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S.Korea political upheaval shows global democracy's fragility - and resilienceDEADLINE ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of iLearningEngines
Georgia state senators work on real world guardrails for fantastical world of AISANGHAR - Under the banner of “Service to Humanity is Service to God,” a mass wedding ceremony was organized by Adeero Lal Welfare Tando Adam, where 250 couples from different religions were wed in a grand event. Speaking to the media, the organization’s chairman, Baba Raj Kumar, emphasized that serving the underprivileged brings true inner peace and that acts of kindness are the real legacy one leaves behind. The ceremony included 100 Muslim, 50 Christian, and 100 Hindu couples, who were married according to their respective religious traditions. Each couple received dowry items worth up to Rs. 100,000, including religious texts such as the Quran and Gita, 12 outfits for the bride and groom, a sewing machine, gold earrings, household appliances like a fan and cooler, bedding, dinner sets, watches, shoes, and cash. Additionally, a meal was provided for 25 guests accompanying each couple. Baba Raj Kumar credited the success of this initiative to the support of philanthropists and the tireless efforts of the welfare organization’s members. He highlighted that this tradition of helping the needy through mass weddings has been ongoing for the past 12 years. The event was attended by prominent social and political figures, including Taluka Chairman Ghulam Murtaza Junejo, Rajesh Kumar Hardasani, Haji Zeeshan Sheikh, Mirza Ashfaq Baig, Sons of Tando Adam founder Ejaz Sheikh, Ashiq Hussain Saand, and Dr. Ashok Kumar, alongside a large number of citizens. The ceremony concluded with the presentation of commemorative shields to individuals and members from various walks of life in recognition of their contributions. Nisar Khuhro calls on federal govt to withdraw from controversial canal project Tags: mass wedding ceremony
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Sinn Fein actively pursuing route into government, insists leader McDonaldPresident-elect Donald Trump on Friday said he will nominate prominent investor Scott Bessent as US Treasury secretary, ending days of twists that saw high profile candidates pitted against each other for the cabinet position with vast influence over economic, regulatory and international affairs. Wall Street has been closely watching who Trump would choose , especially given his plans to remake global trade through tariffs and extend and potentially expand the raft of tax cuts enacted during his first term. The choice of Bessent, who has spent his career in finance, gives Wall Street an advocate for tax reform and deregulation. Some strategists said his nomination was a relief as he understands markets and his appointment could reduce the chance of severe tariffs . The announcement – the most prominent of a flurry of Friday night appointments by Trump – caps a week where big name Wall Street luminaries’ chance at the job oscillated on a daily basis. Other names that had been considered included Apollo Global Management Chief Executive Marc Rowan and former Federal Reserve Governor Kevin Warsh. Investor John Paulson had also been a leading candidate, but dropped out , while Wall Street veteran Howard Lutnick, another contender, was appointed as head of the Commerce Department. The choice came after days of deliberations by Trump as he sorted through a shifting list of candidates. Bessent spent day after day at Trump’s Mar-a-Lago home in Florida providing economic advice, sources said, a proximity to the president-elect that may have helped him prevail. “Scott is widely respected as one of the world’s foremost international investors and geopolitical and economic strategists,” said Trump as he announced the nomination in a statement released on Truth Social. Bessent, from South Carolina, has spent his career in finance, working for macro investment billionaire George Soros and noted short seller Jim Chanos, as well as running his own hedge fund. As a money manager, he made a large bet on Trump winning after spotting what he called an anomaly in the market – that political and market analysts were too negative on what a Trump victory would mean. Bessent, who did not immediately respond to a request for comment, has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for The Wall Street Journal. The market’s surge after Trump’s election victory, he wrote, signaled investor expectations of “higher growth, lower volatility and inflation, and a revitalized economy for all Americans.” “Bessent has been on the side of less aggressive tariffs,” said Oxford Economics’ Ryan Sweet, adding that picking him makes the steep tariffs Trump proposed on the campaign trail less likely. Bessent follows other financial luminaries who have taken the job, including former Goldman Sachs executives Robert Rubin, Hank Paulson and Steven Mnuchin, Trump’s first Treasury chief. Janet Yellen, the current secretary and first woman in the job, previously chaired the Federal Reserve and White House Council of Economic Advisers. As Treasury secretary, Bessent will essentially be the highest-ranking U.S. economic official, responsible for maintaining the plumbing of the world’s largest economy, from collecting taxes and paying the nation’s bills to managing the $28.6-trillion Treasury debt market and overseeing financial regulation, including handling and preventing market crises. The Treasury boss also runs US financial sanctions policy, has influence over the US-led International Monetary Fund, World Bank and other international financial institutions, and manages national security screenings of foreign investments in the United States. Bessent will face challenges, including safely managing federal deficits that are forecast to grow by nearly $8 trillion over a decade due to Trump’s plans to extend expiring tax cuts next year and add generous new breaks, including ending taxes on Social Security income. Without offsetting revenues, this new debt would add to an unsustainable fiscal trajectory already forecast to balloon US debt by $22 trillion through 2033. Managing debt increases this large without market indigestion will be a challenge, though Bessent has argued Trump’s agenda will unleash stronger economic growth that will grow revenue and shore up market confidence, opens new tab. Bessent will also inherit the role carved out by Yellen to lead the Group of Seven wealthy democracies in providing tens of billions of dollars in economic support for Ukraine in its fight against Russia’s invasion and tightening sanctions on Moscow. But it is unclear whether he will pursue this, given Trump’s desire to end the war quickly and withdraw US financial support for Ukraine. Another area where Bessent will likely differ from Yellen is her focus on climate change, from her mandate that development banks expand lending for clean energy to incorporating climate risks into financial regulations and managing hundreds of billions of dollars in clean-energy tax credits. Trump, a climate-change skeptic, has vowed to increase production of US fossil fuel energy and end the clean-energy subsidies in President Joe Biden’s 2022 Inflation Reduction Act. The Treasury secretary is also the administration’s closest point of contact with the Federal Reserve. Both Yellen under Biden and Mnuchin under Trump typically met weekly with Fed Chair Jerome Powell, often over breakfast or lunch. Bessent has floated the idea of creating a “shadow” Fed chair. This would entail nominating as early as possible a presumptive Powell successor to the Fed Board who would then deliver their own policy guidance so that, as Bessent told Barron’s last month, “no one is really going to care what Jerome Powell has to say anymore.” Bessent has since said he no longer thinks the idea of a shadow chair is worth pursuing, the Wall Street Journal reported. Powell’s term as Fed chair expires in May 2026. Bessent, along with John Paulson, had been an early favorite for job earlier in the year according to a Reuters report at the time and seemed to be in pole position a week after election day, on Nov. 12, when Paulson exited the race citing “complex financial obligations”. However, there were many twists in the race for the top position. On 13 November, banker Howard Lutnick, who was leading a transition team to vet personnel and draft policy, emerged as a top contender. Lutnick, however, was taken out of the running after Trump nominated him to lead his trade and tariff strategy as head of the Commerce Department. The pool of candidates then widened when Rowan, and former Federal Reserve Governor Kevin Warsh were under consideration as well as Republican US Senator Bill Hagerty, sources with knowledge of the transition process said at the time. Reporting by Steve Holland, Alexandra Ulmer, David Lawder, Lawrence Delevingne, Ann Saphir, Costas Pitas, Nathan Layne and Jasper Ward, ReutersSouth Korean President Yoon Suk Yeol's brief imposition of martial law marks a new warning for the worldwide fragility of democracy, even in a country hailed as a model of political transformation. Yoon's overnight attempt to shut down political activity, censor media and lock out opposition lawmakers stunned South Korea's longtime ally, the United States, which said it had no advance warning and issued a statement of concern. South Korea's transition to elected rule since a mass uprising in 1987 had been seen as so thorough that the United States increasingly spoke of its ally as a global partner. Meanwhile, Seoul billed itself as a new, ideal hub for international media as China clamped down on Hong Kong. President Joe Biden had even chosen Yoon as the host in March of his final Summit for Democracy -- a signature initiative of the outgoing US leader, who sought to champion liberal values globally, in an unstated repudiation of Donald Trump, who returns to the White House next month. But observers, while stunned by Yoon, said there were warning signs. Danny Russel, a top US diplomat for Asia under former president Barack Obama and who earlier served in South Korea, pointed to the deadlock in parliament where the opposition repeatedly sought impeachments against Yoon's administration. Yoon's move "was a complete surprise to me (but) yes, there were very obvious structural forces at work," he said. "There is a radically polarized political scene in Korea. The opposition has been pursuing scorched-earth political obstruction tactics," he said. But he pointed to the quick, large-scale protests that erupted after Yoon's declaration as a sign of a vibrant civil society ready to defend democracy. "One certainly would hope that this would serve as a wake-up call to both the ruling conservative party and the progressive opposition that both sides have gone too far and that there needs to be some process of reconciliation, of dealing with legitimate differences and grievances." - Authoritarian tendencies - Yoon himself had earlier shown signs of authoritarianism. In a national address last year, Yoon raged against supposed communists who have "disguised themselves as democracy activists, human rights advocates or progressive activists." A prosecutor, Yoon narrowly won the 2022 election on a platform of economic reform and advocated close ties with the United States as well as historic rival Japan. But his popularity swiftly slid and the opposition won the National Assembly. Celeste Arrington, a Korea expert at George Washington University, noted that Yoon had never held elected office before and had become increasingly frustrated. "This is really an extreme move that may signal, I think, the president's lack of political experience," she said. She said that martial law showed "some cracks in democracy" but that the quick reversal "gives me hope in the health and strength and vibrancy of democracy in South Korea." Bruce Klingner, a senior research fellow at the conservative Heritage Foundation, expected Yoon's career to be over after attempting martial law, which constitutionally can only be imposed for wars or other emergencies. "Yoon's action is a damning reversal to decades of South Korean efforts to put its authoritarian past behind it," he said. - Democracy stronger? - The number of democracies worldwide soared starting in the late 1980s as the Soviet Union collapsed and student-led uprisings brought reforms elsewhere. But globally, democracy has been in retreat for the last 18 straight years, according to the Washington-based group Freedom House, which promotes political liberty. Democratically elected leaders have taken increasingly authoritarian steps in countries as diverse as India, Turkey and Hungary. V-Dem, another closely watched democracy index, had most recently ranked South Korea third in Asia after Taiwan and Japan. In the United States, Trump has rejected long-held norms, refusing to accept he lost to Biden four years ago -- culminating in his supporters violently rampaging through the US Capitol. Trump's rejection of democracy ultimately worked out for him: campaigning on the rage of 2020, he won last month's election. But experts said Yoon's power play -- and its reversal -- could in fact show a victory for democratic values. "Yoon is a deeply unpopular and ineffectual leader, but there was nothing I saw of people being dissatisfied with the way government runs," Alan Yu, a senior vice president at the left-leaning Center for American Progress, said after a recent trip to Seoul. Darcie Draudt-Vejares of the Carnegie Endowment for International Peace, said that with the swift response to Yoon, "this crisis may ultimately strengthen Korean democracy by reaffirming civilian control and demonstrating institutional resilience." sct/nro