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Shinzo Abe Gains Big Victory in Japan Election

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  • Shinzo Abe Gains Big Victory in Japan Election

Shinzo Abe is set to double down on economic stimulus and push for a revision of Japan’s pacifist constitution after his gamble on calling an early election was rewarded with a thumping victory.

The prime minister’s ruling Liberal Democratic party-led coalition secured a two-thirds parliamentary “super majority” that gave him a fresh mandate for “Abenomics” and the chance to pursue his personal priority of revising Japan’s post-war constitution.

Mr Abe struck a modest tone despite the validation of his decision to call a snap election, avoiding triumphalism as he seeks to build a national consensus for constitutional change.

“I want to put all my efforts into delivering results with honesty and humility,” he said on Sunday evening.

Aggressive economic policy since Mr Abe’s first election victory in 2012 has delivered Japan’s strongest labour market since the mid 1970s. However, inflation has remained stuck close to zero.

The prime minister’s election victory will mean further fiscal stimulus and boosted the odds that Haruhiko Kuroda will be reappointed as governor of the Bank of Japan next March.

Now in office for a historic third term, Mr Abe would become the longest serving Japanese leader of the modern era if he continues until the Tokyo Olympics of 2020.

“[The LDP] and its coalition partner Komeito have won a major victory,” said Tobias Harris, Japan analyst at Teneo Intelligence in Washington. “Abe has recovered some of the power he lost when he was battling allegations of influence peddling. It will strengthen his grip over the LDP, and silence some of the critics who emerged when Abe’s approval ratings fell.”

The prime minister promised to pursue constitutional reform via bipartisan debate in the Diet, Japan’s bicameral legislature. “We are not thinking of a plan from the ruling parties alone,” he said. “I want to put effort into getting agreement from as many people as possible.”

Aides have sketched out a plan that would see a bill on constitutional reform proposed in the Diet next spring with a national referendum to ratify it in the autumn. The centrepiece of Mr Abe’s latest plan is to add a clause recognising the legality of Japan’s armed forces. He would leave the pacifist clauses untouched.

The prime minister had started the campaign with a negative approval rating and most aides thought he would win but lose seats.

However, the election was dominated by chaos among the opposition. The Democratic party splintered into a conservative Party of Hope, led by Tokyo governor Yuriko Koike, the leftwing Constitutional Democratic party as well as numerous independents running across the country.

With 11 seats still to be declared, the coalition led by the LDP held 311. The Constitutional Democrats were the surprise performer on the night, securing 50 seats, and were on course to become the largest opposition party. Yukio Edano, the party’s leader, won his district of Saitama No. 5 district early in the evening.

But the Party of Hope had a dismal result, winning 49 seats, with many of its biggest names falling short .In a humiliating result, the Party of Hope lost Tokyo No. 10 district, which used to be Ms Koike’s parliamentary base.

In a sign of her low expectations for the poll, Ms Koike left the country on Saturday night to attend a mayoral meeting in Paris on climate change.

Ms Koike also expressed regret for some of her more robust comments during the campaign. “I should have taken care over how I play with words,” she said. Speaking shortly after the polls closed, she conceded her campaign had failed. “As the person who set up the party I take full responsibility,” she said.

Even after the Democratic party had disbanded to support her, Ms Koike declined to run, leaving the opposition without a credible candidate for prime minister. The Constitutional Democrats gained support at her expense during the course of the campaign.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Netanyahu Stands Firm as US Halts Bomb Shipment Over Rafah Invasion Warning

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Amidst escalating tensions between Israel and the United States, Israeli Prime Minister Benjamin Netanyahu has adopted a defiant stance following the US decision to halt a shipment of bombs and warned against Israel’s potential invasion of the southern Gaza city of Rafah.

In a bold statement, Netanyahu declared, “If we have to stand alone, we will stand alone,” emphasizing Israel’s resolve to pursue its objectives despite opposition.

The Prime Minister’s comments, delivered via social media and a subsequent interview with American talk show host Dr. Phil, underscore Israel’s determination to address security threats posed by the Gaza Strip, particularly by Hamas militants operating in Rafah.

Netanyahu reiterated the necessity of military action in Rafah to eliminate the remaining Hamas battalions, condemned Hamas’s history of violence and reiterated Israel’s commitment to achieving victory and ensuring the safety of its citizens.

The US administration, led by President Joe Biden, expressed concerns over the potential humanitarian impact of an Israeli invasion of Rafah, prompting the decision to withhold additional offensive weapons shipments to Israel.

Biden’s statement echoed broader international apprehensions about the escalation of violence and civilian casualties in the conflict-stricken region.

However, Netanyahu remained resolute in Israel’s approach, asserting the country’s right to defend itself against security threats. He emphasized Israel’s efforts to minimize civilian casualties and facilitate the evacuation of civilians from Rafah before any military action.

Despite the US’s decision to pause the bomb shipment, Netanyahu affirmed Israel’s commitment to its longstanding alliance with the US. He acknowledged past disagreements between the two nations but expressed optimism about resolving current tensions through dialogue and cooperation.

In response, White House officials reiterated the US’s support for Israel’s security while urging restraint and emphasizing the need to avoid actions that could exacerbate the humanitarian crisis in Gaza.

The administration clarified that the decision to halt the bomb shipment was aimed at preventing potential civilian casualties in Rafah.

The confrontation between Israel and the US underscores the complexity of navigating regional conflicts and balancing strategic interests. As tensions persist, both nations face the challenge of reconciling their respective security imperatives with broader humanitarian concerns, seeking to avert further escalation while addressing the root causes of the conflict in the Middle East.

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EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

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The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

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Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

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Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

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