Niger coup tests diplomacy, Moody’s downgrades US banks, and more, Gulf News Editors comment on August 8 trending news

NIGER COUP TESTS DIPLOMACY: Amidst the anticipation of an imminent summit, West African nations and global powers are cautiously optimistic about potential mediation with Niger's coup leaders. The Economic Community of West African States (ECOWAS) has organised the summit to address the standoff with Niger's junta, which took control on July 26 and defied an August 6 deadline. Despite ECOWAS sanctions and Western aid suspension, the coup leaders remain steadfast in their refusal to succumb to external pressure for the reinstatement of ousted President Mohamed Bazoum. The international spotlight is fixed on Niger due to its pivotal role in counteracting terrorism and possession of valuable uranium and oil reserves, conferring significant global economic and strategic significance upon the nation. (By Sadiq Shaban, Opinion Editor)

MOODY’S DOWNGRADES US BANKS: Moody’s downgraded credit ratings for 10 smaller US banks, hinting at a possible downgrades for major lenders like US Bancorp, Bank of New York Mellon, State Street, and Truist Financial. The move stems from mounting industry pressures including increased funding cost, regulatory capital concerns and rising risks in commercial real estate due to decline in office space demand. Moody’s noted that these factors have impacted various banks to different extents. Investors are on the edge due to recent regional bank collapses, exacerbated by rising interest rates affecting deposit expenses and funding costs. Additionally, higher rates challenge banks’ assets and commercial real estate refinancing. (By Nivetha Dayanand, Web Editor)

EXPLOITING EMPATHY: They are sometimes found in front of mosque entrances, clinics, hospitals, shops and roadsides begging for money. The “frontliners” of such organised beggar syndicates often involve women and children. Unknown to many, they form part of gangs taking advantage of your sense of sympathy. The Dubai Police has warned the populace not to fall for hoaxes woven by criminal organisations to trick people. The goal of Dubai's anti-begging campaign, with the slogan "Begging is a Wrong Concept of Compassion," is to reduce the number of street sellers and beggars. Anyone in need can seek assistance from organisations that are recognised by the government, charitable foundations, and groups. To achieve the highest levels of safety and security, individuals who prey on people's compassion should be immediately reported to the authorities. When beggars approach you in the UAE, you can assist law enforcement by dialing (91) or by using the "Eye" smart app from Dubai Police. (By Jay Hilotin, Senior Assistant Editor)

AUSTRALIAN SKIPPER SAM KERR FINALLY GETS TO PLAY: Imagine the feeling of being a star of the team and then forced to sit out on the bench due an injury for a showpiece event. Australia captain Sam Kerr was in the same boat at the Women's World Cup for first part of the tournament recovering from a calf injury sustained on the eve of their opener. But finally she had something to cheer after finally getting on to the pitch against Denmark which the Aussies won with a comfortable 2-0 margin. A total of 75,784 fans, crammed into the stadium built for the 2000 Olympics, greeted the world class striker as Kerr entered the pitch as a substitute in the 78th minute. (By Jai Prasad V. Rai, Assistant Editor)

WILLIAM FRIEDKIN, DIRECTOR OF 'THE EXORCIST' DIES: If you're a fan of horror movies, chances are you've watched 'The Exorcist' at least once or have read about its influence on the genre. If you grew up in the '70s, you marvelled at 'The French Connection', a thriller that's often considered among the best movies ever made. The connection between the two? William Friedkin, who directed both the movies, and died on August 7. The film-maker wore many hats in his stellar career. The American film and television director, producer and screenwriter was closely identified with the "New Hollywood" movement of the 1970s. His achievements are big. While 'The French Connection' won a bevy of Academy Awards, 'The Exorcist' earned an Academy Award nomination. So long, William Friedkin, cinephiles around the world will miss you dearly (By Rajagopalan Venkataraman, Assistant Editor-Features)