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Israel-Gaza war: World Bank president Ajay Banga warns of global economic fallout

The World Bank president further said that the geopolitical tensions pose the biggest threat to the world economy.

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Israel-Gaza war: World Bank president Ajay Banga warns of global economic fallout

World Bank president Ajay Banga stated that the Israel-Gaza war could prove to be a serious blow to the global economy and its development. While addressing an investor conference in Saudi Arabia, the World Bank president said that the world is at a very dangerous juncture. 

He added that there is so much going on in the world and geopolitics in the war, that at the end of the day, when everything is put together , the impact on economic developments is even more serious. He asserted that he thinks the world is at a very dangerous juncture. 

The World Bank president further said that the geopolitical tensions pose the biggest threat to the world economy. Nonetheless, he also mentioned that economic risks tend to move around fast and should not be ignored.

Citing an example from the United States to illustrate his point, Ajay Banga said that the US 10-year Treasury yield just crossed 5% briefly yesterday, these are areas that are not seen. So yes, that is right there lurking in the shadows, he continued.

On October 7, Hamas attacked Israel from the Gaza Strip and claimed the lives of nearly 1400 people, including women and children. Reports stated that the Hamas group has been holding 222 people hostage. In retaliatory air strikes, more than 5000 Palestinians have died.

Israel’s military on Tuesday stated that it had escalated its bombardment of Hamas targets in the Gaza Strip. The Hamas group released two elderly Israeli women who had been taken hostage on October 7.

On the other hand, French President Emmanuel Macron arrived in Tel Aviv on Tuesday. Reportedly, the French President told his Israeli counterpart Isaac Herzog that he came to express their support and solidarity and share the pain as well as to assure Israel it is not left alone in the war against terrorism.

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Prince Harry, Rupert Murdoch’s UK group reach settlement in surveillance case

The relentless media attention, he has claimed, also contributed to the intense pressure that led him and his wife, Meghan Markle, to step back from royal duties and relocate to the United States in 2020.

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Prince Harry has reached a settlement with Rupert Murdoch’s News Group Newspapers (NGN), bringing an abrupt end to a high-profile lawsuit alleging widespread phone hacking and unlawful surveillance.

The settlement, announced just as the trial was about to commence, includes substantial financial compensation for the Duke of Sussex and a formal, unequivocal apology from NGN. This marks a significant victory for Harry, who had accused the media giant of years of intrusive and illegal activities targeting his private life.

The apology, issued directly to Harry’s legal team, explicitly acknowledged the serious breach of privacy inflicted by both The Sun and the defunct News of the World. It detailed unlawful actions perpetrated between 1996 and 2011, including phone hacking, surveillance, and the use of private investigators to obtain sensitive information.

The statement specifically addressed the intrusive activities carried out by private investigators employed by The Sun, emphasizing the severity of the intrusion into Harry’s private life during his formative years. The apology extended to the distress caused to his late mother, Princess Diana, highlighting the impact of the media’s actions on the young prince.

This settlement represents one of three lawsuits filed by Harry against British media outlets, all stemming from accusations of privacy violations. He has consistently blamed the media for the relentless pursuit of his mother, Princess Diana, ultimately leading to her tragic death in a car crash in Paris while being chased by paparazzi.

The relentless media attention, he has claimed, also contributed to the intense pressure that led him and his wife, Meghan Markle, to step back from royal duties and relocate to the United States in 2020.

The case underscores the wider issue of phone hacking and media intrusion, exemplified by the notorious scandal that forced the closure of News of the World in 2011. The hacking of murdered schoolgirl Milly Dowler’s phone, during the police investigation into her disappearance, remains a particularly egregious example of the unethical practices employed by some sections of the British press.

Harry’s legal battle has brought renewed focus to this issue and the need for greater accountability within the media industry. The settlement, while ending this particular legal chapter, leaves a lasting legacy concerning media responsibility and the rights of public figures to privacy.

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China reacts to Donald Trump’s 10% tariff remarks, says it would protect its national interest

While acknowledging a willingness to maintain open communication channels and collaborative efforts with the U.S., China firmly rejected the notion of a trade war, emphasizing that such conflicts ultimately yield no winners.

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China has issued a firm response to US President Donald Trump’s renewed threat to impose a 10% tariff on Chinese imports, beginning February 1. The statement, released by the Chinese foreign ministry, underscores Beijing’s unwavering commitment to safeguarding its national interests amidst escalating trade tensions with the United States.

While acknowledging a willingness to maintain open communication channels and collaborative efforts with the U.S., China firmly rejected the notion of a trade war, emphasizing that such conflicts ultimately yield no winners.

The statement directly addresses Trump’s justification for the proposed tariffs, citing the flow of fentanyl from China through Mexico and Canada into the United States. This latest escalation marks a significant development in the long-standing trade dispute between the two economic giants.

The proposed tariffs, scheduled for implementation on February 1st, echo a similar threat made by Trump earlier, targeting Canada and Mexico with 25% tariffs over concerns about illegal immigration and fentanyl trafficking.

This consistent pattern of utilizing tariffs as a tool to address broader geopolitical concerns highlights the complex and multifaceted nature of the relationship between the United States and its major trading partners.

China’s economy, heavily reliant on exports to sustain its economic growth, faces significant vulnerability to such protectionist measures. Despite ongoing efforts to diversify its economy and boost domestic consumption, exports remain a crucial pillar of China’s economic engine. The potential impact of a 10% tariff on Chinese goods entering the U.S. market could trigger substantial ripple effects throughout the global economy.

The current trade tensions represent a continuation of a protracted struggle dating back to the Trump administration’s first term, marked by the imposition of substantial tariffs on Chinese imports over alleged unfair trade practices.

These actions were further reinforced by the subsequent Biden administration, which implemented sweeping measures aimed at restricting Chinese access to critical high-tech components.

Trump’s recent pronouncements signal a potential further escalation of these long-standing trade disputes. China’s response clearly indicates its readiness to defend its economic interests and navigate the complex landscape of international trade relations.

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Barron Trump, now towering at 6’9″, takes center stage at father’s inauguration

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Barron Trump, now towering at 6'9", takes center stage at father's inauguration

During the recent presidential inauguration, Barron Trump, the son of President Donald Trump and First Lady Melania Trump, captured significant attention due to his impressive stature and growing influence. Now 17, Barron stands a striking 6 feet 9 inches tall and has taken on an advisory role within his father’s political campaign.

At the ceremony, President Trump took a moment to highlight Barron’s contributions, especially his insights into the youth electorate, which reportedly helped secure a substantial lead in that demographic. “Barron has a deep understanding of the youth vote, encouraging strategies that ultimately delivered us a 36-point lead among young voters,” stated President Trump during his speech.

Barron, who celebrated his first vote in the last November election, has been recognized not only for his height but also for his intellect and strategic thinking. His suggestion for his father to appear on the Joe Rogan podcast, which amassed over 50 million views, was a notable campaign triumph.

Born on March 20, 2006, Barron is the youngest child of Donald and Melania Trump and the only one among his siblings to have attended St. Andrew’s Episcopal School in Maryland, following his earlier education at Columbia Grammar and Preparatory School in Manhattan. He is currently a freshman at New York University’s Stern School of Business.

His appearance at the inauguration not only highlighted his stature but also his growing importance in Trump’s circle, marking him as a significant figure in the current political landscape.

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