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‘Original sin’Eichengreen and fellow economist Ricardo Hausmann are famed for labeling the underlying cause of the late-1990s Asian financial crisis as the “original sin” of excessive reliance on borrowing in foreign currencies.Read also: BI sees signs of slowing capital outflow as stimulus packages calm marketsWhile many emerging markets have worked hard to address that risk – building local debt markets and accumulating foreign-exchange reserves as a buffer for times of trouble – the same old problems keep resurfacing. Just as during the global financial crisis, the 2013 “taper tantrum” over the US phasing out quantitative easing and the 2015 China-devaluation shock, developing nations are seeing capital flight. By one measure at least, it’s even worse than in the past.Some US$92.5 billion of portfolio investments held by nonresidents flew out of emerging markets over the 70 days starting Jan. 21 – when the coronavirus outbreak began gathering pace in China – Institute of International Finance data show. Outflows in each of the previous three disruptions totaled less than $25 billion over the equivalent period.“Compared with episodes like the GFC, where we saw a long, painful, yet more ‘manageable’ outflow episode, this time around the outflow has been fast, a literal ‘sudden stop,”’ said IIF economist Jonathan Fortun.There is one big exception: China, which continues to benefit from diversification inflows as it opens up the world’s second-largest bond market to overseas investors. China’s aggressive efforts to contain the coronavirus also helped its stock market outperform global counterparts.For others, it’s been a bruising start to 2020. An MSCI Inc. gauge of stocks excluding China handed investors a 31 percent loss last quarter, worse than the 21 percent drop for advanced-economy shares. Brazil, South Africa, Russia and Mexico have all seen their currencies tumble more than 20 percent against the dollar the past three months.Monetary easing risks worsening such exchange-rate depreciation, by diminishing the so-called carry returns that helped propel foreign funds into developing nations.Read also: Rupiah may slide to Rp 20,000 per US dollar in worst-case scenario“The tension between lower rates to boost the economy, but not so low as to jeopardize macro and foreign exchange stability, is the perennial policy dilemma for these central bankers,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore.Debt costsCurrency depreciation is particularly painful to businesses in developing nations that raised debt offshore. Around 13 percent of all emerging-market corporate debt is dollar-denominated, down only slightly from 15 percent in 2009, IIF data show.While the Federal Reserve has expanded the supply of dollars abroad, helping avert a wholesale freeze in exchange markets, it still doesn’t address the increasing cost of debt servicing as the greenback climbs. Sharply decelerating, or shrinking, economies will also sap revenue, exacerbating borrowing needs that are expanding thanks to fiscal initiatives to prevent even deeper downturns.Mexico and South Africa have already seen debt-rating downgrades, while frontier markets that have relied on overseas funding face sharply higher financing costs the longer the current turmoil lasts. Fitch Ratings downgraded Colombia’s credit rating and left it just one notch above junk.“There’s probably quite a few countries at risk of downgrades,” James McCormack, global head of sovereign ratings at Fitch Ratings Ltd., told Bloomberg Television last week. “We’re going to have to really review almost the entire sovereign-rating portfolio. I don’t think there is any that we can skip over and say everything is going to be fine there.”Read also: Indonesia’s COVID-19 stimulus playbook explainedPolicy makers will need to consider options such as directly financing companies where lending channels are blocked, or have central banks buy government debt to finance fiscal spending, according to economists at JPMorgan Chase & Co.JPMorgan analysts also have called for the International Monetary Fund to ramp up its provision of credit to endangered members on accommodative terms. South Africa has already signaled it may need the fund’s assistance, for the first time, while Ecuador and Zambia are seeking to reorganize their debt, raising fears of a default.“It is unlikely that, even with very benign assumptions (such as global interest rates remaining close to zero for an extended period), debt can be assessed to be sustainable for many countries where financing needs will be large,” JPMorgan analysts including Nora Szentivanyi wrote in a note last week.Topics : A massive exodus of capital from emerging economies has left many in a Catch-22 position: the kinds of monetary and fiscal stimulus measures that the rich world is deploying could perversely make things worse.Interest-rate cuts can help households and companies, but in an increasing number of countries they’re driving rates so low that they don’t even compensate for inflation – adding an incentive for foreign funds to pull out. And fiscal expansion can raise the kind of funding concerns that still afflict emerging nations, raising the prospect of credit rating downgrades and calls for international rescues.“We should be worried about emerging markets,” said Barry Eichengreen, a University of California Berkeley economist. In addition to suffering disproportionately from the collapse of commodity prices, supply chains, trade and spending, they’re facing “clearly, the mother of all sudden stops” in capital flows, he said.
Heading into UFC 238, Eye is tasked with beating Shevchenko, who hasn’t been stopped since she suffered her first loss to former UFC women’s title challenger Liz Carmouche in September 2010. When Eye envisions how the fight will go, “Evil” plans on ending that streak convincingly.”My heart tells me it’s going to be a finish,” Eye said gleefully. “It really does. I’ve been here before. I’ve been under those lights. I’m working really hard for that finish.”When I close my eyes,” she continued, “I feel the finish and seeing my hand being raised with that title going around my waist.” Eye (14-6, 1 no contest) came into the UFC for her first fight UFC 166 in October 2013 as one of the best women competitors on the planet after going 10-1 on the regional circuit and a three-fight stint in Bellator. She defeated Sarah Kaufman by split decision, but the result got overturned when the Texas Department of Licensing and Regulation announced Eye had tested positive for marijuana. From there, Eye’s career hit the skids from February 2014-September 2016, when she lost five of her next six, including four in a row. Join DAZN and watch more than 100 fight nights a yearAfter losing to Bethe Correia by split decision at UFC 203 in September 2016 in Cleveland, which is 54 miles away from her hometown of Rootstown, OH., Eye’s manager informed her that she was getting released. But a telephone conversation with UFC president Dana White changed Eye’s life in the sport and perspective.”It was one of the darkest times of my life,” Eye told Sporting News. “I think that’s the difference between me and other females in the division is that I’ve seen some really dark moments. I’ve struggled with depression. I’ve struggled with self-doubt. I contemplated retirement. Every time the word retirement came out of my mouth, I just wanted to slap it and say, ‘No, this is not how it ends. You have a purpose, and this is what you’ve worked for.’”She added: “I first lost to Miesha [Tate] in Chicago. Then, it just trickled and trickled. Even losing in Cleveland, my hometown, it was gutting to me. I got a really good phone call from Dana. He told me, ‘Hey, Jess, look, I’m not going to cut you, but you need to take some time, get your s—t together and we will talk again soon.’”Eye took 16 months off from the sport and returned in January 2018. During her hiatus, the UFC implemented the flyweight division. The news was music to Eye’s ears. Until she entered the UFC, Eye only fought at 125 pounds and had to move up 10 pounds because the organization didn’t have the weight class.”I was like, ‘That’s it, bets are off,'” Eye said with excitement. “I knew it was going to happen. I knew there was a reason I was still here after all those losses. I was in every one of those fights. I literally fought the best of the best during those times at bantamweight. Those girls were incredible fighters. I just had this overwhelming sense of belief of no matter what, I knew there was something more for me.”I couldn’t give up on that. And I haven’t,” she added. “This is just the beginning. It’s not even been a little over a year that I changed my whole life. I went from being a low-level bantamweight where that no one cared about me to changing my life and fighting for a world title and making money that can potentially set me up for the rest of my life and help it to where I can start a family one day. I never give up on myself.”The 32-year-old took advantage of her new lease on life in her old stomping grounds by winning three consecutive fights over Kalindra Faria, Jessica-Rose Clark and Katlyn Chookagian. Even though two of those victories came by split decision, Eye called White after beating Chookagian and told him she wanted a crack at the vaunted Shevchenko (16-3), who is regarded as the best women’s fighter at 125 pounds and among the best females in the world. Initially, the UFC offered Shevchenko to Eye for February. She had to decline it due to an injury. The opportunity to win gold didn’t seem meant to be even though Eye felt she put in the hard work mentally and physically. But good things happen to those who wait, and Eye is getting the opportunity she feels she deserves.”I was definitely going to sit in front of Dana’s house until I got my shot,” Eye said. “I felt like I had done everything I could do to get it. But this sport is tricky. I was offered to fight her in February in Prague, but I wasn’t released to compete because I have had a problem where I’d bite through my lip in the last couple fights and knocked a couple of my front teeth loose, so I couldn’t take the fight when they originally asked. The way it sounded, I was going to miss my chance. I was like, ‘Well, if I’m going to miss my chance, I’d rather not go through a camp and have to pull out halfway through because I had an injury.’”Eye added: “They originally told me they were going to find someone else. I understood because that’s how the sports goes. I’ll believe I get the shot when it actually happens. Then they were able to make the fight for Chicago, which is perfect because it would give my teeth some time to heal. I took three fights in 11 months. That was a lot and more than anybody else in the flyweight division.” CHICAGO — Getting the chance to compete for a world championship is something all fighters strive for when they get into mixed martial arts.That road to greatness is easier for some than others. For Jessica Eye, who faces women’s flyweight champion Valentina Shevchenko in the co-main event of Saturday’s UFC 238, the struggle was real and the path to step inside the Octagon and realize a lifelong dream nearly didn’t come to pass.
The coach of the B&H football team Safet Sušić announced the list of players for the friendly match with Egypt, which will take place on 5 March in Innbruck.Among the 22 players, the new names are Anel Hadžić from Sturm and Tino Sušić from Hajduk (Split, Croatia).List of players:Goalkeepers: Asmir Begović (Stoke), Jasmin Fejzić (Aalen), Asmir Avdukić (Borac);Defense: Emir Spahić (Bayer), Toni Šunjić (Zorya), Sead Kolašinac (Schalke), Ognjen Vranješ (Elazigspor), Ervin Zukanović ( Gent), Ermin Bičakčić (Braunschweig).Midfielders: Sejad Salihović (Hoffenheim), Miralem Pjanić (Roma), Izet Hajrović (Galatasaray), Mensur Mujdža (Freiburg), Medunjanin Haris (Gaziantepspor), Senad Lulić (Lazio), Anel Hadžić (Sturm), Tino Sušić (Hajduk), Avdija Vršajević (Hajduk), Zoran Kvržić (Rijeka).Strikers: Vedad Ibišević (Stuttgart), Edin Džeko (Manchester City), Edin Višća (Istanbul BB).The players will gather in Innsbruck on 3 March, and the game will take place on 5 March at 18:30 at stadium Tivola.(Source: Fena)
Barama rape trial— number one accused jailed for 29 yearsNine years after a 17-year-old girl was found naked and crying on a bed in Barama Company Limited, East Bank Demerara (EBD), after being raped, a mixed jury on Thursday found two of the accused guilty, while the third accused was freed.After lengthy deliberations between State Counsel Siand Dhurjon and defence Attorneys in the Demerara Assizes, the mixed jury returned their verdict to presiding Judge, Justice Jo-Ann Barlow.Paul Abrams, Claude Craig and Holston Melville were all accused of raping and sodomising the 17-year-old in 2007, while she was employed at Barama Company Limited, Land of Canaan, EBD.Abrams, the number one accused, was sentenced to 29 years in prison, as the jury by way of a unanimous decision found him guilty of buggery and indecent assault.Abrams’ Attorney, Bernard De Santos (SC) told the court that his client was married and is the father of four children. However, Justice Barlow said that society expects better from its men, especially when placed in a supervisory role, based on the fact that Abrams was the teen’s Supervisor at Barama.Justice Barlow also highlighted that the jury did not find him guilty of rape because the facts showed that he and the VC had “an arrangement” but he negated from the arrangement and imprisoned her, then violated her in the worst possible way.The number two accused, Craig, was only found guilty of indecent assault by a jury which was split 11 to one.However, Craig was found not guilty on the account of buggery.Attorney Nigel Hughes in his representation of the number two accused told the court that his client was 39 years old, a father of four with the youngest being two years old. Craig is gainfully employed and the sole breadwinner of his family.Hughes said that while his client is deeply remorseful, he understands that he must be penalised for his actions and “when we are young we tend to have a lot of free time on our hands. It seems as if everyone that night had a lot of time on their hands,” the Attorney said.Justice Barlow sentenced Craig to four years imprisonment as she highlighted that he showed no mercy when he found his co-worker naked and crying.Meanwhile, the third accused, Melville, who was also represented by Attorney De Santos was freed after the jury found him not guilty of buggery and indecent assault.On the evening of December 5, 2007, the then 17-year-old female dryer operator was working the night shift when her Supervisor, Abrams, asked her for assistance and led her into a room, where he proceeded to rape and sodomise her.Abrams reportedly then locked the young woman in the room and later returned in the company of Melville who also reportedly proceeded to rape and sodomise her.After some time elapsed, the two men left the room, locking the woman in, once more; it was then Craig entered and reportedly sodomised the young woman.