FPM Officials Lift Bank Secrecy

FILE PHOTO: A general view shows a street hosting banks and financial institutions, known as Banks Street, in Beirut Central District, Lebanon September 28, 2018. REUTERS/Jamal Saidi/File Photo
FILE PHOTO: A general view shows a street hosting banks and financial institutions, known as Banks Street, in Beirut Central District, Lebanon September 28, 2018. REUTERS/Jamal Saidi/File Photo
TT

FPM Officials Lift Bank Secrecy

FILE PHOTO: A general view shows a street hosting banks and financial institutions, known as Banks Street, in Beirut Central District, Lebanon September 28, 2018. REUTERS/Jamal Saidi/File Photo
FILE PHOTO: A general view shows a street hosting banks and financial institutions, known as Banks Street, in Beirut Central District, Lebanon September 28, 2018. REUTERS/Jamal Saidi/File Photo

A decision by the Free Patriotic Movement (FPM) to lift banking secrecy off its officials’ accounts was met with both support and criticism. Legal experts noted that the move could remain unenforceable and incomplete as long as Lebanese laws did not allow for the absolute removal of banking secrecy and link it to certain cases.

Member of the FPM’s Strong Lebanon bloc MP Eddy Maalouf said: “Following the position of President Michel Aoun and within the context of the measure taken by FPM Chief Minister Gebran Bassil two years ago by lifting the bank secrecy off his bank accounts, all FPM deputies and Ministers signed a letter, ratified by notary publics, to lift bank secrecy off their bank accounts.”

Maalouf made his comments following a meeting of the bloc on Monday.

He stressed that the main goal was to establish a system of laws relating to corruption, which would include “the recovery of looted funds, lifting immunity and banking secrecy, [referring cases to] the Court for Financial Crimes and the National Anti-Corruption Commission, in order to recover looted funds and grants and hold the corrupt and thieves accountable.”

However, the FPM move might not be feasible, according to the head of Justicia Foundation, Dr. Paul Morcos.

He noted that Article 2 of the Banking Secrecy Act protected the customer from any exposure to his/her privacy, unless he/she issued a clear, specific and direct permission for this purpose.

The solution to this matter, according to Morcos, is the issuance of “a new law amending the bank secrecy law currently in force to include the lifting of bank secrecy automatically off the accounts of all officials, whether MPs, ministers or other officials and the accounts of their close relatives.”



Europe Discards Arsenal and Liverpool Shift Focus to EPL Title Race

 Liverpool's manager Jurgen Klopp takes his hat off to Liverpool supporters at the end of the Europa League quarterfinal, second leg, soccer match between Atalanta and Liverpool at the Stadio di Bergamo, in Bergamo, Italy, Thursday, April 18, 2024. (AP)
Liverpool's manager Jurgen Klopp takes his hat off to Liverpool supporters at the end of the Europa League quarterfinal, second leg, soccer match between Atalanta and Liverpool at the Stadio di Bergamo, in Bergamo, Italy, Thursday, April 18, 2024. (AP)
TT

Europe Discards Arsenal and Liverpool Shift Focus to EPL Title Race

 Liverpool's manager Jurgen Klopp takes his hat off to Liverpool supporters at the end of the Europa League quarterfinal, second leg, soccer match between Atalanta and Liverpool at the Stadio di Bergamo, in Bergamo, Italy, Thursday, April 18, 2024. (AP)
Liverpool's manager Jurgen Klopp takes his hat off to Liverpool supporters at the end of the Europa League quarterfinal, second leg, soccer match between Atalanta and Liverpool at the Stadio di Bergamo, in Bergamo, Italy, Thursday, April 18, 2024. (AP)

What will it take to win the English Premier League with six games remaining? That’s easy — perfection.

Manchester City, Arsenal and Liverpool — all eliminated from their European competitions this week — are locked in a tight battle for the title.

Defending champion City leads both rivals by two points but with Pep Guardiola’s team playing an FA Cup semifinal against Chelsea on Saturday, Arsenal and Liverpool can gain ground.

“If you want to be champion in the Premier League, you have to be close to perfection,” Liverpool manager Jurgen Klopp said on Friday ahead of a visit to Fulham on Sunday.

“Anything other than perfect, you have to deal with the setbacks in the best possible way. That’s what we are now doing. We had a setback week,” he said. “Now we have to start turning it around.”

Arsenal, too.

Mikel Arteta’s team gets first crack at retaking the league lead when it visits Wolverhampton on Saturday.

Arsenal lost at home to Aston Villa 2-0 last Sunday and was eliminated from the Champions League by Bayern Munich on Wednesday.

“We don’t have to talk too much, it’s about showing against Wolves what we are made of to turn this situation around and it can look really positive,” Arteta said on Friday.

The second-place Gunners lead Liverpool on goal difference.

Like Arsenal, Klopp’s team lost ground to City last Sunday by losing at home to Crystal Palace 1-0. That was days after a surprise 3-0 loss to Atalanta at Anfield in the Europa League quarterfinals. The Reds won the second leg 1-0 in Bergamo but were still knocked out.

“The boys know that I don’t tell them things which I don’t believe in, and I’m 100% sure we can really win all the football games we have from now on,” Klopp said.

“If we would win all of our games, yeah, there’s a good chance that we will be champion. If not, then there’s a good chance somebody else is there. Maybe we only have to win five or whatever. Nobody knows. Who would have thought that Arsenal lose against Aston Villa? It just happens.”

City, bounced from the Champions League by Real Madrid on Wednesday, doesn’t play a Premier League game again until Thursday at Brighton.


Dick Van Dyke Earns Historic Daytime Emmy Nomination at Age 98

2020 Kennedy Center honoree, actor Dick Van Dyke attends the 43nd Annual Kennedy Center Honors at The Kennedy Center on Friday, May 21, 2021, in Washington. (AP)
2020 Kennedy Center honoree, actor Dick Van Dyke attends the 43nd Annual Kennedy Center Honors at The Kennedy Center on Friday, May 21, 2021, in Washington. (AP)
TT

Dick Van Dyke Earns Historic Daytime Emmy Nomination at Age 98

2020 Kennedy Center honoree, actor Dick Van Dyke attends the 43nd Annual Kennedy Center Honors at The Kennedy Center on Friday, May 21, 2021, in Washington. (AP)
2020 Kennedy Center honoree, actor Dick Van Dyke attends the 43nd Annual Kennedy Center Honors at The Kennedy Center on Friday, May 21, 2021, in Washington. (AP)

Dick Van Dyke is vying for a historic Daytime Emmy at age 98.

The actor was nominated Friday as guest performer in a daytime drama series for his part as amnesiac Timothy Robicheaux on Peacock’s “Days of Our Lives.”

Van Dyke is the oldest Daytime Emmy nominee. Producer Norman Lear was 100 when he received his final Primetime Emmy nomination in 2022 and died the next year.

Among those Van Dyke is up against is Australian actor Guy Pearce of Amazon Freevee’s “Neighbours.”

Van Dyke has won four Primetime Emmys, including three in the 1960s for his classic comedy series “The Dick Van Dyke Show.”

Actor-singer Selena Gomez is nominated in the culinary series category for her Food Network special “Selena + Chef: Home for the Holidays.” Also nominated in that category is Food Network’s “Valerie’s Home Cooking,” the show hosted by actor Valerie Bertinelli that ended last year.

The lead actress nominees are: Tamara Braun of “Days of Our Lives,” Finola Hughes and Cynthia Watros of “General Hospital,” Katherine Kelly Lang and Annika Noelle of “The Bold and the Beautiful” and Michelle Stafford of “The Young and the Restless.”

The lead actor nominees are: Eric Braeden of “The Young and the Restless,” Scott Clifton, Thorsten Kaye and John McCook of “The Bold and the Beautiful” and Eric Martsolf of “Days of Our Lives.”

The Daytime Emmys will be presented June 7 in Los Angeles and air live on CBS. The show is returning to its usual schedule after being postponed until last December because of strikes by Hollywood actors and writers. The hosts and Lifetime Achievement honorees will be announced later.


Not a Toddler, Not a Parent, but Still Love ‘Bluey’? You’re Not Alone

This image released by Disney+ shows a scene from the television series "Bluey." (Disney+ via AP)
This image released by Disney+ shows a scene from the television series "Bluey." (Disney+ via AP)
TT

Not a Toddler, Not a Parent, but Still Love ‘Bluey’? You’re Not Alone

This image released by Disney+ shows a scene from the television series "Bluey." (Disney+ via AP)
This image released by Disney+ shows a scene from the television series "Bluey." (Disney+ via AP)

A small blue dog with an Australian accent has captured the hearts of people across the world.

She’s the title character of “Bluey,” a kids’ program consisting of seven-minute episodes that have enraptured children and adults alike. This week’s release of its longest episode yet — at a whopping 28 minutes — prompted an outpouring of appreciation for the show, even from those who are neither toddler nor parent.

“Bluey” follows an Australian blue heeler who, along with her sister (a red heeler named Bingo), navigates the days between home and school. It’s a favorite among children for its playful humor, but it also appeals to adults reminiscing about childhood.

“My childhood experience wasn’t the greatest, so I’ve always resonated with shows where life is good,” says Miriam Neel, who lives in Colorado. “The parents in ‘Bluey’ enable imagination and creativity and really get involved with their kids, and I wish I had those experiences.”

Neel is 32 and has chosen not to have any children of her own. She says the show has become part of her morning routine and is often a go-to choice for background noise when she is working from home.

“I’m not going to speak for the entire generation, but millennials find comfort in cartoons. It’s what a lot of us grew up watching,” she said. “And if I’m going to spend time watching something I’d rather watch something that doesn’t make me afraid of the world, like any of the ‘Law & Order’ shows.”

“Bluey,” which now boasts more than 150 episodes, premiered in Australia in 2018 and began streaming on Disney+ in 2020. It also has been adapted into a digital series where famous fans like Bindi Irwin and Eva Mendes read some of the popular storybooks, and a live theater show that travels around the world.

The show has also won multiple awards, including the Australian Film Institute Award for best children’s television drama every year since 2019 and an International Emmy Kids Award.

The series provides a child’s perspective into morning routines, errands and chores, while also giving viewers a glimpse of what life is like for parents through mother Chilli and father Bandit.

This week’s special episode, “The Sign,” explores the emotions surrounding themes that resonate with both children and adults — moving houses, marriage, infertility and relationships after divorce. In addition to these universal themes, the episode wraps up the third season with Easter eggs for dedicated fans.

Lindsey Schmidt, 40, says the show’s continuity keeps her family looking forward to more.

“There are so many callbacks to previous episodes,” says Schmidt, who lives in Ohio with her husband and three children. “The shows that we watch with our kids regularly don’t reflect our lives like this show does. These anthropomorphic dogs feel just like us.”

But there are mixed feelings about the ending of the episode — SPOILER — in which the Heeler family scraps their move. Some families who relocate often for work found it unrealistic. Meg Korzon, 31, is in the process of a cross-country relocation with her four children because her husband is in the military. It’s her seventh move in 10 years.

“I was hoping it would be an episode that aligned itself with the realities of life, our lives, as a military family,” she says. “I was selfishly disappointed because it could have been an episode about change and growth.”

But the show does not shy away from other difficult topics — and that is part of the charm for adults as well.

“As a parent you aspire to be as good of parents as Chilli and Bandit are as parents. They always have a great way of talking kids through issues,” Schmidt’s 40-year-old husband John says, adding that the couple often refers back to episodes when trying to explain things to their children.

The series has touched on topics of aging, death and making friends as an adult. It also has introduced a character who uses sign language and another with ADHD.

Jacqueline Nesi, an assistant professor of psychiatry and human behavior at Brown University, notes that “Bluey” promotes self-regulation and conflict resolution for children and engaged parenting and patience for adults.

“We see them working through some of the challenges that we, as parents, might be facing, too. And at the same time, they offer a nice model for different parenting skills — asking open-ended questions to facilitate kids’ creativity, using natural consequences when they misbehave, actively playing with them and letting them take the lead,” she says.

The show has also done a lot to expose children to the world of animation, flaunting different styles in the episodes “Escape” and “Dragon,” providing a near-voiceless episode in “Rain,” and breaching the fourth wall in “Puppets,” where the show stops briefly to zoom out on the creation of just a couple seconds of animated frames.

It’s also credited with appealing to dogs — and not because the characters are the same species.

Research has said dogs have vision similar to red-green color blindness in humans, meaning their color spectrum is limited to blue, yellow, brown and shades of gray — which happen to be the colors of the Heeler family. There were more pets named Bluey, Bingo, Chilli and Bandit across the US last year, too, according to Rover.

So it’s fairly safe to say “Bluey” has appeal across species, as well as generations.

“I used to tell people what do ‘The Sopranos,’ ‘The Wire’ and ‘Breaking Bad’ have in common? They all have lower IMDb scores than Bluey. It used to anyway. I watched all these great shows, but I think ‘Bluey’ is still a favorite, maybe because I have kids. But I put it right up there with all of them,” John Schmidt says, admitting that he and his wife have watched the episodes without their children.

Schmidt says the episode tied a nice bow to end the season, and would be a perfect series finale otherwise.

“I get emotional about the potential of Bluey no longer having new episodes,” says Schmidt. “But we’ll see.”


Egypt Calls on Iran and Israel to Exercise Restraint

FILED - 19 October 2023, Egypt, Cairo: Egyptian Minister of Foreign Affairs Sameh Shoukry speaks during a press conference at Tahrir Palace. Photo: Stringer/dpa
FILED - 19 October 2023, Egypt, Cairo: Egyptian Minister of Foreign Affairs Sameh Shoukry speaks during a press conference at Tahrir Palace. Photo: Stringer/dpa
TT

Egypt Calls on Iran and Israel to Exercise Restraint

FILED - 19 October 2023, Egypt, Cairo: Egyptian Minister of Foreign Affairs Sameh Shoukry speaks during a press conference at Tahrir Palace. Photo: Stringer/dpa
FILED - 19 October 2023, Egypt, Cairo: Egyptian Minister of Foreign Affairs Sameh Shoukry speaks during a press conference at Tahrir Palace. Photo: Stringer/dpa

Egyptian Foreign Minister Sameh Shoukry on Saturday urged both Iran and Israel to exercise restraint amid high tensions in the Middle East.
Shoukry said “we are concerned about ongoing escalation in the region.
Separately, Shoukry said Egypt would host a Turkish delegation to prepare for a visit by Egyptian President Abdel Fattah al-Sisi to Türkiye in the near future.
Open fighting began April 1 with the suspected Israeli killing of Iranian generals at an Iranian diplomatic compound in Syria. That prompted Iran's retaliatory barrage last weekend of more than 300 missiles and drones that the US, Israel and regional and international partners helped bat down without significant damage in Israel. And then came Friday's apparent Israeli strike that hit near military and nuclear targets deep in the heart of Iran.


Kit Harington Leans into Playing a Bad Guy in ‘Blood for Dust’

 This image released by The Avenue shows Kit Harington in a scene from the film "Blood for Dust." (The Avenue via AP)
This image released by The Avenue shows Kit Harington in a scene from the film "Blood for Dust." (The Avenue via AP)
TT

Kit Harington Leans into Playing a Bad Guy in ‘Blood for Dust’

 This image released by The Avenue shows Kit Harington in a scene from the film "Blood for Dust." (The Avenue via AP)
This image released by The Avenue shows Kit Harington in a scene from the film "Blood for Dust." (The Avenue via AP)

Kit Harington jumped at the chance to sport what he calls a “proper ‘stache” to play a drug-running killer in “Blood for Dust.”

The “Game of Thrones” actor — who confirmed a Jon Snow-centered sequel is on ice — stars in the new film alongside Scoot McNairy and Josh Lucas. It hits theaters and digital this week.

Harington, 37, will also play a role in the third season of HBO’s finance drama “Industry,” expected to air later this year. He spoke to The Associated Press recently about trusting directors, joining the show's cast and how his facial hair helped explain his character.

AP: The quiet, ominous tone of this movie was carried through well. How did you know the script would translate the way it did?

HARINGTON: I think a lot of this is a sort of personality gauge business where you meet the director and you hear his or her vision for it. And with (director Rod Blackhurst) I definitely felt that I was in safe hands, and it turned out I was. He had really thought this thing out. I saw that and felt that he was going to be able to deliver on what I thought was a classic story, but quite a well-told sort of American neo-Western.

AP: Your large mustache definitely added to the character of Ricky. Was that your choice?

HARINGTON: Yeah, I think that’s kind of Ricky to have a proper ‘stache. It’s a statement thing and it says everything about him. That he’s sort of all appearance and show. It says quite a lot about the character. I knew there’s gonna be very few times I was going to be able to have a handlebar mustache in something, so I jumped at the chance.

AP: The film exposes an underworld of criminals. Did that attract you to the role?

HARINGTON: We all, in life, have glimpsed through the curtain and seen this world. I’m always sort of fascinated by what a character is addicted to. What drives him? In some ways, Scoot’s character is not innocent in this movie. He gets drawn back to his old addictions and the art of this movie, and the skill of it that Rod manages to get across, is that we kind of forgive him all of that. Because we look this way at Ricky. We look this way at these guys. But we forgive this guy for what he’s doing and his part of that.

AP: Ricky is a criminal, but Cliff (McNairy’s character) has also been disloyal and skirted the law. Did you enjoy the tension between what is right and who’s to judge?

HARINGTON: Ricky is the hero in his own movie, and I think he’s the one who sees it in this guy. He’s like, “You’re not so different from me. Don’t pretend that you are. Just come with me and enjoy the ride.” We spoke about that a lot, like Ricky is dragging him back into this. Back into this story, back into this world, because he’s like, “You don’t get to get out. I’m going to make sure we go for one last kick-ass ride in this, and I’m going to take you with me.” It’s that kind of mentality.

AP: Can you talk about your role on the new season of “Industry”?

HARINGTON: I love that show. I kind of came into it as a bit of a fanboy. And that’s a strange thing for me, because I’d always been in “Game of Thrones” where people would come in and they’d be fans of the show. This time I was coming in as this older actor and as a fan of their show. It was really exciting. It’s just brilliant. The first episode is just mesmerizing and you’re straight back in it. I just think it’s one of the most unique, interesting, tonally exciting pieces out there.

AP: Are you watching “3 Body Problem” (created by “Thrones” creators David Benioff and D.B. Weiss) ... because those are your guys?

HARINGTON: I’ve watched the first two episodes now and I’m thoroughly enjoying it. I really am. It took me all of my courage to sit down and watch other people speaking their words. It took a certain amount of courage to do that in a weird sort of way. But once I was in that, I was like, “Oh, these lucky actors, these brilliant writers!” and I love it.


Roma Unhappy with Rescheduling of Interrupted Udinese Match

AS Roma's supporters cheer during the UEFA Europa League quarter-finals, 2nd leg soccer match between AS Roma and AC Milan in Rome, Italy, 18 April 2024. (EPA)
AS Roma's supporters cheer during the UEFA Europa League quarter-finals, 2nd leg soccer match between AS Roma and AC Milan in Rome, Italy, 18 April 2024. (EPA)
TT

Roma Unhappy with Rescheduling of Interrupted Udinese Match

AS Roma's supporters cheer during the UEFA Europa League quarter-finals, 2nd leg soccer match between AS Roma and AC Milan in Rome, Italy, 18 April 2024. (EPA)
AS Roma's supporters cheer during the UEFA Europa League quarter-finals, 2nd leg soccer match between AS Roma and AC Milan in Rome, Italy, 18 April 2024. (EPA)

AS Roma said Serie A's decision to schedule the remaining 18 minutes of their suspended fixture against Udinese for April 25 is unfair as it puts the club at a disadvantage in their Europa League semi-final against Bayer Leverkusen.

The April 14 match at Udinese was suspended in the second half after Roma defender Evan Ndicka collapsed on the pitch and Serie A said the remainder would be played on Thursday.

Roma are also scheduled to play Bologna and Napoli this week before hosting Bayer Leverkusen on May 2 in the first leg of their Europa League semi-final.

"AS Roma with its results and four consecutive European semi-finals contributed to UEFA ranking and thus five slots for Italian teams in the next edition of the Champions League," the club said on Friday.

"Despite that, (Serie A) President (Lorenzo) Casini took today an unfair decision, as it holds, against AS Roma forcing us to face Bayer 04 Leverkusen at disadvantage," it added.

"This is a clear backwards step for the whole of Italian football."


Saudi Arabia, a Center for Spreading Culture of Economic Reforms Globally

Saudi Arabia was chosen as a knowledge center due to its pioneering experience over the past years. (SPA)
Saudi Arabia was chosen as a knowledge center due to its pioneering experience over the past years. (SPA)
TT

Saudi Arabia, a Center for Spreading Culture of Economic Reforms Globally

Saudi Arabia was chosen as a knowledge center due to its pioneering experience over the past years. (SPA)
Saudi Arabia was chosen as a knowledge center due to its pioneering experience over the past years. (SPA)

Saudi Arabia and the World Bank Group announced on Friday their intention to establish a knowledge center in the Kingdom as part of their efforts to spread the culture of economic reforms globally.

Speaking in Washington, Saudi Minister of Commerce Dr. Majid Al-Qasabi said this step emphasizes the great progress the Kingdom has achieved in global competitiveness reports and indicators, thanks to economic reforms implemented with the support and directives of Prince Mohammed bin Salman, Crown Prince and Prime Minister.

He added that the center will pave the way for further regional and global cooperation in the areas of competitiveness and will allow benefiting from Saudi Arabia’s abilities to implement economic reforms and from the World Bank’s experience that extends for more than 50 years.

The World Bank has chosen Saudi Arabia as the knowledge center to spread the culture of economic reforms in view of its pioneering experience over the past seven years, during which the Kingdom successfully applied an integrated business model that achieved its desired goals.

A founding committee, which includes the Ministries of Finance and Economy and Planning and relevant government agencies, is participating in preparations to establish the center.

In Washington, Al-Qasabi held meetings with Ajay Banga, President of the World Bank Group, and senior experts to discuss the latest initiatives to facilitate cross-border trade by simplifying customs procedures and regulations.


Venezuela’s Main Opposition Bloc Agrees on Candidate to Challenge Maduro in Presidential Election

HANDOUT - 16 April 2024, Venezuela, Caracas: Venezuelan President Nicolas Maduro speaks at a virtual meeting of the Community of Latin American and Caribbean States (CELAC). Photo: Marcelo Garcia/Prensa Miraflores/dpa
HANDOUT - 16 April 2024, Venezuela, Caracas: Venezuelan President Nicolas Maduro speaks at a virtual meeting of the Community of Latin American and Caribbean States (CELAC). Photo: Marcelo Garcia/Prensa Miraflores/dpa
TT

Venezuela’s Main Opposition Bloc Agrees on Candidate to Challenge Maduro in Presidential Election

HANDOUT - 16 April 2024, Venezuela, Caracas: Venezuelan President Nicolas Maduro speaks at a virtual meeting of the Community of Latin American and Caribbean States (CELAC). Photo: Marcelo Garcia/Prensa Miraflores/dpa
HANDOUT - 16 April 2024, Venezuela, Caracas: Venezuelan President Nicolas Maduro speaks at a virtual meeting of the Community of Latin American and Caribbean States (CELAC). Photo: Marcelo Garcia/Prensa Miraflores/dpa

Venezuela's main opposition coalition agreed Friday to unite behind former diplomat Edmundo González as its challenger to President Nicolás Maduro in this summer's election, acting one day before the deadline to formalize its candidate.
The decision was reached unanimously by the 10 parties in the Unitary Democratic Platform, Omar Barboza, the coalition's executive secretary, said after a five-hour meeting that included discussions of other possible candidates, The Associated Press said.
The bloc had been allowed to provisionally register González on March 26 after the government came under a wave of criticism when opposition leaders said they were blocked from registering their candidate of choice. Saturday was the deadline to make his candidacy final.
The opposition group needed to replace its first candidate, María Corina Machado, who easily won a primary organized by the bloc in October but was barred by the government from running after the ruling party-controlled State Comptroller's Office disqualified her from holding public office for 15 years.
Maduro’s administration has cracked down on the opposition before the July 28 presidential election despite promises to pave the way to fair elections in exchange for sanctions relief. The Biden administration on Wednesday reimposed crushing oil sanctions, criticizing Maduro's moves.
The governments of Colombia and Brazil also have expressed concern, and Guatemalan President Bernardo Arévalo accused Maduro’s government of “consolidating an anti-democratic system.”
Venezuelan Foreign Minister Yvan Gil has called the criticism a “gross interference in matters that only concern Venezuelans.”
Maduro, a self-proclaimed socialist leader. officially launched his candidacy last month for a third term that would last until 2031.
The election is likely to have more than 10 candidates, but except for the main opposition coalition, none are expect to pose a threat to Maduro’s power base.


'Halving' Arrives for Bitcoin Miners

A man walks past a bitcoin poster in Hong Kong on April 15, 2024. DALE DE LA REY / AFP
A man walks past a bitcoin poster in Hong Kong on April 15, 2024. DALE DE LA REY / AFP
TT

'Halving' Arrives for Bitcoin Miners

A man walks past a bitcoin poster in Hong Kong on April 15, 2024. DALE DE LA REY / AFP
A man walks past a bitcoin poster in Hong Kong on April 15, 2024. DALE DE LA REY / AFP

The bitcoin market on Friday engineered the "halving" of the reward for operating the cryptocurrency, a much-anticipated step designed to limit production and boost the digital money.
"The 4th #Bitcoin halving is complete!," announced cryptocurrency exchange Binance on X, the former Twitter.
"The countdown has been reset -- see you in 2028."
Bitcoin is created as a reward when computers solve complex puzzles to decide which miner wins the privilege to validate the block -- and receive the reward in bitcoins, AFP said.
However, since the digital currency's launch in 2009, the reward has been halved for every 210,000 blocks in a process called halving.
With one block validated roughly every ten minutes, this critical industry event occurs just under every four years.
The reward, which was fixed since May 2020 at 6.25 bitcoins per new block, has now fallen to 3.125 bitcoins.
Bitcoin was conceived in 2008 by a person or group writing under the pseudonym Satoshi Nakamoto.
The halving process slows the rate at which new bitcoins are created, thereby restricting supply.
The reward amount has been trimmed over time, via halving, to implement Nakamoto's overall global limit of 21 million bitcoins.
But this ceiling is due to be reached by 2040.
Controlling supply
"The primary purpose of halving is to control bitcoin's supply," City Index analyst Matthew Weller said in a research note ahead of the event.
"By slowing the rate at which new bitcoins are created, halving helps to maintain scarcity and potentially increase the cryptocurrency's value, assuming demand remains steady or increases," he added.
The price of bitcoin has blazed a record-breaking trail on the prospect of reduced supplies, as well as big moves toward greater trading accessibility.
Bitcoin has rocketed by 50 percent in value since the start of the year, climaxing last month at a record $73,797. Prices have fallen in recent days.
"This is the first time that bitcoin beat the previous historical record before the halving has even taken place," said eToro analyst Simon Peters, noting there had been a pullback in recent days.
Commercial bitcoin mining companies operate thousands of computers in huge hangers or warehouses, consuming large amounts of electricity at a vast cost.

Halving therefore represents a major survival test for such companies because it slashes their main income source.
Reduced margins
Faced with the prospect of reduced margins, bitcoin players have invested heavily in cutting-edge new computers, in tandem with an efficiency drive which in particular seeks to slash energy costs.
In addition, some mining companies will have to "turn off some of their machines to cut costs, which equates to fewer bitcoins being created," said Manuel Valente, founder of cryptoasset investment group Coinhouse.
"And if the price of bitcoin goes down, their profitability decreases" further, he told AFP.

Halving therefore exposes the weakest bitcoin mining firms, and could potentially spark a fresh wave of sector consolidation in a survival of the fittest, commentators say.
At around 0030 GMT, after the halving had taken place, the price of bitcoin was up 0.7 percent at $63,467.46.


People from Myanmar Flee into Thailand after Clashes in Key Border Town

Thai soldiers and members of the media take cover near the 2nd Thailand-Myanmar Friendship Bridge during fighting on the Myanmar side between the Karen National Liberation Army (KNLA) and Myanmar's troops, which continues near the Thailand-Myanmar border, in Mae Sot, Tak Province,  Thailand, April 20, 2024. REUTERS/Soe Zeya Tun
Thai soldiers and members of the media take cover near the 2nd Thailand-Myanmar Friendship Bridge during fighting on the Myanmar side between the Karen National Liberation Army (KNLA) and Myanmar's troops, which continues near the Thailand-Myanmar border, in Mae Sot, Tak Province, Thailand, April 20, 2024. REUTERS/Soe Zeya Tun
TT

People from Myanmar Flee into Thailand after Clashes in Key Border Town

Thai soldiers and members of the media take cover near the 2nd Thailand-Myanmar Friendship Bridge during fighting on the Myanmar side between the Karen National Liberation Army (KNLA) and Myanmar's troops, which continues near the Thailand-Myanmar border, in Mae Sot, Tak Province,  Thailand, April 20, 2024. REUTERS/Soe Zeya Tun
Thai soldiers and members of the media take cover near the 2nd Thailand-Myanmar Friendship Bridge during fighting on the Myanmar side between the Karen National Liberation Army (KNLA) and Myanmar's troops, which continues near the Thailand-Myanmar border, in Mae Sot, Tak Province, Thailand, April 20, 2024. REUTERS/Soe Zeya Tun

About 1,300 people have fled from eastern Myanmar into Thailand, officials said Saturday, as fresh fighting erupted at a border town that has recently been captured by ethnic guerillas.
Fighters from the Karen ethnic minority last week captured the last of the Myanmar army’s outposts in and around Myawaddy, which is connected to Thailand by two bridges across the Moei River, The Associated Press said.
The latest clashes were triggered in the morning when the Karen guerillas launched an attack against Myanmar troops who were hiding near the 2nd Thai-Myanmar Friendship Bridge, a major crossing point for trade with Thailand, said police chief Pittayakorn Phetcharat in Thailand's Mae Sot district. He estimated about 1,300 people fled into Thailand.
Thai officials reported people had started crossing since Friday following clashes in several areas of Myawaddy.
The fall of Myawaddy is a major setback for the military that seized power from the elected government of Aung San Suu Kyi in 2021. Myanmar’s once-mighty armed forces have suffered a series of unprecedented defeats since last October, losing swathes of territory including border posts to both ethnic fighters, who have been fighting for greater autonomy for decades, and pro-democracy guerrilla units that took up arms after the military takeover.
The clashes, involving drone attacks from the Karen forces and airstrikes by the Myanmar military, had subsided by noon Saturday compared to the morning, but Mae Sot police chief Pittayakorn Phetcharat said he could still hear sporadic gunshots. He said Thai authorities would move people fleeing into a safer area.
Footage from the Thai border showed Thai soldiers maintaining guard near the bridge with sounds of explosions and gunshots in the background. People with children walked across the bridge with their belongings and were received by Thai officials on the river bank. Several are seen taking shelter in buildings along the river bank on the Myanmar side.
Thailand’s Prime Minister Srettha Thavisin wrote on the social media platform X on Saturday that he was closely monitoring the situation at the border.
“I do not desire to see any such clashes have any impact on the territorial integrity of Thailand and we are ready to protect our borders and the safety of our people. At the same time, we are also ready to provide humanitarian assistance if necessary,” he wrote.
In March, Thailand delivered its first batch of humanitarian assistance to Myanmar for about 20,000 displaced people.
Nikorndej Balangura, a spokesman of the Ministry of Foreign Affairs, told reporters on Friday that Thailand is currently working to expand its aid initiative.