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360,000 residences without power as storm lashes California

This photo taken on Jan. 16, 2023 shows a flooded area in Byron, Contra Costa County, California, the United States. (Photo by Li Jianguo/Xinhua/IANS)

Earlier in the day, more than 70,000 people were under evacuation warnings and almost 17,000 were under orders to evacuate…reports Asian Lite News

More than 360,000 residences and businesses were without electricity in California as another atmospheric river is lashing the storm-ravaged the US state, inundating cities already flooded by the recent rain and forcing residents to flee.

Of the overall number as of Tuesday evening, the Santa Clara county accounted for over 130,000 establishments which had no electricity, CNN reported citing PowerOutage.US.

Earlier in the day, more than 70,000 people were under evacuation warnings and almost 17,000 were under orders to evacuate, California Governor’s Office of Emergency Services spokesperson Gustavo Ortiz told CNN.

About 30 million people across the state were under flood alerts as the 11th atmospheric river to hit the West this season slammed Northern California on Monday and lashed the central and southern parts of the state on Tuesday.

The two areas of most concern are along the central California coast between Monterey and Santa Barbara counties, as well as parts of the Sierra Nevada foothills near Fresno to Bakersfield.

The atmospheric river also brought hurricane-force wind gusts to parts of central California on Tuesday, along with widespread rainfall totals of up to 3 inches — and nearly half a foot in some areas.

A high wind warning was in effect for almost 15 million people in the state. The high winds also caused flight cancellations and delays at the San Francisco International Airport on Tuesday.

According to the FlightAware tracking website, there have been at least 345 delays and 38 cancellations.

Across California, 40 of the state’s 58 counties were under a state of emergency. Over 600 residents have taken refuge in 32 shelters across 13 counties, the California Governor’s Office of Emergency Services said.

In the wake of the latest storm, California Governor Gavin Newsom has declared a state of emergency in three additional counties — Alpine, Orange and Trinity.

The state of emergency will aid the counties with “storm response and relief efforts”. This adds to the 40 counties that Newsom previously declared in a state of emergency due to the storms.

ALSO READ: Fed governor: US banking system remains resilient

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US inflation eases in February, but numbers are high

Raising interest rates typically help in cooling demand in the economy and thus help in managing inflation…reports Asian Lite News

Consumer inflation in the US moderated in February to 6.0 per cent from 6.4 per cent the previous month, but still the numbers are way above the 2 per cent target.

It was at 6.5 per cent in December, and 7.1 per cent the month before. The US central bank’s policy rate is now in a target range of 4.50-4.75 per cent, the highest level in 15 years, and notably, it was near zero in the early part of 2022.

Raising interest rates typically help in cooling demand in the economy and thus help in managing inflation.

Despite inflation moderating in recent months, the process of getting it back down to two per cent is still a long way away and the path is likely to be bumpy, said US Federal Reserve Chair Jerome Powell earlier this month.

At the latest monetary policy meeting, a few participants too favored raising the target range for the federal funds rate by 50 basis points, noting that a larger increase would more quickly help in achieving price stability, Minutes of the latest monetary policy meeting of the US Federal Reserve showed. (ANI)

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Fed governor: US banking system remains resilient

On Monday, US President Joe Biden too assured his people that the American banking system remains safe…reports Asian Lite News

Amid a looming banking crisis in the United States, as two of its banks collapsed and contagion seemed to have spread to some others, Federal Reserve Governor Michelle Bowman has reaffirmed that “the US banking system remains resilient and on a solid foundation.”

“The US banking system remains resilient and on a solid foundation, with strong capital and liquidity throughout the system. The Board continues to carefully monitor developments in financial markets and across the financial system,” Bowman said while addressing the Independent Community Bankers of America ICBA Live 2023 Conference on Tuesday (local time). On Friday, Silicon Valley Bank collapsed and was closed by local regulators. Then on Sunday, Signature Bank too had to be closed.

Silicon Valley Bank (SVB

“One significant factor leading to the stress and subsequent closure at each institution was the rapid outflow of deposits, specifically uninsured deposits above the FDIC-guaranteed amount of USD 250,000 per depositor, per account type,” Bowman said.

In both cases, the Federal Deposit Insurance Corporation (FDIC) was appointed as receiver, which typically means it will liquidate the bank’s assets to pay back its customers, including depositors, and others.

Further, the Federal Reserve Board had announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.

“The FDIC also took action to protect all depositors, including uninsured depositors, of both Silicon Valley Bank and Signature Bank. Beginning Monday morning, these depositors were able to access all of their funds on deposit with these banks. The federal regulators, including the FDIC, the Federal Reserve Board and U.S. Treasury Secretary Janet Yellen approved the actions to protect depositors,” Bowman added.

On Monday, US President Joe Biden too assured his people that the American banking system remains safe.

“Small businesses across the country that had accounts at Silicon Valley Bank and Signature Bank can breathe easier knowing they’ll be able to pay their workers. It won’t cost taxpayers a dime. This is paid for with the fees that banks pay into Deposit Insurance Fund,” Biden had said. (ANI)

ALSO READ: China holds the key for Pakistan’s relief: US bank

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Russian jet collides with US drone over the Black Sea

Russian President Vladimir Putin addresses the plenary session of the 19th annual meeting of the Valdai Discussion Club in the Moscow region, Russia on Oct. 27, 2022. (Kremlin press release/IANS/Xinhua)

The incident is likely to increase tensions between the two nations, with the US calling Russia’s actions “reckless, environmentally unsound and unprofessional.”…reports Asian Lite News

The US State Department summoned Russian Ambassador Anatoly Antonov to convey “our strong objections”, department spokesman Ned Price said after a Russian Su-27 fighter jet downed an American military drone over the Black Sea, reported CNN.

Price also stated that US Ambassador to Russia, Lynne Tracy “has conveyed a strong message to the Russian Ministry of Foreign Affairs.” On Tuesday, a Russian fighter jet forced down a US Air Force drone over the Black Sea on Tuesday after damaging the propeller of the American MQ-9 Reaper drone, according to American forces.

The Reaper drone and two Russian Su-27 aircraft were flying over international waters over the Black Sea on Tuesday when one of the Russian jets “intentionally” flew in front of and dumped fuel on the unmanned drone several times, a statement from US European Command said.

The aircraft then hit the propeller of the drone, prompting US forces to bring the MQ-9 drone down in international waters. Pentagon spokesman Brig. Gen. Patrick Ryder added Tuesday that the Russian aircraft flew “in the vicinity” of the drone for 30 to 40 minutes before colliding just after 7 am (Central European Time), according to CNN.

Giving out details about the incident, Air Force General James B Hecker, commander of US Air Forces Europe and Air Forces Africa, said in a statement, “Our MQ-9 aircraft was conducting routine operations in international airspace when it was intercepted and hit by a Russian aircraft, resulting in a crash and complete loss of the MQ-9.”

This incident is seen as the first time when Russian and US military aircraft have come into direct physical contact since Russia launched its special military operation in Ukraine.

The incident is likely to increase tensions between the two nations, with the US calling Russia’s actions “reckless, environmentally unsound and unprofessional.”

President Joe Biden was briefed on the incident by national security adviser Jake Sullivan on Tuesday morning, according to National Security Council communications coordinator John Kirby, reported CNN.

Defence Department officials “have not spoken specifically to Russian authorities” on the incident, Ryder said.

Price said separately that the US has “engaged at high levels with our allies and partners” to brief them on the incident. He added that the US was “not in a position to speak to what the Russians intended to do” with the maneuvers, but that ultimately the intent mattered less than “what actually transpired.” (ANI)

ALSO READ-Russia agrees to 60-day Black Sea Grain Initiative extension

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China holds the key for Pakistan’s relief: US bank

Pakistan Prime Minister Shehbaz Sharif meets Chinese President Xi Jinping.(photo:facebook.com/ShehbazSharif)

The report stated that China, which is said to be a close ally of Pakistan, can rescue the country because of its close ties with the country…reports Asian Lite News

A United States bank warned Pakistan that it will need to pause debt repayments if it does not secure funding from the International Monetary Fund soon enough, the Dawn reported.

The Bank also stated that China, which is said to be a close ally of Pakistan, can rescue the country because of its close ties with the country. The bank’s team of experts, which includes its economist Kathleen Oh, wrote: “China holds the key for relief in the near term as it is the largest creditor. With closer ties between China and Pakistan, the hope is rising for China to come on board to provide a backstop to its long-time ally”, according to Dawn.

On Monday, Pakistan and IMF held a virtual meeting for moving towards striking a staff-level agreement between the two sides, as per the news report. Pakistan’s Ministry of Finance and State Bank of Pakistan (SBP) tabled the external financing plan before the IMF with the goal of increasing the dwindling foreign exchange reserves, held by the SBP up to the USD 10 billion mark till the end of June 30, 2023, The News International reported.

A top official source said the revival of the IMF programme will allow Islamabad to increase required dollar funding from all possible avenues, including getting rollover of upcoming China’s SAFE deposits to the tune of USD 2 billion under the planned schemes, stated the news report.

Further, as per the news report, the total Chinese SAFE deposits stood at USD 4 billion and the remaining maturity will become due in the coming months.

According to The News International, the top official source said, “Under the planned schemes of things, the revival of the IMF program will enable Islamabad to muster up the required dollar funding from all possible avenues including multilateral, bilateral and commercial financing as well as getting rollover of upcoming China’s SAFE deposits to the tune of USD 2 billion.”

The Pakistani side informed the IMF that Islamabad implemented all harsh measures and both sides should move towards signing the state-level agreement, as per the news report.

Last week, Pakistan’s Finance Minister Ishaq Dar said that external financing confirmation was not part of the prior action of the IMF for signing a state-level agreement, as per the news report.

Citing sources, the report said there were nine tables under the Memorandum of Economic and Financial Policies (MEFP) that require to be fulfilled with the official figures.

However, one of the tables related to envisaging the Net International Reserves (NIR) could not be fulfilled without incorporating the external financing needs of the programme period.

Last week, the State Bank of Pakistan increased the interest rate by a massive 300 basis points (bps) taking it to a record-high level of 20 per cent, in accordance with the conditions set by the International Monetary Fund, The News International reported.

The Monetary Policy Committee (MPC) has taken the decision to raise the policy rate to its highest level since October 1996 in an attempt to “anchor inflation expectations as it is critical and warrants a strong policy response,” as per the news report. Pakistan’s Central Bank increased the interest rate by 300 bps taking the total increase to 1,050 bs since January 2022 to counter rising inflation. (ANI)

ALSO READ: China to ease visa, entry policies

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Biden beefs up firearm background checks

Biden announced an executive order on Tuesday with the goal of increasing the number of background checks conducted before firearm sales…reports Asian Lite News

The White House has said that US President Joe Biden will move to strengthen background checks on gun sales.

Biden announced an executive order on Tuesday with the goal of increasing the number of background checks conducted before firearm sales, according to the White House.

The executive order, the White House said on Tuesday, intends to keep more guns out of dangerous hands by increasing the use of “red flag” laws, strengthen efforts to hold the gun industry accountable, and accelerate law enforcement efforts to identify and apprehend the shooters menacing American communities.

Besides, the President is encouraging the Federal Trade Commission to issue a public report analysing how gun manufacturers market firearms to minors, Xinhua news agency reported.

Biden travelled to Monterey Park, California, on Tuesday, to visit the community impacted by a mass shooting that claimed 11 lives and injured nine others earlier this year.

“Monterey Park is part of a growing list of communities all across the country that are forever changed due to gun violence — not only mass shootings, but also daily acts of gun violence that may not make national headlines,” the White House said.

The US has lost more than 8,300 lives to gun violence so far this year, according to the Gun Violence Archive.

ALSO READ: Biden invites Rishi Sunak to White House in June

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US calls for action against DPRK’s 7th nuclear test

North Korean leader Kim Jong-un inspects a ground test of a "high-thrust solid-fuel motor" at Sohae Satellite Launching Ground in Cholsan, North Pyongan Province, on Dec. 15, 2022.(Yonhap/IANS)

Kim’s assertion that his country will never abandon its nuclear weapons, has invited global reactions and concerns, mainly from South Korea, the United States, and Japan…reports Asian Lite News

The United States has raised concern over a possible 7th nuclear test by North Korea, urging the international community to take concerted action in response to such a destabilising event.

In his final address to media briefing as the spokesperson of the US State Department, spokesperson Ned Price said, “DPRK has finalized all of the steps it would need to take to conduct what would be its 7th nuclear test. A 7th nuclear test would be a dangerous provocation that would itself constitute a significant threat to peace and security in the region.” Indian American Vedanta Patel will soon step in as the interim spokesperson of the US State Department, as Ned Price is going to step down.

North Korean leader Kim Jong Un’s assertion on September 8 that his country will never abandon its nuclear weapons and the growing speculations that it is preparing for its seventh nuclear explosion has raised many questions in South Korea and its “Security Treaty partner” United States.

Kim has now made his “rubber-stamp parliament” pass a new law that spells out conditions where North Korea would be inclined to use its nuclear weapons.

The law requires North Korea’s military to “automatically” execute nuclear strikes against enemy forces, including their “starting point of provocation and the command,” if Pyongyang’s leadership comes under attack.

The new law also says that North Korea could use nukes to prevent an unspecified “catastrophic crisis” for its government and people. In other words, Pyongyang will not hesitate to use its nuclear weapons when threatened proactively.

Kim was referring to the region of the United States and its allies. His latest comments underscored the growing animosity in the area as he accelerates the expansion of his nuclear weapons and missiles program.

“The entire world would need to respond in a case like that. Countries on the Security Council, especially the Permanent Five, we would hope to see, concerted action in response to such a destabilising event,” urged US State Department Spokesperson Ned Price.

Predictably, Kim’s assertion has invited global reactions and concerns, mainly from South Korea, the United States, and Japan. These three countries are most affected if and when North Korea fires missiles and conducts nuclear tests.

Meanwhile, North Korea fired two “strategic cruise missiles” from a submarine in waters off its east coast over the weekend in an apparent protest over a regular South Korea-US combined military exercise to begin this week, state media said on Monday, reported Yonhap News Agency.

The missiles were fired from 8.24 Yongung in waters off Kyongpho Bay in the East Sea in an underwater launching drill held at dawn Sunday, according to the official Korean Central News Agency (KCNA).

The latest launch came on the eve of the allies’ major Freedom Shield exercise, which kicks off Monday. The North has decried the exercise as “preparations for a war of aggression” against it.

Washington and Seoul are scheduled to kick off the Freedom Shield (FS) exercise Monday for an 11-day run, along with a large-scale field manoeuvre, called the Warrior Shield. (ANI)

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Hate crime in US increased by 12% in 2021

California: People denouncing hatred against the Asian American communities rally before San Gabriel Mission Playhouse in City of San Gabriel, Los Angeles County, California, the United States, March 20, 2021. (Photo by Zeng Hui/Xinhua/IANS)

The report was released as concerns grow over violence against minority communities by white supremacists and other hate groups…reports Asian Lite News

The Federal Bureau of Investigation (FBI), the domestic United States intelligence agency, has found that hate crimes rose nearly 12 percent from 2020 to 2021, driven primarily by crimes based on race and ethnicity.

FBI data showed hate crimes had increased from 8,120 in 2020 to 9,065 in 2021, an 11.6 percent uptick. Nearly 65 percent of victims were targeted for their race, ethnicity or ancestry. Another 15.9 percent of hate crimes were based on sexual orientation, and 14.1 percent were for religious bias.

“Of the 8,327 hate crime offenses classified as crimes against persons in the updated 2021 dataset, 43.2 percent were intimidation, 35.5 percent were simple assault, and 20.1 percent were aggravated assault,” the agency said in a news release.

The report was released as concerns grow over violence against minority communities by white supremacists and other hate groups. According to the Reuters news agency, the top reported hate crime categories were anti-Black, anti-white, anti-gay male, anti-Jewish and anti-Asian.

The report also represents the first time the FBI has been able to report confidently on hate crime trends since the agency transitioned to a new method of data collection.

People take part in a rally against anti-Asian hate crimes in San Mateo, California, the United States, on Feb. 27, 2021. (Xinhua/Wu Xiaoling)

Crime data released by the FBI in October included substantial gaps, as slightly more than half of US law enforcement agencies reported data for all of 2021. The latest report incorporates data from cities that had not yet made the change to the new reporting format, filling in some of those gaps.

In 2021, US Attorney General Merrick Garland offered states and municipalities additional resources for the task of tracking and looking into hate crimes.

“Hate crimes and the devastation they cause communities have no place in this country,” Associate Attorney General Vanita Gupta said. “The Justice Department is committed to every tool and resource at our disposal to combat bias-motivated violence in all its forms.”

Experts say hate crimes go beyond individual acts of violence. They can have a widespread, chilling impact on the larger communities targeted. The American Psychological Association has linked hate crimes to widespread “psychological distress and lower self-esteem” among groups linked to victims.

“Hate crimes send messages to members of the victim’s group that they are unwelcome and unsafe in the community, victimizing the entire group and decreasing feelings of safety and security,” the association said.

Recent high-profile hate crimes in the US include the February shooting of two Jewish men leaving a synagogue in Los Angeles.

The suspect, a 28-year-old man named Jaime Tran, said he had searched for a kosher market and decided to shoot someone nearby, according to an affidavit filed by the FBI.

In February, a white supremacist was sentenced to life in prison without the possibility of parole for the May 2022 shooting deaths of 10 Black people at a grocery store in Buffalo, New York.

ALSO READ: Biden defends system after bank collapses

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Biden invites Rishi Sunak to White House in June

The invitation came during a meeting between Biden and Sunak in San Diego, California…reports Asian Lite News

President Joe Biden on Monday invited British Prime Minister Rishi Sunak to the White House in June.

The invitation came during a meeting between Biden and Sunak in San Diego, California, where they were taking part in the unveiling of a nuclear submarine pact with Australia, according to a readout from the White House.

“The president and prime minister discussed the importance of continuing to deepen the strong, enduring economic relationship between the United Kingdom and the United States. President Biden invited Prime Minister Sunak to visit Washington in June to continue this conversation,” the readout said.

While in San Diego, they joined Australian Prime Minister Anthony Albanese in unveiling their submarine-technology-sharing plans as part of the three-country AUKUS alliance.

Biden also told reporters at his meeting with Sunak that he plans to visit Ireland and the British province of Northern Ireland, which are preparing to mark the 25th anniversary of the Good Friday Agreement peace accord on April 10.

Meanwhile, Biden, aware of Chinese concerns about a nuclear-powered submarine deal with Australia and Britain, said the agreement was more about securing stability in the Indo-Pacific region.

“I don’t view what we’re doing as a challenge to anybody,” Biden told reporters as he met Australian Prime Minister Anthony Albanese.

As Biden stressed, Australia, which joined a newly formed alliance known as AUKUS with Washington and London 18 months ago, will not be getting nuclear weapons.

However, acquiring stealthy submarines powered by nuclear reactors puts Australia in an elite club and at the forefront of US-led efforts to push back against Chinese military expansion.

Albanese said the deal represents the biggest single investment in Australia’s defense capability “in all of our history.”

The submarines are expected to be equipped with cruise missiles that can strike foes from long distances, offering a potent deterrent to would-be attackers.

Albanese predicted that the wider economic impact at home would be akin to the introduction of the automobile industry in the country after World War II.

The Australian government estimates the multi-decade project will cost almost $40 billion in the first 10 years, and create an estimated 20,000 jobs.

ALSO READ: Biden defends system after bank collapses

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US govt races to reassure banking system is safe

President Joe Biden.(photo:Instagram)

Biden insists that the system was safe after the second- and third-largest bank failures in the nation’s history happened in the span of 48 hours…reports Asian Lite News

Depositors withdrew savings and investors broadly sold off bank shares as the federal government raced to reassure Americans that the banking system was secure after two bank failures fed fears that more financial institutions could fall.

President Joe Biden insisted that the system was safe after the second- and third-largest bank failures in the nation’s history happened in the span of 48 hours. In response to the crisis, regulators guaranteed all deposits at the two banks and created a program that effectively threw a lifeline to other banks to shield them from a run on deposits.

“Your deposits will be there when you need them,” Biden told the public, seeking to project calm. He also said the banking executives responsible for the failures would be held accountable.

In other developments, the Federal Reserve announced that it would reassess its supervision of Silicon Valley Bank.

Silicon Valley Bank (SVB

“We need to have humility and conduct a careful and thorough review of how we supervised and regulated this firm, and what we should learn from this experience,” said Michael Barr, the Fed’s vice chair for supervision, who will lead the effort.

Regulators closed the bank Friday after depositors rushed to withdraw their funds all at once. The only larger failure in U.S. banking history was the 2008 collapse of Washington Mutual. New York-based Signature Bank was seized by regulators late Sunday in third-largest failure in the U.S.

In both cases, the government agreed to cover deposits, even those that exceeded the federally insured limit of $250,000.

Despite the message from the White House, investors broadly dumped shares in bank stocks. Shares of First Republic Bank closed down more than 60% even after the bank said it was taking emergency funding from the Federal Reserve and additional money from JPMorgan Chase.

Shares in KeyCorp and Comerica plunged by nearly a third. The stock of well-known franchises such as Charles Schwab, Fifth Third Bank, Truist and Huntington Bancshares all dropped by double digits.

The selloff happened in part because the country woke up to a new banking system and investors had to find the winners and losers, banking experts said.

There was no guarantee that the anxiety would not spread. Customers at other banks with deposits over the $250,000 limit remained at risk of losing access to their money for a time.

Just because the government covered for Silicon Valley Bank and Signature Bank “doesn’t mean they are going to cover for these smaller banks,” said Chris Caulfield, a senior partner at West Monroe.

Further, the government’s actions suggested it would stand behind all deposits if doing so prevents damage to the broader economy.

Amid the selloff of midsize banks, investors kept relatively calm over the health of the nation’s biggest banking bulwarks, such as Citigroup, Bank of America and Wells Fargo. Investors apparently concluded that the only place to be safe in banking was with the nation’s most strictly regulated institutions.

Notably, shares in JPMorgan Chase — the nation’s biggest bank with more than $3 trillion in assets — fell a modest 1.8% on Monday.

Regional banks were seen as the riskiest, since they do not have the scale to compete against larger competitors. Large account balances — once seen as a positive sign that a bank’s clients are well off — were a liability since they could be withdrawn at the first sign of trouble.

International regulators also had to step in to ease fears. The Bank of England and U.K. Treasury said they facilitated the sale of a Silicon Valley Bank subsidiary in London to HSBC, Europe’s biggest bank. The deal protected 6.7 billion pounds ($8.1 billion) of deposits.

Under the plan announced by U.S. regulators, depositors at Silicon Valley Bank and Signature Bank were able to access their money. A new Fed program will allow banks to post certain high-quality securities as collateral and borrow from a government emergency fund.

The Treasury has set aside $25 billion to offset any losses. However, Fed officials said they do not expect to have to use that money, given that the securities posted as collateral have a very low risk of default.

ALSO READ: Biden defends system after bank collapses