London IAG, parent of British Airways, said Friday it returned to first-half profit as the aviation sector recovers from the Covid pandemic despite inflation lifting company costs and ticket prices.  

Profit after tax was 921 million euros ($1 billion) in the first six months as passenger demand rallied at IAG, owner also of Spanish carrier Iberia and Irelands Aer Lingus among others.

IAG had posted a net loss totalling 654 million euros one year earlier, it added in a statement.

Our strong profits since the start of the year are helping to fund investment for our customers, and to improve our balance sheet by reducing debt, said group chief executive Luis Gallego.

We are aiming to be back to pre-pandemic capacity at the end of this year, he added.

Group revenue surged 45 percent to 13.6 billion euros in the first half.

Customer demand remains strong across the group, particularly for leisure travel, with around 80 percent of passenger revenue for the third quarter already booked, Gallego added in the statement. 

Shares in IAG climbed 2.5 percent at the start of trading Friday following the results.

Sector-wide recovery

Elsewhere Friday, Air France-KLM said it had doubled year-on-year net profit in the second quarter to 604 million euros. 

The Franco-Dutch group saw sales rise almost 14 percent to 7.6 billion euros, boosted by an increase in passengers and higher air fares.

Ticket prices have soared since the pandemic, driven by rising fuel costs, increased demand and capacity constraints. 

Air France-KLM said it expects bookings for the current quarter which includes the crucial summer holiday season to be at the same or higher level compared with 2022.

However, inflation is affecting the groups costs, which have risen 5.6 percent in the second quarter, compared with less than one percent in the first quarter.

Airlines posted huge losses and laid off thousands of staff during the Covid pandemic that grounded planes worldwide for long periods.

IAG on Friday added it had converted options on six Boeing 787-10 long-haul planes into firm orders for British Airways, while taking on another six options.

It is also converting one Airbus A350-900 option into a firm order for Iberia.

The firm orders will be delivered in 2025 and 2026, IAG said.

These latest generation aircraft will contribute to restoring capacity to pre-pandemic levels, said Gallego.  

They will be among the most fuel-efficient aircraft in our long-haul fleet and will help towards our commitment to achieve net zero carbon emissions by 2050, he added.

The post British Airways parent IAG flies back to profit appeare...

Addis Ababa Ethiopian Airlines successfully weathered the Covid pandemic by shifting its strategy, but Africas only profitable carrier still faces real challenges in sourcing parts and staying competitive at a time of inflation, its CEO told AFP.

The 2022-2023 financial year ending June 30 was a very successful year, Mesfin Tasew said in an interview in Ethiopias capital Addis Ababa.

We carried 13.7 million passengers, which is a 57-percent growth compared to the previous year and 10 percent higher than pre-Covid. We also carried 740,000 tonnes of cargo, which is nearly double pre-Covid, he said.

The state-owned company generated $6.1 billion in revenue, up 20 percent compared to the previous year and nearly 50 percent more than pre-Covid earnings.

The airline turned to freight when passenger traffic fell, including converting some of its passenger aircraft to transport cargo.  

The figures indicate that we have fully recovered from the impacts of Covid, said Mesfin, who was appointed to the job in March 2022.

But, he said, the pandemics effects can still be felt in the form of high inflation which translates into high operating costs for us (and) high fuel price.

The disruption to the global supply chain caused by Covid-19 has also led to a shortage of spare parts required for repairs.

Sometimes we have difficulty flying all airplanes, we have to ground some of the aircrafts until we get the parts, he said.

He added that he expects the problem to be resolved within three years, but today it is a real challenge.

Court case  

As the industry recovers from coronavirus and more planes take to the skies, potential overcapacity may lead to a fall in airfares, he said.

The company will have to re-evaluate its cost structure and work very hard on our cost-saving initiative to stay still competitive, he said.

Ethiopian Airlines is also facing other challenges, including a lawsuit filed by a rights group that claims the carrier discriminated against travellers from the war-scarred region of Tigray.

The airline resumed air links between the capital Addis Ababa and Tigray after a peace deal was signed in November 2022 ending two years of conflict between the federal government and Tigrayan rebels.

Mesfin declined to answer any questions related to the case. The airline has previously denied claims that it had transported soldiers and weapons to Tigray during the war.

The controversies have not dented the carriers bottom line, with Mesfin saying the airline intended to attain certain key milestones by 2035.

The objectives include increasing its annual passenger traffic to over 60 million, expanding its list of international destinations from 130 to 20...

Delmont Around 5,000 Citroen 2CVs from across the globe are tootling into the Swiss countryside this week for a mass gathering celebrating the instantly recognisable French classic car.

The 24th World Meeting of 2CV Friends, in Delemont in the Jura region, has brought 2CVs of all shapes, sizes and colours to northwest Switzerland.

The 2CV which stands for deux chevaux, meaning two horsepower was launched in 1948 as French carmaker Citroens answer to Germanys Volkswagen Beetle.

Considered an economical choice for consumers, more than five million 2CVs rolled off the production lines until 1990, when Citroen had to stop producing them due to emissions standards.

The six-day event in Delemont began on Tuesday and ends on Sunday. 

2CVs from 30 countries are taking part, from neighbouring countries including France, Germany and Austria, elsewhere in Europe such as Greece and the Netherlands, and some from as far as Australia.

I think the magic of the 2CV, its iconically French. Its the perfect design. But its so simple, its so easy to maintain, its so easy to understand, said Matt Damper, who came from Britain with his son.

Its almost adopted as a member of the family.

Its a way of life; its not just a car.

Zen vibe

The event is taking place on a site covering 53 hectares, which includes 43 hectares of camping space.

Food trucks and concerts spanning alphorns to classic rock, ska to bell-ringing are laid on to keep the participants going, while spare parts stalls attract keen interest.

Here come a lot of people because my parts are rare. Its not many people in the world repairing complete parts. This is original Citroen parts but refurbished, said Miran, 42, a mechanic from Slovenia.

People like handmade, and personal contact.

The 2CVs need to follow a one-way route through the neighbouring villages, with itineraries designed to help visitors discover the Jura region.

Drivers honk horns at one other in a nod of recognition towards fellow enthusiasts.

Laurent Habran, 47, a cultural centre director from Belgium, said the vibe was pretty cool, pretty zen.

We come to have fun. Coming in a 2CV, you cant be in a rush because it doesnt go very fast anyhow, he said.

The first World Meeting of 2CV Friends a biennial event was held in Finland in 1975. 

It is being staged in Switzerland for the third time.

The events budget is 1.7 million Swiss francs ($2 million).

Umbrella on wheels

There are enthusiasts who have original vintage 2CVs, and there are 2CVs that have been totally transform...

Hsinchu Chip giant TSMC said it is determined to keep its roots in Taiwan, as it launched a massive new research and development facility in the northern city of Hsinchu on Friday. 

Taiwan Semiconductor Manufacturing Company (TSMC) controls more than half the worlds output of microchips, which are the lifeblood of the modern global economy, powering everything from coffee machines and smartphones to cars and missiles.

Much of its manufacturing base is in Hsinchu, where its state-of-the-art facilities are producing ever-smaller silicon wafers that have skyrocketed in demand, especially due to the recent boom in AI-related technology. 

At the Friday launch of its R&D facility, chairman Mark Liu said the centre will develop world-leading technologies in the semiconductor industry more actively to explore 2-nanometre and 1.4-nanometre technology. 

The company is racing to begin mass production of the 1.4-nanometre chip smaller than a fraction of a fingernail ahead of its rival Samsung, the worlds second-largest producer.

Its production lines have expanded beyond Taiwan as Western powers have raised concerns about the crucial industry being centred on an island that China claims as its territory having ramped up political pressures against it in the past year.

But CEO CC Wei said Friday that TSMC intends to keep the heart of its technological prowess in Taiwan. 

We want to use this opportunity to show Taiwanese people TSMCs determination to keep its roots in Taiwan, Wei said.

We have heard voices expressing concerns that whether TSMC is moving its focus abroad and whether TSMC is halting its development in Taiwan. We have to say no, he said. 

With the opening of the global R&D centre, we are telling Taiwanese people our roots will remain in Taiwan.

A planned Arizona plant one of the largest foreign investments in the United States is currently delayed until 2025 due to a shortage of skilled workers, a blow to the White Houses plans to bring more chip production to the US. 

TSMC has attributed the delay to the lack of skilled workers and said they are sending over Taiwanese technicians to help train the foundry staff. 

The company is facing similar issues as it explores the possibility of a plant in Dresden, citing concerns about the gaps in Germanys talent pool. 

TSMCs global profile has ballooned in the past year, much of it coming after the US unveiled sweeping curbs aimed at cutting off Beijings access to high-end chips, chipmaking equipment and software used to design semiconductors.

Beijing has reacted with similar moves, restricting the sales of chips of American giant Micron and announcing that exports of rare minerals vital in the production of semiconducto...

Tokyo The Bank of Japan on Friday eased its grip on its ultra-loose monetary policy in a small step towards normalisation as inflation accelerates and the yen comes under pressure against other major currencies.

The central bank has for years embarked on a process known as yield curve control (YCC) whereby it allows government bonds to move in a narrow band as part of a drive to boost the long-struggling economy.

However, after a closely watched meeting, it said it would allow greater flexibility in the market as it hiked its inflation forecast for the current fiscal year.

Still officials said it did not mean the bank was abandoning its monetary policy which analysts have warned was looking increasingly unsustainable saying it would maintain its massive asset-buying measures.

Ten-year JGB yields would be allowed to fluctuate in the range of around plus and minus 0.5 percentage points from the target level, the bank said in a statement. 

But it will conduct yield curve control with greater flexibility regarding the upper and lower bounds of the range as references, not as rigid limits, it said.

Market expectations fluctuated in the lead up to the meeting over whether the bank would tinker with its signature stimulus policies after the two-day meeting chaired by governor Kazuo Ueda, who took the helm in April.

The yen initially weakened to 139.95 per dollar after the announcement, from around 139.12 yen in the morning, before climbing to around 138.50.

The currency has been hammered for more than a year as the BoJ refused to shift from its policy, even as central banks around the world pushed up interest rates to fight surging inflation. 

The benchmark Nikkei index sank more than two percent at one point on the prospect of higher borrowing costs.

The BoJ took a similar measure in December when it expanded the YCC range to around plus or minus 0.5 percentage points, from a range of plus or minus 0.25 percentage points.

The central bank faces the challenge of balancing the need to shore up the economy and keep its monetary policy sustainable in the long term.

Analysts have said YCC is increasingly harming the economy by skewing the bond market and accelerating the yens weakness, prompting inflation of imported goods.

The latest tweak will work as a cushion of a shock (for the markets) when or if the BoJ abandons the YCC in the future, compared with a case if the YCC is abandoned without todays measure, NLI Research Institute senior economist Taro Saito told AFP. 

In its latest quarterly report, the bank said Japans recent inflation rates were higher than projected three months ago, while wages had increased, partly on the back of this years annual negotiations between trade unions and companies.

But it warned of extre...

Los Angeles This years Emmy Awards will be postponed due to the ongoing Hollywood strikes, US media reported Thursday.

Televisions equivalent of the Oscars was scheduled to take place in September, but could be pushed as far back as January, the Los Angeles Times reported.

Trade publication Variety said vendors, producers and others involved with the event have already been informed of the delay, which has not yet been officially announced.

A source familiar with the plans told AFP that a new date for the show has not yet been set.

Hollywoods actors and writers are both currently on strike, in the first industry-wide walkout for 63 years.

Stars would not be able to attend the Emmys if the actors strike was still in effect at the time of the ceremony a development that would be disastrous for television ratings.

Writers would also not be allowed to script a monologue or jokes for the telecasts host and presenters.

According to reports, Fox this years Emmy Awards broadcaster in the United States has been pushing to delay until January, giving the strikes longer to be resolved.

The Television Academy, who vote for and host the awards, preferred a shorter postponement, as January lands the Emmys right in the middle of Hollywoods packed film award season.

Neither Fox nor the Television Academy has commented.

The last time the Emmys were delayed was in 2001, when the ceremony was postponed in the wake of the 9/11 terrorist attacks.

The Hollywood strikes have essentially shut down all US movie and television productions, with limited exceptions such as reality and game shows.

Members of the Screen Actors Guild (SAG-AFTRA) and the Writers Guild of America (WGA) are barred from promoting their movies and series.

The unions demands have focused on dwindling pay in the streaming era, and the threat posed to their careers and future livelihoods by artificial intelligence.

Nominations for the 75th Primetime Emmy Awards were announced earlier this month, just hours before talks between studios and SAG-AFTRA collapsed.

Succession, the HBO drama about an ultra-wealthy family fighting for control of a sinister media empire, led the nominations with a whopping 27 nods, including best drama.

The Last of Us became the first live-action video game adaptation to earn major nominations, with 24, while satire The White Lotus earned 23 nods.

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Hong Kong The yen rallied and Japanese stocks fell after the countrys central bank tweaked its ultra-loose monetary policy on Friday, while other Asian stocks were mixed after forecast-beating US data revived concerns the Federal Reserve could hike interest rates further.

After a closely watched meeting, the Bank of Japan said it would allow greater flexibility in government bond markets, having allowed them to move in a tight band in a process known as yields curve control.

But on Friday it said that while it would maintain that range, its upper and lower limits would be used as references, rather than being rigid.

The move means rates in Japan would be allowed to rise more than previously. The yen fluctuated after the announcement before rising to around 138.30 per dollar, from 139.50 earlier in the day.

The currency has been hammered for more than a year as the BoJ refused to shift from its loose policy, even as central banks around the world pushed up interest rates to fight surging inflation. 

However, with prices picking up at home and the yen struggling, pressure has been growing on the bank to change tack.

The Nikkei 225 index sank more than two percent on the prospect of higher borrowing costs.

The BoJs decision to tweak their yield curve control was broadly in line with what the market had anticipated, but probably not as hawkish as previously feared, Khoon Goh, of Australia & New Zealand Banking Group, said.

Market reaction has been very choppy as it is not a straightforward decision to digest.

Traders had been on edge ahead of the announcement due to fears that tighter monetary policy would see Japanese investors the biggest foreign owners of US Treasuries with vast holdings of other global assets move their cash back home owing to better returns.

Stephen Innes, of SPI Asset Management, said: Its worth noting that Japanese investors have already sold a significant amount of foreign fixed income and have cash in dollars and foreign currencies that are waiting to be invested.

This means that Japanese investors are currently underweight in Japanese government bonds and yen. As a result, there is a high possibility of a significant flow of funds being repatriated back into yen and invested in fixed income.

A decision late last year by the BoJ to widen the band within which it allows bonds to move sent shudders through markets and sent the yen soaring.

World markets have enjoyed a broadly positive week on hopes the Federal Reserve and other central banks were at or close to the end of more than a year of monetary tightening as inflation comes down.

The Fed said Wednesday that future rate decisions would be determined by data, which was welcomed by investors who saw recent indicators pointing to an easing of price pressure...

Hong Kong Equities fell Friday following a sell-off on Wall Street where forecast-beating data revived concerns the Federal Reserve could hike interest rates further, while speculation swirled that the Bank of Japan could be preparing to shift from its era of easy money.

Traders have enjoyed a broadly positive week on hopes central banks were at or close to the end of more than a year of monetary tightening as inflation comes down and figures suggest the US economy is holding up.

The Fed said Wednesday that future rate decisions would be determined by data, which was welcomed by investors who saw recent indicators pointing to an easing of price pressure and softening of the labour market as giving it room to hold off more increases.

And on Thursday, European Central Bank boss Christine Lagarde left open the possibility of a pause.

However, news that US growth beat expectations in the second quarter while jobless claims slipped revived the possibility that there was still more work to do.

Adding to the unease was a report that the Bank of Japan was looking at tightening its monetary policy by loosening its grip on government bond yields, a process known as yield curve control.

That has fanned fears that Japanese investors the biggest foreign owners of US Treasuries while also having vast holdings across the globe could move their cash back home owing to the temptation of better returns.

The talk comes as inflation in the country continues to rise.

The prospect of more money flowing back into Japan sent the yen up against the dollar and euro, while stocks dropped.

And Asian markets sank in morning trade Friday.

Tokyo shed more than one percent, while Hong Kong, Shanghai, Sydney, Seoul, Wellington, Manila and Jakarta were also off.

Stephen Innes, of SPI Asset Management, said: Its worth noting that Japanese investors have already sold a significant amount of foreign fixed income and have cash in dollars and foreign currencies that are waiting to be invested.

This means that Japanese investors are currently underweight in Japanese government bonds and yen. As a result, there is a high possibility of a significant flow of funds being repatriated back into yen and invested in fixed income.

A decision late last year by the BoJ to widen the band within which it allows bonds to move sent shudders through markets and sent the yen soaring.

Shaun Osborne, chief foreign-exchange strategist at Scotiabank, added: While speculation of a policy tweak has been wrong before and reports suggest only that the BoJ will discuss a YCC tweak rising inflation, rising wages and the sheer scale of BoJ purchases suggests that the time for some adjustment is coming. 

Key figures around 0230 GMT

Tokyo Nikkei 225: DOWN 1.3 percent...

New York Ford lifted its full-year forecast Thursday after quarterly earnings nearly tripled on strong vehicle pricing in conventional autos that offset losses in electric vehicles (EV).

Shares of the big US automaker initially climbed on results flattered by higher auto sales in its internal combustion engine (ICE) vehicle business, but later retreated as the company signaled near-term losses in EVs would be bigger than previously thought.

Profits in the second quarter were $1.9 billion, nearly triple the year-ago level on revenues of $45 billion, 12 percent. 

Chief Financial Officer John Lawler described the period as a really strong quarter, saying the raised forecast reflected stronger than expected pricing through the first half of 2023.

But Ford also now sees operating losses in its EV business of $4.5 billion, up from the prior $3 billion.

The automaker slowed its timeframe for ramping up EV production, pushing back the timeframe to reach 600,000 per year in 2024 instead of this year. 

However, Ford reiterated the companys commitment to show positive EV profitability by the end of 2026.

EV adoption is not going to be a straight line, Lawler said at a briefing with reporters. We have flexibility. We are going to optimize.

On July 17, Ford announced it was temporarily shutting its Rouge electric plant in Michigan as part of a plan to boost production of the F-150 Lightning pickup. 

Ford also announced price cuts of as much as $10,000 on the vehicle, following several similar pricing actions at Tesla.

Fords EV experience shows we have to have very competitive products from a cost standpoint, said Lawler, who pointed to surveys that show 20-30 percent of consumers express interest in EVs but only seven percent end up buying.

Chief Executive James Farley predicted the EV market would remain volatile, noting that the pricing pressure has dramatically increased in the past 60 days.

Ford now expects 2023 earnings before interest and taxes a measure of profitability of between $11 and $12 billion, up from $9 to $11 billion.

Lawler said the company expects higher costs due to a new labor contract with the United Auto Workers, but did not release estimates.

Garrett Nelson, analyst at CFRA Research, said he remained cautious on Ford shares in light of risks related to the UAW talks, nothing that the companys EV production growth has also been disappointing.

Shares of Ford declined 1.0 percent to $13.59 in after-hours trading.

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San Francisco A fired Twitter product manager said Elon Musk  ran the company newly renamed X by instinct not data, surrounded by sycophants with his mood changing unpredictably.

Esther Crawford, whose picture sleeping in a Twitter office late last year made her a viral sensation, shared her thoughts on Wednesday in a lengthy post at X.

I disagree with many of his decisions and am surprised by his willingness to burn so much down, but with enough money and time, something new and innovative may emerge, Crawford said in the post.

Crawford joined Twitter when it bought her startup in 2020, before Musk bought the social media platform for $44 billion.

In person Elon is oddly charming and hes genuinely funny, Crawford said.

The challenge is his personality and demeanor can turn on a dime going from excited to angry.

Twitter employees feared being called into meetings with him or having to deliver negative news, according to Crawford.

At times it felt like the inner circle was too zealous and fanatical in their unwavering support of everything he said, Crawford wrote.

Product and business decisions were nearly always the result of him following his gut instinct, and he didnt seem compelled to seek out or rely on a lot of data or expertise to inform it.

Musk seemed to trust random feedback and Twitter polls more than employees working to solve problems at the company, according to Crawford.

His boldness, passion and storytelling is inspiring, but his lack of process and empathy is painful.

Musk has proven success tackling engineering problems, but a social networking platform requires emotional intelligence, Crawford said.

She did not spare the previous management, calling it bloated and soft and entitled where teams could spend months building a feature and then some last-minute kerfuffle meant itd get killed for being too risky.

Musk killed off the Twitter logo this week, replacing the world-recognized blue bird with a white X.

After buying Twitter, Musk had said that he wanted to create a super-app inspired by Chinas WeChat, which would function as a social media platform and offer messaging and payments.

Since Musk bought Twitter last October, the platforms advertising business has collapsed as marketers soured on Musks management style and mass firings at the company that gutted content moderation.

In response, the billionaire has moved toward building a subscriber base and pay model in a search for new revenue.

Many users and advertisers alike have responded adversely to the social media sites new charges for previously free services, its changes to content moderation, and the return of previously banned right-wing accounts.

The post...

Baghdad (IraqiNews.com) The governor of the Central Bank of Iraq (CBI), Ali Mohsen Al-Alaq, stated that the value of the Iraqi dinar has declined against the US dollar due to attempts by some merchants to get foreign currency from the black market instead of using the official electronic platform of the CBI, the Iraqi News Agency (INA) reported.

Al-Alaq mentioned that some merchants cannot use the platform because of their illegal financial activities, adding that the rise in the exchange rate is temporary as more individuals and companies start using the platform.

The CBIs governor indicated that traders spreading rumors create a crisis, leading to an increase in the exchange rate.

The exchange rate of the Iraqi dinar against the US dollar reached 1580 on Wednesday, compared to 1470 dinars for a US dollar about a week ago.

The official exchange rate is set at 1,300 dinars to the US dollar.

Under stricter US regulatory rules that came into force last year to control the mechanism for Iraqs access to US dollars, all requests for remittances must pass through an electronic system that includes detailed information about the final receiver of the US currency.

The US measures aim to end illegal transfers of US currency to Iran and put additional pressure on Tehran in addition to the sanctions imposed on the country because of its nuclear program and other contentious issues.

CBI officials say that the electronic system slowed down the acquisition of US currency, with waiting times sometimes exceeding a month, prompting many merchants to get the foreign currency they need from the black market, which leads to an increase in the exchange rate.

Al-Alaq noted that the CBIs daily sales of US currency are $155 million, clarifying that it is sufficient to cover all requests.

The CBI governor added that Iraqs reserves of foreign currencies are more than $113 billion.

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Baghdad (IraqiNews.com) Leading Iraqi real estate developer Amwaj International has started construction on the $420 million mixed-use Karbala Gate project, which will include 796 villas with a mix of two- and three-bedroom units and have accommodation for up to 4,700 people.

With a variety of essential services spread throughout a 517,806 sq m area, Karbala Gate aspires to revolutionize urban life in Iraqs holiest city. According to Amwaj International, these include a cutting-edge smart AC system, a centralized gas system driven by solar energy, as well as vast green areas and a lively boulevard to create a thriving community core.

The villas are slated to be occupied by the first tenants by the end of this year, with the projects complete completion anticipated in 2027.

This development project is a significant milestone in our ongoing commitment to providing Iraq with a built environment that fits the needs of its modern citizens via vibrant residential communities, said Amwajs Founder and Chairman Namir El Akabi.

Located in central Karbala, 1 km from Karbala International Stadium and approximately 4 km from The Holy Shrine of Imam Hussain, the mixed-use development aims to celebrate its culturally rich surroundings, while also generating opportunities for urban renewal amid a period of significant investment in Karbala, a city which lies at the heart of Iraqs religious tourism industry, said El Akabi.

Karbala is now seeing an increase of new construction and developments. In order to promote religious travel, a 120-kilometer road between Baghdad and Karbala just opened. Additionally, the currently under construction Karbala International Airport is anticipated to be the biggest airport in Iraq when it is finished this year.

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Baghdad Iraq has arrested a suspect in one of the most notorious war crimes of the Islamic State group, the 2014 massacre of up to 1,700 captive cadets, authorities said Thursday.

After overrunning the air force academy at Camp Speicher where thousands of cadets were being trained, the Sunni extremists of IS separated out the Shiites and Christians among them and gunned them down one by one before dumping their bodies in mass graves or in the nearby Tigris River.

The interior ministry identified the suspect as Abdelkhalek Khazaal Soltan and said he had been arrested in a joint operation by the federal intelligence services and counter-terrorism police in Sulaimaniyah, second city of Iraqs autonomous Kurdish region.

Ministry spokesman General Saad Maan alleged that after joining IS in 2013, Soltan took part in several operations targeting the security forces and participated in the Camp Speicher massacre of which he was one of the perpetrators.

The massacre sparked a wave of revulsion around the world and prompted thousands of Shiite volunteers to join the fightback against the jihadists which culminated in a victory declaration in December 2017.

In a 2021 report to the Security Council, UN investigators found that the massacre of the predominantly Shia unarmed air cadets and their instructors involved the war crimes of murder, torture, cruel treatment and outrages upon personal dignity.

It also found that a video of the killings released by IS in July 2015 constituted a direct and public incitement to commit genocide against Shia Muslims.

The Iraqi courts have handed down dozens of death sentences against those convicted of taking part in the massacre.

In January, 14 people were sentenced to death for their part in the massacre. In 2016, Iraq hanged 36 men convicted of carrying out the killings.

The post Iraq arrests suspect in 2014 IS massacre of 1,700 captive cadets appeared first on Iraqi News.

Srinagar Thousands of Shiite Muslims marched through Indian-administered Kashmirs largest city Thursday for a major religious procession permitted in the restive territory for the first time since a ban was imposed decades ago.

The Islamic calendar is currently in the month of Muharram, the holiest time for Shiites across the world when large processions mark the martyrdom of the Prophet Muhammads grandson Hussein in the seventh century.

But authorities in Kashmir had banned the traditional ceremony in 1990, the year after an armed revolt against Indian rule erupted in the disputed region that is also claimed by Pakistan.

Since imposing direct rule on the territory four years ago, Indian Prime Minister Narendra Modis government has been eager to claim improved security in the territory after decades of unrest.

Top police officers and administrators walked alongside mourners who marched through the streets of Srinagar beating their chests and waving flags, following several rounds of negotiations between officials and clerics to allow the march to proceed. 

This is a dividend of peace, the citys top administrator Mohammad Aijaz told reporters after the procession concluded without incident.

Some small Muharram processions have been permitted in Kashmir since the 1990 ban but often ended violently, with mourners shouting slogans demanding independence and government forces dispersing crowds with tear gas and pellet-gun fire.

Shiite Muslims are a minority in mostly Sunni Kashmir but authorities believe they account for at least 10 percent of the regions population of nearly 14 million.

This years procession was by far the largest in a generation and the first time many of those who joined were allowed to participate.

Authorities allowed the procession on condition that mourners would not use anti-national slogans or propaganda or display any references to rebel groups and banned organisations.

Decades of unrest

Tens of thousands of civilians, soldiers and rebels have been killed in Kashmir since the outbreak of an insurgency against Indian rule in 1989. 

Insurgent groups demand independence or a merger with Pakistan, which controls part of the region, and India has at least half a million troops permanently stationed around Kashmir to keep order.

Modis government revoked the territorys constitutional guarantees of limited authority in 2019. 

Indian tourists have since flocked to the region, cinema halls reopened in Srinagar last year after being shuttered for decades, and in May the city hosted a G20 meeting ahead of a September summit of world leaders in New Delhi.

But critics say that authorities have dramatically curtailed civil liberties in a clampdown on unrest, with ongoing restrictions on journalists, public protests...

Beijing China said Thursday it opposed malicious hype concerning this weeks removal of foreign minister Qin Gang, as it continued to avoid questions about the senior diplomats disappearance.

Qin, a former ambassador to the United States and confidant of President Xi Jinping, was removed from his position on Tuesday.

Asked Thursday about whether she believed Beijings foreign ministry had been transparent about Qins removal from office, spokeswoman Mao Ning insisted China has released information about recent personnel changes in a timely manner.

We consistently oppose malicious hype of this matter, she said.

Qin was removed from office by Beijings top lawmaking body after just 207 days in the job, following weeks of speculation that he had fallen out of favour.

He has been replaced by Wang Yi, a veteran diplomat who served as foreign minister before Qin and who outranked him in the Chinese government hierarchy.

Beijing has offered no explanation for Qins dismissal, nor why he has not been seen in public for more than a month.

What I can tell you is that Chinas diplomatic work has always been carried out under the centralised and unified leadership of the Party Central Committee, Mao said on Thursday.

Qin has been scrubbed from the foreign ministrys website, with searches for his name yielding no results. Previous articles about his diplomatic appearances showed a message saying the page does not exist or has been deleted.

The foreign ministry website will be updated in a timely manner in accordance with relevant management regulations, Mao said.

Please have a look after the website is updated, OK?

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Kuwait City Kuwait put to death five people on Thursday, including a man convicted of involvement in a 2015 Islamic State group suicide bombing that killed 26 people, the Public Prosecution said.

In a statement, the Public Prosecution said it oversaw the implementation of the death sentence in Kuwaits Central Prison against five people, most of them accused of murder.

They include Abdulrahman Sabah Saud the main convict in the 2015 bombing that struck a Shiite mosque in the capital during Friday prayers. It was the bloodiest attack in Kuwaits history.

Saud, a stateless Arab, was convicted of driving the bomber to the mosque and bringing the explosives belt he used from near the Saudi border.

At his initial trial, Saud pleaded guilty to most charges but, in the appeals and supreme courts, he denied them all.

The other men executed on Thursday included a Kuwaiti, an Egyptian and a member of Kuwaits stateless Bidoon minority, all of whom had been convicted of murder.

A Sri Lankan was put to death on drug charges.

The Public Prosecution said all five were executed by hanging.

The executions are the first since the oil-rich Gulf state put to death seven people in November last year ending a five-year moratorium. 

Although Kuwait has executed dozens of people since it introduced the death penalty in the mid-1960s, the punishment is relatively rare.

Most of those condemned have been convicted of murder or drug trafficking.

In April 2013, Kuwaiti authorities hanged three men convicted of murder. Two months later, two Egyptians, convicted of kidnap and murder, were executed.

In 2017, the emirate carried out a mass execution of seven prisoners, including a ruling family member.

Capital punishment is widespread in the region, particularly in Saudi Arabia, where 74 people have been put to death this year alone, according to an AFP tally.

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London Shell and other energy majors posted sliding net profits Thursday after oil and gas prices weakened in the first half.

Energy prices had soared a year ago following the invasion of Ukraine by key energy producer Russia, sending global inflation to the highest levels in decades. 

Gas and oil prices have since pulled back but remain at elevated levels, prolonging a cost-of-living crisis.

British giant Shell on Thursday said its profit after tax came in at $3.13 billion in the second quarter, down 80 percent compared with the April-June period a year earlier.

Shell delivered strong operational performance and cash flows in the second quarter, despite a lower commodity price environment, chief executive Wael Sawan said in an earnings statement.

Despite the drop in profits, caused also by lower gas sales, Shell said it would return $3 billion to shareholders.

Sector-wide falls

Elsewhere Thursday, French group TotalEnergies said its net profit dropped 28 percent to $4.1 billion in the second quarter from a year earlier.

In a favourable but softening oil and gas environment TotalEnergies once again delivered this quarter robust results, strong cash flow, and attractive shareholder distribution, chief executive Patrick Pouyanne said in an earnings statement.

The share prices of Shell and TotalEnergies dropped at the start of trading following the earnings updates.

Spains Repsol also posted drops in profits on Thursday, a day after similar results reported by Norwegian state-owned energy company Equinor.

The impact of the sharp falls in oil and gas prices was laid bare and with BP results next week this is likely to be a familiar theme, noted Michael Hewson, chief market analyst at CMC Markets UK.

Gas prices had soared last year after Russia cut gas shipments to Europe while oil markets were also rocked by supply concerns.

But natural gas prices fell sharply as European countries found new suppliers, built up reserves and experienced a mild winter.

Oil prices have also tumbled, partly on fears of falling demand as the global economy slows, with major consumer Chinas post-Covid recovery stumbling.

Profits remain large, however, as oil and gas firms pivot toward cleaner energy and away from fossil fuels.

A British court this week dismissed a lawsuit that accused Shells leadership of mismanaging climate risks to the oil giant.

ClientEarth, an environmental law NGO and a minor Shell shareholder, plans to appeal the ruling handed down by the High Court of England and Wales.

Corporations have faced a growing number of climate-related lawsuits in recent years as they come under pressure to step up efforts to curb global warming.

The post...

Hong Kong Most markets rose Thursday on hopes the Federal Reserves latest interest rate hike will be its last as data indicates inflation is being brought under control and the US economy is set to avert a recession.

The broadly welcomed announcement compounded the upbeat mood on trading floors in Asia fuelled by this weeks pledges of fresh stimulus to boost Chinese growth.

After Wednesdays keenly awaited meeting, bank boss Jerome Powell left the door open for another increase in September but added that any decision would be data-dependent.

Policy has not been restrictive enough for long enough to have its full desired effects, he told reporters after the decision. 

So we intend, again, to keep policy restrictive until were confident that inflation is coming down sustainably toward our two percent target and were prepared to further tighten if that is appropriate.

But he added that officials would be going meeting by meeting.

In its official statement, the Fed said it would continue to assess additional information and its implications for monetary policy, looking at a range of data points.

Analysts said that with a healthy run of indicators in recent months, there was hope that more than a year of tightening may have finally come to an end.

Powell also said he was optimistic that the worlds top economy could dodge a recession, a situation many had bet on earlier in the year.

The staff now has a noticeable slowdown in growth starting later this year in the forecast, but given the resilience of the economy recently, they are no longer forecasting a recession, he added.

Analysts said the meeting did all it needed to do by maintaining a hawkish tilt even as most observers think the hiking campaign is essentially over.

The latest hike comes after the bank stood pat on rates last month, but Kerry Craig at JP Morgan Asset Management pointed out that several members of the policy board at that meeting foresaw two more hikes in 2023.

Given this, there would have been little benefit for the Fed conveying anything other than a hawkish lean and commitment to getting inflation back to target in their commentary, he added.

By reiterating data dependency ahead of future measures, the Fed wants to increase its optionality as it has the chance to digest two more inflation and jobs reports before the next meeting. 

Wall Street provided a tepid lead, though the Dow rose for a 13th-straight day, its best run since 1987, according to Bloomberg News.

Asia enjoyed a strong start, though some markets struggled to maintain momentum.

Hong Kong rose more than one percent, and Tokyo, Sydney, Seoul, Singapore, Taipei and Bangkok were also up. But Shanghai, Mumbai and Jakarta dipped, while Manila and Welling...

Frankfurt Volkswagen said Thursday its profits slipped in the second quarter as it battles to regain ground in China, the German auto giants most important market.

From April to June, net profit came in at 3.8 billion euros ($4.2 billion), 3.1 percent below the same quarter a year earlier.

The 10-brand group whose models include Audi, Seat and Skoda makes a big chunk of its overall sales in China. 

But it has faced increased competition in the worlds number two economy, particularly in the booming electric car market. 

In the first half of 2023, Volkswagens deliveries of vehicles in China were down 1.2 percent compared to the previous year, weighed down by a poor start to the year.

The auto giant nevertheless struck a positive note about its prospects in the major market, saying it was stepping up the pace of transformation in China.

On Wednesday, the carmaker announced it would invest over 600 million euros in Chinese electric vehicle manufacturer XPeng, acquiring a stake of just under five percent. 

The two companies plan to develop two mid-sized VW-branded electric models to be rolled out on the Chinese market in 2026. 

VWs premium Audi brand has also signed a memorandum with the groups existing Chinese partner SAIC to expand their cooperation and work on new high-end electric vehicles.

The collaborations align with the companys in China for China strategy, which enables it to address market-defining trends in China at an early stage and better leverage the growth momentum of the Chinese market, the group said.  

Volkswagen confirmed its financial outlook for the year but slightly reduced its forecast for vehicle deliveries. 

Sales revenues in the second quarter rose 15.2 percent to 80.1 billion euros. In the first half of the year, sales rose in all regions of the world, except for China.

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Niamey On the road linking Nigers capital Niamey with the south of the country, illegal fuel warehouses have closed and intrepid black-market touts waving petrol canisters at passing cars have become an endangered species.

The reason? 

Neighbouring Nigeria has scrapped its subsidies for petrol a move that tripled domestic prices and ended the fat profits that smugglers could make by sneaking fuel into Niger.

In Niameys suburbs, residents no longer witness the spectacular chases between customs officers and gasoline vendors.

Gone too are the streams of cars and motorcycles which under the noses of customs officers shuttled across the border, laden with loads of jerrycans.

The rampant trafficking has stopped, said Adamou Gueraou, mayor of Dan-Issa, the smugglers gateway to southern Niger.

Before Nigeria ended its subsidies, petrol exchanged hands on Nigers black market for between 250-275 CFA francs (42-46 US cents) a litre, or $1.61-1.76 per US gallon. 

Today, the price varies between 550-700 CFA francs, which is more expensive than at regular petrol stations.

Since 2011, Niger has been producing 20,000 barrels of refined petrol and diesel per day, while the scourge of smuggling has cost it billions of CFA francs (millions of dollars) in lost revenue, according to the authorities.

The current shortage on the black market is causing a rush to the few filling stations, especially in areas close to Nigeria which used to rely heavily on smuggled petrol.

Jihadist groups to take a hit

The petrol has stopped flowing, were screwed! complained Dari Amadou, one of many contraband hawkers striving to make a living on the back streets of Niamey.

Ilia Mahamadou, another black market vendor and father of four, was also worried.

The futures grim, he said. Our main source of income is going to dry up.

The squeeze could also have an impact on the financing of armed jihadist groups in the Sahel.

A recent report by the United Nations Office on Drugs and Crime (UNODC) noted that fuel smuggling from Nigeria even finances terrorist groups through taxes levied for transit and storage in areas under their control.

According to Nigers oil ministry, official sales doubled between May and June.

Prices even increased tenfold in Zinder and Maradi in the south and Tahoua in the southwest, according to Kabirou Zakari, director general of hydrocarbons at the Nigers oil ministry.

As black market stocks run out, demand at the pump increases, explained Bio Abdourahamane, head of communications for SONIDEP, the Nigerien Company for Oil Products.

The firm, he said, had braced for the move and was for now coping with the surge thanks to reserves and suppl...

Baghdad (IraqiNews.com) The Iraqi Minister of Foreign Affairs, Fuad Hussein, stressed the need to prevent acts offensive to Islam and the Holy Quran during a phone call with his Danish counterpart on Wednesday, according to a statement issued by the Iraqi Foreign Ministry.

The statement illustrated that the Danish Minister of Foreign Affairs, Lars Lokke Rasmussen, confirmed the Danish governments rejection of anti-Islamic acts.

Hussein expressed that the government and people of Iraq denounce the burning and desecration of the Quran and the Iraqi flag in Denmark, indicating that such actions contradict human rights.

The Iraqi Foreign Minister called on the Danish government to confront the recurrence of such provocative acts offensive to religions, expressing that Iraq welcomes the resolution issued by the United Nations General Assembly to promote interreligious and intercultural dialogue and tolerance in countering hate speech.

Hussein also elaborated that the Iraqi government is eager to maintain the safety of diplomatic missions in Iraq, including the Danish mission.

The Iraqi Foreign Minister emphasized that Iraq respects freedom of expression in accordance with international laws.  

Rasmussen expressed Denmarks condemnation of acts offensive to religions, stressing that the Danish government strongly rejects such anti-Islamic acts, renewing the Danish governments commitment to protecting the Iraqi embassy in Copenhagen.

Husseins remarks took place after tensions in the diplomatic relations rose between Iraq from one side and Sweden and Denmark from the other side after Quran burning incidents occurred in the past few days in Stockholm and Copenhagen, and in response, protests took place outside the embassies of the two countries in Baghdad.

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Baghdad (IraqiNews.com) The Iraqi Ministry of Oil announced on Wednesday that oil export revenues during June exceeded $7.17 billion.

According to final statistics issued by the State Organization for Marketing of Oil (SOMO), the total exports of crude oil during June were 100,059,052 barrels, with revenues reaching $7,179,760.

SOMO data revealed that the total quantities of crude oil exported during June from oil fields in central and southern Iraq were 98,725,620 barrels, while the quantities loaded from warehouses to Jordan were 299,445 barrels.

The average price per barrel was more than $71.75.

Iraqi oil exports during June were loaded by 33 international companies from ports on the Arabian Gulf and through the Turkish port of Ceyhan.

In May, Iraqs oil export revenues exceeded $7.32 billion, while Aprils revenues were more than $7.69 billion, according to official statements.

The total exports of crude oil during March exceeded 100.9 million barrels, with revenues slightly exceeding $7.5 billion.

Crude oil exports during February were a little more than 92.25 million barrels with revenues exceeding $7.62 billion, while in January, Iraq exported more than 101.24 million barrels with $7.66 billion in revenues.

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Baghdad (IraqiNews.com) The Iraqi Ministry of Foreign Affairs welcomed on Wednesday a resolution issued by the United Nations General Assembly to promote interreligious and intercultural dialogue and tolerance in countering hate speech, according to a statement issued by the Iraqi Foreign Ministry.

The UN General Assembly called upon member states on Tuesday to engage with all relevant stakeholders to promote interreligious and intercultural dialogue and acceptance of differences, to reject the spread of hate speech, which constitutes incitement to discrimination, hostility and violence.

The Iraqi Foreign Ministry stressed the need to combat all forms of discrimination and hate speech, calling on all relevant actors, including states, to increase their efforts to address this phenomenon in accordance with international human rights law.

Contempt for beliefs and religions can lead to polarization and cause tensions in societies, provoking anger and strife among people and transforming differences into hatred and perhaps violence, as mentioned in the statement.

The UN decision followed tensions in the diplomatic relations between Iraq from one side and Sweden and Denmark from the other side after Quran burning incidents took place in the past few days in Stockholm and Copenhagen, and in response, protests took place outside the embassies of the two countries in Baghdad.

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Kuwait City Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry said on Wednesday, crediting last years surge in oil prices. 

The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry said.

The final account of the states financial administration records an actual surplus for the first time in nine years, the ministry said in a statement on its website. 

More than 92 percent of revenues came from oil after prices surged following last years Russian invasion of Ukraine.

Oil revenues for the fiscal year which started in April 2022 stood at $87 billion, a 64 percent increase from the previous year, the ministry said.

The average price of a barrel of oil over the fiscal year stood at $97.1, an increase of 21.4 percent compared to the previous year. Output was 2.7 million barrels per day. 

Revenues for the current fiscal year are expected to fall due to a decline in oil prices. 

The draft budget for the 2023-2024 fiscal year published in January was calculated based on a price of $70 per barrel.

The 2023-2024 draft budget projects a growing deficit, with total revenues expected to drop to around $63.8 billion.

Kuwait, which borders Saudi Arabia and Iraq, is home to seven percent of the worlds crude reserves. It has little debt and one of the strongest sovereign wealth funds in the world.

However, it suffers from constant stand-offs between elected lawmakers and governments installed by the ruling family, which maintains a strong grip over political life despite a parliamentary system in place since 1962.

The political instability, which has seen seven general elections held in little more than a decade, has spooked investors and stymied economic reforms.

Kuwaits fifth government in less than a year took the oath of office last month after the latest election returned an opposition-controlled parliament.

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Madrid Spanish lender Banco Santander reported Wednesday a record profit for the first half of the year despite a windfall tax imposed on banks, as rising interest rates lifted its earnings.

Banco Santander is the latest European banking giant to get a lift from central bank rate hikes aimed at taming high inflation.

Over the first six months of the year, its net profit reached a record 5.2 billion euros ($5.8 billion), seven percent higher than in the same period in 2022.

The bank is on pace to break the 10-billion-euro mark for the year after posting a record profit of 9.6 billion euros in 2022.

Thanks to these good results we will keep all our objectives for 2023, Santanders executive chairwoman Ana Botin said in a statement, pointing to double-digit growth in revenue to 28.23 billion euros in the first half.

The lender said it benefited from growth in the number of customers and positive balance sheet sensitivity to higher interest rates in Europe.

The European Central Bank and its peers outside the eurozone have hiked interest rates in efforts to combat high inflation, which soared following Russias invasion of Ukraine.

Britains Lloyds bank and Italian lender UniCredit also announced on Wednesday that the higher rates brought them bigger profits in their second quarters.

Banco Santander said it has 164 million customers across the world nine million more than a year ago, raising deposits by four percent to 1.1 billion euros. 

Spains left-wing government imposed a temporary windfall tax on big banks in January to fund measures to help households cope with higher prices. 

The levy, which will carry into next year, will bring the state an additional 1.5 billion euros in revenue this year.

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Rhodes Greece was expecting scorching heat on Wednesday as crews scrambled to douse deadly wildfires that have also struck nations around the Mediterranean.

Thousands of people have evacuated as Greek authorities struggle against flames on three major fronts, including the tourist islands of Rhodes and Corfu.

Fires have also flared in Croatia and Italy and flames killed dozens of people in Algeria earlier in the week, with scorching heat leaving landscapes tinder dry.

Scientists from the World Weather Attribution group said this week the heatwaves that have hit parts of Europe and North America this month would have been almost impossible without human-caused climate change.

Temperatures are expected to hit between 43-45 degrees Celsius (109-113 degrees Fahrenheit) in central and southern Greece, according to the national meteorological service.

Greece is used to summer heatwaves, but is experiencing one of the longest ones in recent years, according to experts.

The civil protection ministry has warned of an extreme danger of fire in six of the countrys 13 regions on Wednesday. 

Wildfires, which have been burning in several parts of the country for more than 10 days, were ravaging the tourist islands of Rhodes, Corfu and Evia. 

At least 100 firefighters were working to contain the flames on Evia, where on Tuesday two pilots were killed when their water bomber aircraft crashed. 

The body of a third victim was also found on Evia. 

Fires around the Mediterranean

Authorities have evacuated tens of thousands of people from fire areas in Greece, including many tourists.

The severe heatwave in Greece has also been reflected across much of southern Europe and northern Africa.

In Algeria at least 34 people have died as wildfires tore through residential areas, forcing mass evacuations.

Witnesses described fleeing walls of flames that raged like a blowtorch, and TV footage showed charred cars, burnt-out shops and smouldering scrubland.

In Italy, firefighters spent the night battling wildfires in Sicily, one of which approached so close to Palermo airport that it shut down for several hours Tuesday morning.

Italys civil protection department on Tuesday reported extensive fires across the south.

In the north, a 16-year-old girl on a camping trip was among two people killed by falling trees during violent storms.

Dozens of firefighters were battling a wildfire near Croatias picturesque southern city of Dubrovnik, authorities said Wednesday, with water-bombing planes dispatched to help contain the blaze.

Around 130 firefighters were working to contain the flames that had been spread by strong winds on Tuesday.

Local media reported the fire also triggered landmines to explode in the area.

During the bloody break-up of Yugoslavia in the 1990s,...

London The chief executive of Britains NatWest bank, Alison Rose, stepped down Wednesday after admitting a serious error of judgment in speaking to a reporter about the banking affairs of arch-Brexiteer Nigel Farage.

Farage, former leader of the Brexit Party and the anti-immigration party UKIP, had complained about the closure of his account with the upmarket Coutts, the bank used by the late Queen Elizabeth II and subsidiary of NatWest.

He said he was removed as a client for his political views.

But, in a report which it has since apologised for, public broadcaster the BBC suggested Farages accounts were closed because he did not have sufficient funds to remain a client of the prestigious establishment.

Rose previously admitted she was the source for the story, and acknowledged a serious error in judgment in discussing Farages relationship with the bank.

NatWests board on Tuesday gave its backing to Rose, a 30-year veteran of the company. But by early Wednesday it announced she was stepping down.

Farage, a Eurosceptic politician and now a television presenter, campaigned for decades for Britains withdrawal from the European Union and was a key figure in the 2016 Brexit referendum.

The Board and Alison Rose have agreed, by mutual consent, that she will step down as CEO of the NatWest Group, board chairman Howard Davies said in a statement.

It is a sad moment. She has dedicated all her working life so far to NatWest and will leave many colleagues who respect and admire her.

The board has appointed Paul Thwaite, current CEO of the commercial and institutional business, to take her place for an initial period of a year.

A further process will take place in due course to appoint a permanent successor, it added.

Business or political decision?

Addressing her dealings with the BBC journalist earlier, Rose admitted that she had given the reporter the impression that the decision to close Mr. Farages account was purely commercial, calling it a serious error of judgment.

Farage obtained a 40-page report regarding the closure of his account from the 331-year-old institution.

The report, according to him, repeatedly mentioned Brexit and his support for former US president Donald Trump.

The politician did not align with the banks purpose and values and was seen as xenophobic and racist, he quoted it as saying.

In the statement announcing her departure, Rose said she was immensely proud of the progress the bank has made in supporting people, families and business across the UK, and building the foundations for sustainable growth.

My NatWest colleagues are central to that success, and so I would like to personally thank them...

Taoyuan Taiwan staged its first-ever military drill at Taoyuan International Airport on Wednesday, briefly halting commercial traffic as soldiers practised defending the facility against a simulated attack by Beijing. 

The exercise is part of Taiwans week-long massive wargames the annual Han Kuang (Han Glory) drills which this year has included protecting civilian airports as Beijing ramps up military and political pressures on the island.

This is the first such drill held at Taiwans biggest airport near the capital since it opened in 1979. 

Military expert Alexander Huang said Taiwan is drawing experiences from Moscows invasion of Ukraine, which last year fended off a seizure by Russian paratroopers at the Antonov airport just outside Kyiv. 

Seizing an adversarys airport is key to sending in large numbers of assault forces via air transport in an invasion operation, Huang, at Taipeis Tamkang University, said.  

In addition to familiarising our forces with command and control, this drill can also signal to potential enemies that we are getting ourselves prepared for such contingency, he told AFP. 

As air traffic was halted for about 30 minutes, dozens of soldiers fought off enemies landing on the airports tarmac from attack helicopters. 

Airport police and firefighters also joined the operation, which the government said is aimed at combining civilian and military forces to protect critical infrastructure.

China, which regards Taiwan as its territory, has upped the pressure in recent years, with near-daily warplane incursions and Chinese vessels deployed around the islands waters. 

Taiwan has always held frequent military drills, but in recent months increased the civilian component. This week, as the army holds various exercises across the island, local governments are also holding air raid drills in different cities. 

We need to start from the concept of a whole-society defence, to integrate and utilise the resources of the military, central government, local governments and civilian sectors, and to coordinate all units to work together, said Taiwanese President Tsai Ing-wen, during her visit to a drill at an oil refinery in Taoyuan. 

Dressed in fatigues and wearing a mask she was diagnosed with Covid this week, though has mild symptoms Tsai watched on as soldiers fended off attack agents that parachuted out of helicopters. 

The protection of the oil refinery was incorporated into this Han Kuang exercise to simulate possible attacks or disasters to establish comprehensive contingency measures, and effectively protect our critical infrastructure, Tsai said.

A drill was initially scheduled at an airport in Taiwans southeast Taitung Tuesday, but was c...

Washington The US Federal Reserve is poised to announce a fresh quarter percentage-point hike to its benchmark lending rate on Wednesday to tackle inflation, while keeping the option open for more such moves in the coming months.

The Fed last month halted its aggressive campaign of monetary tightening after 10 consecutive rate increases to give policymakers more time to assess the health of the worlds largest economy.

At the June meeting, members of the rate-setting Federal Open Market Committee (FOMC) nevertheless indicated they see possibly two additional interest rate hikes this year.

The forecast is for the Federal Open Market Committee to hike the target range for the fed funds rate by 25bps but maintain a bias toward additional rate hikes, if needed, Oxford Economics chief US economist Ryan Sweet wrote in a note to clients.

A rate hike on Wednesday, the 11th since the US central bank launched its cycle of monetary tightening in March last year, would raise the Feds benchmark lending rate to a range between 5.25 and 5.5 percent its highest level in 22 years.

Futures traders see a probability of close to 99 percent that the Fed will proceed with a quarter percentage-point hike, according to data from CME Group. 

September skip?

Since the June decision to pause rate hikes, inflation has continued to fall, although it remains above the Feds long-term target of two percent.

Meanwhile, unemployment has remained close to historic lows, while economic growth for the first quarter has been revised up sharply on resilient consumer spending data. 

The more positive economic news has increased the chances of a so-called soft landing, in which the Fed succeeds in bringing down inflation by raising interest rates, while avoiding a recession and a surge in unemployment.

Given the near-unanimity of expectations for a hike on Wednesday, analysts and traders will be closely scrutinizing Fed Chair Jerome Powell for signs of what the central bank might do next. 

They will probably signal that they want to see the impact of the current tightening cycle and that they will probably skip raising rates in September, OANDAs senior Americas market analyst, Edward Moya, wrote in a recent note.

They will likely be clear in suggesting that more tightening could very well happen, he added. 

Sweet agreed, saying: Odds are that Powell will signal additional rate hikes are not off the table, but the Fed will take a more cautious approach, conveying it will skip a hike in September. 

Fed officials back hikes  

Many FOMC members have publicly backed additional hikes this year especially if last months positive inflation data proves to be a one-off. 

Given how far weve come, it may make...

Seoul North Korea rolled out the red carpet for the Russian defence minister, state media said Wednesday, with delegations from Moscow and Beijing set to attend Korean War anniversary events, the countrys first known foreign visitors since its pandemic border closure.

Pyongyang on Thursday will celebrate the 70th anniversary of the signing of the July 27, 1953 Korean War armistice, which ended open hostilities and is marked as Victory Day in the North.

The Russian national anthem blared throughout Pyongyang International Airport, which was wrapped up in a warm welcome atmosphere to greet Moscows Sergei Shoigu and his delegation Tuesday evening, the Korean Central News Agency said.

Flags of the Democratic Peoples Republic of Korea and the Russian Federation were fluttering at the flagstaffs and the guards of honor of the Korean Peoples Army (KPA) lined up at the station before the terminal, KCNA said.

Shoigu was greeted by North Korean Defence Minister Kang Sun Nam, and photos carried by the official Rodong Sinmun newspaper showed hundreds of uniformed KPA soldiers lining the airport holding signs welcoming the Russians.

The North Koreans expressed their full support for the Russian army and people, who are struggling to defend the sovereign rights and development and interests of their country, KCNA added.

Russia, a historic ally of Pyongyang, is one of a handful of nations that maintains friendly relations with the North.

North Korean leader Kim Jong Un has been steadfast in his support for Moscows invasion of Ukraine, including, Washington says, supplying rockets and missiles.

Park Won-gon, a professor at Ewha University in Seoul, said the fact that Russias defence minister flew to Pyongyang while his country is at war was very significant.

Even though the emergency quarantine system remains in place, Kim Jong Un may have felt the need to show something to his people at the Victory Day celebrations, Park told AFP.

For the Chinese and Russians, their presence could send a strong unified message to the United States, he added.

Change in border policy?

The inclusion of foreign guests at this years celebrations is a post-pandemic first and hints at new flexibility towards enforcing border controls.

China also said it would send a delegation led by Politburo member Li Hongzhong that was due to arrive in Pyongyang later Wednesday, suggesting they would not be required to undergo an extensive quarantine ahead of the Thursday anniversary event.

North Korea has been under a rigid self-imposed coronavirus blockade since early 2020 to protect itself from Covid-19, preventing even its own nationals from entering the country.

The North only resumed some trade with China last year and...