World News Daily(2024-10-17) : Los Angeles Catholic Archdiocese Settles Child Sex Abuse Claims for $880 Million
Los Angeles Catholic Archdiocese Settles Child Sex Abuse Claims for $880 Million
The Los Angeles Catholic archdiocese agreed to pay $880 million to 1,353 abuse victims. Archbishop Jose H Gomez expressed deep regret. The settlement, the largest by a U.S. diocese, aims to provide healing. California's new law allowed past abuse claims to be re-litigated. The archdiocese avoided bankruptcy by using reserves, investments, and loans. Payments won't affect its mission to serve the poor. Both sides thanked survivors for coming forward, emphasizing accountability.
ScoresPolitics
Raytheon Settles for $950M Over Defective Pricing and Foreign Bribery
Raytheon, a major US defense contractor, will pay over $950 million to settle charges related to defective pricing, foreign bribery, and export control violations. The company is alleged to have defrauded the US government on military contracts and bribed officials in Qatar to secure business. This settlement resolves investigations under the Foreign Corrupt Practices Act (FCPA), Arms Export Control Act (AECA), and International Traffic in Arms Regulations (ITAR).
Explanation:
- FCPA: US law prohibiting the bribery of foreign officials.
- AECA & ITAR: US regulations governing the export of military technology.
Decline in Chinese Migrants Crossing Darien Gap Amidst Crackdown
The number of Chinese migrants crossing the Darien Gap—a perilous jungle route between Colombia and Panama—has plummeted. In September, only 124 Chinese made the journey, a stark drop from 1,240 in June. The Darien Gap, notorious for its dangers, saw a 36% decline in overall migrant crossings in the first nine months of 2024.
Ecuador, a key entry point, suspended its visa waiver for Chinese travelers in July, after noticing many overstaying their 90-day limit. This move effectively choked the flow of migrants heading north to the U.S. Panama, under President Jose Raul Mulino, has also ramped up deportations of migrants with criminal records, funded by the U.S.
Brazil has tightened its transit rules, addressing the surge of travelers abusing its visa-free policy to seek asylum en route to the U.S. The issue of migration is a hot-button topic in the U.S. presidential election, with both major parties taking firm stances.
ScoresSociety
Global Water Crisis Threatens Future Food Production
The world faces a dire water crisis. By 2049, over half of global food production could fail. Water scarcity already plagues half the world’s population, a number set to rise with climate change. Demand will outstrip supply by 40% by 2030.
Experts underestimated water needs. People require 4,000 liters daily for decent living, far more than the 50-100 liters for health. Most regions can’t meet this locally, relying on trade.
“Green water” (soil moisture) and “blue water” (rivers, lakes) differ. Atmospheric rivers transport moisture globally. China and Russia benefit most, while India and Brazil export.
Sustainable forest management in Ukraine, Kazakhstan, and the Baltic region supports China’s economy. Brazil supplies Argentina with fresh water. This interconnectedness demands global cooperation.
Countries must act now. Radical thinking on water preservation, efficient use, and equitable access is crucial. Equity between rich and poor is essential.
The Global Commission on the Economics of Water, formed in 2022, warns of unprecedented water stress. Climate change exacerbates droughts, floods, and fires. Every 1°C rise in temperature adds 7% more moisture to the atmosphere, intensifying the hydrological cycle.
Harmful subsidies distort water systems. Over $700 billion annually supports agriculture, often encouraging wasteful practices. Industry recycles only 20% of wastewater.
Subsidies must be redirected. Poor people need support, not industry and the wealthy. Developing countries require financial aid to overhaul water systems and protect natural environments.
The water crisis disproportionately affects women. Urgent, equitable action is imperative.
ScoresEconomy
China Plans $562 Billion Injection to Stabilize Property Market
China plans to inject 4 trillion yuan ($562 billion) into its struggling property sector by year-end. This move aims to stabilize the market, focusing on unfinished housing projects. The government will expand a "white list" of eligible developments, guiding bank lending. As of now, 2.23 trillion yuan has been approved, with expectations for at least 4 trillion yuan by 2024's end.
The "three red lines" policy, introduced in 2020, restricted lending, causing a prolonged downturn. Many developers faced liquidity issues, defaults, and failed to deliver homes. The white list mechanism, initiated in January, helps some developers secure loans for unfinished projects.
Despite recent stimulus measures, including rate cuts and lower mortgage costs, analysts warn that reversing the sector's decline—historically a quarter of China's economy—is crucial for broader economic recovery. The impact on property investment and construction will take time to materialize.
China's stock markets initially reacted positively but later dipped, reflecting uncertainty. The government's efforts aim to stabilize but face challenges in immediate market confidence and long-term recovery.
ScoresThailand's SCB Pioneers Stablecoin-Based Cross-Border Payments
Siam Commercial Bank (SCB) has launched Thailand’s first cross-border payments system using stablecoins—digital assets pegged to gold or the dollar. This move aims to secure Thailand’s lead in banking and financial innovation.
Stablecoins, unlike volatile cryptocurrencies, maintain a stable value by being pegged to assets like the U.S. dollar or gold. This stability reduces risks and operational costs for banks, making transactions faster and cheaper.
SCB’s system, developed with Singapore-based Lightnet and digital asset custody provider Fireblocks, passed the Bank of Thailand’s regulatory sandbox. It promises to streamline international transactions for retail customers, cutting down on currency conversion fees and operational delays.
Thailand has been a regional leader in adopting new financial technologies, particularly digital payments. The COVID-19 pandemic accelerated this trend, with PromptPay, a government-backed QR code payment system, linking Thailand to other Southeast Asian countries.
Despite the crypto market’s volatility, stablecoins offer a safer alternative, attracting interest from both retail and corporate clients. SCB plans to extend this stablecoin settlement system to corporate clients after the retail rollout.
In summary, SCB’s initiative marks a significant step in integrating stablecoins into mainstream banking, potentially reshaping cross-border payments and solidifying Thailand’s role as a financial hub in ASEAN.
ScoresRatan Tata's Transformation of Tata Group into a Global Conglomerate
Ratan Tata transformed Tata Group into a global force. From 1991 to 2012, he spent $20 billion on over 50 acquisitions. Key purchases included British tea maker Tetley and Anglo-Dutch steelmaker Corus.
Tata’s vision was clear: global expansion. He saw potential in diverse sectors—steel, cars, consumer goods, technology. His strategy paid off. Tata Group’s revenue surged from $6 billion to $100 billion. International revenue reached $59 billion.
Not all deals were perfect. Corus, acquired for $12 billion, struggled post-2008 crisis. Yet, Tata’s foresight reshaped the conglomerate. He modernized the Tata brand, aligning it with the new economic era.
Liberalization in India, starting in 1991, empowered Tata. It allowed private investment, a stark contrast to earlier nationalization policies. This shift enabled Tata to venture globally as domestic business thrived.
Today, Tata Group is ubiquitous. It spans tea, cars, aviation, retail, semiconductors, and more. Global giants like Apple, Starbucks, and Zara partner with Tata for Indian operations.
Tata’s legacy is profound. He turned a trading company into a global conglomerate, setting the stage for future growth. His vision and boldness continue to define Tata Group’s trajectory.
ScoresTechnology
Japanese Startup Raises $27M for Diamond Chips to Clean Up Fukushima Debris
In 2011, the Fukushima Daiichi nuclear disaster left Japan grappling with radioactive debris. Over a decade later, cleanup efforts continue, with a significant step taken last month to remove this debris.
Ookuma Diamond Device (ODD), a Japanese startup, is at the forefront of this effort. ODD has raised $27 million to build the world’s first diamond semiconductor manufacturing facility in Fukushima. The facility aims to produce diamond chips, which are superior to traditional silicon-based semiconductors in handling high temperatures and radiation levels.
Diamond semiconductors, unlike silicon, lack a circuit structure and function more as powerful control devices. They offer better power conversion efficiency and thermal management, making them ideal for nuclear power plants, 6G technology, space exploration, and defense.
ODD’s diamond chips can be made from methane gas, ensuring production remains within Japan. This contrasts with GaN semiconductors, which rely on materials heavily controlled by China.
Founded in 2021, ODD has already built the world’s first practical diamond chip. The startup is now working on prototypes for removing radioactive debris, a task no other entity has successfully tackled.
With $45 million raised and additional government grants, ODD is poised to revolutionize semiconductor technology, particularly in high-risk environments like nuclear plants.
ScoresNovel microchip can diagnose heart attacks in minutes.
A heart attack is a race against time. Rapid diagnosis means faster heart recovery, less damage, and better prognosis.
Traditional diagnosis relies on blood tests, such as creatine kinase and troponin, which take one to two hours. Johns Hopkins University has developed a microchip that can detect these biomarkers in just a few minutes, even at extremely low concentrations.
The core of the chip lies in its metal surface: polystyrene beads arranged on a quartz substrate, with alternating layers of gold and silica deposited to form nanoscale pyramid-like structures. This design enhances electric and magnetic fields, improving the capabilities of Raman spectroscopy analysis.
Raman spectroscopy: utilizes the interaction of lasers with chemical bonds in substances to provide detailed information. The chip can identify heart attack biomarkers in seconds, with sensitivity surpassing existing methods.
Ishan Barman, a bioengineer at Harvard University, envisions a future where handheld devices can detect results from a drop of blood in seconds. The proof-of-concept device could also detect cancer and infectious diseases.
The research was published in "Advanced Science" and has significant commercial potential with wide-ranging applications.
ScoresJapanese Drones to Aid in Land Mine Detection in Ukraine
Nagoya-based Prodrone, a Japanese drone manufacturer, is preparing to detect land mines in Ukraine. They are collaborating with Tokyo's Padeco, a development consulting firm, to commercialize the project by fiscal 2025.
Prodrone's drones will fly just 50 centimeters above the ground, scanning for metal. AI will help differentiate between harmless objects and land mines. The plan is to outsource equipment development and drone operations to a Ukrainian company.
The drones aim to map mine locations, which is crucial for Ukraine, where a quarter of the land is potentially mined. This technology could revolutionize mine detection, currently a dangerous task for humans. In 2022, Ukraine saw 600 casualties from anti-personnel mines, second only to Syria.
Prodrone's project, announced in June, seeks grants from the United Nations Industrial Development Organization (UNIDO). An initial $400,000 grant is expected by November, with a potential follow-up of $6.45 million. The goal is to deploy 1,000 drones in Ukraine by fiscal 2025.
Padeco emphasizes the need for private sector involvement in Ukraine's long-term recovery. Prodrone's CEO, Shunsuke Toya, envisions drones as a potential export industry for Ukraine, aiding its economic revival.
Key Terms:
- UNIDO: United Nations Industrial Development Organization, focused on promoting industrial development in developing countries.
- ODA: Official Development Assistance, government-funded aid to support economic and social development in developing countries.
Video Game
Co-op Game 'It Takes Two' Reaches 20 Million Sales Milestone
Hazelight Studios' co-op game, It Takes Two, has sold over 20 million copies. The team is surprised and grateful. Each sale supports two players, meaning over 40 million people have played. The game excels in cooperative mechanics, often ranking in Steam's top five. Recently, it became Steam Deck compatible, simplifying invites and removing the need for EA's app launcher. However, EA account linking remains for online play.
ScoresEntertainment
Bengaluru Airport Terminal 2: A Fusion of Nature and Art
Bengaluru’s Kempegowda International Airport Terminal 2 is more than just an airport; it’s a “terminal in a garden.” Spanning 255,000 square meters, the terminal is a lush, green oasis with over 10,000 square meters of green walls, hanging gardens, and outdoor spaces. It’s a tribute to Bengaluru’s heritage as a garden city, designed with sustainability in mind—solar power and rainwater harvesting reduce energy use by nearly 25%.
But the terminal’s true heart lies in its art program, inspired by navarasa, the nine essential emotions in Indian aesthetics. Forty-three artists created 60 works that reflect Karnataka’s cultural heritage and the navarasa principles. These artworks, from traditional sculptures to contemporary installations, are meant to evoke emotions and provide a sense of tranquility.
The terminal’s unique blend of nature and art has earned it accolades, including a special prize in UNESCO’s Prix Versailles competition. It’s not just a place to transit; it’s a destination in itself, offering travelers a moment of reflection and rejuvenation amidst their journeys.
Scores