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World News: Obama says America needs soul-searching on gun violence

Legacy Phuket Gazette

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World News: Obama says America needs soul-searching on gun violence | The Thaiger
PHUKET MEDIA WATCH

– World news selected by Gazette editors for Phuket’s international community

Obama says America needs ‘soul-searching’ on gun violence
Phuket Gazette / News Wires

PHUKET: U.S. President Barack Obama yesterday said the government should examine additional ways to reduce violence after a mass shooting at a Sikh temple in southeastern Wisconsin, but he stopped short of calling for further gun control measures.

Obama said there are “a lot of elements involved” in mass shooting incidents, but did not give a direct answer when asked if he would push for further gun control measures after a lone gunman killed six people and injured three others at a Sikh temple in Oak Creek, a suburb of Milwaukee.

“I think all of us recognize that these kinds of terrible, tragic events are happening with too much regularity for us not to do some soul-searching and to examine additional ways that we can reduce violence,” Obama said after a bill signing ceremony. “I think there are a lot of elements involved in it, and what I want to do is to bring together law enforcement, community leaders, faith leaders and elected officials of every level to see how we can make continued progress.”

Obama said he is heartbroken by Sunday’s mass shooting but said he is still awaiting the outcome of a full investigation. “If it turns out, as some early reports indicate, that it may have been motivated in some way by the ethnicity of those who were attending the temple, I think the American people immediately recoil against those kinds of attitudes, and I think it will be very important for us to reaffirm once again that, in this country, regardless of what we look like, where we come from, who we worship, we are all one people, and we look after one another and we respect one another,” he said.

Also yesterday, the Oak Creek Police Department identified the six fatal victims as five men and one woman who were aged between 39 and 84. The gunman, who was shot dead by an Oak Creek police officer who was fired upon, was identified as 40-year-old Wade Michael Page.

Southern Poverty Law Center, a group which tracks extremism, described Page as a “frustrated neo-Nazi” and a “white supremacist skinhead” who was previously the leader of racist white-power band “End Apathy”. The group said Page was also a member of “Definite Hate”, a band whose album “Violent Victory” features a drawing of a disembodied white arm punching a black man in the face.

— Phuket Gazette Editors

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Economy

Local investor sentiment dampened by Brexit woes and slump in Chinese economy

The Thaiger

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Local investor sentiment dampened by Brexit woes and slump in Chinese economy | The Thaiger

The British pound fell today as investors fret over PM Boris Johnson’s chances of pushing his Brexit deal through the British parliament, while Asian markets were mostly down after data showed China’s economy expanded at its slowest pace in nearly three decades.

The pound rallied almost to US$1.30 yesterday following news that negotiators had hammered out an agreement that would avoid Britain leaving the EU without a divorce deal – a move many warn would be economically catastrophic. But the brief celebrations were soon tempered by the realisation that the British PM faces an uphill task in getting the deal past lawmakers, with opposition MPs and even some in his own Conservative party saying they won’t pass it.

Most importantly, Northern Ireland’s Democratic Unionist Party (DUP), which props up Johnson’s government, said it was “unable to support these proposals”.

Forex traders sold sterling, pushing it back down below $1.29, and it extended losses in Asia. Focus is now on a crucial vote in London on the deal scheduled for tomorrow (Saturday).

“Much will depend on the PM’s ability to get some if not all DUP and (Scottish National Party) MPs onside, in addition to also getting the backing from the 21 ex-Conservative MPs he expelled from the party last month,” said National Australia Bank’s Rodrigo Catril.

“Rejection of the deal might well see more political brinkmanship around a ‘no-deal’ Brexit, but the most likely scenario would be yet another extension of the 31 October Brexit date.”

Jeffrey Halley, senior market analyst at OANDA, said whichever way the vote goes, “traders should prepare themselves for some severe volatility on Monday morning, with multiple big-figure moves a strong possibility”.

China growth slows again

Asian equity markets, meanwhile, were mostly lower after China said its economy expanded 6% in the third quarter, the slowest pace in 27 years, as leaders struggle to address weak domestic demand and the long-running US trade war.

The reading was a drop from the previous three months but in line with an AFP forecast and the government’s 6-6.5% target for the year.

While the National Bureau of Statistics said the economy “maintained overall stability”, it added that it “is under mounting downward pressure” from weakness at home and abroad.

Shanghai ended down 1.3% with Stephen Innes at AxiTrader saying traders were concerned the figures were not weak enough to prompt the Chinese central bank to embark on a big stimulus drive.

“With the People’s Bank of China, who arguably have plenty of policy ammunition to right the ship, probably unwilling to turn on the monetary taps, investors are taking risk off the table,” he said in a note.

Hong Kong was off 0.5% amid concern over the possibility of more violent protests over the weekend, while Sydney closed down 0.5 percent and Singapore eased 0.4%.

Seoul shed 0.8% and Wellington lost 0.7%, with Taipei and Manila also lower. But Tokyo closed 0.2 higher at a 10-month high, while Mumbai and Jakarta also edged up.

Hopes for the China-US trade talks were given a lift after Beijing’s commerce ministry said negotiators have “accelerated efforts” to hammer out details of last Friday’s mini-deal and were holding talks on moving on to the next phase of a wider agreement.

Donald Trump said Wednesday he hopes to sign the deal with President Xi Jinping at the APEC summit in Chile next month.

And the Turkish lira jumped more than 1% after Ankara said it would pause military operations in northern Syria for five days and US Vice President Mike Pence said Washington would not impose any fresh sanctions.

Key markets today…

Pound/dollar: DOWN at $1.2857 from $1.2891 at 2050 GMT

Euro/pound: UP at 86.48 pence from 86.31 pence

Euro/dollar: UP at $1.1122 from $1.1127

Dollar/yen: UP at 108.63 yen from 108.62 yen

London – FTSE 100: DOWN 0.4% at 7,152.55

Tokyo – Nikkei 225: UP 0.2% at 22,492.68 (close)

Hong Kong – Hang Seng: DOWN 0.5% at 26,719.58 (close)

Shanghai – Composite: DOWN 1.3% at 2,938.14 (close)

West Texas Intermediate: UP four cents at $53.97 per barrel

Brent North Sea crude: DOWN 22 cents at $59.69 per barrel

New York – Dow: UP 0.1% at 27,025.88 (close)

SOURCE: Agence France-Presse

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Philippines

Powerful 6.4 earthquake kills five in the Philippines

May Taylor

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Powerful 6.4 earthquake kills five in the Philippines | The Thaiger

PHOTO: AFP

A strong 6.4 magnitude earthquake has struck the southern Philippines, killing five, including one child, destroying property and disrupting power supply. The death toll is expected to rise.

The powerful quake was felt across the Mindanao region, even causing a 3-storey shopping mall to burst into flames. Residents were evacuated and a child was killed when a house collapsed in the town of Datu Paglas.

AFP reports that the quake was 14 kilometres deep and followed by two aftershocks. The Philippines is part of the “Ring of Fire”, a zone of constant seismic activity that stretches from Japan through Southeast Asia and across the Pacific.

Several injuries have been reported as a result of falling debris. The shopping mall that caught fire was evacuated when the quake struck, but it’s not yet known if there were still people inside as the fire took hold.

The mall was still on fire three hours later as nearly 100 firemen battled to put it out.

Residents on the coast in Davao fled to higher ground fearing a tsunami, even though a government seismologist reassured people there was no tsunami risk as the quake had occurred inland.

It’s understood that prisoners in the municipal jail in the town of Bansalan were also let out, but placed in handcuffs and held outside for the duration of the evacuation.

SOURCE: AFP

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World

Key ally rejects PM Johnson’s Brexit plan – Sterling sags

The Thaiger

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Key ally rejects PM Johnson’s Brexit plan – Sterling sags | The Thaiger

The British Pound tumbled again today after UK PM Boris Johnson’s key ally in parliament said it “could not support” his plans for a Brexit deal, throwing a spanner in the works – just as Britain and the EU were closing in on an agreement.

The comment caused an immediate reaction from this morning’s Asia Pacific markets.

After years of wrangling, the two sides said they were edging towards the basis for a treaty allowing Britain to avoid an economically catastrophic “no-deal” exit from the European Union.

With both teams working through the night, EU negotiator Michel Barnier said there had been “good progress, and work is ongoing”, while France’s deputy foreign minister said Thursday a deal was “within reach but is not guaranteed”.

There had been optimism that a deal was in the offing, just two weeks before Britain is due to leave the bloc, as they worked towards a solution on the vexed question of British-ruled Northern Ireland.

But Northern Ireland’s Democratic Unionist Party (DUP) dropped a bombshell hours before the start of a crunch EU summit Thursday, saying it cannot support the plan.

“As things stand, we could not support what is being suggested on customs and consent issues, and there is a lack of clarity” on Value Added Tax, the DUP, which props up Johnson’s government, said in a statement on Twitter.

“We will continue to work with the Government to try and get a sensible deal that works for Northern Ireland and protects the economic and constitutional integrity of the United Kingdom.”

DUP leader Arlene Foster had met Johnson several times this week to discuss the progress of talks and had described as “nonsense” previous reports that she was ready to give way.

The pound, which earlier in the day was hovering at five-month highs around $1.2877 sank to $1.2750 before edging back slightly, while it also lost ground to the euro.

The DUP are against any deal that would tie Northern Ireland to EU rules but cut the rest of the United Kingdom loose.

Markets react

In early trade, London’s FTSE added 0.1%, Paris was flat and Frankfurt eased 0.2%. In Asia, most markets were in the red, with traders unable to take advantage of weak US retail data that raised the chances of another Federal Reserve interest rate cut. Comments in the Fed’s Beige Book update on the economy also pointed to a slowdown.

Hong Kong added 0.7% but Shanghai finished 0.1% lower and Tokyo lost 0.1%.

Sydney sank 0.8%, Singapore shed 0.7% and Seoul retreated 0.2%t, with Wellington and Manila also off. There were gains in Taipei, Mumbai, Bangkok and Jakarta.

Speculation about a possible US rate cut provided support to higher-yielding currencies against the dollar, with the Australian dollar 0.6 percent up and the South Korean won 0.1 percent stronger. The Thai baht, the Mexican peso and the South African rand also posted healthy gains.

Oil prices fell after data pointed to a sharp rise in US stockpiles that reinforced worries about the impact on demand from the China-US trade war and the global economic slowdown.

Key markets today

Pound/dollar: DOWN at $1.2784 from $1.2817 at 2100 GMT

Euro/pound: UP at 86.65 pence from 86.33 pence

Euro/dollar: UP at $1.1081 from $1.1073

Dollar/yen: UP at 108.80 yen from 108.71 yen

London – FTSE 100: UP 0.1 percent at 7,175.09

Tokyo – Nikkei 225: DOWN 0.1% at 22,451.86 (close)

Hong Kong – Hang Seng: UP 0.7% at 26,848.49 (close)

Shanghai – Composite: DOWN 0.1% at 2,977.33 (close)

West Texas Intermediate: DOWN 56 cents at $52.80 per barrel

Brent North Sea crude: DOWN 55 cents at $58.87 per barrel

New York – Dow: DOWN 0.1% at 27,001.98 (close)

SOURCE: Agence France-Presse

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