US dollar makes strong start to 2023 after months-long slump

 The US dollar posted gains against nearly all its major peers as trading kicked off in 2023 after a seasonal holiday lull.

Only the Japanese yen proved stronger than the greenback among Group-of-10 currencies, with the pound, euro and Swiss franc falling sharply. That saw the Bloomberg dollar spot index climb as much as 0.9%, putting it on track for its best day since mid-December.

Traders said the moves were exacerbated by thin liquidity. But it was also a reminder that the dollar’s decline in recent months — which is broadly expected to keep going this year — will not be a one-way move.

“From a re-balancing perspective, the US dollar ended the year a bit overdone,” said Geoff Yu, senior currency strategist at Bank of New York Mellon. That implies “a bit of recovery flow happening almost by default.”

The Bloomberg spot index fell 6.8% between October and December 2022 as traders slashed long-dollar positions, its worst quarterly performance for more than a decade. While Yu sees further weakness, he’s “highly skeptical” that the Federal Reserve can cut interest rates this year, which could help temper a longer-term drop.

Traders will scour new data this week for clues on the state of the US economy. Signs were building last year that an aggressive cycle of rate hikes was starting to bring down red-hot inflation, though wage gains remain strong, suggesting higher rates for longer.

The Australian dollar led losses against the greenback, down 1.4% to 0.6707. The yen bucked the trend to advance, reflecting bets on tighter policy from the Bank of Japan after its surprise December decision to tweak its yield curve control settings.

The currency pared gains in European hours to trade up 0.2% at 130.59, after earlier appreciating nearly 1% to the strongest since early June. With Japanese financial markets still shut for new-year holidays, currency flows doubled since the London open, according to Ian Tew, head of G-10 currency spot trading for EMEA at Barclays Plc.

“We’re looking at an uncertain 2023 and many macro themes will dictate market narratives — today feels like an unwind of short-term December positions, rather than anything fundamental to start the year,” Tew said. “The overwhelming flow has been for yen calls in the option space, but we have also seen dollar demand from hedge funds.”

Source: bloomberg.com

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US unveils new border curbs for Haitians, Cubans, Nicaraguans

 Joe Biden says new rules allowing asylum seekers to be returned to Mexico aim to reduce arrivals at US southern border.

The United States has announced that it will turn back migrants and refugees from Nicaragua, Haiti, and Cuba who try to enter the country without permits at the border with Mexico. The announcement was made as part of efforts to stem the arrival of migrants and refugees.

The US will accept up to 30,000 people per month from these countries, along with Venezuela, and will provide them with two-year work authorization if they have sponsors in the US and pass background checks. However, anyone who tries to irregularly cross the border will be ineligible for the program and will be returned to Mexico. Mexico has agreed to take back 30,000 people per month from Venezuela, Cuba, Nicaragua, and Haiti.

The new policy announced by the United States marks a significant change in US immigration rules, and it will remain in place even as the US Supreme Court considers ending a border expulsion policy called Title 42, which allows authorities to quickly expel asylum seekers without offering them a chance to seek protection.

The new policy includes a program that could allow 360,000 people from Cuba, Nicaragua, Venezuela, and Haiti to enter the US annually, which has been viewed as a positive aspect of the policy. The US has seen an increase in the number of asylum seekers arriving at its southern border with Mexico, which has led to pressure on the Biden administration by Republican politicians who argue that the administration is not doing enough to secure the border.

The Biden administration has tried to deter migrants and refugees from arriving at the border while also defending Title 42 in court, despite criticism from rights groups who say the measure puts asylum seekers’ lives at risk.

The United States has seen an increase in the number of asylum seekers arriving at its southern border with Mexico. The arrivals are driven by various factors including gang violence, political turmoil, environmental disasters, and socioeconomic crises. Rights advocates argue that US deterrence policies have done little to reduce the number of arrivals.

Data from US Customs and Border Protection shows that border authorities have used Title 42, a border expulsion policy, to turn away more than 2.5 million migrants and refugees since it was first invoked by former President Donald Trump in March 2020. The policy was intended to prevent the spread of COVID-19, but the US Centers for Disease Control and Prevention stated in April 2020 that it was no longer necessary on public health grounds.

The policy was set to be rescinded, but a US federal judge ordered in November 2020 that it be lifted. The US Supreme Court has agreed to consider whether Republican-led states can challenge the end of the policy, leaving it in place for the time being. President Joe Biden will travel to the southern border in Texas on Sunday to meet with local officials and discuss their needs.

He will also visit Mexico City on Monday to meet with North American leaders. Some Republican governors, led by Greg Abbott in Texas, have been sending busloads of migrants and refugees to Democratic-run cities in an effort to “share the burden” of arrivals in US border communities. Critics have described the policy as inhumane and a political stunt that puts people in danger.

SOURCE: AL JAZEERA AND NEWS AGENCIES

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Violence breaks out as Mexico arrests son of ‘El Chapo’ Guzman

 Cartels have sometimes unleashed violence on cities in retaliation for the arrest of prominent cartel figures.

Mexican authorities have arrested Ovidio Guzman, the son of imprisoned drug lord Joaquin “El Chapo” Guzman, according to multiple news sources. In response, alleged cartel members set cars on fire and carjacked residents in the city of Culiacan in Sinaloa province on Wednesday night and into Thursday.

It is not clear what sparked the violence, but such actions are sometimes taken in response to the arrest of a cartel member. The mayor of Culiacan has advised citizens not to leave their homes due to the blockades that have occurred in different parts of the city.

After the arrest of his father, Ovidio Guzman became an important figure in the Sinaloa Cartel and was briefly detained by Mexican authorities in October 2019. In response, gunmen started shooting throughout the city and Ovidio Guzman was released, which was seen as a setback for the administration of Mexican President Andres Manuel Lopez Obrador.

In a press conference on Thursday, Lopez Obrador acknowledged that there were ongoing operations in Culiacan but did not provide further details. Unverified footage on social media appears to show gunfire and a helicopter in Culiacan, and the airport has suspended operations until Thursday evening. Municipal employees have also been told to suspend work.

The arrest of Ovidio Guzman, a son of imprisoned drug lord Joaquin “El Chapo” Guzman, has led to a wave of violence in the city of Culiacan, Sinaloa province in Mexico. Cars were set on fire and residents were carjacked by alleged cartel members, and the city has issued a warning for citizens not to leave their homes due to the violence.

The cause of the violence is not yet known, but such actions often occur following the arrest of a cartel member. In October 2019, Ovidio Guzman was briefly detained by Mexican authorities, leading to a similar wave of violence in the city.

The Mexican government has struggled to deal with the power and violence of drug cartels in the country, and President Andres Manuel Lopez Obrador has been criticized for relying on the military to address the issue. Rights groups have raised concerns about abuses by the military and the removal of civilian control over the National Guard.

SOURCE: AL JAZEERA AND NEWS AGENCIES

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Kenyan LGBTQ activist Edwin Chiloba found dead in metal box

 Discrimination against LGBTQ people is common in Kenya, which still has a 14-year jail term for gay sex.

Kenyan police have discovered the body of prominent LGBTQ rights campaigner Edwin Chiloba stuffed inside a metal box in the west of the country, according to local media sources.

Motorbike taxi riders alerted police after they saw the box dumped by the roadside from a vehicle with a concealed number plate, The Standard and The Daily Nation newspapers reported on Friday, quoting police sources.

Chiloba’s remains were found on Tuesday near Eldoret town in Uasin Gishu county, where he ran his fashion business, independent rights group the Kenya Human Rights Commission (KHRC) said.

“He was brutally killed & dumped in the area by unknown assailants,” KHRC said on Twitter. “It is truly worrisome that we continue to witness escalation in violence targeting LGBTQ+ Kenyans.”

Kenya National Police Service spokesperson Resila Onyango said she would comment at a later time. Uasin Gishu County Commander Ayub Gitonga Ali declined to comment.

“Words cannot even explain how we as a community are feeling right now. Edwin Chiloba was a fighter, fighting relentlessly to change the hearts and minds of society when it came to LGBTQ+ lives,” GALCK+, a Kenyan gay rights group, said on Twitter.

Under a British colonial-era law, gay sex in Kenya is punishable by 14 years in prison. The law is rarely enforced but discrimination is common.

Research suggests acceptance of homosexuality is gradually increasing in Kenya, but it remains a taboo subject for many. The country’s film board has banned two films for their portrayals of gay lives in recent years.

Last June, a number of queer Kenyan men told Al Jazeera that they had developed a phobia of public hospitals and were willing to try risky alternatives, because of targeted discrimination by doctors.

SOURCE: AL JAZEERA AND NEWS AGENCIES

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US Congress – McCarthy elected House Speaker after 15 ballots

 Kevin Owen McCarthy, Congressman-elect from the 29th district of California has been elected in a dramatic fashion to become Speaker of the 118th Congress of the United States.

On Friday January 6, on the second anniversary of the insurrection, the United States Congress came the closest it has ever been to fisticuffs when the in-coming Chairman of the House Armed Services Committee Mike Rogers from Alabama.

Before the 14th ballot, Congressman Matt Gaetz considered the leader of the rebellious, “never-Kevin” House Republicans had apparently given his word to McCarthy that he would vote ‘present’ to lower the threshold for him to win the Speakership with less than 218 votes, which had eluded McCarthy for the previous 13 ballots.

As the roll was called alphabetically, Gaetz did not respond and waited to be the last person to be recalled. At the time, with McCarthy having garnered 215 votes would have been elected Speaker had Gaetz kept his word.

But he voted against McCarthy to the chagrin of fellow Republicans who literally surrounded him to convince him to change his vote, which he refused.

Instead, he insisted on an Adjournment vote which was carried out and concluded. But shortly before the vote closed, drama unfolded.

The House camera happened to be trained on McCarthy speaking with Gaetz. It is not certain what was said but McCarthy scrambled to the voting desk holding a red card to change his vote from ‘yay’ to ‘nay’ against adjournment.

Several other Republicans consequently changed their votes to defeat the Adjournment, paving the way for the 15th ballot.

In the final analysis, the final vote tally on the 15th ballot recorded 216 Republican votes for McCarthy, 212 Democratic votes to Hakeem Jeffries and six ‘present’ votes.

In the ensuing protocol for McCarthy to assume his Speaker role, the new Minority Leader Hakeem Jeffries had to formally hand over the Speaker’s gavel to the New Leader since majority was shifting from the Democrats to the Republicans.

McCarthy opened his speech by quipping “That was easy, wasn’t it” in references to the historic 15 ballots that it took to get elected.

“Hakeem, I gotta warn you; two years ago, I received 100% of my Conference votes.” McCarthy joked in a signal to the new Minority Leader that his may have received 100% of his votes today, but when the time comes for him to be voted Speaker of the House, he might face a similar dilemma.

McCarthy spoke to his counterpart Hakeem Jeffries saying “I promise our debate will be passionate, but they will not be personal – I make that commitment to you.”

Although the Congressional session began on the second anniversary of the insurrection, McCarthy was elected when the clock had past midnight onto the 7th day of January.

DNT News, USA

Guinea-Bissau renames stadium after Pele

 The Estadio da Rocha in Guinea-Bissau’s second city Bafata is to be renamed the King Pele after the late Brazilian football icon, the country’s government has decided.

The stadium – which is home to Sporting Clube de Bafata – is the second African ground to be renamed in honour of Pele, following a call from Fifa’s president Gianna Infantino that countries around the world should make such a change.

Guinea-Bissau’s near neighbour and fellow Lusophone country Cape Verde announced that their national venue would be named the Pele Stadium on Wednesday.

“As an expression of the public recognition of his status as the King of World Football, the Council of Ministers decided to name the regional stadium of Bafata ‘King Pele’,” a government statement said.

The statement also explicitly said the decision was “in response to the appeal of the president of Fifa.”

BBC Sport Africa has been told that Ghana’s National Sports Authority is also considering renaming one of its stadiums.

Pele is credited with scoring a world record 1,281 goals in 1,363 appearances during a 21-year career, including 77 goals in 92 matches for his country, and was named Fifa’s Player of the Century in 2000.

Source: BBC

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Biden Honors 12 ‘Heroes’ with Presidential Citizens Medal on Anniversary of Capitol Riots

Capitol police officer Brian Sicknick, who died after being beaten by rioters on Jan. 6, 2021, will receive the award posthumously along with several others who've helped defend democracy

Two years after the attempted insurrection at the U.S. Capitol, the White House is honoring a group of civilians — including Capitol and Metro police officers, election workers, and state and local officials — “who made exemplary contributions” to American democracy amid the rioting.

President Joe Biden will host a ceremony at the White House Friday to award the Presidential Citizens Medal to 12 people who have “performed exemplary deeds of service for their country or their fellow citizens,” the administration said in a release.

Among those to be awarded Friday are Capitol police officers Harry Dunn and Caroline Edwards, who responded to the breach of the building on Jan. 6. The rioting occurred after thousands of Donald Trump supporters gathered to hear the then-president give a disgruntled speech outside the White House, amid his baseless claims that election fraud resulted in his 2020 loss to Biden.

As Congress met to certify the votes of the Electoral College inside the Capitol, Trump instructed his supporters to “march” and “fight like hell” in support of his failed efforts to overturn the election results.

“We fight like hell and if you don’t fight like hell, you’re not going to have a country anymore,” he said just moments before the group stormed the Capitol, forcing the evacuations of lawmakers — including Trump’s own vice president — as shots were reported inside.

Five people, including U.S. Capitol police officer Brian Sicknick (who will be honored posthumously on Friday), died as a result of the violent clash between pro-Trump rioters and law enforcement.

Edwards sustained a brain injury during the attack, later testifying before an investigative House committee that she was “slipping” in fellow officers’ blood during the chaos.

“It was something like I had seen out of the movies,” she said. “I could not believe my eyes. There were officers on the ground. They were bleeding. They were throwing up. I saw friends with blood all over their faces. I was slipping in people’s blood. I was catching people as they fell. It was carnage. It was chaos.”

Dunn, meanwhile, faced racial slurs and harassment from rioters as he worked to defend the building.

Other current and former officers to be honored Friday include Michael Fanone, Eugene Goodman, Aquilino Gonell and Daniel Hodges.

Friday’s ceremony marks the first time President Biden has awarded the Citizens Medal.

A House committee’s investigation of the deadly rioting recently ended with the release of dozens of documents and testimonies that outline the events leading up to that day.

The committee officially recommended that the Department of Justice Lay four criminal charges against Trump, including conspiracy to defraud the government and inciting an insurrection.

Dunn and Edwards, who are being honored Friday, were among those to testify before the committee. In his testimony, Dunn argued that both the rioters and those who sent them should be punished, saying, “If a hitman is hired and he kills somebody, the hitman goes to jail. But not only does the hitman go to jail, but the person who hired them does.”

Dunn continued: “There was an attack carried out on Jan. 6th and a hitman sent them. I want you to get to the bottom of that.”

Meanwhile, Trump and many of his allies have continued promoting the lie that helped spur the chaos: that the 2020 election he lost was actually stolen from him and his voters.

The impact of those continued false claims has been felt especially by election workers — both at the federal. state and local levels.

Ruby Freeman and Shaye Moss, former Georgia poll workers who were targeted by Trump by name, have been on the receiving end of death threats and harassment since the former president falsely accused them of bringing “suitcases” full of fake ballots into a polling place.

Speaking to the Jan. 6 committee, Freeman said: “I’ve lost my name, I’ve lost my reputation, I’ve lost my sense of security, all because a group of people, starting with 45 and his ally Rudy Giuliani, deciding to scapegoat me and my daughter, to push their own lies about how the presidential election was stolen.”

Freeman and Moss, who are mother and daughter, will be honored by Biden on Friday as well, along with others who worked to safeguard election results.

Michigan Secretary of State Jocelyn Benson, who continued to defend her state’s election results even as armed protestors showed up outside her home, will received the award, as will former Arizona House Speaker Rusty Bowers, a Republican who resisted pressure to overturn his state’s election results. Both Benson and Bowers also received the 2022 JFK Profile in Courage award.

Al Schmidt, a Republican city commissioner on the Philadelphia Board of Elections, will also be honored after receiving several threats in the wake of the 2020 election. Schmidt testified that one of those threats said: “Tell the truth or your three kids will be fatally shot,” along with the names of his children, his address, and a photo of his home.

Source: people.com/

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