Can Pakistan handle the worst flooding in decades? | Climate Crisis

Video Period 25 minutes 35 seconds

From: Inside Story

At the very least 1,100 individuals have died in two months of torrential monsoon rains.

Though monsoon rains are an annual incidence in Pakistan, this 12 months’s deluge has brought on essentially the most damaging floods in most individuals’s reminiscences.

Some provinces have acquired greater than 5 instances the common rainfall since June. The local weather change minister has known as it a “climate-induced humanitarian catastrophe of epic proportions”.

Greater than 1,100 individuals have died and tons of of 1000’s are homeless.

Can Pakistan deal with the ensuing humanitarian disaster? And the way a lot is local weather change accountable?

Presenter: Rob Matheson

Company:

Dawar Butt – setting coverage analyst

Sara Hayat – lawyer specialising in local weather change coverage

Peter Ophoff – head of Worldwide Federation of Pink Cross and Pink Crescent Societies in Pakistan

S&P 500 posts worst first half since 1970 | Financial Markets News

The selloff in shares deepened after weak consumer-spending knowledge fueled worries a couple of recession, with the S&P 500 struggling its cruelest first-half since Richard Nixon’s presidency.

It was a rout for the historical past books, with the benchmark gauge down 21% within the first six months of the yr — probably the most for such a span since 1970. The superlatives saved piling up throughout Wall Road, with 10-year US yields plunging to about 3% from a decade-high of three.5% in mid-June. The greenback had for its finest quarter since 2016. The almost 60% drawdown in Bitcoin for the reason that finish of March was the most important for the reason that third quarter of 2011.

US client spending fell for the primary time this yr, suggesting an financial system on considerably weaker footing than beforehand thought amid fast inflation and Federal Reserve hikes. A view that central banks have to act quick as a result of they misjudged inflation has roiled markets, with merchants ramping up bets the financial system will buckle underneath aggressive tightening.

“The stagflation that has gripped our nation proper now could be going to make it robust on the inventory market over the intermediate time period,” mentioned Matt Maley, chief market strategist at Miller Tabak. “When demand isn’t the important thing cause why inflation is an issue, a slower financial system isn’t going to assist convey inflation down as a lot as some specialists appear to suppose.”

Key segments of the world’s largest bond market — such because the distinction between 5 and 10-year yields — have inverted, signaling bets that larger charges will harm the financial system. Inversions have typically preceded recessions by about six to 18 months, based on knowledge compiled by Bloomberg.

S&P 500 fell in first half of 1970, but rebounded in second half

After a tough first half of the yr, July can be pivotal for the long run course of markets amid company earnings, key inflation knowledge and the Fed assembly, based on Greg Marcus, managing director at UBS Personal Wealth Administration. He says volatility will in all probability stay elevated till there’s proof that inflation is moderating, recession dangers are receding and geopolitical threats are declining.

Over the previous few months a technique that had labored nicely for a decade has been met with contemporary lows available in the market. Merchants have shunned the “buy-the-dip” mantra whereas embracing the “sell-the-rally” mode. In consequence, the S&P 500 entered a bear marketplace for the second time since 2020, having plunged over 20% from its January peak.

However dismal efficiency isn’t a sign of what’s to return. The US fairness benchmark misplaced 21% within the first half of 1970, throughout a interval of excessive inflation that the present surroundings has been in contrast with. It gained 27% over the last six months of that yr.

“We’re going to have a double-digit return between now and the tip of the yr,” Jonathan Golub, head of US fairness technique at Credit score Suisse, instructed Bloomberg Tv. “We don’t have a revenue drawback as a lot as individuals say.”

Earlier this week, Goldman Sachs Group Inc. strategists famous that US revenue margin estimates are manner too optimistic, placing shares liable to extra declines when Wall Road analysts downgrade their expectations. Morgan Stanley’s Lisa Shalett mentioned Monday analysts want a actuality verify about their earnings projections for this quarter.

Elsewhere, oil suffered its first month-to-month slide since November as OPEC+ accomplished the return of output that it halted through the pandemic. Gold dropped for a 3rd straight month.

What to observe this week:

  • Eurozone CPI, Friday
  • US development spending, ISM Manufacturing, Friday

Among the important strikes in markets:

Shares

  • The S&P 500 fell 0.9% as of 4 p.m. New York time
  • The Nasdaq 100 fell 1.3%
  • The Dow Jones Industrial Common fell 0.8%
  • The MSCI World index fell 1%

Currencies

  • The Bloomberg Greenback Spot Index fell 0.4%
  • The euro rose 0.4% to $1.0481
  • The British pound rose 0.4% to $1.2173
  • The Japanese yen rose 0.6% to 135.74 per greenback

Bonds

  • The yield on 10-year Treasuries declined seven foundation factors to three.02%
  • Germany’s 10-year yield declined 18 foundation factors to 1.34%
  • Britain’s 10-year yield declined 16 foundation factors to 2.23%

Commodities

  • West Texas Intermediate crude fell 3.6% to $105.82 a barrel
  • Gold futures fell 0.6% to $1,807.30 an oz

–With help from Andreea Papuc, Denitsa Tsekova, Cecile Gutscher, Lu Wang, Elaine Chen, Isabelle Lee, Vildana Hajric and Enrique Roces.

Cannes Film Festival: The Worst Ones wins Un Certain Regard prize | Arts and Culture News

French movie wins prime prize within the arthouse part, whereas Pakistan’s first-ever Cannes entry Joyland wins the jury prize.

A movie set within the working class suburbs of the northern French metropolis of Boulogne-sur-Mer has gained the highest prize within the Un Sure Regard competitors on the Cannes Movie Competition on Friday.

The Worst Ones, directed by Lise Akoka and Romane Gueret, explores the challenges of avenue casting, telling the story of a neighborhood’s response to the arrival of a movie crew.

“I hope that this movie, past evaluations, might be learn as an homage to the creation of cinema as a result of generally it permits us to present a voice to those that are usually not usually heard,” Gueret mentioned.

Deadline described the movie, with occasions which can be “thought-provoking and generally darkly humorous”, as “an enchanting have a look at the filming expertise”.

In the meantime, Joyland, a movie by Saim Sadiq that seeks to interrupt gender stereotypes in Pakistan, the nation’s first entry to the Cannes Movie Competition, gained the jury prize.

Joyland tells the story of the youngest son in a patriarchal household who is predicted to provide a child boy together with his spouse however joins a dance theatre and falls in love with the troupe’s director, a transgender girl.

“To have a Pakistani movie for the primary time premiere at Cannes – a narrative that’s germane to Pakistan, that’s produced by Pakistanis, the place the most important solid and the crew come from this nation, actually reveals the strides that this technology of filmmakers have made,” Sharmeen Obaid-Chinoy, Pakistani filmmaker and two-time Oscar winner in the very best quick documentary class, advised Al Jazeera this week.

“I feel that Saim’s movie at Cannes goes to open the floodgates for a lot of filmmakers who will now realise the opportunity of creating movies that may shine on the worldwide stage.”

Un Sure Regard is a contest centered on arthouse movies that runs parallel to the principle competitors, the Palme d’Or, which might be introduced on Saturday.

Russian inflation slows to pre-war level as worst appears over | Russia-Ukraine war News

The price of objects resembling sugar and cabbage, which got here below stress as folks rushed to replenish on provides, declined on a weekly foundation.

By Bloomberg

Russian weekly inflation slowed to a degree final seen earlier than the invasion of Ukraine in February, a turnaround helped by a stronger ruble and the top of panic shopping for that prompted some snap shortages.

Worth development was simply 0.2% within the seven days ended April 15, slowing for the sixth week in a row and now at lower than a tenth the tempo in early March, the Federal Statistics Service stated Wednesday.

The price of objects resembling sugar and cabbage, which got here below stress as folks rushed to replenish on provides, declined on a weekly foundation. Even costs of durables like home vehicles and vacuum cleaners fell barely.

The reprieve has already allowed the central financial institution to unwind a part of its emergency enhance in rates of interest and promise extra financial easing to return. Nonetheless, Financial institution of Russia Governor Elvira Nabiullina has warned the economic system faces a reckoning as worldwide sanctions imposed over the struggle in Ukraine pressure enterprise to regulate by depriving them of many imported parts and disrupting provide chains.

Fading Pressure | Russia weekly inflation is slowing since post-invasion spike

Client demand has already buckled amid fears of extra sanctions, and annual inflation is approaching 20%. Development in factory-gate costs, an early indicator of inflation, accelerated additional in March and reached almost 27% from a 12 months earlier, in line with the statistics service.

The Financial institution of Russia has responded by easing a few of its capital controls and chopping its key price to 17% from 20% as focus shifts to supporting the economic system. Measures imposed to calm markets after the assault on Ukraine additionally helped put a brake on shopper costs by reversing declines within the ruble.

The economic system is dealing with a deep, two-year recession, with this a contraction in gross home product forecast at 8.5% in 2022 by the Worldwide Financial Fund. Nabiullina has stated combating inflation might be much less of a precedence and the central financial institution doesn’t count on to attain its 4% goal till 2024.