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China pumps US$79 billion into economy with bank cash reserve cut

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Headquarters of the People’s Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018 – PHOTO: REUTERS

BEIJING (REUTERS) – China’s central bank cut the cash that banks must hold as reserves last week for the second time this year, releasing 550 billion yuan (US$79 billion) to help its coronavirus-hit economy.

The targeted reserve requirement cut is Beijing’s latest step to cushion the economic blow of the coronavirus outbreak amid worries about job losses, with more stimulus expected.

“The reserve cut will help supplement liquidity at the end of the quarter, increase the space for boosting credit and promote the rapid recovery of the economy,” said Tang Jianwei, senior economist at Bank of Communications.

China’s central bank has been encouraging banks to lend more to small firms and other vulnerable sectors under its inclusive financing push, and has urged lenders to extend cheap loans and tolerate late payments from companies hit by the health crisis.

“The reduction will also give confidence to the financial market to some extent, in response to the pessimism of the recent decline in global capital markets,” Tang added.

The People’s Bank of China (PBOC) said on its website that it would cut the reserve requirement ratio (RRR) by 50-100 basis points (bps) for banks that have met inclusive financing targets. The RRR for large banks is currently 12.5%.

Qualified joint-stock commercial banks would enjoy an additional cut of 100 bps, it added of the targeted cut, the ninth since early 2018, which will be effective from March 16.

Financial markets had widely expected more support measures from the government and the PBOC to get the economy back on a steadier footing. The country’s cabinet on Wednesday flagged more bank reserve cuts and other steps.

The amount of liquidity released by the RRR cut would be smaller than the 800 billion yuan cut in January.

The PBOC has been ramping up policy easing since the coronavirus outbreak escalated in late January. China has cut several key interest rates, and some analysts are expecting another cut in the benchmark lending rate next week.

The PBOC reiterated on Friday that monetary policy would remain prudent, even if it is more flexible in prioritising restoring economic growth. It said it would not open the credit floodgates, which led to a rapid build-up in debt in the past.

The government has also rolled out fiscal support steps, including more funding for virus fight, tax waivers, cuts in social insurance fees and subsidies for firms.

Analysts said expanding credit alone may not be enough to boost growth in the near-term given the slow resumption in production among small factories.

“Liquidity conditions in China are loose, and it remains to be seen whether the additional funds can enter the entity effectively,” said Yang Yewei, analyst at Southwest Securities.

“The constraints of credit expansion mainly lie in labor, logistics and order constraints, which cause slow resumption of production.”

More expected

Analysts at UBS said in a note last week that they expected another 100 bps of RRR cuts for the remainder of 2020, a further 10 bps of medium-term lending facility (MLF) rate cuts, and possibly a deposit benchmark rate cut of no more than 25 bps later after consumer inflation eases notably.

Analysts polled by Reuters expected China’s economic growth to tumble to 3.5% in the first quarter year-on-year from the previous quarter’s 6.0%. Some believe it may even have shrank on a quarter-on-quarter basis.

Data on Saturday showed China’s exports contracted sharply in the first two months of the year, and imports declined, as the health crisis triggered by the coronavirus outbreak caused massive disruptions to business operations, global supply chains and economic activity.

For the year, growth was expected to slow to 5.4%, which would be the slowest since 1990.

Policy sources have said Chinese policymakers are debating whether to lower the planned 2020 economic growth target of around 6%, which was tentatively agreed late last year. Many private sector economists see that as well beyond China’s reach at this point.

China has yet to issue its 2020 target as the annual parliament meeting, which originally scheduled to open on March 5, has been postponed due to the virus outbreak.

Source: https://english.thesaigontimes.vn/75429/china-pumps-us%2479-billion-into-economy-with-bank-cash-reserve-cut.html

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Japan PM Kishida evacuated unhurt after explosion at speech – media

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TOKYO – Japanese Prime Minister Fumio Kishida was evacuated unhurt after a suspect threw what appeared to be a smoke bomb at an outdoor speech in western Japan on Saturday, domestic media reported.

A loud explosion was heard, but the premier took cover and was unharmed while police subdued a man at the scene, public broadcaster NHK said. There were no injuries, NHK said, citing police.

“Police are investigating the details of the loud explosive sound at the previous speech venue,” Kishida said when he resumed his campaign speeches, in video broadcast by NHK. “I am sorry for causing many people to be concerned. We are in the middle of an important election for our country. We must carry this on together.”

Former Prime Minister Shinzo Abe, the longest-serving leader of modern Japan, was assassinated with a homemade gun last July while campaigning for a parliamentary election, shocking the nation and prompting a review of security for politicians, who routinely press the flesh with the public.

Japanese Prime Minister Fumio Kishida attends his outdoor speech at Saikazaki fishing port in Wakayama,Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters
Japanese Prime Minister Fumio Kishida attends his outdoor speech at Saikazaki fishing port in Wakayama,Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters

By-elections in various regions for the lower house of Japan’s parliament are to be held on April 23.

The incident late on Saturday morning incident occurred at the Saikazaki fishing harbour in Wakayama prefecture, some 65 km (40 miles) southwest of Osaka city.

Kishida was being served local speciality seafood just before the explosion, media reported. News video showed Kishida looking behind him in surprise as shouts filled the area.

A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters
A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters

A man identified by the Asahi newspaper as a staffer of the fishery cooperative grabbed a young man in a headlock as police swarmed the suspect and dragged him to the ground. Moments later, an explosion and cloud of smoke could be seen near where Kishida had been standing.

NHK video showed the thrown object, which appeared to be a metal cylinder.

NHK footage showed crowds running away as several police officers appeared to pin a man to the ground before removing him from the scene. The man appeared to be in his 20s or 30s, media said.

A representative of Wakayama’s prefectural police headquarters told Reuters he could not answer questions about the incident. Police arrested a 24-year old male suspect from Kawanishi city, Kyodo reported.

A woman on the scene told NHK that she saw an object flying overhead and “it gave me a bad feeling, so we ran away unbelievably fast. Then we heard a really loud noise. It made my daughter cry.”

Kishida is to host a Group of Seven (G7) summit in Hiroshima next month. Japan’s foreign ministry said after the incident there would be no change to the security plan for a G7 foreign ministers’ meeting starting on Sunday in the resort city of Karuizawa.

A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters
A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters
A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters
A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters

TOKYO – Japanese Prime Minister Fumio Kishida was evacuated unhurt after a suspect threw what appeared to be a smoke bomb at an outdoor speech in western Japan on Saturday, domestic media reported.

A loud explosion was heard, but the premier took cover and was unharmed while police subdued a man at the scene, public broadcaster NHK said. There were no injuries, NHK said, citing police.

“Police are investigating the details of the loud explosive sound at the previous speech venue,” Kishida said when he resumed his campaign speeches, in video broadcast by NHK. “I am sorry for causing many people to be concerned. We are in the middle of an important election for our country. We must carry this on together.”

Former Prime Minister Shinzo Abe, the longest-serving leader of modern Japan, was assassinated with a homemade gun last July while campaigning for a parliamentary election, shocking the nation and prompting a review of security for politicians, who routinely press the flesh with the public.

Japanese Prime Minister Fumio Kishida attends his outdoor speech at Saikazaki fishing port in Wakayama,Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters
Japanese Prime Minister Fumio Kishida attends his outdoor speech at Saikazaki fishing port in Wakayama,Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters

By-elections in various regions for the lower house of Japan’s parliament are to be held on April 23.

The incident late on Saturday morning incident occurred at the Saikazaki fishing harbour in Wakayama prefecture, some 65 km (40 miles) southwest of Osaka city.

Kishida was being served local speciality seafood just before the explosion, media reported. News video showed Kishida looking behind him in surprise as shouts filled the area.

A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters
A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters

A man identified by the Asahi newspaper as a staffer of the fishery cooperative grabbed a young man in a headlock as police swarmed the suspect and dragged him to the ground. Moments later, an explosion and cloud of smoke could be seen near where Kishida had been standing.

NHK video showed the thrown object, which appeared to be a metal cylinder.

NHK footage showed crowds running away as several police officers appeared to pin a man to the ground before removing him from the scene. The man appeared to be in his 20s or 30s, media said.

A representative of Wakayama’s prefectural police headquarters told Reuters he could not answer questions about the incident. Police arrested a 24-year old male suspect from Kawanishi city, Kyodo reported.

A woman on the scene told NHK that she saw an object flying overhead and “it gave me a bad feeling, so we ran away unbelievably fast. Then we heard a really loud noise. It made my daughter cry.”

Kishida is to host a Group of Seven (G7) summit in Hiroshima next month. Japan’s foreign ministry said after the incident there would be no change to the security plan for a G7 foreign ministers’ meeting starting on Sunday in the resort city of Karuizawa.

A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters
A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters
A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters
A man, believed to be a suspect who threw a pipe-like object near Japanese Prime Minister Fumio Kishida during his outdoor speech, is held by police officers at Saikazaki fishing port in Wakayama, Wakayama Prefecture, south-western Japan April 15, 2023, in this photo released by Kyodo. Photo: Reuters

Source: https://tuoitrenews.vn/news/international/20230415/japan-pm-kishida-evacuated-unhurt-after-explosion-at-speech-media/72648.html

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Fire in a children’s shelter in Brazil leaves at least 4 dead, 13 injured

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At least four people died and 13 were injured in a fire at a shelter for children and adolescents in Northeastern Brazil on Friday, the local fire department said.

Firemen were called to fight a fire at the Lar Paulo de Tarso charity institution in Recife, capital of the Pernambuco state, at around 4:20 a.m.

A mattress is seen behind a civil defence tape outside Lar Paulo de Tarso shelter for children, after a deadly fire in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters
A mattress is seen behind a civil defence tape outside Lar Paulo de Tarso shelter for children, after a deadly fire in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters

A boy and a woman died at the site of the fire, the firemen said, while the other two victims died on the way to the hospital.

Recife Mayor Joao Campos offered his condolences on social media.

Lar Paulo de Tarso shelter for children is seen with civil defence tape after a deadly fire in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters
Lar Paulo de Tarso shelter for children is seen with civil defence tape after a deadly fire in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters

“The moment is one of pain and solidarity. … The NGO has been providing shelter to children and adolescents in situations of social risk for more than 30 years. We remain mobilized to provide full support in this very difficult time,” he said on Twitter.

A burned area is seen after a deadly fire at Lar Paulo de Tarso shelter for children in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters
A burned area is seen after a deadly fire at Lar Paulo de Tarso shelter for children in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters

Governor of Pernambuco Raquel Lyra also took to Twitter to mourn the tragedy.

A burned area is seen after a deadly fire at Lar Paulo de Tarso shelter for children in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters
A burned area is seen after a deadly fire at Lar Paulo de Tarso shelter for children in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters

“Pernambuco is in mourning with what happened this early morning in Recife. … Firefighters and police are already working, as well as our health teams. I leave here my condolences to the families of the victims in this moment of pain,” Lyra said.

At least four people died and 13 were injured in a fire at a shelter for children and adolescents in Northeastern Brazil on Friday, the local fire department said.

Firemen were called to fight a fire at the Lar Paulo de Tarso charity institution in Recife, capital of the Pernambuco state, at around 4:20 a.m.

A mattress is seen behind a civil defence tape outside Lar Paulo de Tarso shelter for children, after a deadly fire in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters
A mattress is seen behind a civil defence tape outside Lar Paulo de Tarso shelter for children, after a deadly fire in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters

A boy and a woman died at the site of the fire, the firemen said, while the other two victims died on the way to the hospital.

Recife Mayor Joao Campos offered his condolences on social media.

Lar Paulo de Tarso shelter for children is seen with civil defence tape after a deadly fire in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters
Lar Paulo de Tarso shelter for children is seen with civil defence tape after a deadly fire in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters

“The moment is one of pain and solidarity. … The NGO has been providing shelter to children and adolescents in situations of social risk for more than 30 years. We remain mobilized to provide full support in this very difficult time,” he said on Twitter.

A burned area is seen after a deadly fire at Lar Paulo de Tarso shelter for children in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters
A burned area is seen after a deadly fire at Lar Paulo de Tarso shelter for children in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters

Governor of Pernambuco Raquel Lyra also took to Twitter to mourn the tragedy.

A burned area is seen after a deadly fire at Lar Paulo de Tarso shelter for children in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters
A burned area is seen after a deadly fire at Lar Paulo de Tarso shelter for children in Recife, Pernambuco state, Brazil April 14, 2023. Photo: Reuters

“Pernambuco is in mourning with what happened this early morning in Recife. … Firefighters and police are already working, as well as our health teams. I leave here my condolences to the families of the victims in this moment of pain,” Lyra said.

Source: https://tuoitrenews.vn/news/international/20230415/fire-in-a-children-s-shelter-in-brazil-leaves-at-least-4-dead-13-injured/72646.html

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Peruvian archaeologists unearth 500-year-old Inca ceremonial bath

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LIMA — Archaeologists in the Peruvian Andes have discovered an Inca bathing complex built half a millennia ago, which they believe may have served the elite of the sprawling empire that once dominated large swathes of South America.

Found near the “House of the Inca” in the Huanuco Pampa archaeological zone in central Peru, local archaeologists believe that the bath may have served a religious purpose for high-ranking members of the Inca empire, which 500 years ago extended from southern Ecuador to the center of Chile.

The remains of an ancient ceremonial Inca bathroom, discovered in a sector known as Inkawasi (House of the Inca), at the archaeological site Huanuco Pampa, are pictured in Huanuco, Peru April 5, 2023. Peru Culture Ministry/Handout via Reuters
The remains of an ancient ceremonial Inca bathroom, discovered in a sector known as Inkawasi (House of the Inca), at the archaeological site Huanuco Pampa, are pictured in Huanuco, Peru April 5, 2023. Peru Culture Ministry/Handout via Reuters

Luis Paredes Sanchez, project manager at Huanuco Pampa, said the structure was similar to “more hierarchical, restricted and sacred spaces within the Inca administrative centers, because rather than having a utilitarian or hygienic function, they also served for religious functions and worshiping ancestors.”

The “finely carved” bath averages some two-meters in depth, with independent pools and spillways and a central passage taking water into a drainage duct that divides the room into two small platforms, or “benches” for the Inca, Peru’s culture ministry said in a statement.

Archaeologists work in the remains of an ancient ceremonial Inca bathroom, discovered in a sector known as Inkawasi (House of the Inca), at the archaeological site Huanuco Pampa, in Huanuco, Peru March 20, 2023. Peru Culture Ministry/Handout via Reuters
Archaeologists work in the remains of an ancient ceremonial Inca bathroom, discovered in a sector known as Inkawasi (House of the Inca), at the archaeological site Huanuco Pampa, in Huanuco, Peru March 20, 2023. Peru Culture Ministry/Handout via Reuters

The Huanuco Pampa archaeological site is part of the Qhapaq Nan project, a complex 25,000-kilometer-long road network that linked Ecuador, Colombia, Peru, Bolivia and Argentina. The road system was declared a World Heritage Site in 2014.

Peru is home to hundreds of archaeological sites across the country, including the Machu Picchu citadel in the Inca capital of Cusco, and the Nasca lines, massive designs drawn in Ica’s coastal desert region over 1,500 years ago.

LIMA — Archaeologists in the Peruvian Andes have discovered an Inca bathing complex built half a millennia ago, which they believe may have served the elite of the sprawling empire that once dominated large swathes of South America.

Found near the “House of the Inca” in the Huanuco Pampa archaeological zone in central Peru, local archaeologists believe that the bath may have served a religious purpose for high-ranking members of the Inca empire, which 500 years ago extended from southern Ecuador to the center of Chile.

The remains of an ancient ceremonial Inca bathroom, discovered in a sector known as Inkawasi (House of the Inca), at the archaeological site Huanuco Pampa, are pictured in Huanuco, Peru April 5, 2023. Peru Culture Ministry/Handout via Reuters
The remains of an ancient ceremonial Inca bathroom, discovered in a sector known as Inkawasi (House of the Inca), at the archaeological site Huanuco Pampa, are pictured in Huanuco, Peru April 5, 2023. Peru Culture Ministry/Handout via Reuters

Luis Paredes Sanchez, project manager at Huanuco Pampa, said the structure was similar to “more hierarchical, restricted and sacred spaces within the Inca administrative centers, because rather than having a utilitarian or hygienic function, they also served for religious functions and worshiping ancestors.”

The “finely carved” bath averages some two-meters in depth, with independent pools and spillways and a central passage taking water into a drainage duct that divides the room into two small platforms, or “benches” for the Inca, Peru’s culture ministry said in a statement.

Archaeologists work in the remains of an ancient ceremonial Inca bathroom, discovered in a sector known as Inkawasi (House of the Inca), at the archaeological site Huanuco Pampa, in Huanuco, Peru March 20, 2023. Peru Culture Ministry/Handout via Reuters
Archaeologists work in the remains of an ancient ceremonial Inca bathroom, discovered in a sector known as Inkawasi (House of the Inca), at the archaeological site Huanuco Pampa, in Huanuco, Peru March 20, 2023. Peru Culture Ministry/Handout via Reuters

The Huanuco Pampa archaeological site is part of the Qhapaq Nan project, a complex 25,000-kilometer-long road network that linked Ecuador, Colombia, Peru, Bolivia and Argentina. The road system was declared a World Heritage Site in 2014.

Peru is home to hundreds of archaeological sites across the country, including the Machu Picchu citadel in the Inca capital of Cusco, and the Nasca lines, massive designs drawn in Ica’s coastal desert region over 1,500 years ago.

Source: https://tuoitrenews.vn/news/international/20230415/peruvian-archaeologists-unearth-500yearold-inca-ceremonial-bath/72645.html

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