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China on Ukraine war
The Chinese president says his country’s proposal for solving the ongoing crisis in Ukraine represents the unity of the global community’s views. Xi Jinping said Beijing’s initiative is aimed at neutralizing the consequences of the Ukraine crisis and promoting a political settlement. He added that finding a rational solution to the crisis hinges on the concept of sustainable security and continuation of dialogue in an equal and pragmatic manner. Xi’s remarks came ahead of his planned visit to Russia. China put forth its 12-point proposal to settle the Ukraine conflict last month, on the first anniversary of the war. The initiative calls for a ceasefire and talks between the warring sides.
US banks collapse risk
A study finds nearly 190 US banks at significant risk of collapse, after the Silicon Valley and Signature Banks crashed over a week ago. The survey by economists from four prestigious universities shows these banks will face meltdown if their depositors are to withdraw their funds quickly. Such withdrawals are likely due to fears about un-insured deposits. According to the economists, the Federal Reserve’s aggressive interest rate hikes to curb rampant inflation have eroded the value of banks assets. They say this has "very significantly increased the fragility of the banking system". The economists are warning that even deposits insured by the Federal Reserve are at risk as its insurance fund starts incurring losses.
Sudan agreement
Sudan's political factions have agreed to form a new transitional government on April 11, paving the way for the return of a civilian rule. The spokesperson for the signatories to the agreement said as a first step, a committee will be established to draft a new constitution. The committee will include nine members from the civilian groups, one from the army, and another from a powerful paramilitary force. The committee members will sign the transitional framework for the agreement early next month, followed by a constitutional declaration on April 6. Sudan has been gripped by political turmoil following a coup in 2021, which ousted the country’s civilian government. Since then, the military leaders have been negotiating a deal with political parties to restore the civilian government.
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