Global developments on October 1, 2024

Good morning, everyone!

Today we will look at the unfolding situation in the Middle East, the US vice presidential debate and other news around the world.

Let’s get started.

Africa

-Kenyan lawmakers plan to do just that initiate formal impeachment proceedings against Deputy President Rigathi Gachagua, accusing him of undermining President William Ruto.

-The World Bank on Monday approved an amount of $1.57 billion financing package for Nigeria to support the West African country’s education and healthcare sectors.

The Bank is the largest international lender to Nigeria, providing more than $15 billion in loans at the end of March.

Other links:

Egypt demands permanent seats for Africa and Arab states in the UN Security Council – Africa News

Equatorial Guinea says World Court Gabon’s claim to islands is untenable – Reuters

A Nigerian airstrike kills 24 people in the state-owned village of Kaduna, residents say – Reuters

Libya’s eastern parliament approves the new governor and central bank deputy – Reuters

Marburg virus: Rwanda limits size of funerals after outbreak -BBC

West Africa will see two solar eclipses in 2025 – Africa News

America and the Caribbean

-Mexican President-elect Claudia Sheinbaum will be inaugurated today as the country’s 66th president.

Sheinbaum, a member of the ruling National Regeneration Movement (Morena), won the June 2 presidential election with a large majority and will be the first woman to hold the high office.

-The United Nations Security Council approved a one-year extension of a Kenyan-led multilateral security force deployed to help the Haitian government quell endemic violence perpetuated by criminal gangs.

The United States supported a plan to transform the effort into a U.N.-led mission, but was opposed by China and Russia.

-The Central Bank of Colombia has lowered its benchmark interest rate to 10.25% on Monday, a two-year low, as inflation has eased.

Other links:

President Milei receives El Salvador leader Bukele in Casa Rosada – Buenos Aires times

Mexico’s Lopez Obrador will raffle off his watch during a colorful final press conference – Reuters

Brazil and Mexico eyeing revised trade deal – Reuters

Cuba’s plan to improve its devastated economy is progressing but too slowly, the government says – Reuters

Elon Musk’s X is allowed online again in Brazil after he paid another fine -CNBC

Venezuelan opposition figure Machado wins the European rights prize – France 24

Asia/Indo-Pacific

-Japan’s parliament will today approve former defense chief Shigeru Ishiba as prime minister after he took over the leadership of the ruling Liberal Democratic Party (LDP) last week.

Ishiba is expected to call for early elections on October 27 in an effort to unite the LDP and its disparate factions.

-The Indian states of Jammu and Kashmir will hold the third phase of local elections today.

In addition, Indian Foreign Minister S. Jaishankar will meet US Secretary of State Antony Blinken in Washington.

Other links:

China lifts restrictions on homebuyers, leading to a surge in stock markets -New York Times

Crew of a Vietnamese fishing boat injured in an attack in the South China Sea, state media say -ABC

Vietnam estimates the damage from Typhoon Yagi at $3.31 billion – Reuters

India’s record-breaking batting eases rain-affected Test in Bangladesh – Reuters

Asia Pacific markets are set to open higher after Powell signals smaller rate cuts -CNBC

Europe

-Russian President Vladimir Putin on Monday ordered the conscription of 133,000 new soldiers as part of the country’s autumn design.

The new soldiers come as Moscow looks to consolidate its territorial gains in eastern Ukraine while repelling invading Ukrainian forces in the Kursk region.

Russia invaded Ukraine in February 2022.

-Former Dutch Prime Minister Mark Rutte will be sworn in today as Secretary General of the North Atlantic Treaty Organization. Rutte will succeed Jens Stoltenberg, who served two terms as leader of the Western military bloc.

Other links:

The EU is opening a defense innovation center in Kiev to expand the industry’s reach – Defense News

At the request of Lithuania, the ICC will open an investigation into crimes against humanity in Belarus – Reuters

Germany will work with Trump even after he spreads ‘fake news’ about us, minister says – Politics

French far-right leader Le Pen is on trial for alleged misuse of EU funds – Reuters

European shares close lower on the last trading day of September -CNBC

Britain’s last coal-fired power station is to close. 142 years of coal-fired power stations in Britain are coming to an end – AP

Middle East

-Israeli Armed Forces Invaded southern Lebanon Tuesday morning after an intensive two-week bombing campaign aimed at killing senior Hezbollah officials.

In a statement, the Israeli military called the operation “limited” and said it would target Hezbollah militants and infrastructure.

The Iran-backed group is allied with Gaza-based Hamas and has exchanged fire with Israel since Hamas launched a deadly attack on Israel last October, killing around 1,200 people.

The United States and regional countries have sought to promote a proposed ceasefire to prevent hostilities from spiraling into a broader regional war.

Sunday the Israeli Air Force air strikes launched against Tehran-backed Houthi rebels in Yemen in retaliation for ballistic missile attacks last month.

Other links:

The US is sending a few thousand more troops to the Middle East to increase security – AP

The head of UNRWA denies knowing that the suspended employee was Hamas leader in Lebanon – Reuters

Saudi Arabia expects the deficit to rise to 3% of GDP by 2024 – Reuters

Lebanon’s Prime Minister is ready to implement the 2006 agreement on Hezbollah’s armed presence south of the Litani River – Reuters

Yemen’s Houthi rebels claim they have shot down another US-made drone, while the US acknowledges it has lost one – AP

United States

-Democratic vice presidential candidate Tim Walz and Republican candidate JD Vance will face off in a CBS-hosted debate tonight at 9pm EST.

Norah O’Donnell and Margaret Brennan will moderate the event.

-President Joe Biden has said he will visit Raleigh, North Carolina, tomorrow to survey the damage from Hurricane Helene.

The storm destroyed the northeastern coast over the weekend, with heavy winds and subsequent flooding causing significant damage to homes and at least 132 deaths in six states.

-Fiscal year 2025 starts today.

-Former President Jimmy Carter celebrates his 100th birthday today. Carter is the oldest living former president and entered hospice care in February 2023.

Former First Lady and wife Rosalynn Carter died last November. The couple was married for 77 years.

Other links:

Harris says she supports marijuana legalization and goes further than Biden – The hill

Trump makes false claims about the federal response as he campaigns in the area ravaged by Hurricane Helene – AP

Biden drives recess action on Helene – Roll call

Fed Chairman Powell says the US economy is in “solid shape” and that gradual rate cuts are on the way – AP

California Governor Newsom vetoes the AI ​​bill, marking a win for Big Tech -Washington Post

Ports on the East and Gulf coasts have closed as thousands of workers have gone on strike -NBC

That’s all for today. See you tomorrow.

Refer a friend

Notes:

Israel Prepares for ‘Limited’ Ground Incursion Into Lebanon

https://www.ft.com/content/22d26b96-eaa3-4f2f-a092-aebfe4202711