csmonitor--2020-06-16--Why did North Korea just blow up inter-Korea liaison office?

North Korea blew up an inter-Korean liaison office building just north of the heavily armed border with South Korea on Tuesday , in a carefully choreographed display of anger that sharply raises tensions on the Korean Peninsula and puts pressure on Washington and Seoul amid deadlocked nuclear diplomacy .
The demolition of the building , which was in North Korean territory and had no South Koreans working in it , is largely symbolic .
But it 's still the most provocative act by North Korea since it entered nuclear diplomacy in 2018 after a United States-North Korean standoff had many @ @ @ @ @ @ @ serious setback to the efforts of liberal South Korean President Moon Jae-in to restore inter-Korean engagement .
North Korea 's official Korean Central News Agency said the country destroyed the office in a `` terrific explosion '' because its `` enraged people '' were determined to `` force [ the ] human scum , and those who have sheltered the scum , to pay dearly for their crimes , '' apparently referring to North Korean defectors living in South Korea who for years have floated anti-Pyongyang leaflets across the border .
The news @ @ @ @ @ @ @ in the border town of Kaesong was destroyed .
South Korea 's government later released military surveillance video showing clouds of smoke rising from the ground as a building collapsed at a now-shuttered joint industrial park in Kaesong where the liaison office stood .
South Korea issued a statement expressing `` strong regret '' over the destruction of the building , warning of a stern response if North Korea takes additional steps that aggravate tensions .
The statement , issued following an emergency National Security Council meeting , said the demolition is `` @ @ @ @ @ @ @ improvement in South-North Korean relations and the establishment of peace on the Korean Peninsula . ''
The liaison office has been shut since late January because of coronavirus concerns .
The office , built with South Korean money at a reported cost of $ 8.3 million , was opened in September 2018 to facilitate better communication and exchanges between the Koreas .
It was the first such office between the countries since they were divided into a U.S.-backed South Korea and a Soviet-supported North Korea at the end of the World War II @ @ @ @ @ @ @ a symbol of Mr .
Moon 's engagement policy .
North Korea had earlier threatened to demolish the office as it stepped up its fiery rhetoric over what it called Seoul 's failure to stop civilian campaigns to drop anti-Pyongyang leaflets into the North .
South Korea said it would take steps to ban the leafleting , but North Korea argued that the South Korean response lacked sincerity .
South Korea 's Defense Ministry said separately that it closely monitors North Korean military activities and was prepared to strongly counter any future provocations @ @ @ @ @ @ @ , Suh Ho , who was Seoul 's top official at the liaison office , called the demolition an `` unprecedentedly senseless act '' that shocked `` not only our people , but the whole world . ''
The North said last week that it was cutting off all government and military communication channels with the South while threatening to abandon bilateral peace agreements reached during North Korean leader Kim Jong Un 's three summits with Mr .
Moon in 2018 .
Some outside analysts believe the North , after failing to get @ @ @ @ @ @ @ will turn to provocation to win outside concessions because its economy has likely worsened because of persistent U.S.-led sanctions and the coronavirus pandemic .
North Korea may also be frustrated because the sanctions prevent Seoul from breaking away from Washington to resume joint economic projects with Pyongyang .
South Korea 's response to Tuesday 's demolition was relatively strong compared to past provocations .
Mr .
Moon 's government has faced criticism that it did n't take tough measures when North Korea performed a series of short-range weapons tests targeting South Korea over @ @ @ @ @ @ @ , a liberal who champions greater reconciliation with North Korea , shuttled between Pyongyang and Washington to help set up the first summit between Mr. Kim and President Donald Trump in June 2018 .
On Saturday night , Kim Yo Jong , the influential sister of North Korea 's leader , warned that Seoul will soon witness `` a tragic scene of the useless North-South liaison office [ in North Korea ] being completely collapsed . ''
She also said she would leave to North Korea 's military the right to take the @ @ @ @ @ @ @ .
North Korea has threatened to dismantle the shuttered Kaesong factory complex completely and abandon a 2018 bilateral tension-reduction agreement , which observers say could allow the North to trigger clashes along the land and sea borders .
Earlier on Tuesday , North Korea 's military threatened to move back into unspecified border areas that have been demilitarized under agreements with South Korea and `` turn the front line into a fortress . ''
On Monday , Mr .
Moon urged North Korea to stop raising animosities and return to talks , saying @ @ @ @ @ @ @ 2018 inter-Korean summit deals .
North Korea has a history of taking highly visual symbolic steps for political gains .
It invited foreign journalists to watch the detonation of its underground nuclear testing tunnels in 2018 and the demolition of a cooling tower at its main nuclear complex in 2008 .
Both events were an attempt by the North to show it was serious about denuclearization amid rampant outside skepticism about its commitment .
`` It 's hard to see how such behavior will help the Kim regime get what it wants from @ @ @ @ @ @ @ will be used for domestic propaganda , '' said Leif-Eric Easley , a professor at Ewha University in Seoul .
The Koreas ' neighbors voiced concerns over Tuesday 's demolition .
Japanese Prime Minister Shinzo Abe said he hopes tensions between the Koreas will not escalate further , adding that Japan will cooperate closely with Seoul and Washington while analyzing the development .
In China , the North 's major diplomatic ally , foreign ministry spokesman Zhao Lijian said that `` we always hope that the Korean Peninsula will maintain peace and stability @ @ @ @ @ @ @ since the breakdown of a second summit between Mr. Kim and Mr. Trump in Vietnam in early 2019 .
The summit fell apart because of disputes over how much sanctions relief the North should get in return for Mr. Kim 's dismantling of his main nuclear complex , which was seen as a limited denuclearization measure .
After the Vietnam summit , inter-Korean relations turned sour again .
Mr. Kim entered 2020 vowing to expand his nuclear arsenal , introduce a new strategic weapon , and overcome the U.S.-led sanctions that he said @ @ @ @ @ @ @ .
This story was reported by The Associated Press .
AP writer Mari Yamaguchi in Tokyo and researcher Liu Zheng in Beijing contributed to this report .
Editor ’ s note : As a public service , the Monitor has removed the paywall for all our coronavirus coverage .
It ’ s free .

North Korea blew up an inter-Korean liaison office building just north of the heavily armed border with South Korea on Tuesday, in a carefully choreographed display of anger that sharply raises tensions on the Korean Peninsula and puts pressure on Washington and Seoul amid deadlocked nuclear diplomacy.
The demolition of the building, which was in North Korean territory and had no South Koreans working in it, is largely symbolic. But it's still the most provocative act by North Korea since it entered nuclear diplomacy in 2018 after a United States-North Korean standoff had many fearing war. It will pose a serious setback to the efforts of liberal South Korean President Moon Jae-in to restore inter-Korean engagement.
North Korea's official Korean Central News Agency said the country destroyed the office in a "terrific explosion" because its "enraged people" were determined to "force [the] human scum, and those who have sheltered the scum, to pay dearly for their crimes," apparently referring to North Korean defectors living in South Korea who for years have floated anti-Pyongyang leaflets across the border.
The news agency did not detail how the office in the border town of Kaesong was destroyed.
South Korea's government later released military surveillance video showing clouds of smoke rising from the ground as a building collapsed at a now-shuttered joint industrial park in Kaesong where the liaison office stood.
South Korea issued a statement expressing "strong regret" over the destruction of the building, warning of a stern response if North Korea takes additional steps that aggravate tensions.
The statement, issued following an emergency National Security Council meeting, said the demolition is "an act that betrays hopes for an improvement in South-North Korean relations and the establishment of peace on the Korean Peninsula."
The liaison office has been shut since late January because of coronavirus concerns. The office, built with South Korean money at a reported cost of $8.3 million, was opened in September 2018 to facilitate better communication and exchanges between the Koreas.
It was the first such office between the countries since they were divided into a U.S.-backed South Korea and a Soviet-supported North Korea at the end of the World War II in 1945. The office was considered a symbol of Mr. Moon's engagement policy.
North Korea had earlier threatened to demolish the office as it stepped up its fiery rhetoric over what it called Seoul's failure to stop civilian campaigns to drop anti-Pyongyang leaflets into the North. South Korea said it would take steps to ban the leafleting, but North Korea argued that the South Korean response lacked sincerity.
South Korea's Defense Ministry said separately that it closely monitors North Korean military activities and was prepared to strongly counter any future provocations. The South's vice unification minister, Suh Ho, who was Seoul's top official at the liaison office, called the demolition an "unprecedentedly senseless act" that shocked "not only our people, but the whole world."
The North said last week that it was cutting off all government and military communication channels with the South while threatening to abandon bilateral peace agreements reached during North Korean leader Kim Jong Un's three summits with Mr. Moon in 2018.
Some outside analysts believe the North, after failing to get what it wants in nuclear talks, will turn to provocation to win outside concessions because its economy has likely worsened because of persistent U.S.-led sanctions and the coronavirus pandemic. North Korea may also be frustrated because the sanctions prevent Seoul from breaking away from Washington to resume joint economic projects with Pyongyang.
South Korea's response to Tuesday's demolition was relatively strong compared to past provocations. Mr. Moon's government has faced criticism that it didn't take tough measures when North Korea performed a series of short-range weapons tests targeting South Korea over the past year.
Mr. Moon, a liberal who champions greater reconciliation with North Korea, shuttled between Pyongyang and Washington to help set up the first summit between Mr. Kim and President Donald Trump in June 2018.
On Saturday night, Kim Yo Jong, the influential sister of North Korea's leader, warned that Seoul will soon witness "a tragic scene of the useless North-South liaison office [in North Korea] being completely collapsed." She also said she would leave to North Korea's military the right to take the next step of retaliation against South Korea.
North Korea has threatened to dismantle the shuttered Kaesong factory complex completely and abandon a 2018 bilateral tension-reduction agreement, which observers say could allow the North to trigger clashes along the land and sea borders.
Earlier on Tuesday, North Korea's military threatened to move back into unspecified border areas that have been demilitarized under agreements with South Korea and "turn the front line into a fortress."
On Monday, Mr. Moon urged North Korea to stop raising animosities and return to talks, saying the two Koreas must not reverse the 2018 inter-Korean summit deals.
North Korea has a history of taking highly visual symbolic steps for political gains. It invited foreign journalists to watch the detonation of its underground nuclear testing tunnels in 2018 and the demolition of a cooling tower at its main nuclear complex in 2008. Both events were an attempt by the North to show it was serious about denuclearization amid rampant outside skepticism about its commitment.
"It's hard to see how such behavior will help the Kim regime get what it wants from the world, but clearly such images will be used for domestic propaganda," said Leif-Eric Easley, a professor at Ewha University in Seoul.
The Koreas' neighbors voiced concerns over Tuesday's demolition. Japanese Prime Minister Shinzo Abe said he hopes tensions between the Koreas will not escalate further, adding that Japan will cooperate closely with Seoul and Washington while analyzing the development.
In China, the North's major diplomatic ally, foreign ministry spokesman Zhao Lijian said that "we always hope that the Korean Peninsula will maintain peace and stability."
Inter-Korean relations have been strained since the breakdown of a second summit between Mr. Kim and Mr. Trump in Vietnam in early 2019. The summit fell apart because of disputes over how much sanctions relief the North should get in return for Mr. Kim's dismantling of his main nuclear complex, which was seen as a limited denuclearization measure.
After the Vietnam summit, inter-Korean relations turned sour again. Mr. Kim entered 2020 vowing to expand his nuclear arsenal, introduce a new strategic weapon, and overcome the U.S.-led sanctions that he said "stifles" his country's economy.
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This story was reported by The Associated Press. AP writer Mari Yamaguchi in Tokyo and researcher Liu Zheng in Beijing contributed to this report.
Editor’s note: As a public service, the Monitor has removed the paywall for all our coronavirus coverage. It’s free.


csmonitor--2020-06-18--Home theater: Movies that live up to the books that inspired them

At a time when many of us are trying to tame that tottering pile of novels we ’ ve been meaning to read or reread , this might also be a good time to highlight some of the terrific films derived from great literature .
Standout examples are relatively few .
Great fiction is an intimate expression of a writer ’ s way of seeing , and this vision is extremely difficult for a filmmaker to duplicate .
When William Faulkner , for example , describes the “ wan hemorrhage ” of a rising moon , it won ’ t @ @ @ @ @ @ @ a moon , no matter how artfully framed .
Editor ’ s note : As a public service , all our coronavirus coverage is free .
No paywall .
For the filmmaker who seeks to make a movie similar in stature to its fictional source , an even greater problem is that most first-rate literature does a deep dive into the psychology of its characters .
While it ’ s true that movies can portray exceedingly well a great many things , the richness of interior lives , except in rare cases , @ @ @ @ @ @ @ This is why second-rate books often make for better movies .
They ’ re less intimidating . )
A remarkable actor can sometimes compensate for the deficiency but this only takes us so far .
In movie adaptations of great literature , we are most often left with its least interesting aspect – the plot .
Still , there are movie adaptations of great literature that , while wisely not pretending to measure up to their sources , are nevertheless fine achievements in their own right .
They complement our experience of reading @ @ @ @ @ @ @ ’ re like me , you ’ ll always try to read the book first .
Most recently , there was Autumn de Wilde ’ s “ Emma ” ( 2020 ) , a sparkling surprise , especially given how many Jane Austen adaptations preceded it .
Greta Gerwig ’ s “ Little Women ” ( 2019 ) , despite its lurching narrative structure , was another success .
Going back a ways , we have Henry James ’ “ Washington Square , ” about a lovelorn spinster and the cad who romances @ @ @ @ @ @ @ the stage and then for the screen as “ The Heiress ” ( 1949 ) , starring Olivia de Havilland and Montgomery Clift at their peak .
James ’ haunting novella “ The Turn of the Screw ” became “ The Innocents ” ( 1961 ) , a marvelously evocative chiller starring Deborah Kerr and Michael Redgrave and co-written by Truman Capote .
Giuseppe Tomasi di Lampedusa ’ s epic novel “ The Leopard ” was transferred to the screen with its glory intact by director Luchino Visconti and Burt Lancaster , in @ @ @ @ @ @ @ aristocrat in 1860s Sicily .
One of Chekhov ’ s finest short stories , “ The Lady with the Dog ” ( 1960 ) , became , under the direction of Iosif Kheifits , perhaps the most perfect of all literary adaptations .
If you ’ re looking for a good place to start , I recommend the following worthies , all fine examples of the adapter ’ s art .
Jhumpa Lahiri ’ s 2003 novel about an intergenerational Indian family in America , adapted by director Mira Nair and screenwriter Sooni @ @ @ @ @ @ @ 2006 ) , delicately renders the immigrant experience in its many complexities and features the finest performance of the late great Irrfan Khan as a father trying to reconcile his new life with the one he left behind .
( Rated PG-13 ) John Huston ’ s entrancing and deeply melancholy final film , “ The Dead ” ( 1987 ) , stars his daughter Anjelica as a wife who pines for a lost love .
Derived from the peerless James Joyce short story , it ’ s a movie Huston had long @ @ @ @ @ @ @ .
( Rated PG ) Carson McCullers adapted her 1946 novel for Broadway , and a version of that play was remade by Hollywood as “ The Member of the Wedding ” ( 1952 ) , under the expert direction of Fred Zinnemann , fresh from making “ High Noon.
” Repeating their legendary stage performances are Julie Harris as the ferociously lonely tomboy Frankie and Ethel Waters as Berenice , her de facto surrogate mother .
Waters singing the gospel hymn “ His Eye Is on the Sparrow ” to her young @ @ @ @ @ @ @ moments in all cinema .
( Unrated ) David Lean ’ s “ Great Expectations ” ( 1946 ) is not only the best of the many Dickens adaptations , it ’ s one of the best British movies ever made .
It has visual grandeur , wit , literacy , and thrills .
Look for the young Jean Simmons as the imperious Estella and , in his first important role , Alec Guinness as the foppish Herbert Pocket .
( Unrated ) “ The Namesake , ” “ The Dead , ” @ @ @ @ @ @ @ ” and “ Great Expectations ” are available on at least one of these platforms : Amazon Prime Video , YouTube , Google Play , iTunes .

At a time when many of us are trying to tame that tottering pile of novels we’ve been meaning to read or reread, this might also be a good time to highlight some of the terrific films derived from great literature.
Standout examples are relatively few. Great fiction is an intimate expression of a writer’s way of seeing, and this vision is extremely difficult for a filmmaker to duplicate. When William Faulkner, for example, describes the “wan hemorrhage” of a rising moon, it won’t do to show us a close-up of a moon, no matter how artfully framed.
Editor’s note: As a public service, all our coronavirus coverage is free. No paywall.
Why We Wrote This When movies based on books succeed, it is often because they complement what’s on the page, rather than trying to replicate it. ”Great fiction is an intimate expression of a writer’s way of seeing, and this vision is extremely difficult for a filmmaker to duplicate,” says film critic Peter Rainer. Here, he shares some of his favorite adaptations.
For the filmmaker who seeks to make a movie similar in stature to its fictional source, an even greater problem is that most first-rate literature does a deep dive into the psychology of its characters. While it’s true that movies can portray exceedingly well a great many things, the richness of interior lives, except in rare cases, is not one of them. (This is why second-rate books often make for better movies. They’re less intimidating.) A remarkable actor can sometimes compensate for the deficiency but this only takes us so far. In movie adaptations of great literature, we are most often left with its least interesting aspect – the plot.
Still, there are movie adaptations of great literature that, while wisely not pretending to measure up to their sources, are nevertheless fine achievements in their own right. They complement our experience of reading the book. And, if you’re like me, you’ll always try to read the book first.
Most recently, there was Autumn de Wilde’s “Emma” (2020), a sparkling surprise, especially given how many Jane Austen adaptations preceded it. Greta Gerwig’s “Little Women” (2019), despite its lurching narrative structure, was another success.
Going back a ways, we have Henry James’ “Washington Square,” about a lovelorn spinster and the cad who romances her. It was eventually adapted for the stage and then for the screen as “The Heiress” (1949), starring Olivia de Havilland and Montgomery Clift at their peak. James’ haunting novella “The Turn of the Screw” became “The Innocents” (1961), a marvelously evocative chiller starring Deborah Kerr and Michael Redgrave and co-written by Truman Capote. Giuseppe Tomasi di Lampedusa’s epic novel “The Leopard” was transferred to the screen with its glory intact by director Luchino Visconti and Burt Lancaster, in his best performance, as an aging aristocrat in 1860s Sicily. One of Chekhov’s finest short stories, “The Lady with the Dog” (1960), became, under the direction of Iosif Kheifits, perhaps the most perfect of all literary adaptations.
If you’re looking for a good place to start, I recommend the following worthies, all fine examples of the adapter’s art.
“The Namesake”
Jhumpa Lahiri’s 2003 novel about an intergenerational Indian family in America, adapted by director Mira Nair and screenwriter Sooni Taraporevala into “The Namesake” (2006), delicately renders the immigrant experience in its many complexities and features the finest performance of the late great Irrfan Khan as a father trying to reconcile his new life with the one he left behind. (Rated PG-13)
“The Dead”
John Huston’s entrancing and deeply melancholy final film, “The Dead” (1987), stars his daughter Anjelica as a wife who pines for a lost love. Derived from the peerless James Joyce short story, it’s a movie Huston had long wanted to make and a fitting valedictory. (Rated PG)
“The Member of the Wedding”
Carson McCullers adapted her 1946 novel for Broadway, and a version of that play was remade by Hollywood as “The Member of the Wedding” (1952), under the expert direction of Fred Zinnemann, fresh from making “High Noon.” Repeating their legendary stage performances are Julie Harris as the ferociously lonely tomboy Frankie and Ethel Waters as Berenice, her de facto surrogate mother. Waters singing the gospel hymn “His Eye Is on the Sparrow” to her young charge is one of the most moving moments in all cinema. (Unrated)
“Great Expectations”
David Lean’s “Great Expectations” (1946) is not only the best of the many Dickens adaptations, it’s one of the best British movies ever made. It has visual grandeur, wit, literacy, and thrills. Look for the young Jean Simmons as the imperious Estella and, in his first important role, Alec Guinness as the foppish Herbert Pocket. (Unrated)
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Peter Rainer is the Monitor’s film critic.
“The Namesake,” “The Dead,” “The Member of the Wedding,” and “Great Expectations” are available on at least one of these platforms: Amazon Prime Video, YouTube, Google Play, iTunes.


csmonitor--2020-06-19--Why Facebook removed $17,000 worth of Trump/Pence campaign ads

Facebook has removed campaign ads by President Donald Trump and Vice President Mike Pence that featured an upside-down red triangle , a symbol once used by Nazis to designate political prisoners , communists , and others in concentration camps .
The company said in a statement Thursday that the ads violated “ our policy against organized hate.
” A Facebook executive who testified at a House Intelligence Committee hearing on Thursday said the company does not permit symbols of hateful ideology “ unless they ’ re put up with context or condemnation.
” “ In a situation where we don @ @ @ @ @ @ @ we don ’ t allow it on the platform and we remove it .
That ’ s what we saw in this case with this ad , and anywhere that that symbol is used , we would take the same action , ” Nathaniel Gleicher , the company ’ s head of security policy , told lawmakers at a hearing .
The Trump campaign spent more than $ 17,000 on the ads for Mr. Trump and Mr. Pence combined .
The ads began running on Wednesday and received hundreds of thousands of impressions @ @ @ @ @ @ @ communications director Tim Murtaugh said the inverted red triangle was a symbol commonly used by antifa so it was included in an ad about antifa .
He said the symbol is not in the Anti-Defamation League ’ s database of symbols of hate .
The Trump campaign also argued that the symbol is an emoji .
“ But it is ironic that it took a Trump ad to force the media to implicitly concede that Antifa is a hate group , ” he added .
Antifa is an umbrella term for leftist militants @ @ @ @ @ @ @ .
Mr. Trump has blamed antifa for the violence that erupted during some of the recent protests , but federal law enforcement officials have offered little evidence of this .
Some experts disputed that the red triangle was commonly used as an antifa symbol .
European anti-fascist groups initially used the red triangle as a symbol , hoping to reclaim its meaning after World War II , but it is no longer widely used by the movement nor by U.S. antifa groups , said Mark Bray , a Rutgers University historian and author @ @ @ @ @ @ @ ” The ADL said the triangle was not in its database because it is a historical symbol and the database includes only those symbols used by modern-day extremists and white supremacists .
“ Whether aware of the history or meaning , for the Trump campaign to use a symbol – one which is practically identical to that used by the Nazi regime to classify political prisoners in concentration camps – to attack his opponents is offensive and deeply troubling , ” ADL chief executive officer Jonathan Greenblatt said in a statement .
Even @ @ @ @ @ @ @ CEO Mark Zuckerberg still faced persistent criticism for not removing or labeling earlier posts by Mr. Trump that spread misinformation about voting by mail and , many said , encouraged violence against protesters during recent unrest in American cities .
Those questions arose anew during Thursday ’ s hearing as Democrats pressed the executives about what moral obligations they felt they had when it came to content and about decisions they ’ ve made to remove , label , or leave up false or incendiary posts .
Facebook , for instance , was @ @ @ @ @ @ @ a doctored video of House Speaker Nancy Pelosi , D-Calif. , last year that appeared to show her slurring her words .
“ If we simply take a piece of content like this down , it doesn ’ t go away , ” Mr. Gleicher responded .
“ It will exist elsewhere on the internet .
People who are looking for it will still find it.
” Later Thursday , Twitter labeled a video Mr. Trump had posted as “ manipulated media.
” The president had tweeted a doctored video of two young @ @ @ @ @ @ @ headline of “ Terrified todler runs from racist baby.
” For the first time last month , Twitter began flagging some of Mr. Trump ’ s tweets with a fact-check warning .
With Thursday ’ s hearing focused on the spread of disinformation tied to the 2020 election , the companies said they had not yet seen the same sort of concerted foreign influence campaigns like the one four years ago , when Russian sowed discord online by playing up divisive social issues .
But that suggests the threat has simply evolved rather @ @ @ @ @ @ @ who pointed out that media entities linked to foreign governments were now directly engaging online on American social issues as a way to influence public opinion .
Chinese actors , for instance , have likened allegations of police brutality in the U.S. to the criticism China faced for its aggressive treatment of protesters in Hong Kong .
“ That shift from platform manipulation to overt state assets is something that we ’ ve observed , ” said Nick Pickles , Twitter ’ s public policy strategy and development director .
The companies say @ @ @ @ @ @ @ fake accounts .
Twitter , for instance , said it had challenged in the first six months of 2019 more than 97 million accounts that showed signs of platform manipulation , and Facebook said it had disabled about 1.7 billion fake accounts between January and March .
Preventing disinformation ahead of the election is a significant challenge in a country facing potentially dramatic changes in how people vote , with the expected widespread use of mail-in ballots creating openings to cast doubt on the results and spread inaccurate narratives .
Facebook said Thursday @ @ @ @ @ @ @ with accurate information about the vote-by-mail process , with notifications to users about how to request ballots and about whether the date of their election has changed .
The outreach is targeted to voters in states where no excuse is needed to vote by mail or where fears of the coronavirus are accepted as an excuse .
“ Providing that accurate information is one of the best ways to mitigate those types of threats , ” Mr. Gleicher said .
This story was reported by The Associated Press .
AP writer Amanda Seitz @ @ @ @ @ @ @ s note : As a public service , the Monitor has removed the paywall for all our coronavirus coverage .
It ’ s free .

Facebook has removed campaign ads by President Donald Trump and Vice President Mike Pence that featured an upside-down red triangle, a symbol once used by Nazis to designate political prisoners, communists, and others in concentration camps.
The company said in a statement Thursday that the ads violated “our policy against organized hate.” A Facebook executive who testified at a House Intelligence Committee hearing on Thursday said the company does not permit symbols of hateful ideology “unless they’re put up with context or condemnation.”
“In a situation where we don’t see either of those, we don’t allow it on the platform and we remove it. That’s what we saw in this case with this ad, and anywhere that that symbol is used, we would take the same action,” Nathaniel Gleicher, the company’s head of security policy, told lawmakers at a hearing.
The Trump campaign spent more than $17,000 on the ads for Mr. Trump and Mr. Pence combined. The ads began running on Wednesday and received hundreds of thousands of impressions.
In a statement, Trump campaign communications director Tim Murtaugh said the inverted red triangle was a symbol commonly used by antifa so it was included in an ad about antifa. He said the symbol is not in the Anti-Defamation League’s database of symbols of hate. The Trump campaign also argued that the symbol is an emoji.
“But it is ironic that it took a Trump ad to force the media to implicitly concede that Antifa is a hate group,” he added.
Antifa is an umbrella term for leftist militants bound more by belief than organizational structure. Mr. Trump has blamed antifa for the violence that erupted during some of the recent protests, but federal law enforcement officials have offered little evidence of this.
Some experts disputed that the red triangle was commonly used as an antifa symbol.
European anti-fascist groups initially used the red triangle as a symbol, hoping to reclaim its meaning after World War II, but it is no longer widely used by the movement nor by U.S. antifa groups, said Mark Bray, a Rutgers University historian and author of “Antifa: The Anti-Fascist Handbook.”
The ADL said the triangle was not in its database because it is a historical symbol and the database includes only those symbols used by modern-day extremists and white supremacists.
“Whether aware of the history or meaning, for the Trump campaign to use a symbol – one which is practically identical to that used by the Nazi regime to classify political prisoners in concentration camps – to attack his opponents is offensive and deeply troubling,” ADL chief executive officer Jonathan Greenblatt said in a statement.
Even with the ads removed, Facebook and CEO Mark Zuckerberg still faced persistent criticism for not removing or labeling earlier posts by Mr. Trump that spread misinformation about voting by mail and, many said, encouraged violence against protesters during recent unrest in American cities.
Those questions arose anew during Thursday’s hearing as Democrats pressed the executives about what moral obligations they felt they had when it came to content and about decisions they’ve made to remove, label, or leave up false or incendiary posts.
Facebook, for instance, was asked why it did not swiftly remove a doctored video of House Speaker Nancy Pelosi, D-Calif., last year that appeared to show her slurring her words.
“If we simply take a piece of content like this down, it doesn’t go away,” Mr. Gleicher responded. “It will exist elsewhere on the internet. People who are looking for it will still find it.”
Later Thursday, Twitter labeled a video Mr. Trump had posted as “manipulated media.” The president had tweeted a doctored video of two young children with a fake, misspelled CNN headline of “Terrified todler runs from racist baby.” For the first time last month, Twitter began flagging some of Mr. Trump’s tweets with a fact-check warning.
With Thursday’s hearing focused on the spread of disinformation tied to the 2020 election, the companies said they had not yet seen the same sort of concerted foreign influence campaigns like the one four years ago, when Russian sowed discord online by playing up divisive social issues.
But that suggests the threat has simply evolved rather than diminished, said the executives, who pointed out that media entities linked to foreign governments were now directly engaging online on American social issues as a way to influence public opinion. Chinese actors, for instance, have likened allegations of police brutality in the U.S. to the criticism China faced for its aggressive treatment of protesters in Hong Kong.
“That shift from platform manipulation to overt state assets is something that we’ve observed,” said Nick Pickles, Twitter’s public policy strategy and development director.
The companies say they have accelerated efforts to root out fake accounts. Twitter, for instance, said it had challenged in the first six months of 2019 more than 97 million accounts that showed signs of platform manipulation, and Facebook said it had disabled about 1.7 billion fake accounts between January and March.
Preventing disinformation ahead of the election is a significant challenge in a country facing potentially dramatic changes in how people vote, with the expected widespread use of mail-in ballots creating openings to cast doubt on the results and spread inaccurate narratives.
Facebook said Thursday that it is working to provide Americans with accurate information about the vote-by-mail process, with notifications to users about how to request ballots and about whether the date of their election has changed. The outreach is targeted to voters in states where no excuse is needed to vote by mail or where fears of the coronavirus are accepted as an excuse.
“Providing that accurate information is one of the best ways to mitigate those types of threats,” Mr. Gleicher said.
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empower and uplift daily. By signing up, you agree to our Privacy Policy Already a subscriber? Log in to hide ads.
This story was reported by The Associated Press. AP writer Amanda Seitz contributed to this report.
Editor’s note: As a public service, the Monitor has removed the paywall for all our coronavirus coverage. It’s free.


csmonitor--2020-06-15--Manila court convicts Philippines' top journalist in libel case

An award-winning journalist critical of the Philippines president was convicted of libel and sentenced to jail on Monday in a decision called a major blow to press freedom in an Asian bastion of democracy .
The Manila court found Maria Ressa of the online news site Rappler Inc. and former reporter Reynaldo Santos Jr. guilty of libeling a wealthy businessman .
The Rappler 's story on May 29 , 2012 , cited an intelligence report linking him to a murder , drug dealing , human trafficking , and smuggling .
The site 's lawyers disputed any malice and said the @ @ @ @ @ @ @ had passed .
`` Rappler and both accused did not offer a scintilla of proof that they verified the imputations of various crimes in the disputed article upon the person of Keng , '' Judge Rainelda Estacio-Montesa said in the 36-page ruling .
`` They just simply published them as news in their online publication in reckless disregard of whether they are false or not . ''
`` The decision for me is devastating because it essentially says that Rappler , that we are wrong , '' Ms. Ressa said in a news @ @ @ @ @ @ @ cracking , she vowed that `` we will keep fighting '' and appealed to journalists and Filipinos to continue fighting for their rights `` and hold power to account . ''
In summer 2019 , Maria Ressa wrote in the Columbia Journalism Review about the day police came to her Rappler office to arrest her because of the so-called `` cyber-libel '' allegation in February 2019 : The businessman , Wilfredo Keng , welcomed the ruling , which he said vindicated him and cleared his name `` which Ressa , with one click @ @ @ @ @ @ @ . ''
Ms. Ressa was sentenced to up to six years but her lawyer , Theodore Te , said the jail terms and other penalties imposed could not be enforced unless all appeals were rejected .
She posted bail for the case last year and will study possible appeals in the next 15 days , Mr. Te said .
`` The verdict against Maria Ressa highlights the ability of the Philippines ' abusive leader to manipulate the laws to go after critical , well-respected media voices whatever the ultimate cost to the country @ @ @ @ @ @ @ Rights Watch , adding the verdict was `` a frontal assault on freedom of the press that is critical to protect and preserve Philippines democracy . ''
President Rodrigo Duterte and other Philippine officials have said the criminal complaints against Ms. Ressa and Rappler were not a press freedom issue but a part of normal judicial procedures arising from their alleged violations of the law .
Mr. Keng dismissed the allegations in the 2012 story as baseless and false and said Rappler refused to take down the story online and publish his side @ @ @ @ @ @ @ certifications in court to show that he has no criminal record and sought 50 million pesos ( $ 1 million ) in damages , but the court awarded a much smaller fine .
Rappler 's lawyers said the story was based on an unspecified intelligence report and that Philippine penal law requires a libel complaint to be filed within one year .
Mr. Keng filed his lawsuit in 2017 , five years after the story was published .
A cybercrime law , which the Rappler journalists allegedly violated , was also enacted in @ @ @ @ @ @ @ story written by Mr. Santos was published .
Rappler 's lawyers said Philippine penal laws can not be retroactively applied .
Rappler , however , acknowledged that it updated the story in February 2014 to correct a misspelled word but said it did not make any other changes .
The Department of Justice , which brought the libel charges to court , contended that by updating the story , Rappler effectively republished the story online in 2014 , an argument dismissed by the news site 's lawyers .
The Department of Justice argued @ @ @ @ @ @ @ 2012 cybercrime law for up to 12 years , countering Rappler 's argument that Mr. Keng 's complaint was invalid due to being outside the one-year deadline for libel .
As Rappler 's chief executive officer , Ms. Ressa faces seven other criminal complaints in relation to legal issues hounding her news agency , including an allegation that it violated a constitutional ban on media agencies receiving foreign investment funds .
Ms. Ressa , who has worked for CNN and was one of Time magazine 's Persons of the Year in 2018 , @ @ @ @ @ @ @ power and of using the law to muzzle dissent .
Many news outlets in the Philippines and beyond have criticized Mr. Duterte 's policies , including his anti-drug campaign that has left thousands of mostly poor suspects dead .
Mr. Duterte has openly lambasted journalists and news sites who report critically about him , including the Philippine Daily Inquirer , a leading daily , and ABS-CBN , the country 's largest TV network which was shut down by the government 's telecommunications regulator last month after its 25-year franchise expired .
Congress has @ @ @ @ @ @ @ a franchise renewal .
The shutdown has been criticized as it cut off a major source of information on the COVID-19 pandemic in a Southeast Asian hot spot of the disease .
This story was reported by The Associated Press .
AP journalist Kiko Rosario in Bangkok contributed to this report .
Material from Columbia Journalism Review was used in this report .
Editor ’ s note : As a public service , the Monitor has removed the paywall for all our coronavirus coverage .
It ’ s free .

An award-winning journalist critical of the Philippines president was convicted of libel and sentenced to jail on Monday in a decision called a major blow to press freedom in an Asian bastion of democracy.
The Manila court found Maria Ressa of the online news site Rappler Inc. and former reporter Reynaldo Santos Jr. guilty of libeling a wealthy businessman. The Rappler's story on May 29, 2012, cited an intelligence report linking him to a murder, drug dealing, human trafficking, and smuggling. The site's lawyers disputed any malice and said the time limit for filing the libel complaint had passed.
"Rappler and both accused did not offer a scintilla of proof that they verified the imputations of various crimes in the disputed article upon the person of Keng," Judge Rainelda Estacio-Montesa said in the 36-page ruling. "They just simply published them as news in their online publication in reckless disregard of whether they are false or not."
"The decision for me is devastating because it essentially says that Rappler, that we are wrong," Ms. Ressa said in a news conference after the ruling. Her voice cracking, she vowed that "we will keep fighting" and appealed to journalists and Filipinos to continue fighting for their rights "and hold power to account."
In summer 2019, Maria Ressa wrote in the Columbia Journalism Review about the day police came to her Rappler office to arrest her because of the so-called "cyber-libel" allegation in February 2019:
Outside, people were protesting. I got some sleep, maybe two or three hours. I can sleep anywhere when I’m really tired. As I drifted off, I thought: The more they do this, the more I have firsthand knowledge of how power is abused. The more they try to intimidate me, the more certain I am that I must keep fighting.
The businessman, Wilfredo Keng, welcomed the ruling, which he said vindicated him and cleared his name "which Ressa, with one click of a button, attempted to destroy."
Ms. Ressa was sentenced to up to six years but her lawyer, Theodore Te, said the jail terms and other penalties imposed could not be enforced unless all appeals were rejected. She posted bail for the case last year and will study possible appeals in the next 15 days, Mr. Te said.
"The verdict against Maria Ressa highlights the ability of the Philippines' abusive leader to manipulate the laws to go after critical, well-respected media voices whatever the ultimate cost to the country," said Phil Robertson of Human Rights Watch, adding the verdict was "a frontal assault on freedom of the press that is critical to protect and preserve Philippines democracy."
President Rodrigo Duterte and other Philippine officials have said the criminal complaints against Ms. Ressa and Rappler were not a press freedom issue but a part of normal judicial procedures arising from their alleged violations of the law.
Mr. Keng dismissed the allegations in the 2012 story as baseless and false and said Rappler refused to take down the story online and publish his side of the story. He provided government certifications in court to show that he has no criminal record and sought 50 million pesos ($1 million) in damages, but the court awarded a much smaller fine.
Rappler's lawyers said the story was based on an unspecified intelligence report and that Philippine penal law requires a libel complaint to be filed within one year. Mr. Keng filed his lawsuit in 2017, five years after the story was published.
A cybercrime law, which the Rappler journalists allegedly violated, was also enacted in September 2012 or four months after the story written by Mr. Santos was published. Rappler's lawyers said Philippine penal laws cannot be retroactively applied.
Rappler, however, acknowledged that it updated the story in February 2014 to correct a misspelled word but said it did not make any other changes. The Department of Justice, which brought the libel charges to court, contended that by updating the story, Rappler effectively republished the story online in 2014, an argument dismissed by the news site's lawyers.
The Department of Justice argued a complaint can be filed under the 2012 cybercrime law for up to 12 years, countering Rappler's argument that Mr. Keng's complaint was invalid due to being outside the one-year deadline for libel.
The Manila court upheld the 12-year period.
As Rappler's chief executive officer, Ms. Ressa faces seven other criminal complaints in relation to legal issues hounding her news agency, including an allegation that it violated a constitutional ban on media agencies receiving foreign investment funds.
Ms. Ressa, who has worked for CNN and was one of Time magazine's Persons of the Year in 2018, has accused the government of abusing its power and of using the law to muzzle dissent.
Many news outlets in the Philippines and beyond have criticized Mr. Duterte's policies, including his anti-drug campaign that has left thousands of mostly poor suspects dead.
Mr. Duterte has openly lambasted journalists and news sites who report critically about him, including the Philippine Daily Inquirer, a leading daily, and ABS-CBN, the country's largest TV network which was shut down by the government's telecommunications regulator last month after its 25-year franchise expired. Congress has been hearing the network's request for a franchise renewal.
The shutdown has been criticized as it cut off a major source of information on the COVID-19 pandemic in a Southeast Asian hot spot of the disease.
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This story was reported by The Associated Press. AP journalist Kiko Rosario in Bangkok contributed to this report. Material from Columbia Journalism Review was used in this report.
Editor’s note: As a public service, the Monitor has removed the paywall for all our coronavirus coverage. It’s free.


csmonitor--2020-06-15--Young Saudis saw a future; then came a pandemic and an oil crash

With the crown prince ’ s vision in doubt , some young Saudis are suddenly questioning their place in society .
Mohammed , an IT specialist , left his job in London to work as a consultant in Riyadh .
“ I don ’ t know which Saudi I live in anymore , ” he says .
But oil prices crashed as the coronavirus spread .
Financial districts are deserted , tourism development and promotions shelved .
To weather the storm , a new austerity has been imposed , and more is being asked of young Saudis .
Taxes have @ @ @ @ @ @ @ slashed .
“ We felt like we were helping Saudi Arabia to join and lead in the 21st century , we felt like we were making our home a better place , ” says Amira , a Riyadh entrepreneur .
“ Suddenly our nationality meant allegiance to something bigger than ourselves.
” Crown Prince Mohammed bin Salman was just beginning to realize an ambitious vision to use oil revenues to create a post-oil economy in Saudi Arabia .
It was a plan that promised young Saudis a bright future that included new freedoms @ @ @ @ @ @ @ hospitality and IT ; innovation hubs were launched ; airports and gleaming financial districts were built .
For Mohammed , like many Saudis , the “ good old days ” were only just beginning .
The nation ’ s de facto ruler , Crown Prince Mohammed bin Salman , was promising – and delivering – almost anything a young Saudi could ask for : social freedoms , cultural events , tech hubs , women ’ s advancement , art galleries , free university , jobs .
Like many young Saudis , Mohammed – @ @ @ @ @ @ @ be used so that he may speak freely – was lured back home from abroad by the crown prince ’ s government to achieve a shared vision : transform Saudi Arabia from a kingdom reliant on oil to an open , modern , tech-savvy state .
Editor ’ s note : As a public service , all our coronavirus coverage is free .
No paywall .
The 28-year-old IT specialist left his job at a London firm to work as a consultant in Riyadh , and soon started living a life not too @ @ @ @ @ @ @ .
“ This was a chance for us to build the society and lives we wanted at home rather than pursue it elsewhere , ” Mohammed says .
But after the triple crises of the pandemic , the collapse of crude oil prices , and falling financial markets , young Saudis are awakening to yet another reality ; one of austerity , rising taxes , slashed subsidies , and delayed and canceled projects .
It ’ s causing economic , and identity , whiplash .
Will the crown prince ’ s promises , @ @ @ @ @ @ @ and privileges , stand up when the perks are no longer there and their jobs are more demanding ?
“ I don ’ t know which Saudi I live in anymore , ” Mohammed says .
Before the COVID-19 crisis , Crown Prince Mohammed ( MBS ) was just beginning to realize his ambitious Vision 2030 economic transformation plan , which entails using oil revenues to invest in projects and initiatives , from tourism to artificial intelligence , to create a post-oil economy .
Thousands of young Saudis were trained in tourism , @ @ @ @ @ @ @ were encouraged ; innovation hubs were launched .
Brand-new airports and gleaming financial districts were built .
But for now , hotels sit empty , financial districts have been deserted , and tourism development and promotions shelved .
With the Vision in doubt , some young Saudis are suddenly questioning their place in society .
“ We were told that if we worked hard and depended on ourselves , we would become Saudi Arabia ’ s new oil , ” says Ali , a 24-year-old from Asir province who after two years as @ @ @ @ @ @ @ from a chronic oversupply of graduates – received free hospitality training by the government .
He was then employed at a Riyadh hotel before the COVID crisis in April put him on furlough .
“ If the engines of the economy are being sold or turned off , what use is the oil ?
” he says .
Adding to the shock are the waves of austerity measures and tax hikes for a population accustomed to cradle-to-grave welfare and still reeling from the COVID-19 pandemic .
Even as many countries introduced bailout packages @ @ @ @ @ @ @ cut a $ 260 monthly stipend paid to government workers and tripled its value added tax on all goods from 5 % to 15 % .
Meanwhile , major projects have been frozen , “ reprioritized , ” or delayed indefinitely .
Finance Minister Mohammed al-Jadaan has billed the steps as a “ reallocating ” of spending , saying that cutting subsidies , raising taxes , and freezing projects will free up some $ 26 billion in funds to reinvest elsewhere to support citizens and keep the crown prince ’ s vision alive @ @ @ @ @ @ @ plan to weather a COVID-fueled collapse in oil prices .
Prices that fell to the single digits have only inched up to $ 38 a barrel this week , below the $ 50 per barrel experts say Saudi Arabia needs to avoid running a larger deficit .
The Gulf power is on track for a $ 50 billion budget deficit ; state-owned oil giant ARAMCO is posting a 25 % drop in revenues ; and the kingdom ’ s $ 470 billion in currency reserves have been dwindling at a rate of $ @ @ @ @ @ @ @ Yet questions remain about how citizens will accept the austerity pivot when a key pillar of the Saudi social contract has been the state ’ s role as a provider .
Underpinning Crown Prince Mohammed ’ s post-oil vision was a Saudi transformation from a deliberate , slow-moving state that based its legitimacy on religion , tribal relations , and broad regional consensus with its allies across the Arab world .
Instead , MBS has pushed a “ Saudi first ” campaign , urging citizens to pledge allegiance to a nation that staked @ @ @ @ @ @ @ the economy , inviting them to take part in shaping its future .
MBS ’ s offer was attractive to many Saudis , 60 % of whom are under the age of 30 , and hundreds of thousands of whom had studied abroad in the West and wished to see changes at their stuck-in-the-past homeland .
“ When many of us began working on the Vision , we felt like we were helping Saudi Arabia to join and lead in the 21st century , we felt like we were making our home a @ @ @ @ @ @ @ 32 , a Riyadh entrepreneur who did not wish to use her full name .
“ Suddenly our nationality meant allegiance to something bigger than ourselves.
” Before the pandemic , the palace pushed through minor economic changes , such as cutting fuel and energy subsidies , and reducing government bonuses , while introducing broad social reforms and opening up thousands of job opportunities in emerging fields and more remote parts of the kingdom .
If this new Saudi nationalism has been a two-way street , will Saudis still buy in to this @ @ @ @ @ @ @ longer any perks to go around ?
“ We need to have jobs and reasonable prices first in order to be a strong Saudi , ” says Amira .
“ And for some of us we suddenly have neither.
” Already , many have been grumbling over changes in a culture that expected more of citizens .
Employed Saudis have chafed at a recent ‘ private sector ’ approach in state ministries and agencies – the top employers in the kingdom – as CEOS and managers have been imported from the business world @ @ @ @ @ @ @ that put personal comfort over productivity .
“ They want us to work overtime , to log extra hours .
... Our jobs are completely based on our performance every single day , and there is no room to make a mistake , ” says Abdulrahman , who works for a government agency .
“ They want us to work until we are tired , and these cinemas , concerts , and women in dresses aren ’ t putting food on the table.
” Even before the COVID-19 crisis , economic experts voiced @ @ @ @ @ @ @ prince ’ s Vision 2030 plans – such as a Saudi tech sector – would ever materialize .
Experts agree that the high expectations will be increasingly difficult to meet now that the oil revenues meant to cushion Saudis as the country made its radical transformation are no longer there .
“ Many Saudis are poor , it is a young population to whom MBS has given a lot of hopes , and at some point they will want to cash in these checks the crown prince has given them in expectations , @ @ @ @ @ @ @ analyst and director of Berlin-based Orient Matters .
“ There will be a point where Saudi society grows increasingly frustrated with increased taxation , which complicates the ability of [ the government ] to make needed long-term structural reforms.
” The crisis appears to have cemented the crown prince ’ s conviction of the need for an economic transformation , but tough questions , and choices , lie ahead .
“ When there is taxation without representation , there is a problem .
This is political science 101 , ” says Oraib al-Rantawi @ @ @ @ @ @ @ for Political Studies .
“ In time , citizens in Saudi Arabia will demand either a return back to subsidies , or greater say in political matters , but recent history shows that Saudi Arabia ’ s rulers will resist either.
” Editor ’ s note : As a public service , all our coronavirus coverage is free .
No paywall .

With the crown prince’s vision in doubt, some young Saudis are suddenly questioning their place in society. Mohammed, an IT specialist, left his job in London to work as a consultant in Riyadh. “I don’t know which Saudi I live in anymore,” he says.
But oil prices crashed as the coronavirus spread. Financial districts are deserted, tourism development and promotions shelved. To weather the storm, a new austerity has been imposed, and more is being asked of young Saudis. Taxes have gone up, and subsidies have been slashed.
Rights versus responsibilities: A tension between the two exists in many societies. In Saudi Arabia, the decline in oil revenues amid the pandemic has suddenly shifted a heavier burden onto individuals.
“We felt like we were helping Saudi Arabia to join and lead in the 21st century, we felt like we were making our home a better place,” says Amira, a Riyadh entrepreneur. “Suddenly our nationality meant allegiance to something bigger than ourselves.”
Crown Prince Mohammed bin Salman was just beginning to realize an ambitious vision to use oil revenues to create a post-oil economy in Saudi Arabia. It was a plan that promised young Saudis a bright future that included new freedoms and opportunities. Thousands were trained in hospitality and IT; innovation hubs were launched; airports and gleaming financial districts were built.
For Mohammed, like many Saudis, the “good old days” were only just beginning.
The nation’s de facto ruler, Crown Prince Mohammed bin Salman, was promising – and delivering – almost anything a young Saudi could ask for: social freedoms, cultural events, tech hubs, women’s advancement, art galleries, free university, jobs.
Like many young Saudis, Mohammed – he requested that his full name not be used so that he may speak freely – was lured back home from abroad by the crown prince’s government to achieve a shared vision: transform Saudi Arabia from a kingdom reliant on oil to an open, modern, tech-savvy state.
Why We Wrote This Rights versus responsibilities: A tension between the two exists in many societies. In Saudi Arabia, the decline in oil revenues amid the pandemic has suddenly shifted a heavier burden onto individuals.
Editor’s note: As a public service, all our coronavirus coverage is free. No paywall.
The 28-year-old IT specialist left his job at a London firm to work as a consultant in Riyadh, and soon started living a life not too dissimilar to the one he had abroad.
“This was a chance for us to build the society and lives we wanted at home rather than pursue it elsewhere,” Mohammed says.
But after the triple crises of the pandemic, the collapse of crude oil prices, and falling financial markets, young Saudis are awakening to yet another reality; one of austerity, rising taxes, slashed subsidies, and delayed and canceled projects.
It’s causing economic, and identity, whiplash. Will the crown prince’s promises, and a Saudi identity built on perks and privileges, stand up when the perks are no longer there and their jobs are more demanding?
“I don’t know which Saudi I live in anymore,” Mohammed says.
Austerity
Before the COVID-19 crisis, Crown Prince Mohammed (MBS) was just beginning to realize his ambitious Vision 2030 economic transformation plan, which entails using oil revenues to invest in projects and initiatives, from tourism to artificial intelligence, to create a post-oil economy.
Thousands of young Saudis were trained in tourism, hospitality, and IT; tech start-ups were encouraged; innovation hubs were launched. Brand-new airports and gleaming financial districts were built.
But for now, hotels sit empty, financial districts have been deserted, and tourism development and promotions shelved.
With the Vision in doubt, some young Saudis are suddenly questioning their place in society.
“We were told that if we worked hard and depended on ourselves, we would become Saudi Arabia’s new oil,” says Ali, a 24-year-old from Asir province who after two years as an unemployed engineer – the field suffers from a chronic oversupply of graduates – received free hospitality training by the government.
He was then employed at a Riyadh hotel before the COVID crisis in April put him on furlough.
“If the engines of the economy are being sold or turned off, what use is the oil?” he says.
Adding to the shock are the waves of austerity measures and tax hikes for a population accustomed to cradle-to-grave welfare and still reeling from the COVID-19 pandemic.
Ahmed Yosri/Reuters View caption Hide caption Visitors in front of the Qasr al-Farid tomb at the Madain Saleh antiquities site in Al-Ula, Saudi Arabia, January 31, 2020. Before the pandemic, many young Saudis were trained to work in the country's growing tourism field.
Even as many countries introduced bailout packages, Saudi Arabia moved in May to cut a $260 monthly stipend paid to government workers and tripled its value added tax on all goods from 5% to 15%.
Meanwhile, major projects have been frozen, “reprioritized,” or delayed indefinitely.
Finance Minister Mohammed al-Jadaan has billed the steps as a “reallocating” of spending, saying that cutting subsidies, raising taxes, and freezing projects will free up some $26 billion in funds to reinvest elsewhere to support citizens and keep the crown prince’s vision alive.
Officials are touting the new economic plan to weather a COVID-fueled collapse in oil prices. Prices that fell to the single digits have only inched up to $38 a barrel this week, below the $50 per barrel experts say Saudi Arabia needs to avoid running a larger deficit.
The Gulf power is on track for a $50 billion budget deficit; state-owned oil giant ARAMCO is posting a 25% drop in revenues; and the kingdom’s $470 billion in currency reserves have been dwindling at a rate of $20-25 billion a month since February.
Nationalism
Yet questions remain about how citizens will accept the austerity pivot when a key pillar of the Saudi social contract has been the state’s role as a provider.
Underpinning Crown Prince Mohammed’s post-oil vision was a Saudi transformation from a deliberate, slow-moving state that based its legitimacy on religion, tribal relations, and broad regional consensus with its allies across the Arab world.
Instead, MBS has pushed a “Saudi first” campaign, urging citizens to pledge allegiance to a nation that staked out its own path in diplomacy and the economy, inviting them to take part in shaping its future.
MBS’s offer was attractive to many Saudis, 60% of whom are under the age of 30, and hundreds of thousands of whom had studied abroad in the West and wished to see changes at their stuck-in-the-past homeland.
Ahmed Yosri/Reuters View caption Hide caption Saudi Minister of Finance Mohammed al-Jadaan at a press conference in Riyadh in February 2020. He has said that raised taxes and cuts in subsidies are needed to keep vision of a new Saudi Arabia alive.
“When many of us began working on the Vision, we felt like we were helping Saudi Arabia to join and lead in the 21st century, we felt like we were making our home a better place,” says Amira, 32, a Riyadh entrepreneur who did not wish to use her full name.
“Suddenly our nationality meant allegiance to something bigger than ourselves.”
Before the pandemic, the palace pushed through minor economic changes, such as cutting fuel and energy subsidies, and reducing government bonuses, while introducing broad social reforms and opening up thousands of job opportunities in emerging fields and more remote parts of the kingdom.
If this new Saudi nationalism has been a two-way street, will Saudis still buy in to this national civic duty when there are no longer any perks to go around?
“We need to have jobs and reasonable prices first in order to be a strong Saudi,” says Amira. “And for some of us we suddenly have neither.”
More expected from citizens
Already, many have been grumbling over changes in a culture that expected more of citizens.
Employed Saudis have chafed at a recent ‘private sector’ approach in state ministries and agencies – the top employers in the kingdom – as CEOS and managers have been imported from the business world to shake up a Saudi work culture that put personal comfort over productivity.
“They want us to work overtime, to log extra hours. ... Our jobs are completely based on our performance every single day, and there is no room to make a mistake,” says Abdulrahman, who works for a government agency.
“They want us to work until we are tired, and these cinemas, concerts, and women in dresses aren’t putting food on the table.”
Even before the COVID-19 crisis, economic experts voiced skepticism over whether many of the crown prince’s Vision 2030 plans – such as a Saudi tech sector – would ever materialize.
Experts agree that the high expectations will be increasingly difficult to meet now that the oil revenues meant to cushion Saudis as the country made its radical transformation are no longer there.
“Many Saudis are poor, it is a young population to whom MBS has given a lot of hopes, and at some point they will want to cash in these checks the crown prince has given them in expectations,” says David Jalilvand, foreign policy analyst and director of Berlin-based Orient Matters.
“There will be a point where Saudi society grows increasingly frustrated with increased taxation, which complicates the ability of [the government] to make needed long-term structural reforms.”
The crisis appears to have cemented the crown prince’s conviction of the need for an economic transformation, but tough questions, and choices, lie ahead.
“When there is taxation without representation, there is a problem. This is political science 101,” says Oraib al-Rantawi, director of the Amman-based Al-Quds Centre for Political Studies.
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empower and uplift daily. By signing up, you agree to our Privacy Policy Already a subscriber? Log in to hide ads.
“In time, citizens in Saudi Arabia will demand either a return back to subsidies, or greater say in political matters, but recent history shows that Saudi Arabia’s rulers will resist either.”
Editor’s note: As a public service, all our coronavirus coverage is free. No paywall.


csmonitor--2020-03-19--Open for business: US national parks address crowd control

Most national parks are open as a refuge for Americans tired of being stuck at home during a global pandemic .
But despite now being free to visit , people may find it more difficult than normal to enjoy them as parks close visitor centers , shuttles , lodges , and restaurants to fight the spread of the coronavirus .
Parks are trying to keep up with ever-changing rules and recommendations from government officials who are urging people to avoid gathering in large groups but allowing them to get outside for fresh air and exercise as long as they keep @ @ @ @ @ @ @ Park Service says it 's adhering to the latest guidelines from the White House and the Centers for Disease Control and Prevention , vowing to keep outdoor spaces open while giving park superintendents the power to close or modify operations .
Interior Secretary David Bernhardt on Wednesday temporarily waived National Park Service entrance fees to make it easier for people to get outdoors and `` implement some social distancing . ''
`` Getting out into the wilderness is perfect for what we call the ‘ shack nasties ’ – being cooped up inside @ @ @ @ @ @ @ , an employee of a backcountry guiding company near Rocky Mountain National Park .
But not everyone is on board with the idea of people descending on parks and their gateway towns to escape the virus .
Executives at a hospital in Moab , Utah , implored state officials to slow the flow of people coming to see the red rocks and unique formations at Arches and Canyonlands national parks over fears the city 's hospital ca n't handle an outbreak .
Officials this week limited hotel stays to people in town for @ @ @ @ @ @ @ .
Nationally , park superintendents are devising ways to stay open while keeping people at safe distances from one another , and trying to ensure park employees stay healthy .
Many parks closed visitor centers , museums , and entrance booths while rangers are stationed outside to field visitors ' questions .
Though rangers are working , some parks warned people to be extra cautious and prepared , especially in places with wintry weather , because resources are strained amid the pandemic and rescues may be more difficult .
Zion National Park in @ @ @ @ @ @ @ people visiting its red rock vistas nestled in a narrow canyon .
Tourists now must wait for limited parking to free up before driving into the canyon .
Grand Canyon National Park stopped its shuttles and closed its restaurants .
In Northern California , visitor centers at several destinations managed by the National Park Service , such as Muir Woods National Monument , Alcatraz Island , and the Golden Gate Bridge , are closed .
Yellowstone National Park , Mount Rainier National Park in Washington state , and Rocky Mountain National Park in @ @ @ @ @ @ @ roads in Yellowstone – which spans parts of Wyoming , Montana , and Idaho – and Rainier are normally closed this time of year because of deep snow .
The Statue of Liberty National Monument and Ellis Island in New York are closed entirely .
Workers at Grand Canyon have shifted from duties that put them in close proximity with tourists to other posts within the park .
`` We ’ re just coming up with different ways for them to do their jobs that ’ s mindful of the CDC guidelines , @ @ @ @ @ @ @ The Utah hospital 's concerns are n't related to being out in the wilderness but rather the social interactions before and afterward at hotels , bars , restaurants , and often crowded trailheads or entrance gates .
Expecting thousands of tourists this weekend , Moab Regional Hospital executives urged the governor to ban visitors .
A subsequent prohibition on tourists staying at area hotels complicated matters .
`` We ’ re just encouraging people stay home and stay in their residences and to wait out this two weeks and hopefully things will return @ @ @ @ @ @ @ said Elaine Gizler , executive director of the Moab Area Travel Council .
Like the interior secretary , U.S. Sen. Mitt Romney of Utah has encouraged people to enjoy the parks and open spaces where they can keep distance from others .
That 's just what Katarina Takahashi of Longmont , Colorado , did in Rocky Mountain National Park .
Ms. Takahashi trudged through fresh snow during a three-hour hike to Emerald Lake last week , passing other alpine lakes surrounded by towering peaks .
The 3-mile trek was a much-needed escape into @ @ @ @ @ @ @ empty landscape . ''
`` It ’ s a very refreshing time to be outdoors , to get the health benefits of exercising , be in the sunshine , and get away as well from the anxiety I ’ ve felt , that we ’ re all feeling , about the virus , '' said Ms. Takahashi , a freelance Japanese language translator who blogs about the outdoors .
Businesses in Estes Park , a gateway town for Rocky Mountain National Park , are watching virus developments warily .
The town of 6,000 @ @ @ @ @ @ @ drew a record 4.6 million visitors in 2018 .
`` We are open for business until the city tells us otherwise , '' said Ms. Jacob , who works for Kirk Mountain Adventures , which offers snowshoeing , fly fishing , hiking , backpacking , and other excursions into the park .
Kirk employees were out this week leading snowshoeing and fly fishing trips – each limited to three people , not because of the virus but because many visitors want a more intimate experience in nature .
But spring break business is @ @ @ @ @ @ @ Like its Moab counterpart , the Estes Park Chamber of Commerce is focusing more on helping its members deal with the virus than promoting tourism .
The town ’ s already been hit by a statewide ban on dining at restaurants and bars .
`` We ’ re not encouraging visitation to Estes Park right now , '' chamber executive director Keith Pearson said .
If there 's any silver lining , Mr. Pearson said , it may be better that the first shock waves from the coronavirus are hitting now , rather @ @ @ @ @ @ @ He noted that Estes Park has bounced back before : It was isolated by devastating flooding in 2013 .
`` By Memorial Day , if the worst can be in the rear-view mirror , that would be fantastic , '' Mr. Pearson said .
This story was reported by The Associated Press .
James Anderson reported from Denver .
AP writers Lindsay Whitehurst in Salt Lake City and Felicia Fonseca in Flagstaff , Arizona contributed to this story .
Editor ’ s note : As a public service , the Monitor has removed @ @ @ @ @ @ @ .
It ’ s free .

Most national parks are open as a refuge for Americans tired of being stuck at home during a global pandemic. But despite now being free to visit, people may find it more difficult than normal to enjoy them as parks close visitor centers, shuttles, lodges, and restaurants to fight the spread of the coronavirus.
Parks are trying to keep up with ever-changing rules and recommendations from government officials who are urging people to avoid gathering in large groups but allowing them to get outside for fresh air and exercise as long as they keep their distance from others. The National Park Service says it's adhering to the latest guidelines from the White House and the Centers for Disease Control and Prevention, vowing to keep outdoor spaces open while giving park superintendents the power to close or modify operations.
Interior Secretary David Bernhardt on Wednesday temporarily waived National Park Service entrance fees to make it easier for people to get outdoors and "implement some social distancing."
"Getting out into the wilderness is perfect for what we call the ‘shack nasties’ – being cooped up inside your home," said Trish Jacob, an employee of a backcountry guiding company near Rocky Mountain National Park.
But not everyone is on board with the idea of people descending on parks and their gateway towns to escape the virus.
Executives at a hospital in Moab, Utah, implored state officials to slow the flow of people coming to see the red rocks and unique formations at Arches and Canyonlands national parks over fears the city's hospital can't handle an outbreak. Officials this week limited hotel stays to people in town for work, and banned in-person restaurant dining.
Nationally, park superintendents are devising ways to stay open while keeping people at safe distances from one another, and trying to ensure park employees stay healthy. Many parks closed visitor centers, museums, and entrance booths while rangers are stationed outside to field visitors' questions. Though rangers are working, some parks warned people to be extra cautious and prepared, especially in places with wintry weather, because resources are strained amid the pandemic and rescues may be more difficult.
Zion National Park in southern Utah halted shuttles used by most people visiting its red rock vistas nestled in a narrow canyon. Tourists now must wait for limited parking to free up before driving into the canyon. Grand Canyon National Park stopped its shuttles and closed its restaurants.
In Northern California, visitor centers at several destinations managed by the National Park Service, such as Muir Woods National Monument, Alcatraz Island, and the Golden Gate Bridge, are closed.
Yellowstone National Park, Mount Rainier National Park in Washington state, and Rocky Mountain National Park in Colorado followed suit. Most facilities and roads in Yellowstone – which spans parts of Wyoming, Montana, and Idaho – and Rainier are normally closed this time of year because of deep snow. The Statue of Liberty National Monument and Ellis Island in New York are closed entirely.
Workers at Grand Canyon have shifted from duties that put them in close proximity with tourists to other posts within the park.
"We’re just coming up with different ways for them to do their jobs that’s mindful of the CDC guidelines," park spokeswoman Lily Daniels said.
The Utah hospital's concerns aren't related to being out in the wilderness but rather the social interactions before and afterward at hotels, bars, restaurants, and often crowded trailheads or entrance gates.
Expecting thousands of tourists this weekend, Moab Regional Hospital executives urged the governor to ban visitors. A subsequent prohibition on tourists staying at area hotels complicated matters.
"We’re just encouraging people stay home and stay in their residences and to wait out this two weeks and hopefully things will return to some kind of normal,” said Elaine Gizler, executive director of the Moab Area Travel Council.
Like the interior secretary, U.S. Sen. Mitt Romney of Utah has encouraged people to enjoy the parks and open spaces where they can keep distance from others.
That's just what Katarina Takahashi of Longmont, Colorado, did in Rocky Mountain National Park.
Ms. Takahashi trudged through fresh snow during a three-hour hike to Emerald Lake last week, passing other alpine lakes surrounded by towering peaks. The 3-mile trek was a much-needed escape into what she called "a stark and empty landscape."
"It’s a very refreshing time to be outdoors, to get the health benefits of exercising, be in the sunshine, and get away as well from the anxiety I’ve felt, that we’re all feeling, about the virus," said Ms. Takahashi, a freelance Japanese language translator who blogs about the outdoors.
Businesses in Estes Park, a gateway town for Rocky Mountain National Park, are watching virus developments warily. The town of 6,000 relies heavily on the park, which drew a record 4.6 million visitors in 2018.
"We are open for business until the city tells us otherwise," said Ms. Jacob, who works for Kirk Mountain Adventures, which offers snowshoeing, fly fishing, hiking, backpacking, and other excursions into the park.
Kirk employees were out this week leading snowshoeing and fly fishing trips – each limited to three people, not because of the virus but because many visitors want a more intimate experience in nature. But spring break business is slightly down, Ms. Jacob said.
Like its Moab counterpart, the Estes Park Chamber of Commerce is focusing more on helping its members deal with the virus than promoting tourism. The town’s already been hit by a statewide ban on dining at restaurants and bars.
"We’re not encouraging visitation to Estes Park right now," chamber executive director Keith Pearson said.
If there's any silver lining, Mr. Pearson said, it may be better that the first shock waves from the coronavirus are hitting now, rather than during the peak summer season. He noted that Estes Park has bounced back before: It was isolated by devastating flooding in 2013.
"By Memorial Day, if the worst can be in the rear-view mirror, that would be fantastic," Mr. Pearson said.
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This story was reported by The Associated Press. James Anderson reported from Denver. AP writers Lindsay Whitehurst in Salt Lake City and Felicia Fonseca in Flagstaff, Arizona contributed to this story.
Editor’s note: As a public service, the Monitor has removed the paywall for all our coronavirus coverage. It’s free.


csmonitor--2020-03-19--A temporary government stimulus brings stock market stability

Stock markets worldwide were largely subdued Thursday after days of massive volatility , as investors digested new financial support measures , including the European Central Bank 's promise to funnel 750 billion euros ( $ 817 billion ) into financial markets .
Market sentiment appeared fragile as investors rushed to convert holdings to cash , bracing for a prolonged coronavirus-induced recession .
After opening higher , European stocks were trading lower , with Germany 's DAX shedding 0.7 % to 8,386.11 .
The CAC 40 in Paris fell 0.4 % to 3,738.37 .
Britain 's FTSE 100 fell 1.5 % @ @ @ @ @ @ @ Jones index was up about 1 percent .
Signs that the outbreak 's impact will be far reaching and prolonged have undermined efforts to staunch the bloodletting on the markets .
Even prices for investments seen as very safe , like longer-term U.S. Treasurys , have been slumping as investors rush to raise cash .
Australia 's S & P ASX/200 declined 3.4 % to 4,782.90 after the central bank announced it was cutting its policy rate by 0.25 percentage point to a record low 0.25 % , among other measures .
`` @ @ @ @ @ @ @ become to central banks ' dropping huge numbers and massive amounts of cash in the markets ' laps , '' Stephen Innes of AxiCorp said in a commentary .
Japan 's Nikkei 225 index gave up 1.0 % to 16,552,83 , while in South Korea , the Kospi sank 7.5 % to 1,471.61 .
Hong Kong 's Hang Seng index slipped 2.6 % to 21,709.40 , and the Shanghai Composite index shed 0.9 % to 2,704.89 .
India 's Sensex sank 2.7 % and Taiwan 's benchmark fell 5.8 % .
Shares in @ @ @ @ @ @ @ followed a more than 1,300 point , or 6.3 % , decline Wednesday in the Dow Jones Industrial Average , which has now given up nearly all of its gains since President Trump was elected in 2016 .
The New York Stock Exchange said late Wednesday it will temporarily close its iconic trading floor in lower Manhattan and move to all-electronic trading beginning Monday as a precautionary step amid the coronavirus outbreak .
The price of oil fell 24 % on Wednesday , dropping below $ 21 per barrel for the first time @ @ @ @ @ @ @ benchmark crude climbed 11.3 % , or $ 2.30 , at $ 22.67 per barrel in electronic trading on the New York Mercantile Exchange .
Brent crude , the international standard , picked up $ 1.19 to $ 26.07 per barrel .
As big swaths of the economy retrench while much of society comes to a halt in an attempt to slow the spread of the virus , investors have been clamoring for help from central banks and other authorities around the world to support the economy until it can begin to reopen @ @ @ @ @ @ @ that Tuesday , when the Trump administration briefed lawmakers on a program that could surpass $ 1 trillion and the Fed announced its latest moves to support markets .
On Wednesday , President Donald Trump signed an aid package , approved earlier Wednesday by the Senate , to guarantee sick leave to workers who fall ill. Mr. Trump 's authority under the 70-year-old Defense Production Act gives the government more power to steer production by private companies and try to overcome shortages in masks , ventilators , and other supplies .
Late on @ @ @ @ @ @ @ will establish an emergency lending facility to help unclog a short-term credit market that has been disrupted by the viral outbreak .
Around the same time , the European Central Bank launched a new , expanded program to buy financial assets in a bid to calm markets .
The 750 billion euros in purchases are aimed at keeping borrowing costs down and making sure the bank 's low rates get through to the economy .
For most people , the coronavirus causes only mild or moderate symptoms , such as fever and cough @ @ @ @ @ @ @ in about two weeks .
Severe illness including pneumonia can occur , especially in the elderly and people with existing health problems , and recovery could take six weeks in such cases .
Investors are struggling with uncertainty about how badly the economy is getting hit , how much profit companies will make , and how many companies may go into bankruptcy due to a cash crunch .
Even prices for longer-term U.S. Treasurys , which are seen as some of the safest possible investments , fell as investors sold what they could @ @ @ @ @ @ @ yield on the 10-year Treasury higher , to 1.13 % .
It had recently dropped below 1 % for the first time ever .
The mayhem is creating a `` cash crunch , '' that is putting pressure on financial institutions , said Jackson Wong of Amber Hill Capital in Hong Kong .
`` That 's why the financial markets are performing so badly , '' Mr. Wong said .
The turmoil is also rocking foreign exchange markets .
`` Simply put , it 's a liquidity mismatch as there are far more @ @ @ @ @ @ @ offer , '' Mr. Innes said .
The dollar was at 109.71 Japanese yen , up from 108.07 yen late Wednesday .
The euro fell to $ 1.0752 from $ 1.0913 .
This story was reported by The Associated Press .
Editor ’ s note : As a public service , the Monitor has removed the paywall for all our coronavirus coverage .
It ’ s free .

Stock markets worldwide were largely subdued Thursday after days of massive volatility, as investors digested new financial support measures, including the European Central Bank's promise to funnel 750 billion euros ($817 billion) into financial markets.
Market sentiment appeared fragile as investors rushed to convert holdings to cash, bracing for a prolonged coronavirus-induced recession.
After opening higher, European stocks were trading lower, with Germany's DAX shedding 0.7% to 8,386.11. The CAC 40 in Paris fell 0.4% to 3,738.37. Britain's FTSE 100 fell 1.5% to 5,006.56.
At noon, Dow Jones index was up about 1 percent.
Signs that the outbreak's impact will be far reaching and prolonged have undermined efforts to staunch the bloodletting on the markets.
Even prices for investments seen as very safe, like longer-term U.S. Treasurys, have been slumping as investors rush to raise cash.
Australia's S&P ASX/200 declined 3.4% to 4,782.90 after the central bank announced it was cutting its policy rate by 0.25 percentage point to a record low 0.25%, among other measures.
"It's amazing how desensitized we've become to central banks' dropping huge numbers and massive amounts of cash in the markets' laps," Stephen Innes of AxiCorp said in a commentary.
Japan's Nikkei 225 index gave up 1.0% to 16,552,83, while in South Korea, the Kospi sank 7.5% to 1,471.61. Hong Kong's Hang Seng index slipped 2.6% to 21,709.40, and the Shanghai Composite index shed 0.9% to 2,704.89.
India's Sensex sank 2.7% and Taiwan's benchmark fell 5.8%. Shares in Southeast Asia also fell.
The losses followed a more than 1,300 point, or 6.3%, decline Wednesday in the Dow Jones Industrial Average, which has now given up nearly all of its gains since President Trump was elected in 2016.
The New York Stock Exchange said late Wednesday it will temporarily close its iconic trading floor in lower Manhattan and move to all-electronic trading beginning Monday as a precautionary step amid the coronavirus outbreak.
The price of oil fell 24% on Wednesday, dropping below $21 per barrel for the first time since 2002. On Thursday, U.S. benchmark crude climbed 11.3%, or $2.30, at $22.67 per barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard, picked up $1.19 to $26.07 per barrel.
As big swaths of the economy retrench while much of society comes to a halt in an attempt to slow the spread of the virus, investors have been clamoring for help from central banks and other authorities around the world to support the economy until it can begin to reopen.
They got a big shot of that Tuesday, when the Trump administration briefed lawmakers on a program that could surpass $1 trillion and the Fed announced its latest moves to support markets.
On Wednesday, President Donald Trump signed an aid package, approved earlier Wednesday by the Senate, to guarantee sick leave to workers who fall ill. Mr. Trump's authority under the 70-year-old Defense Production Act gives the government more power to steer production by private companies and try to overcome shortages in masks, ventilators, and other supplies.
Late on Wednesday, the Federal Reserve said it will establish an emergency lending facility to help unclog a short-term credit market that has been disrupted by the viral outbreak. Around the same time, the European Central Bank launched a new, expanded program to buy financial assets in a bid to calm markets. The 750 billion euros in purchases are aimed at keeping borrowing costs down and making sure the bank's low rates get through to the economy.
For most people, the coronavirus causes only mild or moderate symptoms, such as fever and cough, and those with mild illness recover in about two weeks. Severe illness including pneumonia can occur, especially in the elderly and people with existing health problems, and recovery could take six weeks in such cases.
Investors are struggling with uncertainty about how badly the economy is getting hit, how much profit companies will make, and how many companies may go into bankruptcy due to a cash crunch.
Even prices for longer-term U.S. Treasurys, which are seen as some of the safest possible investments, fell as investors sold what they could to raise cash. That pushed the yield on the 10-year Treasury higher, to 1.13%. It had recently dropped below 1% for the first time ever.
The mayhem is creating a "cash crunch," that is putting pressure on financial institutions, said Jackson Wong of Amber Hill Capital in Hong Kong.
"That's why the financial markets are performing so badly," Mr. Wong said.
The turmoil is also rocking foreign exchange markets.
"Simply put, it's a liquidity mismatch as there are far more U.S. dollars in demand than currently on offer," Mr. Innes said.
The dollar was at 109.71 Japanese yen, up from 108.07 yen late Wednesday. The euro fell to $1.0752 from $1.0913.
Get stories that
empower and uplift daily. By signing up, you agree to our Privacy Policy Already a subscriber? Log in to hide ads.
This story was reported by The Associated Press.
Editor’s note: As a public service, the Monitor has removed the paywall for all our coronavirus coverage. It’s free.