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Policy makers, finance ministers, government officials, and scholars from all over the world gathered to discuss the most pressing economic challenges. All eyes were on the scenic town of Jackson Hole, Wyoming.
Due to the ongoing coronavirus pandemic, this year’s Jackson Hole Economic Policy Symposium organized by the Federal Reserve Bank of Kansas City was once again held in a virtual manner. Federal Reserve Chairman Jerome Powell kicked off the event in his opening speech on Friday. The prologue.
In addition to the ongoing debate on inflation and deflation, there are many other big business and economic news to talk about this week, from the turmoil in Afghanistan to the ongoing crisis in Lebanon.
Let’s jump into these stories and more.
1.5 degrees Celsius
This is what scientists call the global warming threshold to reduce the risks associated with climate change.
Climate activists are using the background of the Jackson Hole seminar to urge global finance ministers and central bank governors to take immediate action.
New York Fed President John Williams (left) and Fed President Jerome Powell (right) walk side by side during the 2019 Economic Symposium in Jackson Hole, Wyoming, USA, but due to the coronavirus pandemic [File: Ann Saphir/Reuters]Activists say that financial institutions have not done enough. They hope to see leaders including Fed Chairman Powell formulate policies to guide countries away from fossil fuels and switch to greener energy sources.
In fact, Powell has received strong opposition from both sides of the climate debate.
Twelve Republican senators recently wrote him a letter accusing his organization of “beyond the Fed’s mission,” while progressives said the Fed — the U.S. Central Bank — was too slow to promote environmental policies.
Anna Davis of Al Jazeera more Promote the replacement of Powell and the Fed’s role in mitigating climate change.
$15 billion
This is what Japan has spent on hosting the Olympics in the past ten years (and is increasing)-twice the original estimate. Critics say that the human cost of hosting a game is much higher – and it’s not worth it.
On the one hand, over the years, millions of people have been uprooted to make room for Olympic infrastructure in cities around the world. On the eve of the 2008 Beijing Olympics, the Housing Rights and Deportation Center in Geneva found that more than 1.25 million people had been displaced.
Before the 2016 Brazil Olympics, the mayor of Rio de Janeiro ordered the removal of residents from many slums or low-income communities in the city.
Heavy machinery demolished the wreckage of demolished houses in the Vila Autodromo community in Rio de Janeiro, Brazil, to make way for access to the Olympic Park [File: Silvia Izquierdo/AP Photo]As the 2028 Summer Olympics will be held in Los Angeles, California, a growing sport called NOlympics LA is getting more and more attention and becoming louder and louder.
So is it time to cancel the Olympics?Al Jazeera’s Priyanka Tilve has more here.
4000000
UNICEF Executive Director Henrietta Fore said that this is the prospect of how many people in Lebanon will face severe water shortages or completely lack access to safe water supplies in the coming days.
In other words, more than 70% of the country’s population-mainly disadvantaged children and families-face water shortages.
Lebanon is in the throes of economic disaster, with more than half of its population falling into poverty. The country’s financial crisis has led to a severe shortage of basic commodities such as food, clothing, medicine and fuel. Food prices today are about 10 times what they were in 2019.
Al Jazeera’s Mohamed Hussein and Mohamed Haddad have more knowledge about Lebanon’s water crisis here.
A woman reads a book while waiting to refuel at the gas station in Jal el Dib, Lebanon, where the economic crisis has caused severe shortages of food, medicine and fuel [File: Mohamed Azakir/Reuters]one
Afghanistan is the world’s number one opium supplier. But the substance used to make heroin is not the only illegal drug produced in Afghanistan.
Drug dealers in this war-torn country are also becoming more adept at making methamphetamine, commonly known as ice, crystal or methamphetamine. With the recent withdrawal of American troops, EU authorities fear that Afghanistan’s methamphetamine production may explode and flood Europe with the drug.
At present, Europe is already a big market for Afghan opium, and heroin is smuggled to the African continent through Balkan countries and Turkey.
Catherine Schell of Al Jazeera more Regarding what measures the European authorities are taking to solve this problem, the Taliban’s commitment to restrict production and why the economic collapse in Afghanistan may actually lead to more – not less – drugs.
The female weaver in Bamyan, Afghanistan is one of the artisans who sell handicrafts to foreign customers through the e-commerce site Aseel, which has now switched to using its platform to help distribute emergency assistance in Kabul and other regions [Photo courtesy of Zabi Habibi/Aseel]3,000
This is the number of emergency food and shelter packages distributed by the Afghan e-commerce platform Aseel to families in Kabul in need in recent weeks-they are working hard to distribute more as quickly as possible.
The Etsy-style app was originally known for helping Afghan artisans sell handmade jewelry, carpets, and pottery to foreign customers, and has now improved its website to allow people from all over the world to donate humanitarian aid packages to families in Kabul Province.
So far, the Aseel team has helped distribute first aid and feminine hygiene products, clothes, tents, diapers and infant formula.
But as reported by Al Jazeera’s Robyn Huang, as the country’s security situation deteriorates, extending a helping hand to IDPs is not without risk here.
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