Red Cross faces funding shortage in Myanmar earthquake relief
The 7.7 magnitude quake on March 28, one of the strongest to hit the country in a century, killed more than 3,600 people, flattened communities and left many without food, water and shelter.
"Only 10% of our 100 million Swiss franc appeal is funded - a lot less than we would have expected. It's not nearly enough," Alexander Matheou from the IFRC told Reuters via video link in Mandalay.
The organisation said a broad decline in international donations, exacerbated by cuts to U.S. funding by President Donald Trump 's administration, has caused a funding shortfall.
"We have around 200,000 people living on the streets because it is not safe to go home. They are in need of shelter, water, food and sanitation support," Matheou said.
"There is destruction of full streets and houses, as well as huge cultural heritage destruction to temples, mosques and churches," he added.
There have been more than 400 aftershocks in the last 10 days. Thousands of people are living outside as they are scared to shelter inside houses that have been badly damaged, the IFRC said, adding it is concerned that the coming monsoon season could make conditions even worse.
The earthquake came at a vulnerable moment for Myanmar, after four years of military rule and civil war that has crippled infrastructure and displaced millions.
Some 3,645 people were killed in the quake, with 5,017 injured and another 148 missing. Nearly 49,000 houses and more than 2,100 government buildings were destroyed, the military has said.
($1 = 0.8170 Swiss francs)
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The Independent
a minute ago
- The Independent
Prayers for peace in Alaska ahead of Trump-Putin summit
Orthodox Christians across Alaska have begun three days of prayer for peace, ahead of Friday's summit between US President Donald Trump and Russian President Vladimir Putin. The high-level meeting in Alaska is set to focus on the ongoing war in Ukraine. The spiritual initiative comes as Orthodoxy, the majority religion in both Russia and Ukraine, has become a significant source of contention. The Russian church's leadership has strongly supported Russia's invasion of Ukraine, which has exacerbated a deep schism among Ukraine's Orthodox faithful. Archbishop Alexei of the Diocese of Sitka and Alaska in the Orthodox Church of America said: "With the leaders coming to Alaska, what is the one thing that the church can offer? That is prayers for peace." The Orthodox Church of America (OCA) is the independent descendant of Russian Orthodox missionaries who established the faith in Alaska during the 18th and 19th centuries, when it was a Tsarist territory. The church now oversees approximately 80 parishes statewide and hundreds more across North America. The prayers commenced on Tuesday, with initial supplications seeking the intercession of St. Olga of Kwethluk — an Alaska Native woman canonised in June as the first Orthodox woman saint in North America. 'She was known to be really a healer in families,' said Alexei, who led prayers dedicated to her on Tuesday at St. Innocent Russian Orthodox Cathedral in Anchorage. 'And because of the great pain and hardship that is experienced by families in Ukraine and also in Russia, it felt good to start there.' Wednesday's services sought the intercession of St. Herman, an early monk and missionary 'known for standing up against Russian authorities when they were doing what was wrong to the people,' Alexei said. On Thursday, the prayers focused on a historic icon of the Mother of God at the cathedral in Sitka, which was the capital of Alaska under Russian rule. Alexei said he hopes the prayers 'will touch the hearts of our leaders.' Lorinda Fortuin, one of the worshippers at Tuesday's service at the Anchorage cathedral, echoed the thought. 'My heart breaks for my Ukrainian and Russian Orthodox brothers that are killing each other, over what?' she said. 'It's just a shame, and I want to just do what I can to bring peace to this world, and I believe my prayers can play a part in that.' Mark Kalashnikov, another worshipper and a native of Russia living in the United States, said many people he knows have suffered in the war. 'It is reassuring to see there is at least some communication happening,' he said of the summit. 'We are trying to do what is asked of us, to come together as a community locally and to pray.'
BBC News
2 minutes ago
- BBC News
Wetin Putin and Trump dey try to achieve for Alaska?
US President Donald Trump and Russian President Vladimir Putin go travel to Friday summit in di US state of Alaska wit different needs as dem dey prepare to meet on di ending Russia war for Ukraine. Putin don dey consistent on im desire to win Ukrainian territory, while Trump no make am secret for im desire to act as global peacemaker. But both men fit also sense oda opportunities, such as diplomatic rehabilitation on di world stage on di part of Putin. Second-guessing as Trump dey aim harder, as e recently make doubting statements about im Russian counterpart. Na hia we look at wetin di two leaders fit want from di meeting. Putin dey eye international recognition... and more By Russia editor Steve Rosenberg Di first tin Putin want from dis summit na sometin dem don already give am. And dat na recognition. Recognition from di world most powerful kontri, America, dat Western efforts to isolate di Kremlin leader don fail. Di fact say dis high-level meeting dey happun na testament to dat. Di Kremlin fit argue say Russia don come back to di top table of global politics. "So much for being isolated," di tabloid Moskovsky Komsomolets dis week tok. Also, Putin don secure US-Russia summit, for one prime location. Alaska get so much to offer di Kremlin. First, security. At di closest point, mainland Alaska na just 90km (55 miles) from Russia Chukotka. Vladimir Putin fit get there witout flying ova "hostile" nations. Second, na long way – very long way - from Ukraine and Europe. Dat one sit well wit di Kremlin determination to side line Kyiv and EU leaders, and deal directly wit America. Historical symbolism also dey, too. Di fact say Tsarist Russia sell Alaska to America in di 19th Century, Moscow dey justify dia attempt to change di borders by force in di 21st Century. "Alaska na clear example say state borders fit change, and dat large territories fit switch ownership," Moskovsky Komsomolets write. But Putin want more dan just international recognition and symbols. E want victory. E don dey insist say Russia keep all di land wey dem seize and occupy for four Ukrainian regions (Donetsk, Luhansk, Zaporizhzhia and Kherson) and dat Kyiv withdraw from di parts of dose regions wey still dey under Ukrainian control. For Ukraine dis dey unacceptable. "Ukrainians no go give dia land to di occupier," di kontri president, Volodymyr Zelensky tok. Di Kremlin know say. But if dem secure Trump support for dia territorial demands, di calculation be say Ukraine rejection fit Trump cut all di support for Kyiv. Meanwhile, Russia and di US go get on wit boosting relations and developing economic cooperation. But anoda scenario. Russia economy dey under pressure. Di budget deficit dey rise, income from oil and gas exports dey fall. If economic problem dey push Putin to end di war, Kremlin fit compromise. For now, no sign of dat - wit Russian officials continuing to insist say Russia hold di initiative on di battlefield. Trump seek chance to claim progress toward peace By North America correspondent Anthony Zurcher Trump famously promise during im 2024 presidential campaign say im go end di Ukraine war easily and if e fit do am in a matter of days. Di promise dey hang ova di American president efforts to resolve di conflict, as e alternate between frustration wit di Ukrainians and di Russians since returning to di White House in January. E address Zelensky at di dramatic White House meeting for February, and later temporarily suspended military aid and intelligence wit di war-torn nation. In recent months, e don dey more critical of Putin's stronghead and willingness to attack civilian targets, setting di series of deadlines for new sanctions on di Russians and oda nations wey dey do business wit dem. Last Friday na di most recent deadline, and as wit all di ones bifor am, Trump ultimately back away. Now e dey host di Russian president on American soil and e dey tok about "land-swapping", e dey fear Ukraine say e fit consist of land concessions in exchange for peace. So, any discussion about wetin Trump want during dis Friday meeting wit Putin go clear di president doubting statements and actions. Dis week, Trump don make collective effort to lower di expectations for dis meeting – some tin wey pipo see as style to agree say e fit end di war wia only one party in di war go dey di meeting. On Monday, e tok say di summit go be "feel-out" meeting. E suggest say e go know if e fit strike di deal wit Russian leader "probably in di first two minutes". "I fit leave and say good luck, and dat go be di end," e add. "I fit say dis no go dey settled." On Tuesday, White House press secretary Karoline Leavitt reinforce dis message, calling di summit one "listening session". Wit Trump, e often dey best to expect unexpected. And Zelensky and European leaders tok to am on Wednesday in effort to ensure say e no strike di deal wit Putin becos Ukraine no go – fit – accept. One tin dey practically clear all year, however: Trump go welcome di chance to be di man wey go end di war. For im inaugural address, e want make im proudest legacy be dat of "peacemaker". No be secret say e want di international recognition of Nobel Peace Prize. Trump no be pesin wey like plenty tok. But if opportunity dey for am to claim say e don make progress toward peace during di meeting for Anchorage, e go take am. Putin, na always savvy negotiator, e fit seek di way to allow Trump do am – on Russia terms, of course.
Reuters
2 minutes ago
- Reuters
Here is how Russia's war in Ukraine has shaped global markets
LONDON, Aug 15 (Reuters) - World markets are watching closely as U.S. President Donald Trump and Russia's Vladimir Putin meet in Alaska later on Friday to seal a possible ceasefire agreement in Ukraine. This was a conflict that sparked an energy shock, sent food prices soaring, battered European assets and cut Russia's economy off from much of the Western world. Details and the longevity of any agreement will be key. "The big issue will be, of course, that even if we get a ceasefire, how sustainable is that?," said Zurich Insurance Group's chief markets strategist Guy Miller. Here is how Europe's biggest conflict since World War Two has shaped markets. Europe's reliance on cheap Russian gas meant its economy and stock market were ill-equipped to handle surging energy prices, and Germany's economy, Europe's industrial powerhouse, stagnated. Stocks (.STOXX), opens new tab were broadly punished, with sectors reliant on low energy prices, such as industrials (.SXNP), opens new tab and chemicals (.SX4P), opens new tab, notably hit. European banks also took a drubbing but have since recovered as those exposed to Russia cut ties. It has not been all doom and gloom and the European STOXX 600 index is not far off March's record high. Aerospace and defence stocks (.SXPARO), opens new tab have had a supercharged rally since February 2022, with gains ranging from over 600% for Leonardo ( opens new tab to over 1,500% for Rheinmetall ( opens new tab. "If the fighting stops in Ukraine, I'd expect defence stocks to come off a little bit but I think the fundamental reason why defence stocks have rallied is still there," said Toni Meadows, CIO at BRI Wealth Management. "If Putin is still there and Trump is still there, then the need for Europe to spend on defence is still there." The invasion triggered a surge in European energy prices. Brent crude rose as much as 30% to $139 a barrel, while natural gas prices soared nearly 300% to record highs. Crude subsided in the following months. But Dutch TTF futures, the regional benchmark for natural gas soared as Europe scrambled for an alternative to the Russian gas that fed over 40% of total demand. Europe has since become increasingly reliant on U.S. super-chilled liquefied natural gas. The European Union has committed to boosting its purchases of U.S. crude, gas and coal from around $75 billion in 2024 to $250 billion per year to 2027, under a new U.S. trade deal - a figure most experts say is unrealistic. Oil and gas prices are below 2022 peaks, but they are higher than five years ago, up 50% and 300%, respectively. Following the COVID-19 pandemic, the war ensured the inflation genie was well out of its bottle as energy and food prices soared with agricultural exports from Russia and Ukraine - two leading grain exporters - disrupted. Central banks backtracked on the notion that an inflation spike was "transitory" and aggressive interest rate hikes followed. Since late 2022, inflation and rates have come down in big economies and focus shifted to U.S. tariffs. High food prices remain a concern, especially for developing economies. World food commodity prices rose in July to their highest in over two years, according to the United Nations' Food and Agriculture Organization. "If Ukraine could operate normally as an economy, that would help food prices around the world," said April LaRusse, head of investment specialists at Insight Investment. Ukraine's economy was battered by the war. The country was forced to restructure $20 billion of its government debt last year as it could no longer afford the repayments given the demands of the conflict. Its bonds , then rallied on hopes that a re-elected Trump would broker a peace deal but plunged following increasingly ugly exchanges between Trump and Ukraine's Volodymyr Zelenskiy culminated in February's infamous Oval Office meeting. The bonds recovered some ground again this week. Russia's economy also contracted after the West introduced sweeping sanctions but soaring defence spending led to a rebound in 2023 and 2024. After jacking up rates to combat the subsequent inflation spike though, some Russian officials now warn of recession risks. Russia's rouble sank to a record low soon after the invasion, but rebounded to seven-year highs later in 2022 as imports dried up. It is up nearly 40% against the dollar this year. Russia and China meanwhile now do more of their trade in the yuan, which has overtaken the dollar as Russia's most traded foreign currency. The war hit the euro , which fell almost 6% against the dollar in 2022 as the economic impact was felt. Analysts say any improving sentiment created by a ceasefire could help the euro, but note that other factors, such as monetary policy were also key. "The euro might benefit, but we wouldn't see this as a game changer for the currency," said Frederique Carrier, head of investment strategy for RBC Wealth Management in the British Isles and Asia. While safe-havens such as the dollar and Swiss franc benefited , , the conflict shaped currencies in other ways. Analysts say the use of sanctions against Russia and a decision by the West to freeze some $300 billion of Russian states assets in 2022 has accelerated de-dollarisation, in short, efforts by countries to decrease reliance on the dollar.
