News Asia
China’s anti-Lockdown Protests Raise Concerns about Global Economic Growth

(CTN News) – On Monday, oil prices fell, and U.S. stocks fell along with them as unusual demonstrations against China’s tight zero-COvid regulations in key Chinese cities added to worries about the future of the international economy.
U.S. Treasury rates fell over the weekend due to increased COVID cases and conflicts between police and demonstrators in numerous Chinese cities. Even safe-haven assets like the dollar and gold saw losses.
“Concerns have been raised about the rising number of Covid cases in China and how the government would respond.
We went from what we thought was a reopening to perhaps more limits, “John Hancock Investment Management’s co-chief investment strategist, Matthew Miskin, said.
“One of the biggest economies falling offline will impact global growth. All businesses will be impacted, either positively or negatively.”
The S&P 500 lost 30.51 points, or 0.76 percent, to 3,995.61, the Dow Jones Industrial Average dropped 192.36 points, or 0.56 percent, to 34,154.67, and the Nasdaq Composite plummeted 90.21 points, or 0.8 percent, to 11,136.14.
The global MSCI stock index fell 0.71 percent and the pan-European STOXX 600 index fell 0.50 percent. Stocks in emerging markets decreased by 0.94 percent.
While the Nikkei in Japan dropped 0.42 percent, the MSCI’s broadest index of Asia-Pacific equities outside of Japan ended 1.1 percent down.
Oil prices, which use the tightness of China’s shutdown as a gauge for demand, somewhat recovered after falling to their lowest point since late December 2021.
At 10:48 a.m. ET (1548 GMT), Brent crude was down $1.32, or 1.6 percent, to $82.31 a barrel after plunging more than 3 percent to $80.61 earlier in the session, its lowest level since January 4.
After reaching its lowest level since December 22 of last year at $73.60, U.S. West Texas Intermediate (WTI) oil fell 75 cents, or 1%, to $75.53. Both benchmarks have seen weekly drops for the previous three weeks after last week’s 10-month lows.
According to Phil Flynn, an analyst with Price Futures Group in Chicago, Oil was cutting losses as market participants anticipated an OPEC+ meeting this weekend.
Flynn added that some of the selling that followed stories of upheavals in China was excessive. “Inventories are still close to record lows, which presumably raises the likelihood that OPEC will reduce output.”
On December 4, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, which includes Russia, will meet. In October, OPEC+ cut its daily production goal by 2 million barrels.
The safe-haven Japanese yen and the Swiss franc increased in value while the Australian dollar and Chinese yuan declined. Meanwhile, the U.S. dollar declined, which experts deemed unexpected considering its customary safe-haven function.
Shaun Osborne, the chief FX strategist at Scotiabank in Toronto, said: “It does signal that the swing against the dollar in terms of the wider market attitude or market positioning is perhaps going a little bit deeper this morning, and that could well be important.”
Some market observers attributed the dollar’s movement to the decline in U.S. government rates, which made the dollar less appealing when compared to the yen.
The euro increased by 0.13 percent to $1.0409, while the dollar index decreased by 0.292 percent. Sterling last traded at $1.2044, down 0.41 percent on the day, while the Japanese yen gained 0.28 percent to 138.71 per dollar.
After dropping as high as 0.77 percent earlier, the dollar’s value versus the Swiss franc was down by 0.4 percent. Benchmark 10-year note rates in Treasuries dropped from 3.702 percent late on Friday to 3.674 percent, a decrease of 2.8 basis points.
The 2-year note was down 3.9 basis points to yield 4.4402 percent, while the 30-year bond was down 2.7 basis points to yield 3.725 percent from 3.752 percent.
Copper and other metals fell as a result of concerns over the economic expansion of China in other commodity markets.
Concerns over China’s Covid policies eclipsed any assistance provided by the 25 basis point reduction in the reserve requirement ratio (RRR) announced on Friday by the Chinese central bank, which would release nearly $70 billion to boost a struggling economy.
China reported 40,052 infections on Monday’s fifth day in a row of record-breaking local Covid cases. In Shanghai, protestors and police battled Sunday night as demonstrations escalated for the third day.
As Covid limits were implemented, there were demonstrations in Wuhan, Chengdu, and areas of the capital, Beijing.
After reaching a one-week high of $1763.70 per ounce, gold prices lost their gains. Gold’s spot price fell 0.5 percent to $1,748.07 per ounce.
Related CTN News:
COVID Protests have Broken Out in Shanghai as Anger Spreads Across China

News Asia
Bangladesh Supreme Court to Rule on Controversial Job Quotas Amid Nationwide protests

(CTN News) – The future of public service hiring regulations, which have provoked national conflicts between police and university students that have resulted in at least 133 fatalities so far, is set to be decided by Bangladesh’s Supreme Court on Sunday, or today.
Later in the day, the nation’s highest court will meet to declare its decision about the controversial job quotas—either in favor of or against their elimination.
This week’s protests over politically motivated admission quotas for highly sought-after government posts turned into some of the worst instability during Prime Minister Sheikh Hasina’s watch.
Due to the ongoing turmoil, a curfew has been in place since Friday. In addition, the government has declared a two-day holiday during which all offices and institutions would be closed.
After riot police were unable to restore order, soldiers are now policing cities throughout Bangladesh, and since Thursday, there has been a statewide internet blackout that has severely limited the flow of information to the outside world.
SEE ALSO: Nearly 1,000 Indian Students Return from Bangladesh Amid Deadly Unrest Over Job Quota System
Hasina made hints to the public this week that the plan will be abandoned, which comes after her opponents accuse her government of using the judiciary to further its own agenda.
However, a positive decision is unlikely to calm the nation’s simmering rage in the wake of the intensifying crackdown and growing dead toll.
Business owner Hasibul Sheikh, 24, told AFP, “It’s not about the rights of the students anymore,” while observing a Saturday street demonstration in the capital city of Dhaka against a statewide curfew.
“Our demand is one point now, and that’s the resignation of the government,” he stated.
A system that reserves more than half of civil service positions for particular groups, like as children of veterans of the 1971 war, is the driving force behind the upheaval this month.
Hasina, 76, has ruled the nation since 2009 and won her fourth consecutive election in January following a ballot in which there was no real competition, according to critics who claim the program helps families who support her.
Rights organizations accuse Hasina’s government of abusing state institutions, including as the extrajudicial assassination of opposition activists, in order to strengthen its grasp on power and quell dissent.
Bangladesh’s 170 million people lack access to sufficient employment possibilities, therefore the quota system is a major cause of anger for recent graduates who are struggling to find work.
“The government’s actions have made the situation worse, rather than trying to address the protesters’ grievances,” Pierre Prakash, Asia director of Crisis Group, told AFP.
After a week of increasing violence, Hasina canceled her intentions to depart the nation on Sunday for a diplomatic trip to Spain and Brazil.
Source: The Indian Express
News Asia
Pakistani Government Plans to Ban PTI

(CTN News) – The Pakistani government has announced measures to outlaw Pakistan Terheek-e-Insaf (PTI), the party of imprisoned former Prime Minister Imran Khan.
Information Minister Attaullah Tarar made the declaration on Monday, only days after the Supreme Court declared the PTI eligible for a share of reserved seats in national and provincial assemblies.
After reviewing all relevant information, the government has decided to ban PTI. “We will file a case to ban the party,” he said, citing claims such as inciting violent protests last year and leaking confidential information.
Tarar stated that the case would be moved to the Supreme Court.
He also stated that the government intended to file treason charges against Khan and two other senior party leaders, former President of Pakistan Arif Alvi and ex-Deputy Speaker of the National Assembly Qasim Suri, as well as a review appeal against the Supreme Court’s ruling that the PTI should be allocated some assembly seats reserved for women and members of religious minorities.
According to Sayed Zulfiqar Bukhari, a top PTI politician and party spokesperson, the government’s action “betrays their complete panic”.
“After realizing that they could no longer threaten, compel, or blackmail judges, they decided to make this move through the cabinet. “All of their attempts to stop us have been declared illegal by the courts,” he stated.
Last week, the Supreme Court recognized the PTI as a political party and confirmed that the party’s lack of an electoral emblem did not affect its legal right to field candidates.
The verdict was in response to the PTI being barred from competing in parliamentary elections in February using its party emblem, the cricket bat, forcing it to field candidates as independents.
Despite the setback, PTI-backed candidates emerged as the largest parliamentary bloc, winning 93 seats.
After Khan declined to cooperate with his political opponents, the Pakistan Muslim League-Nawaz (PMLN) and Pakistan People’s Party (PPP) formed a coalition government with other smaller parties.
Ex-Governor Sindh Zubair, who formerly served in the PMLN, stated that the government’s action was in response to the Supreme Court’s ruling last week and warned of political upheaval ahead.
“The powers that be are trying to disenfranchise the largest majority of voters of the country, who voted for PTI,” he disclosed to Al Jazeera.
Khan was appointed prime minister in August 2018 but was dismissed from power in April 2022 after a parliamentary vote of no-confidence.
The cricketer-turned-politician has since faced a slew of legal issues, including charges of misplacing and leaking the contents of a confidential cable delivered to Islamabad by Pakistan’s then-ambassador in the US in 2022.
Khan has continually disputed the charge, claiming that the dossier contained evidence that his resignation as prime minister was orchestrated by his political opponents and the country’s powerful military, with assistance from the US administration. Both Washington and Pakistan’s army deny the accusation.
Despite multiple recent court verdicts in his favor, Khan has been in prison since August of last year.
Source: Aljazeera
News Asia
NAB Re-Arrests Imran Khan and Bushra Bibi After Iddat Case Conviction Overturned

(CTN News) – Former Prime Minister Imran Khan and his wife, Bushra Bibi, were acquitted in the Iddat case by a sessions court on Saturday, less than 24 hours after the Supreme Court ruled in favor of the PTI in reserved seats.
However, their relief was short-lived when Imran Khan was detained by the National Accountability Bureau (NAB) for selling official goods. Bushra Bibi was also rearrested in this case while being released from Adiala Jail’s Gate No. 3.
According to sources, the NAB detained Bushra Bibi after the bureau’s chairman issued arrest warrants for her and Imran Khan. Both are to be investigated in Adiala Jail.
Opposition leader Omar Ayub Khan condemned Bushra Bibi’s imprisonment and criticized the Adiala Jail administration. He also cautioned the jail superintendent of the repercussions and announced that a privilege motion would be filed against him.
Imran Khan and Bushra Bibi were acquitted in the Iddat case after Additional District and Sessions Judge (ADSJ) Mohammad Afzal Majoka reversed their previous verdict, which sentenced them to seven years in prison on February 3, five days before the general election.
Imran Khan’s lawyers, Usman Gill and Zaheer Abbas, were in court when the verdict was pronounced.
In the 28-page ruling, Judge Majoka rejected Khawar Fareed Maneka, Bushra Bibi’s ex-husband,’s arguments that Imran Khan and Bushra Bibi’s nikah was illegally performed and that Mr. Maneka was denied Buju (reconciliation rights) under religious law.
The court also rejected the allegation of fornication under provision 496-B of the Pakistan Penal Code (PPC), stating that no charge was filed under this provision against both Imran Khan and his spouse “because there was no evidence of a second witness”. The trial court heard only one witness, Mr Maneka’s domestic servant.
“In these circumstances, it cannot be said that the appellants committed fornication,” the judge wrote. Regarding the charge of contracting marriage fraudulently during the Iddat period, the judge found that in a video given as evidence during the trial, Mr. Maneka lauded his ex-wife, Bushra Bibi, and “deposed that his ex-wife is a pious lady.”
The magistrate inquired about “how this witness [Mr Maneka] can claim that the appellant No. 2 [Bushra Bibi] committed fraud with him” .
The court announced its decision: “From a perusal of Section 496 PPC and the above-mentioned esteemed citations, this court is of the view that the appellants have not gone through any marriage ceremony fraudulently or with dishonest intention because none of the parties claimed that nikah was not performed and fraudulently he or she was supposed to believe that marriage ceremony was solemnised.”
The court judgment added: “In the instant instance, it is the complainant’s case that the appellants’ nikah was done on January 1, 2018, followed by the second nikah in February 2018. By no stretch of the imagination, it was a marriage with dishonest or deceptive intentions.”
Regarding Mr. Maneka’s claim that he was denied reconciliation rights and so deceived by Imran Khan and Ms. Bibi, the court noted that during cross-examination, Mr. Maneka stated that he learned of the appellants’ marriage on the second day of their nikah.
Before submitting the complaint, the judge questioned why Mr Maneka had been silent on his reconciliation rights for six years.
The judge stated, “The complainant has failed to prove his case against the appellants.” As a result, both appeals filed by appellants No. 1 [Imran Khan] and No. 2 [Bushra Bibi] are accepted, the judgment of the learned trial court of February 3, 2024, is overturned, and both appellants are acquitted of the accusation.”
The court ordered their freedom unless they needed to be imprisoned in other cases.
Source: DAWN
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