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Asia-Pacific markets slip; oil costs drop

SINGAPORE – Asia Pacific stocks were lower Friday after major Wall Street indices fell overnight.

In Japan, the NIkkei 225 was down 0.87% while the Topix index was down 0.78%.

Japan’s core consumer prices fell 0.6% year-on-year in January, the country’s statistics bureau announced on Friday. According to Reuters, this was the sixth consecutive month of annual declines.

The markets in mainland China were mixed, with the Shanghai composite hovering above the flatline while the Shenzhen component fell 0.206%. The Hang Seng Index in Hong Kong fell 0.48%.

South Korea’s Kospi lost 0.94%.

Australian stocks fell as the S&P / ASX 200 fell 1.13%.

Australian retail sales in January rose by a seasonally adjusted 0.6% compared to the previous month. That comes from preliminary retail sales figures released by the country’s statistics bureau on Friday. That was lower than expected in a Reuters poll for a 2% increase.

MSCI’s broadest index for stocks in the Asia-Pacific region outside of Japan was down 0.42%.

Oil prices are falling

Oil prices fell on the morning of Friday morning trading hours in Asia as the international reference Brent crude oil futures fell 1.77% to $ 62.80 a barrel. The US crude oil futures fell 2.16% to $ 59.21 a barrel.

The US dollar index, which tracks the greenback versus a basket of its peers, was 90.573 as it fell from above 90.9 earlier in the week.

The Japanese yen was trading at 105.65 per dollar, stronger than above 106 against the greenback earlier this week. The Australian dollar changed hands at $ 0.7762 after rising from around $ 0.78 to below $ 0.774 this week.

– CNBC’s Jeff Cox contributed to this report.

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‘Particular and Stunning’ Whistled Language Echoes Round This Island

Two pipers may have difficulty understanding each other, especially on their first few meetings – and have to ask each other to repeat sentences – like strangers speaking the same language with different accents. But “after they whistle together for a while, communication becomes as easy as if they were speaking Spanish,” Correa said.

As in many languages, whether whistled or not, there is a generation gap in La Gomera.

Ciro Mesa Niebla, a 46-year-old farmer, said he had trouble whistling with a younger generation who were educated in school because he said, “I’m a mountain guy who learned to speak at home whistle that our family used to run. But I don’t have the vocabulary of those kids who learn to whistle in the salon, which is a bit too fancy for me. “

Some elderly residents have also stopped whistling because of dental problems. Mr Márquez continues whistling with his prosthesis, “but it’s not as easy and loud as if I could press my finger on my real teeth,” he said.

Due to its different geography, it is easy to see why the whistle was used in the Canaries. Most of the islands have deep gorges running from high peaks and plateaus to the sea, and it takes a lot of time and effort to go even a short distance overland. Whistling emerged as a good alternative for conveying a message. The sound is further than the screaming – up to two miles over some canyons and in favorable wind conditions.

Elderly La Gomera residents remember how Silbo was used as warning language, particularly when a police patrol was discovered looking for contraband. In a recent fictional film, “The Whistlers,” gangsters use Silbo as their secret code language.

Some other islands in the archipelago have their own whistling languages, but their use has faded, although another island, El Hierro, has recently started teaching their version. “Silbo wasn’t invented on La Gomera, but it’s the island where it’s best preserved,” said David Díaz Reyes, an ethnomusicologist.

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Walmart (WMT) earnings This fall 2021 miss expectations

A worker wearing a protective mask arranges shopping carts outside a Walmart store in Duarte, California, the United States, on Thursday, November 12, 2020.

David Swanson | Bloomberg | Getty Images

Walmart’s fourth quarter earnings fell short of Wall Street’s expectations on Thursday as the retailer looks to convert the strength of its e-commerce business into lasting momentum and higher profits during the pandemic.

In premarket trading, stocks are down almost 5%.

The discounter’s e-commerce sales in the United States rose 69% – a large number, but the slowest growth rate since the global health crisis began. Revenue from the same store in the US increased 8.6%, above the 5.8% increase expected by a StreetAccount survey. Subsidiary Sam’s Club also saw low single-digit sales growth in the same business excluding fuel and tobacco.

However, Walmart warned that sales are likely to weaken this year. Earnings per share will decrease slightly, but will remain unchanged after the exclusion of sales. The company’s tailwind from pandemic trends may also be fading as more Americans get Covid-19 vaccines and spend their budgets on other ways, such as spending money. B. going out for dinner or filling up the gas tank on the way back to the office.

Doug McMillon, CEO of Walmart, said the company had stepped up investments to keep up with the significant changes in retailing over the past year. He said it will also raise US workers’ wages and raise the average hourly employee to over $ 15 an hour.

“This is a time to be even more aggressive because we see the opportunity we have before us,” he said in a press release. “The strategy, the team and the skills are there. We have momentum with customers and our financial position is strong.”

Walmart posted a loss of $ 2.09 billion, or 74 cents per share, compared to earnings of $ 4.14 billion, or $ 1.45 last year. The company said a loss in the UK and Japan reduced earnings by $ 2.66 per share, which was partially offset by earnings of 49 cents per share on equity investments.

Without these and other items, Walmart made $ 1.39 per share due to a lack of analyst estimates.

Total revenue increased 7.3% to $ 152.1 billion from $ 141.67 billion last year Wall Street’s expectations of $ 148.30 billion.

Membership Warehouse Club, Sam’s Club, reported that sales in the same store excluding fuel and tobacco increased 8.5%. Membership Warehouse Club e-commerce sales increased 42%.

Walmart increases its dividend by one cent to 55 cents per share and approves a $ 20 billion share buyback program.

This story is Development and will be updated.

Read the full press release here.

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He Calls Himself ‘North Korea’s Poet Laureate.’ Two Girls Name Him a Rapist.

SEOUL, South Korea – He has taught at European universities and has appeared on the cover of a UK magazine. His book has been translated into a dozen languages. He was once a guest on CNN.

Jang Jin-sung is one of the most internationally recognized defectors from North Korea. His 2014 memoir, “Dear Leader,” delighted readers with first-hand statements about a private party held by former North Korean leader Kim Jong-il and claims of what it was like to be one of the few “Poet Prize Winners” chosen to write propaganda about the Kim family.

But two women say his heroic escape story from the authoritarian country has hidden a secret. Both of them accused Mr. Jang of raping her in South Korea after he defected and they said he used his celebrity status to pursue them.

A woman, a North Korean defector, has filed a lawsuit accusing both Mr. Jang and one of his associates of rape and other sex crimes. The other woman made allegations in interviews with the New York Times and other media outlets in South Korea this week. She did not file a formal complaint with the police against Mr. Jang, saying her main intention was to show solidarity with the other woman.

Jang, 49, denied the allegations, saying he never raped the North Korean defector and that his relationship with the second wife was consensual. The employee has also denied the allegations and countered the North Korean woman for defamation. Mr. Jang has threatened to counter her as well and has already sued the television company that first reported her allegations against him.

This case is now being tried in court. The two lawsuits filed by the North Korean woman will be investigated by the police, who will then decide on the prosecution. The authorities are also examining the counterclaim by Mr. Jang’s employee.

A number of prominent South Korean men have been convicted of sexual assault in recent years when the country’s #MeToo movement took root. It has helped uncover what experts consider to be ubiquitous sexual exploitation across the country. The dangers can be particularly pronounced among North Korean women, who may have little recourse due to their deserter circumstances.

In 2016, Mr. Jang ran a website in South Korea called New Focus International that specialized in North Korean news. That year he suggested an interview with Sung Sel-hyang, a little-known defector from North Korea who ran an online children’s clothing store while studying in Seoul.

Ms. Sung said she was both surprised and grateful for the attention. But she said she never was featured on Mr. Jang’s website.

Instead, Ms. Sung alleged in a lawsuit that when she first met Mr. Jang in 2016, he made her drunk and asked his South Korean co-worker to take her home. Ms. Sung claims that the man took her to his own home and raped her.

In a separate lawsuit, Ms. Sung said that Mr. Jang raped her in a hotel room in Seoul a month later. According to the legal records, when she tried to resist, he used a photo of her naked in bed taken by Mr. Jang’s staff without her knowledge and threatened to upload the picture to her school’s website.

Ms. Sung said in the legal filing that Mr. Jang continued to use the photo as blackmail and raped her three more times over the course of several months. He also offered it to two South Korean men whose friendship or financial support he had cultivated depending on the suit.

“I was ashamed of what happened to me and I thought no one would support me,” Ms. Sung, 32, said in an interview. “He was such a powerful figure to me that I thought I had no chance of fighting him.”

She had been in touch with Mr. Jang over the years but decided to check in last month for a television appearance on the South Korean television broadcaster MBC. She then filed a lawsuit against Mr. Jang and his co-worker and asked the police to open a formal investigation.

MBC was the first to broadcast the allegations against Mr. Jang. Since then, he has posted statements on Facebook and YouTube in which he vehemently denies the allegations and “urged all North Korean defectors to report me to the police if I have sexually assaulted them.”

A native of South Korea, Kang Haeryun, 32, spoke this week and said that Mr. Jang raped her while she was working as an editor for his website in 2014.

“I tried to suppress my traumatic memories for six years, but I decided to come out and show solidarity with Sung Sel-hyang because we rape survivors have to fight together,” Ms. Kang said in an interview. .

Ms. Kang said the alleged rape took place in the home of a friend of Mr. Kang’s on November 18, 2014, about two years before the #MeToo movement began in South Korea. She confided in two friends what happened shortly after, she said. The two friends confirmed in interviews with The Times that she did.

“She said he had come across her and she said ‘no’ but he kept walking,” said Hahna Yoon, one of the friends. “I said this is rape. Another friend, Kim Hyeon-kyeong, said that Ms. Kang told her that Mr. Jang sexually assaulted her and that it made her leave her job.

Ms. Kang said it took her years to realize she was a victim and that she never went to the police because she initially felt powerless in the face of Mr. Jang’s fame and later became self-loathing.

Mr. Jang denied the rape of Ms. Kang and said in an interview that his relationship with her was consensual.

Although she has no intention of filing a lawsuit against Mr. Jang because of the likelihood of a protracted legal battle, Ms. Kang said she was ready to be questioned by the police as part of her investigation. Your motive for reporting in an interview is to support Ms. Sung.

While South Korean women have attempted to hold sexual predators accountable in recent years, the plight of female North Korean defectors has been less public.

Around 72 percent of the 33,700 North Korean defectors who fled to the south are women, according to the government. Many fall victim on their dangerous journey. Even after arriving in the south, they remain vulnerable to sexual violence, especially from other defectors, human rights experts said.

Defectors usually socialize in their own close community, where victims of sexual violence are pressured to remain silent, said Jeon Su-mi, an advocate for defectors who are victims of sex crimes. .

Prominent male defectors – former high-ranking officials, North Korean prison camp survivors, writers and activists among them – are having a tremendous impact on this community, Ms. Jeon said. Some use their status to sexually abuse female defectors, especially those who have just arrived.

“I saw these men groping young women defectors over dinner and dinner and later taking them to motels for a so-called ‘second round’,” she said. .

Ms. Sung said her mother died when she was five years old and that she sold hats in the market until she and her grandmother fled North Korea in 2006. Her dream of starting a new life in the south has become a nightmare meeting with Mr. Jang. She said she burned herself with cigarettes out of desperation.

But Ms. Sung also said that a businessman Mr. Jang introduced to her last fall had become one of her biggest supporters, that the two fell in love, and that he encouraged her decision to come forward.

Mr. Jang accused the man of manipulating Ms. Sung into making false statements, called himself a “matchmaker” and said the allegations against him were “a scam”.

“She asked me to introduce her to a rich South Korean man,” he said, referring to Ms. Sung. “I’m not a sex criminal.”

Mr. Jang is best known in South Korea for his heartbreaking poem, “I’m Selling My Daughter for 100 Won,” about a North Korean mother trying to find a new family for her daughter before she dies of cancer.

Although Mr. Jang is one of North Korea’s most famous defectors, there has been relatively little public scrutiny in his biography. In the English version of “Dear Leader”, for example, Mr. Jang describes himself as a North Korean “Poet Laureate”, but other defectors have for years privately doubted that he ever held such a title.

This week, Mr. Jang admitted that he had never been a North Korean poet award winner, but that his poems had been praised by Kim Jong-il. “I never said with my own mouth that I was a North Korean poet award winner,” he said, contradicting his own memories.

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‘Roaring Kitty’ Keith Gill defends GameStop posts, says he’s as bullish as ever on the inventory

Reddit and YouTube’s trading star known as “Roaring Kitty” defended his social media posts that led to a mania in GameStop stocks last month.

The trader, whose real name is Keith Gill, will testify before the US House of Representatives Committee on Financial Services on Thursday. Aside from defending his actions, Gill used his testimony to re-establish why he is still optimistic about GameStop.

“GameStop’s stock price may have improved a bit over the past month, but I’m more optimistic than ever about a possible turnaround. In short, I like the stock,” said Gill in the comments. “I believed – and continue to believe – that GameStop had the potential to reinvent itself as the ultimate destination for gamers in the thriving $ 200 billion gaming industry.”

Through YouTube videos and Reddit posts, Gill – who offers DeepF —— Value on Reddit and Roaring Kitty on YouTube – attracted an army of day traders who cheered each other and plunged into video-only stock and call -Options.

GameStop’s share price rose to $ 483 per share before falling more than 90% to currently around $ 46 per share.

“I felt the company was dramatically undervalued by the market. The prevailing analysis of the impending fate of GameStop was just wrong,” he said in the statement. “My investment skills had reached a level where I felt that public sharing could help others.”

In his testimonial, Gil said he started buying GameStop stock in 2019 when the share price fell on disappointing profits. Gill also liked that famous investor Michael Burry was optimistic about GameStop.

“Thinking the stock was undervalued, I bought call options on June 7, 2019. I increased my position for much of 2019 and 2020 as I became increasingly confident as I continued to analyze the company and its three perspectives. that the stock’s price has indeed been dramatically undervalued, “the testimony reads.

He said the market underestimated GameStop’s growth prospects and overestimated the likelihood that the video game company would go bankrupt. Gill believes GameStop can expand its digital capabilities and capitalize on its 60 million loyal members, the testimony reads.

The WallStreetBets star went on to say that social media platforms like YouTube, Twitter and WallStreetBets on Reddit improve the playing field for individual investors as they work together to develop investment ideas.

“I was very clear that my channel was for educational purposes only and that my aggressive investment style was likely not appropriate for most of the people who visit the channel,” said Gill. “Whether other individual investors bought the stock was irrelevant to my thesis – my focus was on the fundamentals of the business.”

Gill’s last post on Reddit said he made $ 7.8 million from GameStop. A class action lawsuit was filed against Gill in federal court in Massachusetts on Wednesday alleging he was an inexperienced trader despite being a licensed professional.

While Gill worked as a marketing and financial education clerk at MassMutual, he said he never sold stocks for the company and was not a financial advisor. MassMutual was named as a defendant in the lawsuit. “We are looking into the matter and have no comment,” said Paula Tremblay, a spokeswoman for MassMutual.

“My investment in GameStop and my social media posts have been entirely my own,” said Gill. “I have not asked anyone to buy or sell the stock for my own benefit. I did not belong to any group that tried to create movement in the stock price. I never had a financial relationship with a hedge fund. I had no information about GameStop except which was public. I didn’t know any people within the company and I never spoke to an insider. “

Gill is due to testify in front of Congress on the GameStop trade controversy at 12 p.m. ET Thursday.

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In Myanmar Coup, Paint, Poems and Protest Artwork Equals Defiance

For most of the nights since a coup returned Myanmar to military rule on February 1, a spectral symbol of protest has shone on a moldy side of a building.

Where the next lighting will appear in Yangon, the country’s largest city, is a mystery. But suddenly a projected image appears in the dark. Three fingers raised in rebellion. A dove of peace. The smiling face of Daw Aung San Suu Kyi, whose government was overthrown in the military coup.

The projections are from a filmmaker who wishes to remain anonymous while the military hunt down those who dare to oppose it.

Armed with brushes, poems and protest anthems, the creative classes give Myanmar’s mass uprising an imaginative oomph and rebellious spirit that surprised the military generals.

During the daily street rallies in the country’s big cities, the atmosphere often feels like a cultural carnival. Graffiti artists have sprayed messages about Major General Min Aung Hlaing, the army chief who orchestrated the coup. Poets have declaimed in angry verses. A cartoonists’ union marched with hand-drawn characters. Street dancers whirled around with devotion.

On Wednesday, hundreds of thousands of people gathered in a central district at the largest single rally since the street protests began in Yangon, holding up posters and signs designed for the Instagram generation.

“When we look at the history of the resistance in Myanmar, we have been quite aggressive and confrontational with that history of bloodshed,” said Ko Kyaw Nanda, a graphic designer whose protest art contrasts green pig heads (the army) with ruby ​​heels (Ms. Aung San Suu Kyi). “With this new approach, it can be less risky for people and more people can join.”

Myanmar’s military, which has ruled the nation for the most part for the past six decades, has detained more than 450 people since the coup, according to a group that persecutes political prisoners. The new regime has drastically curtailed civil liberties and its long history of forcible suppression of disagreements continues. Security forces have shot and beaten anti-coup protesters, but the weapons of dictatorship have not stopped peaceful protesters from relying on humorous memes and protest art to get them through.

“If the young people are on the street, why can’t I be?” said Daw Nu Nu Win, a retired official, who carried a laminated sign with Ms. Aung San Suu Kyi’s face at the rally on Wednesday. “I want the whole nation not to be under the dictatorship.”

Online art collectives made their designs for free so protesters could print them out for signs, stickers or t-shirts. One of the most popular pieces shows a collection of hands arranged in a three-finger salute from “The Hunger Games” films. Each hand was drawn by a different artist, a mosaic of defiance.

As she watched the protests grow, a freelance graphic designer known by the stage name Kuecool decided that she wanted to make a contribution. Even though she had illustrated a book on feminism, she hadn’t viewed herself as overtly political during her years at a PR agency.

She was shocked by the overthrow of the elected government by the military, which she did not like to see. She began to draw into the night.

One of her images is often used in the protest movement today: a young woman in a traditional sarong swinging a wok and a spatula. The background is purple, the characteristic color of the National League for Democracy, which was excluded from the government despite two landslide election victories.

Every evening at 8 p.m., cities across Myanmar have teamed up with the noise of people beating pots, pans, woks and anything else that causes a stir. The goal is to fend off the devil, and it is also during this period that the art of projection appears, adding visual elements to the noise of discontent.

Myanmar’s military rulers have long seen the arts as a threat, imprisoning poets, actors, painters and rappers. Among the dozen of people caught alongside Ms. Aung San Suu Kyi in the first raids of the coup before dawn included a filmmaker, two writers and a reggae singer. A graffiti artist whose protest tags have enlivened Yangon for the past two weeks said he was on the run from the police. Two poets were like that. Arrest warrants were issued for actors, directors and a singer on Wednesday.

Ko Zayar Thaw was a member of Generation Wave, a hip-hop collective that challenged the former ruling junta with clever text. After spending five years in prison for activism, he joined the National League for Democracy when it ran a by-election in 2012. Mr. Zayar Thaw won a parliamentary seat in what was once considered a military stronghold and settled down with tons of parliamentary paperwork thinking he had left his days of artistic protest behind.

“Hip-hop artists already have a culture of revolution, so our generation protested with songs,” he said. “Now all kinds of artists are involved because they don’t want to lose the value of democracy.”

The artistic ferment in Myanmar today has relied on other regional protest movements. During their month-long disagreement in Hong Kong, young protesters enlivened their rallies with cute cartoons and brightly colored walls of sticky notes reminiscent of the so-called Lennon Wall in Prague, where art and messages of dissent against communism proliferated. Motivated by a previous incarnation of the opposition, the demonstrators in Hong Kong popularized the use of the yellow umbrella against water cannons and turned it into a powerful meme.

In return, the Hong Kong democracy movement has spurred pro-democracy protesters in Thailand who held mass rallies for months over the past year. Encouraged by the capricious power in Hong Kong, Thai protesters who defended a prime minister who led a military coup in 2014 used inflatable rubber duck rafts to repel water cannons. They popularized the use of the greeting “The Hunger Games,” which Thailand’s former junta initially tried to ban with their states of emergency. (Nobody really listened.)

A few days after the coup in Myanmar, doctors who started a civil disobedience movement that has now forced around 750,000 people to stop going to work flashed their three fingers in protest. The greeting is now the leitmotif of rallies in Myanmar, along with characters in English – even better to attract international attention – denouncing the military takeover.

“I was inspired by the way protesters in Hong Kong and Thailand used creativity and humor in their protests,” said Kyaw Nanda, the graphic designer.

The counter-currents of protest flow in both directions. Last week a Thai youth group accepted the Myanmar saucepan campaign for a protest in Bangkok.

“There is a struggle for democracy, human rights and justice in the region,” said U Aye Ko, a painter in Myanmar whose art has long expressed political aspirations. “The movement goes beyond the problem of a nation. We have all come together to resist oppression. “

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China’s digital yuan must beat Alipay, WeChat Pay first: PIIE

China’s digital yuan must first dethrone the country’s domestic e-payment giants before it can think about competing against the greenback internationally, says Martin Chorzempa of the Peterson Institute for International Economics.

“A lot of people talk about (the digital yuan) as a driver of renminbi internationalization,” Chorzempa, senior fellow at PIIE, told CNBC’s Street Signs Asia on Wednesday. “I think they have to beat Alipay and WeChat Pay in China before they can contain the US dollar.”

“It will essentially be the central bank versus the big tech companies, and that will be very interesting to watch,” he said.

“It’s going to be essentially the central bank versus the big tech companies, and that’s going to be pretty interesting to watch.”

Martin Chorzempa

Senior Fellow at the Peterson Institute for International Economics

China’s central bank developed the digital yuan and is expected to work in a similar way to transactions through existing payment apps. The country’s capital, Beijing, recently spent $ 1.5 million on a digital currency test during the New Year celebrations after similar experiments were conducted in Shenzhen and Suzhou.

Photo taken on Feb. 12, 2021 shows a digital red RMB envelope during the Digital Wangfujing Snow and Ice Shopping Festival in Beijing, capital of China.

Costfoto | Barcroft Media via Getty Images

Chorzempa said one of the main reasons behind the push for the digital yuan was the desire for a government-sponsored and controlled alternative to established giants like the Alibaba-affiliated Alipay app and Tencent’s Wechat Pay, which currently process about 95% of digital payments in China.

Unlike most of the other major economies around the world, mobile payments – primarily through the Alipay app and Wechat Pay – have ousted cash as the predominant form of consumer payment in China in recent years.

“(The digital yuan) is something that is truly unprecedented in the major economies,” said Chorzempa. “China is … by far the most advanced in digital currency and it’s exciting to see.”

“Nothing like Bitcoin or Ethereum”

However, Chorzempa said China’s digital yuan has very little to do with cryptocurrencies like Bitcoin, which are known for their high price volatility.

“I would say that the level of security (the digital yuan) is very high and the risk is low,” he said. “It’s the same value as any regular renminbi, so there shouldn’t be any fluctuations in price to worry about.”

Intermediaries selling the digital currency in China are also likely to be “fairly safe and carefully regulated” as long as they are approved by the government, Chorzempa said.

“I wouldn’t worry about the safety of a digital renminbi in a central bank regulated wallet,” he added.

According to the PIIE researcher, Sweden is expected to be among the first advanced economies after China to adopt a digital currency.

Ever since Facebook first proposed the launch of the Libra cryptocurrency, which has now been renamed Diem, there has been a “great surge of interest” among central banks fearing that a private tech company “might take over their currency,” much like Alipay and WeChat Pay payments dominate in China, he said.

“I assume that the central bank’s digital currencies will continue to expand worldwide,” said Chorzempa.

– CNBC’s Evelyn Cheng contributed to this report.

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Rio’s Carnival Canceled, Venue Turned Into Vaccination Heart

RIO DE JANEIRO – Around this time last year, Rio de Janeiro’s main Carnival venue was a cauldron of glittering, scantily clad bodies packed together and swaying to the beat of the drums.

But last weekend the only trace of samba at the venue, the Sambódromo Parade Square, was a few melancholy verses that Hildemar Diniz, a composer and carnival lover named Monarco, strapped through his mask after being vaccinated on Covid19.

“There is great sadness,” said Mr. Diniz, 87, who was immaculately dressed in white. “But it’s important to save lives. People love to party, to dance, but this year we’re not getting around to it. “

In good times and bad, Rio de Janeiro’s famously boisterous carnival endures and often thrives when it gets particularly difficult.

People partied hard in 1919, during the war, hyperinflation, repressive military rule, runaway violence, and even the Spanish flu, when Carnival was considered one of the most decadent in history. Official calls to postpone it in 1892 and 1912 – due to a garbage collection crisis and to mourn the death of a statesman – were largely ignored when people in costume flocked to the streets.

This year is the only thing that weakly keeps the spirit of Carnival alive: online events by groups that traditionally put on extravagant street performances.

“It is very sad that Rio does not have a carnival,” said Daniel Soranz, the city’s health minister, last Saturday morning in the middle of the Sambodromo, when older residents were vaccinated under white tents. “This is a place to celebrate, to celebrate life.”

Gabriel Lins, a medical student who was among the dozen of vaccinees, remembered the two times he came to the sambodromo, a parade route flanked by 56,000-seat bleachers where samba schools put on elaborate, obsessively choreographed shows. He also misses the street festivals known as the blocos, which meander through virtually every neighborhood as thousands of drinks throw back, kiss strangers and dance in minimalist costumes.

“This is very, very strange for those of us who are used to Carnival,” said Mr Lins on a muggy, rainy morning. “Carnival brings us joy.”

Around him, after almost a year of fear and suffering, Brazilians were finally armed against the virus. “But today should also be a day of joy,” he said as people lined up for their recordings.

Marcilia Lopes, 85, a Portela Samba School facility that hasn’t missed a Carnival in decades, looked more relieved than happy after receiving her first dose of the China-made CoronaVac vaccine.

She was so scared of contracting the virus for the past year that she refused to leave home for anything. On her birthday, she asked her children not even to bother buying a cake – she didn’t feel like partying. So this year Ms. Lopes misses her beloved carnival, but stoically.

“I am at peace,” she said. “Lots of people suffer.”

As a second wave kicked in in the past few months, local officials across the country canceled traditional Carnival celebrations, which typically generate hundreds of millions of dollars in tourism revenues and tens of thousands of temporary jobs.

Rio de Janeiro officials had hoped they could hold Carnival by the end of this year if the cases fell as enough people would be vaccinated. Given the limited vaccine supply in Brazil, which this week forced Rio de Janeiro to suspend its vaccination campaign because it ran out of doses, that prospect now seems unlikely. New variants of the virus that scientists believe will accelerate the spread of infection are also adding to uncertainty, as are questions about the vaccine’s effectiveness.

Marcus Faustini, Rio de Janeiro’s culture minister, said there was no painful way to adapt the mega-party for this era of social distancing, painful as it is to get through the carnival season without the hype.

“There would be no point in holding this party at this point and taking the risk of causing a spate of cases,” he said. “The most important thing right now is to protect life.”

Cariocas, as the residents of Rio de Janeiro are called, are not known to be rule-hunters. That’s why the city has put together a task force of around 1,000 police officers tasked with roaming the streets and social media looking for carnival speakeasies.

While authorities have closed some underground gatherings and boat parties, the vast majority of traditional carnival party organizers appear to be obeying the rules. Maybe surprising there Some official restrictions on bars and beaches that have been overcrowded in recent days and where a city mask mandate is rarely enforced.

City officials expect hotels, which often sell out during Carnival, will see 40 percent occupancy this week. Popular tourist destinations, including the Christ the Redeemer and the Sugar Loaf, are open and receive hundreds of visitors every day.

Leo Szel, a singer and visual artist, mourns for a year without a carnival, which is particularly painful after months of mourning, isolation and gloomy news.

“For me, carnival means a break, like an autonomous temporary zone that is almost anarchic and where there is freedom,” he said.

While several popular street party groups have streamed recorded events in the past few days, Mr Szel said that he and his colleagues from Block Sereias da Guanabara, which is popular with LGBTQ revelers, have not raised money to produce an event online.

They are in the thousands who suffer financially from the loss of the street parties that have been planned for months and employ an army of choreographers, set designers, costume makers, performers and salespeople.

“It’s bleak,” said Valmir Moratelli, a documentary filmmaker who has recorded the latest carnivals hit by an economic downturn, waves of street crime and the city’s recently deceased evangelical mayor who cut funding for the samba parade little to hide his contempt for the days of hedonism.

“People are destitute, without costumes, miserable,” added Moratelli.

Mr Diniz, the composer, said that all of the pent-up frustrations and sadness Brazilians feel will fuel a carnival for the ages when it is safe to celebrate again.

“It’s so eagerly awaited,” he said. “People thirst for joy.”

Lis Moriconi contributed to the reporting.

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Dow rises 80 factors as market tries to construct on February’s rally

US stocks cut gains in volatile trading Tuesday, hovering near record levels as rising bond yields kept sentiment in check.

The Dow Jones Industrial Average recently rose 85 points. The 30-share ad briefly put out a 150-point gain to fall into negative territory. The S&P 500 has been flat and has been pressured by declines in healthcare and real estate. The tech-heavy Nasdaq Composite fell 0.2%. All three major averages hit record highs earlier in the day.

Some on Wall Street became increasingly concerned about rising interest rates and the potential for a surge in inflation that could pose a threat to certain sectors and general confidence. On Tuesday, the yield on 10-year government bonds was above 1.25% for the first time since March and rose 8 basis points to a new one-year high of 1.28%.

“While higher yields are good for banks, they hit the bond replacement sectors like REITs, utilities and staples,” said Art Hogan, chief strategist at National Securities. “The market can digest rising returns, especially if they are rising for the right reason, but not if they are rising linearly.”

The benchmark yield on 10-year government bonds, used as a barometer for mortgages, student loans, and annual percentages for credit cards, hovered around 0.6% for much of 2020. Many fear that a rebound in interest rates could hinder economic recovery from the pandemic-induced disability recession as businesses may find it increasingly expensive to borrow. Others wonder if a flood of fiscal stimulus could trigger prices to rise after a decade of dormant inflation.

Energy was the top performing sector, up 2.2% as a deep freeze in the south sparked a rally in oil prices and West Texas Intermediate crude futures topped $ 60 a barrel for the first time in over a year.

The market has seen solid gains this month thanks to the launch of the Covid-19 vaccine, the economic reopening, and the expectation of further fiscal stimulus. The Dow gained around 5% in February, while the S&P 500 and Nasdaq rose 5.8% and 7.4%, respectively. The S&P 500 achieved ten record deals in 2021.

The previous Tuesday, major averages hit new highs after a market volatility measure fell below an important threshold, paving the way for more quant fund purchases.

The Cboe Volatility Index, widely believed to be Wall Street’s top fear indicator, fell below 20 on Friday to hit 19.97. This was the first significant breach of the threshold since the pandemic-triggered sell-off began in February 2020. However, stocks fell as the VIX pushed higher again. The meter recently rose more than 1 point over 21.

The crack of level 20 is viewed by some on Wall Street as a big “risk-in” signal that could trigger buying by algorithmic traders and other big players. The meter last rose one point to 21 on Tuesday morning.

“We believe that a sustained move below 20 will be positive for risk markets,” said Tom Lee, FundStrat co-founder and head of research. “It will be a sign that the systemic fear that gripped markets in 2020 is finally easing.”

Lee, a CNBC employee, added that the easing of fear in the market is usually followed by a buy between systematic and quantitative funds. Should quantitative funds announce a retreating VIX as a positive sign, Lee believes the buy could prolong the current rally.

Elsewhere, Bitcoin briefly topped $ 50,000 for the first time on Tuesday and continued its dizzying rally as more companies warmed up in the crypto space.

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European Courtroom Backs Germany in Case Over 2009 Killings of Afghan Civilians

BERLIN – The European Court of Human Rights ruled in favor of Germany on Tuesday in a dispute with Afghan civilians who questioned the country’s investigation into an attack on oil tankers in Afghanistan in 2009 that killed up to 90 civilians.

In its ruling, the Strasbourg, France-based court found that the German investigation into the bombing did not violate the European Convention on Human Rights.

On the night of the attack, Taliban fighters hijacked two tankers carrying NATO fuel, but they were stranded on a sandbar in the Kunduz River, about four miles from the NATO base in Kunduz, Afghanistan.

Colonel Georg Klein, who was serving as the commander of the NATO base in Kunduz at the time, called US military planes to bomb the tankers. He believed that there were only insurgents in the area and feared the Taliban might use them to carry out attacks. But dozens of local Afghans had flooded the tanks after the Taliban invited them to suck up fuel. An investigation by the German army later found that up to 90 civilians had been killed.

Abdul Hanan, who lost his sons Abdul Bayan (12) and Nesarullah (8) as part of the NATO air strike ordered by Colonel Klein on September 3, 2009, brought the case to the European court after several complaints in the German judicial system.

The court found that the Federal Prosecutor’s Office decision to close an investigation into the commanding general was justified “because at the time the airstrike was ordered he was convinced that no civilians were present at the scene of the attack”.

The German Bundestag carried out a public investigation into the bombing, which was also contested in several German courts. Mr. Hanan had argued that Germany was protecting Colonel Klein and others whom he claimed were responsible for covering up the air strike.