Australia pledged on Tuesday to increase investment in Pacific island nations, offering A$6.3 million ($4.3 million) to support their financial systems. Some Western banks are cutting ties with the region because of risk factors, while China is trying to increase its influence there. Some Western bankers have terminated long-standing banking relationships with small Pacific nations, while others are considering closing operations and restricting access to dollar-denominated bank accounts in those countries. "We know that the Pacific is the fastest-moving region in the world for correspondent banking services," Australian Treasurer Jim Chalmers said in a speech at the Pacific Banking Forum in Brisbane. "What's at stake here is the Pacific's ability to engage with the world," he said, with much of the region at risk of being cut off from the global financial system. Chalmers said Australia would provide A$6.3 million ($4.3 million) to the Pacific to develop secure digital identity infrastructure and strengthen compliance with anti-money laundering and counter-terrorist financing requirements. Experts say Western banks are de-risking to meet financial regulations, making it harder for them to do business in Pacific island nations, where compliance standards sometimes lag, undermining their financial resilience. Australia's ANZ Bank is in talks with governments about how to make its Pacific island businesses more profitable amid concerns about rising Chinese influence as financial services leave the West, Chief Executive Shayne Elliott said Tuesday. ANZ is the largest bank in the Pacific region, with operations in nine countries, though some of those businesses are not financially sustainable, Elliott said in an interview on the sidelines of the forum. "If we were there purely for commercial purposes, we would have closed it a long time ago," he said. Western countries, which have traditionally dominated the Pacific, are increasingly concerned about China's plans to expand its influence in the region after it signed several major defense, trade and financial agreements with the region. Bank of China signed an agreement with Nauru this year to explore opportunities in the country, following Australia's Bendigo Bank saying it would withdraw from the country. Mr. Chalmers said Australia was working with Nauru to ensure that banking services in the country could continue. ANZ Bank exited its retail business in Papua New Guinea in recent years, while Westpac considered selling its operations in Fiji and Papua New Guinea but decided to keep them. The Pacific lost about 80% of its correspondent banking relationships for dollar-denominated services between 2011 and 2022, Australian Assistant Treasurer Stephen Jones told the forum, which was co-hosted by Australia and the United States. “We would be very concerned if there were countries acting in the region whose primary objective was to advance their own national interests rather than the interests of Pacific island countries,” Mr. Jones said on the first day of the forum in Brisbane. He made the comment when asked about Chinese banks filling a vacuum in the Pacific. Meanwhile, Washington is stepping up efforts to support Pacific island countries in limiting Chinese influence. "We recognize the economic and strategic importance of the Pacific region, and we are committed to deepening engagement and cooperation with our allies and partners to enhance financial connectivity, investment and integration," said Brian Nelson, U.S. Treasury Undersecretary for Counterterrorism and Financial Intelligence. The United States is aware of the problem of Western banks de-risking in the Pacific region and is committed to addressing it, Nelson told the forum's participants. He said data showed that the number of correspondent banking relationships in the Pacific region has declined at twice the global average rate over the past decade, and the World Bank and the Asian Development Bank are developing plans to improve correspondent banking relationships. U.S. Treasury Secretary Janet Yellen said in a video address to the forum on Monday (July 8) that the United States is focused on supporting economic resilience in the Pacific region, including by strengthening access to correspondent banks. She said that when President Biden and Australian Prime Minister Anthony Albanese met at the White House last year, they particularly emphasized the importance of increasing economic connectivity, development and opportunities in the Pacific region, and a key to achieving that goal is to ensure that people and businesses in the region have access to the global financial system.

On the evening of July 8, local time, the Israel Defense Forces issued a statement saying that Major General Avi Bluth replaced Yehuda Fox as the commander of the Israeli Central Command. Earlier that day, the Israeli army held a handover ceremony, which was presided over by the Israeli Chief of Staff Halevy. Avi Bluth joined the Israel Defense Forces in 1993 and commanded the Israeli military operations in the West Bank. In May this year, Bruce was promoted to major general and served as a military commander in the Israeli Central Command. CCTV reporters learned that in late April this year, Yehuda Fox, then commander of the Israeli Central Command, requested to resign and retire from the army in August this year. Fox had previously stated that he should bear part of the responsibility for the military intelligence failure on October 7 last year, and "must end his term like everyone else." According to the official website of the Israeli Defense Forces, the Central Command is one of the four major commands of the Israeli army, headquartered in Jerusalem, and its responsibility covers nearly one-third of Israel's territory.

(Kitco News) - Gold and silver prices are sharply lower in midday U.S. trading Monday, on heavy profit-taking from the shorter-term futures traders after recent good price advances. The selling pressure today across most of the raw commodity spectrum is also keeping the precious metals bulls on the sidelines to start the trading week. August gold was last down $37.50 at $2,360.10. September silver was down $0.849 at $30.85. U.S. stock indexes mixed but near their record highs scored last week. The rallying stock market is a bearish element for the gold and silver markets, from a competing asset class perspective. The key U.S. data points of the week include Fed Chairman Powell’s speeches to the U.S. Congress on Tuesday and Wednesday, and the consumer and producer price indexes on Thursday and Friday, respectively. The key outside markets today see the U.S. dollar index slightly higher. Nymex crude oil prices are lower and trading around $82.25 a barrel. The benchmark 10-year U.S. Treasury note yield is presently 4.288%. Technically, August gold bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at the June high of $2,406.70. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,300.00. First resistance is seen at $2,382.60 and then at $2,400070. First support is seen at $2,350.00 and then at last week’s low of $2,327.40. Wyckoff's Market Rating: 6.0. September silver futures bulls have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the May high of $33.05. The next downside price objective for the bears is closing prices below solid support at the June low of $28.90. First resistance is seen at $31.00 and then at $31.50. Next support is seen at Friday’s low of $30.45 and then at $30.00. Wyckoff's Market Rating: 6.5. (Hey! My “Markets Front Burner” weekly email report is my best writing and analysis, I think, because I get to look ahead at the marketplace and do some market price forecasting. Plus, I’ll throw in an educational feature to move you up the ladder of trading/investing success. And it’s free! Email me at jim@jimwyckoff.com and I’ll add your email address to my Front Burner list.)

Editor's Note: This year marks the 10th anniversary of the Belt and Road Initiative (BRI) proposed by Chinese President Xi Jinping. Through the lens of foreign pundits, we take a look at 10 years of the BRI - how it achieves win-win cooperation between China and participating countries of the BRI and how it has given the people of these countries a sense of fulfillment. In an interview with Global Times (GT) reporter Li Aixin, Erik Solheim (Solheim), former under-secretary-general of the United Nations and former executive director of the UN Environment Programme, recalled how the BRI helped shorten a previously long journey in Sri Lanka to a half-hour trip. "We will all be losers in a de-globalized, de-coupled world. The BRI can play a key role in bringing the world together," Solheim said. This is the 18th piece of the series. GT: How do you evaluate the role of the BRI in promoting development in participating countries over the past 10 years? Solheim: The BRI has been a major driver of development since it was announced by President Xi Jinping in Kazakhstan 10 years ago. The China-Laos Railway has connected landlocked Laos to the Chinese and European rail network, making it possible for Laos to sell more goods and welcome more tourists. Rail corridors in Kenya and from Djibouti to Addis Ababa connect the interior of Africa to the coast, bringing opportunities for much faster development in East Africa. The Bandung-Jakarta railway in Indonesia, Hanoi metro, roads and ports in Sri Lanka - there are great examples of good south-south and BRI projects in almost every corner of the world. GT: In your experience of traveling around the world, has any BRI-related story left a deep impression on you? Solheim: Yes, many! I'll just mention two. When I was chief negotiator in the Sri Lanka peace process 15 years ago, it took a long time to travel from the airport to Colombo, the capital of Sri Lanka. When I came back last year, it took half an hour on wonderful Chinese-built highways. Traveling through Mombasa, a coastal city in Kenya, you see a lot of poverty and run down houses. Then all of a sudden, a green, clean, well-run oasis opens up. It's the end station of the Nairobi-Mombasa railway which links the capital Nairobi to the coast. The rail station stands out and is showing the future for Kenya. GT: The EU proposed the Global Gateway, and the US proposed the Build Back Better World. What do you think are the similarities and differences between these projects and the BRI? Solheim: I really wish success for the Western initiatives. What developing nations ask for is a choice of good cooperation with both China and the West. Unfortunately, up to now, a number of the Western-led initiatives have been more like media events. They lack structure, secretariat, finances and clear direction. Nearly all nations in the world want to see close people-to-people relations, investment and political cooperation with both China and the West. No one wants to choose. GT: Some people from the West are talking about "de-coupling" and "de-risking." Both seem to be another way of saying "de-globalization." Do you think "de-coupling" and "de-risking" will affect the BRI? And what role will the BRI play in maintaining globalization? Solheim: Decoupling is probably the most unwise idea in the world today. It's outright dangerous. Facing climate change, environmental degradation, economic troubles, war in Ukraine and other places, and the threat of pandemics, we need more, not less, cooperation. We will all be losers in a de-globalized, de-coupled world. The BRI can play a key role in bringing the world together. Almost all developing countries have made BRI agreements with China. As an example, when President Xi met all the leaders of Central Asia recently in Xi'an, Northwest China's Shaanxi Province, they made a very ambitious declaration on future green cooperation between China and Central Asia. GT: You have previously said that the BRI is a fantastic vehicle to promote green global development, which can boost the economy and ecology at the same time. Could you elaborate on how you think the BRI has achieved development of the economy and ecology? Solheim: In the beginning there were too many fossil fuel projects among BRI programs. In the BRI International Green Development Coalition, we argued this should stop. When President Xi pledged to stop building new coal-fired power projects overseas, it was one of the most important environmental decisions ever. Also, it happened at a time when important BRI nations like Bangladesh, Kenya and Pakistan decided they could grow their economies and go green without coal. The BRI will in the next decade become the world's most important vehicle for green energy and green transport. We will see massive investments in solar and wind power, hydrogen, electric batteries and more. GT: How do you view China's goal of achieving harmony between humanity and nature in modernization? In what way is China's story in pursuing harmony between humanity and nature relevant to other countries? Solheim: China now covers between 60 percent and 80 percent of all major green technologies in the world - solar, wind, hydro, batteries, electric cars and high-speed rail. Companies like Longi, BYD and CATL are the world leaders in their sectors. More remarkably and maybe less noticed abroad, China is also a global leader in protecting nature. It's embarking upon one of the most massive national park programs, with a focus on Qinghai Province and Xizang Autonomous Region. China is by far the biggest tree planter in the world and the global leader in desert control in Kubuqi, Inner Mongolia and other places. China has been hugely successful in the recovery of endangered species like the Giant Panda, Tibetan Antelope and Snow Leopard. A new center for mangrove restoration is being set up in Shenzhen and the fishing ban in the Yangtze will restore that magnificent ecosystem. The Belt and Road is a great opportunity for the world to learn from good Chinese green practices.

The largest collection of stolen passwords ever has been leaked to a notorious crime marketplace, according to cybersecurity researchers at Cybernews. This leak, dubbed RockYou2024 by its original poster “ObamaCare,” holds a file containing nearly 10 billion unique plaintext passwords. Allegedly gathered from a series of data breaches and hacks accumulated over several years, the passwords were posted on July 4th and hailed as the most extensive collection of stolen and leaked credentials ever seen on the forum. “In its essence, the RockYou2024 leak is a compilation of real-world passwords used by individuals all over the world,” the researchers told Cybernews. “Revealing that many passwords for threat actors substantially heightens the risk of credential stuffing attacks.” Credential stuffing attacks are among the most common methods criminals, ransomware affiliates, and state-sponsored hackers use to access services and systems. Threat actors could exploit the RockYou2024 password collection to conduct brute-force attacks against any unprotected system and “gain unauthorized access to various online accounts used by individuals whose passwords are included in the dataset,” the research team said. This could affect online services, cameras and hardware This could affect various targets, from online services to internet-facing cameras and industrial hardware. “Moreover, combined with other leaked databases on hacker forums and marketplaces, which, for example, contain user email addresses and other credentials, RockYou2024 can contribute to a cascade of data breaches, financial frauds, and identity thefts,” the team concluded. However, despite the seriousness of the data leak, it is important to note that RockYou2024 is primarily a compilation of previous password leaks, estimated to contain entries from a total of 4,000 massive databases of stolen credentials, covering at least two decades. This new file notably includes an earlier credentials database known as RockYou2021, which featured 8.4 billion passwords. RockYou2024 added approximately 1.5 billion passwords to the collection, spanning from 2021 through 2024, which, though a massive figure, is only a fraction of the reported 9,948,575,739 passwords in the leak. Thus, users who have changed their passwords since 2021 may not have to panic about a potential breach of their information. That said, the research team at Cybernews stressed the importance of maintaining data security. In response to the leak, they recommend immediately changing the passwords for any accounts associated with the leaked credentials, ensuring each password is strong and unique and not reused across different platforms. Additionally, they advised enabling multi-factor authentication (MFA), which requires an extra form of verification beyond the password, wherever possible, to strengthen cyber security. Lastly, tech users should utilize password manager software, which securely generates and stores complex passwords, mitigating the risk of password reuse across multiple accounts.