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August 30th - A press conference on the "8.26" mudslide disaster in Gyirong, Tibet, was held today (August 30th) in Gyirong Town. On the morning of August 26th, a mudslide on the Nepalese side caused significant casualties and missing persons at the Gyirong Port in Gyirong County, Shigatse City, Tibet. Analysis indicates that the most prominent risk hindering the disaster response was the landslide dam located above the core area of the border crossing. The dam has already overflowed and is currently in stable condition, with a low probability of a complete collapse.On August 30th, a press conference was held in Gyirong Town, Tibet, regarding the "8.26" mudslide disaster. On the morning of August 26th, a mudslide occurred on the Nepalese side, causing significant casualties and missing persons at the Gyirong Port in Gyirong County, Shigatse City, Tibet. The conference explained that this disaster was caused by glacial instability due to long-term climate warming. The disaster was sudden, with a large peak flow, rapid movement, strong destructive power, and a wide impact area, representing a new and significant characteristic of cryosphere disasters in the Qinghai-Tibet Plateau and surrounding areas. Monitoring revealed that the ice avalanche took only about 6 to 7 minutes from its occurrence to its impact on the Gyirong Port in my country.On August 30, it was learned from a press conference held by the Information Office of the Peoples Government of Tibet Autonomous Region that, through a joint comprehensive search and comparison of clues conducted by multiple departments including foreign affairs, public security, culture and tourism, and emergency response, 261 missing foreign nationals have been identified in the investigation of the Gyirong landslide disaster in Tibet. These individuals come from 23 countries: Kazakhstan (1), Malaysia (3), Nepal (104), India (49), South Africa (4), Ireland (2), Estonia (2), Germany (3), Russia (3), France (2), Finland (1), Netherlands (2), Latvia (33), Lithuania (1), Portugal (1), Ukraine (1), Spain (1), Hungary (1), United Kingdom (15), Canada (6), United States (18), Australia (6), and New Zealand (2). The Chinese side has notified the relevant embassies and consulates in China.According to Icelandic Broadcasting Corporation: Partial results of Icelands referendum on restarting EU accession negotiations show that the "yes" vote is leading by a narrow margin.On August 30th, it was learned from a press conference held by the Information Office of the Peoples Government of Tibet Autonomous Region that the cause of the mudslide disaster in Tibet has been determined. The Cryosphere Emergency Disaster Reduction Team of the Chengdu Institute of Mountain Hazards and Environment, Chinese Academy of Sciences, through analysis of remote sensing monitoring data and on-site feedback data, combined with field surveys and visits, concluded that: at approximately 10:52 AM Beijing time on August 26th, a glacier on the southern slope of Mount Lamtang in Nepal broke off at an altitude of approximately 5200 meters, causing an ice-rock collapse. The debris flow rapidly fell from a high altitude to approximately 4000 meters, eroding the mountain and forming a giant mudslide. After traveling at high speed for approximately 22 kilometers, it reached the Gyirong Port in China at an altitude of approximately 1800 meters, resulting in the razing of approximately 0.7 square kilometers and 27 buildings and related facilities in the area.

As Japan Prepares for BOJ Amamiya to Handle Monetary Policy, the EUR/JPY Rebounds from 142.00

Daniel Rogers

Feb 06, 2023 16:09

After falling to approximately 142.00 during the Asian session, the EUR/JPY pair has made a robust recovery. According to a Nikkei article published by Bloomberg, the Japanese government is aiming to recruit Bank of Japan (BoJ) Deputy Governor Masayoshi Amamiya to replace Haruhiko Kuroda as the head of the central bank.

 

In February, the nominees for Kuroda's replacement will be finalized, and discussions for a change from the ultra-loose monetary policy of the past decade will intensify.

 

The BoJ has already widened the yield curve to boost flexibility. Deputy Governor of the Bank of Japan Masazumi Wakatabe noted last week, "BoJ's December decision to broaden band was a necessary step to make YCC more sustainable, but the move alone may have undermined the effect of the stimulus."

 

For renewed impetus in the Eurozone, investors anticipate the release of Retail Sales data. The economic statistics is expected to drop by 2.7% annually, compared to the prior annual contraction of 2.8%. It is projected that the monthly data will decrease by 2.5% compared to the 0.8% growth reported earlier.

 

The Eurozone economy has suffered a decrease in consumer spending for five consecutive months, which will satisfy the European Central Bank (ECB) as it reduces its forecasts for the Consumer Price Index (CPI).

 

Pierre Wunsch, a member of the ECB Governing Council, told Reuters on Friday that the ECB will not reduce its benchmark interest rate from 50 basis points (bps) in March to zero in May. May might see a 25 or 50 basis point increase, according to Wunsch.


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