Janet Yellen says no federal bailout for Silicon Valley Bank

WILMINGTON (US),

MAR 12 (AP): Treasury

Bakhmut could lead to further Russian advances in the east. One of the Ukrainian presidential aids has said that the military would continue its efforts in Bakhmut because the battle there is pinning down Russia’s best units and degrading them ahead of a planned Ukrainian spring counter-offensive.

Secretary Janet Yellen said Sunday that the federal government would not bail out Silicon Valley Bank, but is working to help depositors who are concerned about their money.

“But we are concerned about depositors, and we’re focused on trying to meet their needs.”

Silicon Valley Bank began its slid into insolvency when its customers, largely technology companies that needed cash as they struggled to get financing, began withdrawing their deposits. The bank had to sell bonds at a loss to cover the withdrawals, leading to the largest failure of a U.S. financial institution since the height of the financial crisis.

6 killed, 28 injured in bus accident

in Nepal

KATHMANDU, MAR 12 (IANS): At least six people died and 28 others were injured when a bus they were travelling in rammed into hillside in Nepal’s Sindhuli district on Sunday.

The bus carrying 34 passengers was proceeding towards Kathmandu from Okhaldhunga.

The incident occurred after the bus driver lost control over the vehicle and crashed into hillside, Deputy Superintendent of Police Chiranjeevi Dahal, was quoted as saying by The Kathmandu Post.

The bus driver fled the scene after the accident.

A Ukrainian serviceman carries a shell for a howitzer before firing towards Russian troops outside Bakhmut. (Reuters) with the commander in charge of defending Bakhmut, Colonel general Oleksandr Syrskyi, saying on Saturday its protection was key for a Ukrainian counter-strike.

For the Kremlin, capturing Bakhmut is essential for achieving its stated goal of taking control of the whole of Donetsk, one of the four Ukrainian regions that joined the Russian Federation following the referendum in September last year.

Moscow says that

Bakhmut would be a stepping stone and a rare battlefield gain in completing the capture of the Donbas industrial region, one of Moscow’s most important objectives.

Russian Defense Minister Sergei Shoigu said on Tuesday that the seizure of Bakhmut would allow Russia to press its offensive deeper into the region. Some military experts have questioned the sense of the continued fight for the ravaged town, but Ukrainian officials say that the fall of

China appoints US-sanctioned Gen. Li Shangfu as Defence Minister

BEIJING, MAR 12 (PTI):

China on Sunday appointed a US-sanctioned army general as its new Defence Minister, displaying scant regard for Washington’s ban on its military personnel.

Gen. Li Shangfu, a Chinese aerospace engineer and General of the People’s Liberation Army (PLA), was sanctioned by the US in 2018 for the purchase of Russian Sukhoi Su-35 fighter jets and S-400 surface-toair missiles by China’s Equipment Development Department (EDD) in viola- tion of the US sanctions on Russia. The US sanctioned both the EDD and its then director Gen Li.

On Sunday, Gen Li was confirmed as the new

Defence Minister by China’s rubber-stamp parliament, the National People’s Congress (CPC). He will succeed Gen Wei Fenghe.

Gen Li was appointed along with a new set of cabinet ministers for various ministries as part of change of the Chinese government officials every 10 years.

On Saturday, Gen Li was appointed as a member of the Central Military Commission (CMC) - the high command of the Chinese military headed by President Xi Jinping.

Chinese FM Qin Gang elevated to State Councillor rank

Qin, 56, was appointed as the Foreign Minister in December succeeding Wang Yi who was elected to the Political Bureau of the ruling Communist Party of China (CPC), a key policy body of the party in the once-in-a-five-year congress of the party in October last year.

Qin’s elevation to the rank of State Councillor will put him in line for his appointment as the Special Representative (SR) of the India-China boundary mechanism formed in 2003.nk of State Councillor, which will put him in line for his likely appointment for the post of

China’s Special Representative for India-China boundary talks, a high-level mechanism to discuss the boundary issue and improvement of ties between the two countries.

The National People’s Congress (NPC), the Chinese Parliament, which is holding its annual session on Sunday endorsed Qin’s appointment as Foreign Minister and elevated him to the status of State Councillor, a high-ranking position within the State Council or the central cabinet, the executive organ of the Chinese government.

Ukrainian officials on Sunday ordered a historically Russian-aligned wing of the Orthodox Church to leave a monastery complex in Kiev. It is the latest move against a denomination regarded with deep suspicion by the government.

Patriarch Kirill, head of the Russian Orthodox Church, on Saturday asked Pope Francis and other religious leaders to persuade Ukraine to stop the crackdown against the church. Kiev is cracking down on the Ukrainian Orthodox Church (UOC) since Kirill has strongly backed Moscow.

The Federal Deposit Insurance Corporation insures deposits up to USD 250,000, but many of the companies and wealthy people who used the bank — known for its relationships with technology startups and venture capital — had more than that amount in their account. There are fears that some workers across the country won’t receive their paychecks.

Yellen, in an interview with CBS’ “Face the Nation,” provided few details on the government’s next steps. But she emphasised that the situation was much different from the financial crisis almost 15 years ago, which led to bank bailouts to protect the industry.

“We’re not going to do that again,” she said.

Yellen tried to reassure Americans that there will be no domino effect after the collapse of Silicon Valley Bank.

“The American banking system is really safe and well capitalized,” she said.

“It’s resilient.”

Silicon Valley Bank is the nation’s 16th-largest bank. It was the second biggest bank failure in U.S. history after the collapse of Washington Mutual in 2008. The bank served mostly technology workers and venture capital-backed companies, including some of the industry’s bestknown brands.

Yellen seemed to blame high interest rates more than trouble in the technology industry for the bank’s failure. “The problems with the tech sector aren’t at the heart of the problems at this bank,” she said. Regulators seized the bank’s assets on Friday. Deposits that are insured by the federal government are supposed to be available by Monday morning. “I’ve been working all weekend with our banking regulators to design appropriate policies to address this situation,” Yellen said. “I can’t really provide further details at this time.”

US congressman concerned over HR violations in Pak

ISLAMABAD, MAR 12

(PTI): An influential US Congressman has raised concerns over the continuous violation of human rights and democracy in Pakistan and asked the government to ensure freedom of speech and the application of rule of law in the country.

“There is concern over the increasing incidents of violence in Pakistan,” tweeted Congressman Brad Sherman, who is also a senior member of the House Foreign Affairs Committee.

In a video statement, shared by a leader of ousted prime minister Imran Khan’s party, Sherman reminded Prime Minister Shehbaz Sharif-led government about its obligation to take action against those who violate human rights.

“We will not hesitate from raising our voice against human rights violations,” said Sherman, a Democrat representing California’s 32nd congressional district.

Earlier, he tweeted that he spoke over the

French Senate adopts pension bill despite street protests

PARIS, MAR 12 (AP): A contentious bill that would raise the retirement age in France from 62 to 64 got a push forward with the Senate’s adoption of the measure amid strikes, protests and uncollected garbage piling higher by the day.

French Prime Minister Elisabeth Borne tweeted late Saturday after the 195-112 vote that she looks forward to the bill’s definitive passage, hailing a “decisive step toward a reform that will assure the future of our retirement” system.

But the legislation must now move through tricky political territory with multiple potential outcomes.

It heads first to a committee of seven senators and seven lower-house lawmakers to find a compromise

A

(AFP) between the two houses’ versions of the text on Wednesday — when unions planned an eighth round of nationwide protest marches.

President Emmanuel Macron is undaunted by the uncollected trash piling up in Paris and other cities from a strike by garbage workers opposed to the bill and re- duced services and supplies in other sectors like transport and energy.

Macron has refused a request by unions to meet with him, which leftist CGT union leader Philippe Martinez said amounted to “giving the finger.”

There has been no government response to a union request for a “citizens’ consultation” on the legislation, made Saturday after a new day of marches which drew a far smaller number of people into the streets than protest marches four days earlier. phone with Imran Khan and met Asif Mehmood, a Pakistani philanthropist and Democratic candidate running against Young Kim in the state’s 40th congressional district, Dawn newspaper reported.

Senate President Gerard Larcher voiced pride in the job of his colleagues after their vote — a day before the deadline — saying the body controlled by the conservative right played its role “with only one objective whatever our feelings are, the interest of the country and the interest of the French people.” Unions maintain that French people are voting their opposition to the reform in the streets and through strikes, continuing though reduced in some sectors.

“Ties between the US and Pakistan date back to the early 1940s, and over the years the two countries had worked together on several global and regional issues,” Sherman said in a video message in which he was standing alongside Mehmood.

With immense pride and honour. The BJP 28 th Koridang Mandal congratulates Shri. Imkong L Imchen on being elected for the 5th time in the recently conducted NLA Election 2023. Shri. Imkong L Imchen, has set a benchmark with his imprimatur of class as a result oriented leader.

Moreover, we express our sincere gratitude to Central and State BJP leaders for posing their faith in Shri. Imkong L Imchen for the candidature.

The BJP 28th Koridang Mandal also extends its humble gratitude for all the hard work and effort put in by very individual without which the victory would not have been possible. God bless

Mkc-91/23

Limanungsang President 28th Koridang Mandal