Week 34 of 2022 – YPF Around the Globe (English)

Timeframe: August 20 to August 26, 2022

Contributors: G.M. Sifat Iqbal, Mansib Khan, and Farhan Uddin Ahmed

To read Bangla, click here.

1. Politics

Former Malaysian PM Najib in jail after appeal rejected in 1MDB case

Former Malaysian Prime Minister Najib Razak has been sentenced to 12 years in prison after his final appeal in a corruption case linked to the embezzlement of state funds related to 1MDB was rejected, with the country’s top court unanimously upholding his conviction and sentence.

Najib became the first former Malaysian leader to be jailed when he was taken to Kajang Prison on the outskirts of the capital Kuala Lumpur on Tuesday after the verdict.

The court ordered Najib, who has been out on bail pending appeals since his sentence in 2020, to begin his time behind bars. He also must pay a 210 million Malaysian ringgit ($47m) fine. Najib faces a total of 42 charges in five separate trials linked to 1MDB, and his wife is also on trial on corruption charges.

Source: Al-Jazeera

Prayuth Chan-ocha: Thai court suspends PM and coup leader

Thailand’s top court has suspended prime minister Prayuth Chan-ocha from official duty while it considers a legal challenge to his term limit.

Opposition parties have filed a case arguing that Mr Prayuth – in charge since 2014 – has overstayed his tenure.

Thailand’s constitution limits prime ministers to eight years in office.

The ex-army chief first seized power in the 2014 military coup and then retained office in 2019 under a heavily restricted election.

However, in recent years he has been facing growing opposition, and backlash within his own coalition.

Source: BBC

Pakistan will send troops to Qatar for World Cup security

Pakistan will send its army to Qatar for the security of the FIFA World Cup to be held in November.

Local daily Express Tribune reported on Tuesday that the federal cabinet has approved a draft agreement between Pakistan and Qatar for provisions regarding the deployment of troops for the mega event.

The development came ahead of Prime Minister Shehbaz Sharif’s visit to Qatar.

Source: TRT World

2. Economics & Business

Indian billionaire Adani bidding to buy news channel NDTV, Takeover of a neutral media by Modi aide raises questions

Asia’s richest man Gautam Adani is looking to take over New Delhi-based Indian news broadcaster NDTV. Adani Group indirectly acquired a 29.2% stake in NDTV, and offered to buy another 26% from the open market for a combined 6.07 billion rupees ($76 million).

It comes as the multi-billionaire Adani moves to take a majority stake in the firm. NDTV is seen as one of the few media groups that often takes a critical view of Mr Modi’s government and its policies. Mr Adani is considered close to the prime minister and his party. That has raised questions as to whether there is more to the takeover plan than just expanding his business empire.

However, all may not be as rosy as it seems for the conglomerate. Its breakneck expansion has left Adani Group “deeply overleveraged,” warned Fitch unit CreditSights, adding that “in the worst-case scenario” it may spiral into a debt trap and possibly a default. Moreover, NDTV says this was “implemented without any conversation or consent” of the company’s founders.

Source: BBC

BB seeks to salvage 10 weak banks, starts talks

Bangladesh Bank (BB) has opened talks with the managing directors and the chief financial officers of 10 banks to try to finalize deals to save them from collapsing, reports UNB.

The move got underway after the central bank’s inspection found severe irregularities, huge default loans, liquidity shortage, mismanagement, and distortion of funds. The central bank inspectors in their report alerted the authorities about the collapsing banks.

BB’s new governor Abdur Rouf Talukder has initiated a save-the-banks move in the greater interest of the domestic economy, sources said. A deputy governor has been tasked to complete deals with the banks for 3-5 years.

Source: Financial Express

3.  Science & Technology

Twitter’s former security chief says company lied about bots and safety

Twitter has hidden negligent security practices, misled federal regulators about its safety, and failed to properly estimate the number of bots on its platform, according to testimony from the company’s former head of security, the legendary hacker-turned-cybersecurity-expert Peiter “Mudge” Zatko.

Last month, he filed a complaint with the Securities and Exchange Commission (SEC) that accuses Twitter of deceiving shareholders and violating an agreement it made with the Federal Trade Commission (FTC) to uphold certain security standards.

The explosive allegations could have huge consequences, including federal fines and the potential unraveling of Tesla CEO Elon Musk’s bid to buy Twitter.

Source: The Verge

4. Environment

California to approve plan to ban sales of oil and gas-powered cars by 2035

California is expected to ban the sale of new gasoline vehicles by 2035 as the state takes dramatic steps to reduce emissions and combat the climate emergency.

In a vote on Thursday, state regulators are expected to approve a plan to phase out the sale of gas-powered cars over the next 13 years in America’s largest auto market. The move is being hailed as a major victory that could point the way forward for others.

In 2021, only 12% of new cars sold in California were zero-emission, according to Carb. The new rule would require the state to reach 35% of sales by 2026, 68% by 2030, and 100% by 2035. It would not affect cars that are already on the road.

Source: The Guardian

Disclaimer: The information provided here is obtained solely from the aforementioned third parties. Youth Policy Forum (YPF) is not responsible for any misinformation or misrepresentation.

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