Canada's men's wheelchair basketball team finishes 3rd at Ottawa Invitational
CBC
23-05-22 01:36
Canada's men's wheelchair basketball team finished third at the Ottawa Invitational tournament, losing 63-47 to the Netherlands. Fellow Paralympians Nik Goncin and Lee Melymick each added nine points, with Gijs Even leading the Netherlands with a game-high 18 points. The five-day tournament, hosted by Wheelchair Basketball Canada, served as final preparation for the upcoming IWBF world championships in Dubai, running from June 9 to 20. Canada will compete in Group B against Germany, Thailand and Egypt at worlds.
A non-profit backed by fellowships engager Arsht-Rock Foundation and microinsurance start-up Blue Marble as well as a trade union, has teamed with ICICI Bank on one of the world's first insurance policies for extreme heat, which has 21,000 self-employed women in Gujarat, India, signed up to it so far. The policies offer a small payout if temperatures rise well above historical averages and stay there for at least three days, with payments being triggered if a predetermined threshold is breached. Reinsurer SwissRe has reported that global sales of parametric products have soared 40% since August 2021, while Allied Market Research estimates the market could hit $29.3bn worth in 2031 up from $11.7bn last year.
Syria's President Bashar al-Assad has been feted by Gulf leaders at a summit in Jeddah, marking his restoration to the Arab League after being expelled in 2011. It is one of a number of recent moves towards normalisation between the regime and Gulf states that were once committed to his downfall. However, there remain critics of Assad, not least within north-west Syria, where fighting has persisted despite a ceasefire reached in March this year. Observers believe that any move towards greater investment in areas of Syria controlled by the regime would be halted by Western sanctions and other penalties imposed in the wake of the war. Meanwhile Kyiv used the summit to draw attention to the ongoing conflict between Ukraine and Russia, and urged attendees to confront Moscow's aggression.
Russia's seaborne crude oil exports to China and India continue to rise and show no sign of the output cuts promised by the country in March, in response to Western sanctions and limits on oil price exports. Four-week average seaborne shipments rose for a sixth straight week to 4 million barrels a day, and flows are now up 15% since the start of April. Last week, Putin reiterated Russia's commitment to the OPEC+ producer group and the output cuts agreement, saying that all actions, including voluntary production cuts, are connected to the need to support global market prices. However, analysts have suggested that Russia is using stockpiles to maintain its current level of exports.
It is feared that Russia’s reliance on a shadow fleet of ageing tankers to transport its oil to China and India may be becoming increasingly problematic, as a Chinese port increases checks on older vessels, causing some cargoes to get held up and creating concerns around this group of vessels. A Moscow-based thinktank, cited by the FT, claims that Russia’s long-haul destinations to Asia are more costly and time-consuming than its previous northern European short-haul routes, however. Russia’s exports to northern European countries fell to zero in the four weeks to 19 May.
The renminbi is not a viable alternative to the US dollar because it is not suited to be a global reserve currency, according to Karthik Sankaran, an FX veteran, and a longtime friend of Paul McNamara. However, the Chinese currency is the obvious candidate to take share away from the dollar given China's role in global trade and the size of its economy. Sankaran believes the US dollar's displacement by the renminbi is unlikely and the euro appears to have a greater chance of regional displacement due to its status as the number two reserve currency. Sankaran argues that a more multipolar FX landscape might be good for world financial stability.
Sankaran believes a multipolar FX landscape might come about via creeping regional displacement and the euro has already done this to some extent, for example, in Central and Eastern Europe. He advises against looking for the replacement of the dollar, and to consider instead creeping regional displacement. Countries might try to stop using the dollar, but they don’t have many alternatives at present.
Sankaran disagrees with the idea that a reserve currency issuer needs to run a trade deficit. It is not necessary for the country that is the center of the international monetary system to run a trade deficit, he said. Britain under the gold standard was a huge exporter of capital, while the US until the mid-1960s was the center of the Bretton Woods system and was also a huge exporter of capital.
Arab states have welcomed Syria back into the Arab League, ending years of isolation due to a violent crackdown on a popular uprising. The decision has provoked controversy, with critics claiming it will legitimise the regime of President Bashar al-Assad and perpetuate a brutal crackdown on his opponents. Supporters argue, however, that it will provide space for the Assad regime to make possible concessions and enhance economic links. Syria’s readmission to the Arab League has also the potential to injure the interests of the United States and deal a setback to Lebanese and Israeli interests. Critics warn the move could spark cycles of violence in Syria and put more pressure on neighbouring countries that are receiving millions of Syrian refugees.
Supporters of the move point to diplomatic considerations: with the US power waning in the Middle East and Western countries consolidated around the Iran nuclear deal, Arab countries are finding it easier to embrace Syria’s leader as a buffer against their own internal unrest. Syria’s readmission to the Arab League has also been facilitated by growing sectarian pressure from Iran as it tries to increase its regional influence.
The fact that Iraq, Saudi Arabia, Qatar, Bahrain and the UAE all attended the Arab League summit in Saudi Arabia was seen as a message of unity and an indication of shifting alliances in the region. However, the issue has also caused division, with countries like Turkey and Qatar being critical of the decision. Turkey, a US ally and close partner in the Syrian conflict, has been one of the most vocal opponents of the move, voicing concerns over Syria’s human rights record as well as its deteriorating economy. Similarly, Qatar has been one of the most outspoken critics of the move, arguing that it legitimises the Assad regime and gives him a measure of legitimacy.
