Staff

Staff

Certain politicians have dismissed the idea that the U.S. is currently in a recession. But if you look up the textbook definition, it seems like we can’t avoid using the “R” word anymore.

A recession is defined as two consecutive quarters of real GDP contraction. And real GDP in the U.S. decreased at an annual rate of 1.6% in Q1, followed by 0.9% decline in Q2.

Recessions are prolonged downturns in economic activity, usually associated with falling retail sales, lower industrial production, declining wages, and higher unemployment.

The good news? Downturns also provide plenty of opportunities for regular people to build wealth.

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Stocks

Every investor wants to buy low and sell high. A stock market downturn during a recession might be an opportune time for bargain hunters.

While the GDP contraction in Q1 and Q2 wasn’t too severe, stocks have already fallen — by a lot.

The S&P 500 is down about 20% in the first six months of 2022, marking its worst first-half performance since 1970.

Investors who want to scoop up shares on the cheap might want to be cautious and focus on companies that can thrive during a recession.

Warren Buffett, for instance, loaded up on shares of food giant Kraft Foods (which later merged with Heinz to create Kraft Heinz) and electric utility NRG Energy (NRG) during the Great Recession of 2008.

According to Hartford Funds, the S&P 500 actually gained 3.7% on average during the 13 recessions since 1945.

You don’t need a lot of cash to start investing. Some investing apps even allow you to buy fractions of shares with as much money as you are willing to spend.

Real estate

Real estate offers another potentially lucrative opportunity during a recession.

A recession doesn’t necessarily mean we are going to see a drop in property prices. But one specific factor could deter the upward momentum in the real estate market: interest rates.

Right now, the Fed is raising its benchmark interest rates aggressively to tame spiking inflation. Higher interest rates are bad news for real estate.

When the cost of borrowing is high, it makes people think twice about getting a loan to purchase a home or investment property.

Real estate mogul Sam Zell — also known as the “Grave Dancer” — made a fortune from buying properties when no one else wanted to.

In 1973, when the economy fell into a recession, the real estate market tumbled as many loans went into default. In that environment, Zell was able to acquire a portfolio of high-quality properties at a significant discount.

If you’ve been eyeing investment properties in recent years, a recession-driven pullback in prices might provide a good entry point.

These days, new services make it easy for you to get into the real estate game, no matter how big (or small) your budget is.

Starting your own business

Not everyone wants to start their own business. But according to The Economist, 47% of millionaires are business owners.

Being an entrepreneur is not easy, and the idea of building a business in a recession — when other businesses might be shutting down — can seem daunting. But going against the herd has its advantages.

“Right now is the time to take advantage of an open field. Your competitors are pulling back — spending less money on marketing and advertising,” says Charles Gaudet, CEO of business consultant and coaching agency Predictable Profits. “Some started laying off employees. Others are content to sit tight and hope for the best.”

When there’s less competition, you have a better chance of establishing a position in the market.

Of course, if you’re not ready to quit your job and go all-in on a business idea just yet, think about starting a “side hustle” first.

There’s no magic formula to getting rich quickly. Whether it’s investing in stocks, real estate, or starting your own business, it’s important to do your own research and evaluate your financial situation first./money wise

Turkish forces have “neutralised” 11 YPG/PKK terrorists in northern Syria, the Turkish National Defense Ministry said.

The terrorists were planning an attack on the "peace and security" of the Operation Euphrates Shield zone, the ministry said in a statement on Saturday.

Turkish authorities use the term “neutralise” to imply the terrorists in question surrendered or were killed or captured.

Since 2016, Ankara has launched a trio of successful anti-terror operations across its border in northern Syria to prevent the formation of a terror corridor and enable the peaceful settlement of residents: Euphrates Shield (2016), Olive Branch (2018), and Peace Spring (2019).

In its more than 35-year terror campaign against Türkiye, the PKK – listed as a terrorist organisation by Türkiye, the US and EU – has been responsible for the deaths of over 40,000 people, including women, children, and infants.

Source: AA

Echoing down the corridors of eastern Ukraine's Pokrovsk Perinatal Hospital are the loud cries of tiny Veronika.

Born nearly two months prematurely, weighing 1.5 kilogrammes (3 pounds, 4 ounces), the infant receives oxygen through a nasal tube to help her breathe while ultraviolet lamps inside an incubator treat her jaundice.

Dr Tetiana Myroshnychenko carefully connects the tubes that allow Veronika to feed on her mother’s stored breast milk and ease her hunger.

Before Russia’s attacks on Ukraine in late February, three hospitals in government-controlled areas of the country’s war-torn Donetsk region had facilities to care for premature babies. One was hit by a Russian air strike and the other had to close as a result of the fighting leaving only the maternity hospital in the coal mining town of Pokrovsk still operating.

Hanging on for life

Myroshnychenko, the site’s only remaining neonatologist, now lives at the hospital. Her 3-year-old son divides the week between staying at the facility and with his father, a coal miner, at home.

The doctor explains why it’s now impossible to leave: even when the air-raid sirens sound, the babies in the hospital's above-ground incubation ward cannot be disconnected from their lifesaving machines.

“If I carry Veronika to the shelter, that would take five minutes. But for her, those five minutes could be critical,” Myroshnychenko says.

Hospital officials say the proportion of births occurring prematurely or with complications has roughly doubled this year compared to previous times, blaming stress and rapidly worsening living standards for taking a toll on the pregnant women still left in the area.

Russia and Moscow-backed separatists now occupy just over half the Donetsk region, an area similar in size to Sicily or Massachusetts. Pokrovsk is still in a Ukrainian government-controlled area 60 kilometres (40 miles) west of the front lines.

Conflict stress on pregnancy

Inside the hospital's maternity wards, talk of the fight is discouraged.

“Everything that happens outside this building of course concerns us, but we don’t talk about it,” Myroshnychenko said. “Their main concern right now is the baby.”

Although fighting in the Dontesk region started back in 2014, when Russia-backed separatists began battling the government and taking over parts of the region, new mothers are only now being kept in the hospital for longer periods because there's little opportunity for them to receive care once they have been discharged.

Among them is 23-year-old Inna Kyslychenko, from Pokrovsk. Rocking her 2-day-old daughter Yesenia, she was considering joining the region’s massive evacuation westward to safer areas in Ukraine when she leaves the hospital. 

Many essential services in government-held areas of the Donetsk region — heat, electricity, water supplies — have been damaged by Russian bombardment, leaving living conditions that are only expected to worsen as the winter grows near.

“I fear for the little lives, not only for ours, but for all the children, for all of Ukraine,” Kyslychenko said.

A risky relocation

More than 12 million people in Ukraine have fled their homes due to the battle, according to UN relief agencies. About half have been displaced within Ukraine and the rest have moved to other European countries.

Moving the maternity hospital out of Pokrovsk, however, is not an option.

“If the hospital was relocated, the patients would still have to remain here,” said chief physician Dr Ivan Tsyganok, who kept working even when the town was being hit by Russian rocket fire.

“Delivering babies is not something that can be stopped or rescheduled,” he noted.

The nearest existing maternity facility is in Ukraine's neighboring Dnipropetrovsk region, a three-and-a-half-hour drive along secondary roads, a journey considered too risky for women in late-term pregnancy.

Last week, 24-year-old Andrii Dobrelia and his wife Maryna, 27, reached the hospital from a nearby village. Looking anxious, they talked little as doctors carried out a series of tests and then led Maryna to the operating room for a C-section. Tsyganok and his colleagues hurriedly changed their clothes and prepared for the procedure.

Twenty minutes later, the cries of a newborn baby boy, Timur, could be heard. After an examination, Timur was taken to meet his father in an adjoining room.

Almost afraid to breathe, Andrii Dobrelia tenderly kissed Timur’s head and whispered to him. As the newborn calmed down on his father’s chest, tears came to Andrii’s eyes.

As the armed conflict reaches the six-month mark, Tsyganok and his colleagues says they have a more hopeful reason to stay.

“These children we are bringing into the world will be the future of Ukraine,” says Tsyganok. “I think their lives will be different to ours. They will live outside war.”

Source: AP

Floods and landslides triggered by intense monsoon rains have killed at least 50 people in northern and eastern India over the last three days, officials said.

The rains overwhelmed hundreds of villages, sweeping away houses and leaving residents stranded as rescue crews raced to evacuate survivors on Sunday.

Earlier this month the federal weather office had predicted that India was likely to receive an average amount of rain in August and September, pointing to overall good crop yields in Asia's third-biggest economy that relies on farming to boost growth and generate jobs.

Farming contributes around 15 percent to India's $2.7 trillion economy while sustaining more than half the population of 1.3 billion.

Heavy showers followed by landslides and flooding in the Himalayan state of Himachal Pradesh over the past three days killed at least 36 people, a state government official told Reuters.

In the neighbouring mountainous state of Uttarakhand, an official government release said that four were dead and 13 were missing due to continuous rainfall.

Rescue operation in 'full swing'

"We have deployed choppers to rescue people who are stuck in remote areas due to rain related incidents. The rescue operation is happening on full swing," said Ranjit Kumar Sinha, an official in Uttarakhand's disaster management department.

In the eastern state of Odisha, at least six people were dead amid ongoing torrential rains, a state official said. 

Floods have affected nearly 800,000 people and displaced thousands from their homes in Odisha, with rains disrupting electricity and water supply, and damaging road infrastructure.

The state has evacuated 120,000 people so far from the affected areas.

Authorities in the Ramgarh district of the eastern state of Jharkhand said five people had been swept away by the waters of the swollen Nalkari river on Saturday. 

Four bodies have been recovered so far, said Madhvi Mishra, a district official in Ramgarh.

Source: Reuters

A political coalition has called for fresh protests a day after Guinea's junta denied its forces had shot dead two teenagers at opposition demonstrations earlier in the week.

The National Front for the Defence of the Constitution or FNDC, a coalition of political parties, trade unions and civil society organisations, called for fresh protests in messages posted on social media on Saturday.

The junta banned the group earlier this month.

On Wednesday, FNDC, relatives and neighbours said that security forces in Guinea's capital had shot dead two teens as their convoy drove through the capital Conakry during protests against the junta.

FNDC accused junta leader Mamady Doumbouya's forces of having killed the pair, aged 17 and 19.

Junta spokesperson Amara Camara said in a statement released late on Friday: "The rumours about shots fired from the presidential motorcade are false and unfounded."

Deaths in forbidden protests

FNDC staged rallies on July 28 and 29 in which five people were killed. It called for the demonstrations last Wednesday –– also forbidden by the junta –– at which the two teenagers were shot dead.

Ibrahima Balde was killed by a projectile fired by a member of the security forces in Wanidara, a suburb of Conakry that has been the scene of clashes, his father Mohamed Cherif told the AFP news agency.

A relative of the young man, speaking on condition of anonymity, said he was hit by a soldier's bullet as the junta leader's motorcade passed through the neighbourhood.

Oumar Barry, a 17-year-old secondary school student, died later in nearby Koloma district. "They shot him in the stomach in Koloma," said his neighbour, Pathe Diallo.

Government warning

Justice Minister Charles Alphonse Wright, who met with relatives of Barry, said that justice would be done, according to a statement read out by ministry spokesperson Yaya Kairaba Kaba Friday.

But the statement also made clear that anyone calling for protests would also have to answer before the courts, denouncing any attempt to exploit the deaths of the teenagers.

During Wednesday's banned demonstration, police were heavily deployed around the city, and demonstrators in one flashpoint suburb of Conakry hurled stones at the security forces who retaliated with teargas.

The poor but mineral-rich state has been ruled by the military since a coup last September that ousted president Alpha Conde, in power since 2010.

In May, the junta banned all protests and on August 6 decreed the dissolution of the FNDC.

The FNDC spearheaded protests against Conde while he was in power, fiercely opposing his bid for a third term that it said was unconstitutional. The demonstrations were often brutally repressed.

Since the coup, the group has turned its focus on the junta, progressively amplifying its concern over human rights and the pace of return to civilian rule.

Doumbouya has pledged to hand over power to elected civilians within three years –– a timeline that fellow West African states want accelerated.

Source: AFP

The death toll from a missile strike in Syria’s northwestern city of Al Bab has climbed to 14, according to reports from the ground.

Children are among the fatalities in Friday's strike, which targeted a part of the city with heavy civilian presence.

At least 37 more people have been injured. There has been no claim of responsibility so far.

Al Bab was among several cities in northern Syria cleared of terrorists by Turkish forces under Operation Euphrates Shield, which aimed to rid the area of terrorists and enable the safe voluntary return of displaced Syrians.

Launched in August 2016, more than 2,600 Daesh terrorists were killed and another 413 terrorists neutralised by the time the operation ended in March 2017.

Source: AA

Turkish forces have “neutralised” 11 YPG/PKK terrorists in northern Syria, the Turkish National Defense Ministry said.

The terrorists were planning an attack on the "peace and security" of the Operation Euphrates Shield zone, the ministry said in a statement on Saturday.

Turkish authorities use the term “neutralise” to imply the terrorists in question surrendered or were killed or captured.

Since 2016, Ankara has launched a trio of successful anti-terror operations across its border in northern Syria to prevent the formation of a terror corridor and enable the peaceful settlement of residents: Euphrates Shield (2016), Olive Branch (2018), and Peace Spring (2019).

In its more than 35-year terror campaign against Türkiye, the PKK – listed as a terrorist organisation by Türkiye, the US and EU – has been responsible for the deaths of over 40,000 people, including women, children, and infants.

Source: AA

At least 15 people have been killed in India after heavy monsoon rains triggered flash floods and landslides near the Himalayan foothills.

Rescue officials were rushed on Saturday to Mandi district in the northern state of Himachal Pradesh where a torrent of floodwater swept away two houses and killed eight people, a government statement said.

Landslides and flooding claimed seven other lives across the state, the release added.

Television news footage showed part of a railway bridge washed away by the deluge in nearby Kangra district. Schools were closed in the worst-affected districts.

In Hamipur district, flash floods stranded 19 people on the rooftops of local buildings before they were rescued by disaster response teams.

Climate crisis

Of those dead, eight family members were buried alive on Saturday in Himachal Pradesh after their home collapsed due to heavy rain, Deputy Commissioner Arindam Chaudhary told Anadolu Agency.

"There were flash floods, landslides in multiple places due to heavy rains. So far, we have recovered 10 bodies. Around 3-5 people are still missing," Chaudhary said.

"A search and rescue operation is underway to find the missing people," he added.

Flooding and landslides are common and cause widespread devastation during India's treacherous monsoon season.

Last month, eight people died after flash floods triggered by a sudden downpour struck a camp for pilgrims in nearby Kashmir.

Heavy rains battered India's remote northeast in June, with nearly 40 killed in a landslide that swamped a camp housing railway workers and army reservists in Manipur state.

Experts say the climate crisis is increasing the number of extreme weather events around the world, with damming, deforestation and development projects in India exacerbating the human toll.

Source: agencies

The United States is stepping up to buy about 150,000 metric tonnes of grain from Ukraine in the next few weeks for an upcoming shipment of food aid from ports no longer blockaded by conflict, the World Food Program (WFP) chief has told the Associated Press news agency.

The final destinations for the grain are not confirmed and discussions continue, David Beasley said.

But the planned shipment, one of several the UN agency that fights hunger is pursuing, is more than six times the amount of grain that the first WFP-arranged ship from Ukraine is now carrying toward people in the Horn of Africa at risk of starvation.

Beasley spoke from northern Kenya, which is deep in a drought that is withering the Horn of Africa region. He sat under a thorn tree among local women who told the AP that the last time it rained was in 2019.

Their bone-dry communities face yet another failed rainy season within weeks that could tip parts of the region, especially neighboring Somalia, into famine. Already, thousands of people have died. WFP says 22 million people are hungry.

"I think there's a high probability we'll have a declaration of famine" in the coming weeks, Beasley said.

He called the situation facing the Horn of Africa a "perfect storm on top of a perfect storm, a tsunami on top of a tsunami" as the drought-prone region struggles to cope amid high food and fuel prices driven partly by the conflict in Ukraine and sanctions on Russia.

The keenly awaited first aid ship from Ukraine is carrying 23,000 metric tonnes of grain, enough to feed 1.5 million people on full rations for a month, Beasley said.

It is expected to dock in Djibouti on August 26 or 27, and the wheat is supposed to be shipped overland to northern Ethiopia, where millions of people in the Tigray, Afar and Amhara regions have faced not only drought but deadly conflict.

Day of Gulf countries' oil profits could save millions

The slow reopening of Ukraine's ports and the cautious movement of cargo ships across the mined Black Sea won't solve the global food security crisis, Beasley said, urging that richer countries must do much more to keep grain and other assistance flowing to the hungriest parts of the world, and he named names.

"With oil profits being so high right now — record-breaking profits, billions of dollars every week — the Gulf states need to help, need to step up and do it now," Beasley said, adding, it’s inexcusable not to. "Particularly since these are their neighbours, these are their brothers, their family."

He asserted the WFP could save "millions of lives" with just one day of Gulf countries' oil profits.

China needs to help as well, Beasley said. "China's the second-largest economy in the world, and we get diddly-squat from China," or very little, he added.

Some of the world's poorest people without enough food are in northern Kenya, where animal carcasses are slowly stripped to the bone beneath an ungenerous sky.

"Don't forget us," resident Hasan Mohamud told Beasley. "Even the camels have disappeared. Even the donkeys have succumbed."

Source: AP

DUBAI (AP) — The U.S. Air Force said Saturday it was the subject of a “propaganda attack” by a previously unheard-of Iraqi militant group that falsely claimed it had launched a drone attack targeting American troops at an air base in Kuwait.

The statement by the Air Force's 386th Air Expeditionary Wing came hours after the group calling itself Al-Waretheen, or “The Inheritors," put out an online statement claiming that on Aug. 12, it targeted Kuwait's Ali Al Salem Air Base. The statement included a video showing a drone being launched from a stand, but offered no evidence of an attack or any damage done at the base.

The statement claimed the alleged attack aimed to avenge the U.S. drone strike that killed a prominent Iranian Revolution Guard Gen. Qassem Soleimani in Baghdad in January 2020.

The air base is located a few dozen kilometers (miles) from the Iraqi border.

“The misinformation falsely stated an Iranian militia group used (drones) to carry out an attack on base,” the Air Force statement to The Associated Press said. “No such attack occurred.”

The statement suggests the U.S. believes that Al-Waretheen is likely an Iranian group, though it described itself as Iraqi.

The Air Force added that the online claim “only aims to deceive their audience in believing a lie" and that the Air Force and Kuwait “continue to project air power throughout the region without disruption.”

Kuwait, a small, oil-rich nation bordering Iraq and Saudi Arabia also near Iran, is considered a major non-NATO ally of the United States. Kuwait and the U.S. have had a close military partnership since America launched the 1991 Gulf War to expel Iraqi troops after Iraqi dictator Saddam Hussein invaded the country.

Some 13,500 American troops are stationed in Kuwait, which also hosts U.S. Army Central’s forward headquarters. Those forces have supported the U.S. invasion of Iraq in 2003 and later operations against the Islamic State group.

Kuwait did not immediately acknowledge the claimed attack. Its Information Ministry did not immediately respond to a request for comment Saturday night.

Kuwait’s Al-Qabas newspaper, quoting anonymous “responsible” sources, called the claims about an attack “completely untrue.”

Satellite photos from Planet Labs PBC analyzed by the AP since Aug. 12 show no apparent damage at the base.

A series of militant groups that analysts believe have ties back to Iran have claimed attacks they say targeted U.S. troops in Iraq over recent years. However, those roadside bombings targeted Iraqi contractors supplying American forces in the country.

The claim also comes as what have been described as the final round of negotiations continue between Iran and the U.S. over Tehran's tattered nuclear deal with world powers.

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