ASIA

INDIA TO PROVIDE FINANCIAL AID TO MALDIVES

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India has approved it will provide substantial financial support, amounting to hundreds of millions of dollars, to help the Maldives enhance its struggling economy.

SAUDI ARABIA PIVOTS ON OIL STRATEGY, ABANDONS $100 PRICE TARGET

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Saudi Arabia is reportedly abandoning its unofficial $100 per barrel oil price target to reclaim market share, even if it means enduring lower prices in the short term. This strategic pivot, reported by the Financial Times on September 26, 2024, marks a departure from the Kingdom's recent policy of production cuts aimed at propping up oil prices.

SRI LANKA'S PRESIDENT SEEKS CHANGES TO IMF DEAL

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Sri Lanka's new president is seeking a more flexible approach from the International Monetary Fund (IMF) as his country navigates a $2.9 billion bailout package. The president, who took office amid a severe economic crisis and sovereign default, expressed concern about the impact of the IMF's stringent austerity measures. He has urged the IMF to consider "alternative means" to continue supporting Sri Lanka's recovery while mitigating the hardships imposed by the austerity program.

JAPAN'S LONGEST-SERVING DEATH ROW INMATE ACQUITTED AFTER 50 YEARS

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Iwao Hakamata, who spent more than five decades on death row, was acquitted by a Japanese court on September 12, 2024. Hakamata, now 88, was sentenced to death in 1968 for the murder of a family, a case that has long drawn global attention due to claims of forced confessions and fabricated evidence. Hakamata's release comes after a marathon legal battle and significant new evidence that cast doubt on his guilt.

SHIGERU ISHIBA ELECTED JAPAN'S NEW PRIME MINISTER, PLEDGES REFORM AND SECURITY

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Shigeru Ishiba, a former defense minister, has been elected Japan's next prime minister after narrowly winning the leadership contest of the Liberal Democratic Party (LDP). Ishiba, 67, triumphed over rival Sanae Takaichi in a highly competitive race, which saw a record nine candidates vying for the leadership of the ruling party. With the LDP's majority in parliament, Ishiba is set to take office on Tuesday, following a parliamentary vote.

SRI LANKA'S PARLIAMENT DISSOLVED BY NEW PRESIDENT

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Sri Lanka's parliament has been dissolved by their newly elected president, Mr Anura Kumara Dissanayake. He dissolved the 225-member parliament in which his left-leaning National People's Power (NPP) alliance had just three seats. He dissolved to make way for a snap general election.

PAKISTAN PREPARES FOR 'TRANSITIONAL PAIN' AS IMF APPROVES $7BN LOAN

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On Thursday, Pakistan announced that it would experience some "transitional pain" following the International Monetary Fund's approval of a new $7 billion relief package aimed at strengthening its struggling economy.

TOP CHINESE ECONOMIST DISAPPERS AFTER CRITIQUING PRESIDENT XI

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In a concerning development that echoes past incidents, prominent Chinese economist Zhu Hengpeng has vanished from public view after allegedly criticizing President Xi Jinping's economic policies in a private WeChat group. The Wall Street Journal reported on September 24, 2024, that Zhu, deputy director at the Chinese Academy of Social Sciences (CASS), was arrested following remarks that included veiled criticisms of Xi's leadership and China's struggling economy.