Friday, August 02, 2024

19th-century Zelenskiyy Mansion in Downtown Kyiv Reduced-to-Rubble. . .Rival Kyiv Mayor Denies Blame for Demolition

The destruction of the Zelenskiy mansion is only the latest episode in a chain of problems mounting up since the start of the Russian invasion, and even before.
Earlier this year, Kyiv authorities had to close six metro stations that connected one of the most populated districts with the rest of the city after cracks appeared in tunnels, releasing ground water.

"It wasn’t a Russian missile that reduced the elegant 19th-century Zelenskiy mansion in downtown Kyiv to rubble; a Ukrainian developer demolished it to build yet another high rise," reports Politico. 

Kyiv Mayor Vitali Klitschko is blamed for the destruction of the monument and is increasingly accused of major errors in city management.

Activists who tried to stop the bulldozer on July 19 to save the city’s heritage said they were "beaten back by heavies." 
A wooden plaque beside the ruins, where the mustard classical façade once stood, reads: "This building was destroyed at the initiative of Vitaly Klitschko."

Klitschko under fire for Zelensky's residence demolition, metro woes amid war

Story by Mateusz Czmiel
 • 15h


Zelensky's fortune in ruins. Klichko blamed for the disaster

Zelensky’s manor ruined
To the outside world, Klitschko, the former world heavyweight boxing champion, is one of the most recognizable and tersely polite faces of Ukrainian resistance against Russian President Vladimir Putin’s murderous attack. However, to a growing number of Kyiv residents, he is failing them as the city’s mayor, a position he has held for 10 years.
Many complaints focus on his failure to stop ruthless developers from levelling the city’s heritage — the destruction of Zelenskyy’s residence (unrelated to President Volodymyr Zelenskyy — editor’s note) and other historic buildings — as well as the alleged involvement of his administration in severe infrastructural problems, such as the cracking of metro tunnels.


“Klitschko does not share responsibility for what is happening in his city,” Kyiv activist Dmytro Perov, who has been fighting the demolition of historic buildings for over eight years, told Politico.

Klitschko: It’s political vendetta
Klitschko denies the accusations. He claims that his administration facilitates the life of real estate tycoons and views the criticism as "political vendetta."

Vitaly Klitschko’s critics come out swinging over boxing champ’s record as Kyiv mayor

Klitschko sees a political vendetta in complaints his administration failed to stop destruction of the city’s heritage and to improve infrastructure.

". . .According to Klitschko, the blame lies with central authorities. Over his decade at the helm, he said the city proposed a bill that would that would allow the city of Kyiv to confiscate historical buildings from owners who neglected them, or at least fine them.

FLASHBACK TO BRITISH INTERFERENCE ON THE MIDDLE EAST 1917: Bloodbath in Baghdad - Murder of Iraqi King & The Rise of Saddam Hussein

Mourners gather as Hamas leader Ismail Haniyeh is buried in Doha, Qatar ...

Slain Hamas chief Ismail Haniyeh’s funeral held in Qatar, Israel is warned of revenge

The funeral of Hamas leader Ismail Haniyeh took place in Qatar on Friday following his assassination two days ago in Iran’s capital Tehran - one in a series of killings of senior figures in the Palestinian militant group as the war between Israel and Hamas in Gaza rages.

Slain Hamas chief Ismail Haniyeh’s funeral held in Qatar, Israel is warned of revenge
Slain Hamas chief Ismail Haniyeh's funeral held in Qatar, Israel is warned  of revenge

Mourners at the ceremony in a large mosque just north of the capital Doha included Khaled Meshaal, who is tipped to be the new Hamas leader. Other senior Hamas officials and Qatar’s Emir Sheikh Tamim bin Hamad al-Thani also attended.
He will be buried in a cemetery in the city of Lusail, north of Doha.
For the latest updates on the Israel-Palestine conflict, visit our dedicated page.
Haniyeh’s coffin, draped in the Palestinian flag, was carried across the mosque past hundreds of people along with the coffin of his bodyguard, who was killed in the same attack in Tehran on Wednesday:

Hamas Chief Killed, Israel Hamas War: Hamas Chief Ismail Haniyeh To Be  Buried In Qatar

Senior Hamas official Sami Abu Zuhri to Reuters by phone as he attended the funeral: “Our message to the occupation (Israel) today is that you are sinking deep in the mud and your end is getting closer than ever. The blood of Haniyeh will change all equations.”

  • Haniyeh was killed by a missile that hit him directly in a state guesthouse in Tehran where he was staying, senior Hamas official Khalil Al-Hayya told a news conference, quoting witnesses who were with him.
  • Iran and Hamas have both accused Israel of carrying out the killing and have pledged to retaliate against their foe. Israel has not claimed responsibility for the death nor denied it.
The strike was one of several that have killed senior figures in Hamas or the Lebanese movement Hezbollah, fueling concern that the war in Gaza between Israel and Palestinian militants is turning into a regional conflict stretching from the Red Sea to the Lebanon-Israel border and beyond.
In the United States, US President Joe Biden said Haniyeh’s killing was not helpful to international efforts to secure a ceasefire in the war in Gaza, now in its 10th month.
“It doesn’t help,” Biden told reporters on Thursday, when asked if the action ruined the chances of a truce.
Qatar has been leading the peace effort along with Egypt and the United States, Israel’s main ally.
Slain Hamas leader Haniyeh's funeral held in Qatar, Israel is warned of  revenge

Widow mourns
Haniyeh had been the face of Hamas’s international diplomacy as war raged back in Gaza and had taken part in the indirect ceasefire talks.

  • He was seen by many diplomats as a moderate compared to the more hardline members of the Iran-backed group inside Gaza, although some Israeli commentators have said he was considered by some on the Israeli side as an obstacle to a deal.
  • Appointed to the Hamas top job in 2017, he moved between Turkey and Doha, escaping the travel curbs of the blockaded Gaza Strip.
In May, the International Criminal Court prosecutor’s office requested arrest warrants for three Hamas leaders, including Haniyeh, as well as Israeli Prime Minister Benjamin Netanyahu for alleged war crimes. Israel and Palestinian leaders have dismissed the allegations.
Iran held its own funeral ceremony for Haniyeh on Thursday which was attended by his widow Amal.
“Say hello to all the martyrs of Gaza, say hello to the leaders, to all Gaza’s martyrs, all the Muslims,” Amal Haniyeh said as she mourned beside his coffin.
Hamas politburo member Izzat al-Rishq called on people to pray for his soul in all mosques around the world.
“Let today, Friday, be a day of overwhelming anger denouncing the assassination crime and rejecting the genocide in the Gaza Strip,” he said in a statement.

While Israel has not said it carried out the killing, it has announced that an airstrike it mounted last month killed the elusive Hamas military leader Mohammed Deif in Gaza. Hamas has not confirmed nor denied the death of Deif.
Hezbollah confirmed on Wednesday that its senior military commander Fuad Shukr had been killed in an Israeli strike on a building in Beirut.

Hezbollah vowed on Thursday a “definite” response to Shukr’s killing, saying it had crossed red lines and that the decades-old rivalry between foes had entered a new phase.

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“We are looking for a real response, not a performative response, and for real opportunities. A studied response,” said Hezbollah chief Hassan Nasrallah, speaking in a televised address to mark the funeral of the slain commander.

Global stocks plunge after tech-driven sell off and US growth fears

 

People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm in Tokyo.
Copyright Eugene Hoshiko/Copyright 2024 The AP. All rights reserved
By Tina Teng
Published on Updated 
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The European market opened lower as sell-offs in the global market intensified following the Bank of Japan's rate hike and disappointing tech earnings in the US. The Bank of England's rate cut further pressured the market, causing a sharp decline in banking stocks.

Global stock markets are in a sea of red as risk-off sentiment prevails following the Bank of Japan's (BOJ) rate hike, coupled with softened US economic data and disappointing tech earnings.

The Federal Reserve (Fed) maintained the current interest rate this week, but markets suspect it might be behind the curve in lowering rates, potentially causing further economic slowdown.

Investors shifted funds to safe-haven assets such as the Japanese yen, gold, government bonds, and the euro while dumping equities, particularly in technology shares. Gold futures at Comex rose 1.04% to $2,506 (€2,321) per ounce, inches away from the all-time high level. 

Japanese stock markets tumble amid BOJ’s tightening measures

The sell-off intensified during the Asian session on Friday, when the Japanese stock markets experienced the sharpest one-day decline since March 2020. The Nikkei 225 tumbled 5.81%, while the Topix slumped by 6.14%, marking its worst day since 2016.

Both benchmarks have retreated more than 14% from their all-time highs a month ago.  

Earlier in the week, the BOJ raised interest rates for the second time this year and announced a plan to reduce its government bond purchases.

The bank terminated its decades-long negative interest rate in March and hiked borrowing costs for the first time since 2007.

The Japanese yen strengthened significantly following the meeting as higher interest rates encouraged investors to buy back the yen while selling previously higher-yielding currencies, such as the Australian dollar and New Zealand dollar, causing a sharp devaluation in these commodity currencies.

The strengthening of the Japanese yen also sparked concerns for Japan’s exports, leading investors to take profits in equities and withdraw their cash from local markets.

Additionally, Japanese banks hold a massive amount of overseas assets, and the BOJ's hawkish stance may have triggered yen inflows, causing declines in other stock exchanges, particularly on Wall Street.

The Fed may be behind the curve

The Federal Reserve appears hesitant to lower its interest rate, having kept the policy rate unchanged at between 5.25% and 5.5% this week.

In contrast, other major central banks, including the European Central Bank, the Bank of England, and the Swiss National Bank, have all started reducing their interest rates this year.

While the Fed is widely expected to deliver a rate cut in September, markets are concerned that it may be too late to prevent an economic downturn.

Recent economic data in the US indicated that the world's largest economy might experience a further slowdown in growth.

The US manufacturing PMI contracted for the fourth consecutive month in July, while jobless claims surged to their highest level since August 2023.

Investors are closely watching for the non-farm payroll data to be released later on Friday.

The recent market retreat has also been triggered by the tech selloff on Wall Street amid sector rotations and disappointing earnings results from major tech companies.

Tesla, Alphabet, Microsoft, and Amazon all reported weaker-than-expected earnings or provided tepid growth outlooks, which intensified the decline in well-known AI chipmakers' stocks, such as Nvidia, AMD, and Arm.

US government bond yields fell significantly following the Fed's policy meeting, as bonds spiked amid the risk-aversion sentiment. Bond yields move inversely with bond prices.

The yield on the 10-year Treasury note slumped below 4% for the first time since January, while the yield on the 2-year notes fell to 4.14%, the lowest level since February.

European markets open lower while the euro rebounds

European stocks opened lower, extending the weekly losses amid the broad market downturn. The selloffs were particularly notable in technology and banking stocks.

Government bond yields fell further following the Bank of England's (BOE) rate cut, mirroring global trends.  

However, the euro is being considered a haven currency and rebounded from the previous day's decline, with the EUR/USD up 0.3% to 1.0820 at 11:34 am Central European Time.

The euro area's annual inflation climbed to 2.6% in July from 2.5% in the previous month, which increased the odds of a slowdown in the European Central Bank's (ECB) rate-cut pace and buoyed the euro.

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