International
Israel's economy contracts as war with Hamas takes a toll
London, Feb 19 (IANS) Israel’s output contracted sharply in the final three months of 2023, falling for the first time in nearly two years, as the war with Hamas takes a heavy toll on the economy, a media report said.
The country’s Gross Domestic Product (GDP) plunged 19.4 per cent on an annualised basis compared to the July-to-September quarter, when it grew by a revised 1.8 per cent, Israel’s Central Bureau of Statistics said on Monday in its initial estimate, CNN reported
The contraction is the latest piece of bad economic news for Israel, which has been waging a war in Gaza aimed at destroying the Hamas after the latter’s October 7 attack on the country, the report said.
The worse-than-expected decline was driven by a 26.9 per sent drop in private consumption, as confidence plummeted following the attacks and households cut back on spending.
Fixed investment by businesses tumbled 67.8 per sent, “driven by a near-halt in residential building resulting from military call-ups and a reduction in Palestinian workers”, according to Liam Peach, senior emerging markets economist at Capital Economics. Exports declined 18.3. per sent.
“While a recovery looks set to take hold in (the first quarter), GDP growth over 2024 as a whole now looks likely to post one of its weakest rates on record,” Peach said in a note on Monday, CNN reported.
The conflict is expected to cost Israel around 255 billion shekels ($70.3 billion) by the end of 2025, equivalent to around 13 per sent of GDP, according to the Bank of Israel.
In November 2023, the central bank had cut its forecast for GDP growth this year to 2 per sent, from an estimate of per sent % on the eve of the war.
And earlier this month, Moody’s delivered Israel’s first-ever credit rating downgrade, citing elevated political risk and deteriorating public finances stemming from the war, CNN reported.
The ratings agency said Israel’s economy had so far “managed the fallout from the conflict reasonably well”, with some indicators pointing to a “swift rebound over the past three months”.
–IANS
int/san/arm
International
11th-century cathedral in France's Rouen catches fire
Paris, July 11 (IANS) Fire engulfed the spire of France’s famous Rouen cathedral on Thursday, local officials said.
The cause of the fire in the gothic Notre-Dame de Rouen’s 150-metre-high spire – the tallest church spire in France – was still unknown, Rouen Mayor Nicolas Mayer-Rossignol posted on X, adding firefighters are trying to extinguish the blaze.
The cathedral, built in the 11th century, has been evacuated and a security cordon placed around it, officials said.
Images on social media showed flames near the top of the cathedral, where restoration work had been going on since 2015, as per French media. The extent of damage to the structure is unclear for now.
The cathedral had been a favourite monument for renowned French impressionist artist Claude Monet, who painted it several times.
–IANS
vd
International
IAF's Sukhoi fighter jets set to roar Australian skies during Exercise Pitch Black
Darwin, July 11 (IANS) India’s Sukhoi-30 MKI fighter jets will be seen in action during Exercise Pitch Black — Australia’s biggest international air combat training activity — that begins at the Royal Australian Air Force (RAAF) bases in Darwin and Tindal from Friday.
With approximately 140 aircraft and over 4000 personnel from 20 nations participating, this year’s iteration of Exercise Pitch Black is the largest participation in its 43-year history, the RAAF announced on Thursday.
Held every two years, the exercise focuses on large-force employment missions involving large numbers of international aircraft.
The last edition of the exercise held in 2022 saw the participation of an Indian Air Force contingent that included four Su-30 MKI and two C-17 aircraft.
For the first time, aircraft and personnel from the Philippines, Spain, Italy, and Papua New Guinea and embedded personnel from Fiji and Brunei will participate in the exercise.
In addition, aircraft from France, Germany, Indonesia, Japan, Malaysia, South Korea, Singapore, Thailand, the United Kingdom, United States; and embedded personnel from Canada and New Zealand will also participate.
Aircraft will operate from the RAAF bases Darwin and Tindal in the Northern Territory, with additional tanker and transport aircraft at RAAF Base Amberley in Queensland.
“Exercise Pitch Black is our premier activity for international engagement, held every two years to build stronger ties with like-minded nations. Training with our partner nations throughout Exercise Pitch Black demonstrates our commitment to the shared value of sustaining peace and stability across the region,” said Exercise Director Air Commodore Peter Robinson.
According to the RAAF, the exercise exposes participants to complex scenarios whilst utilising some of the most advanced aircraft and battlespace systems, in one of the biggest areas of military training airspace in the world.
“For international participants, there is a significant benefit to participating in Exercise Pitch Black 24. It provides experience in how to deploy over great distances, with some countries travelling from around the globe to reach Australia,” said the Australian Defence Ministry.
–IANS
as/uk
International
Russia not to participate in new Ukraine summit: Deputy FM Galuzin
Moscow, July 11 (IANS) Russia does not accept ultimatums and will not participate in a new summit on Ukraine, local media quoted Russian Deputy Foreign Minister Mikhail Galuzin as saying on Thursday.
“We are aware of Kyiv’s and its Western sponsors’ intentions to ‘redeem’ themselves after the failed peace summit in Burgenstock, Switzerland, in mid-June this year, and to attempt a similar event,” he said, adding, “They are even considering inviting Russia.”
While the specific location for the next summit has not been determined, Galuzin emphasised that the geographical location is not fundamentally important, Xinhua news agency reported.
“What matters more is the content, which must be extremely clear,” he said.
Russia observes “a deliberate disregard for other initiatives to resolve the Ukrainian crisis,” said Galuzin, calling this approach “another manifestation of fraud.”
–IANS
int/rs/svn
International
South Korea's population aged 65 and older tops 10 million
Seoul, July 11 (IANS) South Korea’s population aged 65 and older topped 10 million, coming closer to a super-aged society, the Ministry of the Interior and Safety said on Thursday.
The number of officially registered residents aged 65 or higher reached 10,000,062 on Wednesday, reported Xinhua news agency, citing the interior ministry.
The age group accounted for 19.51 per cent of the total population, which stood at 51,269,012.
The proportion of the elderly continued to go up from 11.79 per cent in January 2013 to 13.60 per cent in January 2017, 15.48 per cent in December 2019, and 17.45 per cent in April 2022.
South Korea drew near to a super-aged society, which refers to a country with more than 20 per cent of the population aged 65 or higher.
Men aged 65 or higher numbered 4,427,682, lower than female peers at 5,572,380.
The elderly living in the Seoul metropolitan area came to 4,489,828, lower than the corresponding figure of 5,510,234 outside the metropolitan area.
–IANS
int/sd/svn
International
Six dead as heavy rains lash China's Chongqing
Beijing, July 11 (IANS) At least six people have died from the heavy rain in southwest China’s Chongqing Municipality overnight, local authorities said on Thursday.
The casualties were reported after rainstorms pelted Dianjiang County from Wednesday night to Thursday morning, according to county officials, with the maximum daily precipitation measured at 254.6 mm, a record high since the county had meteorological records, reported Xinhua news agency.
A total of 6,985 people in the county have been affected in the latest round of rainstorm, including 170 people who were evacuated, officials said.
Vehement downpours have hit the municipality since Wednesday evening, raising water above alert levels in 15 rivers.
Rescue operations are underway in the area.
–IANS
int/sd/svn
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