RED ON ON THE NEWS ... May 24, 2023

Pace of capitalist crises increases as banks collapse
New York Times, 5/5–A cluster of regional banks scrambled on Thursday to convince the public of their financial soundness, even as their stock prices plunged and investors took bets on which might be the next to fall. The tumult brought questions about the future of the lenders to the fore, suggesting a new phase in the crisis that began two months ago with the collapse of Silicon Valley Bank and Signature Bank, and was punctuated on Monday by the seizure and sale of First Republic Bank…The trading was a reminder that the crisis may yet continue, belying predictions that the situation would be calmer after JPMorgan Chase came to an agreement with government officials to acquire the ailing First Republic. Regulators agreed to assume billions of dollars of potential losses lurking on First Republic’s books, and JPMorgan’s chief executive, Jamie Dimon, declared immediately after the acquisition that “this part of the crisis is over.”

India’s bosses use old recipe of tribal violence to control workers
Al Jazeera, 5/7–At least 54 people have reportedly been killed and some 23,000 people displaced, most of them sheltering in army camps, in ethnic violence in India’s northeastern state of Manipur, according to military officials. On Sunday, the army said it had “significantly enhanced” its surveillance in violence-affected areas, including the Imphal Valley, through aerial means such as drones and the deployment of military helicopters.

The unrest in Manipur state erupted on Wednesday after a protest march organized by the Kuki tribal group sparked clashes with the Meitei non-tribal group, resulting in widespread damage to vehicles and properties. Authorities on Thursday issued “shoot-at-sight” orders and called military reinforcement to quell the violence that opened a new faultline in the state with a checkered history of ethnic violence. Internet connection was cut off after violence broke out on Wednesday and a curfew was imposed in nine out of the 16 districts.

The Meiteis…Hindu community, which is based in the state’s capital city of Imphal, forms more than 50 percent of the state’s population of 3.5 million, as per India’s last census in 2011. The Naga and Kuki tribes…two mostly Christian tribes form around 40 percent of the state’s population, and enjoy “Scheduled Tribe” status, which gives them land-owning rights in the hills and forests.

U.S. control of Guyana expands as oil profits flow
Reuters, 4/27–Exxon Mobil Corp and its partners have approved a $12.7 billion investment for their fifth and most expensive offshore oil project in Guyana, the U.S. firm said in a statement. The project called Uaru will produce up to 250,000 barrels of oil and gas per day…The decision coincides with Exxon considering whether to expand its holdings in Guyana through an auction of oil blocks set for July. Exxon and partners Hess Corp and CNOOC Ltd control all production in the South American nation, which according to consultancy Rystad Energy is set to leapfrog the United States next decade as one of the world’s largest offshore producers. “Our Guyana investments and unrivaled development success continue to contribute to secure, reliable global energy supplies,” said Liam Mallon, president of Exxon’s oil and gas producing business.

Cuban rulers rule out May Day march - again
BBC, 4/30–Every year hundreds of thousands of people are bussed in from across the island to fill Havana’s Revolution Square on International Workers’ Day. It is the first time since the 1959 revolution that the celebrations have been cancelled for economic reasons. In recent weeks long queues have formed at petrol stations, with drivers often waiting for days. Cuban authorities have traditionally mobilised huge resources to ensure the success of the May Day parade, transporting workers en masse to Havana. Before this year, the event had only ever been cancelled in 2020 and 2021, because of the Covid pandemic.