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Politics

Pentagon Seeks to Soften Blow of U.S. Withdrawal From Afghanistan

The August date also gives the government more time to find places to relocate thousands of Afghans and their family members who helped Americans during the Twenty Years’ War. The White House has come under severe pressure to protect its Afghan allies from Taliban revenge attacks and to speed up the lengthy and complex process of issuing special immigrant visas.

“We cannot turn our backs and let them die,” said Texas MP Michael McCaul, the top Republican on the House Foreign Affairs Committee, on Fox News Sunday. “They are being slaughtered by the Taliban.”

Administration officials previously said they would consider Guam as a possible location, but State Department officials say they will need multiple locations. The Foreign Ministers of Tajikistan and Uzbekistan were in Washington last week and the issue of Afghan security was raised at their meetings with Mr. Austin and Foreign Secretary Antony J. Blinken.

After all, General Miller’s stay for a few more weeks and the extension of the security umbrella at least until August should give the oppressed Afghan troops a boost. Pentagon officials said leaving Bagram Air Base and leaving General Miller at the same time would have been a devastating blow to Afghan morale.

“A safe, orderly exit allows us to maintain an ongoing diplomatic presence, assist the Afghan people and government, and prevent Afghanistan from becoming a safe haven again for terrorists threatening our homeland,” Kirby said.

The White House joined the calming campaign on Friday – up to a point. Mr Biden said that while the United States still retained the ability to conduct air strikes in order to protect the Afghan government, no withdrawal of the withdrawal was on the table.

“We have developed a capacity beyond the horizon,” he said, speaking of American fighter jets and armed Reaper drones stationed mostly in the Persian Gulf, “but the Afghans have to do it themselves with the air force that they have.” . “

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Business

AMC brief sellers dealt huge $1.2 billion blow after inventory rally

Street performers in Minnie Mouse costumes walk past an AMC movie theater in New York’s Times Square at night on October 15, 2020.

Amir Hamja | Bloomberg | Getty Images

Investors short of meme stock AMC Entertainment have lost an estimated $ 1.23 billion in the past week, as stocks are up more than 116% since Monday, according to S3 Partners.

The rally cooled off late Friday after AMC stock surged up to 38% during early morning trading. The stock closed at $ 26.12 per share on Friday, down from $ 13.68 on Monday. At its peak, the stock hit $ 36.72 per share.

AMC was by far the most active stock on the New York Stock Exchange on Friday as more than 650 million shares changed hands. According to FactSet, the average trading volume after 30 days is just over 100 million shares.

With 450 million shares outstanding, the entire company changed hands nearly 1.5 times during Friday’s trading.

So-called short coverage could add to AMC’s massive rally this week. The company has shorted about 20% of its outstanding shares, compared to an average of 5% short on a typical US stock, S3 Partners said.

When a sharply shortened stock bounces up quickly, short sellers are forced to buy back borrowed stocks to close their short position and reduce losses. The forced buy tends to drive the rally even further.

AMC’s new retail investors, who are 3.2 million strong, owned approximately 80% of the company’s 450 million shares outstanding as of March 11, AMC reported earlier this month. Their efforts, which soared in January, raised the stock from $ 5 to $ 20 per share and allowed AMC to reduce its debt burden by around $ 600 million.

The retail investor agenda was to keep AMC alive and hold onto the hedge funds, an analyst told CNBC.

AMC’s stock has risen more than 1,100% since January has defied the predictions of Wall Street analysts. AMC’s business was extremely strained. The company has roughly $ 5 billion in debt and has had to postpone repayments on lease agreements of $ 450 million as its revenues largely dried up during the ongoing coronavirus pandemic. The cinemas were closed for several months to stop the virus from spreading. When the company reopened its doors, few consumers were comfortable attending film screenings and film studios withheld new releases.

As the cinema business recovers, AMC is still facing tough headwinds. Although the company ended the first quarter with $ 1 billion in liquidity, the highest in its 100-year history, that money will only keep it afloat until 2022 unless audiences come back in droves for months without offsetting revenue.

While early box office revenues are promising, fundamental elements of the cinema business have changed over the past year, including theater capacity, joint release dates with streaming services, and the number of days that movies are shown in theaters.

“Anything that’s really important here in the long term will never make money to this company again,” said Rich Greenfield, co-founder of LightShed Partners, on CNBC’s “Squawk Box” Friday morning. “You will never generate cash with your current capital structure. It was trading at seven times EBITDA before the pandemic. It is currently trading at 25 times EBITDA and is now in a worse position with the changed industry. This is simply contrary to all logic . “

On the last day of 2019, AMC had a market value of $ 751.87 million. On Friday, that figure was around $ 11.9 billion, according to FactSet.

– CNBC’s Yun Li contributed to this report.

Categories
Business

Potential Cryptocurrency Fraud Is One other Blow to Turkey’s Stability

A cryptocurrency exchange in Turkey shut down this week on charges of fraud and frozen an estimated $ 2 billion in investor money. Authorities said they were looking for the company’s founder.

Turkish authorities raided offices in Istanbul The private news agency Demiroren reported that it was connected to Thodex, a cryptocurrency trading platform, and arrested more than 60 people on Friday morning.

The 27-year-old founder of Thodex, Faruk Fatih Ozer, left Turkey for Albania on Tuesday.

According to Oguz Evren Kilic, an Ankara attorney who represents Thodex investors, the cryptocurrency firm has nearly 400,000 active users, whose accounts were nominally valued at $ 2 billion. If their money were lost, the losses would add another element of instability to the already shaky Turkish economy.

The standard of living in Turkey is suffering from double-digit inflation and a shaky currency. Although cryptocurrencies are inherently risky, many Turks have turned to them to protect their savings as the Turkish lira has lost more than a quarter of its value against the dollar in the past year.

Last week, Turkey’s central bank banned the use of cryptocurrencies for purchases, citing the “significant risks” involved.

Thodex had applied with advertisements in which Turkish celebrities in bright red outfits hung over a highly polished black car.

“Certainly the economic situation has an influence on it,” said the lawyer Kilic in an interview. “In times of crisis like this, people want to reduce the depreciation of their assets.”

The falling lira has increased the cost of imported goods and fueled inflation, which has led to a steady erosion of living standards. According to official figures, the annual inflation rate in March was 16 percent. Many economists say they underestimate the real rate of inflation.

In a statement posted on Thodex’s website, the company’s founder, Mr. Ozer, insisted that he had only left the country to consult with overseas investors and would be returning. He said the allegations were a “smear campaign” and accused the shutdown of the trading platform as a cyberattack.

Thodex “didn’t make anybody a victim,” he said, adding that only about 30,000 accounts “have a suspicious situation”.

Mr. Kilic noted that none of Thodex’s customers could gain access to their accounts. “If you can’t access the account, you are a victim,” he said.

On Twitter, people responded to a statement by Thodex with crying facial emojis. “There are people who trust you and invest everything in you,” wrote one user.

Categories
World News

Wildfire Offers Onerous Blow to South Africa’s Archives

JOHANNESBURG – Fire fighters in Cape Town on Monday battled a devastating fire that engulfed the slopes of the city’s famous Table Mountain and destroyed parts of the University of Cape Town library, a devastating blow to the archives of South African history.

Helicopters have thrown water on the area to try to contain the fire, which started Sunday and was likely caused by an abandoned fire, according to South African national park officials. But when the wind came up overnight, the fire spread to the neighborhoods at the base of the mountain, forcing some houses to evacuate on Monday. Monday night officials warned that the fire would likely rage for days.

“Hopefully we can get containment very soon, but to put out the fire, in other words to put it out completely, it will take more than a week,” Philip Prins, fire manager for Table Mountain National Park, told reporters on Monday .

The Devastating Fire is the latest in a series of devastating mountain fires that have swept across the Western Cape Province in recent years. However, the aftermath of that fire was also felt across the region after towers of orange and red flames engulfed the University of Cape Town’s special collections library – home to one of the largest collections of books, films, photographs, and other primary sources documenting Southern African history .

“We are of course devastated by the loss of our special collection in the library. They are things that we cannot replace. It hurts us, it hurts us to see what it looks like in ashes now, ”said Mamokgethi Phakeng, Vice Chancellor of the University of Cape Town, on Monday. “The resources we had there, the collections we had in the library, were not just for us, they were for the continent.”

She added, “It’s a big loss.”

Shortly after 9 p.m. on Sunday evening, Table Mountain residents reported seeing three people lighting small fires on the foothills as the devastating fire raged. Shortly thereafter, police arrested one of these people – a man in his thirties – in connection with the fires, according to Jean-Pierre Smith, a Cape Town councilor who sits on the mayor’s security committee. It is unclear whether the man is linked to the initial fire, added Mr Smith.

The devastating fire started at 9am on Sunday morning on the lower slopes of Devil’s Peak, one of the rugged ridges that are part of Cape Town’s legendary Table Mountain backdrop. Fanned by gusts of fire, the fire engulfed and destroyed a hillside restaurant before descending to the university campus, which is largely built on the slopes of the mountain.

Several buildings, including a historic mill and the school library, were soon on fire, and thick billows of white smoke rolled over the city. No deaths have been reported so far, but at least five firefighters have been injured, officials said.

According to Nombuso Shabalala, a spokeswoman for the university, around 4,000 students were evacuated from the dormitories on Sunday. The university announced on Sunday that it would cease operations until at least Tuesday.

Videos on social media showed dozens of students, some of whom were clutching small bags and storming out of apartment buildings as the fire engulfed the nearby hillside. Busisiwe Mtsweni, a finance and accounting student, was on the university’s upper campus around noon when “everyone panicked,” she said on a phone call.

Sparks from the mountain started small fires between buildings and billows of smoke made breathing difficult as she and her friends stormed to their apartments to retrieve their belongings, she said. Ms. Mtsweni was later evacuated by bus and spent the night in a hotel.

On Monday, evacuated students reported shortages of food and other essential supplies, and volunteers used social media and WhatsApp groups to coordinate deliveries.

According to university officials, a reading room for special collections in the university library had been destroyed by the flame by Sunday evening. The reading room housed portions of the university’s African Studies Collection, including works on Africa and South Africa printed before 1925, hard-to-find volumes in European and African languages, and other rare books, according to Niklas Zimmer, library director at the university.

A school archive curator, Pippa Skotnes, confirmed on Monday that the university’s African film collection, which includes around 3,500 archive films, had been lost in the fire. The archive was one of the largest collections in the world of films made in Africa or containing African content. The library will conduct a full loss assessment once the building is declared safe, university officials said.

While the university had recently made great efforts to digitize the school’s collections, only a “wafer-thin” portion of the archive of the special collections was transferred due to the enormous volume of material and the Ice Age pace of work, said Zimmer. Who directed this program? A single cabinet with microfilm, said Mr. Zimmer, Processing can take “a whole working life”.

University officials said they are confident that most of the archive, which is located on two basement levels below the library and is protected by a system of fire doors, may have been spared. But on Monday, as scholars and librarians waited to learn the extent of the damage, many pointed to the possibility that the basement might have been flooded during the fire fighting.

“Very unique things are probably gone,” said Sibusiso Nkomo, a doctor of history. Student who is a member of an interdisciplinary archival research unit on campus.

“We have lost valuable history that tells us where we are from,” he added, noting that the mood among his colleagues was “traumatized and devastated”.

Several other campus buildings were damaged.

For many in the Western Cape, images of the burning mountain were reminiscent of other major mountain fires that have devastated the province in recent years. In 2015, four days of fires broke out on the outskirts of Cape Town, destroying around 15,000 acres of land. Two years later, another devastating fire broke out in a coastal town in the province, Knysna, in which at least four people were killed and about 10,000 were forced to evacuate their homes.

The massive forest fires in the mountains were fed by a flammable mix of fire-prone vegetation from southern Africa – known as fynbos – and particularly flammable tree species such as gum trees and pines that colonists imported into the Western Cape and contributed to the accidental spread of fires.

In order to prevent uncontrollable forest fires, many ecologists have warned that national park officials must carry out prescribed burns more frequently. But in Cape Town, where the edges of the city have spread to the foothills of the mountain, mandatory burns are particularly difficult, and park officials have encountered resistance from residents who fear their homes may be destroyed.

“If there isn’t a fire, all of the vegetation is just sitting there and it’s only a matter of time,” said Dr. Alanna Rebelo, an ecology postdoctoral fellow at Stellenbosch University in the Western Cape. “We had this huge bonfire just waiting to be passed.”

Categories
Politics

Decide Blocks 100-Day Pause on Deportation, a Blow to Biden’s Immigration Agenda

In the first legal challenge to the Biden government’s immigration agenda, a federal judge in Texas temporarily blocked a 100-day deportation break.

The U.S. District Court for the Southern District of Texas on Tuesday issued a 14-day statewide injunction requested by the Attorney General to prevent the implementation of the policy enacted by the Department of Homeland Security within hours of President Biden’s inauguration . The order remains in effect until the judge has considered a more comprehensive application for an injunction.

Judge Drew B. Tipton, appointed by former President Donald J. Trump, said in his ruling that the suspension of deportations would violate a provision of the immigration law as well as another law requiring authorities to make a rational statement their political decisions.

Immigration law provides that individuals with final deportation orders must be deported from the United States within 90 days. The court ruled that the 100-day break violated this requirement and that the mandatory language of the immigration law should not be “neutered by the broad discretion of the federal government.”

The court also ruled that the agency’s memorandum violated a separate law that required agencies to provide a logical and rational reason for their policy changes. The judge found that the Department of Homeland Security had violated the Administrative Procedure Act by failing to provide adequate justification for the temporary suspension of deportations.

Immediately after taking office, Mr. Biden began dismantling some of his predecessor’s initiatives to curb both legal and illegal immigration to the United States. The President has issued a number of implementing regulations, including one to lift travel bans for Muslim-majority countries.

The new Washington

Updated

Jan. 26, 2021, 5:10 p.m. ET

Immigration advocates challenged many of Mr Trump’s policies in federal court, and Judge Tipton’s ruling on Tuesday signaled that immigrant hawks may also sue to obstruct Mr Biden’s initiatives.

“The court order shows President Biden’s tough battle trying to lift the previous administration’s immigration restrictions,” said Stephen Yale-Loehr, an immigration attorney and professor at Cornell Law School. “A single judge can stop a federal agency’s efforts to review and re-prioritize its immigration policy.”

Following the decision on Tuesday, Texas Attorney General Ken Paxton said on Twitter it was a win over the left.

“Texas is the FIRST state in the nation to file a lawsuit against the Biden Admin. AND WE WON, ”wrote Republican Paxton, who is under investigation for bribery and abuse of power charges by former aides at the federal level.

“Within 6 days of Biden’s inauguration, Texas prevented its illegal deportation freeze,” Paxton wrote. “This was a seditious left-wing uprising. And my team and I stopped doing that. “

In a letter to Acting Secretary of Homeland Security, David Pekoske, last week, Mr. Paxton called the plan a “complete waiver of the Department of Homeland Security’s obligation to enforce federal immigration law,” which would make the state of Texas serious and irreparable would harm “and its citizens. “

Thousands of immigrants in detention centers have deportation orders that can be carried out once they have exhausted their remedies. Thousands more inland could be arrested for having pending deportation orders.

The Biden administration said the break should allow time for an internal review. The moratorium would cover most immigrants facing deportation unless they arrived in the United States after November 1, 2020, were suspected of having committed acts of terrorism or espionage, or posed a threat to the national Security.

“We are confident that as the process progresses, it will be clear that this was a reasonable move to order a temporary pause so the agency can carefully review its policies, procedures and enforcement priorities – while focusing more on public threats Security and national security, “a White House spokesman said Tuesday. “President Biden remains determined to take immediate action to reform our immigration system to ensure that American values ​​are preserved while protecting our communities.”