US dollar at risk of losing dominance, warns Wall Street bank

News Network
April 4, 2022

The US dollar is dealing with some of the same challenges that the British pound faced in the early 1900s, before it went into decline, Goldman Sachs said in a research note released on Thursday. The Wall Street bank warns that the greenback could lose its global dominance.

According to the research seen by Business Insider, the move by Washington and its allies to freeze much of the Russian Central Bank’s foreign currency reserves has raised concerns that countries could start moving away from the dollar. Analysts explained the risk as due to worries about the power the dollar grants the US.

The challenges that Goldman Sachs named include the fact that the US has a relatively small share of global trade compared to the dominance of its currency in global payments. Another issue is that the country has a deteriorating “net foreign asset position,” with rising foreign debts. In addition, the nation faces geopolitical problems, such as the conflict in Ukraine.

The Goldman Sachs economists also said the nation’s large debts due to the fact that it is a big importer of goods could be a particular problem. The British pound, which was once the world’s reserve currency, was displaced by the US dollar in the middle of the 20th century. 

International investors were more reluctant to hold pounds after Britain amassed huge debts in World War II, the bank’s analysts noted. “If a reserve currency issuers’ debt is allowed to grow relative to GDP, eventually foreigners may grow reluctant to hold more of it,” they wrote.

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News Network
October 21,2024

Mangaluru: The MLC by-election for the Dakshina Kannada and Udupi Local Authorities Constituency commenced at 8 AM on Monday, with voting set to continue until 4 PM. A total of 392 polling booths have been established across the two districts, which form the constituency.

The constituency has 6,032 eligible voters, including 3,127 women. Early reports indicated brisk voting at the Mangaluru City Corporation polling booth, where corporators were seen patiently standing in line in the morning.

In a unique moment, Sharath, a gram panchayat member from Kokkada, cast his vote at Kokkada Gram Panchayat before heading to his wedding ceremony.

The constituency features 53 sensitive polling booths. Eligible voters include members of gram panchayats, corporators from Mangaluru City Corporation, city and town municipal councils, town panchayats, MLAs, MLCs, and Lok Sabha members representing the Dakshina Kannada and Udupi districts.

Notably, Byndoor MLA Gururaj Gantihole and MLC Prathap Simha Nayak, who do not represent local bodies, were left out of the voters' list. According to electoral rules, only those MLAs, MLCs, and MPs who represent city corporations, municipalities, town panchayats, taluk panchayats, or zilla panchayats are granted voting rights in the MLC elections for the Local Authorities’ Constituency.

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News Network
October 25,2024

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The accused wife and the victim husband

 

Udupi, Oct 25: A seemingly natural death has unraveled into a heart-wrenching case of betrayal and murder in Udupi’s Marne village. 

Balakrishna (44), who had been battling fever and severe illness for nearly a month, succumbed to his condition on October 20, despite extensive treatment at multiple hospitals. 

Diagnosed with jaundice, he was under care at KMC Hospital in Manipal, Wenlock Hospital in Mangaluru, NIMHANS Hospital in Bengaluru, and Victoria Hospital. But his symptoms persisted, and he was brought home on October 19, only to pass away at 3:30 am the next morning.

A complaint filed by his grieving brother, Ramakrishna (42), has now transformed Balakrishna's case into an alleged murder investigation. According to Ramakrishna, his brother’s wife, Pratima, had been in a relationship with Dileep from Hirgan. Allegedly, frustrated by Balakrishna's interference in her relationship, Pratima conspired with Dileep to eliminate him.

The complaint suggests that Pratima and Dileep plotted to gradually poison Balakrishna, lacing his meals with a toxic substance that steadily worsened his health. 

In the early hours of October 20, Dileep allegedly visited the home, where he and Pratima are accused of suffocating Balakrishna with a bedsheet, ending his life in a final act of betrayal. 

The Ajekar police have now registered a murder case, transforming Balakrishna's tragic death into a haunting investigation. They also have managed to arrest the victim’s wife and her boyfriend. 

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News Network
October 25,2024

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A recent survey has exposed a troubling rise in anti-Muslim racism across Europe, fueled by heightened conflicts in West Asia and Europe’s increasingly hostile climate for Muslims. The EU Agency for Fundamental Rights (FRA) revealed on Thursday that nearly half of European Muslims faced discrimination in the past five years, with the situation worsening notably over the last year as violence flared in Gaza.

Nicole Romain, a spokeswoman for FRA, confirmed reports of intensified anti-Muslim hate across several EU countries. "Even before the current escalation, it was already becoming increasingly challenging to live as a Muslim in the EU," she said, pointing to dehumanizing rhetoric and profiling practices that target Muslims based on religion, ethnicity, and even physical appearance.

The survey, conducted prior to Israel’s large-scale assault on Gaza, included data from over 9,600 Muslims across more than a dozen EU nations between October 2021 and October 2022. The results highlighted Austria as having the highest rate of discrimination against Muslims at 71 percent, followed closely by Germany (68 percent) and Finland (63 percent). France, home to Europe’s second-largest Muslim population, reported a rate of 39 percent.

Women and children are disproportionately affected, particularly those wearing religious attire such as the hijab. FRA's report sheds light on the pervasive racial profiling Muslims face, from random police checks to discrimination in employment despite high qualifications. Director Sirpa Rautio warned that as conflicts continue to escalate, the impact on Muslims in Europe is likely to worsen, compounding challenges for the EU’s 26 million-strong Muslim population, which makes up more than 5 percent of the bloc's residents.

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