August 15, 2024

Good morning, everyone!

Today, we will look at economic indicators in Africa, the plight of children in the Americas, and other news spanning the globe.

Let’s get to it.

Africa

-South Africa’s unemployment rate ticked up to 33.5% in the third quarter, a near record high. President Cyril Ramaphosa has said addressing the jobless rate, one of the highest in the world, is one of the top priorities of the new coalition government that was seated in June.

-The Bank of Zambia on Wednesday held its benchmark interest rate steady as inflation has remained high and a severe drought has rocked the country’s southern region.

The bank expects inflation to average 15.3% this year, up from the 13.7% projected in May.

-Nigeria will release July inflation data today.

Other Links:

Tens of thousands in Sudan risk death if world does not step up response, says IOM – Reuters

Sudan’s SPLM-N rebel group declares famine in its territory – Reuters

Second round of Somalia-Ethiopia talks in Turkey ends with no deal but progress made – Reuters

UN:Floods in Central and West Africa affect over 700,000 people – AP

Ghana opens new gold refinery with 20% government stake – Reuters

South Africa Infrastructure Spend Plans Soar as Energy Woes Ease – Bloomberg

South Africa has a population of about 60 million.

Americas and the Caribbean

-Argentine President Javier Milei will travel to Mexico City later this month to attend the Conservative Political Action Conference (CPAC).

Mexican President Andrés Manuel López Obrador, known as AMLO, said he would not meet with Milei on the visit as the two leaders have sparred about ideological differences and personal jabs.

Saying Milei had not requested a meeting, López Obrador added, “I don’t agree with his way of thinking and personality” in his daily press conference on Tuesday.

Milei, a self-described anarcho-capitalist, has feuded with many of the region’s leftist leaders since assuming office last year.

-According to a United Nations Children’s Fund study, one million children go to bed hungry in Argentina, as child poverty in the country reached 70% this year.

Around 30% of children are experiencing “extreme poverty.”

-Brazilian President Luiz Inácio Lula da Silva is expected to name his choice to lead the central bank in the coming weeks, according to the finance ministry.

-At least five children have been killed or injured a week in Haiti since the start of the year, according to Save the Children. The news comes as a Kenya-led multinational force has reportedly struggled to quell the criminal gangs that have wreaked havoc on the Caribbean country.

In total, 131 children were reported dead or injured in the first six months of 2024.

Other Links:

Venezuela’s Machado says Maduro relying on military to stay in power – Reuters

UN slams Venezuela repression and lack of transparency – BBC

Brazil’s central bank had no reason to intervene in FX amid ‘accelerated weakening’ – Reuters

Mexican prosecutors consider treason charges after US jails drug lord ‘El Mayo’ Zambada – AP

ICC prosecutors are monitoring Venezuela, where security forces are cracking down on dissent – AP

Asia/Indo-Pacific

-Singapore’s economy expanded at a 2.9% clip in the three months ending in June, according to government data released on Tuesday.

Additionally, the country’s trade ministry revised this year’s growth projection to a range of 2.0% to 3.0%, up from 1.0% to 3.0% previously.

Last year, the city-state’s economy grew 1.1%, down from the 3.8% recorded in 2022.

-Indian Prime Minister Narendra Modi will deliver remarks today to commemorate the country’s independence from Britain in 1947.

-Japanese Emperor Naruhito and Prime Minister Fumio Kishida will deliver remarks to mark the 79th anniversary of Japan’s surrender in the Second World War at Nippon Budokan.

Other Links:

Thai court dismisses PM Srettha for violating constitution – BBC

Myanmar denies military chief detained by generals, hits out at ‘traitors’ – SCMP

China urges US, UK and Australia not to advance nuclear submarine cooperation – Reuters

Yoon vows to honor descendants of independence fighters – Korea Times

Hong Kong court dismisses bid by media tycoon Jimmy Lai to overturn conviction – Reuters

The Republic of Singapore is a city-state that sits off the southern tip of the Malay Peninsula in maritime Southeast Asia.

Europe

-Russia’s economy is expected to grow by more than 3% this year despite Western economic and diplomatic isolation following Moscow’s invasion of Ukraine in February 2022.

The economy has been sustained by heavy government spending on the military and social programs, steady oil and gas exports to China and India, and measures implemented to insulate Russians from the pinch of high interest rates.

The projected growth rate outpaces 95% of the world’s rich countries.

-Poland on Tuesday inked a $10 billion deal with the United States to buy 96 AH-64E Apache attack helicopters as the Eastern European country seeks to bolster its defenses against neighboring Russia.

The helicopters will replace Warsaw’s post-Soviet Mi-24 aircraft.

-The United Kingdom will release quarter two economic growth data today.

Other Links:

Germany Issues Arrest Warrant for Ukrainian Over Nord Stream Explosion – NYT

Advance into Russia continues, says Ukraine – BBC

Ukraine says it has taken more ground and prisoners during its advance into Russia border region – AP

Poland sets sights on EU budget commissioner role – Reuters

Spanish charity assists 54 migrants in central Mediterranean – Reuters

German investor moral tumbles in August – Reuters

Middle East

-Turkey and Iraq are set to hold senior-level talks in Ankara today, according to a Turkish official. The meeting will focus on security cooperation as Baghdad has protested Ankara’s multiyear cross-border operations against the outlawed Kurdistan Workers Party (PKK).

-Saudi Crown Prince Mohammed Bin Salman chaired a meeting of the royal cabinet on Tuesday following a decree issued by King Salman last week that allows the body to convene in the absence of both leaders.

-Hamas is expected to skip ceasefire talks with Israel today as the two sides have accused each other of sabotaging the negotiations.

Other Links:

US envoy visits Lebanon and warns that regional tensions could easily slip ‘out of control’ – AP

United States asking Turkey to prevail on Iran to de-escalate tensions, envoy says – Reuters

In Gaza, Israel’s Military Has Reached the End of the Line, US Officials Say – NYT

Eight US troops injured in Syria drone attack last week, Pentagon says – Reuters

Berlin condemns Israeli ministers’ visit to holy Jerusalem site – Reuters

Israel publishes plan for new West Bank settlement as regional tensions simmer – Reuters

Abu Dhabi’s financial center says company registrations up 31% – Reuters

United States

-Annual inflation dipped below 3% in July, according to data released by the Bureau of Labor Statistics. Prices rose by 2.9% in the twelve month period, the smallest annual increase in over three years.

The latest report indicates that price increases have continued to wane as the Federal Reserve contemplates an interest rate cut when policymakers meet next month.

-Democratic vice presidential candidate Tim Walz said yesterday that he had agreed to participate in a debate hosted by CBS News on October 1 in New York City. His Republican counterpart, Ohio Senator JD Vance, has not agreed to the date as of Wednesday night.

-A NonStop Local poll shows Democratic Senator Jon Tester down by six percentage points to Republican challenger Tim Sheehy.

The race is pivotal to determining party control of the upper chamber next year.

-President Joe Biden spoke to Panamanian President José Raúl Mulino by phone yesterday.

-The Biden administration announced on Tuesday that it would spend $100 million in an effort to boost affordable housing stocks.

-President Biden and Vice President Kamala Harris will deliver remarks on the administration’s efforts to reign in prices in a joint appearance in Prince George’s County, Maryland, today.

Former President Donald Trump is expected to hold a press conference at his Bedminster golf club in New Jersey while Vance will make a campaign stop in western Pennsylvania.

Other Links:

Judge rejects Donald Trump’s latest demand to step aside from hush money criminal case – AP

Biden administration asks Supreme Court to lift latest block on student loan repayment plan – CNN

Biden announces $150 million in research grants as part of his ‘moonshot’ push to fight cancer – ABC

Columbia University president resigns over response to Gaza protests – Axios

RI state union workers, McKee administration, reach tentative agreement on three-year contract – Rhode Island Current

Texas House Republicans petition State Fair to revoke gun ban – Texas Tribune

Alabama lawmaker seeks outlaw weight discrimination in the workplace – Alabama Reflector

That’s all for today. See you tomorrow.

Refer a friend

Notes:

https://www.ft.com/content/90a7ae05-3193-441e-83a8-8208e2ce20d0

Hamas Refuses to Attend Upcoming Cease-Fire, Hostage Talks