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Chilean voters have rejected a proposed new constitution drafted by a conservative-led committee, election officials said, meaning that the charter imposed during the dictatorship of Augusto Pinochet will remain in force.With 99% of referendum ballots counted, the “against” option prevailed with 55.75% of the vote, compared to 44.25% in favour, according to electoral service Servel just hours after voting ended around 6pm (2100 GMT) on Sunday.Four years after Chile launched its constitutional reform process in response to massive protests that broke out in 2019, and following two failed draft efforts – the country is back at square one.The latest version of a new proposed constitution was overseen by the far-right opposition Republican Party after voters roundly rejected a progressive draft in September 2022 that attempted to enshrine environmental protections and the right to elective abortion.Leftist President Gabriel Boric said last month that this would be his last attempt to reform the constitution, in order to focus on stability and long-term development.On Sunday, he reiterated the message.“The country got polarised, divided,” Boric said during a televised address, adding that the result shows the process “didn’t channel the hopes of having a new constitution written by everyone”.“With this – during this mandate – the constitutional process is closed. There are other urgent matters,” Boric said.“Our country will continue with the current constitution, because after two plebiscites on proposed constitutions, neither managed to represent or unite Chile in its beautiful diversity,” added the president, who had supported the first proposal overseen by the left but remained neutral in the second effort.The process to rewrite the 1980 constitution, adopted under the Augusto Pinochet military dictatorship, began as a bid to ease mass protests that broke out in 2019 against social inequality.In a 2020 referendum, 80% voted for replacing the constitution.However, in the years since, enthusiasm has been dampened by the coronavirus (Covid-19) pandemic, inflation and economic stagnation, a growing sense of insecurity, and voter fatigue.“There is not much spirit, as this is an exhausting process,” information technology worker Nicolas Mora, 29, said after voting.Nina Vidal, 65, a secretary in the city of Valparaiso said on Sunday that she was inspired by the first referendum but lost confidence in the second referendum.“I sincerely thought things were going to change” the first time, she said after casting her ballot. “But unfortunately, nothing changes.”Paulina Salas, a 56-year-old homemaker, said she hopes that after this vote Chile can return to calm.There is a need for “stability, that people can go back to work, to have safety with regard to their job and everyday life”, she said.The 1980 constitution is widely blamed for allowing companies and the elite to enrich themselves at the expense of the poor, working classes.

Houthis launched series of attacks, latest on MondayUS defense secretary says talking to counterpartsLondon marine insurers widen area deemed high riskAttacks by Yemen's Houthi on ships in the Red Sea are disrupting maritime trade and prompting US efforts to build a coalition to deal with the threat, as freight firms reroute around the Cape of Good Hope to avoid the Suez Canal.The Houthi group said it launched a drone attack on two cargo vessels in the area on Monday, the latest in a series of missile and drone strikes on shipping which it says are a response to Israel's assault on the Gaza Strip.US Defense Secretary Lloyd Austin, speaking on a visit to Israel, said Washington was building a coalition to address the Houthi threat and said defence ministers from the region and beyond would hold virtual talks on the issue on Tuesday.Norway said it was ready to provide naval officers, while other NATO states said they were ready to consider support.About 15% of world shipping traffic transits via the Suez Canal, the shortest shipping route between Europe and Asia.Several major freight firms - including MSC - have begun to sail around Africa instead, adding costs and delays which are expected to be compounded over coming weeks, according to industry analysts.London's marine insurance market widened the area in the Red Sea it deemed high risk on Monday, adding to premiums ships pay.The war between Israel and Hamas, which began on Oct. 7, has sent shockwaves through the region and threatened to cause a broader conflict.The Red Sea attacks have showed the ability of Middle Eastern paramilitary forces to upset global trade.Combined, the companies that have diverted vessels "control around half of the global container shipping market," ABN Amro analyst Albert Jan Swart told Reuters.Oil major BP temporarily paused all transits through the Red Sea and oil tanker group Frontline said on Monday its vessels would avoid passage through the waterway, signs the crisis was broadening to include energy shipments. Crude oil prices rose on those concerns on Monday."War risk insurance premiums are on the rise naturally, but as vessels gets rerouted around Africa shipping supply will be tighter as cargoes travel longer," Frontline CEO Lars Barstad told Reuters. "That would put rates under a strong upwards pressure."Norwegian energy group Equinor said on Monday it had rerouted "a few ships" carrying crude oil and liquefied petroleum gas (LPG) away from the Red Sea. The company declined to say how many vessels were affected.Houthi attacks also pushed some firms to rethink connections with Israel. Taiwan's Evergreen Marine said on Monday it had decided to temporarily stop accepting Israeli cargo.The shipping attacks have prompted the United States and its allies to discuss a task force that would protect Red Sea routes."In the Red Sea we're leading a multi-national maritime task force to uphold the bedrock principle of freedom of navigation," Austin said during his Israel visit.Norway said on Monday it was ready to contribute up to 10 naval officers to the US-led task force. Italy said it was considering joining, while Denmark's Defence Minister Troels Lund Paulsen said Copenhagen would "participate" in helping to provide security, without elaborating.Some observers pointed out that despite the Houthi group's claim to be hitting only Israeli-linked vessels, their targets include ships not headed to or affiliated with Israel.The shipping diversions could result in significantly slower shipments and potentially higher prices for consumers.Rico Luman, an analyst at ING, said at least a week of sailing time would be added for container liners. Typically, shipping goods from Shanghai to Rotterdam takes around 27 days via the Suez Canal."This will at least lead to delays in late December, with knock-on effects in January and probably February as the next round will also be delayed," Luman said.The disruptions would likely affect supply of consumer goods ahead of the Chinese new year in particular, with delays leaving retailers with unsellable stock and ultimately driving up prices for consumers, said Marco Forgione, director general at the Institute of Export and International Trade.French food group Danone said most of its shipments had been diverted, which will add transit time. "We... have mitigation plans in place which will be activated if the situation continues for the mid- to long-term," a spokesperson for Danone said. "This will include using alternate routes via sea or road wherever possible."While freight rates will likely increase on these longer voyages too, carriers at the moment were seeking ways to utilise excess capacity, said Zvi Schreiber, CEO of global freight platform Freightos."It is unlikely that rates will spike to levels experienced during the pandemic," said Schreiber, referring to the economic effects of Covid-19 from 2020.

Zafar Abbas, the compassionate force behind the JDC Foundation, emerges as a luminary in the philanthropic landscape of Pakistan, spearheading 89 welfare projects that span across crucial domains such as rescue operations, healthcare, education, and general welfare. With an unyielding commitment to uplifting the underprivileged, he initiated the JDC Charity Foundation to provide free healthcare, education, and sustenance, envisioning a future marked by positive change and dignity for the less fortunate. From its humble inception in Aisha Manzil, Karachi, Pakistan, JDC has evolved into a comprehensive organization, addressing urgent calls in disaster situations and pioneering liberation and rescue management across the province.In an exclusive conversation with Gulf Times, Abbas unveils the intricate tapestry of JDC's journey, shedding light on the organization's impactful initiatives, including the establishment of free medical camps and a groundbreaking Free Diagnostic Lab offering vital blood tests. “At JDC Free Lab, our dedicated team of staff and doctors is tirelessly perfecting our systems and services. Soon, our expanded facility will be accessible to all, ensuring top-quality care for a larger community,” says Abbas as he shared about the foundation’s aspirations to expand its impact, introducing new initiatives to address emerging needs and fostering transformative change in the communities they serve.Israel’s widening air and ground offensive in southern Gaza has displaced tens of thousands more Palestinians and worsened the territory’s already dire humanitarian conditions, with the fighting preventing the distribution of food, water and medicine outside a sliver of southern Gaza. Beyond borders, Abbas reflects on the role of charitable organizations in global crises, sharing insights on how entities like JDC can contribute to the relief of affected communities, such as those in Gaza. According to Abbas “Collaborative initiatives can maximize impact, alleviate suffering, and work towards rebuilding the affected communities, fostering hope and resilience.”JDC also recently formed an influential collaboration with renowned artist Atif Aslam to create an awareness and enhance healthcare accessibility with the power of celebrity involvement in magnifying the positive impact on the community. Can you share the inspiration behind founding JDC Charity Foundation in Pakistan and the initial motivations for its establishments.JDC Charity Foundation in Pakistan was inspired by a deep compassion for those in need. Our initial motivation was to provide free healthcare, education, and food, aiming to make a meaningful impact on the lives of the underprivileged with dignity. Our foundation is committed to fostering positive change and creating a better future for communities in Pakistan.How has JDC Foundation evolved from its early days in Aisa Manzil, Karachi, to becoming a comprehensive organization involve in liberation and rescue management across the province?Our non-profit organization has begun its journey by catering to flood disaster victims at Aish Manzil, Karachi, on 2010. Our JDC Foundation has grown to provide welfare and rehabilitation services to individuals and communities in need, with a particular focus on Sindh Province with expanding it all over the Pakistan. Our commitment to inclusivity and non-discrimination fosters unity, respect ad equal opportunities for all. In the floods of 2022, JDC, with their experience in dealing with floods, led the way by establishing temporary tent cities and safe shelters for victims.Could you elaborate on specific initiatives and projects that JDC has undertaken to address urgent calls and provide immediate aid in various disaster situations?JDC foundation has swiftly responded to disaster situations through free rescue and relief services during floods, providing food and shelter. Additionally, our teams have been actively involved in city fire incidents, offering immediate aid. In the COVID-19 pandemic, we've extended support by providing essential food supplies to those in need.During the floods in Pakistan, last year, we not only rescued people and provided temporary shelter, but also served meals for almost 2,400,000 victims in four months. JDC answered the call, setting up makeshift tent cities and distributed over 80,000 tents to those affected. We provided over 35,000 First Aid Kits to those affected, providing essential medical supplies. Cash distribution was also crucial during the flood as it allowed over 11,000 affected families to purchase essential supplies like medicine, clothing and shelter materials.In what ways has JDC Charity contributed to healthcare in the region through the establishment of free medical camps, and what impact has it had on the local community?Ans. JDC foundation has significantly contributed to healthcare in the region through the establishment of free emergency dispensaries, dialysis centers, and diagnostic labs. Our free medical camps have had a profound impact on the local community, providing accessible healthcare services, early diagnosis, and vital treatments, ultimately improving the overall health and well-being of individuals in need.Can you highlight some of the key challenges JDC has faced in its journey and how has the foundation overcome these obstacles to continue its philanthropic work?Ans. Thank you for highlighting our impactful initiatives. Initially, JDC Charity commenced its projects in a limited capacity, primarily focusing on addressing urgent needs during flood disasters. With the unwavering support of our dedicated supporters, we expanded our efforts to establish free emergency dispensaries, dialysis centers, diagnostic labs, and conduct medical camps. This collaborative approach has allowed us to make a more profound and lasting impact on the overall health and well-being of the local community.Tell us about international Free Lab. Can you provide details on how the free blood tests initiative will be implement, including the target details on how the free blood tests initiative will be implemented, including the target demographic, geographic reach, and the specific types test that will be offered?Among our various healthcare initiatives JDC Foundation takes immense pride in unveiling its state-of-the-art Diagnostic Lab, and what sets these exceptional facilities apart is their resounding promise of being entirely free of charge. Our free diagnostic lab is committed to serving humanity on a daily basis. The implementation of the free blood tests initiative involves targeting diverse demographics, reaching various geographic areas, and offering a wide range of specific tests. We aim to ensure accessibility to vital diagnostic services, promoting early detection, and contributing to the overall health and well-being of individuals across different communities. At JDC Free Lab, our dedicated team of staff and doctors is tirelessly perfecting our systems and services. Soon, our expanded facility will be accessible to all, ensuring top-quality care for a larger community. To ensure unparalleled precision and reliability, we've imported cutting-edge machinery from overseas. We understand the crippling burden that medical expenses can impose on individuals and families. At JDC, we firmly believe that access to quality healthcare is a fundamental right, not an exclusive privilege. By providing these critical services without any financial burden, we aspire to make a significant impact in the lives of those who need it most.There’s humanitarian catastrophe in Gaza, Palestine, how do you think organisations worldwide like JDC can contribute at large for the cause and relief of affected Palestinians?In the face of the humanitarian catastrophe in Gaza and other war-torn countries, organizations worldwide, including JDC as we first taken initiative in Pakistan, and other welfare organizations, can make significant contributions by coordinating efforts to provide essential medical aid, food, shelter, and psychological support. Collaborative initiatives can maximize impact, alleviate suffering, and work towards rebuilding the affected communities, fostering hope and resilience. In particular, focusing on vulnerable groups such as children, women, and the elderly is crucial. Ensuring access to education, healthcare, and safe spaces for children, supporting women's health and empowerment, and providing special care for the elderly are pivotal aspects. Emphasizing the provision of nutritional support, especially through initiatives like supplying tin-packed food, becomes a lifeline, aiming not only to address immediate hunger but also to nourish and sustain the health of those most in need. Together, these efforts strive to bring solace and restore a sense of normalcy to the lives of those affected by the ongoing crises.In what ways do you think Atif Aslam envisions the new initiative contributing to healthcare accessibility and public well-being and are there plans for collaboration with existing healthcare institutions or organizations to maximize impact?Atif Aslam and his wife, Sara Atif, have illuminated the path of generosity with their remarkable donation to our foundation. Their benevolence stands as a beacon, setting a commendable example for philanthropy in the realm of celebrities. Their gracious support marks a momentous milestone, making them the first celebrity donors to our noble cause. We are immensely grateful for the generous contribution of Rs.2,00,00,000/= from Atif Aslam and his wife Sara Atif towards our Free Diagnostic Lab initiative. Their vision aligns with our commitment to enhancing healthcare accessibility and public well-being. With this remarkable support, we aim to collaborate with existing healthcare institutions and organizations, fostering synergies to maximize the impact of our shared goal. Their philanthropy serves as a beacon of inspiration, reflecting a deep commitment to the welfare of our community and the transformative power of collective efforts in the realm of healthcare.How do you think celebrities and people of importance taking part and affiliating themselves with such charitable organization help to reach out more people and do more positive at large for the community?The involvement of celebrities and influential individuals in charitable organizations plays a pivotal role in amplifying the reach and impact of initiatives. Their association not only brings attention to critical causes but also inspires a wider audience to contribute towards positive change. By leveraging their influence, these figures become powerful advocates, creating a ripple effect that extends the outreach of charitable efforts. Their commitment transcends philanthropy, fostering a sense of shared responsibility and unity, ultimately empowering communities and catalyzing transformative change.What future goals and aspirations does JDC Charity have in terms of expanding its impact or introducing new initiative to address emerging needs in the community?In envisioning the future, JDC Foundation aspires to continue expanding its impact by reaching more underserved communities through innovative initiatives. Our goal is to introduce new programs that address emerging needs in healthcare, education, and social welfare. By forging partnerships, leveraging technology, and staying responsive to evolving challenges, we aim to create a sustainable and far-reaching impact, transforming lives and fostering positive change in the communities we serve.

Financial conditions are tight in major advanced economies, QNB said and noted decreased liquidity and tighter lending standards, together with higher costs of loans, have translated into lower volumes of credit, which are now contracting in real terms.Since the beginning of the Covid-pandemic, an extraordinary sequence of global shocks propelled inflation rates in advanced economies to levels not witnessed in decades.The pandemic led to lockdowns that produced constraints in supply, while loose monetary and fiscal policies fuelled demand.These pressures on prices were further elevated with the reopening of the economies as the demand for services increased and the Russo-Ukrainian war triggered a commodity shock. By mid-2022, inflation reached 9.1% in the US and a double digit record of 10.7% in the euro-area.These levels were far from the 2% targets of monetary policy, activating the alarms of central bankers, QNB said in an economic commentary.Despite some initial hesitation, central banks reacted strongly to bring inflation rates down to their targets. The European Central Bank (ECB) embarked on a record policy rate tightening cycle, increasing its main refinancing rate by 450 basis points to 4.5%. In the US, the Federal Reserve Board (FRB, or Fed) increased its policy rates by 525 bps to 5.5%.These cycles have had a significant impact on financial markets. The Financial Conditions Index provides an informative indicator of the cost of credit, by combining information of short- and long-term interest rates, as well as credit spreads.The index began a steady upward trend at the beginning of 2022, and has remained elevated since the end of last year. In addition to higher costs, the volumes of credit are contracting.In QNB’s view, tight financial conditions will persist in the US and the Euro area through the first half of 2024.In this article, QNB discusses the two main factors that support its outlook.First, despite QNB’s expectation for rate cuts by major central banks starting in Q2, 2024, high policy rates should remain in place over the coming months. Inflation rates have fallen considerably from their peaks, with headline measures close to 3% in both economies. However, to a large extent, this is accounted for by the fall in energy prices, which are driven by international events.Core inflation, which excludes the more volatile prices of goods such as food and energy, and is typically more persistent, still remains above 4%, far above the comfort zone of policy makers, favouring a wait and see approach.Central banks pay special attention to the core measure of prices given its looming persistence. Additionally, this gauge puts the spotlight on prices determined by domestic factors and better reflects underlying trends.The current levels of inflation have not been witnessed in the history of the euro-area, and since the early 1990s in the US, in a very different economic environment.Given the lack of recent experience in managing surges of prices of this magnitude, policymakers will be cautious in their timing to start cutting interest rates, QNB noted.Second, the ECB and the Fed will continue to drain liquidity in the banking systems by reverting the balance sheet expansions that were put in place during the Covid-pandemic. These policies were initially implemented due to exceptional circumstances to mitigate the consequences of the pandemic.In order to normalise its balance sheet, the Fed began its gradual reduction in June 2022, and has to date decreased its size by $1.1tn from a peak of $8.9tn.Similarly, the assets of the Eurosystem (the ECB plus the national central banks of the euro-area) have fallen by €1.8tn from their peak of €8.8tn.This process of quantitative tightening will continue through 2024, reducing the excess liquidity in the financial system and the availability of credit for firms and households.The latest bank lending surveys of the ECB and the Fed show that credit standards have continued to tighten in recent quarters at a pace comparable to episodes such as the European Sovereign Debt Crisis or the Global Financial Crisis, QNB noted.

The Western-led global economic order had a bad 2023. Surprisingly, the primary cause was not the emergence of an alternative order led by China, as some had anticipated. Instead, it was internal stress that led to more doubts around the world about its effectiveness and legitimacy.But a new international order is unlikely to emerge anytime soon. Instead, as more and more countries decide to self-insure by building alternatives to the Western-led order, the global economy risks increasing fragmentation, eroding America’s leadership role and accelerating a system-wide shift toward disorder.To be sure, doubts about the Western-led economic order began long before 2023. Over just the past 15 years, its credibility and smooth functioning have been undermined by policy missteps that resulted in a series of disruptions. These include the 2008 global financial crisis, the growing weaponisation of trade and investment sanctions, the unequal distribution of Covid-19 vaccines, central banks’ mischaracterisation of inflation as “transitory,” and the consequences of the banks’ aggressive interest-rate hikes.The multilateral system has been further undermined by its inability to tackle urgent global challenges such as climate change and overwhelming debt in the Global South. As these pressures intensify, Western-dominated institutions are increasingly viewed as ineffective and insufficiently inclusive.Two developments, in particular, have fuelled widespread frustration with the Western-led order this year. First, as is now widely documented, Russia has managed to maintain active trading relationships despite ostensibly suffocating sanctions, which restricted the country’s ability to use the SWIFT international payment system and capped the price of its oil exports. Although the ad hoc trade and payment schemes devised by Russian technocrats are far from cost-effective, they have enabled Russia to minimise the damage to its domestic economy and finance its war effort in Ukraine.Moreover, in its efforts to circumvent Western sanctions, Russia has received support from a growing (albeit still relatively small) group of countries. The limited success of the sanctions regime has eroded the belief that countries around the world have no choice but to be part of the Western-led economic order.Second, America’s role in the ongoing war between Israel and Hamas has, for many countries, exposed the hollowness of the West’s stated commitment to upholding basic human rights and their inconsistent compliance with international law.During my recent travels, I met many individuals who reiterated UN Secretary-General Antonio Guterres’s stark warnings about the lack of protections for non-combatants in Gaza, the collapse of Gaza’s health system, the record death toll among United Nations’ humanitarian staff, and the imminent threats of widespread starvation, disease, civil disorder, and another mass displacement of civilians.As US President Joe Biden recently acknowledged, millions of people around the world now believe that Israel’s response to Hamas’s attack on October 7 has gone too far, with Israel losing international support. At the most recent UN General Assembly vote on a ceasefire, 153 countries voted in favour and only ten against, with 23 abstentions.A growing number of countries have lamented the impunity with which Israel has been allowed to ignore international law and bomb civilians, including thousands of women and children. Many are horrified by the warnings of Philippe Lazzarini, Commissioner-General of the UN Relief and Works Agency for Palestine Refugees in the Near East, who has repeatedly described the current state of Gaza as “hell on Earth.”As the humanitarian crisis in Gaza continues to escalate, several countries have expressed concern that the US, by failing to restrain its closest ally, is inadvertently enabling it. The Biden administration’s decision to bypass Congress to deliver more military aid to Israel, just one day after the US vetoed a UN Security Council resolution calling for a humanitarian ceasefire in Gaza, has reinforced that perception.Regardless of one’s position on these developments, they have called into question the effectiveness and legitimacy of the Western-led international order and risk accelerating the ongoing transition from a unipolar to a multipolar global economy. As middle powers increasingly assert themselves on the world stage, they will encourage smaller Western-aligned countries to contemplate the prospect of becoming “swing states.”Western powers must confront this threat head-on. While undoing the damage that has already been done will take time, political leaders should focus on mitigating the risk of further fragmentation and forestall a rapid descent into international disorder by strengthening the existing multilateral architecture. This effort should start by reinvigorating previous reform initiatives within key institutions, starting with the International Monetary Fund and the World Bank. The primary focus should be on voice and representation, dismantling outdated appointment processes that benefit Western interests, and modernising operational procedures.These reforms are crucial to the Western-led order that has served the world well since the end of World War II. Should the current international framework be allowed to fail, it will not be replaced by a new system anchored by China but by more global disorder. Such an outcome would hurt everyone in the short term. It would also inhibit our collective ability to tackle the complex and growing long-term challenges we face. – Project SyndicatelMohamed A El-Erian, President of Queens’ College at the University of Cambridge, is a professor at the Wharton School of the University of Pennsylvania and the author of The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse (Random House, 2016) and a co-author (with Gordon Brown, Michael Spence, and Reid Lidow) of Permacrisis: A Plan to Fix a Fractured World (Simon & Schuster, 2023).

Among all the big tests facing the European Union at the close of 2023, the most important will get the least attention. With European leaders working toward an agreement on new fiscal rules governing member-state budgets, nothing less than the sustainability of Europe’s monetary union is at stake.Compared to this dry matter, other major issues on the agenda at this month’s EU Summit (December 14-15) will understandably seem more pressing. Senior officials in the EU, the United States, and Ukraine are warning that Ukraine’s ability to continue defending itself against Russia may be jeopardised if European governments and the US Congress fail to approve new military-aid packages by the end of the year.While a Ukrainian defeat would erode the EU’s credibility and potentially jeopardise its security, European leaders also must address threats from within.In fact, these problems are intertwined. Those challenging EU fiscal rules and those blocking funding for Ukraine are the same people. Led by Hungarian Prime Minister Viktor Orbán, the spoilers now include Slovakia’s new government under Robert Fico, and they may soon get a new recruit from “old Europe,” following the success of Geert Wilders’ right-wing Party for Freedom in last month’s Dutch elections. Worse, other member states may find these countries’ intransigence convenient, even if they do not say so openly.To be sure, Europe’s populist problem may seem remote from the task of drafting new fiscal rules to replace the Stability and Growth Pact, which was shelved at the start of the pandemic in 2020. After all, most populist leaders are firmly focused on immigration and have abandoned talk of leaving the eurozone and reinstating national currencies. The original threat to monetary union – and thus to the European project more broadly – came not from politicians but from bond markets, during the sovereign debt crisis of 2011-12.The good news is that calm prevails on that front, at least for now. Sharply declining inflation means that the European Central Bank may soon start reversing its interest-rate hikes, creating a more forgiving environment should European leaders fail to strengthen the monetary union with new fiscal rules.The bad news is that failure on that front is all but assured. Even if leaders narrow their differences in the coming days, a final deal will be pushed into next year, and any new fiscal rules would not enter into force before 2025.Failing to agree on new rules would be more significant than it may seem. Without progress toward correcting the eurozone’s fundamental flaw – the absence of a fiscal union – the EU will continue to sputter and struggle, like a ship with a hole beneath the waterline.That hole was partly plugged by the €750bn Covid-19 recovery fund, since renamed NextGenerationEU. The creation of an EU-level (fully federal) borrowing and funding instrument was hailed by many as Europe’s “Hamiltonian Moment,” recalling Alexander Hamilton’s consolidation of US state-level public debts under the federal government in 1790.But while Hamilton helped turn the US from a confederation into a federation, Europe devised a solution that was both incomplete and temporary. National budgets still play a crucial role in stabilising eurozone economies, each of which responds differently to normal business cycles and to abnormal shocks. To the extent that national fiscal efforts are being complemented by federal NextGenerationEU funding (Italy and Greece being the main beneficiaries), this support will expire in 2027.Moreover, there has been no effort to repeal the provisions of the Treaty of Maastricht that require national budgets to conform to identical parameters to avoid bailouts. Instead, these circles have been squared by means of a de facto ECB bailout facility (the Transmission Protection Instrument), which can assist member states if the European Commission has approved their budgets. The question, then, is what criteria the Commission should follow in offering its approval.The Commission’s own proposed fiscal rules attempt to square more circles. They would still require that national budgets trend toward the Maastricht Treaty limits on annual budget deficits and public debt – 3% and 60% of GDP, respectively. At the same time, countries may work toward those targets gradually and intermittently, with more flexibility to accommodate economic cycles.But these proposals have little support among the main players. France is highly resistant to reducing its public deficits below 3% of GDP and has no plans to do so, while Germany is politically wedded to its “debt brake,” which formally limits deficits to just 0.35% of GDP. Though it has deviated from this benchmark in practice, a recent Constitutional Court ruling narrows the scope for the government to do so in the future and will likely increase German aversion to eurozone partners’ more relaxed policies.Mario Draghi, the former ECB president who went on to serve as Italian prime minister, has also weighed in on the matter. In his NBER Feldstein Lecture this past July, he commended the Commission for the relative leniency of its proposed new rules, but faulted it for failing to marshal the public investment needed to revive Europe’s economic performance – and thus its political health.Draghi’s own proposal is to make all capital spending a permanent federal competency. But given the democratic deficit – the “stealth federalisation” – at the root of the euro project, he acknowledges that this would probably call for an explicit amendment to the European Treaties.I think Draghi is right about the fundamentals of the matter. While I personally would vote against a treaty amendment – that is, in favour of a single market without a monetary union – I may well be in the minority. Either way, this most fundamental of questions must be put to voters. Otherwise, Europe will continue to flounder.Historically, change in the EU has come only during crises. Must we suffer another one before we accept Draghi’s challenge?— Project SyndicatelBrigitte Granville, Professor of International Economics and Economic Policy at Queen Mary University of London, is the author of Remembering Inflation and What Ails France?

Over 1,000 healthcare professionals convened in Doha this week for the fifth Qatar Summit for Healthcare Management, organised by Hamad Medical Corporation’s (HMC) Corporate Quality and Patient Safety Department.The three-day summit, held in partnership with the American Society for Healthcare Risk Management, as well as Primary Health Care Corporation (PHCC), brought together healthcare professionals and experts from Qatar and the region to discuss and explore the latest findings and innovations in healthcare risk management.Under the theme of 'Navigating Risk in an Evolving Healthcare Landscape,' the conference programme highlighted the challenges and opportunities since the Covid-19 pandemic.Summit co-chairperson Dr Moza al-Ishaq, deputy chief quality officer, Quality, Risk, and Patient Safety, HMC, said: “As the healthcare industry continues to evolve, so do the challenges and opportunities in managing risks effectively. The summit was a convergence of minds dedicated to creating a safer, more secure healthcare environments for each and every one of our patients.”The programme covered topics including diversity in healthcare workforce: risks and opportunities; maximising artificial intelligence to improve patient safety; and major incident preparedness. Additionally, there were two days of educational events held prior to the summit. Speakers included experts from the US and Qatar.Summit co-chair Dr Amal al- Ali, executive director of Quality and Patient Safety PHCC, noted that the entire programme was designed to equip healthcare professionals with the latest learning and information in the field of risk management.

Airlines in the Middle East are expected to post profits of $2.6bn this year and $3.1bn in 2024 on higher revenues from good passenger load even as the region's international .text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px; }@media only screen and (max-width: 767px) {.text-box {width: 30%;} } **media[99388]** air connectivity already exceeding 105% of pre-Covid levels. Per passenger profit in the region is expected to reach $11.2 this year and $13.3 in 2024, the International Air Transport Association (IATA) said in a recent update. The region has clearly bounced back from the demand destruction caused by the Covid-19 pandemic with domestic and inbound travel reviving the region’s tourism economies. Ticket sales are fluctuating around the 2019 (pre-Covid) levels, the International Air Transport Association noted. The recovery in demand has been driven by large events in the region, according to Kamil al-Awadhi, IATA regional vice-president, (Africa and Middle East). The number of leisure visitors to the region in 2023 is expected to reach 33mn, compared with 29mn in 2019. When measured in dollar terms, the Middle East, GCC countries in particular, lead the way, in growth terms, with a 46% increase in inbound spend compared with 2019, noted the report produced in association with Tourism Economics, which was published to mark the opening of this year’s WTM London. The Middle East is also outperforming all other regions for domestic travel, which has grown by 176% since 2019, albeit from a low base. The success of the region’s recovery from the pandemic is driven by Saudi Arabia, United Arab Emirates and Qatar with their commitment to tourism showing signs of success. The report notes that some GCC countries are investing heavily in tourism infrastructure, viewing tourism development as a key strategy to diversify away from hydrocarbons reliance. Al-Awadhi emphasised that four priorities for airlines in the Middle East region are sustainability, passenger rights, clearing blocked funds and safety. The region is tracking in the first half of 2023 at 1.2 accidents per million flights—slightly higher than the global average but is tracking towards an improvement on the region’s full year 2022 performance which was 1.3 accidents per million flights. “Aviation is incredibly safe. And the performance of the region’s carriers is no exception. The goal must always to be to improve. And at these very high levels of safety performance, the best way to improve performance is through detailed data analysis,” al-Awadhi said. Through IATA’s Global Aviation Data Management (GADM) initiative, it is creating the world’s most comprehensive database for aviation safety. “We don’t yet have a comprehensive picture of the Mena region due to limited contribution by airlines from this region, but as more airlines contribute to the GADM, we will have a complete picture of safety performance and enable us to analyse trends and events that may not yet be evident. “A good example of this data at work is our analysis of GPS signal loss. We have numerous reports from carriers operating in the region on GPS signal loss, which could potentially be a result of GPS jamming or GPS signal interference. Knowing this from contributed data is helping our work with ICAO and others in finding solutions,” al-Awadhi said. Looking ahead, he said the priorities for the region’s airline industry is to see enhancement to the Contingency Co-ordination Framework, continue working with the States to ensure there exists an infrastructure that meets the needs of the airspace user with due regard to those of the provider; increasing access to more efficient and flexible routes through continued development of Civil Military coordination for the Flexible use of Airspace, further development of Free Route Airspace and Regional ATFM implementation.

The war in Gaza is having a severe impact on the Palestinian economy, the World Bank said Tuesday."The current conflict in the Middle East has left large numbers of people dead and injured, ravaged vital infrastructure in the Gaza Strip, and cast a heavy shadow on economic activity in the West Bank," the World Bank said in a report.This war will have lasting effects on the impacted populations in Gaza and the West Bank far beyond what can be captured in numbers alone, the report said, adding "Similarly, it will have a lasting impact on the Palestinian economy."Declining incomes from job loss, dwindling trade, heightened restrictions, and salary cuts are dampening growth by affecting consumption levels, the World Bank said in its report, warning that labor market impacts are making Palestinians poorer."Incomes suddenly dropped due to lack of employment, declining trade and private sector activity, increased restrictions on movement and temporary reductions in public salaries in the West Bank. Consequently, consumption the only actual engine of the Palestinian economic rebound since the COVID 19 shock is taking a deep hit," the report added."The current crisis exacerbates pre-existing structural weaknesses, and efforts by the international community to address them have had limited success. The occupation, and related restrictions, have long affected both potential and actual growth and fiscal sustainability, as well as the lack of access to resources and the control over a large portion of the territory including Area C. This has imposed binding constraints to economic activity and development long ahead of the conflict," it said."While poverty and vulnerability in Gaza are going to increase substantially, adverse welfare effects will be clearly felt across the West Bank, too. Multidimensional poverty is estimated to have skyrocketed in Gaza and could increase also in the West Bank," according to the report.A national reduction in GDP of 3.7 percentage points in 2023 suggests that all the welfare gains made in the Palestinian territories since the end of the pandemic would be erased, and that poverty at the end of 2023 would reach slightly higher levels than in 2020, at the height of COVID related economic restrictions, when it stood at 26.5 percent, the report indicated.

New Prime Minister Donald Tusk set out a pro-European Union vision for Poland and pledged strong support for Ukraine yesterday, a day after his appointment ended eight years of nationalist rule that soured relations with the EU.Presenting his government’s plans to parliament, Tusk said Poland would be a loyal ally of the United States and a committed member of Nato, and signalled his determination to mend Warsaw’s ties with Brussels after years of feuding over issues.“Poland will regain its position as a leader in the European Union...Poland will build its strength, the position it deserves,” said Tusk, later promising to “bring back billions of euros” from Brussels.The European Commission, the EU executive, put significant funds earmarked for Poland on hold when the nationalist Law and Justice (PiS) party was in power because of concerns over the rule of law.Poland has gained approval to access €5.1bn ($5.5bn) in advance payments as part of an EU programme to encourage a shift from Russian fossil fuels.But the rest of a total of €59.8bn in green transition and Covid-19 recovery funds is frozen until Warsaw rolls back a judicial overhaul implemented by PiS which critics say undermined the independence of the courts.Despite his pro-EU line, Tusk, who was also prime minister form 2007-2014, said he would oppose any changes of EU treaties that would disadvantage Poland.“Any attempts to change treaties that are against our interests are out of the question...no one will outplay me in the European Union,” said Tusk, a former president of the European Council, which groups the leaders of EU member states. Tusk, 66, also promised his government would make defence a priority and honour previously signed arms contracts. PiS came first in an October 15 election and had the first shot at forming a government, but lacked the necessary majority to do so after all other parties ruled out working with it.Tusk was expected to win a vote of confidence later yesterday, enabling his government to be sworn in by President Andrzej Duda today morning.But, in a post on X, PiS lawmaker Mariusz Blaszczak called Tusk’s speech a “festival of lies”, criticised it for lacking specific policy details and said: “This is a bad time for Poland.”The final months of Mateusz Morawiecki’s PiS government were marked by a souring of relations with Kyiv, mainly over Warsaw’s extension of a ban on Ukrainian grain imports.With concerns growing in Kyiv about its Western allies’ commitment to funding its defence against Russia’s invasion, Tusk said Poland would advocate for continued support.“We will...loudly and decisively demand the full mobilisation of the free world, the Western world, to help Ukraine in this war,” he said.Ukraine also faces the possibility that Hungary will not give the green light for it to start EU accession talks at a Brussels summit this week.Ties between Warsaw and Kyiv have been strained by a protest by Polish truckers who have blocked some border crossings in a dispute over Ukrainian trucking firms’ access to the EU.

The sun-drenched coral islands and reefs of the Maldives are in existential danger. With 80% of the country’s population living just one metre above sea level, many islands could become uninhabitable as climate change causes the ocean’s level to rise. By the end of this century, half a million people could be displaced. The Maldives is confronting this threat with a range of innovative adaptation initiatives, from restoring coral reefs to floating solar-power systems. But survival does not come cheap.The Maldives earns much of its revenues from high-end tourism. So, like many other countries, it was hit hard by the Covid-19 pandemic, which brought much global travel to a halt. But in 2021, when restrictions were loosened, a powerful tourism rebound fuelled robust economic recovery in the Maldives, with the promise of a return to pre-pandemic growth by 2023.That recovery was interrupted by two successive credit-ratings downgrades – first from Moody’s and then from Fitch – which caused borrowing costs to rise sharply. The last bonds the Maldives issued in 2021 carried a coupon rate of 9.875% and a yield of 10.5%. Since then, bond yields have surpassed 20% – a reflection of investors’ perceptions of higher risk. As a result, the Maldives has effectively been locked out of international markets. It has not issued a bond to finance its development programmes since 2021.The Maldives isn’t alone. During the pandemic, 11 of the 16 Small Island Developing States (SIDS) – which are particularly vulnerable to climate change – that are rated faced a downgrade or a negative credit outlook by at least one of the big three credit-ratings agencies (CRAs): Moody’s, Fitch, and Standard & Poor’s. This is catastrophic for economic-development and climate-adaptation efforts.The use of credit ratings as the ultimate measure of a country’s creditworthiness has long been recognised as a threat to financial stability, particularly in the Global South. Downgrades have an enormous impact, triggering sell-offs and market volatility at precisely the moment countries can least afford it. Yet the credit-ratings industry itself is neither transparent nor competitive.A recent UNDESA study found that during the pandemic, emerging-market and developing economies’ credit ratings were downgraded by a total of 125 notches, whereas advanced economies – which both contracted and accumulated debt more rapidly – were downgraded by only six notches. This probably partly reflects the fact that the big three CRAs are largely staffed and regulated in the Global North.Moreover, rating decisions are often shaped by ideological biases – such as the belief that government intervention in the economy automatically undermines growth and efficiency – instead of the factors that matter for debt sustainability: economic and social development, as well as climate resilience. Sovereign credit assessments capture climate-related risks indirectly, through environmental, social, and governance (ESG) scores, but efforts to build climate resilience are ignored, despite their important implications for debt sustainability.The SIDS are among the world’s most highly indebted countries: their public-debt-to-GDP ratio averaged 82.5% in 2020, and is set to remain above 70% until 2025. Climate change is an important reason why. As a 2018 study by the United Nations Environment Programme showed, climate vulnerability raised the average cost of debt for a sample of developing economies by 117 basis points over the previous decade, forcing them to pay $40bn in additional interest payments. Some have predicted that, over the coming decade, this burden will increase by $146-168bn.This would prove catastrophic for the SIDS. If these countries are to stay above water (literally), they must be able to invest in the building blocks of sustainable growth and development: people, infrastructure, energy, and food security. But their debt-servicing costs are already massive – far bigger than the limited climate finance delivered through global agreements. From 2016 to 2020, SIDS received $9.42bn in development and climate finance to strengthen their resilience, and paid out $26.6bn to external creditors.Making matters worse, the SIDS have few options for restructuring their debts – not least because of ratings downgrades. Notably, countries participating in the G20’s Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative face the threat of a downgrade. Small wonder, then, that only three eligible countries have so far applied for relief under the Common Framework. Downgrading countries while they try to renegotiate their debts – nearly half of which is held by private bondholders – amounts to a devastating blow, as it compounds the already-high barriers between them and international credit markets.Secure, prosperous, climate-resilient states are clearly better for the rest of the world – including private creditors and advanced-economy governments – than unstable, debt-ridden countries enduring extensive human and environmental dislocation and loss. If credit ratings are to remain a market barometer, they must be made transparent, fair, and constructive.To this end, the Office of the UN High Commissioner for Human Rights has rightly called for the suspension of credit ratings during crises. CRAs should also suspend the publication of reviews during periods of upheaval, to allow markets to adjust to changing fundamentals.CRAs’ ideological biases and lack of transparency could be addressed by decentralising them or establishing regional or multilateral ratings agencies. Finally, CRAs should share guidance on how climate risks and adaptation efforts fit into their methodologies, particularly when it comes to rating sovereigns.Just as the credit-ratings system in the United States was reformed after the 2008 global financial crisis through the Dodd-Frank Act, CRAs must be improved in response to the challenges SIDS are now facing. Plagued by fires and floods linked to a climate crisis they had no hand in creating, these countries deserve support, not punishment. — Project Syndicate* Emily Wilkinson is a senior research fellow and Director of the Resilient and Sustainable Islands Initiative at ODI, a global affairs think tank.* Kanni Wignaraja, United Nations Assistant Secretary-General, is UN Development Programme Regional Director for Asia and the Pacific.

Katerina vividly recalls the day a younger boy from a nearby school pressed a knife to her friend's throat.Underage crime in Greece is on the rise, official data shows, presenting authorities with a challenge they have never faced at this level before."He can't have been over 14 years old -- my friend was cracking jokes, he didn't take him seriously at first," said the 16-year-old girl in the capital Athens, who asked to be interviewed under a false name."That boy peeled off from a group of 20 kids and demanded my friend's cellphone," she said, recalling the event two years later.According to police figures, robbery with violence committed by minors aged 13 to 17 rose from 62 in 2000 to over 470 in 2020, while homicides more than doubled from seven to 16, and rapes increased fivefold from six to 32.With school brawls breaking out on a regular basis, police minister Giannis Oikonomou was summoned to parliament on November 6 to address the issue.He said a "culture of violence" was growing among youths in Greece, with often "shocking" results.- 'Failure of family' –"It reflects a failure of family, of school, of society in general," Oikonomou said, adding that police had arrested around 1,300 youths for various crimes and misdemeanours in September."It is particularly worrying that the average age of perpetrators is falling," Oikonomou said.Experts and officials blame factors including Greece's near-decade economic crisis, and the coronavirus lockdown, for the spread of youth alienation that countries such as Britain, France and Germany are already familiar with.France in 2020 recorded 357 youth gang incidents compared to 288 the previous year, and the interior ministry has identified 74 gangs around the country, 46 just in the Paris region.In Britain, the Children's Commissioner in 2019 estimated that 27,000 children in England alone identified as gang members.Germany, where nationwide figures are harder to come by, has also been shocked by teen killings in recent years.School bullying in Greece is also turning nastier and more frequent, with cases making headlines every week.A study in March supervised by the European Antibullying Network found that one in three Greek school children among nearly 3,000 polled had suffered bullying -- mainly at the ages of 13 and 14, and primarily directed at girls, migrants and those from single-parent families.One in six also said they felt their school was not providing adequate instruction against bullying.Much of the violence goes unreported."Nobody calls the police -- you don't want to get in trouble," Katerina said.In June, eight minors were convicted of gang raping a 15-year-old boy in the western Athens district of Ilion.In September, a 16-year-old boy threw a lit flare into a classroom in Langadas, near Thessaloniki.And in November, three teenage girls were arrested for beating a classmate in a schoolyard in the Athens district of Peristeri.- Children 'closed off' –In addition to the 2010-2018 economic crisis that shook the nation, Covid restrictions and the influence of social media are seen as key factors."The economic crisis, and the pandemic crisis immediately afterwards, played a major role in children being closed off and feeling very uncomfortable without their friends," Nestor Courakis, a criminology expert and professor of law at the University of Nicosia in Cyprus, told AFP."The result is that they went online, with all that entails in terms of isolation, depression and negative influences," he said. "Youths have become more familiarised with violence.""But the situation is not out of control," Courakis insisted.Katerina's mother, who also declined to give her name, said the working-class Athens district where the family lives was hit hard by the economic crisis."And teens experience economic hardship more than adults do," she said.She also blames the growing influence of trap, a subgenre of hip-hop featuring lyrics that detractors say promote violence and objectify women."They play trap even at parties in our local primary school, for children younger than nine," she said.The government says it has doubled the number of psychologists and social workers at schools to 3,200, and a law passed in March foresees additional training to around 125,000 teachers nationwide.