South Koreans watch a television showing a missile launch by North Korea at the Seoul Railway Station.
South Koreans watch a television showing a missile launch by North Korea at the Seoul Railway Station.

North Korea launches 7 missiles



SEOUL, SOUTH KOREA // North Korea fired seven ballistic missiles off its eastern coast today, South Korea said, a violation of UN resolutions and an apparent message of defiance to the United States on its Independence Day. The launches, which came two days after North Korea fired four short-range cruise missiles, will likely further escalate tensions in the region as the US tries to muster support for tough enforcement of the UN resolution imposed on the communist regime for its May nuclear test. South Korea's Joint Chiefs of Staff said three missiles were fired early today, a fourth around noon and two more in the afternoon. The Defense Ministry said that the missiles were ballistic and are believed to have flown more than 400 kilometres. "Our military is fully ready to counter any North Korean threats and provocations based on strong South Korea-US combined defence posture," the Joint Chiefs of Staff said in a statement. South Korea's Yonhap news agency quoted military officials as saying the missiles appeared to be a type of Scud missile. North Korea's Scuds are considered short-range, the South's military said. North Korea is not allowed to fire Scuds, medium-range missiles or long-range missiles under a resolution that bans any launch using ballistic missile technology. Thursday's launches, on the other hand, did not violate the resolution as they were cruise missiles rather than ballistic, according to South Korea's foreign ministry. Ballistic missiles are guided during their ascent out of the atmosphere but fall freely when they descend. Cruise missiles are fired straight at a target. The North has a record of timing missile tests for the US national day, which fell on today. "The missiles were seen as part of military exercises, but North Korea also appeared to have sent a message to the US through the missile launches," a senior official in South Korea's presidential said, without elaborating. The official said that North Korea could fire more missiles in coming days, but said there was little possibility it could fire an intercontinental ballistic missile, as it threatened in April. He spoke on condition of anonymity because he was not authorised to speak to media. North Korea's state news agency carried no reports on the launches. But the North had warned ships to stay away from its east coast through July 10 for military exercises - an indication it was planning launches. The chief of US Naval operations, Adm Gary Roughead, said today the American military was ready for any North Korean missile tests. "Our ships and forces here are prepared for the tracking of the missiles and observing the activities that are going on," Roughead said after meeting Japanese military officials in Tokyo before the news of the launches. South Korea and Japan, which are within easy range of North Korean missiles, condemned the launches as a "provocative" act that violates the UN resolution. South Korea "expressed deep regret over the North's continuous behaviour that escalates tensions in North-east Asia by repeatedly defying" the resolution, the Foreign Ministry said in a statement. In Tokyo, Chief Cabinet Secretary Takeo Kawamura said in a statement that the launch of missiles "is a serious act of provocation against the security of neighbouring countries, including Japan, and is against the resolution of the U.N Security Council." In Beijing, a Foreign Ministry spokesman said he had no immediate comment. China is the North's closest ally. During the US Independence Day holiday in 2006, Pyongyang fired a barrage of missiles, including a long-range Taepodong-2 that broke apart and fell into the ocean less than a minute after lift-off. Those launches also came amid tensions with the US over North Korea's nuclear programme. A long-range missile launch by North Korea toward the United States would further flout the UN sanctions resolution punishing Pyongyang for its May 25 nuclear test. The US last month said it had positioned more missile defences around Hawaii as a precaution. But spy satellites have apparently not detected any of the preparations that would normally precede such a launch. The North wants to show Washington that it is not yielding to pressure, and the regime is likely to save a long-range launch for later, Kim Yong-hyun, a professor at Seoul's Dongguk University and an expert on the country, said yesterday. * AP

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US households add $601bn of debt in 2019

American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.

Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.

Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.

In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.

The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.

"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.

Quick facts on cancer
  • Cancer is the second-leading cause of death worldwide, after cardiovascular diseases 
  •  About one in five men and one in six women will develop cancer in their lifetime 
  • By 2040, global cancer cases are on track to reach 30 million 
  • 70 per cent of cancer deaths occur in low and middle-income countries 
  • This rate is expected to increase to 75 per cent by 2030 
  • At least one third of common cancers are preventable 
  • Genetic mutations play a role in 5 per cent to 10 per cent of cancers 
  • Up to 3.7 million lives could be saved annually by implementing the right health
    strategies 
  • The total annual economic cost of cancer is $1.16 trillion

   

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