley Bank collapse | CBC News

    Governments in the US and UK have taken steps to prevent a potential banking crisis after the failure of California-based Silicon Valley Bank, which had over $200bn in assets and catered to tech startups, venture capital firms, and well-paid technology workers. Regulators in the US rushed to close Silicon Valley Bank on Friday when it experienced a traditional bank run, where depositors rushed to withdraw their funds all at once. It is the second-largest bank failure in US history, behind only the 2008 failure of Washington Mutual. The collapse set off a wave of panic in the tech sector as thousands of small and medium-sized companies stood to lose billions in deposits. The UK government facilitated the sale of Silicon Valley Bank UK to HSBC and Canada took temporary control of its Canadian branch. US officials assured all of the bank\’s customers that they would be able to access their money on Monday. The Asian and European markets fell, but not dramatically, and US futures were down.

    The extensive emergency lending program, which is intended to prevent a wave of bank runs and protect the bank\’s customers, will allow depositors at Silicon Valley Bank and Signature Bank to access their money on Monday. Deposit holders, including those whose holdings exceed the $250,000 US insurance limit, will be able to access their money. The Treasury has set aside $25 billion US to offset any losses incurred under the Fed\’s emergency lending facility. Though Sunday\’s steps marked the most extensive government intervention in the banking system since the 2008 financial crisis, the actions are relatively limited compared with what was done 15 years ago.



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  • PM Shehbaz accords in-principle approval to set price of cotton at Rs8500 per 40kg

    The Prime Minister of Pakistan\’s Punjab province, Shehbaz Sharif, has given preliminary approval for the price of cotton to be set at 8,500 Pakistani rupees per 40 kilograms this year. The Agricultural Task Force review meeting in Lahore considered ways to improve the output of cotton and its support price, with it noted that last year\’s floods and a shortage of canal water and fertiliser had reduced the amount of cotton produced. Estimated production this year is 12.77m bales, with planted cotton acreage and yield per acre due to rise. Sharif directed relevant authorities to submit the support price of cotton to the Economic Coordination Committee for early endorsement, adding that provincial authorities need to ensure fixed prices, and the federal government had to provide assistance to this end. Sharif also directed the Ministry of National Food Security to work rapidly towards increasing cotton yields.



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  • The cheapest and easiest way to keep your internet up during load shedding | News24

    South Africa is facing a severe power crisis with load shedding expected to hit a record high in 2023. Mobile networks are unreliable during power shortages, as batteries struggle to keep up with repeated outages and thefts. This makes it challenging to maintain a data connection, particularly during extended periods of Stage 6 cuts. However, fibre internet in homes is an alternative and can be kept alive with a fibre router battery pack available at competitive prices. The devices enable connectivity through the use of high-capacity lithium-ion batteries that last around four hours, and they kick in automatically when the power goes down. To keep the fibre alive, residents living in housing estates with centralised solutions will need to petition the body corporate to install a uninterruptible power supply at the site of the global optical network terminal. However, fibre uninterruptible power supplies are not a substitute for large UPS systems, and they can only power the router and optical network terminal. Therefore, they are recommended as a handy backup.



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  • China \”resolutely opposed\” to external interference in Taiwan: Xi

    The Chinese president, Xi Jinping, has reiterated his country’s opposition to external interference over relations with Taiwan, warning of “Taiwan independence” separatist forces. Speaking at the end of China’s annual parliamentary session, Xi urged the need to “unswervingly advance” unification efforts between Taiwan and China, stating that China would resist activities in Taiwan instigated by foreign entities. Xi’s comments have been viewed as a warning to the US following a period of declining relations between the two countries over the running of the self-governed island. Since last August, the Chinese government has placed greater military pressure on Taiwan, viewing the island as a renegade province that needs to be unified, by force if necessary, with the country. Xi also made a series of other comments on the development of the country, including the need to advance in science and technology, promote industrial transformation and upgrading, and build a “great modern socialist country” by the middle of the century.



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  • Silicon Valley Bank’s Toronto branch seized by Canada’s banking regulator amid collapse | Globalnews.ca

    The assets of Silicon Valley Bank’s Canadian branch have been temporarily seized by Canada’s banking regulator after the bank\’s collapse last week. US banking regulators were forced to close the bank after large sums were withdrawn by worried depositors, which has raised concerns about other banks that cater to the technology sector companies. The Office of the Superintendent of Financial Institutions (OSFI) said on Sunday that Silicon Valley Bank’s Toronto branch primarily lends to corporate clients, and does not hold any commercial or individual deposits in Canada. Chris Freeland, Deputy Prime Minister and Finance Minister, released a statement saying that after speaking with Canada\’s financial sector leaders and the Bank of Canada, she believed that the country’s “well-regulated banking system is sound and resilient\”. Silicon Valley Bank is seen as one of the biggest bank failures in US history. Meanwhile, regulators moved swiftly to shut the New York-based Signature Bank over the weekend, while smaller banks remained under pressure.



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  • Sunak and Macron hail ‘new chapter’ in UK-France ties

    The UK and France have agreed on a new financial framework to tackle the issue of undocumented migrants arriving via the English Channel. French President Emmanuel Macron and UK Prime Minister Rishi Sunak held the two countries\’ first bilateral summit in five years, which proved to be a productive meeting, strengthening post-Brexit cooperation. The UK will provide France with €141m in 2023-24, followed by €191m in 2024-25 and then €209m in 2025-26. This money will be used in multiple ways, including the funding of a new detention center in France and an extra 500 French law enforcement officers on French beaches who will be working with British liaison officers. Macron pushed for closer ties with the UK, stressing that \”It\’s my wish and it\’s in our interests to have the closest possible alliance,\” in addition to congratulating Sunak for agreeing on the Windsor Framework. Both leaders also pledged to help Ukraine resist Russian aggression, agreeing that their priority would be to continue to support Ukraine in its war against Russian aggression.



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  • SVB collapse forces rethink on interest rates and hits bank stocks

    The failure of Silicon Valley Bank has caused a ripple effect in global financial markets, with investors downgrading their forecasts for further interest rate rises and selling bank stocks globally. Government bond prices have soared, with fund managers betting that the US Federal Reserve will not raise interest rates at its next scheduled monetary policy meeting this month. Bank stocks have taken a significant hit, with Europe\’s Stoxx banking index falling 5.7%, taking its decline since last week to just over 11%. Futures contracts tracking Wall Street’s S&P 500 and Nasdaq 100 were up 0.2% and 0.6%, respectively. However, futures in big US banks fell about 2%. Goldman Sachs no longer expected any increase at the Fed\’s meeting ending on March 22 \”in light of recent stress in the banking system\”. Analysts have raised concerns about the impact the failure of the bank might have on inflation and the central banks\’ handling of interest rates.



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  • \’Great wall of steel\’: Xi Jinping vows to strengthen China\’s military

    In his first public address since securing a third term as China\’s president, Xi Jinping urged the country to build a \”great wall of steel\” in the form of its military to safeguard its national security and development interests. Speaking at the closing session of the National People\’s Congress, Xi also called for China to \”unswervingly achieve\” national reunification, citing the island of Taiwan as a major challenge. Xi emphasized the need for faster technology development and more self-reliance in his speech full of nationalistic terms. The ruling Communist Party is expected to tighten oversight over security matters, following Xi\’s replacement of top security officials with his trusted allies. China also set a GDP growth target of about 5%, its lowest in almost three decades. The new premier, Li Qiang, reassured the private sector that the environment for entrepreneurial businesses would improve and equal treatment would be given to all types of companies. Li is tasked with reviving the world\’s second-largest economy after three years of COVID-19 curbs.



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  • \’Great wall of steel\’: Xi Jinping vows to strengthen China\’s military

    In his first public address since securing a third term as China\’s president, Xi Jinping urged the country to build a \”great wall of steel\” in the form of its military to safeguard its national security and development interests. Speaking at the closing session of the National People\’s Congress, Xi also called for China to \”unswervingly achieve\” national reunification, citing the island of Taiwan as a major challenge. Xi emphasized the need for faster technology development and more self-reliance in his speech full of nationalistic terms. The ruling Communist Party is expected to tighten oversight over security matters, following Xi\’s replacement of top security officials with his trusted allies. China also set a GDP growth target of about 5%, its lowest in almost three decades. The new premier, Li Qiang, reassured the private sector that the environment for entrepreneurial businesses would improve and equal treatment would be given to all types of companies. Li is tasked with reviving the world\’s second-largest economy after three years of COVID-19 curbs.



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  • Ottawa\’s plan for guns misfired. Alberta gun cultures might help us understand why | CBC News

    Alberta\’s recent introduction of the Firearms Act is the latest move in a long-standing fight against gun legislation by gun owners and advocates in the province. While the federal government introduced legislation to prevent mass shootings, including amendments that were perceived to ban common shotguns and hunting rifles, gun owners felt that they were being lumped in with criminals, and the Assembly of First Nations passed a resolution opposing the legislation. The proposed amendments were eventually withdrawn by the government, and the Alberta Firearms Act was introduced to counteract the federal law. Alberta has a notable gun culture that centres around rural areas where guns are used for hunting, pest control, and ranch purposes, and gun ownership is relatively high. Despite this, not all Albertans oppose stricter gun regulations. A recent poll showed that 54% of the province\’s residents were in favour of national rules for effective gun policy, while 34% believed provinces should have the flexibility to decide whether certain guns should be banned. Emotions run high in the province when authorities are perceived to move against guns, as seen in 2013 when citizens confronted the RCMP after the Mounties took guns from flood-stricken homes in High River.



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