Chinese government to sell sovereign bonds worth $340bn by year-end

The issuance of a total of 3.45 trillion yuan in local government special bonds for infrastructure has been completed by the end of June. (Shutterstock)
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Updated 29 September 2022
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Chinese government to sell sovereign bonds worth $340bn by year-end

RIYADH: China will sell sovereign bonds totalling $340 billion in the final months of this year as the Asian giant taps the remaining annual quota and refinances maturing special bonds.

The government has issued 1.09 trillion yuan ($151 billion) of general bonds so far this year ⁠— less than 40 percent of the budgeted central deficit of 2.75 trillion yuan for 2022, Bloomberg reported based on its calculations.

According to the report, the government is expected to issue a total of 2.45 trillion yuan in sovereign bonds between October and December, which comprises 1.66 trillion yuan of new bonds and 786 billion yuan to refinance maturing special debts.

Meanwhile, Reuters, citing people familiar with the matter, said that the treasury bond issuance plan was made during a meeting of the finance ministry on Wednesday.

According to the Reuters report, the ministry also urged local governments to complete issuing the roughly 500 billion yuan in special bonds by the end of October under carryover quotas from previous years, the sources said.

The issuance of a total of 3.45 trillion yuan in local government special bonds for infrastructure has been completed by the end of June.

Amid weak consumption recovery and softening export growth, authorities are doubling down on an infrastructure push, dusting off an old playbook by issuing debt to fund big public works projects to revive the economy.

China’s economy generally recovered and stabilized in the third quarter and the country will push ahead with its economic program in the fourth, state media quoted Li Keqiang, premier of the State Council of the People’s Republic of China, as saying on Wednesday.

But with few signs China will significantly ease its zero-COVID policy soon, many analysts expect the economy to grow by just 3 percent this year, which would be the slowest since 1976, excluding the 2.2 percent expansion during the initial COVID hit in 2020.

(With input from Reuters)


BCCI hunting for new India cricket coach after T20 World Cup

Updated 31 min 57 sec ago
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BCCI hunting for new India cricket coach after T20 World Cup

  • India have not won a global title since the 2013 Champions Trophy and will be looking to end the drought in the upcoming T20 World Cup
  • Rohit Sharma’s team will begin their campaign against Ireland on June 5 followed by blockbuster clash with Pakistan in New York on June 9

NEW DELHI: India’s cricket board will hunt for a new coach to take charge after the T20 World Cup in June, but left the door open for Rahul Dravid to reapply.

Dravid, who became head coach of the men’s team in November 2021, was handed a short-term extension when his two-year contract expired after India’s loss to Australia in the ODI World Cup final last November.

“We will call for applications in the next few days,” Jay Shah, secretary of the Board of Control for Cricket in India (BCCI), told reporters in Mumbai.

“Rahul Dravid’s tenure is coming to an end in June. If he wants to re-apply, he can.”

Shah said the next coach would be offered a contract through to the next ODI World Cup in 2027 and ruled out hiring different coaches for the three formats.

“We are looking for a long-term coach for three years,” Shah said, in comments reported by Indian media on Friday.

“There is no precedent of different coaches for different formats in Indian cricket. Besides, we have a number of all-format players. Ultimately, it will be the Cricket Advisory Committee’s (CAC) call. I have to implement what they decide.”

India have not won a global title since the 2013 Champions Trophy and will be looking to end the drought in the upcoming T20 World Cup in the West Indies and the United States starting June 2.

Rohit Sharma’s team will begin their campaign against Ireland on June 5 followed by a blockbuster clash with arch-rivals Pakistan in New York on June 9.


Israel orders new evacuations in Rafah as it prepares to expand operations

Updated 45 min 46 sec ago
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Israel orders new evacuations in Rafah as it prepares to expand operations

  • Fighting is escalating across the enclave with heavy clashes between Israeli troops and Palestinian militants
  • Israel’s move into Rafah has so far been short of the full-scale invasion that it has planned

RAFAH, Gaza Strip: Israel ordered new evacuations in Gaza’s southern city of Rafah on Saturday as it prepared to expand its operation, saying it was also moving into an area in northern Gaza where Hamas has regrouped.
Fighting is escalating across the enclave with heavy clashes between Israeli troops and Palestinian militants on the outskirts of Rafah, leaving the crucial nearby aid crossings inaccessible and forcing more than 110,000 people to flee north.
Israel’s move into Rafah has so far been short of the full-scale invasion that it has planned.
The United Nations and other agencies have warned for weeks that an Israeli assault on Rafah, which borders Egypt near the main aid entry points, would cripple humanitarian operations and cause a disastrous surge in civilian casualties. More than 1.4 million Palestinians — half of Gaza’s population— have been sheltering in Rafah, most after fleeing Israel’s offensives elsewhere.
Army spokesman, Avichay Adraee, told Palestinians in Jabaliya and Beit Lahiya cities and the surrounding areas to leave their homes and head to shelters in the west of Gaza City, warning that people were in “a dangerous combat zone” and that Israel was going to strike with “great force.”
Heavy fighting is underway in northern Gaza, where Hamas appeared to have once again regrouped in an area where Israel has already launched punishing assaults. Battles erupted this week in the Zeitoun area on the outskirts of Gaza City, in the northern part of the territory. Northern Gaza was the first target of the ground offensive. Israel said late last year that it had mostly dismantled Hamas in the area.
At least 19 people, including eight women and eight children, were killed overnight in Central Gaza in three different strikes that hit the towns of Zawaida, Maghazi and Deir al Balah, according to Al Aqsa Martyrs Hospital in Deir al Balah and an Associated Press journalist who counted the bodies.
Israel’s bombardment and ground offensives in Gaza have killed more than 34,800 Palestinians, mostly women and children, according to the Gaza Health Ministry, which does not distinguish between civilians and combatants in its figures. Much of Gaza has been destroyed and some 80 percent of Gaza’s population has been driven from their homes.


Hundreds evacuated from Ukraine border after Russian offensive

Updated 14 min 9 sec ago
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Hundreds evacuated from Ukraine border after Russian offensive

  • Russian forces make small advances in the area it was pushed back from nearly two years ago
  • The Kharkiv region has been mostly under Ukrainian control since September 2022

KYIV: Hundreds of people were evacuated from areas near the Russian border in Ukraine’s Kharkiv region, the regional governor said Saturday, a day after Moscow launched a surprise ground offensive.

Russian forces made small advances in the area it was pushed back from nearly two years ago, the latest in a series of gains as Ukrainian forces find themselves outgunned and outmanned.

“A total of 1,775 people have been evacuated,” Kharkiv governor Oleg Synegubov wrote on social media.

He reported Russian artillery and mortar attacks on 30 settlements over the past 24 hours.

Ukrainian President Volodymyr Zelensky said a “fierce battle” was under way in Kharkiv.

“We must disrupt Russian offensive operations and return the initiative to Ukraine,” Zelensky said on Saturday.

The Kharkiv region has been mostly under Ukrainian control since September 2022.

A senior Ukrainian military source said Russian forces had advanced one kilometer (0.6 miles) into Ukraine and were trying to “create a buffer zone” in the Kharkiv and neighboring Sumy regions to prevent attacks on Russian territory.

Ukrainian forces have multiplied attacks inside Russia and Russian-held areas of Ukraine, particularly on energy infrastructure.

On Saturday, Moscow-installed authorities in the Russian-occupied Lugansk region in eastern Ukraine said three people were killed by a Ukrainian strike with US-made missiles on an oil depot.

Governor Leonid Pasechnik said the strike “enveloped the oil depot in fire and damaged surrounding homes.”

“The death toll has risen to three and eight more people are in hospital,” he said on social media.

Officials in Kyiv had warned for weeks that Moscow might try to attack its northeastern border regions, pressing its advantage as Ukraine struggles with delays in Western aid and manpower shortages.

Ukraine’s military said it had deployed more troops and Zelensky said Ukrainian forces were using artillery and drones to thwart the Russian advance.

“Reserve units have been deployed to strengthen the defense in this area of the front,” it said.

The US-based Institute for the Study of War said on Friday that Russia had made “tactically significant gains.”

But the main aim of the operation was “drawing Ukrainian manpower and materiel from other critical sectors of the front in eastern Ukraine,” it said.

ISW said it did not appear to be “a large-scale sweeping offensive operation to envelop, encircle and seize Kharkiv” — Ukraine’s second biggest city.

Washington announced a new $400 million military aid package for Kyiv hours after the offensive began, and said it was confident Ukraine could repel any fresh Russian campaign.


Singer Elyanna makes her TV debut on ‘The Late Show’

Updated 11 May 2024
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Singer Elyanna makes her TV debut on ‘The Late Show’

  • Chilean Palestinian star performs hits from debut ‘Woledto’
  • Proudly adorned with Palestinian keffiyeh around her head

DUBAI: Chilean Palestinian singer Elyanna made her television debut this week on “The Late Show with Stephen Colbert.”

The 22-year-old music sensation delivered a medley of hits from her debut album “Woledto,” including “Callin’ U (Tamally Maak)” and “Mama Eh,” the first song performed entirely in Arabic on the show.

Her performance featured an ensemble of oud, tabla, riq and dancers.

“I had so much fun performing on this iconic stage,” she wrote to her 1.2 million followers after her show.

The hitmaker was adorned in a white lace dress featuring two thigh-high slits. She complemented the attire with coin-belt accessories, draping them over her shoulders and fastening them around her calves to add a Middle Eastern touch to her look.

In one of the pictures she shared with her fans, she proudly wore the Palestinian keffiyeh around her head as she posed in front of “The Late Show” desk.

Elyanna dropped her album in April. It features nine songs: “Woledto,” “Ganeni,” “Calling U,” “Al Sham,” “Mama Eh,” “Kon Nafsak,” “Lel Ya Lel,” “Yabn El Eh” and “Sad in Pali.”

Before releasing the album, she wrote to her Instagram followers: “This album is the embodiment of pride to be an Arab woman, to be from Nazareth, to be from the Middle East.”

“This is the closest I’ve been to where I come from,” she added. “The only feature on my album is my grandfather.”

The Los Angeles-based singer’s music is a mix of Arabic and Western beats, which she attributes to her multicultural upbringing.

Elyanna has been normalizing Arabic lyrics in the Western world throughout her career, taking inspiration from artists including Lana Del Ray and Beyonce, as well as Middle Eastern legend Fayrouz.

In 2023, Elyanna became the first artist to perform a full set in Arabic at California’s Coachella music festival.

She embarked on a North American Tour this year, gracing stages in Dallas, Houston, Toronto, Montreal, Washington, New York, Chicago, Detroit, San Francisco and Santa Ana.


REVIEW: ‘Kingdom of the Planet of the Apes’ a worthy addition to successful franchise

Updated 11 May 2024
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REVIEW: ‘Kingdom of the Planet of the Apes’ a worthy addition to successful franchise

DUBAI: When soulless, cookie-cutter franchises were but the norm, the “Planet of the Apes” reboot trilogy — starring Andy Serkis’s commanding Ceasar — cut through the noise to offer a textured, resonant story that not only did well with the critics but also broke box office records.

Coming seven years after the final instalment of that trilogy, “Kingdom of the Planet of the Apes” continues the legacy with a visually rich and emotionally layered story. It takes its inspiration from the original 1968 film, “Planet of the Apes,” which was in itself an adaptation of French author Pierre Boulle’s 1963 novel “La Planete des singes.” 

Director Wes Ball (“The Maze Runner” trilogy) continues his run of dystopian features, but this time explores it in a lush, Garden of Eden-adjacent setting.

“Kingdom of the Planet of the Apes” is set generations after Ceasar’s time, when the world has been taken over by intelligent apes. The same virus that evolved them has regressed humans into an echo of their former selves, rendering them primitive and without language.

A coming-of-age story, our protagonist is the young simian Noa (a poignant and scene-stealing Owen Teague). When his clan is murdered by a rival group of bloodthirsty apes, Noa goes on the adventure of his life as he sets out to save those he can from the tyrannical rule of Proximus Caesar (Kevin Durand). On his journey, he teams up with a human girl May (“The Witcher” star Freya Allan) and a wise orangutan named Raka (Peter Macon), who still live by the words of the original Caesar.

While the premise itself lacks the depth of the previous trilogy, Ball compensates through extensive character work. He poses thought-provoking questions about whether humanity deserves a second chance, whether the apes will continue to make the same mistakes humans did, and whether apes and humans can imagine a future of peaceful co-existence.

The action and emotions are supported by groundbreaking visuals that seamlessly blend convincing motion-capture performances with beautifully rendered CGI.

To sum up, “Kingdom of the Planet of the Apes” proves a more than worthy successor to a franchise that refuses to quit — and for good reason.