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UPI
3 days ago
- Politics
- UPI
Attacks on Electoral Council disrupt elections in Honduras
A man looks for his polling place during election day in Tegucigalpa, Honduras, in March. Primary and internal elections in Honduras began March 9 to choose the candidates for president, mayors and deputies for the general elections November 30. File Photo by Gustavo Amador/EPA Aug. 8 (UPI) -- Less than three months before general elections, Honduras' National Electoral Council, or CNE, faces unprecedented political, judicial and technical pressures that threaten to derail the process. The council's ability to ensure an orderly and reliable election has been called into question after a series of setbacks: a raid on its offices by the Public Ministry, delays in contracting the Preliminary Electoral Results Transmission System, or TREP, and errors in the voter registry. CNE President Cossette López has denounced persistent interference and threats, while council member Ana Paola Hall submitted a conditional resignation over internal disputes. Amid the crisis, the CNE reached an agreement Thursday after a two-week delay, resolving one of the main technical disputes -- use of the TREP. After intense negotiations, the CNE unanimously agreed to immediately and fully publish all tally sheets from the vote receiving boards on election night, followed the next day by a 100% visual verification in the presence of national and international observers. This week, the National Democratic Institute's Electoral Study and Accompaniment Mission visited Honduras. On Friday, it released a report warning about the negative impact of judicial intervention and interference by other institutions in electoral work, as well as the use of hate speech and attacks against journalists, social leaders and politicians -- particularly those targeting politically active women, including CNE members and candidates at all levels of office. The NDI identified five key challenges to ensuring election integrity: effective autonomy of electoral bodies, prevention of undue interference, reduction of polarization and premature fraud claims, prevention of electoral violence and easing tensions that affect civic space. Among its recommendations, the NDI urged ensuring the independent participation of civil society and creating safe spaces for dialogue. It said Hondurans deserve credible, peaceful and inclusive elections, which require political, institutional and technical conditions that guarantee certainty, transparency and respect for the will of the voters. In a politically symbolic move, four of Honduras' five leading presidential candidates signed a pact Tuesday, Aug. 4, titled "Honduras First: A Promise That Is Demanded, a Duty That Is Fulfilled," promoted by the National Anti-Corruption Council. The public pledge -- focused on fighting corruption and impunity and promoting integrity in governance -- calls for, among other measures, creating an international commission against corruption and impunity, reactivating the extradition treaty with the United States, establishing a national public integrity system and implementing a nationwide transparency and anti-corruption strategy with an interagency approach. Signatories included Salvador Nasralla of the Liberal Party, Nasry Asfura of the National Party, Mario Rivera of the Christian Democratic Party and Nelson Ávila of PINU-SD. Rixi Moncada, the ruling party's candidate and former finance minister under President Xiomara Castro, did not attend the signing.
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Business Standard
09-07-2025
- Business
- Business Standard
RBI accepts ₹97,315 crore in VRRR auction; cut-off rises to 5.49%
The Reserve Bank of India (RBI) received bids worth ₹97,315 crore in its two-day Variable Rate Reverse Repo (VRRR) auction on Wednesday, against the notified amount of ₹1 trillion. The central bank accepted the entire bid amount at a cut-off rate of 5.49 per cent, higher than the 5.47 per cent cut-off in the previous seven-day VRRR auction held on July 4, which had attracted bids totalling ₹1.7 trillion. Caution prevails ahead of expected ₹2 trillion auction Market participants attributed the lower-than-notified bidding to cautious sentiment ahead of an expected ₹2-trillion VRRR auction announcement. Additionally, the maturity of Wednesday's operation coincides with the reversal of the previous VRRR, further curbing participation. 'There is expectation of a ₹2-trillion VRRR announcement either today or tomorrow, which is why there is caution,' said a dealer at a primary dealership. 'Also, there is no clarity on whether the RBI wants the overnight rate at 5.50 per cent or somewhere between the SDF and the repo rate. This uncertainty is leading to caution and a higher cut-off,' he added. There is also uncertainty about the RBI's broader rate strategy — whether it intends to steer the overnight call rate closer to the 5.50 per cent repo rate, or maintain it within the corridor between the Standing Deposit Facility (SDF) rate of 5.25 per cent and the repo rate. The overnight Weighted Average Call Rate (WACR) was trading at 5.34 per cent, up from the previous close of 5.26 per cent. The overnight TREP rate also rose to 5.29 per cent, compared with 5.13 per cent on Tuesday. Dealers said the call rate had inched up to 5.30 per cent ahead of the expected announcement. As of Tuesday, the net liquidity in the banking system was in surplus by ₹3.07 trillion, according to the RBI's latest data. The RBI conducts VRRR operations to absorb excess liquidity from the banking system and to keep short-term rates aligned with the policy repo rate.
Miami Herald
27-06-2025
- Politics
- Miami Herald
Honduras prepares for general elections amid fragile electoral system
June 27 (UPI) -- Honduras is preparing for general elections on Nov. 30, 2025, amid a fragile democracy and ongoing internal conflict. Corruption, violence and impunity have eroded the country's institutions and deepened public distrust in the electoral process. The National Electoral Council, or CNE, is facing a crisis after chaotic primary elections in March involving the nation's three major political parties. The vote was marred by severe logistical failures. In many polling stations, ballot boxes and voting materials arrived up to 12 hours late, and officials reported major problems with transporting supplies. CNE President Cossete López testified before Congress that she could not "guarantee" a clean general election, prompting concerns about a possible postponement. Although other CNE members later confirmed the vote would proceed as scheduled, internal divisions remain. The council's three commissioners -- each affiliated with a different political party -- have publicly blamed one another for the breakdown in March. The Center for the Study of Democracy, or CESPAD, has been strongly critical of the electoral process, citing weak institutions, low public confidence, and a lack of clear action to address failures from the March primaries. The group also pointed to legal loopholes that allow arbitrary decisions, ongoing political violence and clientelism, and a history of result manipulation. "The country is at a critical juncture. Current conditions raise fears that the general elections will unfold amid distrust, institutional improvisation and potential political destabilization," CESPAD said. CESPAD said the electoral budget was approved late, jeopardizing key systems such as the Election Results Transmission System, or TREP, and external audits. It also warned that the CNE continues to struggle with internal partisan divisions, technical staff resignations and low public credibility. A survey by the Reflection, Research and Communication Team, or ERIC-SJ, found that 62.5% of respondents said the March primaries weakened democracy, while 76.8% said they do not trust the CNE. Civil society groups and election experts are urging immediate reforms to restore the credibility of the CNE and ensure a reliable election process in November. They cite poor coordination, undertrained personnel and political interference in technical decisions within the electoral authority. They are also calling for extensive national and international monitoring to promote transparency and reduce the risk of fraud. The ERIC-SJ survey also revealed a shift in the political landscape. The opposition Liberal Party now leads, with 39% of respondents saying they expect it to win, compared to 25.6% for Libre, the ruling party, and 23.2% for the National Party. The change is attributed to growing dissatisfaction with President Xiomara Castro's administration, which has weakened the candidacy of her ally, Rixi Moncada. At the same time, Liberal candidate Salvador Nasralla -- a well-known television host running on an anti-corruption platform -- has gained momentum. Nasralla is attracting protest votes from Hondurans frustrated with the ruling party, while the National Party is working to rebuild support with candidate Nasry Asfura -- despite lasting fallout from corruption scandals involving former President Juan Orlando Hernández, who is serving a 45-year prison sentence in the United States for drug trafficking. Beyond individual candidates, political skepticism remains deep. Only 1 in 10 Hondurans believes elections are fair, and just 10% trust the National Congress or political parties. Still, voter turnout is expected to remain high. Eight in 10 respondents said they plan to vote in November. President Castro enters the election season with falling approval ratings. Her administration earned an average score of 4.13 out of 10 -- the lowest since she took office in 2022. Nearly 40% of Hondurans say the country is worse off than before her presidency. Hondurans identify the government's main failures as the ongoing economic crisis (28.8%), unemployment (17.9%), broken promises (16.1%) and insecurity (13.2%). Although President Castro points to achievements like a historic drop in homicides, her security strategy -- based on emergency measures modeled after El Salvador's approach -- has drawn criticism from international human rights groups. The international community, including the Organization of American States, the European Union and the United Nations, along with local organizations such as CESPAD and ERIC-SJ, have issued urgent calls for electoral reforms and technical protocols as a prerequisite for credible elections. The key question now is not only whether the vote will happen, but under what conditions. Despite the tensions, there is broad consensus that the elections must be held on schedule. Canceling or postponing the vote is widely viewed as a step that could spark a deeper institutional crisis. Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
27-06-2025
- Politics
- UPI
Honduras prepares for general elections amid fragile electoral system
Honduras is readying for a November election amid a fragile electoral system and dissatisfaction with the ruling party of President Xiomara Castro. Photo by John Angelillo/UPI | License Photo June 27 (UPI) -- Honduras is preparing for general elections on Nov. 30, 2025, amid a fragile democracy and ongoing internal conflict. Corruption, violence and impunity have eroded the country's institutions and deepened public distrust in the electoral process. The National Electoral Council, or CNE, is facing a crisis after chaotic primary elections in March involving the nation's three major political parties. The vote was marred by severe logistical failures. In many polling stations, ballot boxes and voting materials arrived up to 12 hours late, and officials reported major problems with transporting supplies. CNE President Cossete López testified before Congress that she could not "guarantee" a clean general election, prompting concerns about a possible postponement. Although other CNE members later confirmed the vote would proceed as scheduled, internal divisions remain. The council's three commissioners -- each affiliated with a different political party -- have publicly blamed one another for the breakdown in March. The Center for the Study of Democracy, or CESPAD, has been strongly critical of the electoral process, citing weak institutions, low public confidence, and a lack of clear action to address failures from the March primaries. The group also pointed to legal loopholes that allow arbitrary decisions, ongoing political violence and clientelism, and a history of result manipulation. "The country is at a critical juncture. Current conditions raise fears that the general elections will unfold amid distrust, institutional improvisation and potential political destabilization," CESPAD said. CESPAD said the electoral budget was approved late, jeopardizing key systems such as the Election Results Transmission System, or TREP, and external audits. It also warned that the CNE continues to struggle with internal partisan divisions, technical staff resignations and low public credibility. A survey by the Reflection, Research and Communication Team, or ERIC-SJ, found that 62.5% of respondents said the March primaries weakened democracy, while 76.8% said they do not trust the CNE. Civil society groups and election experts are urging immediate reforms to restore the credibility of the CNE and ensure a reliable election process in November. They cite poor coordination, undertrained personnel and political interference in technical decisions within the electoral authority. They are also calling for extensive national and international monitoring to promote transparency and reduce the risk of fraud. The ERIC-SJ survey also revealed a shift in the political landscape. The opposition Liberal Party now leads, with 39% of respondents saying they expect it to win, compared to 25.6% for Libre, the ruling party, and 23.2% for the National Party. The change is attributed to growing dissatisfaction with President Xiomara Castro's administration, which has weakened the candidacy of her ally, Rixi Moncada. At the same time, Liberal candidate Salvador Nasralla -- a well-known television host running on an anti-corruption platform -- has gained momentum. Nasralla is attracting protest votes from Hondurans frustrated with the ruling party, while the National Party is working to rebuild support with candidate Nasry Asfura -- despite lasting fallout from corruption scandals involving former President Juan Orlando Hernández, who is serving a 45-year prison sentence in the United States for drug trafficking. Beyond individual candidates, political skepticism remains deep. Only 1 in 10 Hondurans believes elections are fair, and just 10% trust the National Congress or political parties. Still, voter turnout is expected to remain high. Eight in 10 respondents said they plan to vote in November. President Castro enters the election season with falling approval ratings. Her administration earned an average score of 4.13 out of 10 -- the lowest since she took office in 2022. Nearly 40% of Hondurans say the country is worse off than before her presidency. Hondurans identify the government's main failures as the ongoing economic crisis (28.8%), unemployment (17.9%), broken promises (16.1%) and insecurity (13.2%). Although President Castro points to achievements like a historic drop in homicides, her security strategy -- based on emergency measures modeled after El Salvador's approach -- has drawn criticism from international human rights groups. The international community, including the Organization of American States, the European Union and the United Nations, along with local organizations such as CESPAD and ERIC-SJ, have issued urgent calls for electoral reforms and technical protocols as a prerequisite for credible elections. The key question now is not only whether the vote will happen, but under what conditions. Despite the tensions, there is broad consensus that the elections must be held on schedule. Canceling or postponing the vote is widely viewed as a step that could spark a deeper institutional crisis.
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Business Standard
02-05-2025
- Business
- Business Standard
RBI releases report on market timings; suggests extending call hours
A working group of the Reserve Bank of India (RBI), set up to review trading and settlement timings, has recommended extended trading hours for the call money market. This move will provide flexibility to banks for managing their balance sheets, while suggesting to retain the current trading hours for the government security and the foreign exchange markets. The working group, chaired by Radha Shyam Ratho, executive director, RBI, was tasked with reviewing existing market timings, identifying operational challenges, examining global practices, and recommending the way forward. The group recommended that the trading hours of the call money market be extended till 7 pm, while the trading hours for market repo and TREP (Tri-Party Repo) be synchronised and extended till 4 pm. It also recommended unifying the TREP trading hours for members settling obligations through Designated Settlement Banks (DSBs) and the RBI. Additionally, the group recommended preponing the timing of the pre-announced LAF (Liquidity Adjustment Facility) auction to 9.30 am-10 am, from the current 10 am-10.30 am slot. 'The extension in timing will offer them much flexibility in terms of their balance sheet management, because many a time what happens, if call money closes at 5 O'clock, there are lots of transactions which are not yet settled and, therefore, banks are unable to decide what to do with their overnight funds. So, it will offer them flexibility,' said a market participant. With regard to market hours for the government securities market, the group recommended continuing with the existing timings. However, it suggested that post-onshore market hours, transactions in government securities with non-residents could be permitted during the time window between 5 pm and 11.30 pm. Such transactions, if permitted, should be reported to NDS-OM on a T+1 basis before onshore market hours, and settled on a T+2 basis. 'The working group has taken these suggestions from the market and has made these recommendations. The market was looking for more flexibility,' said a dealer at a primary dealership. The group has not recommended any changes in the trading hours for interest rate derivatives and foreign exchange markets. Between 2014-15 and 2024-25, the annual turnover in the overnight money market increased from ₹281.37 trillion to ₹1,324.05 trillion, while the daily average turnover rose from ₹1.17 trillion to ₹5.52 trillion. This growth was largely driven by the expansion of the collateralised segment, where annual turnover rose from ₹245.27 trillion to ₹1,296.62 trillion, even as turnover in the call money market declined from ₹36.10 trillion to ₹27.42 trillion. The TREP segment currently accounts for the largest share in the overnight money market, with 69 per cent of daily average volume, followed by market repo at 29 per cent. The share of call money has gradually declined from 13 per cent in 2014-15 to about 2 per cent in recent years. The group reviewed the existing trading and settlement timings of various markets regulated by the RBI in light of developments in the financial markets over the past decade. It took into account various market timings-related considerations as well as feedback gathered through interactions with different market participants. The objective was to assess whether current timings continue to support market efficiency and to recommend changes that could further enhance operational effectiveness. Feedback on the report has been invited from stakeholders and members of the public by May 30, via email.
