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Photos: Cuba holds May Day celebrations amid US threats | Protests News

Cuban electrical and petroleum workers have marched in Havana to celebrate International Workers’ Day, or May Day, as the government pledges to stand firm against growing US pressure which is further straining the economy.

Ninety-four-year-old former leader Raul Castro and President Miguel Diaz-Canel took part in the celebrations in the capital on Friday, while the administration of US President Donald Trump announced further sanctions.

A White House statement said the sanctions would target those involved in the security services, along with “material supporters of the Cuban government”. The statement added, without evidence, that the Caribbean island serves as a “safe haven for transnational terrorist groups” such as the Lebanese armed group Hezbollah.

A US energy blockade has already battered the country’s struggling economy and contributed to widespread energy blackouts.

“We are living through difficult times,” said Yunier Merino Reyes, an accountant with the Electric Union who joined Friday’s march to celebrate his colleagues. “We are carrying out a very tough, arduous and relentless effort — day and night — to provide electricity to the people who need it,” he told the Associated Press.

The Trump administration has frequently threatened Cuba with military attacks in addition to greater economic pressure.

“Today Cuba demonstrated once again that this people does not give up, and that we will defend our homeland tooth and nail, even though we want peace,” Milagros Morales, a 34-year-old Havana resident who took part in the march, told Reuters.

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Joy and desire for change as Gaza’s Deir el-Balah holds elections | Elections News

Deir el-Balah, Gaza – Early this morning, Salama Badwan, his wife and daughter headed to a polling station in Deir el-Balah, central Gaza, to participate in the municipal elections, which are taking place for the first time since 2006.

The 43-year-old said he was delighted to be casting a vote after such a long absence, and overjoyed that his daughter, who recently turned 18, could vote for the first time in her life.

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The vote is also the first since a “ceasefire” took effect in Israel’s genocidal war against Palestinians in the Gaza Strip. The war has affected all aspects of life, including the electoral process itself. With many of Deir el-Balah’s buildings damaged or destroyed during the war, polling stations have been set up in temporary fibreglass tents on open land.

“I am very happy today, because this is a truly Palestinian democratic celebration. Many generations have been deprived of it for more than 21 years, and today my daughter is voting for the first time,” Badwan told Al Jazeera.

For him, the importance of the elections is providing Palestinians in Gaza with a chance to achieve change through peaceful and democratic means.

“We must change everything through the ballot box … whoever wins, it is their right, but not through inheritance … change must be in the hands of the people.”

Dunia Salama, 18, came to vote in her first-ever election experience in Deir Al-Balah [Abdelhakim Abu Riash/ Al Jazeera]
Dunia Salama, 18, came to vote in her first-ever election experience in Deir el-Balah [Abdelhakim Abu Riash/ Al Jazeera]

But despite this enthusiasm, the reality in Deir el-Balah, in central Gaza, remains complex amid the ongoing “ceasefire”.

The city, which Badwan describes as “always calm,” has become a refuge for hundreds of thousands of displaced people from across Gaza, putting unprecedented pressure on its infrastructure.

“The city received large numbers of displaced people, each coming with different ideas, circumstances, and harsh suffering … This created enormous pressure on water networks, sewage systems, and waste management, and exhausted the previous municipality.”

Deir el-Balah was given the opportunity to hold elections because its infrastructure was less damaged than that of other cities in Gaza during the war.

Badwan places his hopes on a new municipal council capable of handling the scale of the crisis left by the war, away from the political divisions that have swept the Gaza Strip between Hamas and Fatah, the two main rival factions.

“We want a very strong municipal team that does not belong to any faction … one that can secure support from donor countries and meet people’s needs, because today Deir el-Balah is hosting all.”

On the street, he describes the atmosphere of the elections as “positive and enjoyable”, despite general frustration with the political class.

“People are fed up with politicians and unfulfilled promises,” he says, adding that he encouraged those around him to participate in the elections in the hope of creating change.

“I told my friends and children we must go and vote … we cannot just sit at home and wait for change.”

Awda Abu Baraka, 73, votes at a polling station center in Deir al-Balah [Abdelhakim Abu Riash/ Al Jazeera]
Awda Abu Baraka, 73, votes at a polling station centre in Deir el-Balah [Abdelhakim Abu Riash/ Al Jazeera]

‘I finally have a voice’

Standing beside her father, Dunia, Salama’s 18-year-old daughter, did not hide her joy at casting a vote, despite the exceptional circumstances surrounding her.

“I’m very happy that I can vote in my country and my city, Deir el-Balah … and that I, like others in my generation, can finally participate and have a voice,” said Dunia, a first-year nursing student at Al-Aqsa University.

“Honestly, I had never voted before and didn’t have a clear idea … but when the elections came, my father explained how things work and how our voices could help change the difficult reality we live in, even a little,” she said.

Around 70,000 voters are eligible to participate in the elections held in Deir al-Balah [Abdelhakim Abu Riash/ Al Jazeera]
Approximately 70,000 voters are eligible to participate in the elections held in Deir el-Balah [Abdelhakim Abu Riash/ Al Jazeera]

Like many of her peers, Dunia’s motivations are practical and directly tied to daily life, which has sharply deteriorated since Israel launched the war in October 2023. She chose a candidate list composed mostly of young people, describing them as “capable and experienced in their work,” reflecting her hope for a more efficient municipal administration.

“The reality the city is living after displacement is far from stable… the situation is tragic, especially cleanliness, public streets, healthcare, and even education … everything is in very bad condition.”

“I hope these elections help create a situation where students return to schools, and new housing alternatives and camps are provided for displaced people instead of using schools,” she said.

“We want things to go back to how they were … schools should return to students instead of being shelters, hospitals should improve, and streets should be cleaned,” she says.

A long-delayed moment

For Awda Abdel Karim Abu Baraka, 73, the elections represent an opportunity to choose those capable of “reviving society and institutions that have been stalled for years”.

He believes that the local elections could carry broader significance beyond Deir el-Balah. “They are part of a larger system … the West Bank and Gaza,” he explains.

“Holding elections today in Deir el-Balah shows the world that we are a democratic people, and we choose our representatives without imposition,” he adds, expressing hope that “the international community will support this path.”

He also stressed the need for the winners of the vote to respect the city’s residents who have suffered for years amid Israel’s war. “There must be real programmes, not high slogans that later fall … the citizens must be respected, and their dignity and humanity – violated by war – must be restored.”

Despite recognising the scale of challenges, he remains committed to gradual change. “We know the challenges are big and that change takes time … a long journey begins with a single step, and hopefully, this is the first step on the way.”

‘Born out of nothing’

Meanwhile, Mohammad Abu Nada, coordinator of the Deir el-Balah electoral district, moved between voters and staff inside tents set up in place of school polling stations, describing an electoral process that was “born out of nothing”.

He recalls greeting the initial announcement of the elections by the Central Elections Commission in the West Bank with a mix of surprise and a sense of responsibility.

“At first, the news was unexpected … there was joy that we were returning to work after two and a half years of suffering under war, but at the same time, there was a strong sense of responsibility.”

That feeling quickly collided with the complex logistical reality in a city suffering from widespread destruction and severe shortages of resources.

“Capabilities are extremely limited … even this place was just empty land. We relied on tents from international organisations to use as polling stations,” he says, noting that most schools have been turned into shelters for displaced people.

Mohammad Abu Nada, coordinator of the Deir al-Balah electoral district [Abdelhakim Abu Riash/ Al Jazeera]
Mohammad Abu Nada, coordinator of the Deir el-Balah electoral district [Abdelhakim Abu Riash/ Al Jazeera]

Despite these challenges, polling centres were set up across the city, in a task he describes as far from easy.

The difficulties did not stop there. Essential electoral materials, usually transported from Ramallah, were prevented from entering Gaza.

Abu Nada explains the challenges in securing logistical items such as ballot boxes, stamps, papers, and campaign materials.

“We had to rely on our local capabilities … ballot boxes were designed and manufactured here in Deir el-Balah, and they served the purpose fully.”

Even electoral ink was unavailable after being denied entry by Israeli authorities. “We used ink previously used by the World Health Organization during vaccination campaigns … we tested it, and it stays on the finger for days and worked well,” he explains.

Amid shortages and soaring prices – “multiplied 10 times” – work continued intensively.

“We worked day and night … everything was difficult, from papers to stamps, but in the end we managed,” he says, noting that approximately 70,000 voters are eligible in the city.

While turnout appeared to be limited in the early morning, it picked up later in the day, Abu Nada said, attributing the slow start to people’s focus on meeting basic needs.

“People are standing in lines for water and bread … but we expect turnout to increase.”

The choice of Deir el-Balah for holding elections was not random, but due to its relatively better conditions compared to other areas.

“It is impossible to hold elections in completely destroyed areas like northern Gaza or Khan Younis … so the decision was to start in an area with minimal capacity, hoping to expand later.”

Still, the challenges facing the upcoming municipal council remain significant.

“Deir el-Balah today is not what it was before the war … population pressure is huge, and expectations from the new municipality are high,” he says.

As for the campaign, Abu Nada explains it was conducted in record time and with intense efforts.

“We worked like a beehive … organised more than 20 awareness workshops, worked with local institutions and influencers, and distributed posters and materials explaining how to vote and encouraging participation.”

At the end of his remarks, he expresses a sense of achievement despite the difficulties.

“Today, in front of everyone, we are exercising our electoral right despite all conditions … and that in itself is a success,” he says.

“And hopefully, this is the first step on a longer road.”

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Private Credit Stress Test: What Breaks And What Holds

Private credit faces mounting stress from liquidity mismatches, fraud concerns, and macro pressures, even as bullish sentiment persists.

Private credit has avoided a “Lehman moment,” but pressure is building across liquidity, leverage, and transparency—raising doubts about how long the asset class can withstand its visible cracks.

Some investors have had enough. Consider the surge in redemption requests at firms like Morgan Stanley, Apollo Global Management, BlackRock and Blue Owl Capital. Each firm capped withdrawals at 5% per fund, and saw their stock prices plummet. At a glance, this exodus of money signals that an endgame could be near.

Larry Fink, the billionaire CEO of BlackRock, attempted to quell fears on an earnings call last week, insisting that institutional demand is accelerating. Meanwhile, financial regulators are raising red flags. Financial Stability Board Chair Andrew Bailey warned in an April letter to the G20 that geopolitical tensions, such as the ongoing conflict in the Middle East, could reduce asset quality and further strain private credit funds.

The dichotomy has finance pros scratching their heads, wondering what to make of a key part of the $15 trillion private markets ecosystem. If data from U.K.-based data company Preqin is correct, private credit could exceed $30 trillion by 2030. Even with solid fundamentals, private credit’s mounting liquidity concerns, leverage risks and macroeconomic pressures are testing its resilience.

The Liquidity Mismatch Problem

“This is not a single-firm story,” Former Nasdaq Vice Chairman David Weild told Global Finance. “It is sector-wide.”

Fink may be right; private credit offers compelling risk-adjusted returns, Weild, now an advisor at private-credit platform KoreInside, said. “However, if the claim is that you can deliver those returns inside a vehicle that promises quarterly or monthly liquidity to retail investors, one will inevitably discover that in times of market stress, the demand for liquidity will exceed the short-term supply of liquidity.”

Recent turmoil in private credit has raised questions about whether 2026 could bring a broader retrenchment. The industry faces growing scrutiny over fraud risks, regulatory pressure, and the impact of AI-driven disruption. Transparency concerns are also weighing on investor confidence, highlighted by automotive parts supplier First Brands Group, which has filed for bankruptcy protection and has allegedly concealed billions of dollars in debt from lenders, including exposure in private credit accounts held by BlackRock.

Software lending has come under particular focus, given its large share of private credit portfolios. AI-driven disruption is now raising concerns about future credit losses.

“The combination of AI-driven disruption in enterprise software valuations, tighter lending standards, and redemption pressure on the very BDC vehicles that would normally provide refinancing capacity creates a compounding problem,” Weild said. “Some private credit funds are already turning away software companies outright, given the impact of AI on that industry.”

What Needs To Change

Private credit bulls need to rethink “real structural challenges,” such as how capital is raised, how vehicles are structured, and what level of education advisors need going forward, said Prath Reddy, President of Percent Securities. A lack of accessible data, limited liquidity, and insufficient options for tailored exposure also give him pause.

“We are certainly in a stress scenario now,” said Reddy. “Leaving [these issues] unaddressed leaves a tremendous amount of capital on the table from wealth management channels.”

Private credit might be under the microscope, but some private equity players continue to cash in. Ares Management raised $9.8 billion for an opportunistic credit strategy, Adams Street Partners closed its $7.5 billion Private Credit III fund, and Carlyle Group raised $1.5 billion in initial funding for a new asset-backed finance vehicle.

“For private credit to keep working at this scale, liquidity structures, leverage levels, and repayment timelines all need to remain aligned as exits take longer and refinancing becomes more selective,” said Jun Li, EY’s Global and Americas Wealth & Asset Management Leader. Stress arises when those assumptions break down simultaneously.

“A true stress scenario would likely involve refinancing risk colliding with slower exits and shifting liquidity expectations, particularly if capital is locked up longer than anticipated and operating models are not built to absorb that pressure,” Li added.

Banks Reprice The Relationship

Jun Li, EY

Big banks—both competitors and partners to nonbank lenders—are trying to project calm.

JPMorgan Chase CEO Jamie Dimon, for example, downplayed concerns about the private credit sector on an April 14, 2026, earnings call. That’s in stark contrast to his take last year, when Dimon referred to the bankruptcy proceedings of First Brands and TriColor—two companies that relied on private credit—as “cockroaches.

JPMorgan Chase is now tightening certain relationships with private credit funds to limit exposure amid volatility. Goldman Sachs and Barclays are taking a similar risk-management stance.

“On one side, fundamentals still look supportive with institutional capital stepping in as banks pull back,” Li said. On the other hand, pressures are building around liquidity, leverage, and refinancing, which naturally raises systemic questions.

As Li put it: “This doesn’t look like an endgame, but it does look like a decisive moment.”

What’s Next

From here, Li is predicting that private credit will separate into managers who can operate through longer cycles, tighter liquidity, and greater scrutiny, and those who cannot.

“Some strategies may struggle, but the broader market is still evolving rather than unwinding,” Li added. “The outcome will depend less on a single shock and more on how well firms adapt to a more demanding environment.”

Other observers are more bullish. Attorney Derek Ladgenski, a partner specializing in private credit at Katten Muchin Rosenman, argued that experienced market participants will ultimately work through the sector’s challenges.

“The Avengers are closer to an endgame than private credit,” said Ladgenski. “The tombstone for private credit has been written many times before.”

Ladgenski said that while cyclical pressures exist across all asset classes, the deeper challenge in private credit is liquidity mismatch—an outcome, in part, of significant investor inflows chasing its strong historical track record and forward-looking returns.

Still, any “stickiness” will ultimately strengthen the sector, he added. “And the current sound bites and headlines regarding any death knells will be forgotten soon enough.”

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Romelu Lukaku holds clear-the-air talks with Napoli after training absence

However, he returned to Naples to hold what have been described as “calm, collaborative and constructive” talks with his club. The discussions also included his agent Federico Pastorello and Napoli sporting director Giovanni Manna.

The talks are understood to have led to an amicable solution, with sources insisting the matter is now closed.

During the discussions, Lukaku updated Napoli on his recovery. It is hoped the striker will be available for selection in about two weeks.

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Lee holds summit with Indian PM Modi on economic ties, supply chains

South Korean President Lee Jae Myung (R) and Indian Prime Minister Narendra Modi enter a room for their summit held at the Hyderabad House in New Delhi on Monday. Photo by Yonhap

President Lee Jae Myung held summit talks with Indian Prime Minister Narendra Modi on Monday, focusing on deepening economic ties and strengthening the countries’ strategic partnership amid the war in the Middle East.

The two leaders were earlier expected to discuss ways to bolster cooperation in artificial intelligence, defense, and the shipping and shipbuilding industries, while expanding the scope of bilateral manufacturing cooperation beyond electronics and vehicles.

They also likely discussed enhancing coordination on global supply chains and energy security as their countries, both heavily reliant on imported energy, grapple with the fallout from the war between the United States and Iran.

In an interview with The Times of India published earlier in the day, Lee stressed the need for South Korea and India to work together to ensure safe passage through the Strait of Hormuz, a critical route for oil and natural gas, and make joint efforts to stabilize global supply chains.

It marked their third in-person meeting since Lee took office in June 2025.

Ahead of the summit, Lee paid tribute at Raj Ghat, a memorial dedicated to Mahatma Gandhi, and planted a commemorative tree with Modi at Hyderabad House.

Copyright (c) Yonhap News Agency prohibits its content from being redistributed or reprinted without consent, and forbids the content from being learned and used by artificial intelligence systems.

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Pope Leo XIV holds mass with estimated 120,000 in Cameroon

1 of 2 | A handout picture provided by the Vatican Media shows Pope Leo XIV and Cameroonian President Paul Biya shaking hands during a meeting at the Presidential Palace in Yaounde, Cameroon, on Wednesday. Pope Leo XIV held a mass Friday in Douala, Cameroon in a stadium with an estimated 120,000 people. Handout Photo courtesy of Vatican Media/EPA

April 17 (UPI) — Pope Leo XIV held a mass on Friday in Douala, Cameroon, in a stadium with an estimated 120,000 people, marking Catholicism’s growth in Africa.

The pope discussed poverty, violence and corruption in his address to the people of Cameroon, where about 30% of the population is Catholic.

About 20% of the world’s Catholic population lives in Africa.

“Do not give in to distrust and discouragement,” the pope said. “Reject every form of abuse or violence, which deceives by promising easy gains but hardens the heart and makes it insensitive. Do not forget that your people are even richer than this land, for your treasure lies in your values: faith, family, hospitality and work.”

More than 37.7 million people live in poverty in Cameroon. The pope shared the story of Jesus multiplying loaves and fish, saying the “miracle” happened when they were shared.

“Yet this alone is not enough,” he said. “The food that sustains the body must be accompanied, with equal charity, by nourishment for the soul. A nourishment that sustains our conscience and steadies us in dark hours of fear and amid the shadows of suffering.”

The mass was held at Japoma Stadium on the third day of the pope’s 10-day tour of Africa. He will next visit Angola and later Equatorial Guinea during his trip.

Pope Leo spent Thursday in Bamenda, Cameroon, the epicenter of the Anglophone Crisis or Ambazonia War, an armed conflict between the government and separatist groups that has waged for nearly a decade.

Children race to push colored eggs across the grass during the annual Easter Egg Roll event on the South Lawn of the White House in Washington on April 21, 2025. Easter this year takes place on April 5. Photo by Samuel Corum/UPI | License Photo

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Trump Signals Iran War May End Soon as Ceasefire Holds and Talks Near

Donald Trump has indicated that the conflict with Iran could conclude “soon,” citing progress in negotiations and a possible meeting between the two sides in the coming days. A temporary ceasefire between Israel and Lebanon has added to cautious optimism, though the broader regional situation remains unstable. The war, which began with U.S.-Israeli military action, has had sweeping geopolitical and economic consequences.

Ceasefire in Lebanon:
A 10-day truce between Israel and Lebanon has come into effect, offering a brief pause in cross-border hostilities. However, early reports of violations underline the fragility of the arrangement. Hezbollah, aligned with Iran, has been urged by Washington to maintain restraint during this critical window.

Diplomatic Breakthrough Efforts:
Backchannel diplomacy, with Pakistan playing a mediating role, has reportedly led to progress on key issues. Talks are expected to produce an initial memorandum of understanding, potentially followed by a comprehensive agreement within weeks. Engagement between U.S. and Iranian officials is likely to intensify in the immediate term.

Global Economic Shock:
The conflict has disrupted global energy flows, particularly through the Strait of Hormuz, through which a significant share of the world’s oil supply passes. This has triggered sharp oil price fluctuations and raised concerns about a broader economic slowdown, even as markets show signs of stabilizing on hopes of a resolution.

Nuclear Issue as Core Dispute:
Iran’s nuclear program remains the central obstacle in negotiations. Washington is pushing for long-term restrictions, while Tehran seeks shorter commitments and the lifting of sanctions. Bridging this gap will be critical to securing a durable settlement.

Political Pressures and Regional Stakes:
The war has created domestic political challenges for Trump, particularly ahead of upcoming elections. At the same time, regional actors are closely watching the outcome, as any agreement will shape the balance of power and security dynamics across the Middle East.

Analysis:
Momentum toward a deal is clearly building, but the situation remains precarious. The ceasefire in Lebanon and progress in diplomacy suggest a window of opportunity, yet unresolved issues, especially around nuclear limits and sanctions relief, could still derail negotiations. Trump’s urgency reflects both strategic calculation and domestic political pressure, while Iran appears willing to engage but not at any cost. If a preliminary agreement is reached, it would mark a significant de-escalation, but sustaining peace will require careful management of deep-rooted tensions and competing interests on all sides.

With information from Reuters.

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Benin holds presidential election amid deteriorating security situation | Elections News

Benin is facing harsh economic conditions and security challenges that its new leader will have to address.

Voting is under way in Benin’s presidential election with long-serving Finance Minister Romuald Wadagni expected to win in the absence of a major challenger.

Polls opened at 7am (06:00 GMT) on Sunday and will close at 4pm (15:00 GMT). More than 7.9 million people are registered to vote, including 62,000 in the diaspora.

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Backed by the two main parties in the governing coalition and the outgoing president, Patrice Talon, Wadagni, a 49-year-old former Deloitte executive, is being challenged by Paul Hounkpe, an opposition figure and former culture minister whose campaign has been low-key.

The member of the Cowry Forces for ⁠an Emerging Benin party got on the ballot with help from lawmakers of the two main ruling coalition parties after they refused to endorse the candidacy of Rene Agbodjo, head of the opposition Democrats party.

Talon, 67, is barred from running again after two terms in office and is expected to step down with a legacy of mixed results: economic growth, which reached 7 percent last year, but also a clampdown on the opposition and his critics. In December, a group of military officers also tried and failed to overthrow Talon’s government.

The new president will have to address major challenges, including a huge gap between the poor and well-off. The poverty rate is estimated at more than 30 percent, and many Beninese complain that the benefits of the economic growth over the past decade have not trickled down to them.

Benin’s economic growth will also depend on improving security and stabilising the country. Benin has been the hardest hit among coastal West African states by armed fighters from the Jama’at Nusrat al-Islam wal-Muslimin (JNIM), an al-Qaeda affiliate that has made major gains in the central Sahel region.

Wadagni has promised to deliver on bread-and-butter issues like expanding access to potable water and guaranteeing emergency healthcare regardless of ability to pay.

“The next phase of the country’s development will be the eradication of extreme poverty. That is one of his priorities,” one of Wadagni’s close associates told the AFP news agency.

‘A climate of fear’

Hounkpe has noted that the situation for many of Benin’s nearly 14 million people has not improved under previous leaders and has promised to bring about change.

“If we make progress but none of us can afford three meals a day, we haven’t made any progress. Yes or no?” he asked at a rally this month.

He has also decried what he described as a climate of fear as the political space for the opposition shrinks and the ruling coalition holds every seat in the National Assembly after the Democrats failed to win 20 percent of the vote in the last legislative elections, the threshold needed to enter the National Assembly.

Provisional results are expected on Tuesday in an election in which many people said they will not vote.

“I won’t go and vote. This election is not inclusive. You cannot talk about genuine democratic competition when some key political players are barred,” Arnold Dessouassi, a 39-year-old teacher, told AFP.

Reporting from a polling station in the port city of Cotonou, Al Jazeera’s Ahmed Idris said voting has been slow and none of the ballot boxes is full.

“There is a low turnout of voters on election day,” he said.

He added that this low turnout is due to controversies surrounding the accreditation for candidates to run in the election.

Other voters have spoken of the presidential election as a formality and urged Wadagni to deliver on his platform.

“Once President Romuald Wadagni is at the head of this country, I would like him to promote and help young people to find work because we have many young graduates on the streets driving ‘zem’,” 34-year-old teacher Marcel Sovi told the Reuters news agency, using local slang for motorcycle taxis.

Christelle Tessi, a 40-year-old trader, added that Wadagni should focus on improving security in the north, where JNIM killed 54 ‌Benin soldiers in ⁠one attack a year ago and another 15 in an attack last month.

“What is happening in northern Benin is that our brothers are being killed, and if a soldier goes there on a mission, it is his body that comes back,” she said.

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Peru holds presidential election amid a decade of political tumult | Elections News

Congress versus the presidency

Experts like Tuesta argue that the last decade of political instability has all but rendered Peru’s executive branch a secondary power.

By contrast, its unicameral Congress has expanded its might, though its members are largely unpopular among Peruvians.

Part of its influence comes from its impeachment powers. Peru’s Congress can remove presidents for “moral incapacity”, a catch-all term that has been used to denounce anything from undisclosed meetings to security crises.

Paulo Vilca, a researcher at the Institute of Peruvian Studies, explained that the shifting power dynamics have made it difficult for presidents to remain in office.

“In the past, we used to elect presidents for five years. Now, what’s more likely is that they will not last five years,” said Vilca.

But Peru’s unicameral Congress will come to an end this year. On Sunday, Peruvians will vote for a second congressional chamber, a Senate, for the first time since 1990.

Vilca argues that the congressional election may be even more important than this year’s presidential race. But it will also likely deepen Peru’s ongoing political crisis, he added.

He predicts that Congress’s chambers will soon be in conflict with each other, as well as with the president, in a three-way battle for power.

“It is very likely that those who are elected deputies, for example, will not be very satisfied with having a subordinate position in front of the Senate,” Vilca said. “So we’re going to move from a crisis of two to a crisis of three.”

Pedestrians pass campaign signs before the weekend's presidential election in Cuzco, Peru, Wednesday, April 8, 2026. (AP Photo/Martin Mejia)
Pedestrians in Cuzco, Peru, pass campaign signs on April 8 [Martin Mejia/AP Photo]

The Senate was eliminated in 1992 by the late President Fujimori, Keiko Fujimori’s father, after he dissolved Peru’s bicameral Congress and implemented military rule.

The younger Fujimori has sought to build on her father’s legacy, and her right-wing party, Fuerza Popular, has become a deciding force in the unicameral legislature.

Keiko Fujimori even pledged to use her party’s power to “govern from Congress” after her defeat in the 2016 presidential race.

Since then, analysts have argued that Fuerza Popular has led efforts to change governmental processes to maintain or expand its power, even at the expense of democratic participation.

One change that it championed and passed in 2025 requires parties to earn at least 5 percent of the overall vote and a minimum of seven seats in the lower chamber to maintain their official political registration. For the Senate, parties must get at least three seats and 5 percent of votes.

Critics have said the measure creates a nearly insurmountable threshold.

“This whole system has been designed by the parties that are currently in Congress. And in particular, the one that has controlled the Constitutional Committee all these years has been Fuerza Popular,” said Vilca.

“I think the purpose of designing this whole model has been to maintain a status quo, which the Fujimori wing has also created in the last five years.”

Vilca is not optimistic that a new Senate will resolve the erosion of power away from the presidency. If anything, he anticipates more conflicts to come.

“My most likely scenario is that the crisis continues,” he said, “that whoever is elected president will enter into confrontation with the Senate”.

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U.S.-Iran direct talks begin in Pakistan as war’s fragile ceasefire holds

The United States and Iran began face-to-face negotiations Saturday in Pakistan, days after a fragile, two-week ceasefire was announced, as the war that has killed thousands of people and shaken global markets entered its seventh week.

The White House confirmed the direct nature of the talks, a rare instance of high-level U.S. government engagement with the Iranian government.

Iran’s state-run news agency said three-party talks including Pakistan had begun after Iranian preconditions, including a reduction in Israeli strikes on southern Lebanon, were met, and after U.S. and Iranian officials met separately with Pakistani Prime Minister Shehbaz Sharif.

The U.S. delegation led by Vice President JD Vance and the Iranian delegation led by Parliament Speaker Mohammad Bagher Qalibaf were discussing how to advance the ceasefire already threatened by deep disagreements and Israel’s continued attacks against the Iranian-backed Hezbollah in Lebanon.

Since the Islamic Revolution in Iran in 1979, the most direct U.S. contact had been in September 2013 when President Obama called newly elected President Hassan Rouhani to discuss Iran’s nuclear program. The recent highest-level meetings were between Secretary of State John Kerry and counterpart Mohammad Javad Zarif during negotiations over the program.

Iran sets ‘red lines’ including compensation for strikes

Iran doubled down on parts of its earlier proposal, with its delegation telling Iranian state television it had presented some of the plan’s ideas as “red lines” in meetings with Sharif. Those included compensation for damage caused by the U.S.-Israeli strikes that launched the war on Feb. 28 and releasing Iran’s frozen assets.

The war has killed at least 3,000 people in Iran, 1,953 in Lebanon, 23 in Israel and more than a dozen in Gulf Arab states, and caused lasting damage to infrastructure in half a dozen Middle Eastern countries. Iran’s chokehold on the vital Strait of Hormuz has largely cut off the Persian Gulf and its oil and gas exports from the global economy, sending energy prices soaring.

Reflecting the high stakes, officials from the region said Chinese, Egyptian, Saudi and Qatari officials were in Islamabad to indirectly facilitate the talks. The officials spoke on condition of anonymity to discuss the sensitive matter.

In Tehran, residents told the Associated Press they were skeptical yet hopeful about the talks after weeks of airstrikes left destruction across their country of some 93 million people. Some said the path to recovery would be long.

“Peace alone is not enough for our country, because we’ve been hit very hard, there have been huge costs,” 62-year-old Amir Razzai Far said.

Meanwhile, Israel pressed ahead with strikes in Lebanon after saying there is no ceasefire there. Iran and Pakistan have disagreed. The Lebanese state-run news agency reported at least three people killed.

Officials posture over key issues ahead of talks

Ahead of the talks, President Trump accused Iran of using the Strait of Hormuz, a key artery for global energy supplies, for extortion, and told reporters Friday it would be opened “with or without them.”

Iran’s closure of the strait has proved its biggest strategic advantage in the war. Around a fifth of the world’s traded oil had typically passed through on over 100 ships a day. Only 12 have been recorded transiting since the ceasefire.

Iran has floated the idea of charging ships, though the idea has been widely rejected by countries including the United States and Iran’s neighbor Oman.

On Saturday, Trump said on social media that the U.S. had begun “clearing out” the strait, but it was unclear whether he was referring to the reported use of mines there or Iran’s broader ability to control the area.

Iranian Foreign Minister Abbas Araghchi had said Tehran was entering negotiations with “deep distrust” after strikes on Iran during previous rounds of talks. Araghchi, part of Iran’s delegation in Pakistan, said Saturday that his country was prepared to retaliate if attacked again.

Iran and the United States outlined competing proposals ahead of the talks.

Iran’s 10-point proposal called for a guaranteed end to the war and sought control over the Strait of Hormuz. It included ending fighting against Iran’s “regional allies,” explicitly calling for a halt to Israeli strikes on Hezbollah.

The United States’ 15-point proposal includes restricting Iran’s nuclear program and reopening the strait.

Israel and Lebanon will have direct negotiations

Negotiations between Israel and Lebanon are expected to begin Tuesday in Washington, Lebanese President Joseph Aoun’s office said Friday, after Israel’s surprise announcement authorizing talks despite the countries lack of official relations.

Israel wants the Lebanese government to assume responsibility for disarming Hezbollah, much like was envisaged in a November 2024 ceasefire. But it is unclear whether Lebanon’s army can confiscate weapons from the militant group, which has survived efforts to curb its strength for decades.

Israel’s insistence that the ceasefire in Iran does not include a pause in its fighting with Hezbollah has threatened to sink the deal. The militant group joined the war in support of Iran in the opening days. Israel followed up with airstrikes and a ground invasion.

The day the Iran ceasefire deal was announced, Israel pounded Beirut with airstrikes, killing more than 300 people in the deadliest day in Lebanon since the war began, according to the country’s Health Ministry.

Energy pressures grow

The spot price of Brent crude, the international standard for oil prices, was above $94 on Saturday, up more than 30% since the war started.

And new pressures emerged in Europe for travelers.

The head of Airports Council International-Europe, Olivier Jankovec, warned the European Union that a ″systemic jet fuel shortage’’ could come within three weeks because of the blockage of the Strait of Hormuz.

Jankovec said in a letter obtained by the Associated Press that the crunch could impact the summer travel season and ″significantly harm the European economy.’′

Ahmed, Metz, Castillo and Magdy write for the Associated Press. Metz reported from Jerusalem, Castillo from Beijing and Magdy from Cairo. Associated Press writer Josh Boak contributed to this report.

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Rory McIlroy holds largest Masters lead ever through 36 holes

Among the many rules at Augusta National — no cell phones, no booing, no lying in the grass — patrons are not allowed to run.

Somebody tell Rory McIlroy.

The defending Masters champion was sprinting away from the field Friday, building a six-shot lead heading into the weekend and putting himself in prime position to become the first repeat winner since Tiger Woods in 2002.

McIlroy atoned for two bogeys with nine birdies, shooting a seven-under-par 65 to improve on his stellar 67 in the opening round.

At 12 under, he now holds the largest 36-hole lead in Masters history.

“When I was standing on the 12th tee, I didn’t imagine that I would be six ahead going into the weekend,” said McIlroy, who birdied six of the final seven holes despite hitting into the trees on holes 13, 15 and 17.

“I’ve always had the ability to go on these runs … but it’s staying aggressive. My little mantra today was keep swinging, and keep swinging hard at it.”

And he completed that masterpiece in the afternoon, when the legendary course was even firmer and more slippery than it was in the morning. The warm weather and cloudless skies set the stage for a test of surgical precision in the final two rounds.

“These greens are going to be concrete,” said Wyndham Clark, who followed an even-par round with a four-under 68. “Obviously getting really fast without the wind, so it’s going to really matter hitting it in the fairway and the angles, and being patient.”

Rory McIlroy, of Northern Ireland, walk across the Nelson Bridge.

Rory McIlroy walks across Nelson Bridge with his caddy during the second round at the Masters.

(Eric Gay / Associated Press)

Fifty-four competitors from 15 different countries made the cut from a starting field of 91.

Of his jaw-dropping finishing scramble, McIlroy said: “The only way I can describe it is everything that you see or any situation that you come across, you can find a positive in it. And then you see birdies and you can see ways to make birdies. Hit it in the trees at 13, fine, I can make a birdie doing it this way. Hit it in the trees at 15, same thing.”

Whereas McIlroy created separation, Tyrrell Hatton made a case for inclusion. He was two over after Thursday but played himself back into contention with a 66 on Friday, hitting all 18 greens in regulation and becoming just the third player in 30 years to do that at the Masters. He is tied for seventh with Clark.

Patrick Reed, who shot a 69 in the first round, matched that in the second to claim a share of second place with Sam Burns.

Reed, who left for LIV Golf but announced in January he plans to return to the PGA Tour, played golf locally at Augusta State University and won this tournament in 2018. He said that Masters experience helps in a big way now.

Of winning a green jacket, he said, “Until you do, you always have that little voice of doubt in the back of your mind.”

Justin Rose, who lost to McIlroy in a sudden-death playoff last year, is in a three-way tie for fourth with Shane Lowry and Tommy Fleetwood.

Patrick Reed hits off the 18th tee during the second round of the Masters on Friday.

Patrick Reed hits off the 18th tee during the second round of the Masters on Friday.

(Jared C. Tilton / Getty Images)

Asked if his near-miss in 2025 serves as extra motivation this year, Rose said: “Not really, if I’m honest. I don’t really need to try any harder, know what I mean? Trying harder ain’t going to help me.”

It was a rough day for Scottie Scheffler, ranked No. 1 in the world, as his 74 put him 12 shots back of McIlroy.

Bryson DeChambeau was on the bubble all day before a triple-bogey seven on the 18th hole. He missed the cut six over.

Two-time Masters winner Bubba Watson missed the cut, as did 66-year-old Fred Couples, who was playing well Thursday until taking a quadruple-bogey nine on the 15th hole.

McIlroy played with 18-year-old amateur Mason Howell, who was sufficiently impressed as the defending champion birdied each of the final four holes.

“You’ve got to stay in your own lane, but it’s hard not to watch that,” Howell said. “That chip-in on 17 was unreal. That was one of the coolest things I’ve seen in sports, and I got to witness it in person, so that was awesome.”

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Trump holds fast to Tuesday deadline, threatening Iran’s bridges and power plants

President Trump said Monday that the United States and Iran are at a “critical point” in negotiating a potential ceasefire agreement, but the chances of reaching a deal by a Trump-imposed deadline on Tuesday evening appeared uncertain.

In a lengthy news briefing at the White House, the president echoed an expletive-laden Easter Sunday warning to strike Iran’s vital infrastructure if Tehran does not agree to open the Strait of Hormuz by 5 p.m. PDT on Tuesday.

“The entire country can be taken out in one night and that night might be tomorrow night,” Trump told reporters.

Mediators from Egypt, Pakistan and Turkey sent the United States and Iran a draft proposal of the 45-day ceasefire on Friday, the Associated Press reported. Its prospects seemed dim amid the president’s threats and a lukewarm response from Iranian leaders, who dismissed the president’s diplomatic overtures as “unrealistic” and denying direct talks with the United States.

Iranian Foreign Ministry spokesman Esmail Baghaei rejected the latest ceasefire proposal, saying Monday that the American demands were “both highly excessive and unusual, as well as illogical.”

Still, Trump continued to assert that Iranian leadership has been negotiating in good faith. He characterized newly installed leaders as an improvement over their predecessors.

“The people that we are negotiating with now on behalf of Iran are much more reasonable,” he said Monday.

Trump declined to comment further on the ceasefire proposal at the news conference, but told reporters that Iran is negotiating ahead of his Tuesday deadline.

“I can tell you they’re negotiating, we think in good faith,” Trump said. “We are going to find out.”

The president did not say whom the United States is negotiating with, but said the most difficult challenge so far has been establishing a reliable channel of communicating with Iranian officials who he said have “no method of communicating.”

Trump also declined to say whether he was prepared to offer Iran assurances to wind down the conflict, or whether he would escalate by following through with his threats to bomb critical Iranian infrastructure, leaving the door open to both diplomacy and military action.

“I can’t tell you — it depends on what they do. This is a critical period,” he said,

Central to the negotiations is Iran’s control of the Strait of Hormuz, a choke point that, if left blockaded, could continue driving oil prices higher and further destabilizing global energy markets.

Trump, in characteristically unorthodox fashion, floated the possibility of the United States seizing operational control of the waterway and charging tolls for passage, a proposal that he provided without much detail.

“Why shouldn’t we?” Trump said. “We have a concept where we’ll charge tolls.”

He also mused openly about seizing Iranian oil, as he has in recent social media posts in which he floated the idea of using the war to claim Iranian energy resources. He acknowledged public pressure was holding him back from that course.

“Unfortunately the American people would like to see us come home,” he said. “If it were up to me, I’d take the oil, keep the oil and make plenty of money.”

In addition to reopening the Strait of Hormuz, Washington is also demanding the permanent decommissioning of Iranian nuclear sites and an end to its uranium enrichment programs. The proposal also requires Iran to halt support for regional proxies and accept strict ballistic missile limits.

In exchange, the United States says it will provide sanctions relief and assistance with civilian energy production, according to media reports.

Speaking at the White House Easter Egg Roll earlier Monday, Trump showed no signs of softening his posture to bring “hell” to Iran if a deal doesn’t materialize.

“We are obliterating their country. And I hate to do it, but we are obliterating. And they just don’t want to say uncle. … And if they don’t, then they’ll have no bridges, they’ll have no power plants, they’ll have nothing,” he said, adding ominously that “there are other things that are worse than those two.”

Iran has warned of “more severe and expansive” retaliations if Trump follows through on the threats.

Also at Monday’s briefing, Trump celebrated the dramatic rescue of the American officer whose fighter jet was downed by Iran last week. He told reporters the operation to retrieve the wounded officer from “one of the toughest areas in Iran” was possible with a mix of “talent” and “luck.”

The president, however, was angered that a news outlet, which he did not name, reported that the weapons system officer had gone missing and was stranded behind enemy lines. Trump vowed to root out the source of that information, including by threatening to jail the journalist who broke the story.

“We have to find that leaker because that is a sick person,” Trump said. “We are going to find out, it is national security. The person who did the story will go to jail if he doesn’t say.”

Also Monday, Israel struck Iran’s largest petrochemical facility in Asaluyeh and killed Gen. Majid Khademi, the head of the Islamic Revolutionary Guard Corps’ intelligence organization.

The Israeli military also hit three Iranian airports, purportedly targeting dozens of helicopters and aircraft it said belonged to the Iranian air force.

Iran responded with missile strikes targeting Haifa, Israel, and energy infrastructure in Kuwait and Bahrain.

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Texas Open: Robert MacIntyre holds four-shot lead at halfway mark

Scotland’s Robert MacIntyre maintained his strong form with a round of 64 for a four-shot halfway lead at the Texas Open in San Antonio.

MacIntyre had four birdies in his last five holes with his playing partner and Ryder Cup team-mate Ludwig Aberg of Sweden his nearest challenger.

Starting on the back nine, the world number 11 put down a marker with an eight-foot eagle putt at the par-five 14th and followed that up with birdies at his next two holes.

The only blemish for the 29-year-old was a bogey at the 17th before he regrouped to finish with a flourish for a confidence boost ahead of the Masters which begins in Augusta on Thursday.

“I’ve been driving the ball nice,” said the Scot. “I’ve got a new driver in the bag. Iron play today was exceptional I would say.

“I hit a pure wedge shot on 17, I thought it was absolutely dynamite there. Approach play, hitting the number, hitting the targets. Got to finish off with good putting. Overall, just really solid.

“I didn’t play here last year, just went straight into Augusta. This was an adjustment for that reason. I wanted to be sharp – or sharper – going into Augusta.”

Aberg had four birdies over his first 14 holes before an eagle at the sixth, but he finished with a bogey.

“For me, golf is about putting yourself in situations where you can win tournaments,” he said.

“I feel like I haven’t really done that very well the last 12 months or so, but starting to see it now, which has been really nice. Starting to get back into that level, which is really nice for me to see. So I’m looking forward to one more shot at it this week.”

Among those one shot back are six-time PGA Tour winner Tony Finau who is chasing a first win since April 2023 and who needs a win to be invited to the Masters.

The 36-year-old American finished his round strongly with an eagle putt at the 18th.

“It was nice to make an eagle on the last,” he said. “I hit a really good drive, pushed my second shot a little, got lucky, covered the water and was able to roll that one in. Sometimes those are the small little breaks that you need to be towards the top of the leaderboard.”

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Vance holds first meeting of a new anti-fraud task force targeting benefit programs

Vice President JD Vance on Friday held the inaugural meeting of a new anti-fraud task force he’s leading as the Trump administration seeks to show it’s cracking down on potential misuse of social programs.

Vance, speaking Friday before the task force held a closed-door meeting, said that the federal government for decades had not taken the issue of fraud seriously and that it needed to be tackled with “a whole-government approach.”

“This is not just the theft of the American people’s money,” Vance said. “It is also the theft of critical services that the American people rely on.”

President Trump, a Republican, has made a crackdown on fraud part of his chief domestic focus as voters have said they’re concerned about affordability ahead of November’s midterm elections. That effort comes after allegations of fraud involving day-care centers run by Somali residents in Minneapolis prompted a massive immigration crackdown in the Midwestern city, resulting in widespread protests.

Vance cited some of the Minnesota allegations on Friday. Last month, he held a news conference to announce a temporary halt of some Medicaid funding until the state took actions that federal officials said would address their concerns.

Minnesota Gov. Tim Walz, a Democrat who faced Vance as a vice presidential candidate in 2024, has called it a “campaign of retribution” and said the Trump administration was “weaponizing the entirety of the federal government to punish blue states like Minnesota.”

The task force is also the most visible assignment to date that Trump has given to Vance, who is seen as a potential 2028 presidential candidate.

Vance and the task force, which includes about half the president’s Cabinet, the leader of a new Justice Department division focused on prosecuting fraud and Federal Trade Commission Chair Andrew Ferguson, are set to meet regularly to look at rooting out potential fraud and waste in federal benefit programs.

Ferguson, who is vice chair of the task force, cast the issue of fraud as a dire crisis facing the country and said it “shreds the social trust on which these programs and our entire nation depend.”

“This fraud crisis is thus existential,” he said. “If we fail to address it, the fabric of our nation will swiftly unravel.”

Joining the task force was Colin McDonald, a top aide to the Justice Department’s second in command. He was recently confirmed as the assistant attorney general overseeing the new division at the department focused on prosecuting fraud.

The Justice Department has long prosecuted fraud nationally through its Criminal Division, but the Trump administration says the new division is needed to crack down on rampant fraud.

Price writes for the Associated Press.

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Missiles overhead, silence below: Israel’s home front holds firm | US-Israel war on Iran News

As the United States-Israeli war on Iran rages on, schools across Israel have been closed, cultural venues shuttered and large gatherings cancelled under police orders.

Dissent against the war, if there is much at all, has little chance of being aired.

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A few demonstrations against the war, such as those staged by the Israeli-Arab activist group Zazim, still flicker through central cities, but they do so under heavy supervision, with officers warning crowds to disperse when sirens sound or when assemblies grow beyond what commanders deem safe.

The effect is a public sphere constrained less by decree than by the constant threat hanging overhead.

“Kids aren’t going to school, while employers are insisting their parents go to work,” Zazim’s co-founder and executive director, Raluca Ganea, says. Everyone is too overwhelmed by the daily grind to voice any dissatisfaction, she adds.

“We’re enduring multiple missile attacks daily, which means people aren’t sleeping. It’s like a manual for tyrants. It’s how you suppress protest or opposition and it’s working so far,” she added.

“We’ve attempted a couple of protests, but people are just too tired to engage,” Ganea says of Zazim’s efforts to resist the war. “It’s not so much that people are telling you that you can’t so much as protesting becomes impossible when a missile attack could happen at any time.”

Support for the war on Iran has remained strong in Israel, a fact borne out by polls. But as exhaustion grows and resentment builds over having their fates decided by often distant leaders such as Israeli Prime Minister Benjamin Netanyahu and US President Donald Trump, who have shown little investment in their welfare, the societal fractures that came to define the war on Gaza are almost inevitable, she warns.

“It’s depressing,” she says. “The only response people have is to feel helpless when their fate is in the hands of people like Trump and Netanyahu, who really don’t care about them.”

Those who have put their heads above the parapet to object openly to the war are shunned anyway, as 19-year-old Itamar Greenberg knows only too well. People spit at him in the street.

“It comes in waves,” he says of the criticism he faces for his opposition to the war on Iran on the streets of his hometown, near Tel Aviv. “Sometimes they follow me, shouting ‘traitor’ or ‘terrorist’.”

Itamar is clear enough that he isn’t a terrorist, though he seems ready to accept the label of traitor if it means halting the war on Iran.

“At my university, everywhere, they say my opposition to the war on Iran is somehow crossing a red line. For instance, because of the [danger to the Israeli] hostages, some people could understand opposition to the genocide on Gaza, but opposing the war on Iran, the great evil, is somehow too much,” he says.

This picture shows damaged buildings at the site of an Iranian missile strike in Tel Aviv
Emergency personnel work next to a damaged car at a site following Iranian missile barrages in central Israel, amid the US-Israel conflict with Iran, in Tel Aviv, Israel [Ronen Zvulun/Reuters]

Rising censorship

Across Israel, journalists and activists like Itamar describe a pervasive atmosphere of self-policing and censorship that, they say, has left people less informed about the consequences of the war than the citizens in Iran, whom many in their media encourage them to pity.

In a country largely unified against a threat that, for generations, politicians have told them is existential, criticism, dissent or opposition is, for the majority, beyond the pale.

This way of thinking is baked into Israeli society. The systems employed by the country’s military censor today to curtail media reporting predate the establishment of Israel in 1948.

Furthermore, new wartime restrictions on what can and cannot be broadcast of the Iranian missile barrages targeting Israel, where they land and what damage they have done – introduced on March 5 – mean these largely go entirely unreported, Israeli journalists say.

Reporting on the new media restrictions in mid-March, the Israeli magazine +972 documented one instance when journalists were permitted to report on debris that had hit an educational facility, but did not mention the actual strike by an Iranian missile, which had successfully hit its intended target nearby. Nor were they allowed to examine the site.

In another case reported by +972, journalists photographing damage to a residential block said they were approached by a man they believed to be linked to a security agency. He asked police to stop reporters from recording the real target of the attack, which was located behind them. The police officer replied that the journalists would not have noticed that site at all had it not been pointed out, since the visible destruction was concentrated on the civilian building.

The censorship, which had been growing more relaxed in recent years, had been tightened once more during the current war, Meron Rapoport, an editor at +972’s sister paper, Hebrew language Local Call, told Al Jazeera, “We don’t really know what is being or with what explosives,” he said, “The IDF [Israeli army] announcements always refer to strikes being on ‘uninhabited areas,’ which is peculiar, because there aren’t that many uninhabited areas in Tel Aviv. It’s a very compact city.”

Indeed, Iran has launched multiple missiles at Tel Aviv, some of which have resulted in damage and injuries – either by the missiles themselves or by debris falling following interception. Most recently, on Tuesday, missiles triggered air raid sirens in the city, where gaping holes were ripped through a multistorey apartment building.

Israel’s Magen David Adom emergency medical service said: “Six people were lightly injured at four different sites.”

“It’s curious,” Rapoport says. “Israeli commentators are always saying how the Iranian public has no real idea how badly they’re being hit. The irony is that they probably have a better idea of how hard Israel is being hit than most Israelis.”

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Fed holds interest rates steady amid Iran war, poor inflation report

March 18 (UPI) — The Federal Reserve announced that it is leaving its benchmark interest rate untouched Wednesday in its first Federal Open Market Committee statement since the start of the war with Iran.

The Fed’s benchmark interest rate remains at a 3.5% and 3.75% range as the committee held on to its projection of at least one rate cut coming this year.

“Available indicators suggest that economic activity has been expanding at a solid pace,” the FOMC statement said. “Job gains have remained low and the unemployment rate has been little changed in recent months. Inflation remains somewhat elevated.”

As for the war in Iran, the statement said its impact on the U.S. economy is “uncertain.”

The Fed continues to pursue monetary policies it believes will bring the rate of inflation down to 2%. In its statement it said it is “committed to supporting maximum employment,” in pursuit of its target.

Economic reports that inform the Fed’s decision have indicated pressures from inflation remain and economic growth has slowed.

Wednesday’s announcement comes on the heels of a producer price index report earlier in the day that showed the largest increase to the index for final demand goods since August 2023.

Last week, the U.S. Bureau of Labor Statistics reported that nonfarm payrolls fell by 92,000 in February. The unemployment rate increased to 4.4%.

These reports have economists and traders cooling on the potential for interest rate cuts. Eugenio Aleman, chief economist at Raymond James, said in a statement that the wholesale inflation report on Wednesday, “likely reinforces a hold decision.”

Data from the producer price index report predates the beginning of the war with Iran.

President Donald Trump receives a bowl of shamrocks from Irish Taoiseach Micheal Martin to celebrate St. Patrick’s Day at the White House on Tuesday. Photo by Yuri Gripas/UPI | License Photo

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Araghchi: Iran’s system holds despite targeted leaders | US-Israel war on Iran

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Iran’s foreign minister is pushing back after the killings of top officials Ali Larijani and Basij commander Gholamreza Soleimani. Abbas Araghchi says the Islamic Republic is built to withstand shocks, insisting that no single figure, no matter how powerful, can destabilise the system.

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Vietnam holds general election, 93% candidates from ruling Communist Party | Elections News

Vietnamese elect members of parliament from a list of candidates ⁠almost exclusively fielded by the governing party.

Voters in Vietnam are casting their ballots for members of the National Assembly, the country’s top legislative body, which serves mainly to ratify decisions by the governing Communist Party.

Nearly 93 percent of the 864 parliamentary candidates in Sunday’s election are Communist Party members, while 7.5 percent are independents, according to the national election council, down from 8.5 percent in 2021.

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The five-yearly elections in the tightly controlled one-party state will see more than 73 million voters elect 500 members of the National Assembly and representatives for local councils.

The Communist Party, which has ruled the Southeast Asian nation of 100 million people unopposed for decades, holds 97 percent of the parliamentary seats.

epa12820474 People look at the lists of candidates at a polling station in Hanoi, Vietnam 15 March 2026. Vietnam holds general elections for the 16th National Assembly and People's Councils at all levels for the 2026–2031 term on 15 March. EPA/LUONG THAI LINH
People look at the lists of candidates at a polling station in Hanoi, March 15, 2026 [Luong Thai Linh/EPA]

Voters expressed hope their representatives would continue modernising Vietnam, whose booming economy is undergoing major reforms introduced by top leader To Lam.

Red-and-yellow banners fluttered from lampposts and traffic lights in the capital, Hanoi, where well-dressed senior citizens were some of the first to vote.

“I do expect top leaders after this election will make major changes to make our country better,” Nguyen Thi Kim, 73, told the AFP news agency at a polling station set up in a community room of a high-rise residential block in Hanoi.

But in a country where major policies and projects are decided by senior cadres, many citizens feel lukewarm about elections. “I don’t think who wins will have any impact on my life,” said a woman, who gave her name as Huyen, in Hanoi.

Most polling stations are scheduled to close at 7pm (12:00 GMT), with results expected on March 23, parliament Chairman Tran Thanh Man told local media.

Vietnam election
Voters cast ballots in Hanoi, Vietnam, March 15, 2026 [Hau Dinh/AP]

The opening plenary session of the National Assembly is scheduled for early April, when ⁠lawmakers are expected to approve the state’s top leaders previously nominated by the party, including the president and the prime minister.

The party confirmed Lam as its general secretary, Vietnam’s most powerful position, during ⁠its five-yearly congress in January, when it also selected the 19 members of ⁠the Politburo, its top decision-making body.

After voting on Sunday morning in Hanoi, Lam said on live television that the election aimed “to choose the most prestigious people to continue leading the country to more development”.

First-time voter Nguyen Kim Chi, 18, said she cast her ballot in the capital for “all the young” candidates.

“I know top positions are already set,” she added, “but I still hope my votes count.”

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