Category: Life

LIMA, Peru – Alberto Fujimori, whose decade-long presidency began with the triumph of stabilizing Peru’s economy and quelling a violent insurgency but ended in disgrace due to autocratic excesses that led to his imprisonment, has died at the age of 86.

Fujimori was pardoned in December for his convictions related to corruption and his responsibility for the murders of 25 people. In July, his daughter announced that he was contemplating a fourth presidential run in 2026.

A former university president and mathematics professor, Fujimori rose from obscurity to defeat writer Mario Vargas Llosa in Peru’s 1990 elections. He inherited a country beset by rampant inflation and guerrilla violence, and he revitalized the economy through bold measures such as mass privatizations of state-owned industries. His decisive actions against the Shining Path rebels garnered him widespread support.
Alberto Fujimori, who served as Peru’s president from 1990 to 2000, was sentenced in 2009 to 25 years in prison for orchestrating the killings of 25 Peruvians during the government’s battle against the Shining Path communist insurgents. These charges initiated prolonged legal battles.

Despite being incarcerated in a prison on the outskirts of Lima, Peru’s capital, Fujimori has continued to pursue political ambitions. In July, his daughter Keiko announced his intention to run for the presidency in 2026. Fujimori has yet to clarify how he plans to circumvent a Peruvian law that prohibits individuals convicted of corruption from running for the positions of president or vice-president.

The popularity of online banks has surged since the internet became commercialized in the late 1990s and early 2000s. University researchers have found that online banks have increased their deposits by a factor of 30 since 2001, growing at three times the rate of traditional banks during the same period.

Why is this happening? Customers are attracted to the higher interest rates and lower fees that online banks typically offer on deposit accounts.

It’s clear that banking customers favor higher rates and lower fees. But what enables online banks to consistently provide the most competitive savings options? Let’s delve into the details.

How do online banks afford to pay higher deposit rates?
While each bank operates differently, the ability of online banks to offer higher deposit rates generally stems from a combination of lower costs and heightened competition.

Reduced overhead
Online banks generally incur lower overhead costs compared to traditional banks, primarily because they do not operate physical branches. This eliminates expenses associated with leasing buildings, utilities, maintenance, and other operational costs tied to maintaining physical locations. Essentially, the absence of a vast network of branches significantly reduces their overall expenditures.

However, online banks do not retain all the savings from these reduced overhead costs. They frequently pass on these savings to consumers, which often results in higher deposit rates and lower fees.

Attracting Deposits
A key revenue stream for banks is lending out customer deposits to individuals and businesses. Therefore, it is crucial for banks to incentivize customers to keep their money in their accounts. Online banks, which are often newer and lack the brand loyalty of established traditional banks, might offer higher interest rates to attract and retain customers.

Competition
The banking industry is highly competitive, a scenario intensified by the advent of online banks. Customers are no longer limited to local banks; they can now open an account with any online bank from anywhere in just a few minutes.

With numerous online banks competing for the same pool of customers, there is a relentless pursuit to offer the best rates. Theoretically, the bank that offers the highest interest rates can attract more customers away from its rivals.

Examining the top online bank interest rates
According to the FDIC, the national average savings account rate is merely 0.46%. However, many online banks offer interest rates exceeding 5% APY.

Nonetheless, the interest rates for online savings accounts seldom surpass the federal funds rate, which is the rate banks charge each other for overnight loans. As of August 22, the Federal Reserve’s target range is between 5.25% and 5.50%.
Even online banks aiming to offer high deposit rates seldom surpass the upper limit of the current range. Those that do often come with stipulations. For example, Poppy Bank offers an APY of 5.50%, but requires a minimum balance of $1,000. MyBankingDirect provides a 5.35% APY with a minimum deposit of $500 to open an account. Similarly, Flagstar offers a 5.35% APY, but mandates a minimum balance of $25,000, and this high rate is only guaranteed for five months.

Top Online Bank Savings Rates

As previously mentioned, online banks offer attractive rates to draw in deposits and maintain a competitive edge. However, the competitive landscape means that these rates can frequently change. Currently, these are the best available online savings rates:

Best Online Bank CD Rates

If you want to avoid the unpredictability of variable savings account rates, which can fluctuate frequently, you might consider a certificate of deposit (CD). These accounts typically offer fixed interest rates, allowing you to lock in your annual percentage yield (APY) for the entire term.

The downside: You generally cannot make withdrawals from a CD before its maturity date without incurring penalties. However, some consumers might find this a reasonable tradeoff to avoid the risk of declining savings account rates, particularly as interest rate cuts appear increasingly likely this year.

If such cuts occur, deposit rates will likely decrease as well. By securing one of today’s top CD interest rates, you can protect yourself from the potential drop in deposit rates.

Is an online bank the right choice for you?
Online banks provide numerous advantages, such as high interest rates, minimal fees, and low minimum balance requirements. These benefits appeal to consumers looking to maximize their savings, particularly those who predominantly use mobile devices for their banking needs.

Nevertheless, online banks do have certain drawbacks. The absence of physical branches means you cannot have face-to-face interactions for assistance, although many online banks do offer 24/7 customer support through phone, email, or live chat. Alternatively, local community banks or credit unions may offer competitive savings account rates and provide more personalized service.

Additionally, many online banks feature convenient mobile check deposit options. However, depositing cash can be more challenging and may incur fees.
Similarly, although some online banks provide access to extensive ATM networks, this feature is not universal. Banks that lack this benefit may offer reimbursement for third-party ATM fees, up to a certain limit, but you are still required to pay the fee initially.

In summary, online banks come with a mix of advantages and disadvantages. If you determine that the benefits outweigh the drawbacks, they can serve as an excellent place to manage your finances. Nonetheless, you have the option to maintain your traditional bank account while also utilizing an online savings account. This dual approach allows you to enjoy the in-person services of a traditional bank, in addition to the perks offered by online savings accounts.

The French Interior Ministry has rejected approximately 5,000 security accreditation requests for volunteers and workers involved in the Olympics, with around 1,000 of these rejections stemming from suspicions of interference or espionage.

In a statement released on Tuesday, the Ministry disclosed that it had conducted “about a million” administrative investigations into various staff members for the 2024 Paris Games. These checks identified a range of threats, including interference, espionage, criminal records, illegal immigration status, radical Islam, and extremist ideologies from both the ultra-right and ultra-left.

“Projects of interference have been foiled,” the Ministry stated, emphasizing that “Russia is not the only country likely to interfere in France.”

Additionally, a Russian national is under preliminary investigation in Paris, suspected of planning to disrupt the Olympic Games, according to the Paris prosecutor’s office. The statement did not specify other countries suspected of interference.
In addition to conducting staffing checks, the ministry announced that it had also screened nearly 20,000 residents living within the security perimeter around the Seine, the site of the upcoming Opening Ceremony.

The ministry emphasized that this will be the first time the Summer Games’ Opening Ceremony is held outside a stadium, presenting substantial security challenges. Despite these challenges, the ministry conveyed its confidence, stating it is “now ready” following final rehearsals on Tuesday evening.

Speaking on BFM on Wednesday, French Interior Minister Gerald Darmanin remarked, “France knows how to organize what no one else in the world knows how to organize.”

“Once a century, France not only becomes a beacon of fraternity and sport but also showcases that our country is the most beautiful in the world,” Darmanin added.

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A Saurya Airlines aircraft, carrying 19 individuals including crew members, has crashed during take-off at Nepal’s Tribhuvan International Airport (TIA) in Kathmandu, as reported by local media.

Nepali officials confirmed the incident occurred on Wednesday. Preliminary reports from the Kathmandu Post indicate that five bodies have been recovered from the crash site.

According to an airport spokesperson, the plane skidded off the runway while attempting to take off. The aircraft was reportedly en route to Pokhara, although this detail has yet to be officially confirmed.

Emergency responders, including security personnel and firefighters, are actively working to extinguish the flames and rescue survivors.

“Some bodies have been recovered, and several injured individuals have been transported to the hospital,” the spokesperson stated. “The cause of the accident remains unclear at this time.”
Photos captured from a distance revealed a substantial cloud of smoke. Initial reports did not provide any additional details.

Kenya’s President Integrates Opposition into New Cabinet Amid Governance Crisis

NAIROBI, Kenya (AP) — In an effort to address governance issues highlighted by recent deadly protests, Kenya’s President William Ruto on Wednesday appointed four ministers from the main opposition party to his new Cabinet.

Among the new appointees are the minority leader in parliament and the chairman of opposition leader Raila Odinga’s party. This move comes despite a split within the opposition coalition, with some factions distancing themselves from government negotiations.

The decision follows weeks of unrest in East Africa’s economic hub, which have resulted in dozens of deaths, the dismissal of most Cabinet members, and calls for President Ruto’s resignation. The protests were sparked by widespread rejection of a proposed tax increase, as millions of Kenyans struggle to cope with rising living costs.
On Wednesday, the president commended political parties for their “willingness to set aside partisan positions and interests to join a visionary partnership for the radical transformation of Kenya,” describing it as a historic act of patriotism.

Odinga, who had previously called for dialogue to quell the unrest, denied on Tuesday any allegations of being bribed to join Ruto in forming a broad-based government. He reiterated his support for the protesters, stating that dialogue would only occur once the president met the demonstrators’ demands.

In a statement on Tuesday, his party’s secretary general clarified that there were no ongoing negotiations to join the Ruto administration. The statement also warned that any member seeking a ministerial position would be acting against the party’s stance.
The opposition coalition is not at the helm of the protests, which are spearheaded by young activists utilizing social media for mobilization. However, the coalition has expressed support for the demonstrators, asserting that the governance issues being highlighted align with the opposition’s previous proposals to the government during earlier opposition-led protests.

Ruto has pledged to reform his administration, vowing to clamp down on corrupt officials and those flaunting wealth amid the ongoing cost-of-living crisis.

Activist Hanifa Aden declared on X following the Cabinet appointments, “we are the new opposition.”

Since June 18, the protests have resulted in at least 50 fatalities and 413 injuries, according to the Kenya National Commission on Human Rights.