A fifth Democrat legislator–Angie Craig, a congresswoman from Minnesota–called onPresidentJoe Bidento step aside, suggesting that his televisioninterviewon Friday has failed to quell an uprising in his party. During it, Mr Biden struck a defiant tone. Asked by ABC news whether he wouldstep asideif Democratic grandees urge him to, he said “they’re not gonna do that”. Pressed whether he has a viable shot considering his approval rating of 36%, he replied: “that’s not what our polls show”.
Voters inFrancego to the polls on Sunday in the second and final round ofa parliamentary election, with attention focused on the prospects of Marine Le Pen’s hard-right, anti-immigration,National Rallyparty (RN). It took a massive lead inthe first roundon June 30th but since then, left-wing parties and President Emmanuel Macron’s centrists have teamed up to make an outright RN victory less likely.
Sir Keir Starmer,Britain’snew leader, promised to scrapa controversial policythat sends asylum-seekers toRwanda. Speaking at his first press conference as prime minister, Sir Keir said the Rwanda scheme was “dead and buried”. He travels to Scotland on Sunday in the first leg of a tour of all four nations of the United Kingdom, before heading to Washington for a NATO summit.
“Patriots for Europe”, aright-wing political groupset up by Viktor Orban, the Hungarian prime minister, won enough support from members of theEuropean Parliamentto secure the parliament’s formal recognition. Mr Orban, who took over the EU’s rotating presidency this month, hopes to use the bloc to “change European politics”. It wants to halt European support for Ukraine in its war against Russia, among other things.
BYD, a Chineseelectric-vehiclecompany,announced plansto purchase a 20% stake in Rever Automotive, its car distributor in Thailand. The announcement came days after BYD opened its first factory in Thailand, which is its biggest market outside China. Thai officials have begun an investigation into aggressive discounting by BYD dealers after complaints by other distributors.
AnIsraelistrike hit a school run by UNRWA, the UN’s refugee agency in Gaza, killing at least 16 people and injuring many more, according to Palestinian officials. The building was sheltering displaced people in the Nuseirat refugee camp in central Gaza. Earlier, Israel said it would send adelegationtoQatarto resume ceasefire talks with Hamas.
The leaders of three military governments inWest Africamet in Niamey, Niger, where they established the “Alliance of Sahel States”. The governments in Mali, Burkina Faso and Niger have all been installed by coups since 2020. In January theywithdrewfrom the Economic Community of West African States, the region’s main bloc, which is to hold its own summit in Nigeria on Sunday.
Word of the week:umrah, a Muslim pilgrimage to Saudi Arabia that takes place all year round.Read the full story.
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photo: reuters
France’s parliamentary vote
The French will vote on Sunday in the final round of their snap parliamentary election. The chances of Marine Le Pen’s hard-right National Rally (RN) securing a majority of seats have receded somewhat since the first round on June 30th, astactical dealswere struck among 224 candidates in 577 constituencies. Scores of candidates from both the left-wing New Popular Front and from President Emmanuel Macron’s centrist alliance have stood down, in order not to split the anti-Le Pen vote.
By Friday, the last day for the publication of polls under electoral rules, they suggested that the RN could gain 174-250 seats, short of the 289 needed to control parliament. Even without a majority, however, Ms Le Pen’s party may be asked by Mr Macron to try to form a government. If she accepts, she would put forward Jordan Bardella, her 28-year-old protégé, to be prime minister. Mr Bardella may not manage to scrape together a majority. But the invitation itself would represent a political earthquake.
photo: getty images
Death Valley lives up to its name
In Death Valley National Park, mostly in eastern California, there is a famous thermometer. Tourists brave the region’s scorching temperatures to pose in front of it. But that photo opportunity might best be avoided this weekend. Between Sunday and Tuesday the mercury may reach even 54.4°C (130°F), the highest reliably recorded temperature on earth. (In 1913 one observer in the park recorded 56.7°C, though that number is disputed.)
The peak heat in Death Valley is no outlier.Heatwavesare wreaking havoc across the northern hemisphere, where more than 85% of the world’s population lives. Climate change, caused by greenhouse-gas emissions, has led to the world’s average temperature rising by 1.2°C since the 19th century. Heatwaves are among thedeadliest consequences, putting vulnerable people, especially the old and poor, at grave risk. Governments must do more toprotectthem as sizzling summers become the norm.
photo: getty images
Bulls on the charge in Pamplona
On Sunday the first bull run of the festival of San Fermín begins in Pamplona, in northern Spain. The weeklong jamboree centres around the daily running of six bulls down an 848-metre stretch of narrow streets, with white-clad, red-handkerchiefed people running pell-mell ahead of them. Most injuries are caused by falls, though last year a visitor took a horn to the scrotum.
Then, each afternoon, the six bulls will be killed in a bullfight. Spain has recently undergone a periodic bout ofdebating the bloody practice. Adherents consider it sublimely beautiful (it is not a sport, as the bull has little chance of “winning”, supporters acknowledge). But the culture minister, from a far-left party, has called it “animal torture”. Colombia banned bullfighting this year; Catalonia no longer hosts bullfights. But in some places—Seville, Madrid and of course Pamplona—it is deeply rooted, and going nowhere fast.
photo: ap
Just when you thought it was safe to watch the TV…
There is supposedly no such thing as bad publicity. But not in the case of sharks. “Jaws”, a blockbuster film of 1975, not only created a widespread fear of the fish, but also encouraged people to hunt them for sport. (Steven Spielberg, the director, has lamented the film’s role in the “decimation of the shark population”.) In response, executives at the Discovery Channel launched “Shark Week” in 1988, a series of documentaries to educate the public about the creatures and aid conservation efforts.
Shark Week is now one of the hits of the entertainment calendar. Discovery says it is the longest-running cable-TV event. This year’s extravaganza, hosted by John Cena, a former wrestler, begins on Sunday. Commissioners seem keener to terrify viewers than mollify them, with programmes such as “Belly of the Beast: Bigger and Bloodier”, “Great White Serial Killer: Sea of Blood” and “Deadliest Bite”. Galeophobes would be better off watching something else.
photo: getty images
Boeing’s woes over the 737MAX
Boeing must decide on Sunday whether to accept an offer from America’s Department of Justice to plead guilty to fraud in connection with two deadly plane crashes involving its 737MAX some five years ago. The aerospace giant is accused of violating a deal that it made with the authorities to head off a charge of conspiracy to defraud the government. It did this by allegedly misleading regulators over the cause of the crashes. The blowout of adoor panelon another 737MAX in January appeared to invalidate an agreement to oversee safer manufacturing.
The Department of Justice may impose a fine on Boeing. If Boeing rejects the offer it faces a criminal trial, or might have to make another deal that would include even greater regulatory oversight of the company’s production process. Such an outcome could further hamper the rate at which it makes new planes.
Vladimir Putin, Russia’s leader, touched down inVietnamahead of talks with the country’s top brass. The visit follows Mr Putin’s trip to North Korea, where he cemented hisdangerous bromancewith Kim Jong Un. Vietnam has hosted Joe Biden, Xi Jinping and now Mr Putin in the past nine months. The country’s leaders say they pursue “bamboo diplomacy”, a foreign policy not unlike the flexible branches of the plant. Vietnam has not condemned Russia’s war in Ukraine, a stance Mr Putin recently praised as “balanced”.
Americaapproved the sale ofdrones and missiles worth around $360m to Taiwan. The sale includes loitering munitions such as the 720 Switchblade, which hovers near its target before attacking. Taiwan’s president,William Lai Ching-te, thanked America for approving the deal. Since his inauguration in May, China has increased its military activities near the self-governing territory.
Ilya Sutskever, the co-founder ofOpenAI, the firm behind ChatGPT, said that he would launch a rival artificial-intelligence company. Safe Superintelligence will focus on growing its AI model “while making sure…safety always remains ahead”, he said. Mr Sutskever left OpenAI earlier this year, seven months after unsuccessfullytrying to oustSam Altman, its chief executive.
The leader ofHizbullah, the Iran-backed militia that controls Lebanon, warned that the group would fight “without rules and without limits” in any war againstIsrael. Both sides haveexchanged firesince Israel invaded Gaza, but have so far shied away from all-out war. The Hizbullah leader also threatened Cyprus, accusing the country of allowing Israel to use its airports for military exercises.
Gordon Black, a sergeant serving in theAmerican army, was sentenced to nearly four years in prison inRussia. Mr Black is accused of stealing money from his Russian girlfriend and threatening to murder her while staying inVladivostok, a city in Siberia. Prosecutions for domestic violence, which was partially decriminalised in 2017, are rare in Russia.
Louisianapassed a law requiring that classrooms in public schools—from nurseries to universities—display theTen Commandments. From next year each will have a poster with a specific version of the religious imperatives, printed in “large, easily readable font”. It is the first such law to be passed, and will probably face legal challenges for violating the constitutionally mandated separation of church and state.
Two climate protesters were arrested for sprayingStonehenge, an ancient monument in the south of England, with orange paint. Just Stop Oil, a campaign group, said that the paint was cornflour-based and would wash away. Visitors to the UNESCO world heritage site were aghast; some tried to stop the protesters. Rishi Sunak, the prime minister, weighed in despitehis busy election schedule, calling it a “disgraceful act of vandalism”.
Figure of the day:11,000, the number of containers filled with arms that North Korea has shipped to Russia since September, according to American officials.Read the full story.
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photo: sandra navarro
Malaysia and China strengthen ties
On Thursday Li Qiang, China’s prime minister, wraps up a three-day visit to Malaysia. The countries are marking the 50th anniversary of their establishing diplomatic relations. Todayties between themare strong. On Wednesday Mr Li met Anwar Ibrahim, Malaysia’s prime minister, who earlier this week described Xi Jinping, China’s ruler, as an “outstanding leader”. Mr Anwar also announced that Malaysia would like to join the BRICS, a bloc of ten economies that includes China.
Investment is why Malaysia wants to be close. China is its largest trading partner. On Wednesday China agreed to buy Malaysia’sfresh durian, a pungent fruit adored by Chinese consumers. China wants other things, too, including influence in South-East Asia. Through its Belt and Road Initiative, China has ploughed money into Malaysian infrastructure. Mr Li visited the East Coast Rail Link, a China-funded venture, during his trip. Such projects are, however, becoming less popular. Malaysia increasingly courts Chinese financing for new priorities, such as e-commerce.
photo: epa
No rate cuts before Britain’s election
Rate-setters at theBank of Englandwill meet on Thursday, a day after the welcome news that the headline annual inflation rate in Britain has returned to its 2% target. Nonetheless, the majority of the Monetary Policy Committee is unlikely to vote for a cut in the bank’s benchmark interest rate, currently 5.25%, quite yet.
The reason for this reticence is that much of the decline in headline inflation stems from a sharp decline in energy prices. That probably won’t happen again. Other gauges of inflationary pressure are falling more slowly. Annual core inflation—which excludes volatile food and energy prices—remains well above target, at 3.5%. Wage growth and services inflation, which the MPC watches closely, are also high.
Still, cuts should be on the way soon. Unemployment is up to 4.4%, a post-pandemic high, and labour-market surveys suggest further weakening is ahead.
photo: ap
Colombia attempts to reform
Thursday marks the end of alegislative sessionin Colombia, after which any bills that have not progressed are thrown out. The country’s first left-wing government, which came to power in August 2022, is racing to pass reforms intended to reduce inequality in one of the world’s most unequal countries.
On Friday the lower house approved a pension bill, the biggest change to Colombia’s social-security system since 1993. It will expand pension coverage to almost everyone of retirement age, from a quarter of them now. On June 11th legislators began the long process of debating a labour-reform bill; they have since approved the majority of its articles.
But it isn’t all smooth sailing. The pension reform could face opposition in court. A new education law which seeks to improve access to schools and universities looks sunk. It enraged the largest teachers’ union, which said a proposed change would have funnelled public money to private schools.
photo: alamy
Solar season
On Thursday the northern hemisphere will enjoy its summer solstice, the moment in the year when it can expect most sunlight. Since the vast majority of the world’s solar power capacity is in the northern hemisphere—almost half of it in China—this makes it, in principle, the technology’s best week of the year.
To mark this midsummer abundanceThe Economistis this week looking at all manner of matters solar. An essay makes the case that the technology’s exponential rise is far from over. A piece in theMiddle East and Africa sectionconsiders the dramatic effects the technology is having in easing South Africa’s brownouts. In theBusiness sectionwe look at the troubled state of the Chinese solar industry, which has produced a booming technology without booming profits. And elsewhere we contemplate the way the sun has inspired artistic recognition from the stone age on.
photo: getty images/prime video
Revisiting Federer’s swansong
If you were to make a documentary aboutRoger Federer, you might start at the beginning, showing his days as a ball boy, years as a junior champion and almost two decades competing at the highest echelons of tennis. You might look at how he developed his signature, graceful style, or his sweeping one-handed backhand.
Yet “Federer: Twelve Final Days”, released on Prime Video on Thursday, takes a different approach. The film focuses on the period up to and including Mr Federer’s last-ever game of high-level tennis at the Laver Cup in 2022. It takes his brilliance as given and does not analyse his technique; instead, the prospect of retirement prompts Mr Federer to reflect on the rewards and challenges of a life lived for sport. Mr Federer won plenty of silverware—including 20 grand slams—during his career. But the documentary suggests that his bond with Rafael Nadal, his longtime rival on the court, was as cherished a prize.
France’s mainstream parties – the centre-left Socialists and the Greens, as well as the centre-right Les Republicains – rejected an offer fromEmmanuel Macron, France’s president, to create an alliance against the far-right, ahead of a snap legislative election. Mr Macron dissolved the National Assembly on Sunday after exit polls for elections to theEuropean Parliamentshowed significant gains forfar-right parties. Marine Le Pen’s National Rally was projected to have scored nearly 32% of the vote—more than double the share secured by Mr Macron’s party.
America’ssecretary of state,Antony Blinken, met with Egypt’s president in Cairo, before departing to Israel, where he is set to meet Binyamin Netanyahu, the prime minister. The visit comes after theresignationofBenny Gantzfrom Israel’s war cabinet on Sunday in a dispute with Mr Netanyahu over post-war plans for Gaza. Mr Gantz said that Mr Netanyahu’s conduct of the war was preventing Israel “from moving forward to a real victory”.
Americarequested a UN Security Council vote on a plan for a ceasefire deal between Israel and Hamas. Theresolutionwould propose a three-stage agreement, espoused by PresidentJoe Biden, for stopping the war. Hamas has yet to endorse the plan and Israel is unlikely to accept any arrangement that leaves Hamas in control of Gaza.
The head ofUkraine’spost-warreconstructionagency resigned after allegedly being banned by the government from attending a recovery conference for the country in Berlin, which begins on Tuesday. Mustafa Nayyem’s resignation follows a series of high-level departures in the team overseeing rebuilding efforts. Two officials responsible for anti-corruption and procurement also stepped down, and the infrastructure minister was sacked in May.
Shares inFrench banksdropped sharply following theelectionannouncement. Société Générale and BNP Paribas fell by almost 6%, while Crédit Agricole was down by 4.3%. Investors are concerned that the election will derail much-needed fiscal-consolidation plans. Shares in the construction and material sectors also tumbled. Meanwhile, the euro fell to its weakest level against the dollar in almost a month.
Donald Trumppledged to cut taxes on tips at a campaign rally in Nevada, an important swing state. The former president courted hospitality workers while speaking in Las Vegas, which was swelteringly hot. Tips should be reported as income under the current law.Pollssuggest Nevada is tipping in Mr Trump’s favour ahead of the country’s election on November 5th.
Iraqsaid it expects to reach an agreement in the coming days withKurdistan, asemi-autonomous region, and international oil companies there to restart oil exports, which have been stalled for more than a year. The producers had to slash output after a dispute erupted between Iraq and Turkey over payments and a pipeline from Kurdistan to Turkey was closed down.
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photo: getty images
Japan’s faltering economy
When the Bank of Japan ended its negative interest-rate policy in March, the country’s economy appeared to be poised for a fresh start. The bank promised a “virtuous cycle” of moderate growth in both wages and inflation. But the economy shrank at an annualised pace of 1.8% in the first quarter of 2024, according to government data released on Monday.
The biggest drag was private consumption, which accounts for around 60% of total GDP. It fell by 0.7% from the previous quarter, marking the fourth consecutive quarter of decline. The weak yen is driving up prices. April was the 25th successive month in which real wages fell, and consumers have been tightening their purse-strings.
But the effects of some one-off factors might diminish soon. For example, car sales slumped owing to a data-rigging scandal at Daihatsu, a subsidiary of Toyota.
photo: getty images
Sanctions on Russia start to bite
On Monday Raiffeisen, an Austrian bank, will stop making dollar payments out of Russia. The decision suggests that America’s campaign against financial firms accused of aiding the Kremlin’s war effort is paying off.
In December the Biden administration issued an executive order exposing foreign banks to secondary sanctions if they facilitate transactions involving Russia’s military-industrial complex. Raiffeisen, the largest Western bank still operating in Russia, argues it does no such thing.
But the bank may have strayed too close when it pursued a deal to swap some of its Russian assets for a stake in an Austrian construction firm owned by Oleg Deripaska, an oligarch under sanctions. Soon after America’s treasury threatened to curtail its access to the country’s financial system. A few days later Raiffeisen dropped the deal, and is now suspending outbound dollar transfers to placate America’s concerns further. It is not yet clear whether that is enough to get the bank out of Uncle Sam’s crosshairs.
photo: alamy
Hey Siri, are you finally getting an upgrade?
When Apple first unveiled Siri, the virtual assistant was a breakthrough. Over a decade later, it has become more frustrating than fascinating. But from Monday through to Friday, an upgraded Siri will take centre stage at Apple’s annual Worldwide Developers Conference. The event looks likely to be the most significant for several years.
Siri’s overhaul will see it powered by generative AI. The integration oflarge language modelswill help the assistant handle complex requests and quick back-and-forth dialogue—rather than the stilted conversations users are accustomed to. Apple will also introduce generative AI into web browsing, emoji creation and more in its operating-system updates.
This suite of new features is part of Apple’s broader foray into AI, a lucrative field in which it has lagged behind its competitors. Investors are optimistic. Ahead of the event Apple’s share price has climbed to its highest since last December after falling by as much as 15% earlier this year.
photo: afp
Little is left to chance in Iran’s election
Ebrahim Raisi, Iran’s president,diedin a helicopter crash on May 19th. The country’s leaders have ensured that the election campaign that begins on Monday to choose his successor will be as predictable as possible. On Sunday, the Guardian Council, the Supreme Leader’s electoral vetting body, excluded all but one of the many heavyweights who submitted their candidacy, virtually awarding victory to the clear front-runner, Mohammad Baqer Qalibaf (bottom-right in picture). A former military commander, he is a relative of the ageing Supreme Leader, Ayatollah Ali Khamenei.
The foregone conclusion is likely to prompt the lowest-ever turnout on June 28th, lower even than at theelectionthree months ago, itself a record. But behind the scenes, a power struggle rages. In the past the presidency was a stepping stone to the post of supreme leader. But Mr Qalibaf, unlike Mr Raisi, is not a cleric. His selection will bolster speculation that Mr Khamenei is grooming his son, Mojtaba, for a dynastic succession.
photo: getty images
Australian swimming’s deep pool of talent
Olympic finals usually bring together the best athletes from around the globe. Occasionally, though, one country’s depth of talent can skew that outcome: Australia’s in swimming, for example. In the women’s 100m freestyle, five currently-competing Australians have recorded one of the 25 fastest times in history. Yet countries can only enter two athletes per Olympic event. Consequently Australia’s national trials, which began on Monday in Brisbane, could see faster times thanthe Olympicsthis summer.
The contestants in Brisbane include Emma McKeon, the current Olympic champion; Cate Campbell, the fourth-fastest woman ever; and Mollie O’Callaghan, last year’s world champion. Whatever happens, at least one of them will be excluded from the Olympic team—more if other decorated swimmers, such as Ms Campbell’s sister Bronte or Shayna Jack (a five-time world champion) spring a surprise. Olympic rules mean that more countries have a greater chance to win medals. But they also mean some world-class athletes are left out.
Claudia Sheinbaumclaimed to have won a landslide victory inMexico’spresidential election. Exit polls put her at 56% of the vote, compared with 30% for her main challenger, Xochitl Galvez. Ms Galvez has not yet conceded. Ms Sheinbaum would become Mexico’s first female president. It remains to be seen whether she will continue with the populist policies of her mentor and predecessor, Andrés Manuel López Obrador, or break with him to tackle Mexico’sdeep-rooted problems.
Americahas “every expectation” thatIsraelwill agree to a ceasefire inGaza, said John Kirby, the White House’s national-security spokesman. Mr Kirby said the proposal is awaiting “an official response from Hamas”. Israel’s war cabinet met late on Sunday to discuss the plan. Two far-right Israeli ministers have threatened to quit if the deal goes ahead, which would jeopardise the country’s governing coalition.
TheAfrican National Congresssaid that it would not replace Cyril Ramaphosa, its leader andSouth Africa’spresident, in order to form a coalition. Having lost its parliamentary majority in its worst electoral performance in 30 years, the ANC must reach a dealwith opposition partiesto retain power. The ANC won 159 seats in the 400-member national assembly and received just over 40% of the vote.
Shein, aChinesefast-fashion seller, is reportedly planning an IPO on London’s stock exchange. According to Sky News,the firmwill file for listing approval with British regulators later this week. It is expected to be valued at £50bn ($63.7bn). Last year Shein’s plans to go public in New York were stymied by regulators—the victim of sour relations between America and China.
OPEC+agreed to prolong cuts tooil outputin an effort to shore up prices amid weakening global demand. Theoil cartel and its allieshad promised to cut production in 2024 by 5.9m barrels per day, or 5.7% of global demand. At its biannual meeting on Sunday, it decided to extend some of the reductions through to the end of 2025. The group produces 40% of the world’s oil.
Nvidiaunexpectedly unveiled its new generation of artificial-intelligence processors at a conference in Taiwan. It will begin shipping them in 2026.AMD, an American rival, also revealed new processors as it seeks to challenge Nvidia’s dominance of the AI semiconductor market. Both firms have said they want to release a new family of AI chips every year.
North Koreasaid that it would “temporarily” stop floating balloons full of rubbish—including cigarette butts, scrap paper and plastic—intoSouth Korea, which claims it has received nearly a thousand since Tuesday. North Korea described the balloons as “sincere gifts” sent in retaliation for “propaganda” criticising its regime dropped overthe borderby South Korean activists.
Figure of the day:1.6%, the proportion of placental mammal species, including humans, that menstruate.Read the full story.
photo: ap
Hunter Biden goes on trial
Some extraordinary criminal defendants—aformer presidentand asitting senator, for example—have recently had a turn in America’s courtrooms. Hunter Biden will join their ranks on Monday, becoming the first child of a sitting president to stand trial for criminal charges. He is accused of lying on federal forms in order to buy a gun. Prosecutors say that Mr Biden claimed that he did not have a drug problem, when in fact he had a serious one. (Mr Biden denies any wrongdoing.)
Mr Biden’s troubles areno secret. He revealed shocking details about his crack-cocaine addiction and misguided affairs to theNew Yorkerin 2019. Those confessions, he later wrote, were intended to “inoculate everybody else from my personal failings”. The trial may well unearth more revelations and will probably garner considerable attention at a time when his father’s re-election campaign is struggling. Republicans have beentrying for yearsto use Mr Biden’s faults to take down his father. But these ones—addiction struggles—could elicit more pity than condemnation.
photo: afp
America extends Ukraine’s leash, a little
For the first time, Ukraine’s armed forces can now deploy American systems—such assatellite-guided munitionsandpowerfully accurate rockets—to disrupt the Russian offensive against Kharkiv, an eastern city just 20 miles (30km) from the countries’ shared border.
That is thanks to the Biden administration’s decision to partially lift its ban on Ukraine using American weapons against targets in Russia, announced last Thursday. Ukrainians will be glad of the chance to hit concentrations of Russia troops and equipment. But they are also frustrated by Mr Biden’s obvious fears about Russian escalation: the new exemption only applies to certain types of equipment, and they can only be used for defending Kharkiv.
In occupied Crimea, Ukraine is already showing what it can do when given a longer leash. With newly deliveredAmerican ballistic missilesand its own sophisticated drones it is systematically destroying important targets and degrading Russian air defences. It wishes that Mr Biden would give them more leeway to do more of the same elsewhere on the front.
photo: ap
Is Turkey’s inflation summit in sight?
Shortly after Recep Tayyip Erdogan was re-elected as Turkey’s president in May 2023, he made adramatic monetary U-turn. Having spent years slicing interest rates—bizarrely believing that this would lower consumer prices—he appointed a new team at the country’s central bank to do the exact opposite.
Ever since, investors have watched Turkey’s inflation figures carefully for signs that this return toeconomic orthodoxyis working. In the latest, released on Monday, annual inflation was 75.45% for May, up from 69.8% in April. Though slightly above investors’ predictions, that is expected to represent a peak, before falling to 42.6% by the end of 2024.
The central bank has spent the past year frantically trying to fight inflation, principally by raising the interest rate to 50%. That has meant an uphill struggle for Turks, whose incomes have stagnated and credit options narrowed as prices have continued to rise. They must hope it is all downhill from here.
photo: ap
The Panamanian island sinking beneath the seas
Throughout this week Guna indigenous people will bid farewell to their homes on Gardi Sugdub—a tiny low-lying island off the Caribbean coast of Panama, with a population of 1,300—as they move to a government-built settlement on the mainland, a short boat ride away.
The relocation is a response to rising sea levels, which have exposed the island’s inhabitants to increasingly frequent flooding since the 1990s. In both Latin America and elsewhere, such planned migration projects will probably become more common as the impacts ofclimate changeworsen and melting ice further swells the oceans. It is predicted that most of the 38 islands inhabited by the Guna will be fully submerged by 2100. Panama is expected to lose 2% of its territory to higher seas by 2050. Across the region, more than 40m people are thought to live in coastal areas exposed to heavy storms and flooding. The long goodbye has begun.
photo: saatchi gallery, london
Fashion photography goes on show
The images are everywhere: in the pages of glossy magazines, on your television screen and Instagram feed. An impossibly beautiful woman (or man) clutches a handbag, shows off a killer pair of shoes or sports a natty suit. The raison d’être of these images—and of fashion photography in general—is to sell you that handbag, those shoes, that suit.
A few photographers, however, have sought to elevate high fashion into high art. A new show at the Saatchi Gallery in London brings together more than 100 photographs that avoid “the simple presentation of product lines”. Some of the images are abstract, as with a close-up of a tracksuit, while others are surreal. A few do not seem to have anything sellable at all: in Kent Baker’s image, “Strip” (1999), a pile of clothes lies in the foreground, leaving a nude woman with her arms joyously outstretched. Withfashion photography, as much as with fashion itself, there are endless creative possibilities.
TheInternational Criminal Courtannounced that it would seek arrest warrants forBinyamin Netanyahu, Israel’sprime minister, andYahya Sinwar,Hamas’sleader. The court’schief prosecutorsaid there was evidence that both men bore responsibility for war crimes, citing Hamas’s attacks on Israel on October 7th and Israel’s subsequent invasion of Gaza. The warrants will be issued subject to the approval of the ICC’s judges.
Iran’sstate media confirmed the death ofEbrahim Raisi, the country’s president.Mr Raisi’shelicopter crashed on Sunday in the country’s mountainous north-west as it returned from a visit to the border with Azerbaijan. Officials blamed bad weather. The president was travelling with Hossein Amirabdollahian, Iran’s foreign minister, who also died. The loss of the president is likely to spark ahigh-stakes power struggle.
Lai Ching-te was sworn in asTaiwan’snew president, tellingChinathe democratic island would not be swayed by “external forces” and would maintain the status quo with its neighbour. He also called for “peace” across the Taiwan Strait. That may not hold much sway in Beijing; China’s government views Mr Lai as a “separatist”. It may ramp upincursionsacross the strait.
South Africa’sConstitutional Court barredJacob Zumafrom running in the general election on May 29th. The country’s constitution bans anyone sentenced to prison for more than a year from running for parliament.Mr Zumawas jailed in 2021 for failing to appear before an inquiry into corruption that took place during his nine-year stint as South Africa’s president.
Muhammad bin Salman, Saudi Arabia’s crown prince, postponed a four-day visit toJapanbecause of concerns over his father’s health. King Salman is reportedly undergoing treatment for a lung infection. The crown prince had been due to meet Japan’s prime minister, Kishida Fumio, on Monday and have an audience with the emperor. Japan and Saudi Arabia are fostering closer ties, particularly overenergy.
Chinasaid it would ban some American firms—including those selling arms toTaiwan—from making new investments in China. Companies on the “unreliable entities” list would also be banned from importing from or exporting to the country. Executives from the affected firms, which include Boeing Defence, Space and Security, will reportedly be blocked from enteringChinaand have their work permits revoked.
President Joe Bidenappeared at acollege campusfor the first time sinceprotestsbroke out at universities across America over the war in Gaza. In a commencement address at the historically black Morehouse College in Atlanta, Mr Biden told graduates that he is pushing for “an immediate ceasefire”. Mr Biden hopes the address will help rekindle support among young, black men.
Figure of the day:56,000. The number of cancer lawsuits Bayer still faces over its weedkiller. It has settled more than 110,000 claims.Read the full story.
In the run-up to America’s presidential election, we’ve launchedThe US in brief—a daily update to help you keep on top of the political stories that matter.Sign up hereto receive it as a newsletter, each weekday, in your inbox.
photo: ropi
Zelensky’s term ends
Volodymyr Zelensky has had a testing first term as president of Ukraine. First came the crisis of Donald Trump and “Ukrainegate”. Then covid-19 hit. And then came Russia’s terrifying full-scale invasion, since when Ukraine has been under martial law. But Mr Zelensky may soon face his biggest political challenge yet. Histerm ends on Mondayand he will struggle to refresh his mandate with no obvious possibility of elections.
Ukraine’s constitution is confusing. Article 103 states that the president is elected for a five-year term; but Article 108 says that he or she exercises power until a new president is inaugurated. And elections are forbidden during martial law.
The mood in Kyiv is increasingly angsty. War fatigue and a steady drip of headlines about corruption are eroding public support. Recent polling shows that trust in the presidency has fallen from a net positive of 71% in 2023 to 26%. As problems worsen on the front lines, Mr Zelensky’s legitimacy problems will almost certainly intensify.
photo: ap
Taiwan’s new president takes office
On Monday Taiwan inaugurated a new president:William Lai Ching-te. The Chinese Communist Party dislikes Mr Lai, who once called himself a “pragmatic worker for Taiwan independence”. In recent weeks the CCP hasramped up military drillsnear the island and coastguard patrols around Taiwan’s outlying Kinmen archipelago. At the same time, Chinese officials have met legislators from Taiwan’s opposition party and discussed reopening some cross-strait tourism.
China is signalling that it is open to lowering tensions if Mr Lai affirms that Taiwan is part of China. Mr Lai must “make a clear choice between peaceful development or confrontation across the Taiwan Strait”, and should take a stance on cross-strait relations in his inaugural speech, says the spokesman of China’s Taiwan Affairs Office. Mr Lai wants to lower tensions too—but not on China’s conditions. His speech will probably underscore that. China will keep the pressure on.
photo: getty images
What now for Iran?
On Monday Iranian state media confirmed that the country’s president, Ebrahim Raisi, waskilled in a helicopter crashon the previous day. What does that mean for Iran?
A likely consequence will be a power struggle. Although the president is subordinate to Ali Khamenei, the supreme leader, Mr Raisi was considered by many to be a possible successor to the ageing cleric.
An internal battle would come just as Iran is fighting a regional war, both by direct action and via its network of proxies. The death of the president also comes at a point of mounting economic gloom, and when America and its allies are mulling the tightening of sanctions.
Even if chaos ensues, few Iranians will mourn Mr Raisi. They will remember him as the “hanging judge”, a deputy prosecutor in Tehran who helped send thousands of political prisoners to the gallows in 1988. His hapless running of the economy has also impoverished many. The regime, though, will be nervous.
photo: getty images
Biden and Trump do their book-keeping
Election watchers will get an update on howJoe Biden and Donald Trumpare doing in the funding race when the two campaigns file their monthly finance reports on Monday. At the last count, Mr Biden was in the lead. By last month’s deadline, he had raised almost $160m, compared with his rival’s $114m. And more people had donated to the president in battleground states by the end of March than had done so by the same date in 2020.
Mr Trump has so far failed to live up to his performance four years ago. His coffers will get a boost from a fundraising dinner in April at which the former president raked in $50m. But he also has expenses that Mr Biden does not—fighting multiple court cases is costly. Perhaps that is why on Friday, granted a rare day off from hishush-money trialto attend his son’s graduation in Florida, he also squeezed in a fundraising dinner—in Minnesota.
photo: getty images
The future of European football
The annual tournament for Europe’s brightestfootball talentbegins in Cyprus on Monday. The Under-17 European Championships has been running since 1982. Its most successful teams have been Europe’s big beasts—Spain, Portugal and Germany have won half of the 39 editions. Young players tend to be attached to the academies of leading teams from their home countries. Spain’s whole squad is signed to domestic teams, as are all the German and French players.
In the England squad, one defender stands out: Christian McFarlane, of New York City FC. Born in Essex, he moved to America at the age of three and learned the game stateside. That goes against the traditional direction of travel: ageingEnglish footballershad once gone to America to earn a final payday in a weaker league. But American soccer academies have professionalised. In the 2023/24 season, 24 Americans played in the big five European leagues.