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Spain will allow a European banking supervisory authority to visit banks and exercize financial supervision over banks receiving aid from the EFSF, the EU rescue fund. In addition investors including small retail investors will have to take losses to reduce the loans required to recapitalize Spanish banks.

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China shifts its policy to allow 3 children per family after it sees the percentage of people in the population over 60 rising. This WSJ report show that the policy shift is being followed by changes in policies related to education with more equitable educational resources and reduced expenditures for education for families. Policies that were seen as making families hesitant to have more children.  Changes of the Mao era policy of one child, one family, are very recent. Not till 2013 has this policy changed, since its implementation after the Communist Party took over mainland China in 1949. In 2013 the government allowed families to have 2 children if one of the parents was an only child, and two years later in 2015 the policy was changed to allow 2 children per family. Only half of Chinese couples are willing to have 2 children, according to a study by the state backed All China Women's Federation. A once in a decade census shows 12 million babies born in China in 2020. In 2016 there were 17.9 million births. China's leaders noticed a change in the census for people over 60 as a percentage of the population, which was growing much faster than imagined from 13.3% in 2010 to 18.7% in 2020.  The perception of experts and Chinese couples in their thirties shows that the policy is seen as not enough to convince young couples to have another child. Typical is the situation of one parent cited in this report, a Beijing father of two. He says the policy has changed but it does not mean that he would have another child. He says it takes a lot of money and energy to take care of another child. It also affects the standard of living and education of the two children as he has already moved to a new 2 bedroom apartment to be near top schools in the Chinese capital. Another facet of this development is women in China postponing children to pursue their careers. Government policy is now to raise the retirement age with fewer people of working age to support the senior population. The percentage of the population of working age 15 to 59 years dropped from 70% in 2010 to 63% in 2020. Fewer people for working at Chinese factories and manufacturing. China's retirement age is now 60 for men and 50 for women, giving the government room to do this by bringing it up to western levels that are much higher in the US and Europe.   ...

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The European Union's 750 billion euro recovery fund for the pandemic is stalled as it needs approval of all member states. Hungary and Poland have objected to some of the conditions that relate to the rule of law for access to the aid. They see this as unfairly treating their countries. Germany is looking for a compromise.

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The fight against misuse of aid funds from donor countries is an important fight for Ukraine. Success in the war to defend Ukraine depends on winning the confidence of the European Union and the US that donor funds to rebuild Ukraine are going for that purpose. There is also the need to maintain the confidence of the Ukrainian people including millions displaced or refugees within the country, and the millions of other Ukrainians who are now intolerant of the corruption that used to be.

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Senators Lankford (R- Oklahoma) Murphy (D-Conn), and Sinema (I- Arizona) are working hard to negotiate a deal which combines aid to Ukraine with an agreement to tighten border security. This report in The Washington Post shows how hard it is to reach a deal on intricate details and how it might not take place till January 2024. It is important to reach a deal as migrant push across the border has happened under both parties and a common solution is needed. 

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FR24 gives details of the Gaza Truce proposals under Paris negotiations. A 40 day ceasefire Truce is proposed with one hostage released for 10 Palestinian prisoners.

All Israeli hostages, including women and children to be released.

In exchange for 40 hostages 400 Palestinian prisoners to be released.

Humanitarian aid- 500 trucks per day, 60,000 caravans, 200,000 tents. Rehabilitation of hospitals and bakeries, supply of fuel and other services. Necessary equipment to clear rubble.

 

 

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Steve Scalise of Louisiana and Jim Jordan of Ohio are candidates for the position of Speaker in the US House of Representatives. WSJ looks at the career and political positions taken by Steve Scalise who favors aid to Ukraine and working in incremental steps. Scalise has also come to agreement on raising the debt ceiling. Former Speaker McCarthy is said to favor Jim Jordan for the Speaker's position. Some Republicans who want a non traditional choice also favor Jordan.

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In the middle of the pandemic US Congress approved $190 billion in aid to schools. Of this 20% was to be spent addressing learning loss for children. The pandemic period taking 50 million children out of schools is now seen as the biggest disruption in history of American education. It set student progress in math and education back by two decades and widened the gap between wealthy and poor children. These learning gaps remain unaddressed even as money runs out in 2024.