Author name: fatih

World Bank: 100+ Countries Trapped in “Middle-Income Trap”

Business /

The World Bank announced on Thursday that over 100 countries risk falling into a “middle-income trap” unless they implement bold economic growth strategies. Countries such as South Africa, India, Brazil, and China face significant challenges that could impede their progress toward becoming high-income nations in the coming decades. The World Development Report 2024: The Middle Income Trap reveals that as countries become wealthier, they often encounter a “trap” when their GDP per capita reaches approximately 10 percent of the annual US GDP per person. Somik Lall, Senior Advisor to the World Bank Group Chief Economist and Director of the report, noted that the outlook for these countries is bleak. “Over the past 30 years, only 34 middle-income economies have successfully transitioned to high-income status, while others remain trapped,” he said. The study highlights that middle-income countries face tougher challenges compared to their predecessors, including rapidly aging populations, increasing protectionism in advanced economies, and the urgent need for faster energy transitions. It presents a “comprehensive roadmap” to help developing countries escape the “middle-income trap” and achieve high-income status. Lall suggests that countries should abandon outdated methods and adopt a “3i strategy” involving a phased approach with progressively sophisticated policies tailored to their development stage. Low-income countries should focus initially on investment policies (the 1i phase). As the benefits of investment diminish, they should then shift to “infusion,” incorporating global ideas and integrating them into local economies. For upper-middle-income countries, the final phase involves “innovation,” where they strive to become global leaders and producers. Lall emphasized that success will depend on how well societies manage the balance between creation, preservation, and destruction. “Countries that avoid the discomfort of reforms and openness will miss out on the benefits of sustained growth,” he concluded.

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Pope Francis renews appeal to avoid escalation in Middle East

World /

Pope Francis on Wednesday renewed his appeal to avoid escalation of conflict in the Middle East, Vatican News reported. “I reiterate my appeal to all parties involved to ensure that the conflict does not spread and to immediately cease fire on all fronts, starting from Gaza where the humanitarian situation is extremely serious and unsustainable,” the pontiff said while addressing the weekly general audience. “I pray that the sincere search for peace will extinguish strife, love will overcome hatred and revenge will be disarmed by forgiveness,” he added. Israel has killed nearly 40,000 Palestinians in Gaza since the Oct. 7, 2023 Hamas incursion. The relentless military campaign has levelled much of the territory and left most of the people homeless, and hungry.  Tensions have grown after the assassination of Hamas leader Ismail Haniyeh in Iran’s capital Tehran on July 31. Iran and Hamas have blamed Israel, which has neither confirmed nor denied responsibility. The pope also asked the faithful to join his prayers for the “war-torn peoples” of Ukraine, Myanmar and Sudan.

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Six people die from food poisoning in Nigeria

Africa /

In Nigeria’s Kogi State, six people have died from food poisoning. According to national reports, individuals who consumed the local dish “amala” at a home in the Anyoke area of Kogi State were affected. Six of those poisoned died at the residence. Kogi State Health Commissioner AbdulAzzez Adams Adeiza stated that two others from the same household were hospitalized with symptoms of vomiting and abdominal pain. A health committee has been established to investigate the incident, and food samples have been collected for analysis.

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Africa hosts Astronomical Union General Assembly for first time

Africa /

The International Astronomical Union (IAU), celebrating its 105th anniversary, is holding its General Assembly in Africa for the first time this year. Cape Town, South Africa, is hosting the IAU’s 32nd General Assembly from August 6-15. The event, taking place at the Cape Town International Convention Centre, brings together over 2,000 scientists and researchers from 82 countries, including Turkey. The assembly features more than 200 sessions covering the latest developments in astronomy. Topics include innovations from the James Webb Space Telescope, new techniques for discovering planets, combating light pollution, and astronomy’s role in global development. This year’s assembly is notable as the first to be held in Africa in the IAU’s 105-year history. The IAU General Assembly, a major scientific meeting in astronomy, has been held every three years since 1919, except during World War II.

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Yahya Sinwar: From Israeli prisons to leading Hamas

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 The Palestinian resistance group Hamas appointed Yahya Sinwar as its new political bureau chief on Tuesday. Sinwar succeeds Ismail Haniyeh, who was assassinated in the Iranian capital Tehran after he attended the swearing-in ceremony of Iran’s new president on July 31, the group said in a statement on its Telegram channel. Hamas and Iran have accused Israel of assassinating Haniyeh, but Tel Aviv has not denied or confirmed its responsibility. The selection of Sinwar, 61, reflects his history with Hamas. He has served as the resistance group’s top official in Gaza for two consecutive terms, the first starting in 2017 and the second in 2021. Commenting on the significance of Sinwar’s selection as the head of the political bureau, the group’s executive body, Palestinian writer and political analyst Ibrahim Al-Madhoun told Anadolu “there is no doubt that choosing Sinwar for this position is a challenge to the Israeli occupation and indicates that the man remains effective, strong and in control of the field” in Gaza despite the ongoing Israeli war for nearly 10 months. “Sinwar’s appointment was natural internally, as he was effectively Haniyeh’s deputy, being the head of Hamas in Gaza,” he added. Al-Madhoun said it is expected that Sinwar will soon issue a statement, possibly in writing, announcing his appointment as the head of Hamas’s political bureau. Yahya Ibrahim Hassan Sinwar was born in 1962 in the Khan Younis refugee camp in southern Gaza. His family originally hails from the city of al-Majdal in southern Israel, from which they were forcibly displaced in 1948. Sinwar joined the Muslim Brotherhood at a young age and studied at the Islamic University of Gaza, where he earned a bachelor’s degree in Arabic. During his university years, he led the “Islamic Bloc,” the student wing of the Muslim Brotherhood. In 1985, Sinwar founded the security apparatus for the Muslim Brotherhood, known then as “Al-Majd.” This organization focused on resisting the Israeli occupation in Gaza and combating Palestinian collaborators. Sinwar’s student activism helped him gain the experience that later enabled him to take on leadership roles in Hamas after its founding in 1987. In 1982, the Israeli army first arrested Sinwar and released him after a few days, only to arrest him again later that year, sentencing him to six months in prison for “participating in security activities against Israel.” On Jan. 20, 1988, Israel rearrested him and sentenced him to four life terms plus 30 years for “founding the Al-Majd security apparatus and participating in the establishment of Hamas’s first military wing, known as the Palestinian Mujahideen.” Sinwar spent 23 years in Israeli prisons before being released as part of a prisoner exchange deal between Hamas and Israel in 2011 known as the “Shalit Deal.” Under the deal executed on Oct. 11, 2011, Israel released 1,027 Palestinian detainees in exchange for the release of Israeli soldier Gilad Shalit by Hamas. After his release in 2011, Sinwar participated in Hamas’ internal elections in 2012, winning a seat on the political bureau and taking responsibility for supervising the group’s military wing, the Al-Qassam Brigades. In September 2015, the US added Sinwar to its list of “international terrorists.” Israeli security services have also listed Sinwar as a top target for assassination in Gaza, according to Israeli media. Israel, flouting a UN Security Council resolution demanding an immediate cease-fire, has faced international condemnation amid its continued brutal offensive on Gaza since an attack last October by the Palestinian resistance group Hamas. More than 39,600 Palestinians have since been killed, mostly women and children, and over 91,600 injured, according to local health authorities. Almost 10 months into the Israeli war, vast tracts of Gaza lie in ruins amid a crippling blockade of food, clean water and medicine. Israel stands accused of genocide at the International Court of Justice, which ordered it to immediately halt its military operation in Rafah, where more than 1 million Palestinians had sought refuge from the war before it was invaded on May 6.

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Pakistani national linked to Iran charged in US assassination plot

World /

A Pakistani national has been charged with murder-for-hire in an alleged plot to assassinate current and former government officials, the US Justice Department announced Tuesday. Asif Merchant, 46, arrived from Pakistan in April after spending time in Iran. He met an undercover FBI agent posing as a hitman and paid him $5,000 as an advance for the assassination plot, according to the statement. Merchant was arrested in New York and is currently in federal custody. In the statement, US Attorney General Merrick Garland noted the Justice Department’s commitment to countering threats from Iran. “The Justice Department will spare no resource to disrupt and hold accountable those who would seek to carry out Iran’s lethal plotting against American citizens,” Garland said. FBI Director Christopher Wray described the plot as “a threat to our national security” and vowed that it “will be met with the full might and resources of the FBI.” White House spokeswoman Karine Jean-Pierre told reporters there is an ongoing investigation and that “there has been no evidence to suggest that the individual named in today’s indictment has any connection to the assassination attempt against former President (Donald) Trump that happened in Butler, Pennsylvania.” Merchant was arrested while trying to leave the country a day before Trump was shot on July 13. – Pakistan in touch with US officials Pakistan’s Foreign Ministry spokesperson said they have seen the media reports and are in touch with Washington. “We are in touch with the US authorities and await further details. We have also noted the statements by US officials that this is an ongoing investigation,” Mumtaz Zahra Baloch said in statement. “Before giving our formal reaction, we also need to be sure of the antecedents of the individual in question.”

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Chad’s military blamed for 2022 protest detainee deaths

Africa /

Chad’s military was responsible for the deaths of several detainees arrested following protests in October 2022, Human Rights Watch said Tuesday. At least four people died en route to Koro Toro prison and six others died there, and it was not clear where another man died, the group said in its report, adding that the real toll was likely much higher. At the time, security forces in the central African nation fired live ammunition, killing at least 60 people during demonstrations against interim leader Mahamat Deby Itno’s two-year extension of power. The unrest was unprecedented in Chad, which saw little public dissent during the regime of Deby Itno’s father, who ruled for more than three decades until his assassination in 2021. Hundreds were detained and taken to Koro Toro, about 600 kilometers (around 370 miles) from N’djamena, the capital. Human Rights Watch called on Chadian authorities, the African Union and United Nations bodies to investigate what it called unlawful detentions, ill treatment at the prison, and deaths in custody. “The Chadian government must act decisively to address the impunity for these abuses,” said Lewis Mudge, central Africa director at Human Rights Watch, in a statement. Detainees were unlawfully detained, mistreated and denied basic supplies during the two- to three-day transit to the prison, the report said. Some died along the way. “The bodies of those who died were thrown out of the trucks,” said a former detainee, whose name was not released, quoted in the report. Koro Toro prison operates with military oversight. According to the report, its day-to-day administration was delegated to prisoners having links to the militant group Boko Haram, who punished and beat other detainees. At least hundreds were chained up with iron rods attached to their ankles for up to several weeks, the report said. Some detainees were subjected to prolonged solitary confinement — a form of torture — and forced labor. “Chadian military officials oversee a prison in which abuse runs rampant,” Mudge said. Human Rights Watch called for one of the main buildings at Koro Toro to be closed, describing it as unfit for use. The group also urged that the remains of those who died be returned to their families for burial. The Chadian government maintains that the 2022 protests amounted to an insurrection and that, given the seriousness, detention at Koro Toro was not extreme. In a July 2023 letter to Human Rights Watch, Chad’s justice minister said there was “no evidence relating to the violation of human rights related to (the) transfer or detention in Koro-Toro prison.” Larry Ahmat Haroun, a Chadian activist who was jailed after the elections and freed in June, told The Associated Press that Koro Toro is one of the most dangerous prisons in Chad. “I’ve seen prisoners who were wounded by bullets left without any care or treatment. People get tortured too,” he said, adding that there is no access to phones or visits. Chad is a part of an African region rocked in recent years by military coups. The current president, Deby Itno, was elected May 6 in a long-delayed vote marred by allegations of the elimination of political opponents, which authorities have denied.

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Global markets recovered after historically high selling pressure

Business /

After concerns that economic activity in the US may slow down more sharply than expected led to deepening selling pressure in global markets on Monday, risk appetite increased in the markets on Tuesday. The effects of concerns that the Fed’s decision to cut interest rates in the near future could raise concerns about the course of the economy, causing panic in the markets, were also felt intensely. The emergency rate cut decision could be interpreted as the Fed losing control over the markets, analysts pointed out, adding that the bank should clarify the steps it will take in the short term. On the other hand, the Purchasing Managers’ Index (PMI) for the service sector in the US provided some relief in July, while the Institute for Supply Management (ISM) service sector (PMI) increased by 2.6 points on a monthly basis to 51.4 in July, in parallel with market expectations. “It doesn’t make sense to maintain a restrictive policy stance if the economy is weakening,” said Chicago Fed President Austan Goolsbee, a closely followed Fed officials, in an interview on Tuesday. “The employment numbers came in weaker than expected, but it doesn’t look like a recession yet,” he added Goolsbee refrained from commenting on whether the Fed would go to an emergency meeting and cut interest rates, saying that this is a very big table, so everything is always on the table, such as rate hikes and rate cuts.  With these developments, forecasts for the Fed to cut interest rates by 50 basis points in September have also strengthened. In the Eurozone, the composite Purchasing Managers’ Index (PMI), which was 50.9 in June, fell to 50.2 in July, the lowest level in the last five months. The service sector PMI in the Eurozone, which was 52.8 in June, fell to 51.9 in July, the lowest level in the last four months. In Germany, service sector PMI, which was 53.1 in June, fell to 52.5 in July, the lowest level in the last four months. In the region, the Producer Price Index (PPI) increased by 0.5% on a monthly basis in June, while it decreased by 3.2% annually. While cryptocurrency markets also recovered, Bitcoin increased by 2.1% to $55,506. Reflecting the decline in technology stocks yesterday.  Nvidia’s shares, one of the companies that attracted attention in the artificial intelligence rally, fell 6.36%. Apple’s shares also dropped 4.82%, while Berkshire Hathaway, where US investor Warren Buffett is the Chief Executive, halved its shares in the company. Microsoft’s shares declined 3.27%, Meta’s shares fell 2.54%, Alphabet’s shares fell 4.61% and Amazon’s shares fell 4.1%, while Tesla’s shares fell 4.23%. While banking stocks also decreased with recession fears, Citigroup’s shares fell 3.42%, Wells Fargo’s shares fell 2.14%, JPMorgan Chase’s shares fell 2.13% and Morgan Stanley’s shares fell 3.94%. US markets saw a slight downbeat on Monday, with the Nasdaq index fell 3.38%, the S&P 500 dropped 3%, and the Dow Jones decreased by 2.60%. The US 2-year bond yield closed at 3.97% while Brent crude oil prices have stood at $76,9 per barrel. The US 10-year bond yield closed at 3.84%, and gold prices down by 0.3% to $2,403 an ounce. As for the VIX volatility Index, also known as the fear index, fell to 38.57. European stock markets continued to follow a mixed trend. The FTSE 100 index in the UK dropped 2.04%, France’s CAC 40 index 1.42%, Germany’s DAX 40 index decreased 1.82% and, Italy’s MIB 30 index 2.27% on Monday.  In Türkiye, the BIST 100 index in Borsa Istanbul closed at 9,893.41 points, down 5.54% from the previous close. The USD/TRY exchange rate traded at 33.3502 at the opening of the interbank market on Monday. On the other hand, the Consumer Price Index (CPI) increased by 3.23% and the Domestic Producer Price Index (D-PPI) by 1.94% on a monthly basis in July. Annual inflation realized as 61.78% in consumer prices and 41.37% in domestic producer prices. In Asian markets, which experienced a historic decline on Monday due to rising recession concerns, some of the losses experienced with the upward trend were compensated on Tuesday. The investments made in high-yielding assets with Japanese yen borrowing on Monday triggered the selling pressure in the regional markets with the BoJ’s interest rate hike and the rapid appreciation of the Japanese yen, analysts said. Thus, both the yen, which strengthened with the hawkishness of the BoJ, and the concern that the increasing recession concern in the world could negatively affect the performance of exporting Japanese companies played an important role in deepening the selling pressure in Japanese stock markets. On the other hand, Japan’s Finance Ministry, Financial Services Agency and BoJ officials are expected to meet today to discuss the state of the markets. In addition, the Reserve Bank of Australia left the policy rate unchanged at 4.35 percent. Near the close, Japan’s Nikkei 225 index rose 8.9%, South Korea’s Kospi index 4%, while the Hong Kong’s Hang Seng composite index fell 0.1% and China’s Shanghai index decreased 0.3%.

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Gaza death toll rises to 39,653 as Israel kills 30 more Palestinians

World /

 The Israeli army killed 30 more Palestinians in attacks in the Gaza Strip, taking the death toll to 39,653 since last Oct. 7, the Health Ministry in the enclave said on Tuesday. A ministry statement added that some 91,535 others have been injured in the assault. “Israeli forces killed 30 people and injured 66 others in three ‘massacres’ against families in the last 24 hours,” the ministry also said. “Many people are still trapped under rubble and on the roads as rescuers are unable to reach them,” it added. Flouting a UN Security Council resolution demanding an immediate cease-fire, Israel has faced international condemnation amid its continued brutal offensive on Gaza since an Oct. 7, 2023 attack by Palestinian group Hamas. Ten months into the Israeli war, vast tracts of Gaza lie in ruins amid a crippling blockade of food, clean water and medicine. Israel stands accused of genocide at the International Court of Justice, whose latest ruling ordered Tel Aviv to immediately halt its military operation in the southern city of Rafah, where over a million Palestinians had sought refuge from the war before it was invaded on May 6.

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South Africa: Police Rescue Nearly 100 Ethiopian Migrants

Africa /

South African police have rescued 90 Ethiopian migrants who were being held against their will at a property in Johannesburg. The rescue operation, conducted on Sunday, followed a search for an individual reported missing and led to the discovery of the migrants, who were found locked in small rooms. Two suspects were arrested on charges of kidnapping and human trafficking, and the reported victim was also rescued. The migrants, believed to have been trafficked illegally, were taken to a hospital for medical care. The two suspects are set to face charges in court. Interpol and other authorities have raised alarms about the trafficking of Ethiopian migrants through several southern African countries on their way to South Africa, often enduring dangerous conditions. In recent years, there have been tragic incidents involving Ethiopian migrants, including the discovery of 64 bodies in a freight container in Mozambique in 2020, 30 bodies in a mass grave in Malawi in 2022, and 27 bodies found in Zambia that same year.

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