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Fight for control of Yemen's banks between rebels, government threatens to further wreck economy

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Fight for control of Yemen's banks between rebels, government threatens to further wreck economy

SANAA, Yemen (AP) — Yemen’s Houthi rebels and its internationally recognized government are locked in a fight for control of the country’s banks that experts warn is threatening to further wreck an economy already crippled by nearly a decade of war.

The rivalry over the banks is throwing Yemen’s financial system into deeper turmoil. Already, the Houthis who control the north and center of the country and the government running the south use different currency notes with different exchange rates. They also run rival central banks.

The escalating money divide is eroding the value of Yemen’s currency, the riyal, which had driven up prices for clothing and meat before the Islamic holiday of Eid al-Adha started on Sunday.

For weeks, Yemenis in Houthi-controlled areas have been unable to pull their money out of bank savings accounts, reportedly because the Houthi-run central bank, based in the capital, Sanaa, has stopped providing liquidity to commercial and government banks. Protests have broken out in front of some banks, dispersed by security forces.

Yemen has been torn by civil war ever since the Iranian-backed Houthi rebels took over Sanaa and much of Yemen’s north and center in 2015. The Saudi-backed internationally recognized government and its nominal ally the Southern Transitional Council, a group supported by the United Arab Emirates, govern the south and much of the east, centered in the southern port city of Aden.

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Yemen was already the Arab world’s poorest country before the war began. Punitive actions by each side against the other’s banks over the past week now threaten to undermine merchants’ ability to import food and basic commodities and to disrupt the transfer of remittances from Yemenis abroad, on which many families depend, said Edem Wosornu, director of operations and advocacy for the U.N. humanitarian coordination office known as OCHA.

“All these factors will likely deepen poverty, worsen food insecurity and malnutrition, and increase reliance on humanitarian assistance,” she told a U.N. Security Council briefing on Thursday. The dispute could escalate to the point that banks in Houthi-run areas are barred completely from international financial transactions, which she said would have “catastrophic ramifications.”

The internationally recognized government moved the central bank to Aden in 2016, and since then began issuing new banknotes to replace worn-out riyals. Houthi authorities, which set up their own central bank in Sanaa, banned the use of the new money in areas under their control.

In March, the Houthi-controlled central bank announced it was rolling out its own new 100-riyal coins. The international community and Yemen’s recognized government denounced the move, saying the Houthis were trying to set up their own financial system and warning it will deepen Yemen’s economic divide.

Adding to the confusion, the bills have different exchange rates — riyals issued in Sanaa go for about 530 to the dollar, while those from Aden are around 1,800 to the dollar.

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In response, the Aden-based central bank gave banks 60 days to relocate their headquarters to the southern city and stop operating under Houthi policies, or else risk facing sanctions related to money laundering and anti-terrorism laws.

The central bank was “forced to make these decisions, especially after the Houthi group issued their own currency and took unilateral steps towards complete independence from the internationally recognized Central Bank in Aden,” said Mustafa Nasr, an economic expert and head of the Studies and Economic Media Center SEMC.

No banks met the deadline — either because they needed more time or because they feared Houthi sanctions if they moved, Nasr said.

When the deadline ran out last week, the central bank in Aden banned dealing with six banks headquartered in Sanaa, meaning currency exchange offices, money transfer agencies and banks in the south could no longer work with them.

In retaliation, the Houthi-run central bank in Sanaa banned all dealings with 13 banks headquartered in Aden. That means people in Houthi-controlled areas can’t deposit or withdraw funds through those banks or receive wire transfers made through them.

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Even as the fight for control is going on, both sides are facing a cash crunch. The Houthi government has few sources of foreign currency and its new coins aren’t recognized outside its territory.

In January, the United States designated the Houthis as a global terror group in response to the rebels’ attacks on shipping in the Red Sea and Arabian Sea. The Houthis say the attacks are in retaliation for the Israel-Hamas war in the Gaza Strip. Because of the U.S. decision, banks around the world might be concerned and reluctant to continue any financial dealings with banks that have headquarters under Houthi control, said Youssef Saeed, a University of Aden economic professor.

The economy in Aden isn’t significantly better. The government’s revenues have been hit hard ever since Houthi attacks on oil ports in late 2022 forced a halt in oil exports, the main earner of foreign currency.

Since March, depositors in Houthi-run areas have been unable to pull money out of their accounts. The central bank in Sanaa hasn’t announced any formal restrictions, but several economists told The Associated Press that it has informally stopped releasing funds that individual banks have put in its coffers — in part because of a lack of liquidity.

At one bank that saw protests by depositors last month, the International Bank of Yemen, a note hung in the lobby said, “In coordination with the Central Bank, withdrawals from old accounts have been suspended until further notice.”

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Um Ahmed, a 65-year-old woman who was among those protesting outside the bank, said that she was trying to withdraw money to help her son buy a motor scooter for work, but the bank refused.

“I served this country as a teacher for 35 years and saved every penny and deposited my money at the bank, but they took it all,” she said. “This money belongs to my husband and me and our children.”

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Fatma Khaled reported from Cairo.

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Zelenskyy lambastes Putin over Christmas strikes: 'What could be more inhumane?'

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Zelenskyy lambastes Putin over Christmas strikes: 'What could be more inhumane?'

Ukrainian President Volodymyr Zelenskyy excoriated Russian President Vladimir Putin on Wednesday for launching attacks against energy infrastructure on Christmas Day.

Zelenskyy suggested the attacks were “inhumane,” but said they would not ruin Christmas.

“Today, Putin deliberately chose Christmas for an attack. What could be more inhumane? Over 70 missiles, including ballistic ones, and more than a hundred attack drones. The targets are our energy infrastructure. They continue to fight for a blackout in Ukraine,” he declared in a post on X.

The Russian Defence Ministry acknowledged a “massive strike” on its part, saying it hit energy facilities that supported Ukraine’s “military-industrial complex,” Reuters reported.

“The aim of the strike was achieved. All facilities have been hit,” the ministry said.

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RUSSIA BATTERS UKRAINE POWER GRID AMID RISING CONCERN PUTIN COULD ORDER BALLISTIC MISSILE ATTACK THIS WEEKEND

Ukrainian President Volodymyr Zelenskyy talks with the media during the European Council Meeting in Brussels on Thursday. (Pier Marco Tacca/Getty Images)

Strikes against Ukrainian fuel and energy sources involved 78 air, ground and sea-launched missiles, in addition to 106 Shaheds and other kinds of drones, Ukraine’s air force claimed, according to The Associated Press.

“Unfortunately, there have been hits. As of now, there are power outages in several regions. Power engineers are working to restore power supply as soon as possible,” Zelenskyy noted. 

Still, the Ukrainian leader declared that “Russian evil will not break Ukraine and will not spoil Christmas.”

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US CITIZEN IMPRISONED IN RUSSIA GIVEN NEW 15-YEAR SENTENCE IN WAKE OF ESPIONAGE CONVICTION

Russian President Vladimir Putin

Russian President Vladimir Putin holds his annual end-of-year press conference in Moscow on Thursday. (Alexander Nemenov/AFP via Getty Images)

The U.S. has provided billions of dollars’ worth of aid to help Ukraine fight the Russian onslaught that erupted in 2022, but Americans and their congressional representatives have been divided regarding whether the U.S. should continue supplying aid to Ukraine.

President-elect Trump, who will take office on Jan. 20, has called for a cease-fire and negotiations.

TRUMP MEETS WITH MACRON, ZELENSKYY AHEAD OF NOTRE DAME REOPENING CEREMONY IN PARIS

President-elect Trump

President-elect Trump looks on during Turning Point USA’s AmericaFest at the Phoenix Convention Center in Phoenix on Sunday.  (Rebecca Noble/Getty Images)

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In a post on Truth Social this month, Trump declared that “Zelenskyy and Ukraine would like to make a deal and stop the madness. They have ridiculously lost 400,000 soldiers, and many more civilians. There should be an immediate ceasefire and negotiations should begin.”

The Associated Press and Reuters contributed to this report.

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Five journalists killed in Israeli strike near Gaza hospital

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Five journalists killed in Israeli strike near Gaza hospital

Journalists from Al-Quds Today were covering events at al-Awda Hospital when their vehicle was struck.

Five journalists have been killed in an Israeli strike in the vicinity of a hospital in central Gaza, according to Palestinian authorities and media reports.

The journalists from the Al-Quds Today channel were covering events near al-Awda Hospital, located in the Nuseirat refugee camp, when their broadcasting van was hit by an Israeli air strike, Al Jazeera’s Anas al-Sharif reported early on Thursday morning.

Footage from the scene circulating on social media shows a vehicle engulfed in flames.

A screenshot taken from a video of the white-coloured van shows the word “press” in large red lettering across the back of the vehicle.

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The deceased journalists have been named as Fadi Hassouna, Ibrahim al-Sheikh Ali, Mohammed al-Ladah, Faisal Abu al-Qumsan and Ayman al-Jadi.

Al Jazeera’s Anas al-Sharif said that Ayman al-Jadi had been waiting for his wife in front of the hospital while she was in labour to give birth to their first child.

Civil defence teams retrieved the bodies of the victims and extinguished a fire at the scene, the Quds News Network said.

There was no immediate comment from Israeli authorities.

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The Committee to Protect Journalists (CPJ) earlier this month condemned Israel’s killing of four Palestinian journalists in the space of a week, calling on the international community to hold the country accountable for its attacks against the media.

At least 141 journalists have been killed in Israel’s war in Gaza since October 7, 2023, according to the CPJ.

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Consejos para disfrutar de las celebraciones de fin de año, sin estrés

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Consejos para disfrutar de las celebraciones de fin de año, sin estrés

NUEVA YORK (AP) — Todos conocemos los factores de estrés: obligaciones sociales, rencillas familiares, divisiones políticas, estrés financiero y el deseo de mantenerse alegre y generoso todo el tiempo.

Así que aquí va un recordatorio sobre cómo desterrar a tu perfeccionista interior y disfrutar verdaderamente de la temporada festiva:

“Realmente ayuda dejar de lado algunos de los ‘deberías’”, dice Lynn F. Bufka, jefa de práctica de la Asociación Estadounidense de Psicología. “Decide cuál es la cosa que más importa, y las cosas que te brindan más alegría, y suelta las demás”.

Las tradiciones pueden cambiar y evolucionar, y cuanto más flexibles sean las cosas, más fácil será para todos, dice Bufka.

“Concentra tu energía en crear un espacio cálido para que las personas que amas se reúnan y relajen, se pongan al día y celebren unos a otros. Eso es literalmente todo lo que importa”, concuerda Lauren Iannotti, editora en jefe de Real Simple.

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Algunos consejos:

Concéntrate en lo que te hace feliz

Podrías decidir que la conversación es tu objetivo principal y no preocuparte en absoluto por la decoración, dice Bufka. O si la decoración de la mesa es lo que amas, invierte tu energía allí y no te preocupes tanto por otros aspectos.

“Idealmente, debería tratarse de enfocarse en el amor, y eso no significa lo mismo para todos”, dice Bufka.

Permite que otros hagan las cosas por ti.

“La gente quiere ayudar, ¡déjalos!”, dice Iannotti. “Si no te ENCANTA cocinar todas esas guarniciones, o tienes poco tiempo, no hay ninguna vergüenza en aceptar que tu hermana haga el relleno. O busca ayuda de los profesionales: apoya a un restaurante local haciendo un pedido de catering”.

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Otra opción es que “cada uno traiga un plato distintivo”, dice Ianotti. “Ahorrarás tiempo y dinero en la preparación y la cocina y tus invitados podrán mostrar sus habilidades”.

Darte permiso para tomar atajos

“Está bien si la casa está un poco desordenada o si la cena se sirve unos minutos tarde”, dice Iannotti. “Si las personas que has invitado están más interesadas en evaluar tu desempeño que en pasar un buen rato, pueden discutirlo con su terapeuta”. (Por cierto, no lo están, añade ella).

Y no dudes en dejar que la gente se sirva por sí misma, cuando sea posible. “Si no tienes tiempo para jugar a ser el barman, crea una bebida insignia con anticipación que puedas servir a todos tus invitados. También puedes simplemente dejar algunos mezcladores para que los invitados se sirvan y hagan sus propias creaciones”, sugiere Caroline Utz, directora editorial y de estrategia en The Spruce.

Está bien tener tiempo a solas

Las cosas funcionarán lo suficientemente bien si no lo supervisas todo, así que cuídate. Tómate pausas o caminatas si eso te ayuda a mantenerte centrado.

“Aunque el mindfulness se está convirtiendo en un término demasiado utilizado en la sociedad actual, hay algo valioso que podemos tomar de esto y aplicar a la temporada de fin de año”, dice Brook Choulet, psiquiatra deportiva y de rendimiento de concierge y fundadora de Choulet Performance Psychiatry.

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Ella recomienda “programar microdescansos intencionales” para hacer algo que disfrutes.

“Por ejemplo, podrías programar una llamada telefónica con un amigo de otro estado, tomar un paseo de 15 minutos al aire libre, o incluso ajustar el temporizador y tomar un baño de 15 minutos sin interrupciones”, dijo.

Espera algo de discordia y no te alarmes por ello

“Si te preocupa la polarización y entrar en conversaciones incómodas, intenta pensar en maneras en que puedas terminar una conversación o cambiarla de dirección”, dice Bufka.

Ella recomienda preparar algunas frases de antemano para ayudar a terminar la conversación o cambiarla de dirección.

En resumen, tener la intención de una temporada festiva menos perfecta puede ser justo lo que necesitas.

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Katherine Roth cubre temas de vida y estilo y otros temas para The Associated Press desde Nueva York.

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Esta historia fue traducida del inglés por un editor de AP con la ayuda de una herramienta de inteligencia artificial generativa.

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