In the Face of Crisis Fears, the US Declares the Banking Sector to be "Sound."

Photo Credit: BBC 

US Treasury Secretary Janet Yellen insisted the country's banking system was sound, despite reports that another regional bank might need bailing out. Concerns about the San Francisco-based First Republic stem from a series of US bank failures that raised fears of a broader financial crisis.

The unrest has spread across the world, with the Swiss National Bank providing giant Credit Suisse with up to £44 billion in emergency funds. Markets recover after aid. The major indices across Europe, which fell on Thursday amid concerns over the collapse of Credit Suisse, recovered.

Authorities intervened to secure deposits to stop further attacks on bank deposits as panic spread. Ms. Yellen told the Senate Treasury Committee, "This week's actions demonstrate our strong commitment to protecting savings."

Meanwhile, European Central Bank (ECB) Vice President Luis de Guindos said that the banking sector in Europe was “resilient” and that companies had “limited exposure to US institutions”.

He was speaking as the ECB announced another rate hike from 2.5% to 3%, sticking to its rate-hike plan despite concerns about how the move could trigger market turmoil. 

Inflation in Argentina exceeds 100%

Photo Credit: Anita Pouchard Serra | copyright ©️ 2022 Bloomberg Finance LC

Argentina's inflation rate exceeded 100% for the first time since hyperinflation ended in the early 1990s. Inflation hit 102.5% in February, the national statistics agency said, meaning the prices of many consumer goods have more than doubled since 2022. Argentina has had economic difficulties for years and most of the population now lives in poverty.

Your government is trying to stop price increases by capping the prices of food and other products. However, the food and beverage sector has seen the most dramatic growth of late, with prices up 9.8% in February versus January.

Argentinian media reported that the increase could be partly due to an increase in meat prices, which have risen by almost 20% in a month. Severe weather conditions, a prolonged heatwave and drought have severely affected livestock and crops, according to local media Ambito.

While the symbolism of inflation above 100% is striking, the impact of rising inflation in Argentina has been felt for some time. Last September, protesters took to the streets to demand action against the rising cost of living, and in February Argentina's central bank announced it would issue a new 2,000 pesos (£8.13; consumption) in response to rising prices.

Argentina's government has long tried to curb inflation, but divisions have hardened the country's economic policies.

Three economy ministers replaced each other in a span of four weeks last summer as the country's economic crisis worsened and President Alberto Fernández reportedly clashed with his deputy Cristina Fernández de Kirchner over how to solve Argentina's economic problems.

In December, the International Monetary Fund (IMF) approved a further $6 billion (£4.9 billion) in bailout funds. This was the last disbursement to Argentina under an expected 30-month program totaling $44 billion. 

Imran Khan waves to Supporters after Police exit the Former PM's Home

Photo Credit: Arif Ali |Imran Khan 

Pakistani opposition leader Imran Khan saluted supporters after violent clashes outside his home hours when police tried to arrest him.

He addressed the crowd and took photos with those who had gathered near his fence in the city of Lahore.

In a video he can be seen with a gas mask. Police fired tear gas canisters at clashes throughout the night. An official told the BBC that the arrest operation had been suspended.

Punjab Interim Information Minister Amir Mir said the court-ordered operation to arrest Khan was suspended on Wednesday to allow for a cricket tournament nearby after the brawl sparked protests.

He said the deal is likely to go ahead after the Pakistan Super League (PSL) final on March 19.

International cricket was not played in Pakistan for six years after gunmen attacked a Sri Lankan team in 2009. International players have also returned after years and the current tournament includes a major security operation.

"We cannot afford to compromise the security of the PSL," a senior police official told Reuters.

Paramilitary officers and guardsmen were seen exiting the suburb of Zaman Park where the home is located, some reportedly exiting checkpoints and checkpoints.

Imran Khan then appeared outside and addressed his followers. "The police and guards sent to harm Imran Khan were opposed by the population," his PTI party tweeted.

Release from Lahore court for Khan by Thursday 10Am

Photo Credit: The economic times| live update on Imran Khan

• A court in Lahore ruled that former Pakistani Prime Minister Imran Khan cannot be arrested before 10:00 AM on Thursday.
• Security forces withdrew from near Khan's residence in Lahore due to a cricket match scheduled for Wednesday in the city.

The Lahore High Court ordered police to stop arresting former Prime Minister Imran Khan until 10:00 (05:00 GMT) Thursday.

The court heard a petition from Pakistan's Tehreek-e-Insaf (PTI) leader, Fawad Chaudhry, calling for an end to the “atrocities” at the Khan Zaman Park residence in Lahore.

The Islamabad Supreme Court is also expected to rule on another PTI indictment of Khan's arrest warrant on Wednesday.

China has Set an Economic Growth Target of 5% by 2023, The Lowest in Decades

World News

Beijing: China on Sunday announced one of its lowest economic growth targets in years and started parliamentary sessions aimed at giving Xi Jinping a third term as president and approving an increase in government spending.

In its opening report, the Chinese government said it was targeting economic growth of “around 5 percent” for the coming year, one of the weakest in decades. 

China's Annual National People's Congress opened in Beijing | Creditor : THOMAS PETER 

China posted growth of just 3% last year, well above its stated target of around 5.5%, as the economy was weighed down by China's tough Covid-19-related lockdown measures and the housing crisis.

"Under the strong leadership of the Party Central Committee, we have carried out the response to Covid-19 and advanced economic and social development in an efficient and well-coordinated manner," government report presented by outgoing Premier Li Keqiang at the opening of the ha said the National People's Congress on Sunday.

"We have overcome major difficulties and challenges and managed to maintain generally stable economic performance," he added.

Analysts say there will be few surprises at the carefully orchestrated National People's Congress, as thousands of politicians have traveled from across China to vote on laws and personnel changes pre-approved by the ruling Communist Party (CCP).

The high point of the PA's agenda will be Xi's reappointment as president on Friday after he stalled for another five years as party and military leader two of China's most important leadership positions in Chinese politics at a convention in October.

Since then, Xi's 69-year-old leadership has faced unexpected challenges and trials, including mass protests against his zero-Covid policy and subsequent abandonment that unleashed a deadly coronavirus wave. .

But such questions will almost certainly be avoided at the conclave in Beijing this week, which will also unveil Xi's new prime minister and former party leader in Shanghai.

Creditor : East Asia forum

Creditor : CGTN

No Challengers 

Xi enjoys a "fairly strong" position at the top of the party, making him virtually unbeatable, Alfred Muluan Wu, an associate professor at the Lee Kuan Yew School of Public Policy at National Peking University, told AFP Singapore.

Steve Tsang, director of the SOAS China Institute at the University of London, said Xi now has an opportunity to show his response to the pressure of last year's unrest.

“He acted decisively when protests included demands for him and the CCP to quit. He removed them and eliminated the cause," he told AFP news agency.

“He can present himself as a leader instead of having to react."

Also on lawmakers' agenda are slowing China's economy and increasing its defense budget, the second largest in the world.

According to official media, the delegates to the PNA and the parallel Political Consultative Conference (Cpcpc), which began on Saturday will also discuss a range of issues ranging from economic recovery to improving sex education in schools. The meetings serve as a forum for participants to present national projects, but have little to say on broader Chinese governance issues.