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Chinese borrowers default in echoes of 2008 financial crash | World | News

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China is facing a severe economic crisis as a record number of borrowers face defaults in echoes of the 2008 global financial crash.

Defaults by Chinese borrowers have surged to an unprecedented level since the Covid pandemic as the country faces huge economic challenges.

Official records now show a staggering 8.54 million people in China, primarily between the ages of 18 and 59, are officially blacklisted for missing payments on various financial obligations, ranging from home mortgages to business loans.

This figure has sharply risen from 5.7 million defaulters in early 2020, as lockdowns and economic restrictions stemming from the pandemic significantly impacted economic growth and household incomes.

The surge in defaults, equivalent to about one per cent of working-age Chinese adults, poses a considerable risk to the world economy.

Making the situation worse for individuals, China also does not have any personal bankruptcy laws, intensifying the financial and social repercussions of escalating debt.

READ MORE: UK sees surge in pneumonia cases after ‘mystery’ outbreak of illnesses hits China

Under Chinese law, blacklisted defaulters face restrictions on numerous economic activities, including purchasing plane tickets and making payments through popular mobile apps like Alipay and WeChat Pay.

The economic strain is also visible in the surge of household debt, which almost doubled over the past decade to 64 percent of the Gross Domestic Product (GDP) in September. Wage growth has either stalled or turned negative amid the economic downturn, making financial obligations increasingly challenging for many Chinese consumers.

The economic challenges extend to the job market, with youth unemployment reaching a record 21.3 percent in June. Authorities have even stopped reporting this data.

Financial institutions are also feeling the pressure, with China Merchants Bank reporting a 26 percent increase in bad loans from credit card payments that were 90 days overdue in 2022 compared to the previous year.

As the number of defaults rises, legal experts have proposed introducing personal bankruptcy laws to provide relief for individual insolvencies.

However, the lack of transparency regarding personal finances means implementing such measures is near impossible. Government officials and other interest groups will block these policies, fearing the exposure of corruption.

Adding to China’s challenges, a recent pneumonia outbreak further strains the nation. The Department of Health recorded 182,721 cases as of November 11, surpassing the 158,307 cases reported from January to October last year.

This economic crisis also unfolds against a backdrop of escalating tensions in the region, with Taiwan set to elect a new President, further complicating geopolitical dynamics in the Asia-Pacific region.



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Horror on train as woman sexually assaulted during rush hour – police release new CCTV | World | News

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Police have released a CCTV image after a woman was sexually assaulted on a busy train during rush hour on April 15. The terrifying attack happened on a train running between Leeds and Huddersfield in West Yorkshire during rush hour.

The grainy still shows a man with dark hair and a beard wearing black top with a silver zip and carrying a white JD Sports bag over his left shoulder. British Transport Police, which monitors the rail network for England, Wales and Scotland, said it believes the man “may have information which could help with their investigation”.

In a statement, the British Transport Police (BTP) said: “Do you recognise this man?

“Officers investigating a sexual assault on board a train between Leeds and Huddersfield have today released this image in connection.

“Shortly after 7pm on Tuesday, April 15, a man sexually assaulted a woman on the service. Officers believe the man in the image may have information which could help with their investigation.”

The statement added: “Anyone who recognises him is asked to contact British Transport Police by texting 61016 or by calling 0800 40 50 40, quoting reference 25 of 16 April.

“Alternatively, you can contact Crimestoppers anonymously on 0800 555 111.”

BTP officers cover over 10,000 miles of railway and 3,000 stations and depots. The force also polices the London Underground, Docklands Light Railway, West Midlands Metro, Tramlink, part of the Tyne and Wear Metro, Glasgow Subway and the London Cable Car.



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‘Realistic possibility’ Israel was behind Iran blast which killed 8 and injured 800 | World | News

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Israel was probably behind the huge blast in Iran which killed eight people and injured 800. The explosion at Bandar Abbas occurred as the Islamic regime began a third round of nuclear talks with the United States in Oman. But its target is thought to have been a store of rocket fuel imported from China and bound for Yemen.

Authorities in Tehran moved quickly to deny any implication of sabotage, officially explaining that the accident was caused by a small fire which reached an “open container of chemicals”. Videos showed a huge billowing mushroom cloud, and the force of the blast destroyed a nearby building and shattered windows. Injured people lay on the roadside as authorities declared a state of emergency at hospitals across Bandar Abbas to cope with the influx of wounded.

However, early analysis suggests the explosion may have destroyed between 10,000 and 50,000 litres of liquid rocket fuel or related volatile propellants – a significant blow to Iran’s proxy supply chains.

Iran has increasingly relied on covert imports of rocket fuel components from China to bypass sanctions, with typical shipments delivering up to 20,000–25,000 litres per ISO tank container disguised as industrial chemicals.

Tel Aviv, for its part, has a history of targeting Iran’s rocket fuel facilities through suspected sabotage attacks. The most notable examples are the Khojir explosion of June 2020 and the Parchin site blast of May 2022.

Most analysts suspect the Khojir attack involved planting a shaped explosive charge inside or adjacent to a critical fuel storage or mixing facility, causing catastrophic secondary explosions. Both attacks were designed to resemble accidents, and both dealt major blows to Iran’s missile propellant capabilities.

Bandar Abbas serves as a key logistics hub for smuggling operations, including the type of liquid propellant used in Iranian ballistic missiles and larger drones sent to the regime’s last fully functioning proxy force – Ansar Allah, better known as the Houthi rebels.

Iranian security officials say “any speculation about the cause of the explosion is worthless”.

However, the regime’s silence may be a calculated attempt not to upset the United States, as Tehran seeks desperately needed sanctions relief through a new nuclear deal.

Donald Trump has already launched air strikes in Yemen in response to Houthi efforts to hold international shipping on the Red Sea to ransom, in protest against Israeli actions in Gaza.

Meanwhile, the US President is currently embroiled in a bitter trade war with China.

Israel, meanwhile, had become increasingly frustrated at the possibility that US-Iran talks could leave Tehran with a functioning nuclear infrastructure. It has, futhermore, been forced to refrain from launching direct air strikes against Iran’s nuclear facilities by Trump, who has indicated he wants to wait until the talks are concluded.

Regional experts at the Sibylline strategic risk group said there was “a realistic possibility that the explosion is a result of sabotage by a state actor,” though they did not specify Israel by name.

“In case of Iranian authorities blaming Israel, the risk of Iranian covert attacks in the form of kinetic sabotage or cyber attacks against Israeli and Israeli-affiliated targets will increase in the coming weeks,” they said in a report on the incident.

“However, Iran is currently unlikely to openly target the US, to avoid a breakdown of nuclear talks and US strikes against it.”



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Vancouver LIVE: ‘Bodies everywhere’ as car rams through crowd killing multiple people | World | News

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Multiple people are dead after a car drove into a crowd in Vancouver, Canada, in the early hours of Sunday morning (BST). The incident occurred at a street festival in the city. Multiple others have been left injured.

Vancouver Police confirmed that a “number of people” have been killed and “multiple others” injured, adding that the driver, a 30-year-old man from Vancouver, has been detained.

Eyewitness Yoseb Vardeh, a food truck operator, said he heard “an engine rev” before looking down the road and seeing “bodies everywhere”. “He went through the whole block, he went straight down the middle,” he told Postmedia. 

The Police statement said: “A number of people have been killed and multiple others are injured after a driver drove into a crowd at a street festival at E. 41st Avenue and Fraser shortly after 8 p.m. tonight.

“The driver is in custody.

“We will provide more information as the investigation unfolds.”

FOLLOW OUR LIVE BLOG BELOW FOR UPDATES.



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Chinese borrowers default in echoes of 2008 financial crash | World | News

CHANNEL TODAY BROADCASTING CORPORATION

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China is facing a severe economic crisis as a record number of borrowers face defaults in echoes of the 2008 global financial crash.

Defaults by Chinese borrowers have surged to an unprecedented level since the Covid pandemic as the country faces huge economic challenges.

Official records now show a staggering 8.54 million people in China, primarily between the ages of 18 and 59, are officially blacklisted for missing payments on various financial obligations, ranging from home mortgages to business loans.

This figure has sharply risen from 5.7 million defaulters in early 2020, as lockdowns and economic restrictions stemming from the pandemic significantly impacted economic growth and household incomes.

The surge in defaults, equivalent to about one per cent of working-age Chinese adults, poses a considerable risk to the world economy.

Making the situation worse for individuals, China also does not have any personal bankruptcy laws, intensifying the financial and social repercussions of escalating debt.

READ MORE: UK sees surge in pneumonia cases after ‘mystery’ outbreak of illnesses hits China

Under Chinese law, blacklisted defaulters face restrictions on numerous economic activities, including purchasing plane tickets and making payments through popular mobile apps like Alipay and WeChat Pay.

The economic strain is also visible in the surge of household debt, which almost doubled over the past decade to 64 percent of the Gross Domestic Product (GDP) in September. Wage growth has either stalled or turned negative amid the economic downturn, making financial obligations increasingly challenging for many Chinese consumers.

The economic challenges extend to the job market, with youth unemployment reaching a record 21.3 percent in June. Authorities have even stopped reporting this data.

Financial institutions are also feeling the pressure, with China Merchants Bank reporting a 26 percent increase in bad loans from credit card payments that were 90 days overdue in 2022 compared to the previous year.

As the number of defaults rises, legal experts have proposed introducing personal bankruptcy laws to provide relief for individual insolvencies.

However, the lack of transparency regarding personal finances means implementing such measures is near impossible. Government officials and other interest groups will block these policies, fearing the exposure of corruption.

Adding to China’s challenges, a recent pneumonia outbreak further strains the nation. The Department of Health recorded 182,721 cases as of November 11, surpassing the 158,307 cases reported from January to October last year.

This economic crisis also unfolds against a backdrop of escalating tensions in the region, with Taiwan set to elect a new President, further complicating geopolitical dynamics in the Asia-Pacific region.



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World

Horror on train as woman sexually assaulted during rush hour – police release new CCTV | World | News

CHANNEL TODAY BROADCASTING CORPORATION

Published

on


Police have released a CCTV image after a woman was sexually assaulted on a busy train during rush hour on April 15. The terrifying attack happened on a train running between Leeds and Huddersfield in West Yorkshire during rush hour.

The grainy still shows a man with dark hair and a beard wearing black top with a silver zip and carrying a white JD Sports bag over his left shoulder. British Transport Police, which monitors the rail network for England, Wales and Scotland, said it believes the man “may have information which could help with their investigation”.

In a statement, the British Transport Police (BTP) said: “Do you recognise this man?

“Officers investigating a sexual assault on board a train between Leeds and Huddersfield have today released this image in connection.

“Shortly after 7pm on Tuesday, April 15, a man sexually assaulted a woman on the service. Officers believe the man in the image may have information which could help with their investigation.”

The statement added: “Anyone who recognises him is asked to contact British Transport Police by texting 61016 or by calling 0800 40 50 40, quoting reference 25 of 16 April.

“Alternatively, you can contact Crimestoppers anonymously on 0800 555 111.”

BTP officers cover over 10,000 miles of railway and 3,000 stations and depots. The force also polices the London Underground, Docklands Light Railway, West Midlands Metro, Tramlink, part of the Tyne and Wear Metro, Glasgow Subway and the London Cable Car.



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Continue Reading

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‘Realistic possibility’ Israel was behind Iran blast which killed 8 and injured 800 | World | News

CHANNEL TODAY BROADCASTING CORPORATION

Published

on


Israel was probably behind the huge blast in Iran which killed eight people and injured 800. The explosion at Bandar Abbas occurred as the Islamic regime began a third round of nuclear talks with the United States in Oman. But its target is thought to have been a store of rocket fuel imported from China and bound for Yemen.

Authorities in Tehran moved quickly to deny any implication of sabotage, officially explaining that the accident was caused by a small fire which reached an “open container of chemicals”. Videos showed a huge billowing mushroom cloud, and the force of the blast destroyed a nearby building and shattered windows. Injured people lay on the roadside as authorities declared a state of emergency at hospitals across Bandar Abbas to cope with the influx of wounded.

However, early analysis suggests the explosion may have destroyed between 10,000 and 50,000 litres of liquid rocket fuel or related volatile propellants – a significant blow to Iran’s proxy supply chains.

Iran has increasingly relied on covert imports of rocket fuel components from China to bypass sanctions, with typical shipments delivering up to 20,000–25,000 litres per ISO tank container disguised as industrial chemicals.

Tel Aviv, for its part, has a history of targeting Iran’s rocket fuel facilities through suspected sabotage attacks. The most notable examples are the Khojir explosion of June 2020 and the Parchin site blast of May 2022.

Most analysts suspect the Khojir attack involved planting a shaped explosive charge inside or adjacent to a critical fuel storage or mixing facility, causing catastrophic secondary explosions. Both attacks were designed to resemble accidents, and both dealt major blows to Iran’s missile propellant capabilities.

Bandar Abbas serves as a key logistics hub for smuggling operations, including the type of liquid propellant used in Iranian ballistic missiles and larger drones sent to the regime’s last fully functioning proxy force – Ansar Allah, better known as the Houthi rebels.

Iranian security officials say “any speculation about the cause of the explosion is worthless”.

However, the regime’s silence may be a calculated attempt not to upset the United States, as Tehran seeks desperately needed sanctions relief through a new nuclear deal.

Donald Trump has already launched air strikes in Yemen in response to Houthi efforts to hold international shipping on the Red Sea to ransom, in protest against Israeli actions in Gaza.

Meanwhile, the US President is currently embroiled in a bitter trade war with China.

Israel, meanwhile, had become increasingly frustrated at the possibility that US-Iran talks could leave Tehran with a functioning nuclear infrastructure. It has, futhermore, been forced to refrain from launching direct air strikes against Iran’s nuclear facilities by Trump, who has indicated he wants to wait until the talks are concluded.

Regional experts at the Sibylline strategic risk group said there was “a realistic possibility that the explosion is a result of sabotage by a state actor,” though they did not specify Israel by name.

“In case of Iranian authorities blaming Israel, the risk of Iranian covert attacks in the form of kinetic sabotage or cyber attacks against Israeli and Israeli-affiliated targets will increase in the coming weeks,” they said in a report on the incident.

“However, Iran is currently unlikely to openly target the US, to avoid a breakdown of nuclear talks and US strikes against it.”



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Vancouver LIVE: ‘Bodies everywhere’ as car rams through crowd killing multiple people | World | News

CHANNEL TODAY BROADCASTING CORPORATION

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Multiple people are dead after a car drove into a crowd in Vancouver, Canada, in the early hours of Sunday morning (BST). The incident occurred at a street festival in the city. Multiple others have been left injured.

Vancouver Police confirmed that a “number of people” have been killed and “multiple others” injured, adding that the driver, a 30-year-old man from Vancouver, has been detained.

Eyewitness Yoseb Vardeh, a food truck operator, said he heard “an engine rev” before looking down the road and seeing “bodies everywhere”. “He went through the whole block, he went straight down the middle,” he told Postmedia. 

The Police statement said: “A number of people have been killed and multiple others are injured after a driver drove into a crowd at a street festival at E. 41st Avenue and Fraser shortly after 8 p.m. tonight.

“The driver is in custody.

“We will provide more information as the investigation unfolds.”

FOLLOW OUR LIVE BLOG BELOW FOR UPDATES.



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