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President Joe Biden is set to visit Israel tomorrow to demonstrate the unwavering support of the US towards the country and its commitment to its security, according to Secretary of State Antony Blinken. After meetings with Israeli leaders in Tel Aviv, Blinken emphasized the critical importance of Biden’s visit, describing it as a pivotal moment for Israel, the region, and the world. He further highlighted Israel’s right and duty to protect its people from terrorist groups like Hamas and prevent future attacks. Blinken also announced that the US and Israel have agreed to develop a plan for humanitarian aid delivery to Gaza, including the potential creation of safe areas for civilians. The immediate flow of aid into Gaza is deemed crucial.
This announcement follows a failed effort to allow aid into the Gaza Strip, where people are facing severe shortages of clean water and electricity. The situation has pushed essential services, such as healthcare and sanitation, to the brink of collapse. The US and other regional powers have been urging Israel to permit aid deliveries and requesting Egypt to open the Rafah crossing for passport holders of other countries. The aim is to alleviate the humanitarian crisis in Gaza and prevent the escalation of hostilities, which could potentially trigger a larger regional conflict. Following the visit to Israel, Biden will travel to Amman to meet with the leaders of Jordan and Egypt. He will also meet with Mahmoud Abbas, the president of the Palestinian Authority, during his one-day trip to the region. For the latest updates on the ongoing conflict, please refer to the following section.
Utopia destroyed: In the aftermath of Hamas’s attack, tens of thousands of Israelis have fled the “Gaza envelope,” with residents of Kfar Aza uncertain about when it will be safe to return.
Egypt’s fears: Cairo is growing increasingly concerned that the worsening humanitarian crisis in Gaza will lead to a surge of Palestinian refugees seeking refuge in Egypt.
Hamas funding: In an effort to cut off the digital financing of the militant group, Israeli authorities have ordered the closure of numerous cryptocurrency accounts and seized millions of dollars’ worth of crypto assets.
Opinion: Gideon Rachman argues that showing compassion for innocent people suffering on all sides of the conflict is not only the morally correct stance but also the most practical path forward.
In addition to the aforementioned news, keep an eye on the following:
-Economic data: ZEW will release the results of its economic sentiment survey for Germany, the UK will publish unemployment and earnings data, and the US will provide retail sales figures.
-Ecofin: The EU’s Economic and Financial Affairs Council will convene to discuss a review of the economic governance framework for member states.
-Scottish National Party: Humza Yousaf will speak at the final day of his party’s conference in Aberdeen. For more UK politics, sign up for our Inside Politics newsletter.
-Results: Bank of America, Ericsson, Goldman Sachs, Johnson & Johnson, Jupiter Fund Management, and Lockheed Martin will report their latest results.
-FT Africa Summit: Don’t miss the chance to join African business leaders and international investors in London or online to explore the impact of macro trends on economics and business in Africa. Sign up here.
Lastly, don’t forget to catch the first issue of our new Central Banks newsletter by Chris Giles. As the FT’s renowned economics editor, Giles will provide weekly insights on interest rates and monetary policy. Sign up here if you’re a premium subscriber or upgrade your subscription.
Five more top stories:
1. Two Swedes were killed in Brussels in an attack believed to be connected to terrorism. The terror threat level in the Belgian capital has been raised to the highest level, the first time since the Islamist terrorist attacks in 2016. The shooting occurred after thousands of Swedes arrived in Brussels for a Euro 2024 football match. The suspect is still at large.
2. Exclusive: The EU’s new antitrust commissioner, Didier Reynders, has stated that regulators will demand tougher concessions from airlines seeking mergers to ensure fair competition. Brussels will require airlines to allocate slots to competitors on routes with concerns regarding competition.
3. Rolls-Royce is preparing to cut approximately 2,500 white-collar jobs as part of a major restructuring effort by its new CEO to streamline operations and improve returns. The UK aerospace and defense company is expected to make the announcement soon.
4. Donald Tusk is expected to gain power in Poland as he gains an advantage over the ruling Law and Justice party in parliamentary elections. The Law and Justice party is on the verge of losing office after failing to secure a majority.
5. Donald Trump has expressed his willingness to testify in the UK as part of his lawsuit against Orbis Business Intelligence over a dossier that alleged his connections to Russia. The former US president is suing the company co-founded by former MI6 spy Christopher Steele over the dossier that contained controversial allegations about his conduct.
Trivia: Did you know that Isaac Asimov first introduced the concept of space solar power in his 1941 short story “Reason”? Explore the potential of this idea as a response to the urgency of climate change and the evolving economics of space in our latest Big Read.
Also worth reading: US arms support; war disinformation; geopolitical risk; and an infographic on the current situation in Gaza.
Take a break from the news and discover the potential of insect proteins as a powerful new ingredient. Although there are challenges to overcome, such as the “yuck factor,” insect proteins have the potential to significantly reduce greenhouse gas emissions associated with conventional meat.
Don’t forget to check out our recommended newsletters, Working It and One Must-Read, for valuable insights and important reads for professionals and curious minds.
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