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Heavy rains and ensuing flash flooding have left at least 13 people killed and nearly 15,000 others displaced across Kenya, the United Nations humanitarian agency said Friday.

According to the UN Office for the Coordination of Humanitarian Affairs (OCHA), the last week of March marked the beginning of the long rains (March to May) season, which has been characterized by heavy rains and floods that have caused rising water levels in rivers, infrastructural damage, livestock and property losses, and limited road access in various regions of Kenya.

Passengers trapped in a bus by floods are rescued by boats, Garissa, Kenya, April 9, 2024 /CFP

Passengers trapped in a bus by floods are rescued by boats, Garissa, Kenya, April 9, 2024 /CFP

The OCHA, which cited reports from the Kenyan authorities and the Kenya Red Cross Society, said areas of particular concern include counties in the northern, central, western and eastern parts of the country.

Following intense rains and flooding that submerged homes in the informal settlements on March 25, at least 11 people died and 9,000 were displaced in Nairobi, the capital of Kenya, according to the UN agency.

On April 8, two people, including a minor, drowned at a rock catchment dam in Muranga County, central Kenya, and another person was still missing when a river flooded in Kitui County, eastern Kenya.

“Humanitarian partners are moving emergency shelter and non-food items to regions at risk of flooding while working with authorities to assess the needs alongside scaling up response to affected communities,” OCHA said in its Flash Update issued in Nairobi.

The meteorological department has issued advisories on the continuation of heavy rainfall in most parts of Kenya until April 15.

Source(s): Xinhua News Agency

Kenyan President William Ruto on Friday launched a compensation scheme for victims of wildlife attacks to help them rebuild their livelihoods and meet hefty medical bills.

Launched in the northern Kenyan county of Laikipia, home to iconic species including elephants, rhinoceros and buffaloes, the human-wildlife conflict mitigation and compensation scheme is expected to foster harmonious coexistence between local communities and animals in the wild, Ruto said.

He added that any citizen who is attacked by wildlife will be entitled to up to 23,543 dollars in compensation, while the government invests in electric fences, community-based advocacy, and modern surveillance technology to reduce human-wildlife conflicts.

“We will fast-track compensation for all victims of human-wildlife conflicts as part of our commitment to people-centric wildlife conservation. The compensation will cater for injuries, deaths, damage to crops and property,” Ruto said.

Cheetah pack on the grassland of Kenya. /CFP

Cheetah pack on the grassland of Kenya. /CFP

To mitigate human-wildlife conflicts, Ruto said the government will erect 350-km-long electric fences in the hotspots countrywide, besides incentivizing communities to protect threatened species.

Since 2014, Kenya Wildlife Service (KWS) has received 17,000 compensation claims from victims of wildlife attacks totaling 7 billion shillings (about 53.85 million U.S. dollars), while 10,000 claims worth 31.3 million dollars have been cleared, Ruto said.

He disclosed that in the next two months, the government will clear the outstanding 7,000 claims made by victims of wildlife attacks.

Scenery of African elephants on grassland of Kenya. /CFP

Scenery of African elephants on grassland of Kenya. /CFP

Alfred Mutua, cabinet secretary for Tourism and Wildlife, said the use of digital tools has enhanced the identification and compensation of victims of wildlife attacks, averting costly litigation.

Mutua said the government will invest in livelihood projects, including water pans, boreholes, and climate-smart farming, to encourage communities near wildlife sanctuaries to protect endangered species.

Source(s): Xinhua News Agency

02:18

China welcomed global companies to share business opportunities as the fourth China International Consumer Products Expo held its opening ceremony in Haikou City, south China’s Hainan Province, on Saturday.

More than 4,000 brands from 71 countries and regions are set to participate in the expo, which is scheduled from April 13 to 18 and boasts a record exhibition area covering 128,000 square meters.

The event, China’s first major international trade fair of the year and the largest consumer expo in the Asia-Pacific in terms of scale, will serve as a display and trading platform for global high-quality consumer products, and inject vigor into the ongoing efforts toward global economic recovery, according to the event’s organizing committee.

“In order to further optimize consumer supply and enrich consumption scenarios, this year’s expo has planned a series of activities to drive consumption transformation and upgrade and boost confidence in economic development,” said Peng Qinghua, vice-chairman of the Standing Committee of the National People’s Congress.

Read more:

Hainan Expo accelerates release of local consumption potential

An aerial photo of Hainan International Convention and Exhibition Center, the main venue for the fourth China International Consumer Products Expo, in Haikou, south China’s Hainan Province, April 11, 2024. /CFP

An aerial photo of Hainan International Convention and Exhibition Center, the main venue for the fourth China International Consumer Products Expo, in Haikou, south China’s Hainan Province, April 11, 2024. /CFP

“Consumption, as the final demand, is the ultimate goal and driving force of production, and is also a direct reflection of people’s demand for a better life,” said Peng.

This year’s government work report called for growth in consumer spending in China, which has instigated multiple activities, including the 2024 national online Spring Festival shopping season to promote consumption.

In January and February, total retail sales of consumer goods in the country reached 8.1 trillion yuan ($1.12 trillion), up 5.5 percent year-on-year, according to the National Bureau of Statistics.

The figure revealed the resilience and vitality of the country’s consumer market, said Sheng Qiuping, vice-minister of commerce.

An exhibitor introduces products to guests at an exhibition hall at the Hainan International Convention and Exhibition Center, the main venue for the fourth China International Consumer Products Expo, in Haikou, south China’s Hainan Province, April 13, 2024. /CFP

An exhibitor introduces products to guests at an exhibition hall at the Hainan International Convention and Exhibition Center, the main venue for the fourth China International Consumer Products Expo, in Haikou, south China’s Hainan Province, April 13, 2024. /CFP

Fueled by China’s huge consumption market, there are more exhibitors and buyers in attendance at the trade fair compared to previous years.

“The consumption looks amazing, we are extremely happy. We are planning reinvestment in China. That’s why this time we are opening our Italian pavilion here,” said Paola de Luca, CEO of The Futurist Ltd, a creative firm specialized in strategic projects for the luxury and jewelry sectors. 

Luca Battiloro, CEO of Ducati China, took part in the expo for the second time.

“It’s already the second time we take place in the platform, and last year was very successful. We made lots of contacts, met lots of people. It’s the vibrant atmosphere that helps to have a positive view in the future,” said Battiloro.

Ireland is the guest of honor with a dedicated exhibition venue showcasing the country’s scientific and technological innovation.

Companies from the UK, Mongolia and Malaysia will showcase their products in groups for the first time.

Editor’s note: Chen Jiahe is the chief investment officer at Novem Arcae Technologies. The article reflects the author’s opinions and not necessarily the views of CGTN.

The State Council, China’s Cabinet, published a key guideline for the high-quality development of China’s capital market on Friday. With the timing and the content of this guideline, together with the current status of the country’s equity markets, I believe this is a perfect time to find good investment targets in China. In fact, as an investor myself, I am putting 100 percent of my investment in the equities in the A-shares, B-shares and Hong Kong stock markets.

The first important factor is the timing of this guideline’s release. This is the third time that the State Council published such guidelines for the capital market. The last two guidelines were published in 2004 and 2014.

Those who know China’s capital market well will soon recall that there were two bull markets that followed those previous two guidelines. 

The Shanghai Composite Index, one of China’s oldest benchmark stock indices, rose from 998 points to 6,124 points between 2005 and 2007, right after the first guideline was published, and again climbed from around 2,000 points to 5,178 points between 2014 and 2015 after the second guideline was published.

An investor at a securities exchange in Hangzhou, east China’s Zhejiang Province, February 8, 2024. /CFP

An investor at a securities exchange in Hangzhou, east China’s Zhejiang Province, February 8, 2024. /CFP

Now comes the third guideline, which has been published at a time when China’s equity markets have been performing weakly in the past few years. Remember, investment history tells us that every bull market must be preceded by a bear market. Therefore, the publishing of the third guideline to support the country’s capital market can be a wonderful sign to find appropriate investment targets in China.

Let us look into the details of this guideline about the aspects it discusses. Overall speaking, this guideline states that China’s capital market must pursue high-quality growth and perform as an important cornerstone for the growth of China’s economy. Delving into the details, this growth shall be worked out from various aspects.

The first aspect is the quality of listed companies, which contains the improvement of the initial public offering (IPO) system, the supervision of listed companies, as well as the efficiency of the de-listing process. 

With these three components employed in the future, China’s capital market can have high-quality listed companies and get rid of the companies that fail to meet the criteria, especially those companies that have committed fraud in their businesses and financial statements. Meanwhile, the punishment for misbehavior of listed companies will also be strengthened. This has already been expressed in the recent amendments to China’s securities laws and regulations.

A view of the building of the Shanghai Stock Exchange, Shanghai, China, March 29, 2023. /CFP

A view of the building of the Shanghai Stock Exchange, Shanghai, China, March 29, 2023. /CFP

The second important aspect of the guideline is the focus on regulation of financial institutions, including securities companies, mutual funds, hedge funds and so on. This includes many detailed areas, such as setting the qualification system for dominant shareholders of financial institutions, senior executives and fund managers, increasing the professionalism of financial institutions, maintaining a value-based, moderate industrial culture, among others.

In the global economy today, we all know that the importance of financial institutions is beyond dispute. Good financial institutions can generate enormous support to the economy, such as Berkshire Hathaway, managed by Warren Buffett and Charlie Munger, and Vanguard Group, founded by John Bogle. Conversely, financial institutions that are badly managed can cause disaster for the economy, as evidenced by the 2008 global financial crisis.

Another aspect that has been mentioned in the guideline is the regulating of market trading, for the purpose of maintaining a fair and stable market. Due to its inherent nature, the capital market is naturally volatile. Countless financial historical stories have taught us that once the capital market is running in an extremely volatile manner, serious damage can be dealt to the economy: companies can go bankrupt, stocks and funds can lose their value, the economy can shrink and the unemployment rate can rise. Therefore, a fair, well-regulated and stable capital market has an irreplaceable importance to the economy.

The China Securities Regulatory Commission building in Beijing, China, February 2, 2024. /CFP

The China Securities Regulatory Commission building in Beijing, China, February 2, 2024. /CFP

Besides the aspects discussed above, this latest guideline has also emphasized many other aspects, such as the encouragement of long-term value investment in the capital market, reducing the cost of mutual funds, protection of small investors, the opening of the capital market to global investors and fund, design multiple capital markets so as to fit the different requirements of companies, strengthening law enforcement and anti-corruption efforts, so on and so forth. With all these details published in the guideline, investors can find the basic layout for the development of China’s capital market in the next decade.

Alongside the publishing of this guideline toward the high-quality development of China’s capital market, investors can also find an attractive capital market valuation, which is the foundation for a long-term bull market.

According to the data calculated by the Choice Financial Terminal, the Shanghai Composite Index is now trading at only 13 times the price-to-earnings (P/E) ratio, the Shanghai 50 Index is trading at 10 times the P/E ratio, and the Heng Seng Index is only trading at 8.5 times the P/E ratio. As a comparison, the S&P 500 Index is trading at 25 times the P/E ratio and the NASDAQ Index is trading at 40.6 times the P/E ratio.

A stock image of a screen with market data depicting an upward bullish trend. /CFP

A stock image of a screen with market data depicting an upward bullish trend. /CFP

Beyond the main indices, investors can find more valuable investment targets among specified securities. For example, the Heng Seng High Dividend Yield Index is only trading at 5.2 times the P/E ratio, and the Shenwan Low P/E Ratio Index is trading at 7.1 times the P/E ratio. Among the constituent stocks of these indices, investors can find many wonderful targets: this is the reason why I am putting 100 percent of my money in stocks in China’s capital market and I am sleeping very well every night.

With the publishing of the latest guideline for the high-quality development of China’s capital market, as well as the low valuation of China’s equities, there are enough reasons to expect a bull market in China’s capital market in the coming years. Finding the right investment targets in this market can bring extraordinary rewards.

A view of the city of Rome, Italy. /CFP

A view of the city of Rome, Italy. /CFP

Editor’s note: Zhao Chen is director of the Department of International Relations Studies, Institute of European Studies, Chinese Academy of Social Sciences. The article reflects the author’s opinions and not necessarily the views of CGTN. 

In 2019, the Italian government signed a memorandum of understanding on the Belt and Road Initiative (BRI) with China. 

After that, the trade volume between the two countries registered record highs for three consecutive years, reaching $77.88 billion in 2022.

In the first five months of 2023 alone, Italian exports to China increased substantially by 58 percent, making China Italy’s largest trading partner in Asia.

To broaden the sales channel for Italian products in China, China invited Italy to be the guest of honor at the China International Import Expo in Shanghai and the World Winter Sports (Beijing) Expo. Meanwhile, Italy was the only guest of honor at the third China International Consumer Products Expo held in Hainan. 

Over the past three years, China and Italy have produced numerous new highlights in various fields, such as shipbuilding (cooperation in building large cruise ships), offshore wind power, energy transformation and third-party market cooperation. 

These achievements have demonstrated the tremendous potential for cooperative development and truly benefited the people of both countries.

An aerial view of a container terminal at Lianyungang Port, Jiangsu Province, China. /CFP

An aerial view of a container terminal at Lianyungang Port, Jiangsu Province, China. /CFP

The Conte administration’s decision to engage with China under the framework of the BRI was a significant choice made after careful weighing of Italy’s national interests by its government.

After the European debt crisis, Italy grappled with prolonged economic stagnation and struggled to attract foreign investment. 

In 2019, Luigi Di Maio, then Italy’s foreign minister, decided to seek solutions eastward and championed the signing of a memorandum of understanding on the BRI between the Italian government and China. 

Subsequent historical events in Sino-Italy cooperation have vindicated Italy’s decision. 

When the COVID-19 pandemic ravaged Italy in early 2020, Di Maio said in an interview with the Radiotelevisione Italiana (RAI), “Italy had initially donated 40,000 masks to China, and now China had returned the favor with millions of masks.” 

Those who initially ridiculed Italy for joining the BRI should now acknowledge that Italy’s investment in this partnership has enabled it to treat patients and save lives.

China and Italy are both ancient countries and modern states with distinct characteristics. They have promising prospects for complementary cooperation in various fields, such as cultural tourism, economic finance, green development, technology-enabled manufacturing and infrastructure.

Italy can reap substantial benefits from the BRI if it remains committed to an open and win-win mindset and focuses on pragmatic cooperation. 

For instance, the Port of Trieste in northern Italy could become a pivotal port in southern Europe, on par with the Piraeus Port of Athens in Greece, if it can dispel unfounded geopolitical concerns and expand cooperation with Chinese agencies. This could improve the logistics efficiency of northern Italian ports and partially alleviate local employment stress. 

Members of the South Korean ruling People Power Party wait for news on the results of exit polls for the parliamentary election at the National Assembly on April 10, 2024 in Seoul, South Korea. /CFP

Members of the South Korean ruling People Power Party wait for news on the results of exit polls for the parliamentary election at the National Assembly on April 10, 2024 in Seoul, South Korea. /CFP

South Korea’s liberal opposition parties scored a landslide victory in a parliamentary election held on Wednesday. Opposition parties secured a total of 192 seats in the 300-member National Assembly. The result deals a blow to President Yoon Suk Yeol and his conservative party who will find it difficult to pass laws in a parliament dominated by the opposition. The Korean Herald reported that “The ruling bloc managed to defend the 100-seat threshold that could otherwise have deprived President Yoon Suk Yeol of his veto power, a vote count showed Thursday morning.”

Japan’s modified destroyer, JS KAGA. April 6, 2024. /Photo courtesy Japan Maritime Self-Defense Force

Japan’s modified destroyer, JS KAGA. April 6, 2024. /Photo courtesy Japan Maritime Self-Defense Force

The Japan Maritime Self-Defense Force announced on Saturday in a post on X that it completed the first of a two-stage modification for its helicopter carrier JS Kaga to operate the American-made Lockheed Martin F-35B fighter aircraft. This would upgrade the helicopter carrier to an aircraft carrier, which the country did not possess so far, as Article 9 of Japan’s constitution prohibits the country from having an active military. Over the past few years, Tokyo has tried to redefine that position by pushing heavy increases in military spending and easing its postwar ban on lethal weapons exports, underscoring a shift away from the country’s self-defense-only principle.

Thai military personnel keep guard atop an armored vehicle along the Moei river on the Thai side, next to the 2nd Thai-Myanmar Friendship Bridge in Thailand’s Mae Sot district on April 11, 2024. /CFP

Thai military personnel keep guard atop an armored vehicle along the Moei river on the Thai side, next to the 2nd Thai-Myanmar Friendship Bridge in Thailand’s Mae Sot district on April 11, 2024. /CFP

Thailand’s military tightened security on Wednesday along a western border town adjoining Myanmar, where clashes continue with the military. Myanmar’s government has been battling rebels in frontier areas since last October. Several Thai army vehicles, patrolled the streets of Mae Sot, a border town in Thailand even as the sound of explosions and heavy fighting rang out from across the border in Myawaddy in Myanmar, according to residents. Border crossings in the area were open for civilians who were arriving in Thailand from Myanmar in large numbers, said the immigration superintendent in Tak, the province where Mae Sot is located.

The Netflix logo on one of their Hollywood buildings in Los Angeles, California, U.S., July 12, 2023. /Reuters

The Netflix logo on one of their Hollywood buildings in Los Angeles, California, U.S., July 12, 2023. /Reuters

Vietnam has ordered video streaming service Netflix to stop advertising and distributing its games in the country by April 25 as the U.S. streaming platform has not yet been granted a license for games services, its broadcasting authority said on Thursday.

“Vietnam demands Netflix comply with the Vietnamese regulations on game online services,” the Authority of Broadcasting and Electronic Information said on its website. Netflix began its push into gaming by launching Netflix games on mobile phones in November 2021.

Masatsugu Asakawa, president of the Asian Development Bank, meeting with Chinese officials at the Great Hall of the People in Beijing, China on July 11, 2023. /CFP

Masatsugu Asakawa, president of the Asian Development Bank, meeting with Chinese officials at the Great Hall of the People in Beijing, China on July 11, 2023. /CFP

The Asian Development Bank (ADB) said on Thursday that Asia’s growth this year is expected to be slightly stronger than previously forecast as healthy domestic demand in many economies offsets other negatives. The ADB pushed its 2024 growth forecast for Developing Asia to 4.9 percent from 4.8 percent projected in December. However, it warned of persistent challenges such as rising geopolitical tensions, including in the Middle East, that could disrupt supply chains and reignite inflation.

(Cover: Lee Jae-myung, leader of South Korea’s largest opposition party and his wife Kim Hye-kyung, watch the live broadcast of the vote count in Incheon City, South Korea on April 11, 2024. /CFP)

/CFP

/CFP

April 12 is the International Day of Human Space Flight, which is the date when the Soviet Union’s Yuri Gagarin became the first human to go to space in 1961.

The latest trending destination for human space flight is the moon, as many countries and organizations are trying to bring astronauts back to the lunar surface.

China’s program is named “Chang’e” after the goddess of the moon in Chinese mythology. In 2020, the fifth mission, the Chang’e-5, retrieved samples of the moon back to Earth weighing about 1,731 grams, the first lunar samples retrieved in over 40 years.

The country has launched the Queqiao-2 satellite as a communication relay for the coming Chang’e-6 mission, which will test key technologies used for the next manned mission.

The country plans to land its taikonauts on the moon before 2030 to carry out scientific exploration.

China is also planning to build an international lunar scientific research station at the south pole of the moon, which is expected to be completed by 2030.

The U.S., which has sent astronauts to the moon before, is also preparing for a grand return. The first phase of its Artemis program was a success, during which a probe was sent to orbit around the moon and then returned to the earth.

Now the country is working on a manned mission, aiming for a launch in September 2025, sending four astronauts on a lunar flyby.

Two astronauts are planned to land on the moon in 2026, while a space station called the Lunar Gateway is expected to start assembly in an orbit near the moon in 2028.

Russia launched its first lunar probe in 47 years – the Luna-25 – in August 2023. Unfortunately, the probe, intended for a soft landing, crashed onto the moon.

With that said, the country is also working with China on the lunar research station, which would also see participation from the European Space Agency (ESA). ESA’s own mission, named Heracles, has been superseded and is no longer actual.

During India’s Chandrayaan-3 mission in 2023, a lander-rover combo was sent to the moon. The country targets 2040 to send astronauts to the lunar surface.

Japan launched Smart Lander for Investigating Moon to become the fifth country to reach the moon in 2024. Though the touchdown was a bit wonky, the probe managed to regain power and resume its mission.

Deaths caused by the mosquito-borne dengue disease have more than tripled in Peru so far this year, according to data from the South American nation’s government, which is redoubling efforts to contain an epidemic that has hit poor areas the hardest.

The government of President Dina Boluarte this week said it had approved an “emergency decree” allowing extraordinary economic measures to bolster the plan to counter the outbreak, which experts say is exacerbated by climate change.

A health worker leaves a home after fumigating it for mosquitoes to help mitigate the spread of dengue in the Las Penitas area of Talara, Peru, March 1, 2024. /CFP

A health worker leaves a home after fumigating it for mosquitoes to help mitigate the spread of dengue in the Las Penitas area of Talara, Peru, March 1, 2024. /CFP

Mild symptoms include nausea, rashes and body pains, while a rarer severe form, more threatening for infants and pregnant women, can cause internal bleeding and is potentially fatal.

Peru’s Ministry of Health said that as of Thursday, there were 117 registered deaths from dengue so far this year, compared with 33 in the same period of 2023. Suspected cases have also more than tripled to reach some 135,000.

Over the past few days, health officials have carried out fumigations in poor neighborhoods across Lima, the capital, including in cemeteries where mosquitoes have been found to breed in the water that gathers in vases honoring the deceased.

Experts say the figures in Peru are alarming because they show the ability of the Aedes aegypti mosquito, which carries the disease, to spread to areas where dengue had not previously been detected. The highest numbers of cases were recorded in the coastal and northern parts of the country, including Lima.

A staff member of the Peruvian Ministry of Health shows an image of an Aedes aegypti mosquito at the populous district of El Agustino in Lima, Peru, February 27, 2024. /CFP

A staff member of the Peruvian Ministry of Health shows an image of an Aedes aegypti mosquito at the populous district of El Agustino in Lima, Peru, February 27, 2024. /CFP

“The mosquito has been adapting to climate change and is reproducing at a faster rate than in previous years,” University of Lima epidemiologist Augusto Tarazona said.

Considering respective population sizes, Tarazona said that with an incidence rate of 330.27 cases per 100,000 people, Peru was seeing both higher infection and mortality rates than in either Brazil or Argentina.

“We are in a critical situation in Latin America,” he said.

(Cover: A health worker carries out fumigation for mosquitoes inside a home to help mitigate the spread of dengue in the Las Penitas area of Talara, Peru, March 1, 2024. /CFP)

Source(s): Reuters