Monthly Archives: January 2016

Doctors Without Borders (Medicins Sans Frontieres, MSF) said Europe’s response to the refugee crisis was “a catastrophic failure.” The opening and closing of its borders “in a dangerously capricious manner” had created stress in the passage of many people.

MSF said asylum seekers did not have legal avenues in entering Europe as human smugglers continued to have huge influence despite the continent’s open borders.

The MSF intervened in 2015 as the NGO began their search and rescue operations for lost refugees in the Mediterranean. It has helped bring back 16,113 using three boats.

According to MSF Emergency Coordinator Will Turner “As long as conflicts lead to mass displacements, which in turn overwhelm neighboring countries, people in need of safe haven will reach out to Europe.”

Many European countries had increased controls on refugees coming from Syria, Sudan and Libya. Austria, Sweden and Denmark had introduced border controls, which directly violate the Schengen agreement.

The MSF advised Europe to improve its procedures for receiving refugees, which has become cumbersome and are driving away most refugees seeking refuge.

Millions of Syrians are displaced following the continuing Syrian Civil War. Meanwhile, escalating conflicts in Africa, Sudan and Libya had increased the number of refugees seeking asylum in Europe.

After its Monday sell-off, the Chinese Stock Market continued to tumble on Tuesday. The Shanghai Composite had fallen by 3.11 per cent. However, it retraced back about 0.8 per cent. The Shenzhen Composite opened down by 4.5 per cent. Hong Kong’s Hang Seng Index was down by 0.32 per cent at 21,264.

China had used its new “circuit breakers” linked to the CSI300 index. This would mean a 5 per cent reduction in the CSI300 index would halt trade for 15 minutes. When the index drops by 7 per cent, the market will close for the day.

On Monday, the trade had dipped the CSI300 down by 7 per cent, which suspended the trade for the day. Deutsche Bank estimates that 42 per cent of the 7 per cent loss were mostly financials, property and industrial names.

Circuit breakers are common in both US and China. In the United States, a dip between 7 and 13 per cent against the S&P 500 index halts trading for 15 minutes. If it reaches a 20 per cent mark, it would completely halt trading.

New concerns of a global economic slowdown and increasing tensions in the Middle East reflected on US and European equity markets.