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China Unleashes Economic Stimulus

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In a strategic maneuver to fortify its economy, China’s People’s Bank has announced a decisive cut of 0.5 percentage points in the reserve requirement ratio (RRR) for banks, effective February 5.

Governor, Pan Gongsheng disclosed this pivotal decision during a press conference at the State Council Information Office on Wednesday.

This move comes amidst a challenging landscape for the world’s second-largest economy, grappling with a persistent property sector crisis, lackluster domestic consumption, and weakening foreign demand.

The decision is expected to inject approximately 1 trillion yuan ($140 billion) of liquidity into the market.

It is worth noting that China’s reserve requirement ratio (RRR) was last reduced in September, dropping by 0.25 percentage points to about 7.4%.

The central bank’s governor revealed on Wednesday that further policies to support the struggling property sector will be announced tomorrow.

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  1. iptv France

    January 25, 2024 at 9:32 am

    Wow, superb blog layout! How long have you been blogging for? you make blogging look easy. The overall look of your site is magnificent, as well as the content!

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International News

20 Dead As Plane Crashes Near Oil Fields In South Sudan

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Hundreds Of Nigerians Remain Stranded In Sudan

A tragic plane crash in northern South Sudan has killed at least 20 people, with only one survivor, Unity State’s Minister for Information, Gatwech Bipal Both, confirmed on Wednesday.

The aircraft, operated by Light Air Services Aviation Company and chartered by Greater Pioneer Operating Company (GPOC), crashed 500 meters from the airport near the oil fields in Unity State.

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The crash occurred around 10:30 a.m. local time (0830 GMT), shortly after takeoff for the capital, Juba.

“The plane crashed 500 metres away from the airport. 21 people were on board. As for now, there’s only one survivor,” Bipal Both told AFP.

Authorities have launched an investigation into the cause of the accident.

While the exact reason remains unclear, “most people predicted that this might be a mechanical collision,” the minister added.

South Sudan, which gained independence in 2011, has a poor aviation safety record, with plane crashes often linked to mechanical failures, overloading, and inadequate infrastructure.

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Deadly Stampede At Hindu Festival In India Leaves 15 Dead

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Women In India Protest Manipur Assault, Suspect's House Set Ablaze

A devastating pre-dawn stampede at the Kumbh Mela, the world’s largest religious gathering, left at least 15 people dead and dozens more injured early Wednesday.

The tragedy has been traced to a surging crowd breaking through police barriers, trampling bystanders in a chaotic manner.

The tragic incident occurred around 1:00 am local time (1930 GMT Tuesday) as millions of Hindu pilgrims rushed to participate in a sacred ritual bathing at the confluence of the Ganges and Yamuna rivers.

Many of the victims were people resting on the ground when the crowd surged forward in the darkness.

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“I was sitting near a barricade, and during the pushing and shoving, the entire crowd fell on top of me, trampling me as it moved forward,” said 48-year-old pilgrim Renu Devi. “When the crowd surged, elderly people and women were crushed, and no one came forward to help.”

Emergency teams quickly responded, carrying victims away on stretchers as discarded shoes, clothing, and personal belongings littered the area.

Authorities have yet to release an official death toll, but a doctor treating survivors at a nearby hospital confirmed “at least 15 people” had died, with many more injured.

The doctor spoke on condition of anonymity, as they were not authorized to discuss the situation publicly.

Indian Prime Minister Narendra Modi described the tragedy as “extremely sad” and extended his “deepest condolences” to the families of the victims. “I wish for the speedy recovery of all injured,” he added.

Meanwhile, political opposition leader Rahul Gandhi criticized the authorities, blaming the disaster on poor crowd control.

“Mismanagement and the administration’s special focus on VIP movement instead of common devotees are responsible for this tragic incident,” he wrote on social media.

The six-week Kumbh Mela is one of the holiest events in the Hindu calendar, drawing tens of millions of devotees.

Wednesday was a particularly significant bathing day, with saffron-clad holy men leading mass rituals.

However, in the aftermath of the stampede, festival officials patrolled the grounds with loudspeakers, urging pilgrims to stay away from the main bathing area.

“We humbly request all devotees do not come to the main bathing spot,” one official announced over a megaphone. “Please cooperate with security personnel.”

Despite the warnings, state officials reported that millions of pilgrims had already taken their ritual baths between midnight and early morning.

Uttar Pradesh Chief Minister Yogi Adityanath stated that medical workers were treating the seriously injured and assured the public that the situation was “under control.”

The Kumbh Mela is a logistical challenge of enormous scale.

Organizers had likened this year’s event to the size of a temporary nation, with an estimated 400 million pilgrims expected by the festival’s end on February 26.

To manage the crowds, authorities installed hundreds of surveillance cameras and drones to monitor congestion.

However, stampedes at religious events remain a deadly risk in India. In 1954, over 400 people died in a single day at the Kumbh Mela, marking one of the deadliest crowd disasters in history.

More recently, in 2013, another 36 pilgrims lost their lives in a similar tragedy in Prayagraj.

Despite the security measures in place, Wednesday’s stampede has once again raised concerns about crowd management at massive religious gatherings.

As frightened devotees began leaving Prayagraj, railway official Manish Kumar reported that several special train services had been halted due to excessive crowding.

“I heard the news and saw the bathing site,” said festival attendee Sanjay Nishad. “My family got scared, so we’re leaving.”

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Fire Breaks Out On Air Busan Plane In South Korea, One Injured

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An Air Busan passenger plane caught fire at Gimhae International Airport in Busan, South Korea on Tuesday, forcing the evacuation of 176 people on board, Yonhap News Agency reported.

The incident occurred at around 10:30 p.m. local time (1330 GMT) as the aircraft, which was bound for Hong Kong, ignited near its tail section.

A total of 169 passengers and seven flight attendants were evacuated using inflatable slides, Yonhap reported.

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One person sustained injuries during the evacuation, but no further details about the injury or the fire’s cause were immediately available.

South Korea’s Busan fire authorities were not reachable for comment, according to AFP.

This incident comes just weeks after South Korea’s worst aviation disaster in decades.

Recall that on December 29, a Jeju Air Boeing 737-800 crash-landed and exploded after striking a concrete barrier at Muan International Airport.

The crash killed 179 of the 181 passengers and crew on board.

According to Flightradar24, Air Busan’s fleet is composed entirely of Airbus aircraft.

The cause of Tuesday’s fire is under investigation.

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