Hi,
It's been quite a news day. In today's bulletin: Jho Low, the fugitive financier in one of the world's largest financial fraud cases reaches a settlement with the US Department of Justice; Chile abruptly calls off two major summits due to growing unrest; a Japanese treasure goes up in flames; and more...
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JHO LOW'S SETTLES WITH US DOJ
One of the world's most wanted men, fugitive financier Jho Low, yesterday reached a settlement with the US Department of Justice which sees agree to no longer fight the department for ownership of nearly US$1 billion of seized assets. In return, the all asset seizure cases he is involved in related to the 1MDB scandal are dropped, though Low still faces multiple criminal charges in the Eastern District Court of New York. This represents one less problem for Low though it remains to be seen what impact, if any, the settlement has on the many cases still pending against Low in the US, Singapore, Malaysia and Switzerland, as well as the ongoing 1MDB trial of former Malaysian Prime Minister Najib Razak. Low remains on the run.
Further reading:
Malaysia will ask US to hand over US$1 billion recovered from Jho Low, says Mahathir
Analysis: Jho Low's deal will recover more of the 1MDB loot but unlikely to sit well with Malaysia
Background: 1MDB saga: A tale of debt, money trails and allegations
APEC, COP 25 SUMMITS IN THE BALANCE AFTER CHILE WITHDRAWS AS HOST
Riots and protests that have besieged Chile for the past two weeks are now causing disruption on a global scale. Chile's President Sebastian Pinera last night abruptly announced that the country would no longer play host to the Apec and Cop 25 summits. This left the fate of the two major meets in doubt - few can step in as an alternative with just weeks to go - and also upended a heavily anticipated meeting between Chinese President Xi Jinping and US President Donald Trump to have taken place at the sidelines of Apec.
What now for the Xi-Trump meeting: Chile's Apec cancellation raises new hurdle for US-China trade deal
Why did Chile cancel: 5 things to know about the unrest in Chile
A JAPANESE ICON IN FLAMES
Shuri Castle, a historic Japanese castle dating back to the 1400s and a Unesco World Heritage site, has been destroyed following a major fire on Thursday morning. Reports indicate that nothing was saved from the castle's three main buildings. The castle, an icon of Okinawa, had been extensively restored after being destroyed in World War II. And it was named a Unesco world heritage site in 2000 thanks to the historically faithful nature of the reconstruction.
See also: Heritage gems of rural Japan
HONG KONG ENTERS TECHNICAL RECESSION
It was an outcome everyone expected and nearly all analysts warned: the months of unrest have now put Hong Kong in a technical recession. This is the economy's first recession since the global financial crisis a decade ago. Particularly worrying is the rate the economy seems to be shrinking. After relatively modest 0.4 per cent decline in the second quarter, the economy saw a much sharper 3.2 per cent deterioration in the third quarter. And with no end in sight to the protests, many are expecting Hong Kong to be in a full-blown recession by the end of the year.
What you need to know about Hong Kong today:
How long will it take Hong Kong to bounce back from recession?
Hong Kong mask ban challenged in court ahead of Halloween rally
Analysis: HK 'missed golden opportunity' by disqualifying Won
MALAYSIA, SINGAPORE TO PROCEED WITH RAIL TRANSIT LINK PROJECT
Malaysian Prime Minister Mahathir Mohamad announced today that the Malaysian Cabinet has approved a rail-transit link with Singapore it had put off two previous times. After coming into power last year, the new Malaysian government had, citing high costs, put on hold a series of infrastructure projects agreed to by the previous administration, including two rail projects with Singapore. The smaller of the two projects with Singapore will now proceed - albeit with a budget that is a third smaller - but it is unclear whether Malaysia is any closer to coming to a decision on the more ambitious high-speed rail project that will link the two South-east Asian capitals.
IN OTHER NEWS
Al-Baghdadi video: The Pentagon released video footage of the weekend raid that led to the death of Islamic State in Iraq and Syria (ISIS) leader Abu Bakr al-Baghdadi, including attacks on fighters from the area surrounding the compound where the terrorist leader was hiding.
More North Korea tests: North Korea fired two projectiles, which Japanese authorities said appeared to be ballistic missiles, into the sea between the Korean peninsula and Japan on Thursday (Oct 31), according to the Japanese coast guard and South Korea's military.
Take that, Facebook: Twitter will ban political advertising on its platform next month, the company's chief executive said on Wednesday (Oct 30), as social media platforms face pressure to block attempts to steer elections with false information.
That's it for today, thanks for reading and see you tomorrow.
-Jeremy
