Tens of thousands rally in Brussels to protest austerity plans | Protests News
Flights grounded, public transport disrupted as 80,000 people take to the streets of the Belgian capital.
Published On 14 Oct 2025
A general strike against proposed austerity measures in Belgium has grounded flights and halted public transport networks.
Approximately 80,000 people took to the streets in Brussels’s city centre on Tuesday, police said, denouncing potential cuts to social welfare programmes.
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Some of the protests devolved into scuffles, as police used tear gas and protesters set off flares and smoke bombs, according to The Associated Press news agency. Several dozen protesters were detained, AP reported.
Some demonstrators carried red prohibition signs with the number 67 on them, in reference to a planned increase in the retirement age. “Right to a pension at 65,” the signs read.
Others sported a picture of conservative Prime Minister Bart De Wever with the caption “wanted for pension theft”.

“We are heading towards a future that doesn’t look good,” one protester, 59-year-old Chantal Desmet, told the AFP news agency. “The government has to take notice.”
Flights cancelled at Brussels International
Walkouts from airport security staff caused all departing flights to be cancelled at the country’s main airport – Brussels International Airport – the facility said, while protests forced cuts on most of Brussels’s underground train, bus and tram lines, according to public transport operator STIB.
The protest is the latest this year against a push by De Wever’s coalition government – which faces a budget deficit that violates EU rules and is trying to find some $12bn in savings – to introduce cuts to pensions and healthcare systems.
But the prime minister’s plans have infuriated the country’s powerful trade unions, which are leading the protest and nationwide strikes.

“What really mobilises people are pensions,” Thierry Bodson, leader of the 1.5 million-member-strong FGTB union, said on the French-language state radio station RTBF.
“This government promised more sustainable jobs and increased purchasing power. Hot air! And once again, everyone is paying, except the rich,” said trade union CSC, as it urged people to join Tuesday’s protest.
The action is ramping up pressure on De Wever, who has pledged to cut deficits without raising taxes but is struggling to finalise next year’s budget.
On Monday, De Wever’s coalition failed to agree on a budget, forcing the prime minister to postpone a key speech to parliament that had been scheduled for Tuesday.
‘The shining star of our family’: R&B singer D’Angelo passes away at age 51 | Obituaries News
Grammy-winning R&B singer D’Angelo has passed away at age 51 following a “prolonged and courageous battle with cancer”, according to a statement from his family.
On Tuesday, his loved ones released a statement announcing his death. “The shining star of our family has dimmed his light for us in this life,” it read.
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“We are saddened that he can only leave dear memories with his family, but we are eternally grateful for the legacy of extraordinarily moving music he leaves behind.”
D’Angelo, whose real name was Michael Eugene Archer, was best known for his silky vocals during the 1990s and 2000s, with his record Voodoo earning him the 2001 Grammy for Best R&B album.
His hit single from that album, Untitled (How Does It Feel), not only won him another Grammy for Best Male R&B Vocal Performance, but it also catapulted him into the mainstream spotlight with its steamy music video, featuring a shirtless D’Angelo singing directly to the camera.
The music publication Rolling Stone has ranked Voodoo as one of its best albums of all time.
News of his passing prompted an outpouring of remembrances from fans, including fellow musicians.
“I never met D’Angelo but I love him, respect him, admire his gift. This loss HURTS!!” singer-songwriter Jill Scott wrote on the social media platform X, adding: “R.I.P. GENIUS.”
Another musician, rapper Doja Cat, offered condolences to D’Angelo’s loved ones. She called him “a true voice of soul and inspiration to many brilliant artists of our generation and generations to come”.

In his music, D’Angelo blended hip-hop grit, emphatic soul and gospel-rooted emotion into a sound that helped spearhead the neo-soul movement of the 1990s.
Earlier this year, the Virginia native celebrated the 30th anniversary of his debut studio album Brown Sugar, a platinum-selling offering that produced signature hits like Lady.
That 1995 album earned him multiple Grammy nominations and cemented him as one of R&B’s most original new voices.
D’Angelo’s sultry vocal style — a mix of raspy texture and church-bred fluidity — set him apart from his peers. That voice became inseparable from the striking visuals of the Untitled (How Does It Feel) music video.
Its minimalist aesthetic became a cultural touchstone, igniting conversations around artistry, sexuality and vulnerability in Black male representation.
Beyond his own catalogue, D’Angelo’s artistry shone in collaborations. He memorably duetted with Lauryn Hill on the soulful ballad Nothing Even Matters, a highlight of her landmark 1998 album, The Miseducation of Lauryn Hill.
He also contributed to The Roots’ 1996 album Illadelph Halflife and was part of the supergroup Black Men United, which yielded one song, U Will Know, for the film Jason’s Lyric in 1994. D’Angelo wrote and co-produced the single.

D’Angelo was in a four-year relationship with Grammy-nominated R&B singer Angie Stone in the 1990s.
The pair met while he was finishing the album Brown Sugar and bonded over their similar backgrounds: Both are from the South and both grew up in the church. Stone worked on the album with D’Angelo, and the pair co-wrote the song Everyday for her 1999 debut album, Black Diamond.
Stone described D’Angelo as her “musical soul mate” in an interview with The Associated Press in 1999, adding that their working relationship was “like milk and cereal”.
“Musically, it was magic,” Stone said. “It’s something that I have not been able to do with any other producer or musician.”
They had a son together, the artist Swayvo Twain, born Michael Archer Jr. Stone died earlier this year in a car crash. She was 63.
D’Angelo also has a daughter, Imani Archer.
Among the tributes to D’Angelo’s artistry on Tuesday was a social media post from Tyler, the Creator, who reminisced about combing his local music store on his ninth birthday.
“I had $20 in birthday money and my eyes set on leaving with one thing. VOODOO by D’Angelo,” Tyler, the Creator, wrote on Instagram. “I had no idea that would help shape my musical dna.”
“I couldn’t understand how someone could write something so simple but personal but broad but genius,” he continued. “Thats how special he was.”
The actor and musician Jamie Foxx, meanwhile, offered his memories of seeing D’Angelo perform live at the concert venue House of Blues.
“Your voice was silky and flawless,” Foxx wrote on Instagram, addressing the late D’Angelo directly. “I was also in pure awe of your talents…. roaming around on each instrument, displaying your expertise in every note and every song.”
Foxx added that D’Angelo would be missed forever. “That’s why today real tears run down my face.”
Spotify video podcasts are coming to Netflix
Spotify video podcasts are coming to Netflix, further diversifying the types of content on the Los Gatos, Calif.-based streaming service beyond movies, TV shows and games.
The move reflects how many people are consuming their podcasts not just by listening, but by watching the podcasters conduct their discussions on video.
Roughly 70% of podcast listeners prefer their shows with video, according to a Cumulus Media study. Netflix and Spotify said the partnership will bring podcasts to Netflix that complement the streamer’s “existing programming and unlocks new audiences and wider distribution for the shows.”
There will be 16 Spotify video podcasts initially on Netflix in the U.S. in early 2026, with plans to include other markets, the companies said. Those video podcasts include sports programs like “The Bill Simmons Podcast” and “The Ringer Fantasy Football Show,” culture/lifestyle podcasts like “The Dave Chang Show” and “The Recipe Club” as well as true-crime programs like “Serial Killers.”
“At Netflix, we’re always looking for new ways to entertain our members, wherever and however they want to watch,” said Lauren Smith, the streamer’s vice president of content licensing and programming strategy.
Roman Wasenmüller, vice president and head of podcasts at Spotify, said this partnership helps creators reach new audiences and unlocks “a completely new distribution opportunity.”
Spotify began offering video podcasts on its platform about five years ago, offering an option to its podcasters who had previously been posting videos of their audio programs on YouTube.
Last year, the Swedish audio company unveiled new features that make it easier for creators to earn money from their video content and track their performance on the streaming service.
Netflix has also been diversifying the types of content it offers on its streaming service. Last week, Netflix unveiled a slate of games, such as versions of Boggle and Pictionary, that can be played on TV and are included with its streaming subscription.
At A Turning Point, Stability Restored
Hassan Abdalla, governor of the Central Bank of Egypt, speaks to Global Finance about attracting more investors and about the bank’s next steps.
Global Finance: What have been the key economic challenges over the past two years?
Hassan Abdalla: On the international front, we had to navigate an unprecedented surge in global commodity prices, which put pressure on domestic prices and strained fiscal positions. At the same time, major central banks raised interest rates by more than 500 basis points leading to capital outflows from emerging markets. On top of that came the heightened geopolitical tensions. The Red Sea attacks significantly reduced our Suez Canal revenues, placing additional pressure on our foreign currency (FX) sources.
Domestically, inflation surged to multi-decade highs, peaking above 35% in 2023 driven by currency depreciation and imported commodity inflation. The currency itself also came under pressure. Successive devaluations between 2022 and 2024 created FX volatility, constrained imports, and caused bottlenecks for industry.
Uncertainty over policies and delayed structural reforms further weighed on confidence. The Central Bank had to act. To rein in inflation, we pursued strong monetary tightening, raising rates by a cumulative 1,900 basis points between 2022 and 2024. And in March 2024, the unification of the exchange rate brought back much-needed transparency in the FX market, channeling resources back into the official system.
GF: The CBE floated the currency in March 2024—has this policy shift delivered the intended results and what are the next steps?
Abdalla: The unification of the exchange rate was a turning point for Egypt’s economy. It was a bold but necessary step. The flexible FX rate acted as a shock absorber, enabling real-time adjustment to external pressures in a volatile environment. The move brought clarity to the FX market, eliminated distortions, cleared import backlogs, and allowed for more efficient allocation of foreign currency, restoring confidence domestically and internationally.
The effects were immediate. By mid-2024, we started reaping the fruits of our actions. Inflation fell to 25.7%, and to 12% by August 2025, giving us space to commence on our cycle, slashing rates by a cumulative 525 basis points since April 2025, without compromising financial stability. Banks remained resilient, and international reserves reached record levels, strengthened by new long-term inflows and large-scale investment commitments, improving both quantity and quality of external buffers.
These inflows contributed to a narrowing of the current account deficit to $13.2 billion in the first nine months of the fiscal year 2024/2025, down from $17.1 billion the year before. This was mainly driven by the surge in remittances, one of Egypt’s largest sources of FX, increasing by 82% to $26.4 billion during the same period. Foreign participation in local debt markets resumed as inflation eased and real rates turned positive, reinforcing external liquidity and investor trust. Net international reserves reached a record $49.25 billion, covering 6.5 months of imports.
Looking ahead, the focus is on maintaining exchange rate flexibility and developing deeper, more liquid FX markets to strengthen economic resilience. And with inflation easing, expectations being anchored and confidence being restored, we could continue loosening our monetary policy using our data-driven approach.
GF: How can the CBE support efforts to make Egypt more attractive to investors?
Abdalla: At the most basic level, we aim to ensure economic stability—containing inflation and providing a credible foreign exchange market that is liquid and transparent. I believe that one of the most valuable things we can offer as a central bank is clarity. Clear communication of policy decisions is key to building investor confidence, especially in a volatile global environment.
We also focus on developing deep financial markets, expanding local debt and equity instruments, broadening financial instruments and improving infrastructure. In parallel, we ensure our financial sector remains healthy and that credit flows efficiently to the real economy, particularly towards the private sector.
Another key element is the resilience of our external position. Egypt has recently secured significant long-term inflows through strategic partnerships and large-scale investment commitments. With new projects in the pipeline, this trend is expected to continue. Broader government initiatives, such as the privatization and sale-of-state-assets program, play a complementary role from a monetary perspective and present investment opportunities.
Looking ahead, we are also increasingly aligning our mandate with strategic themes ranging from ESG-linked finance, green transition and digital finance ecosystems.
Trump and budget chief Vought are making this a government shutdown unlike any other
WASHINGTON — President Trump is making this government shutdown unlike any the country has ever seen, enabling his budget office a rare authority to pick winners and losers — who gets paid or fired — in an unprecedented restructuring across the federal workforce.
As the shutdown enters its third week, the Office and Management and Budget said Tuesday it’s preparing to “batten down the hatches” with more reductions in force to come. The president calls budget chief Russ Vought the “grim reaper” who’s seized on the opportunity to fund Trump’s priorities, paying the military while slashing employees in health, education, the sciences and other areas with actions that have been criticized as illegal and are facing court challenges.
“Pay the troops, pay law enforcement, continue the RIFs, and wait,” OMB said in a social media post.
With Congress at a standstill — the Republican-led House refusing to return to session and the Senate stuck in a loop of failed votes to reopen government as Democrats demand health care funds — the White House’s budget office quickly filled the void.
From Project 2025 to the White House
Vought, a chief architect of the conservative Project 2025 policy book, is reshaping the size and scope of federal government in ways similar to those envisioned in the blueprint. It is exactly what certain lawmakers, particularly Democrats, feared if Congress failed to fund the government.
Trump’s priorities — supporting the military and pursuing his mass deportation agenda — have been kept largely uninterrupted, despite the closures. But employees in health, education, the sciences and other federal departments are among those being laid off. As many as 750,000 workers are being furloughed.
“Donald Trump and Russ Vought and all of their cronies are using this moment to terrorize these patriots,” said Sen. Chris Van Hollen, D-Md., standing with federal workers Tuesday outside the White House budget office.
Van Hollen said it’s “a big fat lie” when Trump and his budget director say that the shutdown is making them fire federal workers. “It is also illegal and we will see them in court,” Van Hollen said.
Shutdown grinds into a third week
Now on its 14th day, the federal closure is quickly becoming among the longest government shutdowns. Congress failed to meet the Oct. 1 deadline to pass the annual appropriations bills needed to fund the government as the Democrats demanded a deal to preserve expiring health care funds that provide subsidies for people to purchase insurance through the Affordable Care Act.
House Speaker Mike Johnson on Tuesday said he has nothing to negotiate with the Democrats until they vote to reopen the government.
The Republican speaker welcomed OMB’s latest actions to pay some workers and fire others.
“They have every right to move the funds around,” Johnson said at a press conference at the Capitol. If the Democrats want to challenge the Trump administration in court, Johnson said, “bring it.”
Typically, federal workers are furloughed during a lapse in funding, traditionally with back pay once government funding is restored. But Vought’s budget office announced late last week the reductions in forces had begun. More than 4,000 workers received layoff notices over the weekend.
Military pay, deportations on track
At the same time, Trump instructed the military to find money to ensure service personnel wouldn’t miss paychecks this week. The Pentagon said over the weekend it was able to tap $8 billion in unused research and development funds to make payroll.
On Tuesday, Homeland Security Secretary Kristi Noem said her agency was relying on Trump’s big tax cuts law for funding to make sure members of the Coast Guard, which falls under the department, are also paid.
“We at DHS worked out an innovative solution to make sure that didn’t happen,” Noem said in a statement. Thanks to “the One Big Beautiful Bill,” she said, “the brave men and women of the US Coast Guard will not miss a paycheck this week.”
In past shutdowns, the Office of Management and Budget has overseen agency plans during the lapse in federal fundings, ensuring which workers are essential and remain on the job. Vought, however, has taken his role further by speaking openly about his plans to go after the federal workforce.
As agencies started making their shutdown plans, Vought’s OMB encouraged department heads to consider reductions in force, an unheard of action. The budget office’s general counsel, Mark Paoletta suggested in a draft memo that the workforce may not be automatically eligible for back pay once government reopens.
‘Grim reaper’ replaces Elon Musk’s chainsaw
Trump posted an AI-generated video last week that portrayed Vought dressed with cloak and dagger, against the backdrop of the classic rock staple “(Don’t Fear) The Reaper.”
“Every authoritarian leader has had his grim reaper. Russell Vought is Donald Trump’s,” said Rep. Steny Hoyer, the senior Democrat from Maryland.
Hoyer compared the budget chief to billionaire Elon Musk wielding a chainsaw earlier this year as part of the Department of Government Efficiency’s slashing of the workforce “Vought swings his scythe through the federal government as thoughtlessly,” he said.
In many ways, the “Big, Beautiful Bill, Act” as the law is commonly called, gives the White House a vast new allotment of federal funding for its priority projects, separate from the regular appropriations process in Congress.
The package unleashed some $175 billion for the Pentagon, including for the Golden Dome missile shield and other priority projects, and another $175 million to Homeland Security largely for Trump’s mass deportation agenda. It also included extra funds for Vought’s work at OMB.
Trump’s big bill provides billions
Certain funds from the “big bill” are available to be used during the shutdown, according to the nonpartisan Congressional Budget Office.
“The Administration also could decide to use mandatory funding provided in the 2025 reconciliation act or other sources of mandatory funding to continue activities financed by those direct appropriations at various agencies,” according to CBO.
The CBO cited the Department of Defense, the Department of the Treasury, the Department of Homeland Security, and the Office of Management and Budget as among those that received eligible funds under the law..
Mascaro writes for the Associated Press. AP writers Kevin Freking, Stephen Groves and Mary Clare Jalonick contributed to this report.
Emaciated woman is found by cops ‘days from death’ after ‘her own parents locked her away’ 27 YEARS ago
A POLISH woman has been discovered in a shocking state after allegedly being locked in a tiny room by her parents for nearly three decades.
Mirella, now 42, was just 15-years-old when she vanished from public life in 1998.
She lived in the city of Świętochłowice, in southern Poland.
Her parents reportedly told neighbours at the time that their teenage daughter had gone missing. For years, no one questioned it.
But this summer, police stumbled upon the horrifying truth.
Officers were called to an apartment block in July after residents heard a disturbance coming from inside.
When they knocked on the door, the elderly landlady, 82, denied anything unusual was going on.
Cops then spoke to Mirella directly. She reassured them that “everything was fine”.
But officers quickly noticed severe injuries on her legs and decided to call and ambulance.
She was rushed to hospital – and doctors determined she was just “days away from death” from infection.
Although Mirella’s discovery took place in July, the shocking case has only now come to light after locals launched a fundraiser to help her recover.
One of the organisers posted online: “Doctors determined that she was only days away from death due to infection.
“She has been in hospital for two months now due to her critical condition.
“People who knew Mirella thought she left her ‘family’ home almost 30 years ago.
“People who knew Mirella thought she left her ‘family’ home almost 30 years ago.
“Unfortunately, the truth turned out to be different.
“Much remains unknown, and several facts cannot be revealed at this stage. One thing is certain: the truth must come to light as to why this young, healthy 15-year-old stopped leaving her home and disappeared without a trace.
“It is unimaginable to spend so much time in one room.
“She herself says that she has never even seen her city develop, that it is behind in everything, that she has missed out on so many things, she has never been to a doctor, never obtained an ID card, never gone for a simple walk or even to the balcony…
“She’s never been to a dentist or a hairdresser.
“Her hair and teeth are in critical condition, even threatening her health, so visits to a private clinic are now necessary.”
Mirella’s nightmare began when she was just a teenager. Her parents allegedly confined her to a small room in their flat and cut her off from the outside world completely.
For 27 years, neighbours believed the couple’s story that their daughter was missing.
Residents assumed only two people lived in the flat: the elderly couple.
Her ordeal only came to an end at the end of July when neighbours heard noises and alerted the emergency services.
When police and paramedics entered the second-floor apartment, they were met with a devastating scene.
Witnesses said Mirella looked “extremely neglected,” and her legs “appeared to be necrotic.”
One neighbour said: “It’s unbelievable. I remember Mirella as a teenager. We used to play in front of the building when I visited my grandmother for the holidays.
“Then she suddenly disappeared under mysterious circumstances.”
After she was rescued, Mirella spent two months in hospital fighting for her life.
Authorities have now launched a criminal investigation.
Prosecutor Agnieszka Kwatera confirmed that the case is being formally investigated.
Junior Asp. Anna Hryniak from the Municipal Police Headquarters in Świętochłowice told Fakt: “After our intervention and transporting the woman to the hospital, the district police officer contacted the Social Welfare Center.
“We are awaiting feedback on this woman’s situation from the Social Welfare Center so we can take further action.”
It is not yet clear what legal consequences Mirella’s parents will face.
The shocking discovery comes just days after a separate case made headlines in Brazil.
Authorities were tipped off anonymously and found the child in a state of neglect. She had never been to school, received no vaccinations, and could not speak.
Child protection counsellor Ligia Guerra said: “The girl was very apathetic and dazzled by everything.”
She added that the child’s hair was “tangled” and looked “as if it had never been washed.”
The girl had reportedly eaten nothing that day and survived only on liquids.
She communicated with police and counsellors through sounds rather than words.
The child was immediately taken to hospital for medical checks before being moved to a children’s home.
Both cases have horrified the public and raised questions about how such extreme abuse can go unnoticed for so long.
Rangers: Kevin Muscat leads race to succeed Russell Martin
During a 19-year playing career that yielded 123 bookings and 12 red cards, Muscat was once branded the “most hated man in football”.
Post-retirement, he revealed, external former Rangers manager Alex McLeish did not trust him to play in an Old Firm derby during his brief spell at Ibrox.
It is to the Australian’s credit that he has since gone on to somewhat shake off his hot-head image in an impressive 13 years in management.
His glowing CV attracted Rangers two years ago, but he reportedly missed out on the job when the club opted for Philippe Clement instead.
At that time, former Rangers team-mate Neil McCann told BBC Scotland that the Ibrox side would be getting someone with “presence” who “understands the league, the intensity, the rivalry and how to get the job done”.
Muscat was then first-team boss at Yokohama F Marinos, where he won 2022 J-League after taking over from Ange Postecoglou following his exit for Celtic.
He also succeeded Postecoglou at Melbourne Victory after a period working under the current Nottingham Forest head coach.
It was in Melbourne where Muscat’s managerial career began, winning the A-League Championship twice in five-and-a-half years before his move to Japan.
Runners-up spots in the J-League in 2021 and 2023 bookended his 2022 triumph in Yokohama.
Muscat became a title winner in a third different country last year in China, and he is on the verge of another with just four games remaining as his side sit top with a two-point lead.
Across his managerial tenures in Australia, Japan and China, his win rate stands at 54%, with his teams scoring an average of 1.9 goals per game while conceding 1.2.
His Shanghai Port side scored 96 times in a 30-game league-winning campaign last year.
Those numbers suggest this is a coach who can win while implementing a front-foot approach. How that translates to Scottish football is unclear, though.
U.S., U.K. sanction global scam network, banking group from Cambodia

The United States and the United Kingdom announced they have sanctioned a global scam operator based in Cambodia. File Photo by Sascha Steinbach/EPA
Oct. 14 (UPI) — Britain and the United States announced Tuesday that they have together sanctioned a transnational scam organization operating out of Cambodia.
The U.S. Department of Treasury Office of Foreign Assets Control announced it has imposed sweeping sanctions on 146 targets within the Prince Group transnational criminal organization, a Cambodia-based network led by Cambodian national Chen Zhi that operates a global criminal empire through online investment scams.
It also announced that the Financial Crimes Enforcement Network has finalized a rule under the USA Patriot Act to sever the Cambodia-based financial services conglomerate Huione Group from the U.S. financial system. “For years, Huione Group has laundered proceeds of virtual currency scams and heists on behalf of malicious cyber actors,” the press release said.
Covered financial institutions are now banned from opening or maintaining accounts for Huione Group, the Treasury Department said.
“The rapid rise of transnational fraud has cost American citizens billions of dollars, with life savings wiped out in minutes,” said Secretary of Treasury Scott Bessent in a statement. “Treasury is taking action to protect Americans by cracking down on foreign scammers. Working in close coordination with federal law enforcement and international partners like the United Kingdom, Treasury will continue to lead efforts to safeguard Americans from predatory criminals.”
In the U.K., a $16 million mansion owned by the Prince Group has been frozen by the government. Chen Zhi and his network have invested in the London property market, including the mansion, a $133 million office building and 17 apartments in the city. The freeze blocks them from profiting from these buildings.
The organization’s scam centers in Cambodia, Myanmar and other parts of Southeast Asia use fake job ads to lure foreign nationals to compounds or abandoned casinos where they are forced to carry out online fraud or face torture, the British press release said.
The scams often involve building online relationships to convince targets to invest increasingly large sums of money into fraudulent cryptocurrency schemes.
“These sanctions prove our determination to stop those who profit from this activity, hold offenders accountable, and keep dirty money out of the U.K.,” said Fraud Minister David Hanson in a statement. “Through our new, expanded fraud strategy and the upcoming Global Fraud Summit, we will go even further to disrupt corrupt networks and protect the public from shameless criminals.”
South Korea has faced a surge of kidnappings of its citizens in Cambodia. As of August, at least 330 cases were reported, according to data submitted to the National Assembly.
In June, Amnesty International said the Cambodian government has been “deliberately ignoring” human rights abuses including slavery, human trafficking, child labor and torture by gangs. It estimated that there were at least 53 scamming compounds in Cambodia.
In September, the Treasury Department sanctioned scam centers across Southeast Asia that the agency said stole $10 billion in 2024 from Americans via forced labor and violence.
Control, choke points: The battle lines in southern Sudan | Sudan war News
Recent battlefield gains by the Sudanese Armed Forces (SAF) may turn the tide in Kordofan, analysts have told Al Jazeera.
Sudan’s devastating war between the SAF and the paramilitary Rapid Support Forces (RSF) has raged for two and a half years, resulting in massive displacement and the world’s worst humanitarian crisis, according to the United Nations.
Yet SAF’s capture in September of the strategic city of Bara, which the RSF was using for logistics, supplies, and as a muster point for reinforcements, is seen as a sign that SAF may have swung the pendulum in its favour.
Why is Bara important?
Bara lies about 350km (217 miles) southwest of the capital Khartoum along the “Export Road” used to truck goods from Khartoum to el-Obeid, capital of North Kordofan State.
It also exports its own agricultural products and livestock to the rest of Sudan.
The Khartoum-el-Obeid connection is vital because from el-Obeid, roads lead outwards to South Sudan and Sudan’s east and Darfur in the west.
From Khartoum, roads lead northeast to Port Sudan on the Red Sea, where the wartime government was until recently. Roads also lead north to Egypt and east to Eritrea and Ethiopia.
SAF took el-Obeid in February, after a two-year RSF siege, and took Khartoum in March, so taking Bara gave it solid control over the Export Road to use as a supply route, independent Sudanese military and political analyst Akram Ali told Al Jazeera.

Bara and el-Obeid lie near the westernmost reaches of SAF control, well to the east of el-Fasher, the capital of North Darfur and the last city SAF holds in the vast western region. Between the two is a stretch of RSF control – and siege on el-Fasher – that SAF has to breach.
For the RSF, keeping Bara and a foothold in Kordofan was important because it allowed it to put pressure on SAF, which holds territory to the north, and to link the areas it controls in Kordofan and Darfur to South Sudan, links it uses to move weapons and fighters.
How did SAF take Bara?
The army launched an offensive on Bara from the south on September 11, while RSF defences were concentrated on the eastern side, analyst Abdul Majeed Abdul Hamid said.
SAF sent continuous drone strikes against RSF targets, then launched the Darfur Track Armed Struggle Movement, an assault force known for mobility and speed, from el-Obeid.
The force successfully engaged and defeated the RSF unit defending Bara, then entered the city with heavy firepower, according to a military officer who spoke on condition of anonymity.
The officer said the operation relied on speed and keeping the RSF occupied on several fronts to prevent it from sending reinforcements.
Most of Bara’s civilians supported SAF, according to Abdul Hamid, and the RSF quickly retreated.
The operation cut off RSF supply and military support lines, he added, isolating their remaining positions in areas such as al-Khuwei to the west and al-Nahud to the east.
For the RSF, keeping Bara and a foothold in Kordofan was important because it allowed it to put pressure on SAF, which holds territory to the north, and to link the areas it controls in Kordofan and Darfur to South Sudan, links it uses to move weapons and fighters.
Losing Bara also meant that the RSF could no longer keep the city of el-Obeid under siege.
Will the RSF lose the Kordofans?
The RSF announced in February this year that it had entered an alliance with the Southern People’s Liberation Movement-North (SPLM-N). South Kordofan includes the Abyei region, disputed between Sudan and South Sudan. The SPLM-N controls the vast, isolated Nuba Mountains region in South Kordofan, right up against the border with South Sudan.
However, despite that new stronghold, analysts told Al Jazeera that losing control over the Export Road spells a serious deterioration in the RSF’s power in the Kordofans.
“The army’s entry into el-Obeid marked the beginning of their actual collapse,” said Ali.
![Widespread disease outbreak overwhelms hospitals in war-torn Sudan [Screengrab/Al Jazeera]](https://www.aljazeera.com/wp-content/uploads/2025/09/Screenshot-2025-09-23-at-11.47.58-AM-1758617507.png?w=770&resize=770%2C509&quality=80)
An army unit called “Al-Sayyad” – named after a commander killed in the early days of the war – had moved from Rabak, capital of White Nile State, in a campaign that eventually reached el-Obeid.
Political analyst Ahmed Shamukh said liberating Bara opens the door to reactivating the SAF air base in el-Obeid, the largest in Kordofan, after two years of inactivity, “significantly [enhancing] the logistical and combat capabilities of the Sudanese army” and helping SAF’s campaign to expel RSF from the Kordofans.
Taking back all of Kordofan would allow SAF to work towards liberating Darfur, Abdul Hamid said.
“The army has combat experience and personnel capable of liberating Kordofan with the same capabilities it used to retake the cities of central Sudan and the capital,” Abdul Hamid continued.
The war has killed tens of thousands of people and displaced more than 10 million in what has become the world’s largest humanitarian crisis.
According to the UN, a total of 24.6 million people face acute food insecurity, while 19 million people lack access to safe water and sanitation.
Joe Swash admits huge ‘identity struggle’ after family tragedy leaves ‘big gulf’
The TV star is passionate about helping young men to get support in their roles as new dads, after losing his own father at a young age
As a father of six kids aged between two and 17, Joe Swash knows a thing or two about parenting. But the TV star says that when he first became a dad, aged 25, he felt “vulnerable, under-prepared” and ignored by society.
And he fears that things might have got even worse since then, which inspired him to make a film to highlight the desperate situation that many young fathers trying to raise their children find themselves in.
Joe, 43, lost his own father when he was just 11 and had no role model to guide him through while he was raising baby Harry, now 17, with his former partner Emma Sophocleous.
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“From what I’ve found, there’s not a lot of support out there for young dads, and if there is some, it’s very, very difficult to find,” says Joe, who now has a large blended family with his wife Stacey Solomon.
“I’ve got six kids that I look after. Being a dad is a really big part of my life. And I remember being so vulnerable, so under-prepared for my first child, not really knowing anything, not really having anywhere to go for some help. My dad wasn’t around. There were no charities geared towards young dads.When I’d go to,a child parent club, it was always going to the mother-child club. I never felt really included.”
Joe’s relationship with Emma broke down just a few months after Harry’s birth and Joe wonders whether the large number of single parent families in the UK could be partly down to the lack of support for young fathers.
“I feel like it’s an area that’s been overlooked,” he explains. “There are lots of absent dads out there and I just want to know whether all of them are absent because they want to be or because there wasn’t enough support for them. If that’s the case then I want to shine a light on that and let people know that there’s got to be something done to make the situation better.”
In his new documentary, Joe meets several young men who are learning on the job and trying to be good dads to their kids. He believes that having positive male role models is not only beneficial for the children – it’s a massive help for men too. Without his own dad to learn from, Joe admits he found the transition into fatherhood really difficult. “I do think it sort of really shaped who I am as a person. You know, not having a dad. I didn’t really know there’d be any issues with it until I’ve got older. I struggle with my identity,” he admits. “What sort of man am I? Am
I expected to be an alpha male? There’s lots of things I struggle with because I never had my dad there.”
One young man in the film is Wyatt, who is currently living separately from his partner and their child because of their circumstances, but is determined to make it work out. Joe says: “I always get this feeling, you now, we should be celebrating people like Wyatt and his partner, because not only are they young but they’re doing a fantastic job and we should be celebrating these positive role models.
“I can definitely feel Wyatt’s pain, you know, because all he wants to do is be with his partner and his child, be a family.”
Looking at the young men who features in the one-off show, he recognises himself in all of them. “I can see a lot of the vulnerabilities in the young men that we met in this documentary because I felt that way,” Joe says. “It’s a real big gulf in your life when you haven’t got a dad or a positive male role model. I remember being young and just craving someone to sort of put their arm around me and look after me, but I never had one.”
Without these types of influences, Joe is concerned that there are plenty of young men who will make the wrong choices or take the wrong path. “That’s the danger,” he reasons. “They’ll fall into places with people that are not positive because they crave just someone looking out for them.”
He’d like teen dads, or those their twenties, to have somewhere to turn for help and advice. “It would help if there was more set up for young dads where they could be around other young dads and they can start the conversation,” he says. “When you first get a baby in your hands, it’s so delicate. You’re so scared of it. The thought of changing a nappy is quite daunting. You know, if you’re not taught it and no one’s showed you it, how are you going to learn it? So I just feel like there’s got to be more places out there for dads wanting to be dads.”
And he points out that the biggest killer of young men is suicide. “We suffer in silence, we don’t open up or talk about our problems. But you put us in a room of other people that are going through the same sort of things, you don’t feel the pressure, you feel open, you want to express yourself. If we can get young dads in the room together, they would know that they’re not the only ones that are feeling these things, that are going through these emotions.
“I got to travel the length and breadth of the country meeting these young dads, listening to their stories, and the whole way along I just kept thinking to myself, ‘we’ve just got to get them talking, you know, open the conversation otherwise everyone’s just suffering in silence.”
Viewers who watch Joe’s film, Forgotten Young Dads, will see that while the group all have their individual struggles, they’re also pretty resilient. After meeting them, Joe feels both inspired and hopeful for the future. “From the time that I spent with them, I think that all of those kids are going to have great dads,” he smiles. “They were all completely hands-on. They’ve done everything from change nappies, feed them and put them to bed. And I just think that is the modern-day alpha male.”
Joe wants young men to realise that being a man isn’t about boozing and bust-ups – it’s about raising your family and getting properly involved in the next generation. “Anyone can go down to the pub and have a fight, or watch the football at the weekend. But not every man can change a nappy, get up in the middle of the night and do all the things that a real dad should do. I was very proud of them.”
– Joe Swash: Forgotten Young Dads, 8pm, Monday 20 October BBC3, Tuesday 21 October BBC1, and iPlayer
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CCLA Investment Management Opens New $91 Million MercadoLibre (NASDAQ:MELI) Stake
CCLA Investment Management reported a new stake in MercadoLibre valued at an estimated $91 million as disclosed in its quarterly SEC filing on October 14, 2025.
What happened
In a quarterly portfolio update, CCLA Investment Management’s SEC filing dated October 14, 2025, shows the fund established a new position in MercadoLibre (MELI -0.07%), acquiring 38,946 shares during the period.
The estimated value of this trade was $91 million at period end. This marks MercadoLibre’s first appearance in CCLA’s U.S. equity holdings.
What else to know
This was a new position for CCLA, representing 1.5% of its $6.2 billion in reportable U.S. equity assets as of September 30, 2025.
CCLA’s top holdings after the filing:
- Microsoft: $369.63 million (5.9% of AUM)
- Alphabet: $345.87 million (5.5% of AUM)
- Amazon: $268.96 million (4.3% of AUM)
- Broadcom: $207.92 million (3.3% of AUM)
- Visa: $180.65 million (2.9% of AUM)
As of October 13, 2025, MercadoLibre shares were priced at $2,175.91, up 4.6% over the year ending October 13, 2025, trailing the S&P 500 by 8.5 percentage points during the same period.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close 2025-10-13) | $2,175.91 |
| Market Capitalization | $108.94 billion |
| Revenue (TTM) | $24.10 billion |
| Net Income (TTM) | $2.05 billion |
Company Snapshot
MercadoLibre:
- Offers e-commerce platforms, digital payments (Mercado Pago), logistics (Mercado Envios), lending (Mercado Credito), and advertising solutions across Latin America.
- Monetizes through transaction fees, payment processing, credit products, logistics services, and digital advertising on its ecosystem.
- Serves individuals, small businesses, and large retailers primarily in Latin American markets.
MercadoLibre, Inc. is a leading Latin American e-commerce and fintech platform, leveraging a broad digital ecosystem to drive growth and user engagement. The company integrates marketplace, payments, logistics, and credit services, enabling seamless commerce for millions of users.
Foolish take
CCLA Investment Management’s portfolio is made up of 57 stocks, and it looks like a who’s-who of businesses that dominate their respective niches.
Adding Latin American e-commerce and fintech platform MercadoLibre to their portfolio is a pretty sound endorsement of the company.
MercadoLibre is a 78-bagger since its initial public offering in 2007 and has become one of the most successful stocks of the last two decades.
Despite this incredible run, the company is still growing by leaps and bounds, with revenue and income from operations rising by 53% and 44% in its latest quarter.
Offering investors immense growth optionality as it continues to reinvest in its operations, MercadoLibre’s growth story still has plenty of chapters remaining.
Trading at 49 times forward earnings — and generating gobs of cash — MercadoLibre looks like an excellent investment for CCLA and investors alike today.
Glossary
Stake: The ownership or investment a person or institution holds in a company.
Quarterly SEC filing: A report submitted every three months to the U.S. Securities and Exchange Commission detailing a fund’s holdings and activity.
13F reportable assets: Assets that institutional investment managers must disclose in quarterly SEC Form 13F filings, showing their U.S. equity holdings.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a financial institution.
Portfolio: A collection of financial assets such as stocks, bonds, or funds owned by an investor or institution.
Top holdings: The largest investments in a portfolio, typically by market value or percentage of total assets.
Trailing: Refers to a performance comparison over a past period, often used to compare returns to a benchmark.
Market close: The end of the regular trading session for a stock exchange on a given day.
TTM: The 12-month period ending with the most recent quarterly report.
E-commerce: Buying and selling goods or services over the internet.
Fintech: Technology-driven financial services or products, such as digital payments, lending platforms, or online banking.
Monetizes: Generates revenue from a product, service, or platform.
Josh Kohn-Lindquist has positions in Alphabet, MercadoLibre, and Visa. The Motley Fool has positions in and recommends Alphabet, Amazon, MercadoLibre, Microsoft, and Visa. The Motley Fool recommends Broadcom and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
U.S. appeals court rejects Trump appeal over Pennsylvania race
PHILADELPHIA — President Trump’s legal team suffered yet another defeat in court Friday as a federal appeals court in Philadelphia roundly rejected its latest effort to challenge the state’s election results.
Trump’s lawyers vowed to appeal to the Supreme Court despite the judges’ assessment that the “campaign’s claims have no merit.”
“Free, fair elections are the lifeblood of our democracy. Charges of unfairness are serious. But calling an election unfair does not make it so. Charges require specific allegations and then proof. We have neither here,” Judge Stephanos Bibas wrote for the three-judge panel.
The case had been argued last week in a lower court by Trump lawyer Rudolph W. Giuliani, who insisted during five hours of oral arguments that the 2020 presidential election had been marred by widespread fraud in Pennsylvania. However, Giuliani failed to offer any tangible proof of that in court.
U.S. District Judge Matthew Brann had said that the campaign’s error-filled complaint, “like Frankenstein’s Monster, has been haphazardly stitched together,” and he denied Giuliani the right to amend it for a second time.
The 3rd U.S. Circuit Court of Appeals called that decision justified. The three judges on the panel were all appointed by Republican presidents, including Bibas, a former University of Pennsylvania law professor appointed by Trump. Judge Maryanne Trump Barry, Trump’s sister, sat on the court for 20 years, retiring in 2019.
Friday’s ruling comes four days after Pennsylvania officials certified their vote count for President-elect Joe Biden, who defeated Trump by more than 80,000 votes in the state. Nationally, Biden and Vice President-elect Kamala Harris garnered nearly 80 million votes, a record in U.S. presidential elections.
Trump has said he hopes the Supreme Court will intervene in the race as it did in 2000, when its decision to stop the recount in Florida gave the election to Republican George W. Bush. On Nov. 5, as the vote count continued, Trump posted a tweet saying the “U.S. Supreme Court should decide!”
Ever since, Trump and his surrogates have attacked the election as flawed and filed a flurry of lawsuits to try to block the results in six battleground states. But they’ve found little sympathy from judges, nearly all of whom dismissed their complaints about the security of mail-in ballots, which millions of people used to vote from home during the COVID-19 pandemic.
Trump perhaps hopes a Supreme Court he helped steer toward a conservative 6-3 majority would be more open to his pleas, especially since the high court upheld Pennsylvania’s decision to accept mail-in ballots through Nov. 6 by only a 4-4 vote last month. Since then, Trump nominee Amy Coney Barrett has joined the court.
“The activist judicial machinery in Pennsylvania continues to cover up the allegations of massive fraud,” Trump lawyer Jenna Ellis tweeted after Friday’s ruling. “On to SCOTUS!”
In the case before Brann, the Trump campaign asked to disenfranchise the state’s 6.8 million voters, or at least the 700,000 who voted by mail in Philadelphia, Pittsburgh and other Democratic-leaning areas.
“One might expect that when seeking such a startling outcome, a plaintiff would come formidably armed with compelling legal arguments and factual proof of rampant corruption,” Brann wrote in his Nov. 21 ruling. “That has not happened.”
A separate Republican challenge that reached the Pennsylvania Supreme Court this week seeks to stop the state from further certifying any races on the ballot. Democratic Gov. Tom Wolf’s administration is fighting that effort, saying it would prevent the state’s Legislature and congressional delegation from being seated in the coming weeks.
On Thursday, Trump said the Nov. 3 election was still far from over. Yet he offered the clearest signal to date that he would leave the White House peaceably on Jan. 20 if the electoral college formalizes Biden’s win, which appears certain.
“Certainly I will. But you know that,” Trump said at the White House, taking questions from reporters for the first time since election day.
Yet on Friday, he continued his baseless attacks on Detroit, Atlanta and other Democratic cities with large Black populations, calling them sources of “massive voter fraud.” And he claimed, without evidence, that a Pennsylvania poll watcher had uncovered computer memory drives that “gave Biden 50,000 votes” apiece.
All 50 states must certify their results before the electoral college meets Dec. 14, and any challenge to the results must be resolved by Dec. 8. Biden won both the electoral college and popular vote by wide margins.
The Sports Report: Dodgers win a stomach-churning Game 1
From Jack Harris: The reason the Milwaukee Brewers are in the National League Championship Series is because of plays like the one that ended the fourth inning Monday night.
A strange, one-in-a-million, 400-foot double play in which one Brewers fielder made a spectacular defensive effort, and another never lost awareness of a wacky situation — highlighting the sound fundamentals that made them baseball’s winningest team this season.
The reason the Dodgers are here, however, is because of how they can respond to adversity — settling the panic with their dominant starting pitching, rallying at the plate with their star-studded lineup and suffocating an opponent with a record $415-million payroll’s worth of talent.
In their 2-1 win in Game 1 of the NLCS at American Family Field, that was ultimately what made the difference.
The evening’s most memorable moment might have been that fourth-inning cluster, when the Dodgers had the bases loaded with one out, only to come up empty when Max Muncy had a potential grand slam robbed (but, crucially, not caught cleanly) and two Dodgers runners were retired on forceouts at home plate and third base.
But, the most important contributions were what came after that, with Freddie Freeman’s home run in the sixth inning giving the Dodgers the lead, and Blake Snell’s scoreless eight-inning, one-hit, 10-strikeout master class ensuring they wouldn’t relinquish it — even with some heartburn from the bullpen at the end.
“Obviously, there were some crazy things that happened,” manager Dave Roberts said. “It’s not going to come easy.”
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MLB POSTSEASON SCHEDULE, RESULTS
All times Pacific
NLCS
Dodgers vs. Milwaukee
Dodgers 2, at Milwaukee 1 (box score)
Tuesday: at Milwaukee, 5 p.m., TBS, truTV, HBO Max, AM 570, KTMZ 1220, ESPN radio
Thursday: at Dodgers, 3 p.m., TBS, truTV, HBO Max, AM 570, KTMZ 1220, ESPN radio
Friday: at Dodgers, 5:30 p.m., TBS, truTV, HBO Max, AM 570, KTMZ 1220, ESPN radio
*-Saturday: at Dodgers, 5 p.m., TBS, truTV, HBO Max, AM 570, KTMZ 1220, ESPN radio
*-Monday: at Milwaukee, 2 p.m., TBS, truTV, HBO Max, AM 570, KTMZ 1220, ESPN radio
*-Tuesday, Oct. 21: at Milwaukee, 5 p.m., TBS, truTV, HBO Max, AM 570, KTMZ 1220, ESPN radio
ALCS
Seattle vs. Toronto
Seattle 3, at Toronto 1 (box score)
Seattle 10, at Toronto 3 (box score)
Wednesday at Seattle, 5 p.m., FS1
Thursday at Seattle, 5:30 p.m., FS1
*-Friday at Seattle, 3 p.m., FS1
*-Sunday at Toronto, 5 p.m., FS1
*-Monday at Toronto, 5 p.m., Fox/FS1
*-if necessary
From Ben Bolch: Fox College Football tweeted that “The Jerry Neuheisel Era has begun with the Bruins.”
ESPN personality Pat McAfee added to the chorus of adoration for UCLA’s new playcaller, tweeting that Neuheisel “just might be a football wizard.”
Other media and sports betting sites tweeting about the Bruins’ turnaround from 0-4 to darlings of the college football world prominently featured pictures of the blond-haired assistant coach.
It was enough to prompt the sports media website Awful Announcing to ask: “Does anyone know that Tim Skipper is actually UCLA’s interim head coach, not Jerry Neuheisel?”
Having been preoccupied with saving a season, Skipper acknowledged being blissfully unaware of any narratives about who’s done what to spark his team’s turnabout.
From Ryan Kartje: USC was down to two walk-ons in its battered backfield, when Trojans coach Lincoln Riley decided to dress injured sophomore running back Bryan Jackson for the second half of Saturday’s win over Michigan, despite the fact Jackson was listed by the team as out on the Big Ten’s pregame availability report.
Riley explained the decision to play Jackson after the game, describing it as “a unique situation” and “a wellness issue.” But on Monday, the Big Ten chose to slap USC with a fine of $5,000 for violating conference rules regarding its availability reports.
“Although these circumstances were unfortunate, it is critical for availability reports to be accurate,” a Big Ten spokesperson said. “Consequently, the conference is imposing a $5,000 fine and admonishes all institutions to use the “out” designation only if there are no circumstances under which a student-athlete could participate in a game. The conference considers the matter closed and will have no further comment.”
LAKERS
From Broderick Turner: When Luka Doncic plays in his first exhibition game of the season for the Lakers against the Phoenix Suns Tuesday night, Coach JJ Redick said the plan with his star is pretty simple.
“Give him the ball,” Redick said, laughing.
Redick paused for a second.
“You talking about minutes?” he asked.
Redick said they are “still working through what that looks like” with the Lakers’ staff and Doncic’s team.
KINGS
Marco Rossi scored in the fourth round of the shootout and the Minnesota Wild beat the Kings 4-3 on Monday night after giving up a three-goal lead in the third period.
Power-play goals by Jared Spurgeon, Kirill Kaprizov and Matt Boldy gave Minnesota a 3-0 lead late in the first period.
The score remained until the third period when Kevin Fiala, Quinton Byfield scored early and Adrain Kempe late to send the game to overtime.
THIS DAY IN SPORTS HISTORY
1945 — The Chicago Cardinals snap the longest losing streak in NFL history at 29 games with a 16-7 victory over the Chicago Bears.
1949 — Ezzard Charles TKOs Pat Valentino in 8 for heavyweight boxing title.
1951 — Detroit’s Jack Christiansen returns two punts for touchdowns, but the Lions still lose, 27-21, to the Los Angeles Rams.
1962 — Houston’s George Blanda throws six touchdown passes to lead the Oilers to a 56-17 rout of the New York Titans.
1967 — The Kings, led by Brain Kilrea, beat the Philadelphia Flyers 4-2 in their NHL debut. The game is held at Long Beach (Calif.) Arena. Kilrea scores two goals, including the first one in Kings history.
1978 — Darryl Sittler of the Toronto Maple Leafs gets seven assists in a 10-7 victory over the New York Islanders.
1979 — Edmonton’s Wayne Gretzky scores his first NHL goal in a 4-4 tie with the Vancouver Canucks. Gretzky beats goaltender Glen Hanlon with the tying power-play goal with 1:09 remaining in the third period.
1990 — Joe Montana passes for career highs of 476 yards and six touchdowns and Jerry Rice ties an NFL record with five scoring receptions as the San Francisco 49ers beat the Atlanta Falcons 45-35.
1991 — New York Rangers right wing Mike Gartner scores his 500th career goal in the first period of a 5-3 loss to the Washington Capitals.
2005 — Ryan Newman sets a NASCAR record by winning his fifth consecutive Busch Series race, the Charlotte 300 at Lowe’s Motor Speedway.
2006 — Mats Sundin scores his 500th career goal, completing a hat trick with a short-handed overtime game-winner and giving Toronto a 5-4 victory over Calgary. The third goal is Sundin’s 15th in overtime — the most in NHL history.
2007 — Tom Brady of New England passes for 388 yards and a career-high five touchdowns in a 48-27 win over previously unbeaten Dallas. The five TDs gives Brady the NFL mark with at least three in each of the first six games of the season.
2011 — Japan’s Kohei Uchimura becomes the first man to win three titles at the world gymnastics championships in Tokyo. Uchimura finishes with 93.631 points in the men’s all-around, more than three points ahead of Germany’s Philipp Boy.
2012 — Green Bay’s Aaron Rodgers sets a career high and ties a franchise record with six touchdown passes, three to Jordy Nelson, and the Packers rout the Houston Texans 42-24. Rodgers completes 24 of 37 passes for 338 yards and ties Matt Flynn’s single-game record for TD passes, set in last year’s regular-season finale against Detroit.
2015 — Sylvia Fowles has 20 points and 11 rebounds as the Minnesota Lynx capture their third WNBA title in five years with a 69-52 victory over the Indiana Fever in Game 5.
2018 — Stephen Gostkowski hit a 28-yard field goal as time expires, and the New England Patriots beat the Kansas City Chiefs 43-40 after blowing a big halftime lead. Tom Brady passes for 340 yards and a touchdown and runs for another score in his 200th victory as a starting quarterback, tops in NFL history. With New England leading 24-9 at halftime, Patrick Mahomes directs an impressive rally by Kansas City in the second half. He finishes 23 of 36 for 352 yards in his first loss as a starting quarterback, with three of his four TD passes going to Tyreek Hill.
2020 — The NFL cancels the Pro Bowl scheduled for January, 31, 2021 due to the COVID-19 pandemic.
Compiled by the Associated Press
THIS DAY IN BASEBALL HISTORY
1973 — 42-year-old future Baseball Hall of Fame center fielder Willie Mays′ last MLB career hit, as the NY Mets beat A’s, 10-7 in World Series Game 2 in Oakland.
Until next time…
That concludes today’s newsletter. If you have any feedback, ideas for improvement or things you’d like to see, email me at [email protected]. To get this newsletter in your inbox, click here.
French prime minister backs suspending unpopular pension reform law | Politics News
Prime Minister Sebastien Lecornu faces two no-confidence motions this week as France’s political crisis deepens.
Published On 14 Oct 2025
France’s embattled prime minister says he backs suspending a pension reform until after the 2027 presidential election in a bid to end the political turmoil that has gripped the country for months.
Prime Minister Sebastien Lecornu, 39, announced on Tuesday that he supports pausing an unpopular reform that raised the age of retirement from 62 to 64 in the hopes of securing enough votes to survive two no-confidence votes.
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“I will propose to parliament this autumn that we suspend the 2023 pension reform until the presidential election. There will be no increase in the retirement age from now until January 2028,” he promised lawmakers during his policy speech, responding to a key request from the Socialists, a swing group in parliament crucial to his cabinet’s survival.
President Emmanuel Macron signed into law the bill to raise the retirement age, a signature economic reform that became the biggest domestic challenge of Macron’s second mandate as he faced widespread popular opposition to the changes and also sliding personal popularity.
Hundreds of thousands protested against the change in 2023 in towns and cities across the country.
Lecornu has faced an uphill battle since being appointed prime minister in early September. At the time of his appointment, he was the fifth prime minister in less than two years and faced deep political divides and a high debt load.
He ultimately stepped down from the post in early October, further deepening the country’s long-running political crisis. Macron then reappointed Lecornu as prime minister last week.
Lecornu faces two no-confidence motions by the hard-left France Unbowed and far-right National Rally parties. The two parties do not hold enough seats to topple Lecornu’s government on their own, but the prime minister could be ousted if the Socialist Party were to join forces with them.
The leader of the Socialists in the National Assembly said the decision to suspend the pension reform was a victory for the left.
Boris Vallaud did not explicitly say if his party would vote against the two motions of no confidence this week, but he said he believed in parliamentary debate and he would be ensuring the prime minister’s pledges be turned into actions.
Cyrielle Chatelain confirmed on Tuesday that France’s Greens party will support a no-confidence motion.
Earlier on Tuesday, Macron had warned that any vote to topple Lecornu’s cabinet would force him to dissolve parliament and call elections.
France, the eurozone’s second largest economy, is facing deep economic turmoil as Lecornu fights to keep his cabinet alive long enough to pass an austerity budget by the end of the year. During a speech on Thursday, he warned suspending the pension reform would cost about 400 million euros ($464m) in 2026 and 1.8 billion euros ($2.1bn) the year after and it should be offset by savings.
France’s ratio of debt to its gross domestic product is the European Union’s third highest after Greece and Italy and is close to twice the 60-percent limit fixed by EU rules.
France has been rocked by protests in recent months. In September, the Block Everything campaign spurred a nationwide wave of antigovernment protests that filled streets with burning barricades and tear gas as demonstrators rallied against budget cuts and political instability.
In October, about 195,000 people, including 24,000 in Paris, turned out for another day of nationwide strikes at the urging of French trade unions. The protests were triggered by widespread opposition to an austerity budget that the government has been trying to push through parliament.
CAS rejects Israel’s appeal to join artistic gymnastics worlds in Indonesia | Gaza News
The Indonesia government said last week it will not grant visas to Israeli gymnasts for the World Championships.
Published On 14 Oct 2025
The Court of Arbitration for Sport has rejected appeals by the Israel Gymnastics Federation to be allowed to compete at a world championships in Indonesia this weekend.
The CAS also turned down Israel’s request to force the International Gymnastics Federation (FIG) to guarantee Israel’s participation, or alternatively cancel or move the artistic worlds, set to start on Sunday in Jakarta.
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The Indonesian government last week said it will not grant visas to Israeli gymnasts, and the Swiss-based CAS said on Tuesday that FIG stated it has no control over Indonesia’s visa policies.
In its reaction to Indonesia’s move, the FIG did not threaten to take the event away from Indonesia as stipulated in its statutes for cases where the host refuses to issue visas. Israel wanted the FIG “taking note” of the government statement to be annulled, but CAS also rejected that on Tuesday.
Indonesia’s decision to deny visas came after Israel’s planned participation sparked intense opposition in the world’s most populous Muslim-majority nation, which has long been a staunch supporter of Palestinians.
Israel is among 86 countries registered to compete at the worlds, with a team featuring 2021 Olympic gold medallist and defending world champion Artem Dolgopyat in the men’s floor exercise.
Now its participation is in doubt, even though the Israeli federation said in July that it had been assured by Indonesian officials that it would be welcome at the worlds. That would have gone against Indonesia’s longstanding policy of refusing to host Israeli sport delegations for major events.
The gymnastics spat is the latest example of how the global backlash against Israel over the humanitarian toll of the war in Gaza has spread into the arenas of sport and culture.
Detectives reveal Madeleine McCann ‘stalker’ failed DNA test to prove she was missing tot
A DNA test on a Polish woman claiming to be Madeleine McCann has “conclusively” proved she is not the missing child, a court has heard.
Julia Wandelt, 24, had a sample analysed after she was arrested in February over the alleged stalking of Madeleine’s parents Kate and Gerry.
Detective Chief Inspector Mark Cranwell told a court today that when Ms Wandelt’s DNA was compared with Maddie’s the results were clear.
When asked what they proved, Cranwell replied: “A comparison took place and it conclusively proved that Julia Wandelt is not Madeleine McCann.”
The trial over Ms Wandelt’s alleged stalking of the McCann’s is ongoing as a court heard this month she is said to have bombarded Kate and Gerry with calls, letters and messages over almost three years.
Leicester crown court was played clips she left after she got the family’s phone number from Portuguese police records.
In one, Polish national Wandelt, 24, tells Kate: “I know you probably think Madeleine is dead, but she is not. I am her.”
She denies the stalking claims.
Central Banker Report Cards 2025: Asia-Pacific
Global central banks face inflation challenges in 2026 but disagree on the right approach. Global Finance reveals the 2025 Central Banker Report Cards in Asia-Pacific.
AUSTRALIA | Michele Bullock: B+
The Reserve Bank of Australia (RBA) under Michele Bullock exasperated markets and the voluble Australian media by failing to cut the cash rate at its July meeting—even in the face of a weakening employment market, as had been revealed the previous month when the jobless rate hit a four-year high of 4.3%.
The governor’s mantra, revealed at a speech made in Sydney in July, is that the RBA’s approach to monetary policy should be “measured and gradual.” Fair enough, perhaps—the RBA had cut the cash rate twice prior to the decision to stand pat in July, down to 3.85%. It was duly cut again in August by 25 basis points (bp).
In Bullock’s favor, the inflation dynamic is auspicious: Core inflation was 2.7% in June, down from 2.9% in the March quarter, having fallen each quarter since peaking in December 2022. Meanwhile, the Australian dollar has so far weakened by around 1.8% against the US dollar without pressuring domestic inflation.
Australia faces the same issues plaguing many Western economies: sluggish growth, prohibitively priced housing stock, and high levels of government debt and of doubts surrounding fiscal sustainability.
Still, relative to many Western economies, Australia’s debt-to-GDP ratio is a relatively manageable 35.5%; though it is forecast to rise steadily over the next five years. And while the RBA forecasts 1.7% GDP growth for 2025, it is worth noting that in the 20 years up to the COVID-19 pandemic, Australia’s growth averaged 3%, indicating a declining secular trend.
AZERBAIJAN | Taleh Kazimov: B+
Central bank governor Taleh Kazimov has dialed down growth expectations for 2025, forecasting that GDP will hit 3% this year, versus an April prediction of 3.3%. This would be weaker than the 4.1% growth booked in 2024. Inflation is expected to hit 5.4% this year according to the Finance Ministry, versus 2.2% in 2024.
Strategic foreign exchange reserves grew to $77.4 billion in the year to July, for a 9.4% gain over the period. Over the past two years, reforms to modernize the regulation and supervision of financial institutions have been in process as part of the Financial Sector Development Strategy 2024-2026, which according to S&P will reduce risk in Azerbaijan’s banking industry.
BANGLADESH | Ahsan Mansur: C+
Former economist Ahsan Mansur assumed the governorship of Bangladesh Bank in August 2024,
at a moment of national strife and ensuing emergency, when the country’s leader Sheikh Hasina had fled the country for neighboring India under accusations of corruption and civil rights abuses.
In the interim, he has recognized with clarity the need to restore balance to Bangladeshi financial institutions, spur growth, and attack rampant inflation—in a bid to stabilize the taka, which has fallen about 4% to the US dollar so far this year—as well as the need to restore fundamental faith in the country as an investment proposition.
His first crucial decision came immediately after assuming office, when he raised the overnight repo policy rate by 50 bp to 9%, followed up by two hikes over subsequent months to take the rate to 10% in October.
Inflation was frothy at 10.5% during the first tightening but has since moderated, hitting 8.55% in July, vindicating the monetary stringency—Mansur predicts that it will ease to 5% by year-end.
He has resisted easing to boost growth—which the Asian Development Bank estimates at 3.9% for the fiscal year ended in June and forecasts as the full-year tally—holding the policy rate steady at 10% in July. This is a far cry from the 6.4% annual average growth clocked by Bangladesh between 2010-2020.
Meanwhile, Mansur has grasped the need to overhaul the country’s crisis-hit financial system. He has established a three-year road map for reform, under the auspices of the International Monetary Fund (IMF). This includes banking system consolidation, nonperforming-loan (NPL) resolution, and an overhaul of bankruptcy and restructuring legislation. Perhaps this will help bring the heady days of nonstop growth back to Bangladesh again.
CAMBODIA | Chea Serey: A-
Chea Serey hit the ground running when she assumed the governorship of the National Bank of Cambodia (NBC) in July 2023, presiding over 5.5% GDP growth and 2.1% inflation that year. NBC’s foreign exchange reserves surged 13% to $20 billion, for a flush seven months of import cover. Moreover, by February of 2024, reserves had grown to $22.5 billion, prompting the NBC to consider utilizing the reserves to invest in green and sustainable projects in Cambodia via bond purchases.
She has been maintaining her initial pace ever since: Growth in the first half of this year was a solid 5.9% even when Cambodia was confronted on what US President Donald Trump called “Liberation Day” with the highest tariffs levied on any country, a radically high 49%, which has since been reduced to 19%.
Core inflation was moderate at 2.9% for the period, a level from which it is expected to tail off in the year’s second half. The NBC expects a 2.4% full-year reading.
The governor has maintained the NBC’s focus on the digital economy, overseeing the launch in July of a cross-border QR-code payment system with Japan. This followed the rollout in January of a tourist-focused app utilizing the country’s digital currency, the bakong, in January.
In April, the NBC joined the Regional Payment Connectivity initiative, adding to the roster of nine central banks of the Association of Southeast Asian Nations (ASEAN) to have joined since the initiative was launched in 2022 with the aim of fostering financial integration within the ASEAN region.
CHINA | Pan Gongsheng: B+
China’s economy is weighed down by a chronic failure of demand to respond optimally to the supply-side-focused policies applied by regulators and the People’s Bank of China (PBOC) over the past few years.
Helping to explain the weak demand are the dampening effects of a brutal real estate correction, manifested in loss of consumer sentiment and weak growth in retail sales and in services. This is underpinned by an aging population demographic and ongoing trade tension.
Deflationary pressure is the result; but Pan Gongsheng, PBOC governor since July 2023, has been proactive, loosening monetary policy in May, a month after US President Trump fired his “Liberation Day” tariff salvo.
The seven-day reverse repo rate was cut by 10 bp, as were the one-year and five-year loan prime rates (now at their lowest levels since 2019). Meanwhile, the required reserve ratio (RRR) was cut by 50 bp—a move expected to unleash 1 trillion renminbi (about $140.5 billion) of long-term liquidity.
Pan’s timing was apposite—even though increased US tariffs on China were suspended and remain on hold at the time of writing—given that according to Lian Ping, chairman of the China Chief Economist Forum, exports could fall 2%-2.5% for every 10% increase in US tariffs, creating a “chain reaction in the areas of consumption and investment.”
Banks also cut deposit rates by 5 to 25 points and face constricted net interest margins that fell to 1.4% in the first quarter—an all-time low. Credit demand remains weak, and it remains to be seen whether the PBOC’s supply-side measures will contribute to the government’s 5% GDP growth target for 2025.
HONG KONG | Eddie Yue: B+
Eddie Yue, CEO of the Hong Kong Monetary Authority (HKMA), has kept a close eye on the US dollar: Hong Kong dollar interest rate differential this year, which has opened up an attractive carry trade via which speculators can borrow in cheap Hong Kong dollars and reinvest the proceeds in US dollar assets.
This has caused prolonged weakness in the Hong Kong unit over the course of this year and put the trading band that restricts the US$:HK$ exchange rate in a 7.75-7.85 band under severe pressure.
The HKMA has been actively intervening in the foreign exchange market over the summer, having intervened 11 times since late June. It drained over HK$3.37 billion (about US$433 million) in liquidity in one week in a bid to boost Hong Kong dollar funding costs and deter carry trades—a successful intervention that boosted the local unit to a three-month high.
Elsewhere, Yue has spearheaded a drive to boost the use of digital currencies in the city-state. As of July, 22 Hong Kong banks had been licensed to distribute digital assets onshore, resulting in a rise of more than 200% in transaction volume versus the previous year. He has overseen the Stablecoin Ordinance, which came into effect in August, establishing a licensing regime for fiat-referenced stablecoin issuers—to regulate their issuance, offering, and marketing in Hong Kong—and positioning the HKMA as supervisor and enforcer.
INDIA | Sanjay Malhotra: Too Early To Say
The Reserve Bank of India (RBI) has a new governor. Sanjay Malhotra replaced central banking legend Shaktikanta Das at the RBI last December and has large shoes to fill. Malhotra was promoted from his role as revenue secretary in the Narendra Modi government and holds a master’s degree in public policy from Princeton University. He has a notably strong working relationship with India’s Finance Minister Nirmala Sitharaman. In his new role, Malhotra will be under pressure to ease monetary policy in response to the 50% tariffs imposed on India in August by the Trump administration and as GDP growth declined in the third quarter to 5.4%, representing a seven-quarter low.
INDONESIA | Perry Warjiyo: A
Bank Indonesia’s Perry Warjiyo is one of the Asia-Pacific region (APAC)’s most experienced central bank governors, having been in office since 2018. During his tenure, he has demonstrated a subtle grasp of his craft, particularly in controlling inflation and maintaining growth in ASEAN’s largest economy.
While sentiment toward ASEAN’s economy remains febrile in the era of the Trump tariffs—settled for Indonesia at 19% in July—Indonesia’s GDP growth is forecast to hit 5.1% in 2025, up from the 5% registered last year. According to Warjiyo during comments made to a press conference in Jakarta in August, maybe higher.
Warjiyo responded in August to the anemic credit growth in Indonesia’s financial system, which fell to 7% in July from 7.8% the prior month, by unveiling 383 trillion rupiah (about $23.4 billion) of macroprudential liquidity incentives to be disbursed through stateowned banks, development banks, domestic private commercial banks, and foreign bank branches, to boost banking system credit growth. Various recipients were targeted, in sectors including real estate; trade; manufacturing; transportation; tourism; micro, small, and midsize enterprises (MSMEs); and green businesses.
The rupiah spiked in April, in response to US President Trump’s threats to impose a 32% tariff on Indonesia, to just over 1,700—the lowest to the dollar since the Asian Financial crisis of 1997. But it has since given way to currency stability, with the unit trading back to 1,620 by August.
JAPAN | Kazuo Ueda: B-
The yen reached an all-time low in July last year of 161 yen to the dollar, just prior to the Bank of Japan (BoJ)’s second rate-tightening of 2024, by 15 bp, which took the short-term policy rate to 0.25% and brought with it the Japanese stock market’s biggest one-day crash. BoJ Governor Kazuo Ueda blamed the volatility on fears of an American recession.
That explanation was unconvincing, as Japan had just abandoned 17 years of ultra-easy money explained by domestic inflationary pressure; but now policy decisions emanating from the US in the form of President Trump’s tariffs appear to be driving the BoJ’s monetary stance. Rate tightening, viewed as a given under Ueda’s governorship, is no longer baked in.
Annual wholesale inflation slowed in June for the third successive month; and despite rising food prices, the inflation that prompted last year’s rate hikes is abating.
The Trump tariffs levied on Japan, apparently settled at 15% in July, remain unresolved; but the BoJ has already slashed Japan’s GDP growth-rate projection for 2025 from 1.2% to 0.6% because of the dampening effect of the tariffs. Japan’s exports in July posted their biggest monthly drop in four years, thanks to reduced shipments to the US.
Japanese government bonds (JGBs) have been mired in profound weakness, with a 20-year auction in August having drawn scant demand—it was just 3.1 times covered—on the back of political uncertainty and concerns of possible fiscal expansion. The BOJ has at least grasped this threat to financial stability and has been tamping back its quantitative tightening program by continuing to buy JGBs, albeit at a tempered pace.
KAZAKHSTAN | Timur Suleimenov: B+
National Bank of Kazakhstan (NBK) Governor Timur Suleimenov delivered a solid performance in the first half of 2025, presiding over a 7.4% rise in international reserves to $112.3 billion and delivering 6.2% GDP growth—the highest rate in 14 years, fueled by an 8% increase in the non-oil economy and a 5.2% rise in services. Trade was up 8.4% to $59.7 billion, and the country ran a $6 billion current account surplus.
Still-stubborn inflation remains Suleimenov’s biggest challenge. It stood at 12% at the beginning of September, even in the face of a stable exchange rate. NBK retains a 5% inflation target, and Suleimenov indicated to a joint session of Parliament in September that monetary policy will remain restrictive in a bid to reach the target.
KYRGYZSTAN | Melis Turgunbaev: B
Inflation hit a 21-month high of 8.8% in July, fueled by rising food and transportation costs, overshooting the National Bank of the Kyrgyz Republic (NBKR)’s 5%-7% target and ensuring that, under Chairman Melis Turgunbaev, the NBKR will retain a tight monetary-policy stance with the 9.25% discount rate likely to remain steady. The banking sector provided a bright spot: Total assets at commercial banks rose by 24% in the first half of 2025, system liquidity remains high, and noncash transaction volume surged more than twelvefold.
LAOS | Bounkham Vorachit: Too Early To Say
The Laos economy is stabilizing, and there are signs that the Bank of the Lao PDR (BOL) under Bounkham Vorachit may have definitively seen off the dark days of the past few years—particularly the nightmare of runaway inflation, which clocked 31% in 2023. The kip has stabilized, aided by the launch of the market-based Lao FX (LFX) platform in August 2024; and prolonged tightness in fiscal and monetary policy is starting to dampen inflationary pressure.
Run by BOL and 15 partner commercial banks, with the aim of stabilizing the kip and managing foreign-currency supply, the LFX platform provides access to the US dollar, renminbi, and Thai baht, via mobile banking platforms for spot FX trades, using the kip as an intermediary currency. The gap between parallel and official interest rates has closed since LFX was launched.
Inflation moderated to 5.3% in July, down from the double digits registered at the beginning of the year. Foreign exchange reserves rose to $2.6 billion in June, sufficient for 3.1 months of import cover. At the same time the Lao government ran a record-high fiscal surplus in 2024 and is expected to run a surplus in 2025, in a sign that the government’s five-year consolidation goals are bearing fruit.
Impediments include high levels of external debt and consequent debt-service obligations that the government has met with shortterm bond issuance and debt suspension. This can lead to exchange rate pressure and the return of inflationary expectations. A full-scale debt-restructuring exercise is required, perhaps urgently.
MALAYSIA | Abdul Rasheed Ghaffour: B+
Growth minimally undershot the Malaysian government’s 4.5% forecast in the second quarter, coming in at 4.4%, a decent performance but announced by Bank Negara Malaysia (BNM) with a warning that US tariffs cloud the growth outlook for the country’s export-oriented economy. The warning was backed up days later when BNM cut the overnight policy rate (OPR) for the first time in five years, by 25 bp, down to 2.75%. This move was widely expected: 17 out of 31 economists polled by Reuters had anticipated a cut. The OPR corridor was also reduced to 2.5%-3%.
Inflation hit 1.2% in June, a four-year low, a month after exports unexpectedly dropped and after BNM had eased the RRR by 100 bp, to 1.00% again for the first time in five years.
BNM Governor Abdul Rasheed Ghaffour is a relative neophyte, having assumed office in July 2023; but these bold moves demonstrate a finger on the pulse of Malaysia’s economy and the external risks it faces. The ringgit has appreciated by 5.6% versus the US dollar this year, reducing imported inflationary pressure and easing Malaysia’s external debt-service load.
It seems likely that Malaysia will undershoot the 4.5%-5.5% GDP growth target for this year that Prime Minister Anwar Ibrahim announced in July. Still, the cost of five-year credit default swap (CDS) protection for the sovereign was at 39 bp in early September, some 18 bp tighter than the July CDS quote, indicating a sanguine market take on Malaysia as a risk proposition.
MONGOLIA | Byadran Lkhagvasuren: A-
Byadran Lkhagvasuren has helmed Bank of Mongolia (BOM) since 2019 and has risen with aplomb to the challenges presented by an economy heavily mineral dependent and exposed to adverse weather events.
The mining and agriculture sectors are likely to help deliver 6.6% GDP growth in 2025, according to an Asian Development Bank forecast: The mining sector is recovering strongly, driven by demand for copper; and agriculture has bounced back from harsh winter conditions. Second-quarter GDP recovered from the March quarter’s lackluster 2.4% reading to a perky 5.6%.
Inflation moderated to 8.1% in July, an eight-month low, having reached a 9.6% high in January, the latter reading having prompted BOM to tighten rates in response by 200 bps, up to 12%, two months later. The action was effective, but it seems unlikely the BOM will ease again this year as it chases its target of 5% CPI by 2026.
Macroprudential policy intervention was also initiated by BOM at the March monetary policy meeting, via a reset of the upper limit of the debt-service-to-income ratio at 50% for banks’ newly issued and restructured consumer loans.
Fitch upgraded Mongolia’s ratings to B+ from B last September, with a stable outlook, stating that the upgrade reflected the agency’s view that “larger foreign exchange reserves, lower debt and more-manageable external debt maturities have strengthened Mongolia’s ability to withstand shocks, such as a correction in commodity markets.”
MYANMAR | Than Than Swe: D
The Central Bank of Myanmar (CBM), under Governor Than Than Swe, is facing a contracting economy—growth was forecast in a World Bank report, published in June, to shrink by 2.5% this year, partially because of the devastating earthquake that had hit in March. Rampant inflation is estimated by the Asian Development Bank to be on course to hit 29.3% this year. Widespread regular power outages do not help the contractionary dynamic.
Monetary policy remains tight, with the policy rate reported at 9% in April; and the government is running a fiscal deficit equal to 5.5% of GDP. The kyat remains volatile, and a parallel market exists for the purchase of foreign currency alongside the official rate.
In March, the CBM increased the interest rate paid on excess bank reserves to 6% in a bid to stabilize the banking sector and boost liquidity, but a dysfunctional financial sector remains entrenched. There is a pressing need to create a foreign exchange trading platform along the lines of that adopted in Laos, but there are no concrete plans to do so.
NEPAL | Biswo Nath Poudel: Too Early To Say
Biswo Nath Poudel assumed office as the 18th governor of the Nepal Rastra Bank in May, having previously served as vice chairman of the National Planning Commission. Poudel, a professional economist, emerged victorious in his appointment to the governorship after fierce infighting between various political factions in Nepal’s National Assembly. Shortly after assuming office, Poudel announced a 5% CPI target for fiscal year 2025-2026 in a bid to hit the government’s 6% full-year GDP growth target.
NEW ZEALAND | Christian Hawkesby: Too Early To Say
Christian Hawkesby was appointed interim governor of the Reserve Bank of New Zealand (RBNZ) in April for a six-month period, having worked in senior roles at the Bank of England for nine years, up until 2010, including head of market intelligence. Hawkesby had served as RBNZ deputy governor since 2022 and replaced long-serving Governor Adrian Orr after Orr resigned unexpectedly in March of this year. In a speech delivered in August, Hawkesby proposed lowering domestic lenders’ capital requirements to free up lending and boost growth.
PAKISTAN | Jameel Ahmad: B-
The State Bank of Pakistan (SBP) engaged in a turbocharged easing exercise between May 2024 and June of this year, slashing the policy rate by 1,100 bp in the face of moderating inflationary pressure and a stabilizing external financial position. The policy rate has been halved since May of last year to 11% without inducing downside volatility in the rupee, a singular achievement for the SBP under governor Jameel Ahmad.
The SBP estimated in its August Monetary Policy Report that it expects inflation to remain in a 5%-7% range through the 2026 fiscal year, a far cry from the 38% recorded in May 2023 during the peak of Pakistan’s financial crisis.
The banking sector is in robust health, with 21% capital adequacy—a decade high—and solid earnings. The government capital account moved into surplus in the first eight months of this year on recovering exports and rising overseas-worker remittances.
Given these positive tailwinds, it is not surprising that in April Fitch Ratings upgraded Pakistan’s Long-Term Issuer Default Rating to B-/Stable from CCC+. The agency cited economic recovery, structural reforms, and improving fiscal performance. In an August commentary, Fitch says, “We expect the country’s real GDP growth to accelerate to 3.5% by 2027 from 2.5% in 2024.”
THE PHILIPPINES | Eli Remolona: A-
Governor Eli Remolona of the Bangko Sentral ng Pilipinas (BSP) has presided over the central bank with calm authority since he assumed office in July 2023. He seems unafraid to transmit the BSP’s thinking with an often-disarming candor, in the process providing a high level of transparency to investors and market participants.
When the peso sank to a 10-week low versus the US dollar in June, Remolona said in a Bloomberg interview, “It’s futile to intervene when it’s a strong-dollar story driven by safe-haven flows.” The peso has subsequently recovered to its April level.
That is something of a result, given that the BSP under Remolona has been embarking on a sustained easing program since August of 2024, with a cumulative 150 bp in policy rate cuts. The most-recent cut of 25 bps, to 5%, came in August.
The luxury of inflation rates at a six-year low—the headline rate was just 0.9% in July, below the BSP’s 2%-4% target—has enabled the aggressive monetary easing. This goes together with the aim of hitting the upper end of the government’s 5.5%-6.5% GDP growth target. Growth came in at 5.5% in the second quarter thanks to strong performance in the agricultural, forestry, and fisheries sectors, plus strength in services and industry.
Meanwhile, last December, the BSP completed the testing phase of Project Agila, its prototype wholesale central bank digital currency (CBDC). The adoption of the currency is seen as a strategic move toward modernizing the Philippines’ financial ecosystem and increasing inclusivity. Successfully executing the introduction of the CBDC, scheduled for next year, would be a legacy achievement for Governor Remolona.
SINGAPORE | Chia Der Jiun: A-
The Monetary Authority of Singapore (MAS), helmed by managing director Chia der Jiun since January of last year, eased monetary policy settings in April by reducing the slope of its policy band for the second loosening this year, citing potential headwinds to global trade stemming from the Trump tariff regime.
Singapore and Australia were levied with the lowest US tariffs in APAC—10%. Nevertheless, the dependence of Singapore’s economic model on trade and deep connectivity with global supply chains has prompted hypervigilance as the tariffs start to make themselves felt in the global economy.
“There are downside risks to Singapore’s economic outlook,” says an April MAS Monetary Policy Statement that accompanied the easing announcement. “A more abrupt or persistent weakening in global trade will have significant ramifications on Singapore’s trade-related sectors, and in turn, the broader economy.”
The Singapore dollar has been APAC’s second-best performing currency (after the yen), rising about 3.6% so far this year amid generalized dollar weakness, helping to tamp down inflationary pressure: The core rate eased to just 0.5% in July, the lowest since 2021.
Meanwhile GDP growth came in at 4.4% in the second quarter; and in a September report the MAS survey of economic forecasters predicted full-year growth of 2.4%, citing better-than-expected trade tensions, even though there remain fears that Singapore’s key exports of semiconductors and pharmaceuticals might end up subject to high sectoral tariffs.
In a thumbs up for Der Jiun’s managerial skills the MAS reported a record 19.7 billion Singapore dollars (about $15.4 billion) profit in the financial year ended March 31, thanks to a SG$31.4 billion gain in the bank’s investment portfolio.
SOUTH KOREA | Rhee Chang Yong: B-
Bank of Korea (BOK)’s Governor Rhee Chang Yong has been running the central bank against a backdrop of political turmoil—President Yoon Suk Yeol was impeached by the National Assembly in December after attempting to impose martial law and was removed from power in April—and the drop in international investor confidence toward South Korea that has flowed as a result.
BOK forecast 2025 growth at 0.9% and inflation at 2% during an August announcement in which it said the policy rate would remain unchanged at 2.5%, cautioning that household debt remains high, the housing market is inflated, and domestic demand remains sluggish—although the bank expects a “modest recovery” as the year progresses.
“Exports are likely to show favorable movements for some time but are likely to gradually slow as the impacts of US tariffs expand,” the central bank said.
Newly installed President Lee Jae Myung had met US President Trump just days before the BOK rate decision and negotiated a reduction of South Korea’s reciprocal tariffs with the US from 25% to 15%, engineered through President Lee’s stated intention to drive $350 billion of investment into the US. That tariff reduction may prove crucial going forward, as exports account for 44% of South Korean GDP, with the US the country’s second biggest export destination after China.
SRI LANKA | Nandalal Weerasinghe: A
Sri Lanka’s economy is supported by a $2.9 billion IMF program and has turned the corner from the economic crisis of three years ago, which was prompted by political turpitude and a collapse in foreign exchange reserves. Despite the crucial impact of the IMF funds, a large chunk of the credit for this relatively swift recovery must go to the Central Bank of Sri Lanka (CBSL)’s Governor Nandalal Weerasinghe, in office since April 2022 just after the crisis hit.
The recovery was cemented in the form of an estimated 5% GDP growth last year, and the World Bank forecasts 3.5% growth for 2025, while the governor predicted at a speech given at a summit in Singapore in July that it would come in at 4%-5%.
Ultralow inflation—which clocked -0.6% year-on-year in June—has allowed for an easy money stance, with the OPR last cut by 25 bps in May to 7.75%. Still, Sri Lanka’s $3 billion export outflow is under threat from the Trump tariffs, set at 44% in April before a three-month pause was implemented. The 44% was then reduced to 30% in July.
“I think we are in a right balance in the monetary policy. We have some space if we are to relax further, but I think right now we have a cautious approach,” said Weerasinghe in his July speech.
The governor initiated a simplification of the CBSL’s short-term dual policy rate mechanism—enacted via the Standing Deposit Facility Rate and Standing Lending Facility Rate, which were each cut by 250 bps in May 2023, kicking off the current easing cycle—with the OPR.
TAIWAN | Yang Chin-long: A-
According to S&P Global, Taiwan’s GDP growth recovered to 4.6% last year from 1.1% in 2023 and is set to hit 2.1% this year—having surged by 5.5% in the first quarter of this year—a rate that compares favorably to other developed economies, even though Taiwan faces a 20% reciprocal tariff rate from the Trump administration.
Taiwan’s central bank, the Central Bank of the Republic of China (Taiwan), under the governorship of Yang Chin-long since 2018, has kept a tight grip on inflationary pressure. Headline CPI and core inflation fell last year to 2.2% and 1.9% respectively, moderating again in the first half of 2025 down to 2% and 1.65%. Import prices declined by 2.6% for US dollar-denominated goods and 1.1% for Taiwan dollar denominated imports, indicating that imported inflationary pressure is absent.
The bank has followed a progressive and gradual approach to monetary tightening, raising the policy rate six times since March 2022 and the RRR four times to dampen inflationary expectations. The rediscount rate is at a 16-year high of 2%.
In addition, the bank has been nimble in its macroprudential approach: It used moral suasion to encourage mortgage lenders to rein in real estate lending in August 2024, following up with its seventh round of selective credit control in September. This approach has been a success: Housing transactions have declined, the pace of housing-price increases has slowed, and the ratio of real estate lending to total bank lending has decreased.
THAILAND | Vitai Ratanakorn: Too Early To Say
Vitai Ratanakorn will take the helm of the Bank of Thailand in October for a five-year term, replacing former Governor Sethaput Suthiwartnarueput amid administrative turbulence involving the appointment of a new prime minister in early September. Ratanakorn served as president and CEO of the Government Savings Bank, where he led initiatives to reduce household debt and boost inclusivity for underbanked segments of the Thai population.
UZBEKISTAN | Timur Ishmetov: Too Early To Say
Timur Ishmetov was appointed governor of the Central Bank of the Republic of Uzbekistan last December, having served as the country’s finance minister between 2020 and 2022.
VIETNAM | Nguyen Thi Hong: A+
GDP growth was a barnstorming 7.5% in the first half of 2025, the highest in APAC and the highest recorded by Vietnam in 15 years. The government’s full-year growth target of 8.3%-8.5% now seems much less like a pipe dream and closer to a reality.
A lot of the kudos for that extraordinary first-half number must go to the State Bank of Vietnam (SBV) under its Governor Nguyen Thi Hong, who has managed to deliver growth without economic overheating, thanks to the SBV’s adroit handling of its relationship with the domestic financial sector.
Credit growth was 19.3% in the year to June, versus the same period in 2024, supported by a proactive macroprudential modus operandi: The SBV gave lending targets to credit institutions last December and instructed them to cut operational costs via the use of digital technology, thereby allowing provision of loans at affordable rates.
Average rates for new loans at commercial banks fell by 64 bp to 6.3% per annum in the first half. System reform of credit institutions has been a priority for the SBV, rooted in ongoing NPL resolution.
In the meantime, the SBV has provided foreign currency to domestic credit institutions when needed; and the dong has remained stable, with core inflation moderate at 3.2% in July, a three-month low.
As other enviable achievements, Vietnam enjoyed a record current account surplus of 6.6% of GDP last year; and trade has surged in 2025, hitting $43.4 billion in August, an all-time high. Headwinds could be building in the form of the Trump tariffs, levied at 20% on Vietnam, with their impact yet to be felt.
These European destinations are all cheaper than a UK staycation around Christmas

UK staycations can often set you back hundreds, but for the same price – or even less – you could get into the festive spirit in another country.
According to travel money experts at eurochange, it can cost upwards of £1,600 for a family of four to stay in a lodge in the UK around the Christmas period.
Yet, for the same price you could be jetting off to Europe and exploring local Christmas markets.
Here are five great alternatives for an adventure during the Christmas period.
Zakopane, Poland
Zakopane located in Poland is known for being a top ski destination, especially thanks to the Tatra mountains.
The town has its own Christmas market to get you in the festive spirit, with stalls selling regional food such as oscypek – smoked sheep cheese.
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You can also grab a cup of mulled wine and explore stalls with local craft items.
This cosy destination is just two hours from Krakow, with return flights from London costing as little as £34 in December.
Alternatively, you could grab return flights from Birmingham, Edinburgh or Newcastle from £59.
Accommodation prices for December stays aren’t bad either.
For example, you could stay at willa anulka na Hrubym for five nights for £191 total for two adults and two children – and it is only 1.1 miles from the ski lifts.
Alternatively, head to Willa Senator which is less than half a mile from the ski lift and 1.4 miles from the town centre and costs £214 for five nights for a family of four.
It is the perfect spot to stay in with kids as there is an outdoor play area and garden.
Kakheti, Georgia
Kakheti in Georgia is known for being a great wine region, with many wineries hosting Christmas events throughout December.
Visitors can head to one of the wineries and try wines made in the region, aged in qvevris – a traditional clay vessel used in the winemaking process.
Georgia also has a ‘feast’ culture, known in the country as ‘supra’, with local treats including churchkhela – candle-shaped walnut sweets.
Return flights to Tbilisi from London cost from £152 per person.
When it comes to accommodation, there are a vast array of options depending on your budget.
For example, you could stay in the winery at Elizbar Talakvadze for £391 for five nights in December, for a family of four.
If you fancy staying somewhere with a pool, then you could stay at Holiday Inn Telavi by IHG for £429 for five nights also in December, for a family of four.
Cologne, Germany
Cologne in Germany is often considered one of the most festive cities in the world with multiple Christmas markets to explore.
At the markets visitors can enjoy mulled wine and traditional German snacks, such as Reibekuchen, which are a type of potato pancakes.
Or alternatively opt for a Christmas market classic, a Bratwurst with sauerkraut.
The city is also home to a beautiful Cathedral worth visiting.
Flights from Manchester in December cost from £41 or from London you could head there for £64.
Five nights at the Mercure Hotel Köln West in December cost from £455 for a family of four.
Alternatively, you could stay in an apartment at FeWo Central, just 1.3 miles from the city centre for £373 for five nights in December for a family of four.
Courchevel, France
The French Alps are an idyllic spot for a holiday during the Christmas period with Courchevel being transformed with festive lights and cheery decorations.
The destination has lots of family friendly activities including skiing, with ski schools for little ones, ice skating and dog sledding.
Courchevel is about two hours from Geneva Airport, which you can fly to in December for as little as £46 return from London, £48 return from Liverpool and £50 return from Belfast.
Accommodation in Courchevel is typically more expensive, however there are some good deals out there, such as a stay during the first week of December at the La Tania 309 Le Britania apartment, which is just a short walk from the ski lift.
For five nights for a family of four it costs from £370.
There are many more options for chalets between the £600 and £1,000 mark for a week, for a family of four in December.
Tallinn, Estonia
The capital of Estonia, Tallinn, is known for its UNESCO-listed old town which looks like it has been ripped from the pages of a Disney fairytale.
Add in the snow the city often gets and some festive spirit, it becomes a great option for a Christmas getaway.
In the Town Hall Square, there is a Christmas market which claims to be one of the oldest in Europe, dating back to 1441.
The market has lots of stalls with Estonian snacks such as blood sausages.
It is cheapest to fly to Tallinn from London, with return fares costing from £44 in December.
Options for accommodation in the city are vast, including Park Inn by Radisson Central Tallinn for £413 for five nights for a family of four.
Alternatively, if you fancy a spa and some fun for the kids, head to Kalev Spa Hotel & Waterpark in the centre of the city for £494, for five nights for a family of four including breakfast.
If you do want to stay in the UK, then these are the prettiest Christmas markets in Britain – with hotel stays from £37.
Plus, Europe’s largest indoor Christmas attraction is coming to the UK – with unlimited rides and an elf circus show.
How to bag £365 worth of Christmas beauty gifts for just £79 – including ‘glass skin in a bottle’ & ‘wonder’ serum
THIS Christmas snag £365 of beauty must-haves for just £79 – including the fan-favourite ‘glass skin in a bottle’ and the show-stopping ‘Wonder’ serum.
The set brings together 32 carefully curated mix of skincare and beauty essentials, designed to keep your complexion glowing all winter long.
From hydrating serums to luxurious creams, each product promises a little bit of pampering magic, making it a perfectly indulgent gift for yourself or someone special.
Shoppers are already calling it a bargain not to be missed, with the full retail value adding up to over £365, yet the Christmas set is available for just £79 – a fraction of the price.
What’s included?
For haircare, there is a Hair Syrup Rapunzel Pre-Wash Oil Treatment (50ml, deluxe size), Alfaparf Milano Semi Di Lino Diamond Illuminating Shampoo (75ml, deluxe size), and Alfaparf Milano Semi Di Lino Diamond Illuminating Conditioner (50ml, deluxe size).
You also get an Intense Moisture Hair Mask (300ml, full size), Bondi Boost Heat Protectant Spray (50ml, deluxe size), Incredilox Nourishing Argan Treatment Oil (100ml, full size) and a Brushworks Dry Shampoo (50ml, deluxe size).
Your skin will be pampered with a Madagascar Centella Ampoule (30ml, full size), a Biodance Bio-Collagen Real Deep Mask (34g, full size), a TIRTIR Milk Skin Toner (50ml, full size), and a Purito Mighty Bamboo Panthenol Cream (100ml, full size).
You can also enjoy a Dr.PawPaw Overnight Lip Mask (10ml, full size), a Geek & Gorgeous Jelly Joker Cleanser (50ml, deluxe size), Grace & Stella Under Eye Mask Set (full size), a Neutrogena Hydro Boost Hydrating Fluid SPF50 (15ml, deluxe size), a Clean Skin Club Clean Towels XL Travel Pack (x10, full size) and a Kanzen Anti-Bacterial Cleansing Water (125ml, full size).
The beauty set offers cosmetics such as the Clomana Marshmallow Sponge, a Spectrum Collections Everyday 4 Piece Makeup Brush Set, a Plump It! Volumising Lip Oil (3ml), and a Jecca Blac Glow Drops Highlighting Primer in Rose Pearl (20ml).
Treat yourself to a fresh manicure with the Nails Inc. It’s Topless 1-Step Gel Nail Polish (10ml) and Nails Inc. It’s Topless 1-Step Gel Nail Polish (10ml).
Relax with the bath and body samples, which include the ESPA Bergamot & Jasmine Body Wash (40ml), the ESPA Bergamot & Jasmine Body Lotion (40ml), a Fussy Natural Deodorant Stick and two Truly Beauty Unicorn Fruit & Coco Cloud Gift sets (60ml).
Other goodies include a Shay & Blue Parfum Nashwa Eau De Parfum (10ml), a White Silver Cloud Fluffy Sleep Mask, a Justmylook Spa Headband and three Justmylook Satin Hair Scrunchies.
Customer reviews
Customers loved the set last year, leaving rave reviews and calling it a “blow-away” buy for both the quality and quantity of products included.
Many praise how the items feel luxurious, perform well, and offer a real sense of value, making it one of the most talked-about beauty bargains this festive season.
One customer wrote: “Bought this last year for my daughter and she absolutely loved it!
“The variety and quality of products behind each door was exceptional, in fact she has since purchased some of the items to use throughout the year.
Most important skincare advice
Faye Purcell, Head of Research & Development at Q+A Skincare shared her knowledge with Fabulous.
What skincare advice would you like everyone to know/follow?
Can I give two! Firstly, wear SPF daily and secondly, double cleanse! Wearing SPF daily, even on cloudy days and during the winter months, is one of the most important things you can do for your skin.
Double cleansing is one of the most effective (and often overlooked) ways to upgrade your skincare routine – especially if you wear sunscreen, makeup, or live in a busy polluted city. I’d suggest an evening double cleanse for best results.
What is a big skincare myth?
Luxury doesn’t mean more effective. You absolutely do not need to spend a fortune on skincare to get great results and Q+A is the perfect example of this. Many affordable products use the same active ingredients as luxury brands like hyaluronic acid, retinol, vitamin C, peptides, or salicylic acid – we use these in lots of our face and body products. A smart, consistent routine with well-formulated products – regardless of price – is what truly delivers results.
If someone is new to skincare, what’s one product you’d recommend them and why?
A moisturiser with SPF. Moisturising daily is an essential for all skin types and can make a perceivable difference to the appearance of the skin quickly. As SPF is also essential, combining these two steps can build good habits quickly and prevent skin cancer. Not only is SPF essential for protecting the skin from sun damage/skin cancer but also helps keep premature ageing at bay e.g. wrinkles/pigmentation.
Q+A have three excellent facial SPF50s (£15 each) – Peptide Anti-Ageing SPF50, Niacinamide Balancing SPF50 and Squalane Hydrating SPF50, that are available from Sephora and Holland & Barrett.
What is Q+A’s number one best seller?
Our Hyaluronic Acid Facial Serum. It’s our number one best-seller one is sold every 90 seconds!
When it comes to the body, it’s the Q+A Salicylic Acid Body Wash – we sell one every two minutes.
Q+A is available from Sephora, Holland & Barrett, selected Sainsbury’s, Tesco, Waitrose stores and qandaskin.com.
“Great calendar for trying some new products.”
Another added: “I truly enjoyed opening this one. A few different products in it unlike some advents who seems to copy each other. Very happy and especially the price point.”
A third penned: “I have just received my box as a birthday present. Love. Love. Love. What is there not to love?
“The box itself is just gorgeous … the contents are just amazing. It’s going to take some time to go through all the boxes .. can I wait until December …. nnahhhhh Let’s start now. Thank you.”
A fourth said: “WOW in a word! I’ve just received my JML Advent today and it’s absolutely beautiful.
“The box is gorgeous and so well made, each drawer holding the full 25 (not 24 like a classic advent) individual boxes (though I note there are several boxes with multiple items).
“It’s truly a lovely gift for yourself or a loved one (I ordered one for myself and another for my mum). I can’t recommend it enough, honestly.
“The team at JML have clearly put a lot of thought in to both the design of the box and the goodies inside it, not to mention the incredible value for money.
“I’m blown away, truly. Thanks Team JML – this advent is fabulous!!”
Biggest skincare trends for 2025
Face The Future’s Head of Clinic, Kimberley Medd, shared the five skincare trends predicted to take off in 2025.
1. Exosomes
Exosomes are the buzzword for 2025, taking advanced skin regeneration to new heights. These micro-messengers signal skin cells to repair damage, boost collagen, and accelerate recovery, and they’re a gamechanger for targeting ageing.
2. Streamlined Skincare
The age of 12-step routines is fading as consumers shift to more intentional, multi-functional products. Streamlining skincare not only saves time but also reduces the risk of overloading your skin. In 2025, we’ll see a rise in hybrid products that combine active ingredients for simplified, effective results.
3. Vegan Collagen
Plant-based collagen will dominate the skincare world this year, providing a sustainable, ethical alternative to traditional animal-derived collagen. Expect vegan collagen in everything from moisturisers to serums.
4. The Rise Of AI
AI is revolutionising the beauty landscape, making it possible for consumers to get truly personalised skincare solutions. In 2025, we predict a dramatic shift towards AI-powered tools that help people understand their skin on a deeper level.
5. Hair Loss Solutions –
Hair loss is an issue that affects more men than we often realise, and it’s no longer just something we’re talking about behind closed doors. This year, expect to see a continued rise in demand for treatments that not only tackle hair loss but also nurture overall scalp health.
Trump to welcome Argentina’s President Milei as U.S. extends $20 billion lifeline
BUENOS AIRES, Argentina — Argentina’s libertarian leader is lavishing praise on President Trump ahead of his first White House visit on Tuesday. It’s a tactic that has helped transform President Javier Milei ’s cash-strapped country into one of the Trump administration’s closest allies.
The effusive declarations are nothing new for Milei — whose dramatic cuts to state spending and attacks on “woke leftists” have won him a following among U.S. conservatives.
“Your commitment to life, freedom and peace has restored hope to the world,” Milei wrote on social media Monday, congratulating the U.S. president on securing a ceasefire deal in Gaza, where a truce is holding after a devastating, two-year Israel-Hamas war.
“It is an honor to consider you not only an ally in the defense of those values, but also a dear friend and an example of leadership that inspires all those who believe in freedom,” he said.
The Trump-Milei bromance has already paid off for Argentina — most recently, to the tune of a $20 billion bailout.
Experts say Milei comes to the White House with two clear objectives. One is to negotiate U.S. tariff exemptions or reductions for Argentine products.
The other is to see how the United States will implement a $20 billion currency swap line to prop up Argentina’s peso and replenish its depleted foreign currency reserves ahead of crucial midterm elections later this month.
In a crisis, turning to Trump
The Trump administration made a highly unusual decision to intervene in Argentina’s currency market after Milei’s party suffered a landslide loss in a local election last month.
Along with setbacks in the opposition-dominated Congress, the party’s crushing defeat created a crisis of confidence as voters in Buenos Aires Province registered their frustration with rising unemployment, contracting economic activity and brewing corruption scandals.
Alarmed that this could herald the end of popular support for Milei’s free-market program, investors dumped Argentine bonds and sold off the peso.
Argentina’s Treasury began hemorrhaging precious dollar reserves at a feverish pace, trying shore up the currency and keep its exchange rate within the trading band set as part of the country’s recent $20 billion deal with the International Monetary Fund.
But as the peso continued to slide, Milei grew desperate.
He met with Trump on Sept. 23 while in New York City for the United Nations General Assembly. A flurry of back-slapping, hand-shaking and mutual flattery between the two quickly gave way to U.S. Treasury Secretary Scott Bessent publicly promising Argentina a lifeline of $20 billion.
Markets cheered, and investors breathed a sigh of relief.
Timing is everything
In the days that followed, Argentine Economy Minister Luis Caputo spent hours in meetings in Washington trying to seal the deal.
Reassurance came last Thursday, when Bessent announced that the U.S. would allow Argentina to exchange up to $20 billion worth of pesos for an equal sum in dollars. Saying that the success of Milei’s program was “of systemic importance,” Bessent added that the U.S. Treasury directly purchased an unspecified amount of pesos.
For the Trump administration, the timing was awkward as it struggles to manage the optics of bailing out a nine-time serial defaulter in the middle of a U.S. government shutdown that has led to mass layoffs.
But for Argentina, it came in the nick of time.
Aware of how a weak currency could threaten his flagship achievement of taming inflation and hurt his popularity, Milei hopes to stave off what many economists see as an inescapable currency devaluation until after the the Oct. 26 midterm elections.
A devaluation of the peso would likely fuel a resurgence in inflation.
“Milei is going to the U.S. in a moment of desperation now,” said Marcelo J. García, political analyst and Director for the Americas at the Horizon Engage political risk consultancy firm.
“He needs to recreate market expectations and show that his program can be sustainable,” García added. “The government is trying to win some time to make it to the midterms without major course corrections, like devaluing or floating the peso.”
No strings attached
Milei was vague when pressed for details on his talks with Trump, expected later on Tuesday. Officials say he would have a two-hour meeting with the U.S. president, followed by a working lunch with other top officials.
He was also expected to participate in a ceremony at the White House honoring Charlie Kirk, the prominent right-wing political activist who was fatally shot last month. Milei often crossed paths with Kirk on the speaking circuit of the ascendant global right.
“We don’t have a single-issue agenda, but rather a multi-issue agenda,” Milei told El Observador radio in Buenos Aires Monday. “Things that are already finalized will be announced, and things that still need to be finalized will remain pending.”
It’s not clear what strings, if any, the Trump administration has attached to the currency swap deal, which Democratic lawmakers and other critics have slammed as an example of Trump rewarding loyalists at the expense of American taxpayers.
There has been no word on how Argentina, the IMF’s largest debtor, will end up paying the U.S. back for this $20 billion, which comes on top of IMF’s own loan for the same amount in April. And that one came on top of an earlier IMF loan for $40 billion.
Despite all the help, Milei’s government already missed the IMF’s early targets for rebuilding currency reserves.
“The U.S. should be concerned that Argentina has had to return for $20 billion so quickly after getting $14 billion upfront from the IMF,” said Brad Setser, a former Treasury official now at the Council on Foreign Relations.
“I worry that this may prove to just be a short-term bridge and won’t leave Argentina better equipped” to tackle its problems, he added.
But in the radio interview before his flight, Milei was upbeat. He gushed about U.S. support saving Argentina from “the local franchise of 21st-century socialism” and waxed poetic about Argentina’s economic potential.
“There will be an avalanche of dollars,” Milei said. “We’ll have dollars pouring out of our ears.”
Debre writes for the Associated Press.



























