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50,000 teachers strike in New Zealand over cost of living
50,000 New Zealand teachers went on strike demanding better pay and improved working conditions, as talks with the Ministry of Education stalled.
The strike forced kindergartens, primary, and secondary schools to close across the country, with trade unions arguing that the latest pay offer did not match inflation and that the education sector is at a “crisis point” due to teacher shortages.
The cost of living has become a major political issue in New Zealand, with recent figures suggesting that the country’s economy is shrinking, fueling fears of a looming recession.
Honduras shifts diplomatic ties from Taiwan to China in search of greater economic support
Honduras cuts diplomatic ties with Taiwan to establish relations with China, highlighting China’s growing influence in Latin America and the US’s waning power.
Honduras President Xiomara Castro directed Eduardo Reina, Honduras’s Foreign Minister, on Wednesday to “undertake the official opening of relations” with China, ending over 80 years of diplomatic ties with Taiwan.
Reina revealed that economic necessity and Taiwan’s refusal to increase financial aid prompted the Central American country’s decision.
The decision follows other regional countries that have switched allegiance to Beijing, driven by economic needs.
Honduras to start diplomatic ties with China, in blow to Taiwan
Honduras will establish diplomatic ties with China, severing longstanding official ties with Taiwan, according to President Xiomara Castro. Honduras is one of only 14 countries that officially recognize Taiwan, a self-ruled island that China considers part of its territory.
The switch comes weeks after the Honduran government announced it was negotiating with China to build a hydroelectric dam.
Corporate transparency on emissions falls short: report
Most global corporations are not adapting quickly enough to protect the environment or their businesses from climate change and upcoming regulations says a report by environmental disclosure non-profit CDP. It found most companies are failing to disclose their carbon footprints and environmental impacts, which slows progress toward a net-zero economy and exposes them to climate risks.
The report shows that less than half of around 18,500 companies did not disclose emissions related to their supply chains, despite imminent efforts to mandate such disclosures.
SVB’s demise: Why didn’t US bank regulators see it coming?
The collapse of Silicon Valley Bank highlights the inadequacy of regulatory reforms since the 2008 financial crisis, according to banking experts. The bank’s disproportionate exposure to tech startups, coupled with its rapid growth and vulnerable long-date fixed-interest bonds, were clear potential red flags that regulators missed.
Experts point to the easing of US laws enacted after the crisis, which puts more pressure on old-fashioned supervision, as a contributing factor to the oversight failure.
The Federal Reserve has announced plans to review the supervision of SVB, and President Joe Biden has promised a “full accounting” of the situation.
