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Israel carries out hospital attacks in northern Gaza and Gaza City.
Aid groups are warning Israel is in the late stages of ethnic cleansing in northern Gaza.
Only 12 trucks have managed to distribute aid, to desperate Palestinians there in nearly three months.
Kamal Adwan Hospital in the north has been stormed and bombed by Israeli forces.
On Sunday, air strikes targeted al-Wafa and al-Ahli hospitals in the northern Gaza City.
So, is Israel’s strategy in the north: starve or surrender? And is Gaza city next?
Presenter: Adrian Finighan
Guests:
Amjad Shawa – Director of the Palestinian NGOs Network
Dr Mads Gilbert – Emergency medicine doctor and senior consultant at the University Hospital of North Norway
James Moran – Former EU Ambassador to Egypt and Jordan
Administration of US President Joe Biden has committed more than $65bn in support since Russia’s full-scale invasion.
United States President Joe Biden has announced that his administration will send nearly $2.5bn in military assistance to Ukraine, as the president rushes aid to the war-torn country before President-elect Donald Trump takes office in January.
The new round of assistance, announced on Monday, includes $1.25bn derived from presidential drawdown authority, which allows Biden to withdraw materials from US military supplies without the need for congressional approval.
Another $1.22bn comes from the Ukraine Security Assistance Initiative (USAI), a programme run through the Department of Defense and funded by congressional appropriations.
In addition to the military aid, Secretary of the Treasury Janet Yellen also unveiled $3.4bn in economic assistance on Monday to help Ukraine’s government and prop up its infrastructure.
“I’ve directed my administration to continue surging as much assistance to Ukraine as quickly as possible,” Biden said in a statement. “At my direction, the United States will continue to work relentlessly to strengthen Ukraine’s position in this war over the remainder of my time in office.”
Since February 2022, Ukraine has sought to repel a full-scale invasion from Russia. But in the years since the war erupted, Republicans have grown increasingly fractured over providing future aid to the country.
That aid is likely to face its greatest test yet in the new year. In January, the Republican Party is set to take control of both houses of Congress and the White House.
While Biden, a Democrat, has been a firm supporter of continued US assistance to Ukraine, President-elect Trump has signalled scepticism about further aid and expressed his desire to bring the war to a speedy close. He campaigned on an “America First” policy platform.
Ukrainian President Volodymyr Zelenskyy thanked Biden on Monday for the latest US assistance package, which comes at a vital time for his country.
Ukraine faces manpower shortages and straining national morale after nearly three years of fighting. Russian forces also continue to make advances in eastern Ukraine: On Sunday, for instance, Russia claimed it had seized the village of Novotroitske.
Since the launch of Russia’s full-scale invasion in 2022, the US Defense Department says that the Biden administration has committed more than $65bn in support.
As part of that sum, Biden has delivered 23 aid packages from USAI funds. Monday’s announcement also marks the 73rd “tranche of equipment” Biden has drawn from Defense Department inventories since August 2021.
“Every act of solidarity from our partners saves lives, strengthens our independence, and reinforces our resilience. It also demonstrates that democracies are stronger than autocratic aggressors,” Zelenskyy said in a post on the social media site X.
Monday’s weapons package will include drones, guided missiles, ammunition for High Mobility Artillery Rocket Systems (HIMARS), antitank weapons systems, air-to-ground munitions and spare parts, according to the Defense Department.
Support for such assistance remains high. A November poll by the Pew Research Center found that 25 percent of Americans believe the US is sending the right amount of assistance to Ukraine, and 18 percent say it is not sending enough.
By contrast, 27 percent of survey respondents indicated that too much assistance is being sent to Ukraine.
That number increased among people affiliated with the Republican Party, when taken in isolation. An estimated 42 percent of Republicans told the Pew Center the US was sending too much aid. Just 19 percent indicated that Russia’s invasion of Ukraine was a threat to the US.
Sabrine is the first female governor of the Syrian central bank in its more than 70-year history.
Syria’s new rulers have appointed Maysaa Sabrine, formerly a deputy governor of the Syrian central bank, to lead the institution – the first woman to do so in its more than 70-year history, a senior Syrian official said.
With more than 15 years of experience in the field, Sabrine is a longtime central bank official mostly focused on oversight of the country’s banking sector.
A master’s in accounting from Damascus University and a certified public accountant, Sabrine has been a member of the board of directors at the Damascus Securities Exchange since December 2018, representing the central bank. She has also served as deputy governor and chief of the Office Control Division at the bank, according to the bank’s official website.
Sabrine replaces Mohammed Issam Hazime, who was appointed governor in 2021 by then-President Bashar al-Assad and remained on after al-Assad was overthrown by a lightning rebel offensive, led by Hayat Tahrir al-Sham (HTS), on December 8.
Since the rebel takeover, the bank has taken steps to liberalise an economy that was heavily controlled by the state, including cancelling the need for pre-approvals for imports and exports and tight controls on the use of foreign currency.
But Syria and the bank itself remain under heavy sanctions imposed by the United States and other Western powers.
The bank has also taken stock of the country’s assets after al-Assad’s fall and a brief spate of looting that saw Syrian currency stolen but the main vaults left unbreached.
The vault holds nearly 26 tonnes of gold, the same amount it had at the start of its civil war in 2011, sources said, but foreign currency reserves had dwindled from approximately $18bn before the war to about $200m, they said.
Sabrine is the second woman who has been appointed by the new Syrian administration, headed by de facto leader Ahmad al-Sharaa.
Earlier this month, Aisha al-Dibs was appointed as the head of the Women’s Affairs Office under the Syrian interim government.
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GW Platt Foreign Exchange Bank Awards 2025: Global, Regional And Country Winners
Amid consistently high geopolitical tensions, a shifting interest rate environment in developed and developing economies, and the increasing threat of tariffs impacting global trade, one thing is sure: Top-level foreign exchange (FX) management has seldom been as pivotal to businesses as it is today.
Against this backdrop, FX services have been gaining ground on companies’ balance sheets over the past few years, currently driving an average 50% of corporate value allocation, according to recent research by the market structure and technology research team at Coalition Greenwich.
FX trading volumes have been on a consistent uptrend since the pandemic, hitting a daily record of over $7.5 trillion this year, according to J.P. Morgan. Now, Market Data Forecast projects a 7.14% yearly compounded growth rate into 2032 for the global FX market.
The evolving scenario has prompted banks to rethink the status of their FX divisions, positioning them not just as an ancillary part of the corporate banking operation but as a core component of the overall strategy. On the clients’ side, the trend has significantly increased the demand for tailor-made FX offerings that cater to a client’s unique geographical reach and risk-exposure needs.
“Banks are creating personalized solutions like customized currency hedges or swaps. These tailored strategies help businesses manage currency risks in ways that suit their specific needs,” explains Swapnil Shinde, CEO and co-founder of Zeni, a corporate bookkeeping platform powered by artificial intelligence (AI).
“We also attribute this changing scenario to our corporate clients having a better understanding of the markets, thus managing foreign exchange and interest rate exposures over the short, medium, and long term with greater sophistication,” says Francisco Fernández Silva, managing director and head of the FX sales desk at Chile’s Banco de Credito e Inversiones (BCI).
With sophisticated demand from treasurers and CFOs growing and increased competition from peers, banks have been racing to deploy technological solutions that promise to bring better results and lower operational costs.
“The corporate FX market is undergoing a transformation driven by technological advancements that enhance efficiency, improve risk management, and democratize access for businesses of all sizes,” says Luis Martins, head of Global Macro at BBVA. “As companies increasingly adopt these innovations, they stand to gain a competitive edge in managing their foreign exchange activities effectively.”
However, the market’s most significant shift has occurred at the FX sales desk. Tools such as algorithms and machine learning models have been helping to automate the FX hedging process and other often-complex and highly volatile activities, bringing more-stable results.
BCI’s Fernández Silva also highlights the importance of AI in this revolution. “Breaking technologies, including artificial intelligence, are redefining offerings in the foreign exchange market by incorporating new participants, reducing information asymmetries, and increasing competitiveness,” he says.
Daisy-May Andrew, in interest rates and FX corporate rates sales at BNP Paribas, wrote in a company blog post that, in the current environment, companies must bulk up their currency hedging game with better, faster, automated solutions. “With the right automation tools in place, clients can add systematic hedging checks, which should, in theory, be able to search for the same red flags that one would do manually, albeit without the added concern of human error.”
According to recent research by FX-as-a-service provider MillTechFX, 86% of North American corporations planned to increase their FX hedging activity before the US presidential election, despite 73% noting increased hedging costs. This was due to concern about increased market volatility, among other factors.
Despite the significant numbers, Stephen Bruel, senior analyst at Coalition Greenwich, notes there’s still much ground to gain in FX trading. “Corporates should be encouraging their desks to adopt more advanced tools; the more electronic the trading, the better the data available to analyze execution quality and optimize results,” he added in a prepared statement.
High currency volatility is not alone in preying on corporates’ minds; Russian sanctions, the unwinding of the yen carry trade after 30 years of negative interest rates in Japan, the rise of the Chinese renminbi as an alternative reserve to the dollar, and the growth in alternative investments such as cryptocurrencies also play a role. These concerns have forced the market to increase its focus on currencies other than those of the Group of Five (G5) on the liquidity and product sides.
“Banks have adjusted their product range, offering solutions that include the opening of cash accounts and increased agility in global transactions services,” explains BCI’s Fernández Silva. “In some cases, having the opportunity to trade in different currencies gives clients the chance to realize cost advantages.”
In an October report, J.P. Morgan notes that the advancement of current trade-liberalization efforts across emerging markets, an increase in intranational trading driven by rising domestic customer demand, and these economies’ growing service focus are driving a decline in the proportion of FX reserves held in US dollars.
The trend is more pronounced in commodity markets, where the disruption in energy trade and the People’s Bank of China’s gold-buying spree—which resumed in November after a six-month pause—have prompted a significant change to currency reserves.
Such is the importance of the topic that US President-elect Donald Trump in November threatened to impose a 100% tariff on the nine BRICS countries should they “create a new BRICS currency, nor back any other currency to replace the mighty US dollar.”
Despite the warning signs, J.P. Morgan analysts do not see “de-dollarization” as an imminent threat, but as an important factor for corporations and banks to consider in particular business areas.
“FX reserves offer an incomplete picture of foreign asset accumulation. The rise in EM [emerging market] dollar-denominated bank deposits, sovereign wealth funds, and private foreign assets more than offsets the decline in overall dollar share of EM FX reserves,” says Saad Siddiqui, EM fixed-income strategist at J.P. Morgan, as quoted in the October report.
Zeni’s Shinde agrees that opportunities abound for the non-G5 currency market but notes that corporates and banks should be aware of the risks associated. “Businesses are looking at currencies beyond the traditional G5 to spread their risks. Still, they need to consider factors like stability and ease of trading before using them.”
Along with the myriad technological tools hitting the FX market over the past few years, leading banks have also been investing heavily in improving their research and advisory teams.
Against an FX market driven by central bank decisions and carry trade due to the global pivot to lower interest rates, these teams proved particularly important to corporate customers looking to stay one step ahead of the market.
In keeping with this trend, banks have been digging deep into their pockets to hire new talent. Recently, Citi, Deutsche Bank, Barclays, ING, Nomura, and Saxo Bank, and others, have made strategic additions to their FX departments.
BCI’s Fernández Silva explains the importance of balancing technology with first-class human talent: “In a landscape where central bank decisions and carry trade play a central role in global foreign exchange markets, financial institutions can offer unique value to their corporate clients through analysis of rate movements, economic variables, and exchange rate impacts, thus helping them capture value from carry trade and interest rate movements.”
BBVA’s Martins also highlights the key role of relationship management with clients and dealers. “Being able to offer best-in-class services in today’s foreign exchange markets requires a combination of strong relationships with clients and other dealers, along with top-level technology and data management,” he concludes.
—Thomas Monteiro
Global Finance selects its award winners based on objective factors such as transaction volume, market share, breadth of offerings, and global coverage, as detailed in public company documents and media reports.
Our criteria include subjective factors such as reputation, thought leadership, customer service, and technological innovation. We use input from industry analysts, surveys, corporate executives, and others. Although entries are not required in order to win, submissions that provide additional insight may inform decision-making.
Best Foreign Exchange Banks 2025 | |
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GLOBAL WINNERS | |
Best Global Foreign Exchange Bank | UBS |
Best FX Bank for Corporates | Investec |
Best FX Bank for Emerging Markets Currencies | Itaú Unibanco |
Best Liquidity Bank | BBVA |
Best FX Market Maker | J.P. Morgan |
Best ESG-linked Derivatives | Nordea |
Best FX Commodity Trading Bank (offering currency and commodity trading) | BTG Pactual |
COUNTRY AND TERRITORY WINNERS | |
Algeria | Société Générale |
Angola | Standard Bank Angola |
Argentina | Citi |
Armenia | Ameriabank |
Australia | ANZ Australia |
Austria | UniCredit Bank Austria |
Bahrain | National Bank of Bahrain |
Barbados | Republic Bank |
Belgium | BNP Paribas Fortis |
Brazil | Itaú Unibanco |
Bulgaria | DSK Bank |
Canada | Scotiabank |
Chile | Itaú Chile |
China | Bank of China |
Colombia | BBVA |
Costa Rica | BAC Credomatic |
Côte d’Ivoire | BICICI |
Cyprus | Bank of Cyprus |
Czech Republic | Komercni banka |
Denmark | Danske Bank |
Dominican Republic | Banco Popular Dominicano |
DR Congo | Rawbank |
Ecuador | Produbanco |
Egypt | CIB |
El Salvador | Banco Cuscatlán |
Finland | Nordea Markets |
France | BNP Paribas |
Georgia | TBC Bank |
Germany | Deutsche Bank |
Ghana | Ecobank |
Greece | National Bank of Greece |
Guatemala | Banco Industrial |
Honduras | Banco Ficohsa |
Hong Kong | Standard Chartered Bank (Hong Kong) |
Hungary | OTP Bank |
India | IndusInd Bank |
Indonesia | Bank Mandiri |
Ireland | Investec Europe |
Italy | Intesa Sanpaolo |
Jamaica | National Commercial Bank Jamaica |
Japan | MUFG Bank |
Jordan | Arab Bank |
Kazakhstan | ForteBank |
Kenya | KCB |
Kuwait | National Bank of Kuwait |
Latvia | Swedbank Latvia |
Lithuania | SEB Bank |
Luxembourg | BGL BNP Paribas |
Malaysia | Maybank |
Mauritius | AfrAsia |
Mexico | Citi México |
Morocco | Attijariwafa |
Mozambique | Millennium BIM |
Namibia | Bank Windhoek |
Netherlands | ING |
New Zealand | TSB |
Nigeria | Zenith Bank |
North Macedonia | Komercijalna banka Skopje |
Norway | DNB Markets |
Oman | Bank Muscat |
Panama | Mercantil Banco Panamá |
Paraguay | Banco Itaú Paraguay |
Peru | Banco de Crédito del Perú |
Philippines | BDO Unibank |
Poland | Bank Pekao |
Portugal | Banco Santander |
Qatar | Qatar National Bank |
Saudi Arabia | Al Rajhi Bank |
Serbia | OTP Bank Serbia |
Singapore | DBS |
South Africa | FirstRand (First National Bank/Rand Merchant Bank) |
South Korea | Hana Bank |
Spain | BBVA |
Sweden | Nordea |
Switzerland | UBS |
Taiwan | CTBC Bank |
Thailand | Kasikorn Bank |
Tunisia | Banque Internationale Arabe de Tunisie |
Turkey | BBVA |
Uganda | Stanbic |
United Arab Emirates | Emirates NBD |
United Kingdom | HSBC |
United States | J.P. Morgan |
Uruguay | Banco Itaú Uruguay |
Venezuela | Mercantil Banco Universal |
Vietnam | VietinBank |
Zambia | Stanbic |
Upon completing its megamerger with failing Credit Suisse in May 2024, Swiss banking giant UBS leveraged its already best-in-class corporate banking and foreign exchange (FX) capabilities and product offerings for a record-breaking year on several counts. Not only did the bank’s global operation more than double analysts’ expectations in the third quarter of 2024, booking a massive $1.4 billion in net income, but it did so with significant gains from its corporate banking division, which saw revenue jump by more than 8% year over year (YoY).
Those numbers received a massive boost from UBS’s thriving FX operation, which averaged over $125 billion in daily electronic FX trades during the year, with more than 2,500 active global clients.
The bank also posted substantial growth across several geographies and currency pairs. Among the highlights: solid profitability growth in Middle Eastern and Northern African currencies and a massive 40% market-share increase in Scandinavian currencies.
In Asia, the bank’s continued effort to improve its already top-tier suite of electronic FX capabilities paid off handsomely in China and Singapore, where it doubled down on its data center improvement efforts this year.
On the technology front, UBS kept expanding the limits of the global FX market, in July hosting the world’s first intraday FX swap in a regulated venue. The bank also recently launched its blockchain-based multicurrency payment solution, UBS Digital Cash. This addition to its’ digital offerings, processed through its flagship FX Engine Room, enhances the bank’s overall offering. —Thomas Monteiro
Central banks were the star of the show in FX markets in 2024, bringing high volatility amid a global pivot in monetary stance that shifted interest rate differentials between the G5 countries and developing-market currencies. Corporate clients worldwide found a haven in Investec’s team of top FX experts, who led the way in research, analysis, and execution, ensuring that customers stay one step ahead of the competition in spotting the most important market trends.
In addition, the bank’s Investec ix digital platform proved a key differentiator by providing real-time rate visibility, allowing clients to secure competitive rates at a glance amid the shifting macroeconomic environment. Additional features like easy trade execution and payment on the same page were also important to leverage during the year.
Whether clients are individual corporates, small or midsize companies, or large institutions, Investec’s dedicated FX dealers, robust trading desk capabilities, and best-in-breed app guarantee the combination of a tailored approach with global capabilities when it matters most. As a result, the bank has continued to gain significant market share in the global FX world, more than tripling its presence over the past five years. —TM
One of the largest FX providers in Latin America, Itaú Unibanco kept pushing the boundaries of what it means to provide excellence in trading of emerging market currencies in 2024. From July 2023 through June 2024, the Brazilian banking giant served over 326,000 clients in more than 1.9 million FX transactions in Latin America alone, with a notional amount totaling $225 billion.
Amid growing exports in the region, bolstered by a strong US dollar, an increase in nearshoring initiatives, and geopolitical uncertainty in the breadbasket Black Sea region, the bank leveraged its leadership to provide superior service, handling over $92.7 billion in trade deals during the same period.
To capitalize on the growing demand, the bank has expanded its dedicated FX team, increasing employee numbers by more than 10% from 2021 to 2024. The bank is also boosting investment in technology, increasing tech spending to nearly $20 million in 2024, an 8% rise over the prior two years.
The massive sum supports system modernization and enhances digital service delivery, allowing about 73% of transactions to be executed electronically. The bank’s trading platforms provide real-time pricing linked to market-makers’ books, ensuring competitive and efficient deals for clients. —TM
BBVA’s market positioning across several geographies, including emerging and developed markets, has proved the key to success for corporate clients seeking to take advantage of the fast-paced interest rate environment of 2024.
The bank’s centralized core pricing engine is key to leveraging its FX capabilities to the next level, providing consistent and competitive FX rates globally. As the backbone for processing and executing FX transactions, the engine ensures that pricing is optimized and dependable. The bank also shines brightly through its unrivaled suite of fast-execution digital channels, with offerings such as BBVA Net Cash, which aligns FX goals with corporate clients’ business requirements; and BBVA eMarkets, which integrates FX with broader investment banking needs.
These tools ensure solid and instant liquidity in markets from Latin America to Turkey. They offer streamlined access to one of the most diverse ranges of FX products in the market, including spot, swaps, forwards, and more-complex structured products like options and exotics.
Due to top-level execution, the Spanish behemoth reached all-time highs in monthly electronic FX business volumes last year, boasting one-fifth of the market share in derivative volumes in 2024: a significant milestone. —TM
The winner of the global Best FX Market Maker award is J.P. Morgan, reflecting its strong market position, deep resources, and technological prowess. These attributes allow the bank to provide exceptional scale and market access while efficiently handling high volumes of FX transactions.
One such solution is the bank’s Execute platform, which offers corporate and institutional clients full-service macro trading from a single platform. The benefits include diverse liquidity access, trade transparency, and competitive pricing for streamlined FX execution, as well as the ability to execute trades across over 300 currency pairs with efficient order routing across multiple electronic communication networks. The platform also provides enhanced functionality through various channels, including the web, application programming interfaces, and desktop or mobile devices, along with real-time analytics to access market insights from J.P. Morgan traders and analysts. Execute also includes a customizable alert feature to capture market movements. The Execute Mobile component provides transaction efficiency through one-touch trade execution, the ability to view historical trades, and a market monitor for FX rates.
The bank has also expanded its capabilities for FX options with an integrated platform that allows clients to transact a range of vanilla, exotic, structured, or multileg instruments. Additional features include the ability to view the market with multicurrency volatility grids and live insights from the bank’s options traders. —David Sanders
Nordea’s undisputed positioning in the global FX environmental, social, and governance (ESG) market goes far beyond the bank’s extensive suite of investment products. ESG principles are a core part of the bank’s operation, providing unique market knowledge and opportunities for small and large companies.
The Nordic bank’s customers enjoy a full holistic sustainable-finance advisory that helps them allocate resources efficiently and protect against risks in the sector, particularly as the global ESG market stages a rebound thanks to 2024’s currency volatility.
Moreover, the bank’s extensive FX Algo Suite, which covers the full spectrum of FX transaction needs, from passive to aggressive market positionings, has proven a game-changer for those assessing market risks. It is further supported by the bank’s proprietary model of ESG accountability, which provides customers with another layer of confidence when making ESG-related investments on and off the FX spectrum.
This outstanding ESG offering is complemented by top-tier FX market research and financial advisory that allows clients to tailor market opportunities and financial planning to their needs and goals. —TM
By offering first-class, tailor-made solutions for importing and exporting FX-related products, BTG Pactual, Latin America’s largest investment bank, rode the positive wave in Latin American commodities to a record-beating third quarter.
Although the Brazilian giant’s investment banking operation faced some macro headwinds, primarily due to underperformance in its home stock market, its corporate lending and business operation more than compensated, notching a phenomenal 29% YoY revenue growth as of the third quarter.
Against a backdrop of increasing export-related profitability and high currency volatility due to a devaluating Brazilian real, BTG helped clients in all areas of the commodity market by providing a combination of fast execution, excellent financial advisory, and top-grade hedging products.
The bank also continued expanding its FX funds offering last year, allowing clients based in Latin America to adopt more-sophisticated foreign currency holdings and hedging solutions. This allowed clients to benefit from a thriving global market.
BTG’s superior offering and financial planning helped commodity clients, in particular, weather growing supply costs due to the devaluating local currencies in Latin America. —TM
Best Foreign Exchange Banks 2025 | |
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REGIONAL WINNERS | |
Africa | Standard Bank |
Asia-Pacific | Hana Bank |
Central & Eastern Europe | OTP Bank |
Latin America | Itaú Unibanco |
Middle East | Qatar National Bank |
North America | J.P. Morgan |
Western Europe | BBVA |
Adjudged the best bank for foreign exchange (FX) in Africa, Standard Bank continues to service the cross-border payment and funding needs of its corporate, investment, and individual clients despite the currency volatility and devaluation challenges that many African countries face. Standard Bank has an FX transactions market share of 30% in the African countries in which it operates. At the same time, it is one of the top finance institutions for FX needs in countries such as South Africa, Angola, and Zimbabwe.
Accounting for a larger market share “allows us to make, maintain, and manage a live, active, and tradable market price,” says a bank spokesperson. Standard Bank has more than 100 employees dedicated to its FX business, covering sales, trading, and operations. There are three dedicated FX trading desks: spots, forwards, and futures.
With 1.6 million trades per year and $1.7 trillion in overall turnover, Standard Bank signed an agreement in November with the World Bank’s International Finance Corporation on cross-currency swaps and derivatives for Africa. FX and local currency liquidity can be challenging in Africa, where some market reforms and attractive returns increasingly bring in more global investors, raising FX needs and transactions.
“There is growing interest in sub-Saharan countries, with investors recognizing the continent’s potential,” said Kayode Solola, head of global markets for Africa at Standard Bank Group, in comments accompanying the announcement.
The bank’s FX professionals “have the skills to support a diversified international and domestic client base trading in all G10 as well as 40 African currencies,” says the bank.
Winning the Best FX Bank awards in Africa and Angola represents international recognition of Standard Bank’s capabilities in meeting clients’ foreign currency demands. —Tawanda Karombo
South Korean–based Hana Bank has established itself as a regional leader in the Asian financial markets, particularly in providing FX services. The bank has grown from a local financial institution into one of the most significant players in the global banking industry, and is currently boasting total assets of $400 billion.
“Hana Bank’s success in the foreign exchange market is built on our unwavering commitment to innovation and customer-centric solutions,” says CEO Lee Seung-lyul, the first CEO of Hana Bank with a background in foreign exchange. “We continually invest in cutting-edge technology and strive to offer the industry’s most efficient and secure FX services.”
This demonstrated expertise enables the bank to offer tailored solutions that meet the specific needs of its clients, whether they are looking to hedge against currency risk, make international payments, or engage in speculative trading.
This award recognizes Hana Bank’s outstanding performance and innovation in the FX market and underscores its position as a trusted and influential player in FX services. —Simon Littlewood
This year’s winner for Central and Eastern Europe (CEE) is OTP Bank. Privatized in the 1990s and formerly the National Savings Bank of Hungary, OTP Bank is now a familiar name across the 11 countries in CEE and the Central Asia region where it has a presence. It sold its operations in Romania to Banca Transilvania because local regulations prevented it from further expansion. OTP is renowned for its innovative yet flexible service.
OTP Bank runs a centralized FX operation out of its Budapest headquarters. Ten traders and 25 salespeople conduct transactions for the main and regional subsidiary banks, offering pricing for 100 currency pairs.
The bank has started an internal digitalization project to simplify and accelerate the workflow for FX transactions. It operates a groupwide internet-based platform where clients of six subsidiaries can conclude FX transactions and convert funds into more than 40 currencies. The system already operates in Russia, Bulgaria, Serbia, Montenegro, Slovenia, and Croatia. Management is keen to introduce it to other subsidiaries and add new currency pairs to improve service and market coverage.
In November 2024, OTP contracted Integral Development, a leading currency-technology provider based in Palo Alto, California, to improve and automate foreign exchange pricing and distribution to the bank’s clients in FX spots, forwards, and swaps. According to Integral, its systems offer “liquidity aggregation, pricing engine, trading, and risk management solutions to deliver the highest pricing accuracy and reliability to its clients. … The flexible architecture ensures that OTP Bank can easily scale and adapt its FX infrastructure to meet evolving client needs” across the CEE region. —Justin Keay
Despite already occupying a leading position in Latin America’s FX market, the Brazilian behemoth Itaú Unibanco kept expanding its offerings and robust geographical presence to notch another year of sustained growth in volume and profitability.
From July 2023 to June 2024, Itaú executed over 1.9 million FX transactions, with a total notional amount of $225 billion. The bank served over 326,000 clients during the period, demonstrating its extensive reach and expertise in managing substantial transaction volumes and liquidity.
Amid the region’s increasingly competitive market, the powerhouse accelerated its technological investment. This jumped from approximately $15.9 million in 2022 to nearly $17.2 million in 2024, mainly focused on improving the bank’s cloud platforms and microservices architecture.
The bank also added generative artificial intelligence to its offerings, thus enhancing efficiency and scalability in client operations. This endeavor has already generated significant results, with Itaú increasing its automation rate from 25% to 44% in 2024.
Despite its growing investment in technology, the bank continued to support its team of FX professionals. The team boasts around 350 best-in-class employees across several functions including sales specialists, support specialists, sales traders, and market-makers. —Thomas Monteiro
Qatar National Bank (QNB) is the largest bank in the Middle East by assets. It operates in 28 countries, including 14 in the region. Its leading FX business, capitalizing on its strong credit rating, which reflects its financial strength and partial state ownership. A solid custody business aids FX operations.
The bank has significantly increased its market share of inflows to Qatar and international markets. QNB has broad access to the region, global financial hubs, and a broad network across Asia. The bank has rolled out a new cash management platform and ramped up business and operational capabilities. QNB has strengthened its offering as an integrated payment provider for cross-border transactions.
QNB has launched programs for exporters as well as cross-selling initiatives based on its trade finance and cash management capabilities. International payments have increased due to a new remittance system and enhancements to the bank’s correspondent account management and treasury transaction services. QNB successfully onboarded the first clients into its application programming interface (API) platform. Clients can now increase their internal financial accuracy and eliminate manual processes by accessing daily FX rates through API functions.
The FX desk has continued to perform well. The bank has improved its client service due to investment in stronger FX capabilities, allowing it to capture market opportunities. —Darren Stubing
With its comprehensive suite of FX services, J.P. Morgan (JPM) has earned our award as Best FX Bank in North America. Through its Execute and Transact platforms, the bank offers institutional clients innovative solutions with an integrated approach to FX execution, including commodities and rates trading capabilities.
JPM’s Execute provides exceptional liquidity access, efficient execution, and trade transparency through robust market-analytics features, real-time data for trade optimization, and live support from traders and analysts to streamline workflows. The platform is accessible through multiple channels, including the web, APIs, and desktop or mobile devices. Execute Mobile provides market data and one-touch trading ability.
With FX Algos on Execute, clients can customize algorithmic trading strategies for greater efficiency, enhanced trade transparency and performance, and integrated pre-trade and post-trade analytics tools. Through JPM’s Transact digital platform, clients benefit from robust FX hedging and settlement solutions to manage cross-border exposure covering over 100 currencies. These offerings are integrated with treasury and cash management functions, contributing to a more efficient workflow.
Innovative new developments include advancements in blockchain technology through the Kinexys platform, which facilitates cross-border transfers. Integration with JPM’s FX services is expected in early 2025, enabling clients to execute and settle FX transactions with greater flexibility and efficiency and reduced settlement risk. —David Sanders
In a year when volatility was the norm across Western European markets, with several central banks pivoting their monetary stances, BBVA’s best-in-breed FX management and comprehensive suite of technological offerings gave the bank’s users a significant edge.
By leveraging its knowledge and presence across different geographies, the Spanish banking giant managed to post positive numbers in most of the region’s currencies, including the euro, British pound, Norwegian krone, Swedish krona, Danish krone, and Swiss franc. The secret behind BBVA’s outstanding performance is a combination of local-market expertise and a powerful, user-friendly app that allows users to instantly access and execute products such as FX spots, forwards, swaps, options, and structured notes, at the click of a button, with the best insights in the market.
Our Best FX Bank in Spain, BBVA also doubled down on its efforts to support growth in Western Europe by focusing on products that cater to the specific needs of the region’s small and midsize enterprises (SMEs). Through its flagship Net Cash app, the bank enables SMEs to hedge their FX exposure, order international transfers, and configure FX market alerts, all through a user-friendly interface tailored to their habits and needs. —TM
The content in this section is supplied by GlobeNewswire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
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TORONTO, Dec. 30, 2024 (GLOBE NEWSWIRE) — PTX Metals Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (“PTX” or the “Company“), is pleased to announce the closing of the previously announced non-brokered private placement of units (the “Units“) and flow-through common shares in the capital of the Company (“FT Shares“), which has been over-subscribed, raising total combined gross proceeds of $3,419,834 (the “Private Placement“) including the first and final tranches (see press release dated December 11, 2024 for details regarding first tranche).
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In addition, a closing of a $150,000 Quebec Flow Through Private Placement at 15 cents per share of PTX is expected to occur on December 31, 2024 (the Quebec Flow-Through Private Placement”).
Pursuant to the closing of the Final Tranche of the Private Placement, the Company issued 1,205,814 FT Shares at a price of $0.14 per FT Share for aggregate gross proceeds of $168,814. Each FT Share will qualify as a “flow-through share” as defined in subsection 66(15) of the Income Tax Act
(Canada).
Also pursuant to the closing of the Final Tranche of the Private Placement, the Company issued 1,834,000 Units at a price of $0.125 per Unit for aggregate gross proceeds of $229,250. Each Unit consists of one common share in the capital of the Company (a “Common Share“), and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant“). Each Warrant is exercisable at a price of $0.18 for a period of 24 months from the date of issuance.
In connection with the closing of the Final Tranche, the Company paid finders an aggregate of $22,700.71 in cash fees and issued 163,646 finder’s warrants (“Finder’s Warrants“). Each Finder’s Warrant entitles the holder to purchase one common share of the Company at a price of $0.14 for a period of 24 months from the date of issuance.
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Over 60 investors participated in the Private Placement and the proceeds will be used to advance the Company’s projects in Ontario and for general working capital. The Company will announce detailed exploration programs for its W2 Cu-Ni-PGE project and South Timmins Gold projects during the month of January 2025.
All securities issued in connection with this Private Placement will be subject to a four month plus one day hold period from the date of issuance in accordance with applicable securities laws.
Heenan Mallard Gold Project Winter 2025 Drilling Program:
The Company is pleased to announce the commencement of a diamond drilling program at the Heenan Gold Project located in Swayze Greenstone Belt of the Abitibi near the Cote Gold Project. The up to a 750-metre drill program is following up on the gold discovery made earlier in 2024 (see press release dated February 21, 2024, for further details). Several consistent wide zones of gold mineralization from surface to 177m was intersected in the first program which was following up on mechanized stripping program completed in Q4 2023 that discovered gold occurrences in two channel sample composites including 4.05 g/t Au over 2.00 m, and 2.39 g/t Au over 8.00 m in Trench 2.
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The program commenced in mid-December 2024 and then subsequently halted over the holidays and will resume in January 2025.
Quebec Flow-Through Private Placement:
Furthermore, the Company has arranged an additional private placement of $150,000 with an arms length investor. This private placement is expected to close tomorrow, December 31, 2024, with the issuance of 1,000,000 shares of PTX at a price of 15 per share cent per PTX share. All the proceeds will be utilized as eligible Quebec flow-through expenditures by the Company’s subsidiary, Green Canada Corporation (“GCC”) on its Matoush Project located in Quebec. In this regard, all the proceeds will be advanced to GCC increasing PTX’s ownership interest in GCC from 52% to 54% by issuing 1,500,000 shares of GCC at 10 cents per share.
The transaction constitutes a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) as the Company and GCC are related parties by virtue of the Company’s significant shareholdings. However, the transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to subsections 5.5(a) and 5.7(1)(a) and (b), respectively, as the fair market value of the transaction, insofar as it involves related parties, is less than 25% of the market capitalization of either party, as determined in accordance with MI 61-101. The board of directors of each of the Company and GCC have reviewed and approved the transaction and determined that it is in the best interests of each entity.
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Amendments to Outstanding Convertible Loan:
The existing outstanding convertible loan of $250,000 with an arm’s length investor (Cormel Capital Sarl) was amended in December resulting in: 1) a reduction of the conversion price into common shares of the Company from 20 cents to 14 cents, and 2) an extension of the maturity date of the convertible loan to May 2026. All other terms previously disclosed in the Company’s financial statements remain the same.
Qualified Person
The technical information presented in this news release related to the Heenan Gold Project has been reviewed and approved Joerg Kleinboeck, P. Geo, a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About PTX Metals Inc.:
PTX is a mineral exploration company focused on high-quality critical minerals projects, including two flagship projects situated in northern Ontario, renowned as a world-class mining jurisdiction for its abundance of mineral resources and investment opportunities. Our corporate objective is to advance the exploration programs towards proving the potential of each asset, which includes the W2 Cu-Ni-PGE and gold Project and South Timmins Gold Joint Venture Project.
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PTX’s portfolio of assets offers investors exposure to some of the world’s most valuable metals including gold, as well as essential critical minerals for the clean energy transition: copper, nickel, PGE, uranium and rare metals. PTX’s portfolio of assets was strategically acquired for their geologically favorable attributes, and proximity to established mining companies. PTX’s mineral exploration programs are designed by a team of expert geologists with extensive career knowledge gained from their tenure working for global mining companies in northern Ontario and around the world.
PTX is based in Toronto, Canada, with a primary listing on the CSE under the symbol PTX. The Company is also listed in Frankfurt under the symbol 9PF and on the OTCQB in the United States as PANXF.
For additional information on PTX, please visit the Company’s website at https://ptxmetals.com/.
For further information, please contact:
Greg Ferron,
President and Chief Executive Officer
Phone: +1 (416) 270-5042
Email: [email protected]
Forward-Looking Information
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This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information, including statements regarding the ability of the Company to satisfy regulatory, stock exchange and commercial closing conditions of the Private Placement, and the potential development of mineral resources and mineral reserves which may or may not occur. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and general economic and political conditions. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary approvals, including governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by applicable laws. For more information on the risks, uncertainties and assumptions that could cause our actual results to differ from current expectations, please refer to the Company’s public filings available under the Company’s profile at www.sedarplus.ca.
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This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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For artists, it is difficult to reflect on the past year without thinking about Israel’s genocide in Gaza that has killed more than 45,000 Palestinians per the official count or more than 220,000 per realistic estimates.
While art is something to be enjoyed, as it enriches every aspect of our lives, identities, and culture, it is also central to struggle. Art is powerful, it allows us to share emotions and stories with people around the world even if we don’t share a common language. Israel knows this, and that’s why it targets all those with a talent and passion to transmit messages about Gaza’s horrific reality.
Indeed, Israel seems to make it a tactic in its broader strategy of ethnic cleansing to wipe out Palestinians who inspire not just their own people, but everyone waging a fight against injustice.
Painters, illustrators, poets, photographers, writers, designers … so many talented Palestinians have already been killed. It is incumbent on us to ensure that they are not forgotten. They are not numbers, and their work should be remembered, always.
We must tell people about Heba Zagout, the 39-year-old painter, poet and novelist, killed along with two of her children in an Israeli air strike. Her rich paintings of Palestinian women and the holy sites of Jerusalem were her way of speaking to the “outside world”.
We must say the name of renowned painter and arts educator, Fathi Ghaben, whose beautiful works that captured Palestinian resistance should be seen by all.
We have to teach the words of Refaat Alareer, one of Gaza’s most brilliant writers and teachers who lectured at the Islamic University of Gaza.
We have to talk about the beauty in the art of Mahasen al-Khatib, who was killed by an Israeli air strike on Jabalia refugee camp. In her last illustration, she honoured 19-year-old Shaban al-Dalou, who burned to death in the Israeli attack on the Al-Aqsa Hospital compound.
We must also remind the world of writer Yousef Dawwas, novelist Noor al-din Hajjaj, poet Muhamed Ahmed, designer Walaa al-Faranji, and photographer Majd Arandas.
However, ensuring their stories and works are not erased also means we need to take action, wherever we are. Honouring these martyrs and celebrating their art requires that we go beyond words.
Some in the art world already know this. They have joined the resistance within art spaces and ensured that Israel’s crimes are denounced on their platforms. There have been many acts of solidarity and bravery throughout the past year.
When the Barbican Centre in London cancelled Indian writer Pankaj Mishra’s lecture on the genocide in Palestine in February, art collectors Lorenzo Legarda Leviste and Fahad Mayet withdrew artwork by Loretta Pettway from the centre’s gallery.
“It is incumbent on all of us to stand up to institutional violence, and demand transparency and accountability in its wake … We will never accept censorship, repression and racism within its walls,” they wrote.
In March, Egyptian visual artist Mohamed Abla returned his Goethe Medal, awarded for outstanding artistic achievement by Germany’s Goethe Institut, in protest of the German government’s complicity in the Israeli genocide.
Before the opening of the Venice Biennale in April, more than 24,000 artists from around the world – including previous Biennale participants and prestigious award recipients – signed an open letter calling on the organisers to exclude Israel from the event. One Israeli artist eventually decided not to open her exhibition.
In September, Pulitzer Prize-winning author Jhumpa Lahiri refused to accept an award from the Noguchi Museum in New York after it fired three employees for wearing Palestinian keffiyeh scarves.
Earlier this month, artist Jasleen Kaur, who received the prestigious Turner prize, used her acceptance speech to condemn the genocide, calling for a free Palestine, an arms embargo and extending solidarity with the Palestinians. She stood in solidarity with all those who protested outside the Tate Britain in London, where the event took place, calling on it to divest from funds and projects linked to the Israeli government.
“I want to echo the calls of the protesters outside. A protest made up of artists, culture workers, Tate staff, students, who I stand firmly with,” Kaur stated. “This is not a radical demand, this should not risk an artist’s career or safety.”
Despite these acts of solidarity, the vicious censorship, omission, repression and witch-hunts of art related to Palestine have not abated over the past 12 months.
In January, the Indiana University art museum cancelled an exhibition by Palestinian artist Samia Halaby.
In May, the town of Vail in Colorado cancelled the artist residency of Danielle SeeWalker, a Native American artist who had compared the plight of Palestinians to the plight of Native Americans.
In July, the Royal Academy of Arts removed two pieces of artwork from their Young Artists’ Summer Show because they were related to Israel’s war on Gaza. This came after the pro-Israel Board of Deputies of British Jews had sent it a letter regarding the artwork.
In November, the altonale festival in Hamburg cancelled an exhibition of artworks produced by children in Gaza after social media posts attacking it.
These are just a few examples of the massive censorship that Palestinian art and artists and creators who have voiced their solidarity with Palestine have faced over the past year. The silencing and whitewashing within cultural spaces have also taken place at an institutional level.
In the UK, the Arts Council England (ACE) warned art institutions that “political statements” could potentially negatively affect funding agreements. This was revealed upon the trade union Equity’s Freedom of Information request, which also showed that ACE and the Department of Media, Culture and Sport (DMCS) even met about the “reputational risk relating to Israel-Gaza conflict”.
Some have highlighted the contradiction of ACE’s actions given it openly expressed solidarity with Ukraine in 2022 after the Russian invasion. But it is not just ACE that has demonstrated blatant double standards in addressing the slaughter in Gaza.
The brilliant Palestinian artist Basma Alsharif articulated the institutional hypocrisy perfectly in her letter to the “Vapid Neoliberal Art World”.
She wrote: “I hope this genocide finds you well. What exactly are you doing these days? Why did it take you months to write a statement, if you did at all? Why didn’t you just shut down? Why aren’t you able to boycott Israel the way you have Russia, the way you did Apartheid South Africa? Have you seen the number of statements out there? The open letters? The call for strikes? How many hashtags did you all decide it would take to atone for your sins?”
There are no excuses for complacency regarding the genocide in Gaza. The Palestinian people face extermination and our responsibility to them is to ensure our governments, institutions and industry are not left in peace until they cut ties with Israel, stop silencing those speaking out against its crimes, and commit to the liberation of Palestine.
I urge all those in the art world – a pocket of whom were so vibrantly represented in the protest outside the Tate when Kaur was awarded – to remember the words of American author James Baldwin:
“The precise role of the artist, then, is to illuminate that darkness, blaze roads through that vast forest, so that we will not, in all our doing, lose sight of its purpose, which is, after all, to make the world a more human dwelling place.”
States and their institutions may use the scramble for funding and platforms to repress our expression of solidarity, but ultimately they won’t win. Those who concede for their personal and professional gains may try to convince themselves that this movement will die down and the issue will be forgotten, but until Palestine is free – and this will take place – we are keeping the receipts, we are noting the absence, we are hearing the silence over Israel’s genocide in Gaza. It is not too late to stand on the right side of history.
A happy new year will only be possible once the Palestinians and all those facing oppression are free.
The views expressed in this article are the author’s own and do not necessarily reflect Al Jazeera’s editorial stance.
It’s clear banks and borrowers fared better than feared
TORONTO — The big questions in Canadian finance heading into 2024 were whether the economy could avoid a recession and what would happen with interest rates.
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The uncertainty at the start of the year had banks tucking billions of dollars aside in case the picture worsened for heavily-indebted Canadian consumers as many renewed their mortgages at much higher rates.
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As the year comes to a close, it’s clear banks and borrowers fared better than feared, leaving some of the biggest stories in the financial industry to be blockbuster deals, surprises and scandals at individual lenders.
Here’s a look at some of the key numbers that tell the story of 2024 for the Canadian financial sector:
$58,771,000,000: The adjusted profits of the Big Six banks in the 2024 fiscal year. That’s up a billion dollars from a year earlier, though still a little below the highs of 2021-2022. Heading into 2024, there were heightened fears about mortgage defaults and borrower stress with interest rates running high. The strains did lead to subdued loan growth, but with Canada settling into a soft economic landing, banks still managed robust profits. Expectations are for better growth in 2025, mostly in the second half of the year, as interest rate cuts have time to work through the economy.
3.25 per cent: The Bank of Canada interest rate at the end of the year, down from five per cent at the start of June. Banks followed the central bank’s lead and have lowered their prime rates to 5.45 per cent. More cuts are on the way for 2025 with RBC expecting the central bank rate to lower its key rate to two per cent by July because of the weak economy. Meanwhile, the U.S. interest rate came down only half a percentage point as its economy remains much stronger. The United States Federal Reserve suggested earlier this month it may cut just twice next year.
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0.20 per cent: The mortgage delinquency rate in Canada at the end of the third quarter, according to Equifax Canada. That’s up from a historically low 0.14 per cent two years ago, but still below the more than 0.30 per cent that it averaged in the years before the pandemic. Banks expect delinquencies to creep higher next year as job losses grow, but say overall, they’re comfortable with their mortgage portfolios.
$4.45 billion: What TD Bank Group paid the U.S. government for its oversight failures on anti-money laundering controls. The bank took full responsibility for the failures, which led to criminals laundering more than $965 million in illicit drug profits through its branches in the U.S. Regulators also capped its retail asset growth. TD chief executive Bharat Masrani announced he would retire in the new year, to be replaced by Raymond Chun.
780,000: The number of customers who were moved over to RBC after Canada’s largest bank closed its $13.5 billion acquisition of HSBC Canada in March. RBC also took on about 4,500 employees and $108.5 billion in assets. The acquisition took out a dynamic player in the mortgage space, but banks maintain that rate competition remains fierce.
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$246,000,000,000: RBC’s market capitalization as of the last Friday of the year, after an almost 30 per cent climb in 2024. The gains came thanks in part to the HSBC deal closure, as well as easing worries from investors around the banking sector. Royal Bank is by far Canada’s largest company by market cap, ahead of Shopify at around $199 billion and well ahead of TD Bank Group at $133 billion, after TD lost a little more than 10 per cent of its value over the year.
$49 million: The amount RBC’s former chief financial officer Nadine Ahn sued the bank for over claims of wrongful dismissal. RBC had fired Ahn in April over allegations she had an “undisclosed close personal relationship” with another employee, who received preferential treatment. Back and forth legal filings revealed numerous personal details about her relations with her colleague, including pet names, a poem and a “Love Book” photo album, but Ahn maintains it was a workplace friendship and not the close personal relationship as RBC alleges. Ahn signed on as deputy chief financial officer of Canaccord Genuity in October.
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557,400: The number of shares that a Scotiabank subsidiary held in Israeli defence contractor Elbit Systems Ltd., worth about US$144 million, near the end of the year. That’s down from the 2,236,500 shares, worth about US$443 million, that it held near the end of 2023. Scotiabank had faced numerous protests related to the holdings because of Elbit’s role in supplying Israel weapons for the war in the Gaza Strip, but it said the decision by its 1832 Asset Management to sell wasn’t influenced by the protests.
US$104 billion: The amount of fossil fuel funding Canada’s five biggest banks provided in 2023, as outlined in a March report from a coalition of climate groups. For most banks, it was their lowest level of oil and gas funding since the signing of the Paris climate agreement in 2015, but the drop also came as huge oil and gas profits lowered the industry’s need to borrow. RBC, which topped the list in the report at US$28.2 billion, also committed to tripling its renewable energy funding to $15 billion by 2030.
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60 per cent: The current maximum legal interest rate lenders can charge, based on an effective annual interest rate basis that factors in compounding. It works out to 48 per cent on an annual percentage rate. The federal government moved forward this year with regulations that will see the rate capped at 35 per cent on an annual percentage rate. The change, which also puts new restrictions around payday loans, comes into effect Jan. 1.
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The sound of tanks rumbling through the streets outside of Kamal Adwan Hospital woke everyone up, they were already on edge after enduring months of direct Israeli attacks.
Then came the loudspeakers ordering everyone to evacuate – the sick, the wounded, medical staff, and displaced people seeking shelter – early on Friday morning.
It was clear that the medical complex in northern Gaza’s Beit Lahiya was about to face an Israeli raid, like so many had before it as Israel seemed to systematically destroy all healthcare in Gaza.
It didn’t matter that, according to the World Health Organization, the hospital was the last major health facility operational in northern Gaza, an area that has been suffocatingly besieged and decimated by Israel in its ongoing war.
Nor that it was a refuge for hundreds of Palestinians whose homes had been destroyed by Israel and had nowhere else to go.
At about 6am, patient Izzat al-Aswad heard Israeli forces summoning Dr Hussam Abu Safia, the hospital director, over their loudspeakers.
Dr Abu Safia came back and told people in the hospital they had been ordered to evacuate. Abu Safia himself, who was a rare voice exposing what Israel was doing to the hospital, was taken by Israel, which has refused to release him despite calls to do so from the UN, humanitarian NGOs and international health organisations.
A little later, al-Aswad said Israeli soldiers demanded that all the men strip down to their underwear to be allowed to leave.
Shivering, frightened, many of them injured, the men were ordered to walk to a checkpoint the Israelis had set up about two hours away, al-Aswad recounted by phone.
At the checkpoint, they gave their full names and had their photographs taken.
Then a number was scrawled on their chest and neck by a soldier, indicating they had been searched.
Some of the men were taken for interrogation.
“They beat me and the men around me,” al-Aswad said. “They hit the injured people like me directly on our injuries.”
Shorouq al-Rantisi, 30, a nurse in Kamal Adwan’s laboratory department, was among the women taken from the hospital.
The women were told to walk to the same checkpoint, which was in a school, and then waited for hours in the cold.
“We could hear the men being beaten and tortured. It was unbearable.”
Then the searches started.
“The soldiers were dragging the women by the head towards the search area,” al-Rantisi said. “[They] shouted at us, demanding we remove our headscarves. Those who refused were beaten badly.”
“The first girl called for searching was told to strip. When she refused, a soldier beat her and forced her to lift her clothes.
“A soldier dragged me by the head and then another soldier ordered me to lift the top of my clothes, then the bottom, and checked my ID,” she said.
Al-Rantisi said the women were eventually taken, left at a roundabout, and told they could not go back to Beit Lahiya.
“How could we leave and abandon the patients? None of us ever thought of leaving until we were forced to,” she said on the phone.
Israel assaulted the hospital for many weeks before the raid.
“The hospital and its courtyard were bombed relentlessly, day and night, as if it was normal,” al-Aswad said.
“Quadcopters fired at anyone moving in the courtyard … they targeted generators and water tanks, while medical staff were struggling to care for patients.”
The night before the raid was “terrifying”, al-Aswad added, with Israeli attacks all around, including on the “al-Safeer” building.
“Witnesses say about 50 people were in there, including nurses from the hospital. No one could rescue them or retrieve their bodies, they’re still there,” he recounted.
Al-Aswad and the men who were not taken for interrogation were released after a full day of abuse and humiliation.
“The soldiers ordered us to go west of Gaza City and never come back,” he said. “We walked through destruction and rubble, freezing, until people came to meet us near Gaza City, offering help and blankets.”
Israel’s raid merely compounded “the global silence and abandonment” Palestinians in Gaza have been faced with throughout more than a year of relentless Israeli attacks that killed more than 45,000 people, al-Rantisi said.
“Over 60 days of relentless shelling – quadcopters, artillery, and targeted strikes on generators,” she said.
“Dr Hussam’s pleas went unanswered until the hospital was stormed and emptied. How does the world allow this to happen?”
“I feel we were all betrayed,” Fadi al-Atawneh, 32, said bitterly on the phone.
“I was wounded, so I stayed in the hospital, hoping that the World Health Organization would evacuate or protect us, but it never happened,” al-Atawneh said.
“I am deeply saddened by what happened to us and the fate of Dr Abu Safia. We’re left alone in the face of this aggression.”
Cold weather in Gaza has claimed the life of a baby, the sixth to die in a week, according to medical sources, as Israel continues its relentless attacks on hospitals across the strip.
One-month-old Ali al-Batran died on Monday at Al-Aqsa Martyrs Hospital in central Gaza, the Palestinian news agency Wafa reported, quoting medical sources who attributed his death to plummeting temperatures.
The day before, his twin brother, Jumaa al-Batran, perished from the cold in the displaced family’s flimsy tent in Deir el-Balah, also in the centre of the enclave, his father said, describing how Jumaa had been discovered with his head as “cold as ice”.
The babies were born one month prematurely.
Israeli forces have displaced almost all of the 2.3 million residents of Gaza, forcing tens of thousands of them into makeshift tents in open-air camps along the rainy, windswept coast.
Three of the six Palestinian babies who have died of hypothermia in the past week lived in the coastal “safe zone” of al-Mawasi, close to the southern town of Khan Younis.
Gaza’s Government Media Office said on Monday that “bitter cold and frost” hitting “dilapidated tents” in the strip’s camps had killed seven people, including an adult healthcare worker.
Gaza’s Ministry of Health reported on Monday that 27 people had been killed over the previous 24 hours.
Reporting from Deir el-Balah, Al Jazeera’s Hind Khoudari said: “You can’t imagine the situation right now. We are all freezing and shaking due to the very cold weather. … Especially those who are in al-Mawasi very close to the beach are suffering from the cold.”
“We’re talking about Palestinians who have been displaced for more than 14 months. They still have the same tent. There [are] no tent tarps. It’s also very expensive to afford any nylon or any equipment or tools to cover your tent and even winter clothes [and] blankets.”
In parallel, Israel has attacked two hospitals – al-Wafaa and al-Ahli – in Gaza City. The bombing of al-Wafaa on Sunday killed seven people and critically wounded others, according to the Palestinian Civil Defence.
A witness at the scene of the al-Wafaa bombing described seeing bodies “ripped to pieces”. The Israeli military said its attack targeted a Hamas “command and control centre”, but it provided no evidence to support this assertion.
Israeli forces also detained hundreds of Palestinians, including dozens of medical staff from Kamal Adwan Hospital in Beit Lahiya in northern Gaza on Friday. Among them was its director, Dr Hussam Abu Safia.
The military has not disclosed Abu Safia’s whereabouts. However, CNN reported on Monday that he was being kept at the Sde Teiman army base, which is also a detention facility in the Negev desert in southern Israel. It quoted two recently released Palestinian prisoners who had heard his name being read out.
On Monday, Tedros Adhanom Ghebreyesus, the head of the World Health Organization, called for Abu Safia’s immediate release.
Tedros, who last week escaped an Israeli strike on Yemen’s main airport that he said hit metres away from him, said in a post on X that hospitals in Gaza had become “battlegrounds” and the health system was “under severe threat”.
“We repeat: stop attacks on hospitals. People in Gaza need access to health care. Humanitarians need access to provide health aid. Ceasefire!” he said.
Meanwhile, Israeli media released a video of the moments before Abu Safia was detained by Israeli forces. The footage captured his efforts to move hundreds of patients and medical staff to safety after the Israeli military issued a 15-minute warning to leave the hospital.
Reporting from Deir el-Balah, Al Jazeera’s Tareq Abu Azzoum said the military had released the footage in a bid to depict their operations as “incredibly targeted, precise and humane”.
“But later on, we have heard from eyewitnesses … quite the opposite in terms of the humiliation [and] bad treatment that they received at the hands of the Israeli soldiers [and] the brutal beatings that they have witnessed during the military operations,” he added.
Since Israel’s war began in October 2023, Gaza’s residents have endured severe shortages of electricity, drinking water, food and medical services as the vast majority of them have been forced out of their homes and displaced – many repeatedly.
The Israeli genocide in Gaza has killed at least 45,541 Palestinians and wounded 108,338. More than 1,100 people were killed in Israel during Hamas-led attacks on October 7, 2023, and dozens were taken captive.
Beirut, Lebanon – The Palestinian Authority (PA) is cracking down on armed groups in the Jenin refugee camp in what experts say is an attempt to restore its limited authority in the occupied West Bank and persuade incoming United States President Donald Trump that it can be a useful security partner.
However, the crackdown has earned it condemnation from many Palestinians, especially after the Saturday night killing of 21-year-old journalist Shatha Sabbagh, who had been reporting from Jenin and whose family said she was killed by PA gunfire.
Since the start of the PA raids, they have been criticised as serving the interests of Israel over supporting the Palestinian struggle for freedom and self-determination.
“Over the past few years, the PA has lost control over the West Bank, and I imagine it is trying to claw back control to prove its worth to its handlers – Israel and the United States,” said Omar Rahman, an expert on Israel-Palestine with the Middle East Council on Global Affairs, a think tank in Doha, Qatar.
“I think it is trying to prove it can play a part that is still relevant, especially at a time when there are voices in the Israeli government trying to force the collapse of the PA,” Rahman told Al Jazeera.
Over the past three years, Israeli raids – both by the army and settlers – have killed and displaced numerous civilians in the West Bank and destroyed homes and livelihoods.
Since the Hamas-led attacks on southern Israel on October 7, 2023, Israeli forces and settlers have stepped up their attacks in the West Bank, killing 729 Palestinians, according to the United Nations Office for the Coordination of Humanitarian Affairs.
At least 63 were from the Jenin camp.
The PA’s security forces have mirrored some of Israel’s tactics since launching an operation against the camp in early December.
It surrounded the camp with armoured personnel carriers, fired indiscriminately at civilians, summarily detained and abused young men, and cut off water and electricity supplies.
One video circulating online and verified by Sanad, Al Jazeera’s verification agency, shows PA officers stuffing a young man into a rubbish bin and beating him.
“[The Americans] have been training the PA security forces to act as SWAT teams and special forces – not as civil police – to crack down on [Palestinian] armed groups,” said Tahani Mustafa, an expert on Israel-Palestine for the International Crisis Group.
“Whenever you see American involvement in terms of training, this is when you see hardline and coercive tactics deployed against Palestinians,” she told Al Jazeera.
The PA was ostensibly created to bring about a Palestinian state after the 1993 and 1995 Oslo Accords, which initiated a peace process between then-Palestinian leader Yasser Arafat and then-Israeli Prime Minister Yitzhak Rabin.
Under the agreements, the PA’s Western donors – the European Union and US – tasked it with upholding Israel’s security by stamping out armed Palestinian groups across the occupied Palestinian territory, according to Diana Buttu, a Palestinian legal scholar and former adviser and spokesperson for the PA.
In the 1990s, she explained, the PA defended its crackdown on armed groups as necessary to protect the peace process.
However, the peace process in effect has been dead for at least two decades due to Israel’s ongoing confiscation of Palestinian land to build Israeli settlements, she said.
Those settlements are illegal under international law, and since Oslo, the number of settlers has increased from 250,000 to more than 700,000, according to Peace Now, an Israeli nonprofit that tracks illegal settlements.
Since October 7, 2023, Peace Now said, Israel has confiscated more Palestinian land in the West Bank – 23.7sq km (9.15sq miles) – than in the past 20 years combined.
Buttu blames PA leader Mahmoud Abbas, also known as Abu Mazen, for still sticking to the Oslo process when Israel has so blatantly abandoned it.
“He’s going after the very people who want liberation, not from him, but from Israel,” Buttu told Al Jazeera.
The PA’s security mandate brought it into direct conflict with Hamas, a rival faction that refused to renounce armed struggle against Israel’s occupation after beating Fatah in legislative elections in 2006.
The PA’s Western donors – mainly the US – pressured Fatah to rein in Hamas, exacerbating tensions between the two factions and leading to a brief civil war that began in 2006.
The conflict led to a split in the Palestinian national movement that has still not been bridged despite numerous attempts at reconciliation.
Fatah, under the PA, has since administered two-thirds of the West Bank while Hamas was in control of Gaza.
“The [PA’s] tactic has never been successful. It has never won the hearts and minds of Palestinians,” Buttu said.
PA officials reportedly argue that the operation in the Jenin refugee camp is necessary or else Israel will use the presence of fighters there as a pretext to expel more Palestinians from their homes and land in the West Bank, as it has done in Gaza.
However, experts say that Israel is planning to formally annex the West Bank and collapse the PA, irrespective of whether armed resistance continues.
Israel’s far-right finance minister, Bezalel Smotrich, already came close to crushing the Palestinian banking system by refusing to renew a government waiver that allows Israeli banks to interact with Palestinian banks.
The PA does not have its own central bank and is, therefore, reliant on Israel’s banking system to pay salaries and secure vital imports.
Bowing to US pressure, Smotrich renewed the waiver for a year in early December, yet experts fear he won’t do so again during Trump’s presidency, which begins on January 20.
Not doing so would collapse the PA – and West Bank – economically and accelerate the West Bank’s formal annexation, Rahman from the Middle East Council said.
In addition, Rahman warned the ensuing chaos could serve as an Israeli pretext to ethnically cleanse the West Bank, which is why he believes the PA is trying to persuade the incoming Trump administration that it is still a valuable partner in reinforcing Israel’s security.
“You can’t blame the PA for trying to prevent something like that from happening,” Rahman told Al Jazeera. “At the same time, they have no alternative vision.”
Mustafa, from the International Crisis Group, agreed and added that the PA has isolated itself from regional states and its own constituents, making its survival dependent on Israel and its backers.
“Israel is going to annex the West Bank, and we are already seeing that reality – de facto and de jure,” she said. “[Annexation] won’t be grand, but it will be a slow burn.”
“The PA is really counting its days.”
SEOUL, South Korea (AP) — South Korean officials said Monday they will conduct safety inspections of all Boeing 737-800 aircraft operated by the country’s airlines, as they struggle to determine what caused a plane crash that killed 179 people a day earlier.
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Sunday’s crash, the country’s worst aviation disaster in decades, triggered an outpouring of national sympathy. Many people worry how effectively the South Korean government will handle the disaster as it grapples with a leadership vacuum following the recent successive impeachments of President Yoon Suk Yeol and Prime Minister Han Duck-soo, the country’s top two officials, amid political tumult caused by Yoon’s brief imposition of martial law earlier this month.
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New acting President Choi Sang-mok on Monday presided over a task force meeting on the crash and instructed authorities to conduct an emergency review of the country’s aircraft operation systems.
“The essence of a responsible response would be renovating the aviation safety systems on the whole to prevent recurrences of similar incidents and building a safer Republic of South Korea,” said Choi, who is also deputy prime minister and finance minister.
The Boeing 737-800 plane operated by South Korean budget airline Jeju Air aborted its first landing attempt for reasons that aren’t immediately clear. Then, during its second landing attempt, it received a bird strike warning from the ground control center before its pilot issued a distress signal. The plane landed without its front landing gear deployed, overshot the runway, slammed into a concrete fence and burst into a fireball.
Alan Price, a former chief pilot at Delta Air Lines and now a consultant, said the Boeing 737-800 is a “proven airplane” that belongs to a different class of aircraft than the Boeing 737 Max jetliner that was linked to fatal crashes in 2018 and 2019.
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But South Korea’s Transport Ministry said Monday it plans to conduct safety inspections of all of the 101 Boeing 737-800 jetliners operated by the country’s airlines as well as a broader review into safety standards at Jeju Air, which operates 39 of those planes. Senior ministry official Joo Jong-wan said representatives from the U.S. National Transportation Safety Board and Boeing were expected to arrive in South Korea on Monday to participate in the investigation.
Ministry officials also said they will look into whether the Muan airport’s localizer — a concrete fence housing a set of antennas designed to guide aircraft safely during landings — should have been made with lighter materials that would break more easily upon impact.
Joo said the ministry has determined that similar concrete structures are in other domestic airports, including in Jeju Island and the southern cities of Yeosu and Pohang, as well as airports in the United States, Spain and South Africa.
Video of the crash indicated that the pilots did not deploy flaps or slats to slow the aircraft, suggesting a possible hydraulic failure, and did not manually lower the landing gear, suggesting they did not have time, said John Cox, a retired airline pilot and CEO of Safety Operating Systems in St. Petersburg, Florida.
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Despite that, the jetliner was under control and traveling in a straight line, and damage and injuries likely would have been minimized if not for the barrier being so close to the runway, Cox said.
Other observers said the videos showed the plane was suffering from suspected engine trouble but the landing gear malfunction was likely a direct reason for the crash. They said there wouldn’t likely be a link between the landing gear problem and the suspected engine issue.
Earlier Monday, another Boeing 737-800 plane operated by Jeju Air returned to Seoul’s Gimpo International Airport shortly after takeoff when the pilot detected a landing gear issue. Song Kyung-hoon, a Jeju Air executive, said the issue was resolved through communication with a land-based equipment center, but the pilot decided to return to Gimpo as a precautionary measure.
Joo said officials were reviewing whether there might have been communication problems between air traffic controllers and the pilot. “Our current understanding is that, at some point during the go-around process, communication became somewhat ineffective or was interrupted, ahead of the landing and impact,” he said.
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Ministry officials said Monday the plane’s flight data and cockpit audio recorders were moved to a research center at Gimpo airport ahead of their analysis. Ministry officials earlier said it would take months to complete the investigation of the crash.
The Muan crash is South Korea’s deadliest aviation disaster since 1997, when a Korean Airlines plane crashed in Guam, killing 228 people on board.
The crash left many South Koreans shocked and ashamed, with the government announcing a seven-day national mourning period through Jan. 4. Some questioned whether the crash involved safety or regulatory issues, such as a 2022 Halloween crush in Seoul that killed 160 people and a 2014 ferry sinking that killed 304 people.
The Transport Ministry said authorities have identified 146 bodies and are collecting DNA and fingerprint samples from the other 33.
Park Han Shin, a representative of the bereaved families, said they were told that the bodies were so badly damaged that officials need time before returning them to their families.
“I demand that the government mobilize more personnel to return our brothers and family members as intact as possible more swiftly,” he said, choking down tears.
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The crash was yet more major news for South Koreans already reeling from a political crisis set off by Yoon’s martial law decree, which brought hundreds of troops into Seoul streets and revived traumatic memories of past military rule in the 1970-80s.
The political tumult resulted in the opposition-controlled National Assembly impeaching Yoon and Han. The safety minister stepped down and the police chief was arrested over their roles in the martial law inforcement.
The absence of top officials responsible for managing disasters has led to concerns.
“We are deeply worried whether the Central Disaster and Safety Countermeasures Headquarters really can handle the disaster,” the mass-circulation JoongAng Ilbo newspaper said in an editorial Monday.
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For Gaza’s women, the hardships of life in the territory’s sprawling tent camps are compounded by the daily humiliation of never having privacy.
Women displaced from their homes by Israel’s ongoing bombardment struggle to dress modestly while crowded into tents with extended family members, including men, and with strangers only steps away in neighbouring tents.
Alaa Hamami has dealt with the modesty issue by constantly wearing her prayer shawl, a cloth that covers her head and upper body.
“Our whole lives have become prayer clothes, even to the market we wear it,” said the young mother of three. “Dignity is gone.”
Normally, she would wear the shawl only when performing her daily Muslim prayers. But with so many men around, she keeps it on all the time, even when sleeping – just in case an Israeli attack hits nearby in the night and she has to flee quickly, she said.
Israel’s war on Gaza has driven more than 90 percent of its 2.3 million population from their homes. Hundreds of thousands now live in squalid tent camps packed close together over large areas – where sewage runs into the streets and food and water are hard to obtain.
Access to toilets and hygiene products is also limited, and many women now cut up sheets or old clothes to use as sanitary pads.
Wafaa Nasrallah, a displaced mother of two, says life in the camps makes even the simplest needs difficult, and she cannot afford to buy sanitary pads. She has tried using pieces of cloth and even nappies, but they have also increased in price.
For a toilet, Nasrallah uses a hole in the ground, surrounded by blankets propped up by sticks.
These makeshift toilets must also be shared with dozens of other people in the camps.
As winter sets in, the challenges grow and women feel constantly exposed. Many say they have to choose between buying pads and buying food and water.
The United Nations says more than 690,000 women and girls in Gaza require menstrual hygiene products, as well as clean water and toilets, as stocks of hygiene kits have run out and prices are exorbitant.
But aid workers have been unable to meet demand, with supplies piling up at border crossings, and Israel continuing to block aid and supplies from entering the besieged and battered Strip.
On December 29, former President Jimmy Carter passed away at the age of 100. As the 39th president of the United States and as a private citizen, Carter was an advocate for peace between nations, democracy and various humanitarian and environmental causes. But in the Middle East, he is going to be remembered as the father of Arab-Israeli normalisation.
Sworn in as president in 1977, Carter was given the opportunity by Egyptian President Anwar Sadat to be the architect of the first normalisation deal between an Arab country and the Zionist state. He helped Sadat and Israeli Prime Minister Menachem Begin conclude the 1978 Camp David Accords and negotiate the 1979 Egyptian-Israeli peace treaty that formally ended the conflict between the two countries.
As developments in the past four decades have shown, neither the accords nor the treaty led to peace and justice in the Middle East. Israel continues its occupation of the West Bank and East Jerusalem and has launched a genocidal war on the Gaza Strip; the Palestinians still do not have an independent state with Jerusalem as its capital; and an overwhelming majority of the Arab public refuses to recognise Israel or agree to normalising relations with it.
Looking back at the accords Carter brokered, it is clear that they were the beginning of the slow and gradual, although not publicly acknowledged, abandonment of the Palestinian cause by Arab officialdom, and a US campaign to bury Palestinian national aspirations.
The Camp David Accords were first and foremost a roadmap towards a full Egyptian-Israeli peace, full recognition of Israel by Egypt, and an end to Egypt’s participation in the Arab economic boycott of Israel. To be sure, the accords were a mere framework for negotiations between the two countries that would lead a few months later to the signing of a peace treaty.
But they also included provisions related to the Palestinian people, whose wording was indicative of the ultimate purpose of the accords. The document spoke of a plan to provide “autonomy” to the “inhabitants” of the occupied territory, as if the Palestinians were aliens squatting in the West Bank and Gaza.
At the time, the US had not yet recognised the Palestine Liberation Organization (PLO) as the sole legitimate representative of the Palestinian people. Thus, the accords called for electing a “self-governing authority” for the occupied territory. But that autonomy and the elected authority were to be supervised by Israel, Egypt, and Jordan, in obvious violation of the Palestinians’ right to constitute an independent, national government.
Throughout the 1980s, and because of US-supported Israeli objections, the Palestinians were absent and prevented from playing a role in devising peace plans for the Arab-Israeli and Palestine-Israel conflict. But the eruption of the first Intifada in December of 1987 and Jordan’s 1988 relinquishing of its claim to the West Bank made it clear that the Palestinians could no longer be ignored in peace negotiations.
Still, in 1991, the Palestinians participating in the Madrid Conference were only present as part of a Jordanian delegation, once again denying their nationhood.
Like other iterations of the US-led and sponsored “peace process”, the Madrid path led to a stalemate, as Israel continued to ignore the Palestinians’ national rights and reject any talk of ending its occupation. Following the Israeli elections in 1992 that brought the Labor Party to power, the US shepherded the Oslo Accords between the PLO and Israel that created the Palestinian National Authority (PA). As a constituted government for the Palestinians, the PA was required to recognise Israel’s right to exist before securing official Israeli acknowledgement of Palestinian grievances and national aspirations.
Jordan, for its part, had to sign a peace treaty with Israel, becoming the second Arab state after Egypt to recognise the Zionist state. All Amman was able to preserve from its relationship with Palestine was its custodianship of religious sites in Jerusalem, a status that is constantly challenged by the Israeli authorities today.
Throughout the so-called “peace process” that the Camp David Accords set in motion, the US was keen to encourage Arab states to consider their interests separately from those of the Palestinians. This encouragement became a full-fledged campaign during the presidency of Donald Trump who, along with his administration lieutenants, evinced more than the usual American bias in favour of the Zionist state.
In 2020, Trump presided over the signing of the so-called Abraham Accords that normalised relations between Israel and the United Arab Emirates, Bahrain, and Morocco. Sudan joined the following year.
While all Arab states involved insisted that the normalisation of relations with Israel would help improve the lives of Palestinians and should not be seen as abandoning them, the truth was they all got something in return for recognising Israel with no regard for Palestinian interests.
The UAE’s normalisation with Israel appears to be the fastest and deepest. The two countries have quickly developed and expanded military and economic relations. Bahrain aimed to use its relations with Israel as a hedge against an aggressive Iran. Morocco received a much-desired US recognition of its sovereignty over the Western Sahara. And Sudan was able to get itself removed from the US list of state sponsors of terrorism.
To be sure, the Abraham Accords were no more than transactions that advanced the signers’ interests at the expense of the Palestinian cause, thus allowing Israel to deepen its apartheid policies and entrench its occupation of Palestinian land.
And it is not difficult to see a strong desire in the upcoming Trump administration for an expanded map of Arab normalisation with Israel, one that includes Saudi Arabia, for example. As was the case with earlier normalisation deals, the Palestinians will be the last to count on any dividends from more Arab openness on Israel.
After the end of his presidential term, Carter continued to pursue efforts for peace between Palestinians and Israelis. But the more he observed the situation on the ground, the more he became convinced that the US policy of steadfast support for Israel was wrong and counterproductive.
Thus in 2007, he published a book titled Palestine: Peace Not Apartheid in which he declared that Israeli policies in the occupied Palestinian territories amounted to the crime of apartheid. This was a welcome change of heart from a long-held conviction among many US politicians and opinion-makers. Carter remains the only prominent US politician brave enough to call Israeli policies and practices by their proper name.
As Americans mourn his death and remember his legacy, it is important to reflect on the disastrous US policies in Palestine. Over the past four decades, Israel’s occupation has grown more and more violent thanks in large part to unconditional US support.
It is time for Washington to revise its stance on Israel-Palestine. A reversal in US policy on Palestine – one that recognises Palestinian rights and holds Israel accountable for its crimes – is something Jimmy Carter likely would have wanted to see in his lifetime.
The views expressed in this article are the author’s own and do not necessarily reflect Al Jazeera’s editorial stance.
A truck packed with passengers plunged into a river in Sidama state, regional authorities said.
At least 71 people have died in a road accident in southern Ethiopia, according to local authorities.
A truck packed with passengers plunged into a river in Sidama state, some 300km (186 miles) south of Ethiopia’s capital Addis Ababa, the regional communication bureau said in a statement late on Sunday.
In a Facebook post, the Sidama Police Commission Traffic Prevention and Control Directorate said “68 males and three females are known to have died in the accident so far”, quoting Chief Inspector Daniel Sankura.
Wosenyeleh Simion, the spokesperson for the Sidama regional government, also confirmed to the Reuters news agency that 71 people had died.
“Five are in a critical condition and taking treatment at Bona General Hospital,” Wosenyeleh added on Monday.
In it’s statement late on Sunday the regional communication bureau had given the death toll as 60, also adding that survivors were being treated at Bona General Hospital.
Blurred images shared by the Sidama Regional Health Bureau showed a mass of people surrounding a vehicle, partially submerged in water, with many seemingly attempting to help pull it from the waters.
Other images shared by the bureau appeared to show bodies, some covered in blue tarpaulin, lying on the ground.
The health bureau expressed its condolences to the families of the victims of the crash and said it would share more information later.
The police commission said the incident occurred at about 5:30pm local time (14:30 GMT) on Sunday when the vehicle plunged into a river.
Wosenyeleh told Reuters the truck had missed a bridge and fell into a river and that the road had many bends.
Some of the passengers were returning from a wedding ceremony and some families had lost multiple members, he said.
He added that traffic police in the region reported the truck was overloaded, which likely caused the accident.
Authorities did not provide details about the number of passengers who were on board at the time of the accident.
Road accidents are common in Ethiopia, Africa’s second-most populous nation, where roads are often poorly maintained.
At least 38 people, mostly students, were killed in 2018 when a bus plunged into a ravine in Ethiopia’s mountainous north.
A big rally in defense stocks, deal-fueled gains in banks and a surge in Siemens Energy AG shares were among the main highlights for European stocks in 2024, a year that again saw the region struggle to keep pace with the US.
(Bloomberg) — A big rally in defense stocks, deal-fueled gains in banks and a surge in Siemens Energy AG shares were among the main highlights for European stocks in 2024, a year that again saw the region struggle to keep pace with the US.
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Many of Europe’s biggest names were stuck in the doldrums, including luxury bellwether LVMH Moet Hennessy Louis Vuitton SA and foodmaker Nestle SA, whose shares are set for their biggest annual drop on record. Like LVMH, automakers such as Stellantis NV were weighed down by China worries, while obesity-drug hype started to fade, evidenced by Novo Nordisk A/S surrendering a more than 40% gain in the first half of the year.
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“European equities are pricing quite a lot of bad news,” said Aliki Rouffiac, sustainable portfolio manager at Robeco. “We see, under our base case scenario, some valuation potential to be unlocked in 2025.”
Here’s a look at some of the biggest winners and losers of 2024:
Siemens Energy Stars
Siemens Energy AG’s 317% surge eclipsed all other Stoxx Europe 600 members, its gains even surpassing Nvidia Corp. in dollar terms. The German renewable-energy giant saw growth in its grid technologies division offset weakness in its wind turbine business, leaving rivals Iberdrola SA and Enel SpA in the dust, from a stock-market perspective.
Luxury Laggards
It was a rough year for luxury stocks. The market value of LVMH — not long ago the largest company in Europe — slid by about €50 billion ($52 billion) as concern around lower Chinese demand intensified.
And Gucci-owner Kering SA hit its lowest level since 2017 as its sales outlook disappointed investors again. “The work to support the brand’s comeback is still in progress, with little signs so far of an imminent positive inflection,” JPMorgan Chase & Co. analyst Chiara Battistini said in a note.
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Defense Support
The conflicts in Ukraine and the Middle East supported defense stocks, while Donald Trump’s US election victory signaled potential pressure on NATO member states to increase their spending. Norwegian firm Kongsberg Gruppen ASA was up about 178% for the year, while Germany’s Rheinmetall AG also saw triple-digit gains.
However, BAE Systems trimmed its rally in the final two months of the year, with Bank of America Corp. analysts downgrading the British defense-equipment manufacturer due to the risk of potential US government spending cuts overseen by Elon Musk.
Banking Boost
Banking was Europe’s best-performing sector this year, with the Stoxx subindex rising 25%, powered by higher interest rates that are fueling shareholder returns. Banca Monte dei Paschi di Siena SpA led the rally, more than doubling as the Italian lender resumed dividend payments after 13 years and as domestic rival Banco BPM SpA took a stake as part of a government privatization.
Deals also provided fuel for gains. UniCredit SpA began a pursuit of Commerzbank AG, while Banco Bilbao Vizcaya Argentaria SA made a hostile takeover offer for smaller Spanish rival Banco Sabadell SA.
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“Everything that could go right went right for banks,” said Marija Veitmane, head of equity strategy at State Street Global Markets.
Stellantis Leads Auto Losses
The autos sector was hurt by the growing strength of Chinese competitors like BYD Company Ltd while US president-elect Trump touted his tariff-centric economic plan post-election, compounding the sector’s woes. The Stoxx auto index is down 12% year-to-date versus the broader benchmark’s 5.9% gain.
Stellantis NV was the sector’s biggest faller, dropping 40% amid a plunge in US sales and the departure of both Chief Executive Officer Carlos Tavares and Chief Financial Officer Natalie Knight within a few months.
Novo Bubble Worries
Novo Nordisk A/S faced some year-end volatility as data from its experimental obesity drug disappointed. Patients on CagriSema lost an average of 20.4% of their body weight over 68 weeks in a study, less than the 25% that the company had predicted. The stock cratered a record 29% within the first hour of the news and has since partially recovered.
“The Novo obesity bubble has well and truly burst,” Intron Health analyst Naresh Chouhan said in a note to clients. The shares are now down 8.9% year-to-date.
UCB’s Blockbuster Potential
Weight-loss medicines weren’t the only drugs catching investor attention. Belgian biotech company UCB SA’s shares have more than doubled in 2024, largely reflecting optimism around the blockbuster potential of the skin disease treatment Bimzelx.
The rally also fueled gains in Financiere de Tubize SA, a listed investment vehicle for the family of Emmanuel Janssen, who founded UCB as a Belgian chemical producer almost 100 years ago.
—With assistance from Jonas Ekblom, Lisa Pham, Kit Rees and Bre Bradham.
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Taipei, Taiwan – The fatal crash of Jeju Air Flight 2216 in South Korea has highlighted the risks bird strikes pose to commercial airliners.
Pilots told air traffic control that their aircraft collided with a flock of birds shortly before declaring mayday and making an emergency landing at Muan International Airport, according to South Korea’s Transport Ministry.
Footage of the crash on Sunday showed the twin-engine Boeing 787-800 making a belly-flop landing on the runway without its landing gear deployed.
The aircraft then skidded across the tarmac before hitting a concrete wall and exploding into flames, killing 179 out of 181 people on board.
Geoffrey Thomas, the Australia-based editor-in-chief of Airline Ratings, said that a bird strike was likely only a partial cause of the deadly crash.
Evidence points to the aircraft experiencing an electrical failure because it stopped transmitting location data – known as “ADS-B data” – to air traffic control shortly after declaring mayday, Thomas said.
“It appears as though these pilots were dealing with cascading failures, the exact nature of which we don’t know. What we do know is the ADS-B data stopped, they didn’t deploy their flaps for landing, and they didn’t deploy the undercarriage,” Thomas told Al Jazeera.
“Now, why those things happen, we don’t know, but it all happened after air traffic control warned of a flock of birds,” Thomas added.
It will likely be months before investigators determine the exact cause of the crash, which is the deadliest air disaster to ever take place on South Korean soil.
South Korean authorities are probing the crash alongside the United States National Transportation Safety Board in accordance with global aviation regulations because the Boeing aircraft involved was made in the US.
Bird strikes are a relatively common hazard for commercial aviation but rarely result in serious accidents.
The US Federal Aviation Administration (FAA) reported 19,400 wildlife strikes – including birds – at US airports in 2023 alone. US airlines reported another 236 strikes across 55 countries in the same year, according to FAA data.
In the vast majority of cases, the most serious outcome is minor damage to the aircraft, with such incidents costing the industry some $1.5bn a year, according to Thomas.
Thomas said bird strikes have become more common due to the growth of air travel, with more than 120,000 commercial flights each day around the world, and the development of quieter planes.
Most often, though, aircraft that strike birds are completely unaffected, according to regulatory data.
Of nearly 1,400 bird strikes in the UK in 2022, fewer than 100 caused damage to the aircraft or interrupted the flight, according to the Civil Aviation Authority.
While bird strikes rarely cause problems, they have been implicated in several serious accidents over the years.
Investigators probing the 2019 crash of Ethiopian Airlines Flight 302 found that an object – most likely a bird – activated a flawed flight control system that caused the nose of the plane to pitch downward.
In 2009, US Airways Flight 1549 famously landed in New York’s Hudson River after colliding with a flock of birds shortly after takeoff from LaGuardia Airport. The Airbus A320-214 was able to make an emergency water landing with no deaths.
In 1995, 24 Canadian and American airmen died after their aircraft crashed at an air force base in Alaska following a collision with geese.
Doug Drury, an aviation expert at Australia’s CQUniversity, said that a bird strike alone should not have led to a fatal crash.
Pilots were warned by air traffic control that birds were in the area, Drury said, while a Boeing 737 plane should be able to make an emergency landing even after losing power in an engine.
“There are more questions than answers, unfortunately,” Drury told Al Jazeera.
He questioned why the pilots failed to slow the aircraft during landing, why they reportedly landed in the opposite direction of the runway and why they landed beyond the normal “landing zone” position.
“Pilots are trained to slow the aircraft down to just above the stall speed to minimise ground run distance. Why wasn’t the runway foamed with flame-retardant material?” Drury said.
Muan International Airport should also have had safety precautions in place to scare flocks of birds, such as loudspeakers that mimic the sounds of shotguns, he said, which are commonly used at airports around the world.
South Korea Chosun Daily newspaper reported that environmental impact assessments at the airport had recommended the deployment of sound cannons, lasers and warning lights, but the rollout of such measures had been delayed due to runway extension work.
South Korea on Monday began seven days of national mourning, with flags flying at half-mast and Acting President Choi Sang-mok travelling to the crash site to pay his respects.
Officials said they had tentatively identified the remains of 141 of the victims so far.
As investigators worked to determine the cause of the disaster, authorities said they were considering carrying out a special inspection of all Boeing 737-800s in operation in the country.
Choi, who assumed his duties just three days ago after the impeachments of the president and prime minister, said he had also directed authorities to carry out a sweeping inspection of the country’s entire aviation sector.
“As soon as the accident recovery is conducted, the transport ministry is requested to conduct an emergency safety inspection of the entire aircraft operation system to prevent recurrence of aircraft accidents,” Choi said.
DEVELOPING STORYDEVELOPING STORY,
Joint investigation unit requests arrest warrant for suspended president over brief imposition of martial law.
South Korean authorities have requested an arrest warrant for suspended President Yoon Suk-yeol over his short-lived declaration of martial law.
South Korea’s Joint Investigation Headquarters said on Monday that it sought Yoon’s arrest on insurrection and abuse of power charges after the impeached leader ignored three summonses to appear for questioning.
A court will decide whether to issue a warrant following the request to detain the South Korean leader.
Yoon’s brief imposition of martial law on December 3 stunned South Korea, plunging the East Asian nation into its biggest political crisis in decades.
Yoon has been suspended from his duties since December 14, when the National Assembly voted for his impeachment in a 204-85 vote.
The conservative leader, who served as the country’s top-ranking prosecutor before entering politics, is facing criminal charges of insurrection, a crime punishable by life imprisonment or the death penalty.
The country’s leadership crisis intensified on Friday after the opposition-controlled legislature voted to also impeach acting president Han Duck-soo after he refused to immediately appoint three justices to fill vacancies on the constitutional court, which is deliberating whether to uphold Yoon’s impeachment.
The court has up to six months to make its decision, after which Yoon will either be removed him from office or restored to the presidency.
At its first preparatory hearing on Friday, the court denied a request by Yoon’s lawyers for a postponement in proceedings to allow the South Korean leader to better prepare his case.
A debate over what shape hardline immigration policies will take regarding high-skilled work visas has become the first major policy dispute among prominent supporters of United States President-elect Donald Trump – just weeks ahead of the Republican’s new presidential term.
On one side are members of Trump’s so-called “Make America Great Again”, or MAGA movement, who have called for a crackdown on the high-skilled H-1B visas as part of the president-elect’s wider pledge to tighten migration and immigration.
Trump’s campaign pledges particularly focused on the US-Mexico border, although he has floated other restrictions.
In the other camp are prominent Trump supporters – including tech billionaire Elon Musk – who have defended the visas as essential to US industrial and economic growth.
Here’s what to know.
The latest debate sparked when Laura Loomer, a far-right personality who has had close ties to Trump in the past, took to social media to criticise the president-elect’s selection of an adviser on artificial intelligence, who has argued the US needs more foreign skilled workers to remain competitive in the technology industries.
The criticism from Loomer, who has been accused of racism and spreading conspiracy theories in the past, was quickly seized on by several high-profile figures in the tech industry.
That included SpaceX and Tesla CEO Musk, who has been tapped by Trump to lead a government efficiency advisory board.
In response, Loomer accused tech billionaires of influencing Trump for their own gains.
“We have to protect President Trump from the technocrats,” Loomer said in a post on X on December 25.
H-1B visas are typically reserved for specialised foreign workers with a bachelor’s degree or higher who have been offered a temporary job paying an industry-standard wage in the US.
The US authorities can issue 65,000 H-1B new visas a year, with a possible extra 20,000 for people with master’s degrees.
The visas can also be extended upon expiration, with more than 309,000 approved for continuing employment in Fiscal Year 2022, according to US Citizenship and Immigration Services.
About 70 percent of H-1B visa recipients are from India and another 10 percent are from China.
Musk has said that the “number of people who are super talented engineers AND super motivated in the USA is far too low” and has described the H-1B programme as critical “for those who want America to win”.
In a series of posts on X, which he also owns, Musk further pledged to “go to war on this issue”.
Vivek Ramaswamy, a former presidential candidate who has been picked to work alongside Musk on the government efficiency board, has criticised the programme as “badly broken”, but does not support removing them completely, instead saying that the visas should be granted on merit.
Ramaswamy antagonised the hardline anti-immigration faction of Trump’s supporters after he posted on social media on Thursday that tech companies hired immigrants because “American culture has venerated mediocrity over excellence for way too long”.
“A culture that celebrates the prom queen over the math olympiad champ, or the jock over the valedictorian, will not produce the best engineers,” he wrote.
Trump weighed in on the issue for the first time on Saturday.
He told the New York Post: “I have many H-1B visas on my properties. I’ve been a believer in H-1B.”
“I have used it many times,” he said, referring to his own real estate ventures. “It’s a great programme.”
However, the statements were a departure for the president-elect.
In the past, he has criticised the visas as “very bad” and “unfair” to US workers and his administration sought to increase barriers for applicants during his first term.
The back-and-forth underscores a growing fault line between many of the earliest supporters of Trump and those like Musk who only embraced him in the 2024 election campaign. Many of the latter – like Musk – are associated with the tech industry, and are less prone to amplifying nativist rhetoric.
The infighting could inform the next four years of Trump’s presidency, with Musk already warning of a “MAGA civil war” over the issue.
Several of Trump’s most prominent supporters during his first term have joined in, with strategist Steve Bannon condemning “Big Tech oligarchs” who support the visas.
Over the last few years, the US economy has consistently defied expectations for a slowdown, and 2024 was no different.
(Bloomberg) — Over the last few years, the US economy has consistently defied expectations for a slowdown, and 2024 was no different.
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Despite uncertainty around a presidential election, elevated interest rates and a cooling labor market, economic growth remained solid this year. The US is set to be the top performer among Group of Seven countries, according to International Monetary Fund projections.
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Still, the economy was far from perfect. Inflation proved slow to recede, leading the Federal Reserve to embrace a higher-for-longer approach to interest rates. The housing and manufacturing sectors continued to struggle under the weight of high borrowing costs, and consumers with credit-card debt, mortgages and other loans saw rising delinquency rates.
Here’s a closer look at how the US economy performed in this year:
Consumers Held Up…
The answer to why the economy exceeded expectations in 2024 is the American consumer. Even as hiring slowed, wage growth continued to outpace inflation and household wealth reached new records, supporting an ongoing expansion in household spending.
Bloomberg Economics forecasters estimate household outlays advanced 2.8% in 2024 — faster than in 2023 and nearly twice their projection at the start of the year.
…But Cracks Emerged…
Though consumers are still holding up, some of the main drivers of that remarkable resilience lost steam this year. Americans have mostly exhausted their pandemic savings and have generally been putting aside a smaller share of their incomes each month.
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Consumer spending has also been increasingly driven by higher earners who are enjoying a so-called wealth effect from gains in housing prices and the stock market. That’s taking place while many lower-income consumers are relying on credit cards and other loans to support their spending, with some showing signs of financial strain like higher delinquency rates.
…Including in the Labor Market
The main support for consumer spending also began flashing warning signs in 2024. Hiring decelerated throughout the year and the unemployment rate edged higher, triggering a popular recession indicator. Moreover, the number of job openings declined and the unemployed are increasingly having a harder time finding new jobs.
Fed officials began cutting rates in September amid concerns that the job market could be approaching a dangerous tipping point, though they’ve become more optimistic in the final months of the year as the unemployment rate has stabilized around levels that remain low by historical standards. Wage growth, meanwhile, remains steady around 4%, which should keep supporting household finances.
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Inflation Progress Stalled
Progress toward the central bank’s 2% inflation target has stalled in recent months following a swift decline in 2023 and additional progress in the first half of 2024. One of the Fed’s preferred inflation metrics — the personal consumption expenditures price index excluding food and energy — rose 2.8% in November from a year ago.
While Fed officials opted to lower rates by a full percentage point this year in an effort to take some pressure off the economy, Chair Jerome Powell has indicated that central bankers need to see more progress on inflation before making additional cuts in 2025.
High Rates Hurt the Housing Market…
The housing market continued to struggle under the weight of higher borrowing costs. Mortgage rates, which fell to a two-year low in September, have been approaching 7% again on expectations that the Fed will take longer to cut. Contractors continued to offer incentives to lure buyers, including so-called mortgage buydowns and payments on their behalf, as well as occasional price cuts.
While sales have stabilized somewhat this year, they remain below pre-pandemic levels. In the resale market — which accounts for a majority of home purchases — the National Association of Realtors anticipates the 2024 sales pace came in even lower than last year, which was already the worst since 1995.
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…And the Manufacturing Sector
The manufacturing sector was another victim of elevated borrowing costs. Investment in new structures was hindered by high rates and weaker demand abroad, and many firms shed jobs in an effort to save costs. Durable goods manufacturers subtracted from payrolls in all but one month this year.
President-elect Donald Trump’s economic agenda could also weigh on the sector in 2025. Though Trump has promised to boost domestic manufacturing, some economists and business groups anticipate his plans to impose higher tariffs, deport millions of immigrants and cut taxes could push up inflation and constrain the labor market, as well as disrupt supply chains. Capital spending by US manufacturers is seen rising at a tepid pace next year amid that uncertainty.
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South Africa seal their place in World Test Championship final with a two-wicket win.
South Africa tailenders Kagiso Rabada and Marco Jansen have hung in against relentless fast bowler Mohammad Abbas for a tense two-wicket win in the first Test in Centurion to seal the Proteas’ place in next year’s World Test Championship (WTC) final.
Jansen (16 not out) overshadowed Abbas’s brilliant figures of 6-54 on Sunday with a square driven boundary against the fast bowler as South Africa reached 150-8 just after lunch on Day 4 and escaped with a close win in the opener of the two-match series.
“Quite an emotional moment for me, good advert for Test cricket,” said South Africa captain Temba Bavuma, who made 40.
“We haven’t been ruthless but have found a way to ensure the result was on our side. Lot of joy and happiness on our side, a bit of a roller-coaster, glad that we were able to get the result.”
Abbas, making a comeback after more than three years in the Test wilderness, had knocked back South Africa’s tricky chase of 148 runs in a marathon 13-over spell before lunch as the home team limped to 99-8, losing four wickets for three runs.
However, Rabada changed gears in an unbroken 51-run stand with Jansen and made an unbeaten 31 off 26 balls with five fours to seal a memorable victory and denied Pakistan its first Test win in South Africa in almost 18 years.
South Africa had started this WTC cycle with a 1-1 drawn series against India before getting swept 2-0 in New Zealand. But since then, the Proteas have beaten the West Indies, Bangladesh and Sri Lanka to stay on top of the table.
“It [the WTC final] is a big one, not just for myself but also the team and the coach,” Bavuma said. “The way we started our campaign against India and then New Zealand with a not-so-strong team and the way we have gone through with our performances not many gave us a chance.”
India, Australia and Sri Lanka are the other teams still in contention for June’s WTC final against South Africa at Lord’s.
Captain Temba Bavuma (40) and Aiden Markram (37) had thwarted Abbas for an hour after South Africa resumed at a wobbly 27-3, still needing 121 for victory.
Bavuma’s controversial dismissal punctuated a South Africa collapse in the latter half of the first session with Abbas grabbing three off his six balls in a sensational home team collapse.
Bavuma surprisingly didn’t request a television review when replays suggested that Abbas’s ball had brushed the batter’s pocket and didn’t make contact with the inside edge of the bat, and the South African skipper walked back to the dressing room.
Abbas bowled an unchanged marathon spell of 13 overs but had to wait as Markram and Bavuma saw off eight overs from the fast bowlers.
Resuming at 27-3, Bavuma and Markram showed plenty of patience against Abbas’s probing line and length before the fast bowler finally got the breakthrough after the first drinks break.
Abbas was rewarded for his brilliant seam bowling when he beat the outside edge of Markram’s bat and knocked back the off stump.
Bavuma survived a couple of close chances when he successfully overturned an on-field LBW decision against him early in the day and Naseem Shah couldn’t hold onto a sharp catch at fine leg as he overstepped the boundary cushion while grabbing the ball over his head.
South Africa had controlled the game at 96-4 before Bavuma’s dismissal saw Abbas finding the outside edges of David Bedingham’s (14) and Corbin Bosch’s (0) bat off successive deliveries, and in between, Kyle Verreynne dragged Naseem Shah’s delivery back onto his stumps.
Abbas found the outside edge of Rabada’s bat in his first over after lunch that fell just short of wicketkeeper Mohammad Rizwan before both tailenders took the team home.
“Extremely proud of the efforts, but going forward, we need to be ruthless,” Pakistan captain Shan Masood said. “We keep making the same mistakes, but we have to get over the line, seize moments.”
The second Test begins at Cape Town on Friday.