(CNN) – Melbourne residents spent 260 days in lockdown, but that ended this week. Residents celebrated the lifting of restrictions on October 21 by going to bars, hugging friends and dancing in the streets.

Whether that’s the same energy you’re taking this weekend, whether your plans involve taking the fall time, scrambling to find a Halloween costume that doesn’t involve “Squid Game”, or just enjoying yourself. do nothing.

Here’s all the pandemic travel news you may have missed this week.

1. Madagascar is the last destination to reopen to tourism

The African island nation has announced that it will slowly start welcoming return flights from Mauritius and Reunion on October 23 and then from Europe on November 6. Cruise ships can also return.

Travelers must show proof of a negative PCR test performed within 72 hours of boarding their flight and then take another test upon arrival. While awaiting the results of the second test, they are required to stay in an approved hotel and take a dedicated shuttle to their accommodation.

If they test negative, customers can travel freely within the country, but anyone who tests positive will have to spend up to 14 days self-isolating at their own expense.

Madagascar has the largest population of lemurs in the world, so head to some of the country’s beautiful national parks to spot these cute primates.

2. Australia’s state of Victoria gears up for a return to tourism

“There will no longer be a cap on returning fully vaccinated Australians wishing to enter Victoria, and opening our borders to returning Victorians will reunite families and friends and boost our vaccinated economy,” the Prime Minister said Daniel Andrews in a statement.

The first priority will be Australian citizens, residents and their immediate family members from November 1. Fully vaccinated foreign nationals will be next, although there is no specific date yet.

Those who wish to take the Great Ocean Road and visit the UNESCO-listed Royal Exhibition Center can start dreaming of 2022.

3. The tourism advocacy of a city with a superhero has borne fruit

Elsewhere in Australia, the small town of Cowra in New South Wales has come up with an unconventional tourism campaign – they have asked actor Chris Hemsworth to come visit him.

“A great love to all the people of Cowra for this incredible campaign, it warmed my heart and made me smile!” he wrote.

4. There is a new name on airplanes in Italy

The new carrier and its sleek blue planes debuted at a press conference in Rome.

“We were born as a new Italian brand and we have chosen to work only with Italian companies,” said the president of ITA during the inauguration.

However, not all is true to tradition. The airline is experimenting with an attractive new compensation structure where all employees will have a portion of their salary tied not only to company profits, but also to customer satisfaction.

5. CDC advised against visiting Singapore

The United States Centers for Disease Control and Prevention has added Singapore to its list of level four countries as its coronavirus cases have increased. Level 4 countries are considered high risk and Americans who travel there are advised to be fully immunized.

Singapore doesn’t seem to have the same feeling about the United States, however – it’s one of the countries whose residents can now enter the Asian city-state without quarantine, provided they can prove that ‘they are vaccinated.

While the Level 4 list may sound worrisome, this is only a suggestion and not a ban. Other popular travel destinations currently at the same level include Greece, Ireland, Switzerland and the United Kingdom.

6. A big plane takes care of a small project

Speaking of Singapore, the country’s flag carrier said it will fly some of the A380 superjumbo jets on short-haul flights between Singapore and Malaysia’s capital Kuala Lumpur.

The flight, which lasts around an hour, is now perhaps the shortest A380 route in the world.

The planes, which typically make much longer journeys like London-Singapore, are popular with aviation fans because of their spaciousness and relative calm on board.

Singapore Airlines chief of global public affairs Siva Govindasamy told CNN that some people specifically decide where to travel based on their ability to fly on one of these Airbus jets.

6. Thailand is preparing to open its borders

Many pairs of eyes are watching Thailand as the country moves towards its goal of reopening on November 1.

These tourists must provide proof of an insurance policy covering the treatment of Covid-19 up to $ 50,000 and a negative PCR test carried out within 72 hours of departure.

Upon arrival, they will need to undergo a second PCR test and check in at a hotel accredited by the Thai Safety and Health Administration (SHA +) overnight to await their test results.

Two programs, the Phuket Sandbox and Samui Plus, kicked off over the summer as a test case of how reopening travel might work in Thailand.

7. Saudi Arabia unveils a new type of theme park

Dubbed the “world’s first offshore oil rig-inspired tourist destination,†the attraction will feature roller coasters, bungee jumping and skydiving. There will also be three hotels and eleven restaurants spread over 150,000 square meters.

There is no opening date for the project, so don’t start packing right away.

“The Rig†is a pretty good name for an action movie, however. Just think of the potential for cross promotion.

8. China and Laos just improved their relationship

Vientiane station opened this week and the rest of the line is expected to be completed by the end of the year.

This new railway project, which was funded and built by the Chinese government, is intended to move the Southeast Asian nation “from a landlocked country to a country tied to the land.”

Trains will be able to more easily carry passengers between the two countries, which in turn will likely improve tourism on both sides.

9. Canada will facilitate the presentation of proof of vaccination

Although each province has issued its own identifying information, Trudeau wants to make sure that every Canadian vaccinated will have something that will be easily recognized by the WHO, other countries, airlines and more.

The announcement precedes some of the world’s most stringent requirements for domestic travelers.

As of October 30, anyone over the age of 12 boarding a train or plane in Canada will need to show full proof of vaccination to travel.

Since streamlining the process may take some time, for the month of November only, people will be allowed to present a negative Covid-19 molecular test within 72 hours of travel as an alternative.

10. What happens when you test positive for Covid on vacation?

Many destinations require proof of a negative Covid test to enter – but what happens when you test positive after you arrive?

The answer will depend on the country you are in.

Even though many of these tourists had travel insurance, an entry-level plan was often not good enough to cover huge expenses like a medical evacuation.

The bottom line: Do your research, plan for the worst, and consider taking a home test yourself just in case.

CNN’s Julia Buckley, Karla Cripps, Tamara Hardingham-Gill, Paula Newton, Akanksha Sharma, Francesca Street and Hilary Whiteman contributed reporting.

Denmark marked the 29th anniversary of their greatest triumph by qualifying for the quarter-finals of Euro 2020 on Saturday as Kasper Dolberg scored twice in a categorical 4-0 win over Wales before a roving support exultant in Amsterdam.

In the city where Christian Eriksen made his name, it was Dolberg – another ex-Ajax player – who opened the scoring with a sparkling strike in the 27th minute.

It happened after Wales started so well but Denmark never looked back and Dolberg struck again right after the recovery before Joakim Maehle and Martin Braithwaite added more goals late .

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Carried by a wave of emotion, the Danish dreams are still intact in a tournament which began under such traumatic circumstances for them with the collapse of Eriksen in their opener against Finland in Copenhagen.

They now advance to a round of 16 in Baku against the Netherlands or the Czech Republic.

Eriksen, still recovering at home from his cardiac arrest, was on everyone’s mind at Ajax’s home, and that, combined with extensive Danish support inside the full third of the Johan Cruyff Arena, made on this occasion a Danish home match.

“It’s hard to believe this is the reality,” said coach Kasper Hjulmand. “Johan Cruyff is one of my great inspirations and it was also Christian’s first home after leaving Denmark.

“I’m really grateful for all the support we’ve received, and the guys are real warriors. It’s amazing to be in the quarterfinals now.

European champions that day in 1992, Denmark finally claimed their first Euro knockout stage victory since and it would be an extraordinary story if they could repeat the feat this time around.

No one in Denmark will want to get ahead, but Wales – who finished with 10 men after Harry Wilson’s late red card – couldn’t complain about the result and there will be no repeat of their race to the semi-finals at Euro 2016.

– Bale: ‘Frustrated’ –

“It’s a big blow to take. I don’t think the players deserved to leave the competition with this score, “Welsh coach Robert Page said.

They needed a moment of magic from Captain Gareth Bale or Aaron Ramsey who never came, but they opposed it from the start.

Bale declined to answer questions on whether this was his last game for Wales, waiving a mid-question post-match interview.

Speaking after his last game of his Tottenham loan on retirement plans, Bale said: “I know what I’m going to do. I’m fully focused on the Euro.

“I don’t want to cause any problems anywhere because I know things can get mixed up in the media and people are starting to make the headlines.

“I don’t want to cause distractions for myself or for the team. I am focusing only on Wales this Euros and nothing else.

“Everything else about my career, my future, will be settled after. “

Aside from universal goodwill towards Denmark after the Eriksen collapse, a ban on British travelers from entering the Netherlands meant there were few Welsh fans inside the stadium.

The Danes, meanwhile, descended on Amsterdam in droves, creating an atmosphere akin to that seen at Parken Stadium in Copenhagen when they beat Russia to reach the bottom 16 – even Danish Prime Minister Mette Frederiksen was in attendance.

To their credit, Wales got off to a good start, with the Bale poll leading the way at the start.

He smashed a shot right off in the 10th minute, but Chelsea’s Andreas Christensen – Denmark’s third center-back – rose to midfield and they took control.

They were rewarded when Dolberg, now from Nice and selected ahead of Yussuf Poulsen in attack, recovered the ball just outside the box and landed a superb strike into the top window.

For Wales, signs it wasn’t their night continued to come, as right-back Connor Roberts injured his groin, and Page’s side went on to fall behind three minutes after the start of the second half.

Neco Williams, the Liverpool full-back who replaced Roberts, tried to clear a Braithwaite cross but only managed to play the ball straight to Dolberg who took the opportunity to make it 2-0 .

Bale and his teammates felt there was a foul on Moore early in the movement, but the German referee dismissed the complaints and the only surprise was that it was not until the last minutes that more goals were taken. are to come.

Mathias Jensen chose unmarked Maehle to score the third in the 88th minute, before Wilson went red for a foul on Maehle and Braithwaite made it 4-0, a goal conceded after a long VAR scrutiny.

ITALY KEEP THE RIB OF SEEING AUSTRIA

Substitutes Federico Chiesa and Matteo Pessina scored in overtime as Italy beat Austria 2-1 to reach the Euro 2020 quarter-finals at Wembley on Saturday.

Both sides were stuck at 0-0 after 90 minutes in London, with Italy enjoying the best of the first half but Austria shaking Roberto Mancini’s side in the second half.

Chiesa struck early in extra time to calm Italy’s nerves and another goal from Pessina set up a quarter-final against the winners of Sunday’s draw between Belgium and defending champion Portugal, despite a late drama.

After emerging as the Group A winner with a 100% record after appearing in all three of their matches in Rome, Italy was on the road for the tournament for the first time.

Mancini made seven changes from the side that beat Wales as Marco Verratti started in place of Manuel Locatelli in midfield, while Giorgio Chiellini again missed the game with a hamstring injury -legs.

After singing another catchy rendition of their national anthem with broad support from the largely Italian crowd, the Azzurri got off to a dynamic start.

Left-back Leonardo Spinazzola’s buccaneer blasts were a constant threat and he had Italy’s opening goal with a wide blast at a sharp angle.

Lorenzo Insigne was spotted by Verratti on the left side of the Austrian penalty area moments later, but his curling shot came too close to goalkeeper Daniel Bachmann.

Nicolo Barella’s low volley over Spinazzola’s cross forced Bachmann to save with his legs.

Austria had a chance to take the lead when Marko Arnautovic scored on goal after passing Leonardo Bonucci, before shooting wildly from the edge of the box.

Unperturbed in the face of this fear, Italy immediately returned to the attack. Ciro Immobile was inches away from giving them the advantage when the Lazio striker hit a daring 20-yard strike against the woodwork with Bachmann rooted in the spot.

Even putting two men on Spinazzola couldn’t contain him and the enterprising defender cut to the left to test Bachmann with low training.

Despite all its possession, Italy did not have the point to kill the Austrians.

Mancini’s men nearly shot each other in the foot early in the second half when Giovanni Di Lorenzo’s pointless lunge conceded a free kick that David Alaba looped just over it.

Austria was fighting fiercely and Marcel Sabitzer’s effort made Bonucci deflect before taking off.

– VAR denies Austria –

Arnautovic believed he gave Austria a shock lead in the 65th minute when he nodded with Alaba’s header, but the former West Ham striker was ruled marginally offside after a long examination of the VAR.

Austria were again turned down by VAR when their penalty appeal was dismissed after Pessina clashed with Stefan Lainer.

Substitute Locatelli pumped up his chipped effort and Domenico Berardi sent a bicycle kick as Italy’s frustration increased.

The game went into extra time but it didn’t take long for Italy to win.

The impressive Spinazzola found Chiesa, who controlled the ball and hit point blank five minutes into the extra half hour.

Italy effectively ended the tie 10 minutes later when the ball fell on Pessina, and he broke through at home before rushing to the corner flag and throwing himself on the grass.

But there was still time for the late drama when Austria’s Sasa Kalajdzic leaned over to direct the ball to the near post from a corner with just over five minutes to go, but their latest frantic efforts were in vain. .

This is the latest installment of It’s Still a Big World, our bimonthly series on underrated destinations.

The wind was blowing at about 20 miles an hour, so the elastic tower at the end of the pier was closed. It was a Tuesday in August in Scheveningen, a seaside district of The Hague, and the waves of the North Sea were so unruly that even surfers had stopped it. I probably should have felt relief about it (my mom certainly did when I told her), but the self-imposed risk of jumping from a 200ft tower seemed like a welcome respite after 18 months. of fear inspired by the pandemic.

Also, I liked the idea of ​​doing something exotic in The Hague, the third largest city in the Netherlands, known largely for its powerful judicial institutions: the International Criminal Court and the International Court of Justice. United Nations. It is also still the seat of Parliament and the Dutch royal family, although thanks to the whims of various counts, princes, kings and politicians, as well as a few occupations and the Eighty Years’ War, Amsterdam is became the official capital in 1983.

So, opt for history and civics classes (and the Vermeers). Stay for the adrenaline rush.

There was no need for disappointment, however. My bungee jumping plans gave me more time to linger over a grilled sea bass lunch with samphire, roasted fennel, and crab shell mousse at one of the dozens of so-called clubs. Beach. (Despite looking and feeling like permanent buildings, seaside restaurants are disappearing in October.) Plus, I had had my adrenaline rush on my way to the beach that morning when I cycled through the streets of The Hague, something I had never attempted at home. Biking in New York is a kamikaze mission, an extreme sport, even for a thrill-seeker. But throughout Holland famous for bicycles, there is no weaving around whistling buses, burping sanitation vehicles, double-parked delivery trucks and taxis with doors opening like jacks. -in-the-box vindictive. In The Hague (it is The Hague to the Dutch), there are only cycle paths. And the larger ones, no less. And local culture dictates that riders prioritize bikers. Still, as someone who hasn’t ridden a bike since J. Lo and Ben Affleck’s very first go-around, there have been some highlights.

However, if you are going to re-acclimatise to the city bike, this is the place to do it, especially since there is a huge park in the middle of the city that stretches out towards the sea. ranks among the most densely populated areas in the world, but this city claims more green space than anywhere else in Europe. (No, that’s not a conundrum: more green space means less residential space, so more people crammed into a smaller area, hence the density.) To get to the water, you drive through Scheveningen Woods, which encompasses 50 acres of forest dotted with monuments and crossed by cycle and walking trails. As you approach the sea, you see Meijendel begin to unfold for miles and miles. The nature reserve is a patchwork of dunes, forests and lakes. Underground there are bunkers built by the Germans during WWII.

It’s confusing and remarkable: as remote as this landscape may seem, this city is as central to the global community as New York or Geneva. Less than three miles from the quiet dunes, where wild horses aren’t in a hurry, is the Peace Palace, built with financial support from Andrew Carnegie in 1913 to house the Permanent Court of Arbitration. In 1943, the International Court of Justice, the judicial organ of the United Nations, was established there. The building testifies to the global harmony that the occupants wish to establish, a fusion of international ideas: the grand staircase is in Italian marble. Germany provided the forged gates, the clock tower is Swiss made, and the stained glass windows depicting warriors in kilted are, of course, from Scotland. It is breathtaking.

I was only a few hours away from my four-day stay, enough time to explore the city, when I realized it was a city of contrasts. On my way back to my hotel that evening to drop off my bike, I passed the old American Embassy, ​​a brutalist structure as bulky and uncompromising as the Peace Palace is graceful and precise. My hotel, Voco The Hague, which opened in July, also delivered a captivating study on how to merge the old and the new, the industrial and the natural, the volume and the light. Refurbished into a bank built in 1923, the atrium has a maple tree in the middle, an installation of thousands of metal butterflies, and a glass ceiling, all giving the original dark infrastructure a jolt of enchantment.

The next day, I left the pedaling to someone else. I toured through The Hague Street Art (THSA), an organization dedicated to urban beautification and showcasing young artists. I would travel by rickshaw. At some point in the days to come I would visit the Mauritshuis, the museum known for its collection of Dutch paintings from the Golden Age – Rembrandt, Rubens, Van Dyck and, most famous, “The Girl with the Pearl Earring “by Vermeer and” View of Delft. “But this afternoon was a lesson in total immersion in the creative energy that electrifies the city right now.

Jurjen Simmelink, owner of Enter The Hague travel agency, comedian, animal rescuer, evangelist of the local culture and bearer of impressive calf muscles, met me with his brightly colored cart strapped to his bicycle. For the next few hours he drove me, along with Yscha Aelène, project manager for THSA, through the streets of the city and then to Binckhorst, a long-standing industrial area with artist studios, nightclubs and a swimming pool. indoor surf board in front of the car. dealers. Luxury housing estates are under construction. (“Street art protects these buildings from graffiti,†Jurjen said.)

This protection is colorful, engaging, thoughtful and fiercely local. A diverse exhibition of murals by artists from the region includes minimalist illustrations by Erwin Verkade, a vivid and confident portrayal of actor Elliot Page by Collin van der Sluijs and the poignant realism of Lily Brik.

We finished at The Hague Market, a series of rambling stalls said to be the largest market in Europe. And a $ 1.3 million investment in solar panels also makes it the greenest. Here you can buy everything from Italian plums and German strawberries and sausages to Thai knits, underwear and washing machines. There is also a cheerful candy store where “medicijnman†Philip Kalman sells salty black licorice in dozens of shapes, sizes and intensities. It’s a treasure if you’re in it. And many are. The line rolled up throughout the store. I abstained because the stuff reminds me of Play-Doh soaked in eucalyptus dish detergent. But I don’t like olives either.

The market is where Shelley Vrolijk, a jovial fishmonger, has her stall. Even though the city has changed over the decades, one tradition never falters: pickled herring. Shelley’s grandfather opened the booth 75 years ago, and she took it over in 2011 from her parents. His father still goes down to the quays of Scheveningen every morning to collect fish for frying, smoking and salt.

She explained that while locals in other towns choke their herring with chopped onions, slice it (gasp!) Or even eat it in a sandwich (the horror!), The correct way to eat it is “by the tail.” “. (“My dad says it’s the right way. If you want onions, you get a lecture,” she said unmoved.) Tilt your head back, she asked, and hang up. the by the tail above your mouth. Jurjen demonstrated. Fully acknowledging that I am a stranger in someone else’s house, I looked skyward, rolled my head, and with these savory bites, fellowship with Dutch seafarers from centuries ago when rambunctious blond children chased each other around a picnic table. Their parents were perfectly unruffled, completely engrossed in their fried fish.

Or at least we could have wrapped ourselves there. On the way back to my hotel in the Royal Central Quarter, my guides pointed out to me a mural in a narrow alley lined with restaurants: a portrait of a woman’s face. Yscha and Jurjen wanted to show me something cool, they said. They delivered.

The face is painted on a large corrugated metal surface. Stand to the right and the woman is looking ahead; walk a few steps to the left, and the other side of the slats reveals its profile. And on that day, take a few steps back and you can see the real model herself and the boyfriend who painted her. (Not an hour ago, Yscha was telling me that you can hardly walk or cycle 10 minutes into town without waving to someone you know. Point proven.)

Sophia Den Breems and Gordon Meuleman are artists who call themselves Sogoshow when they collaborate, as they did in this portrait. I joined them for a pint at a table outside Impio, an elegant, international-minded tapas restaurant that opened in the alley in April. They told me about the pandemic interrupted beer project they were working on for a small local brewery called Heineken, how they work together as a couple. (“Over the years our work has blended into a style of its own,†Gordon told me. “It’s not Sophia more Gordon, Sogo is a third artist alive in our heads.â€) They were both born in The Hague and never imagined they would see the day when people all over town would stop and get off their bikes to take pictures of murals, theirs among them.

Chef-owner Bjurran Piron came over to greet the group (all friends) and bring another platter of smelt fried with juniper and Sichuan peppers. We talked for a while about what it was like to open a restaurant during the pandemic and his time in Cambodia. It was there that he got a tattoo on his arm “Never come home” in Dutch. At that time, surrounded by creators in a historic city, it read to me like a welcome mandate.

Asian Market Update: Big equity losses seen in Asia; Australian Market Falls More Than 3% Amid Rising Inflation Data; SGD increases after MAS surprise; Fed meeting also in focus [Jan 25-26th].

General trend

– Central banks targeted (MAS, RBA, Fed).

– AU’s Q4 core CPI rose above the midpoint of the RBA’s inflation target range [2-3%]; AUD reduced its gain, Australian yield curve flattened; Analysts continue to push the RBA’s rate hike calls.

– The next RBA meeting is February 1 (Tuesday); Will the RBA see the CPI rise as sustainable? [quarterly wage price index is due Feb 23rd].

– AU business confidence weighed down by omicron.

– NZ Q4 CPI data due Thursday (January 27).

– The JPY/KRW increases by 0.5% [South Korea FX reforms in focus; North Korea and equity declines also focal points].

– The 2-year UST yield rallied above 1.00% ahead of the Australian CPI data; The decision of the American Fed remains in the center of the concerns.

– Russian CDS expands amid focus on Ukraine and sanctions; Crude oil FUTs are increasing.

– Lowering of the Shanghai Nickel trade limit (-8%).

– Fall in US equities FUTS >1.2%.

– S&P ASX 200 REITs index falls on CPI data [Energy and Resources indices also lag]; Fortescue released a production update; Australian markets are closed on Wednesdays.

– The Hang Seng TECH index drops >2%.

– Shanghai Composite down >1% [Telecom Services, Industrial, IT and Property indices lag].

– CN/HK real estate sector mergers and acquisitions continue.

– The Softbank group falls > 4%.

– Hyundai Motor’s profits in a nutshell.

– Companies due to report during the New York morning include Archer-Daniels-Midland, American Express, GE, JNJ, Lockheed Martin, 3M, PACCAR, Polaris, Raytheon, Verizon, Xerox.

Securities/Economic data

Australia/New Zealand

– The ASX 200 opened -0.2%.

– (AU) AUSTRALIA Q4 CPI Q/Q: 1.3% V 1.0%E; Y/Y: 3.5%V 3.2%E; CPI-adjusted average (base) Q/Q: 1.0% vs. 0.7%e; Y/Y: 2.6% versus 2.3%e [annualized pace is the highest since 2014].

– FMG.AU Reports Second Quarter Iron Ore Shipments of 47.5 Mt vs. 46.4 Mt Year-on-Year; Ore mined 57.2 Mt versus 50.0 Mt year-on-year.

– FCG.NZ Fonterra raises outlook for farm gate milk prices to NZ$8.90-9.50 (previously: NZ$8.40-9.00); Confirm FY22 EPS 0.25-0.35.

– ILU.AU Reports Total Q4 Mineral Sands Production of 218.7 Kt vs. 291.5 Kt Year-on-Year; Rev. $358.3m A vs. $392.0m y/y.

– MYR.AU reports 5-month sales to January 1 of +12.3% year-over-year.

– (AU) Australia Dec NAB Business confidence: -12 vs. +12 before; Conditions: 8 against 11 before.

Japan

– Nikkei 225 opened -0.4%.

– (JP) Bank of Japan (BOJ) Gov Kuroda: Rising commodity prices more important factor in pushing inflation than weaker yen, current weaker yen not abnormal – Parliament .

– (JP) Japanese Prime Minister Kishida: It is desirable to create a positive cycle in which companies are able to pass on costs, salary increases and generate economic growth.

– (JP) Japan Economy Min Hagiuda: Confirms he will start subsidizing gasoline to refiners.

– (JP) Japan Chief of Staff Sec Matsuno: Expect companies to raise wages this spring.

– (JP) Japan Dec Tokyo Condominiums for Y/Y sales: -9.7% vs. +95.4% before.

– (JP) Japanese MoF sells 600 billion yen vs 600 billion yen quoted in JGBs at 0.70% over 40 years, yield at lowest price accepted 0.760% vs 0.7250% before, bid-to- cover: 2.57xv 2.37x front.

Korea

– Kospi opened -0.2%.

– (KR) SOUTH KOREA Q4 PRELIMINARY GDP Q/Q: 1.1% V 1.1%E; Y/Y: 4.1%V 3.9%E; 2021 annual GDP: 4.0% vs. 4.0%e (11-year high).

– 005490.KR Korea’s National Pension (largest shareholder) will vote in favor of the split plan on January 28 – press.

– (KR) South Korea eyes possible cruise missile launch by North Korea at 8:00 a.m. local time today – Korean Press.

China/Hong Kong

– Hang Seng opened -1.6%; Shanghai Composite opened -0.4%.

– (CN) Chinese Ministry of Commerce (MOFCOM) Official Chen: Will Foster Continued Consumption Recovery in 2022; facing a grim foreign trade situation this year.

– (CN) Zhang Wenhong [seem as the Dr Fauci of China] said Shanghai should prepare for a scenario where the number of COVID cases [is] 5 or ten times higher – Global Times.

– 3333.HK announces the progress of cases: advisors having started an active dialogue with offshore creditors, it will take more time to assess the number of potential solutions.

– (CN) The Chinese PBOC sets the reference rate for the yuan: 6.3418 against 6.3411 previously.

– (CN) China PBOC Open Market Operation (OMO): sells 150 billion yuan in 14-day reverse repos against 150 billion yuan previously; Net inject CNY50B v inject CNY50B before.

– 1112.HK will not proceed with the planned 5-year USD bond issue.

– (CN) China Mortgage Rates More Affordable Following Rate Cuts – Chinese Press.

– (HK) Hong Kong is locking down an additional Kwai Chung building for 5 days due to covid, will give an update on covid curbs later this week.

Other

– (SG) CENTRAL BANK OF SINGAPORE (MAS): TO SLIGHTLY INCREASE THE APPRECIATION RATE OF THE S$NEER POLICY BAND, leave the width of the strip and the level at which centered unchanged (unplanned).

North America

– (US) US Antitrust Chief Kanter: DOJ should prioritize litigation over settlement of merger cases, divestitures should be the exception not the rule.

– IBM Reports Q4 $3.35 v $3.14e, Rev $16.7B v $16.0Be (ex Kyndryl spin-off); Guide FY22 Initial Single-Digit Growth (cc), FCF $10.0-10.5 billion – earnings slides.

Europe

– (IT) Italian lawmakers unable to elect new president in first round, next vote Tuesday.

Levels from 12:15 a.m. ET

– Hang Seng -1.6%; Shanghai Compound -1.5%; Kospi -2.8%; Nikkei225 -2.3%; ASX 200 -2.5%.

– Equity futures: S&P500 -1.4%; Nasdaq100 -1.9%, Dax -0.8%; FTSE100 +0.5%.

– €1,330-1,1309; JPY114.10-113.68; AU$0.7175-0.7129; NZD 0.6708-0.6669.

– Commodity futures: Gold +0.0% at $1,842/oz; Crude Oil +0.5% to $83.73/bl; Copper -0.6% to $4.43/lb.

Italian Prime Minister Mario Draghi holds his year-end press conference in Rome, Italy on December 22, 2021. REUTERS / Remo Casilli / File Photo

FRANKFURT, Dec.21 (Reuters) – Italy faces new questions over its debt sustainability as the European Central Bank recalls emergency aid that has helped the eurozone’s most indebted economies survive to the coronavirus pandemic.

Tackling the economic and health crisis has come at a cost, with governments digging deep to help businesses and households. Italian public debt fell from 134.8% of GDP in 2019 to a target of 153.5% this year.

The purchase by the ECB since March 2020 of 250 billion euros of Italian debt as part of its Emergency Pandemic Purchase Program (PEPP) has, however, limited borrowing costs, bond yields Italian at 10 years is now lower than before the pandemic at 0.9%.

But the prospect of the PEPP ending in March has rekindled concerns over Italy, the eurozone’s third-largest economy, which has a chronic growth problem and is large enough to destabilize the entire 19-country currency bloc.

“It seems likely that Italian yields would start to rise significantly if the ECB stopped buying Italian bonds,” said Jesper Rangvid, professor of finance at Copenhagen Business School, in his Blog.

“The euro zone would be in trouble again.”

The eurozone central bank still has an older and smaller bond buying program, but one that could also dry up within 12 months if inflation stabilizes at its 2% target, after wide fluctuations during the pandemic.

Some even referred to the eurozone debt crisis a decade ago, which saw bond yields from Greece, Italy, Portugal and Spain soar as investors bet on a burst. of the single currency.

It ended when then ECB President Mario Draghi pledged to do “whatever it takes” to save the euro – code to buy the bonds of troubled states.

“If the ECB stops buying or removes the commitment to buy ‘whatever it takes,’ debt servicing costs will rise again, precipitating the catastrophic loop,” John Cochrane, senior fellow of the Hoover Institution at Stanford, wrote.

THE DRAGHI EFFECT

The search for a solution could again fall to Draghi, now Italian Prime Minister who chairs a broad coalition.

It will all depend on Italy’s ability to put to good use the roughly € 200 billion in grants and cheap loans from the EU Stimulus Fund, available until 2026, provided Italy continues. to respect the political conditions of Brussels.

The credibility of the former head of the ECB with the markets and in Brussels should offer him some protection.

Yet centuries-old weaknesses in Italy’s economy remain, including low employment, stagnant productivity, lack of investment in education and technology, a suffocating bureaucracy and a gaping north-south divide.

And Draghi is expected to be named the new head of state soon, removing him from direct executive power in the final year before the elections in early 2023.

“I fear (…) political parties will kick the box and many reforms will not be approved,” said Lorenzo Codogno, a former head of the Italian treasury who now heads the consultancy firm LC Macro Advisors.

CUSHION

Years of low interest rates have helped Italy buffer itself against a market storm.

Rome paid 4.5% of GDP to service its debt in 2007, while its debt-to-GDP ratio was 104%, according to OECD data. By 2020, the cost of borrowing had fallen to 3.3% despite a debt ratio that skyrocketed to 156%.

The Italian Treasury also took advantage of the ECB’s generosity to extend average maturity of its debt, guarding against a sudden surge in yields.

This has lowered the hurdle Italy must overcome to keep its debt stable: the pace of its nominal economic growth is higher than the interest rate it pays.

“You don’t need a macroeconomic miracle to get a stable debt trajectory. But of course you need growth and inflation,†said Dirk Schumacher, economist at French investment bank Natixis .

EVERYTHING THAT’S NECESSARY

But Italy’s history of political instability and weak growth suggests that even that cannot be taken for granted.

A global rise in yields increases the risk that the surge in markets around the world will reverse, leaving weaker borrowers like Italy exposed.

If that happens, investors will want to know whether ECB Director Christine Lagarde is ready to honor her predecessor’s pledge.

“I am quite confident that the ECB would do the right thing, again, in the event of financial fragmentation,” said Frederik Ducrozet, strategist at Pictet Wealth Management.

When Italy came under market pressure at the start of the pandemic, Lagarde, former French finance minister and IMF chief, said the ECB was “not there to narrow the spreads” between countries’ bond yields. of the euro zone.

As she reconsidered these remarks, doubts about her engagement persisted.

“(It) still resonates in the markets and undermines the credibility of the ECB,” said Carsten Brzeski, economist at Dutch bank ING. “It was a rather expensive slip.”

Additional reporting by Gavin Jones in Rome; Editing by Catherine Evans

Our standards: Thomson Reuters Trust Principles.

The arrival of Pakistani Prime Minister Imran Khan in Russia has been dramatically overshadowed by the entry of Russian forces into Ukraine.

The geostrategic consequences for Pakistan of the two day visit in Moscow, the first of a Pakistani Prime Minister in 23 years, risk being analyzed through the hardening positions of the many players in the current conflict.

The long-term consequences, however, have almost everything to do with the future of natural gas.

Khan’s visit comes just after Germany, the top consumer of Russian gas, stopped certification of a new Nord Stream 2 pipeline. Russia recently agreed to a 30 years contract to supply gas to China, coinciding with President Vladimir Putin’s visit to the Winter Olympics in Beijing.

As Russia seeks new customers for its building technology and fossil fuels, and as Pakistan desperately seeks a secure and cheap supply of natural gas, the visit could lay the groundwork for Russia building a pipeline to transport natural gas from Karachi to Lahore.

Russia is the world’s second largest producer of natural gas. Meanwhile, Pakistan, whose gas reserves are dwindling, faces a major supply problem gas still constituting an important part of its energy mix.

Pakistani Energy Minister Hammad Azhar speaking to The third polesaid the trip was just an “opportunity to learn the technology” of laying a gas pipeline from the Russians, who he says are the best in the business.

Pakistan wants to build a 1,100 kilometer gas pipeline, known as the Pakistan Stream Gas Pipeline Project, from Port Qasim in Karachi, Sindh, to Kasur in Punjab. The $2.5 billion project is tentatively set to start next year, although a first deal was first signed in 2015 and a second in 2021.

“We don’t have the expertise of the scale and size needed for this project,” Azhar said. The third pole by phone from Islamabad. “The project will remain majority-owned [74 per cent] by Pakistan to begin with, so it could be a win-win,” he said.

Former Prime Minister Shahid Khaqan Abbasi, who dreamed up the project in 2013 when he was oil and natural resources minister, agreed. The project had been dormant due to various “financial bottlenecks”, Abbasi said.

“My fear is that this government will face the same hurdle as us and will not be able to justify the build-operate-transfer price structure of the amount to be paid to the Russians for the amount of gas flowing through the new pipeline” , warned Abbasi. , referring to a model in which large projects are financed and developed through public-private partnerships.

Increase in demand, decrease in supply

Pakistan’s natural gas production peaked in 2009, according to the International Energy Agency, but gas has continued to rise steadily as a percentage of total energy supply since then. It has led to a slow crisis as Pakistan scrambles to make up the difference.

Major cities are increasingly facing prolonged gas outages, hitting residents and businesses hard. In December last year, the government said the country would soon run out of local gas, increasing dependence on expensive imported gas.

As a former energy minister, Abbasi saw importing liquefied natural gas (LNG) as a quick fix to the energy crisis caused by a decline in domestic gas production.

“We tried to bring gas through a pipeline from Iran, but that was subject to US sanctions and another from Turkmenistan, but even that couldn’t happen, mainly for security reasons because he had to go through Afghanistan,” he said. The third pole.

“We need this pipeline because we need more LNG,” current Energy Minister Azhar said. “It’s a project that all my predecessors struggled to put in place. If the current government will not rush, it will not hesitate to be decisive either.

Former Prime Minister Abbasi is no longer sure Pakistan needs the pipeline.

“Local gas has run out so much and existing terminals are operating at 60pc capacity. The current pipeline network is sufficient to transport local and imported gas for now,” he said.

Weak infrastructure, interrupted supplies

The question is really whether Pakistan will continue to invest in gas infrastructure. This is why the trip to Russia, and a possible deal, is so important to Pakistan’s energy future.

“Today, 60% of LNG is used by the three power plants, the remaining 40% by the industrial sector,” Azhar said. Due to the depletion of local gas, a “swarm of new customers” – including fertilizer and cement factories – have come to rely on LNG.

Currently, 4.5 million tonnes of LNG are imported annually from Qatar Energy, with whom Pakistan has long-term contracts. The country is buying more from Italian oil and gas giant ENI and commodities trader Gunvor.

This is still not enough for Pakistan.

Over the past two years, Azhar said, as gas reserves have shrunk by 9% per year, more and more import industries have turned to LNG to keep their plants running.

The demand is there, but not the infrastructure to meet it.

Pakistan has two LNG terminals: Engro Elengy Terminal Limited (EETL) and PGP Consortium Limited (PGPCL), in Port Qasim, built in 2015 and 2017 respectively.

As the 2023 election approaches, the government’s desperation to end gas shortages is measured by the Prime Minister’s ordering the Department of Energy to build a third terminal by the end of 2023.

But Pakistan’s problem does not end there.

This winter, after two suppliers under long-term contracts – ENI and Guvnor – failed to deliver, Pakistan had to buy at an exorbitant price $30.6/mmbtu from Qatar Energy to meet demand.

“We will continue to face an immense shortage of gas due to domestic exhaustion, so we must turn to LNG for relief. It is, after all, the most important primary fuel for Pakistan,” said Khurram Hussain, a leading business and economics journalist, “and that’s why the pipeline is important” for the country.

Forget about a green energy future

In its rush to overcome gas shortages, however, the government appears to have forgotten its promises of a cleaner, greener way to run the country.

Vaqar Zakaria, director of environmental consultancy Hagler Bailley Pakistan, said while in the past it made sense to invest in LNG, it is far too expensive today.

LNG was once “the cheapest and cleanest of fossil fuels”, he said, and Pakistan had ready-to-use gas infrastructure.

But, he added, Pakistan failed to realize that with coal and oil having a “bad reputation”, the world would turn to gas to replace relatively dirtier fuels, and that with an increase in global demand, the price of gas would naturally rise. .

It is time, he said, to tap into the country’s “abundant wind and solar potential” and not depend on imported gas for power generation.

It is also likely to be much cheaper to switch to solar and wind.

Haneea Isaad, research associate at the Institute for Energy Economics and Financial Analysis, calculated that a floating offshore LNG terminal would cost between $400–500 million.

“I don’t take into account the operational expenses and the costs of imported fuel,” she said, speaking to The third pole.

By comparison, at $600,000 per megawatt (MW), installing a 1,000 MW solar plant would cost almost the same as a single LNG terminal, she said.

Additionally, lifecycle greenhouse gas emissions from wind and solar power are only a fraction of those associated with LNG. “Not to mention the added benefit of being available domestically and having negligible marginal costs,” Isaad said.

Claims that LNG is cleaner than coal should be treated with caution, according to Issad.

“In the short term, it could actually turn out to be more harmful than coal if we look at things from a life cycle perspective,” she said, adding that from the well to burning the actual fuel in power plants, all LNG supply leads to carbon dioxide or methane emissions.

“Over a 20-year period, methane can be 80 times more potent than carbon dioxide,” she said.

For resource-constrained Pakistan, it may not yet be too late to pull the money out of LNG and invest in climate-friendly renewable energy.

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This article was originally published on The third pole and has been reproduced with permission.

ROME

The Group of 20 has transformed since its inception in the late 1990s as an international body fighting financial crises into a forum to address pressing issues such as global access to vaccines and climate change. Whether the structure of the G-20 is suitable to help meet the changing needs of our time will be put to the test when the leaders of the world’s largest economies hold their first face-to-face COVID-19 summit in Rome this weekend. .

___

WHO IS IN THE FOLD?

The Group of Seven industrialized nations – which was the Group of Eight for a few years before Russia was suspended for its annexation of Ukraine’s Crimean peninsula – is probably the best-known “G” group. The Group of 20 falls back on the seven: Great Britain, Canada, France, Germany, Italy, Japan and the United States. The other members include a dozen other countries, established powers as well as fast growing economies: Argentina, Australia, Brazil, China, India, Indonesia, South Korea, Mexico, Saudi Arabia, South Africa and Turkey. The European Union is the 20th member, and since the EU is made up of 27 nations – including three in the G-7 – the G-20 actually represents the interests of more than just countries.

HOW MUCH DOES IT MATTER?

In terms of population and economic weight, the G-20 is impressive. Member countries represent 60% of the planet’s population and 80% of the world’s gross domestic product. There is also a lot of back and forth between members – the G-20 countries account for 75% of foreign trade.

HOW WAS IT?

The Group of 20 is considered the premier international forum for economic and financial cooperation. Following a 1997 Asian economic crisis and its aftermath, G-7 finance ministers created the largest group in 1999 so that other countries could have their say. After the 2008 global financial crisis sparked by the subprime mortgage debacle in the United States, Washington pushed for the G-20 to be elevated to the level of heads of state and government. The leaders, at their 2009 summit in Pittsburgh, said they intended to “turn the page on an era of irresponsibility and adopt a set of policies, regulations and reforms to address the needs of the 21st century global economy â€.

IS THE G-20 STILL RELEVANT?

Some suggest that a membership update could be helpful, especially given the urgency to tackle climate change. After the global crisis triggered by US subprime loans, “the emergence of the G-20 as a forum for international policy coordination seemed to be the only bright side of this mess,” says Rosario Forlenza, professor of contemporary history and anthropology at LUISS University in Rome. But he and others note that South Africa is still the only African country in the G-20. When it comes to climate issues, “Africa is crucial,†says Forlenza. The absence of Nigeria, which has the largest economy and the largest population in Africa, thus appears to be a glaring gap.

HEAVY LIFTING

Before presidents and prime ministers arrived in Rome for the summit, the “sherpas” worked for a long time to find an agreement on the final declaration of the G-20. Referring in this context to diplomats or other government officials, the term “Sherpa” is used in recognition of the Himalayan people renowned for their expertise in mountaineering and who are leading the way to the top.

As in a multi-act play, in the months leading up to a G-20 summit, ministerial-level meetings are held, ranging from foreign affairs, trade, finance, education, health and environment. These thematic caucuses bring back pledges. In Venice this summer, for example, G-20 finance ministers backed a sweeping international tax review that would include a minimum 15% corporate levy to deter mega-companies from taking refuge in low-rate tax havens. The Rome summit is an opportunity to seal the deal before the curtain falls.

THE ROAD TO ROME

Each year, the G-20 presidency rotates, and with it, the country that hosts the group’s annual summit. Italy took the helm in December 2020. Going back year after year, previous summits were held in Saudi Arabia (in November 2020, a rally that took place remotely due to precautions against the pandemic), Japan, Argentina, Germany, China, Turkey, Australia, Russia, Mexico, France, South Korea, Canada, United States, Great Britain and United States.

AT THE HEART OF THE MATTER

The G-20 summit gives host countries a chance to push forward the issues that matter to them. Italian Prime Minister Mario Draghi is keen to empower women economically. An economist who previously served as President of the European Central Bank, Draghi often points out how squeezing women out of the workforce – often because of the need to care for children or the elderly at home – slows down the economic growth. The 2014 G20 summit in Australia set a goal of reducing the gender gap in employment by 25% by 2025.

OUT OF THE BUBBLE

Italian security forces will establish a wide and narrow security perimeter around the summit site at EUR, an area of ​​Rome outside the city center notable for its Fascist-era architecture. Protesters plan events near postcard sets in the historic heart of Italy’s capital to draw attention to their causes, despite being miles (miles) within earshot of G-20 leaders . Among them are Tibetan activists who have called a rally at the Colosseum for Friday afternoon, when most of the leaders arrive in Rome. Activists protesting human rights violations want a boycott of the Beijing 2022 Winter Olympics.

The International Brigades: Fascism, Freedom and the Spanish Civil War
by Giles Tremlett
London, Bloomsbury Publishing,
2020, 720pp

“We will not forget you,” promised the famous Spanish communist known as La Pasionaria, addressing the surviving International Brigades as they left Barcelona in October 1938, the last of the 35,000 volunteers who had fought for the defense of the Spanish republic against the nationalist forces of Francisco Franco since his uprising against the government of the center-left Popular Front in July 1936.

In the International brigades: fascism, freedom and the Spanish civil war, Spanish journalist and historian Giles Tremlett provides the most comprehensive history of the International Brigades, formed of men and women who came from all over the world to fight against Francoist forces backed by the Nazis and Italian fascists in what was considered a prelude to the Second World. War.

From the start, the forces of the Spanish Republic were hampered by the refusal of major Western powers such as Britain, France and the United States to help and set up a non-intervention committee. However, Nazi Germany and the Fascists blatantly ignored any non-intervention agreement and provided troops, weapons and economic aid to Franco’s forces in order to secure their victory.

The only two countries that sent aid to the Spanish Republic were Mexico and the Soviet Union, but it was the Stalinist-led Communist International (CI) that played a crucial role in establishing International Brigades with the French Communist Party (PCF) playing a crucial role. to facilitate the arrival of international brigades in Spain.

From the Battle of Madrid in November 1936 to the Battle of the Ebro in July-November 1938, international brigades were often sent into combat with very basic training and poor equipment against numerically superior nationalist forces sustained to the end. by Nazi Germany and Fascist Italy. , battles in which the brigadiers fought bravely but suffered appalling losses.

The experience of the English speaking battalions of the XV Brigades on February 12, 1937, at the Battle of Jarama Valley, when 630 British and Irish volunteers received little training and were thrown into action against a numerically superior force. After three days only 80 men survived, however the International Brigades were able to overcome these difficulties to achieve a Republican victory.

Among those who fought and supported the Spanish Republic were authors like Ernest Hemingway and George Orwell as well as numerous photographers, artists and politicians as well as working class men from all over the world (65 countries in total), half of whom Communists fighting alongside socialists, anarchists, liberals, democrats, people of all faiths and none, even a few politically agnostic conservatives and adventurers, all united under the anti-fascist banner.

Many of the brigadiers were already refugees who had fled persecution, poverty, unemployment and degradation, thousands of them French, Polish, German and Italian. The Italian Garibaldi Battalion played a crucial role in the defeat of Mussolini’s fascist forces at the Battle of Guadalajara in March 1937.

Tremlett does not hesitate to show the difficulties faced by the International Brigades and the Spanish Republic thanks to internal divisions such as the role played by Stalin’s NKVD and the Stalinist Communist Parties in crushing other left rivals with a entire chapter devoted to the repression of the anarchist left and the surveillance of George Orwell in May 1937.

We find there the story of soldiers like Oliver Law, the first black soldier to command white troops in American history, killed in Brunete in July 1937, the three Jewish tailors of Stepney who had “arrived by bicycle”. The behavior of volunteers ranges from heroic and self-sacrificing to cowardly, brutal and sadistic.

From 1937 to 1938, the international brigades fought in the battles of Brunete, Belchite, Teruel and Ebro, often making initial gains at great expense, but unable to hold on to those gains against nationalist forces backed by fascist Italy and the Nazi Germany while the Western powers allowed Republican Spain to be crushed.

In October 1938, the International Brigades were withdrawn from Spain in the hope that the German and Italian Allies of the Nationalists would withdraw their troops and that Western democracies such as France, Britain and the United States would end their arms embargo against the Republic. However, at the same time, France and Britain signed the Munich Agreement with Nazi Germany showing their commitment to the policy of appeasement.

By April 1, 1939, Franco’s nationalist forces had won the war and set up a repressive regime that remained in power until Franco’s death in 1975, surviving for 30 years the defeat of Nazi Germany and Fascist Italy, the partisans of the republic being imprisoned. , torture and executions with around 250,000 deaths.

For the international brigadiers, who suffered around 25,000 deaths during the war, their fate was varied, with those who returned to Britain and the United States often being suspected of having fought in the international brigades, often seeing themselves refusing promotion during WWII and being labeled as “Premature Antifascists” in the 1940s and 1950s. The plight of brigadiers in authoritarian countries was often worse, many dying in Nazi concentration camps, but continuing their struggle against fascism .

In 1996, the Spanish government finally kept its promise to the surviving international brigadiers by granting citizenship to the 600 surviving combatants and in 2020 approved the “democratic memory†law, which would grant citizenship to the descendants of these same volunteers. “It is high time that we said to these heroes and heroines of democracy: thank you for coming,†said Deputy Prime Minister Pablo Iglesias.

Tremlett The International Brigades pays homage to the imperfect but heroic men and women who fought against fascism, often at the cost of their lives and ridicules the idea that anyone can be a “premature anti-fascistâ€, especially as a result of COVID-19 and of the climate crisis the far right is on the rise again and must be tackled.