Briefly

UNITED STATES

Moody's downgrades ratings of 10 banks

Moody's cut credit ratings of several small to mid-sized United States banks on Monday and said it may downgrade some of the country's biggest lenders, warning the sector's credit strength will likely be tested by funding risks and weaker profitability. Moody's cut the ratings of 10 banks by one notch and placed six banking giants on review for potential downgrades. "This comes as a mild US recession is on the horizon for early 2024 and asset quality looks set to decline, with particular risks in some banks' commercial real estate portfolios," Moody's said.

Over 3,000 troops arrive in Middle East

More than 3,000 United States sailors and marines have entered the Red Sea in the Middle East aboard two warships, the US Navy said on Monday, weeks after the Department of Defense deployed additional military assets to the Strait of Hormuz in response to what Washington claimed were threats posed by Iran. Multiple US media outlets have reported the US is considering what would be an unprecedented action of putting troops on commercial ships traveling through the Strait of Hormuz to deter alleged Iranian seizures. The potential action risks further escalating the tense situation in the region. The Pentagon refused to confirm the veracity of those reports.

AUSTRALIA

Police charge 19 men with child sex abuse

Police have charged 19 men in Australia with child sex abuse offenses and rescued 13 children from further harm following tips from the United States Federal Bureau of Investigation of an international online criminal network, officials said on Tuesday. "We will allege that these men were members of a technologically sophisticated online child abuse network that was operating across the country," Australian Federal Police Commander Helen Schneider said. The 19 had been charged with a total of 138 offenses related to peer-to-peer sharing of video and images on the dark web.

SOUTH KOREA

Scouts evacuated ahead of typhoon

South Korea evacuated the majority of teenage scouts from their campsite on Tuesday ahead of an approaching typhoon, the latest disruption to the World Scout Jamboree that has been marred by illness and criticism of its organization and facilities. More than 1,000 buses were being deployed to move the scouts out of the southwest, a region that Typhoon Khanun is expected to hit as early as Wednesday. There were about 36,000 participants at the campsite, near Buan city, and more than two-thirds have already left, Interior Minister Lee Sang-min told reporters.

Agencies - Xinhua