US dollar at risk of losing dominance, warns Wall Street bank

News Network
April 4, 2022

The US dollar is dealing with some of the same challenges that the British pound faced in the early 1900s, before it went into decline, Goldman Sachs said in a research note released on Thursday. The Wall Street bank warns that the greenback could lose its global dominance.

According to the research seen by Business Insider, the move by Washington and its allies to freeze much of the Russian Central Bank’s foreign currency reserves has raised concerns that countries could start moving away from the dollar. Analysts explained the risk as due to worries about the power the dollar grants the US.

The challenges that Goldman Sachs named include the fact that the US has a relatively small share of global trade compared to the dominance of its currency in global payments. Another issue is that the country has a deteriorating “net foreign asset position,” with rising foreign debts. In addition, the nation faces geopolitical problems, such as the conflict in Ukraine.

The Goldman Sachs economists also said the nation’s large debts due to the fact that it is a big importer of goods could be a particular problem. The British pound, which was once the world’s reserve currency, was displaced by the US dollar in the middle of the 20th century. 

International investors were more reluctant to hold pounds after Britain amassed huge debts in World War II, the bank’s analysts noted. “If a reserve currency issuers’ debt is allowed to grow relative to GDP, eventually foreigners may grow reluctant to hold more of it,” they wrote.

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News Network
October 26,2024

Mangaluru, Oct 26: In a distressing case of online harassment, Surathkal police in Mangaluru have apprehended a man, identified as Shariq, on charges of cyber harassment that allegedly led a woman to attempt suicide. 

The case took a dark turn when the woman reported that her Facebook account was hacked, leading to an influx of explicit, threatening messages directed at her brother, Kishan, and friend, Harshith.

According to Commissioner of Police Anupam Agrawal, the complaint, registered on October 22, specifically accused Shariq of orchestrating the harassment. Summoned for questioning, Shariq’s mobile phones and social media accounts were initially reviewed, but no conclusive evidence surfaced.

The case escalated when the woman reportedly received more abusive messages on October 24, pushing her to a point of desperation. Following her suicide attempt, police intensified the probe, reaching out to social media platforms for further verification. 

The Surathkal police have filed charges under sections 78(1)(i), 351(1 & 2), and 3(5) of the BNS, with the investigation ongoing to uncover the full extent of the cyber harassment network.

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News Network
October 27,2024

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The death toll from the overnight Israeli aggression against a number of military positions across Iran has risen to four.

Earlier the Iranian Army had announced the martyrdom of two of its forces in the Israeli attack, who lost their lives “while confronting the projectiles of the criminal Zionist regime in order to safeguard the security of Iran and prevent harm to the Iranian nation and interests.”

Media reports identified the two martyred Army forces as Major Hamzeh Jahandideh and Sergeant Mohammad-Mehdi Shahrokhifar.

Major Sajjad Mansouri and Sergeant Mehdi Naghavi, who had been injured in line of duty, also succumbed to their injuries, reports said.  

The strikes targeted parts of military sites in the capital Tehran as well as the western and southwestern provinces of Ilam and Khuzestan, with Iran’s air defense saying the attacks were “successfully intercepted and countered.”

The attacks caused “limited damage” in some locations and the dimensions of the incident are under investigation.

Despite Israeli media reports overplaying the Israeli attack by circulating fake images, the Iranian public returned to their routines and daily life continued smoothly across the country.

Iran’s Civil Aviation Organization announced that flights had resumed after a short interruption and footage from Mehrabad Airport in western Tehran showed operations running normally, with passengers moving through as usual.

The Tehran Oil Refining Company also dismissed rumors of an Israeli attack on its facilities.

On October 1, Iran responded to the Israeli assassination of Hamas political bureau chief Ismail Haniyeh, Hezbollah Secretary General Sayyed Hassan Nasrallah, and senior IRGC commander Abbas Nilforoushan by launching as many as 200 ballistic missiles toward the occupying regime’s military and intelligence bases all over the occupied Palestinian territories.

Dubbed Operation True Promise II, the retaliatory strike dealt a severe blow to the illegal regime all the more ruinous than its prequel in April, with Tel Aviv having so far declined to reveal the extent of loss it suffered despite vowing to respond on several occasions.

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News Network
October 28,2024

Fines of up to 300,000 Saudi riyals (approximately Rs 68 lakh) or imprisonment for up to five years will be imposed on anyone found guilty of abusive behaviour in workplaces, schools, or places of worship, the Saudi Public Prosecution announced in a statement on its official account on X (formerly Twitter).

The Public Prosecution emphasised that any harmful actions in these environments constitute a criminal offence, reiterating the importance of enforcing the Protection from Abuse Law.

The statement underlined the nation's commitment to ensuring a safe and secure environment for all, as part of broader efforts to protect individuals from violence and abuse.

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