On Tuesday, the Polish government urged the European Union to extend the embargo on imports of Ukrainian grain beyond the upcoming end-of-week deadline to safeguard Polish farmers.
Prime Minister Mateusz Morawiecki stated that he has formally requested the European Commission, the executive body of the EU, to prolong the prohibition on Ukrainian corn, wheat, sunflower, and rapeseed imports. He emphasized that if the extension is not granted, Poland will take unilateral action because they cannot permit a market deregulation.
Addressing farmers in Kosow Lacki, situated in Poland’s eastern farming region, Morawiecki underscored the importance of the October 15 parliamentary elections for the future of Poland’s agriculture. The ruling conservative Law and Justice party aims to attract farmer voters as part of its campaign.
Poland, along with Hungary, Slovakia, Bulgaria, and Romania, acting under the auspices of the European Union, had previously imposed an embargo on these four Ukrainian grains from April until September 15. This measure was taken to prevent an oversupply in their domestic markets that would harm their own farmers. Only the transit of sealed goods was permitted to help Ukraine export its produce abroad due to Russia’s blockage of its usual export routes.
Earlier in the day, Morawiecki posted on the X platform, formerly known as Twitter, declaring, “Poland will not allow Ukrainian grain to flood our markets.” He reaffirmed that regardless of the decisions made in Brussels, Poland would not open its borders, especially as the ruling Law and Justice party aspires to secure an unprecedented third term in the upcoming elections.
The issue was to be discussed by EU commissioners and separately by the European Parliament on Tuesday. EU Agriculture Commissioner Janusz Wojciechowski, who is Poland’s former agriculture minister, expressed efforts to have the embargo extended.
Some leaders of Polish farm groups, including Michal Kolodziejczak, an opposition candidate in the October 15 elections, were set to participate in the EU Parliament debate.
While Poland has been providing military and humanitarian assistance to neighboring Ukraine in its struggle against Russia’s invasion, farmer protests have prompted Warsaw to remain firm in banning Ukrainian agricultural product imports.
Jaroslaw Kaczynski, the leader of the ruling party and deputy prime minister, highlighted that while Poland is committed to supporting Ukraine during the conflict and reconstruction, they must also consider the well-being of their citizens, agriculture, and countryside.
In a historic spectacle, South Korea is set to host a grand military parade in the heart of Seoul to commemorate the 75th anniversary of Armed Forces Day. This remarkable event, the first of its kind in a decade, will showcase the nation’s military might, featuring an impressive array of tanks, fighter jets, and cutting-edge assets. Defense officials have revealed the details, and anticipation is running high for this extraordinary celebration.
A Show of Strength
Scheduled for September 26, the parade will see over 4,000 troops marching alongside more than 170 pieces of military equipment. Among the highlights are the formidable K2 battle tanks, the country’s latest “high-power” missile, and a fleet of advanced attack drones. The route spans from Sungnyemun Gate to Gwanghwamun Square, where the nation will come together to mark this momentous occasion.
Theme: Strong Military, Strong Security, and Peace Through Strength
The overarching theme for this year’s event is “strong military, strong security, and peace through strength.” Through this theme, South Korea aims to demonstrate its unwavering commitment to national defense and convey a resolute message to North Korea against any provocations. It underlines the importance of maintaining a robust military presence to ensure peace and security in the region.
A Decade in the Making
Traditionally, South Korea has held military parades every five years to coincide with Armed Forces Day on October 1. However, the last such parade took place in 2013. During the preceding Moon Jae-in government’s tenure, which prioritized inter-Korean reconciliation, the event was put on hold. This year’s resumption signifies the nation’s renewed emphasis on defense and security.
High-Flying Displays and Public Participation
The parade promises to be a breathtaking spectacle. The Air Force’s Black Eagles aerobatic team and Apache attack helicopters will grace the skies, performing captivating maneuvers above the marching troops. Additionally, the public will have the opportunity to join the procession in its final section, fostering a sense of unity and patriotism.
International Collaboration
In a significant display of international collaboration, over 300 combat troops from the Eighth U.S. Army, part of the U.S. Forces Korea, will participate in the parade. This gesture underscores the strong alliance between South Korea and the United States, marking the 70th anniversary of their partnership.
The Ministry of Defense plans to hold a commemorative ceremony earlier in the day at Seoul Air Base in Seongnam, just south of Seoul. Expected to be attended by around 10,000 people, including foreign veterans of the Korean War and their family members, this event will pay tribute to the nation’s history and the sacrifices made for its freedom.
The parade will also feature an impressive display of homegrown weapons systems, including the KF-21 fighter jet under development, a long-range surface-to-air missile, and advanced surveillance and strike drones from the newly established Drone Operations Command.
Aerial Extravaganza
The parade’s climax will be a large-scale formation flight featuring over 100 aircraft. This includes the KF-21 jet, F-35A stealth fighters, and South Korea’s Light-Armed Helicopters. Notably, the U.S. military will contribute seven aircraft, comprising F-16, A-10, and F-35 jets.
Parachute Drops for Combined Capabilities
To showcase their combined operational capabilities, some 200 South Korean and U.S. troops will execute parachute drops at the air base. This dynamic demonstration underscores the synergy between the two nations in maintaining regional security.
As South Korea prepares for this extraordinary celebration of its armed forces, the world watches in admiration. The parade is not only a testament to the nation’s commitment to defense but also a symbol of unity, cooperation, and peace in the region.
In a recent development, Russian President Vladimir Putin addressed concerns surrounding the Russian rouble’s temporary decline. During an economic conference in Vladivostok, Putin reassured the nation and the world that the government has no immediate plans to implement further capital controls to stabilize the currency, as reported by Bloomberg. This announcement comes amidst discussions about the rouble’s volatility and the challenges it poses.
Putin’s Soothing Words
Speaking at the conference, Putin expressed his belief that the currency’s volatility is “manageable.” He explained that the supply of foreign currency has been constrained due to exporters being cautious in repatriating their profits from abroad. Putin emphasized the need for cooperation with the business community, urging them to understand that working within Russia is a secure option. In his own words, “Nothing drastic needs to be done.”
Controversy Over Capital Controls
The debate over capital controls in Russia has been contentious. However, given the recent signs of the rouble’s stabilization, the necessity for imposing restrictions on the flow of money has diminished. The rouble, which experienced the third-largest loss among developing markets this year, is now showing signs of recovery, despite a minor dip against the dollar during Putin’s speech.
Vladivostok Economic Conference
Putin’s annual economic conference in Vladivostok, initiated in 2015, aims to attract investment and foster relationships with Asia-Pacific nations. Over the years, the event has evolved to reflect Russia’s shifting dynamics, particularly its growing reliance on trade with Asia. This year, notable participants included the Vice President of Laos and Zhang Guoqing, the Vice Premier of China, who engaged in discussions with Putin.
In the lead-up to his meeting with Putin, North Korean leader Kim Jong Un visited Russia. While it remains uncertain whether he will attend the conference or engage in talks, his presence signifies the event’s international significance. In 2022, one prominent attendee was Min Aung Hlaing, the leader of Myanmar’s junta, who faces US sanctions for alleged human rights violations.
Themes of the Forum
This year’s forum, according to Putin’s remarks posted on the event’s website, will emphasize expanding international trade, investments, and technological and scientific collaborations. These themes reflect Russia’s determination to enhance its global engagement.
Factors Affecting the Rubel
Several factors have contributed to the rouble’s challenges, including a decline in the value of energy export receipts, increased imports, and a shift away from settling trade in the dollar and the euro, which has reduced the flow of foreign currency into Russia.
Recent Concerns
Late last month, when the Russian rouble briefly exceeded 100 per dollar, concerns about capital controls resurfaced in Moscow. In response, officials took informal measures to ensure an adequate supply of foreign currency in the domestic market.
The Central Bank’s Actions
Prior to the rouble’s decline, Putin had cautioned about rising prices and urged measures to prevent capital flight and reduce market volatility. In August, when the rouble faced significant selling pressure, the central bank announced it would cease buying foreign currencies for the remainder of the year, followed by a sharp increase in interest rates during an emergency meeting.
However, the rouble remains highly volatile, impacted by decreased foreign commerce and numerous international sanctions related to Russia’s involvement in the conflict in Ukraine.
Upcoming Policy Review
This Friday marks the next policy review by the Bank of Russia. The central bank recently raised its benchmark rate from 8.5 percent to 12 percent, marking the second consecutive hike and the sharpest increase since Russia’s invasion of Ukraine in February 2022. Putin acknowledged that this significant rate hike was partly driven by a slight rise in inflation.
As Russia navigates its currency challenges and global economic dynamics, Putin’s reassurance and the rubel’s recent stabilization offer a glimmer of hope for the nation’s financial stability.
Russia alleges that Ukraine initiated an attack by launching ten missiles and deploying three unmanned boats against the residence of its Black Sea fleet in Crimea.
The assault resulted in a significant fire at a Sevastopol shipyard, leading to injuries sustained by 24 individuals, as reported by Russia.
Mikhail Razvozhayev, the Moscow-appointed governor, asserted that most of the incoming weaponry had been intercepted.
Russia claimed that two of its ships incurred damage due to cruise missile strikes.
A photograph shared by Mr. Razvozhayev on Telegram depicts flames engulfing what appears to be a vessel in a port as he communicates on his phone.
Images circulating on social media, pending verification by the BBC, depict multiple substantial explosions in the vicinity.
It is important to note that Russia unlawfully annexed Crimea from Ukraine in 2014.
While Ukraine has previously targeted Sevastopol and the Black Sea fleet, this attack appears to be one of the most concerted efforts to date, likely utilizing long-range missiles supplied by Western sources.
The fact that some missiles penetrated Russia’s air defenses and inflicted substantial damage is a matter of genuine concern in Moscow.
The country’s defense ministry asserted that seven missiles were intercepted, and all three boats were destroyed. Ukraine has yet to issue a statement regarding the attack in Crimea.
Meanwhile, it has been reported that Russian drones inflicted damage on the Ukrainian grain port of Izmail, situated along the Danube River.
Oleh Kiper, the governor of the Odesa region, disclosed that six individuals were injured in the attack, which resulted in a fire and inflicted damage on critical infrastructure.
Mr. Kiper communicated through Telegram, stating, “Several groups of drones were launched at the Izmail district. Unfortunately, there were hits: damage to port and other civil infrastructure was recorded.”
People are stuck on a road as a powerful storm and heavy rainfall hit Shahhat city, Libya, September 11, 2023. Picture taken with a drone. REUTERS/Ali Al-Saadi. NO RESALES. NO ARCHIVES TPX IMAGES OF THE DAY
In Libya, a devastating Mediterranean storm resulted in a tragic loss of life, with thousands perishing and over 10,000 individuals reported missing. The calamity unfolded as the powerful storm, named Daniel, breached dams, demolished structures, and inundated as much as a quarter of the eastern coastal city of Derna.
According to a senior medical professional in Derna interviewed by Reuters, the death toll exceeded 2,000. Meanwhile, officials in eastern Libya, as reported by local television, estimated the toll to be in excess of 5,000.
Storm Daniel raged across the Mediterranean, striking a country already fractured and in disarray due to more than a decade of conflict.
In Derna, a city with approximately 125,000 residents, Reuters journalists witnessed devastated neighborhoods, with buildings washed away and cars overturned in streets buried in mud and debris caused by the torrent unleashed when dams ruptured.
Mohamad al-Qabisi, the director of Wahda Hospital, revealed that 1,700 individuals lost their lives in one of the city’s districts, while 500 perished in the other. In the hospital corridors, numerous bodies were seen laid out on the ground, as grieving family members attempted to identify their missing loved ones.
Hichem Abu Chkiouat, the minister of civil aviation in the eastern administration, stated via phone after visiting Derna, “Bodies are lying everywhere – in the sea, in the valleys, under the buildings. I am not exaggerating when I say that 25% of the city has disappeared. Many, many buildings have collapsed.”
According to reports from local al-Masar television, the interior minister of the eastern administration claimed that more than 5,000 lives had been lost.
Other cities in the eastern region, including Benghazi, Libya’s second-largest city, also suffered the storm’s devastating impact. Tamer Ramadan, leading a delegation from the International Federation of the Red Cross and Red Crescent Societies, anticipated an immense death toll, remarking, “We can confirm from our independent sources of information that the number of missing people is hitting 10,000 so far,” during a video conference with reporters.
The United Nations Office for the Coordination of Humanitarian Affairs stated that emergency response teams had been activated to provide assistance on the ground.
In response to the crisis, Turkey and other nations promptly dispatched aid to Libya, including search and rescue vehicles, rescue boats, generators, and food. Distraught residents of Derna hurried back to their homes in search of their missing loved ones.
‘NEVER FELT AS FRIGHTENED’
In Derna, Mostafa Salem, aged 39, shared the heart-wrenching news that he had lost 30 of his relatives. He told Reuters, “Most people were caught unaware, asleep when it happened.”
Raja Sassi, also 39, managed to survive the flood alongside his wife and young daughter, as they reached an upper floor just in time. Tragically, the rest of his family did not make it. He recounted, “Initially, we mistook it for heavy rain, but around midnight, we heard a deafening explosion, and it was the dam bursting.”
At Tripoli airport in northwest Libya, a woman’s anguished cries echoed as she received a call delivering the devastating news that most of her family members were either dead or missing. Her brother-in-law, Walid Abdulati, emphasized the extent of the tragedy, saying, “We’re not talking about one or two casualties per family but, in some cases, up to 10 family members lost.”
Karim al-Obaidi, a passenger on a flight from Tripoli to the east, shared his overwhelming fear, stating, “I’ve never felt such terror before… I’ve lost all contact with my family, friends, and neighbors.”
An interior ministry spokesperson informed Al Jazeera that naval teams were engaged in the challenging task of searching for “numerous families swept into the sea in the city of Derna.”
FLOOD WARNING
Derna, a city divided by a seasonal river originating from the southern highlands, is typically shielded from flooding by the presence of dams.
A video circulating on social media captured the remains of a collapsed dam located 11.5 kilometers (7 miles) upstream of the city, where two river valleys converge, now surrounded by vast pools of muddy water. In the video, a voice can be heard saying, “There used to be a dam,” and Reuters independently verified the location based on the footage.
In a research paper published last year, hydrologist Abdelwanees A. R. Ashoor, affiliated with Libya’s Omar Al-Mukhtar University, underscored the recurring threat of flooding in the seasonal riverbed, known as a wadi, to Derna. Ashoor documented five flood events since 1942 and stressed the urgent need for consistent dam maintenance. The paper warned, “In the event of a major flood, the consequences for the wadi’s residents and the city would be catastrophic.”
Leaders from around the world, including Pope Francis, expressed profound sadness over the loss of lives and destruction in Libya. U.S. President Joe Biden offered his condolences and announced the dispatch of emergency funds to aid organizations.
Libya remains politically divided between eastern and western factions, and essential public services have deteriorated since the 2011 NATO-backed uprising, which triggered years of factional conflicts.
Although the internationally recognized government in Tripoli lacks control over eastern regions, it has dispatched relief assistance to Derna. A Reuters journalist on board an aid flight departing from the western city of Misrata reported this effort.
Russia’s President Vladimir Putin and North Korea’s leader Kim Jong Un engaged in a cordial handshake and exchanged pleasantries at the Vostochny cosmodrome, situated in Siberia’s Amur region. This rendezvous marked the beginning of a significant summit meeting, anticipated to encompass discussions on an arms and military technology agreement.
Russian President Vladimir Putin extended a warm welcome to North Korea’s supreme leader Kim Jong Un as they met at the Vostochny cosmodrome spaceport. This summit marked their second encounter since 2019 and was poised to delve into the intricacies of an arms and military technology pact.
Kim Jong Un arrived at the cosmodrome in a sleek black limousine, making his way to the rocket installation and test facility. The two leaders greeted each other with smiles, sharing a brief exchange of words that underscored the diplomatic significance of the moment.
Subsequently, a video capturing this momentous handshake between the two leaders was posted on the official telegram channel of the Kremlin.
Prior to this diplomatic meeting, South Korea and Japan had jointly reported the detection of two short-range ballistic missiles launched from North Korea’s eastern coast, adding an element of tension to the geopolitical backdrop.
In a move to enhance Moscow’s security against drone attacks, Vladimir Putin’s military leaders have taken measures to fortify the city’s air defenses. British defense chiefs have reported these developments, shedding light on Russia’s proactive stance in the face of an increasing threat. Here’s a comprehensive overview of the situation:
The Changing Landscape of Moscow’s Air Defenses
Recent intelligence reports from the Ministry of Defence in London have revealed a notable shift in Russia’s air defense strategy. The focus has now turned toward safeguarding Moscow against uncrewed aerial vehicle (UAV) attacks, which have become a frequent occurrence.
Elevated Towers and Ramps: A New Defense Approach
To counter the drone threat effectively, Russian military chiefs have deployed SA-22 air defense systems on elevated towers and ramps around the capital. This strategic positioning allows for improved detection and engagement of UAV-type targets.
A Public Reassurance Strategy
Beyond tactical considerations, the deployment of air defenses in highly visible locations, such as the roofs of official buildings, serves as a reassurance to the public. It conveys a message that the authorities are actively addressing the threat and working to keep the city safe.
A Wave of Drone Attacks on Moscow
Recent months have witnessed a surge in drone attacks on Moscow, including the Kremlin itself. While Ukraine’s military is suspected to be behind these attacks, no official responsibility has been claimed.
Vladimir Putin’s military has employed drones, including those sourced from Iran, as a key component of their tactics. These unmanned aircraft have been used extensively in attacks on various locations in Ukraine since the conflict began in February 2022.
Recent Drone Strike Near Nuclear Plant
In a recent incident, Kyiv reportedly carried out a drone strike near the Zaporizhzhia nuclear plant. Alexei Likhachev, the head of Russia’s state nuclear corporation Rosatom, confirmed that six drones were launched at the city of Enerhodar, and all were successfully destroyed.
While this article provides insights into the evolving air defense strategy in Moscow, it also raises questions about the ongoing conflict and the role of drones in modern warfare.
FILE - Russian President Vladimir Putin, center right, and North Korea's leader Kim Jong Un shake hands during their meeting in Vladivostok, Russia, Thursday, April 25, 2019. A North Korean train presumably carrying North Korean leader Jong Un has departed for Russia for a possible meeting with Russian President Putin, South Korean media said Monday, Sept. 11, 2023. Citing unidentified South Korean government sources, the Chosun Ilbo newspaper reported that the train likely left the North Korean capital of Pyongyang on Sunday evening and that a Kim-Putin meeting is possible as early as Tuesday. (Yuri Kadobnov/Pool Photo via AP, File)
In an unprecedented diplomatic move, Kim Jong-un, North Korea’s enigmatic leader, has embarked on a significant journey to Russia. The purpose of this rare summit is to explore the possibility of a substantial arms deal, potentially involving the supply of North Korean arms for the ongoing war in Ukraine.
A Momentous Arrival
Kim’s arrival in Russia was nothing short of dramatic. His armoured train pulled into Khasan station, which serves as the primary rail gateway connecting Russia’s Far East with North Korea. The news of this pivotal moment was reported by Japan’s Kyodo news agency, citing an unnamed Russian official source. This event set the stage for what could be a historic meeting.
Diplomacy Amid Economic Endeavors
The summit is scheduled to take place during the Eastern Economic Forum, held in the Russian port city of Vladivostok, where President Vladimir Putin has already arrived. Dmitry Peskov, the Kremlin spokesperson, emphasized that Kim’s trip to Russia and his meeting with Putin go beyond a mere diplomatic exchange; it signifies a full-scale visit aimed at strengthening ties between the two nations.
A Global Concern
This meeting unfolds against the backdrop of growing concerns in the West regarding Pyongyang’s intentions to supply weapons to Moscow. These arms would potentially replace stocks that have been significantly depleted during the prolonged 18-month conflict in Ukraine.
Dmitry Peskov responded to US warnings regarding any potential arms deal with a resolute statement: “As you know, while implementing our relations with our neighbors, including North Korea, the interests of our two countries are important to us, and not warnings from Washington. It is the interests of our two countries that we will focus on.”
Kim was not alone on this historic journey. He was accompanied by senior government officials, including military personnel, as confirmed by North Korea’s official KCNA news agency. The delegation is believed to include his foreign minister, Choe Sun-hui, and prominent party members responsible for defense industry and military affairs, including munitions industry department director Jo Chun-ryong.
Speculation on Munitions
The presence of Jo Chun-ryong has raised speculation that North Korea and Russia may be poised to reach an agreement on munitions purchases. Michael Madden, a North Korea leadership expert at the Washington-based Stimson Center, noted, “The presence of Jo Chun-ryong indicates that North Korea and Russia will conclude some type of agreement for munitions purchases.”
Kim’s Symbolic Departure
Before embarking on this historic journey, KCNA released photographs capturing Kim’s departure from Pyongyang. The images showed military guards of honor and crowds dressed in dark suits and colorful attire. They waved flowers and flags as Kim boarded the green-and-yellow train that would carry him to Russia. Notably, this marks Kim’s first visit abroad in over four years and his first since the onset of the Covid-19 pandemic.
The Stakes for Putin and Kim
US officials believe that Putin’s primary focus during this summit will be to secure additional supplies of North Korean artillery and other ammunition. This strategic move aligns with Russia’s efforts to defuse the Ukrainian counteroffensive.
In return, Kim may seek vital resources for North Korea, including energy and food aid. Moreover, he may explore opportunities for advanced technology, including satellites and nuclear-powered submarines. These advancements could potentially heighten the threat posed by North Korea’s ballistic missile and nuclear weapons programs.
The Uncertainty of Technology Sharing
While these negotiations hold significant implications, some analysts are skeptical about Russia’s willingness to share closely guarded weapons technology in exchange for limited supplies of artillery shells and other munitions. Prof. Leif-Eric Easley, a North Korea specialist at Ewha University in Seoul, expressed doubts, stating, “Putin is unlikely to provide Kim with technology to miniaturize nuclear devices or propel nuclear-powered submarines because even a desperate war machine does not trade its military crown jewels for old munitions.”
Concerns About Prolonged Conflict
The potential acquisition of quantities of North Korean artillery shells and antitank missiles raises concerns in the United States about the prospect of a protracted conflict in Ukraine. White House national security council spokesperson Adrienne Watson expressed concerns and urged North Korea to abide by its public commitments not to provide or sell arms to Russia.
US Warnings and International Stance
On Monday, the US State Department characterized Putin’s actions as a sign of desperation regarding the Ukraine conflict. The department renewed warnings that any arms deal between North Korea and Russia could trigger US sanctions. State department spokesperson Matthew Miller remarked, “Having to travel across the length of his own country to meet with an international pariah to ask for assistance in a war that he expected to win in the opening month, I would characterize it as him begging for assistance.” He emphasized that any transfer of arms from North Korea to Russia would be in violation of multiple UN Security Council resolutions.
In this high-stakes diplomatic endeavor, the world watches closely, as the outcomes of this summit could have far-reaching consequences for regional stability and global security.
In a tragic turn of events, Libya is grappling with a devastating natural disaster that has left its citizens in dire need of international assistance. The picturesque city of Derna, located in the country’s eastern region, has been ravaged by a massive flood, unleashed by the mighty Mediterranean Storm Daniel. This catastrophe has resulted in the loss of countless lives, with an estimated 2,000 people feared dead, while thousands remain missing, adding to the distress of their loved ones.
Nature’s Wrath Unleashed
Mediterranean Storm Daniel struck Libya’s eastern region with unrelenting force, causing catastrophic flooding that engulfed entire neighborhoods. The devastation was so severe that on a fateful Monday night, Libya’s government declared the eastern Cyrenaica province a disaster area.
Initially, the head of the Red Crescent aid group in the region reported 150 confirmed deaths, a number expected to tragically climb to 250. However, in a heart-wrenching phone interview with al Masar television station, Prime Minister Ossama Hamad of the east Libyan government revealed a much grimmer picture, fearing that 2,000 lives may have been lost in Derna, with thousands still unaccounted for.
A Grim Assessment
Ahmed al Mismari, the spokesperson for the Libyan National Army (LNA), which controls eastern Libya, painted a dire picture of the disaster’s origin. He attributed the catastrophe to the collapse of dams situated above Derna, a catastrophic event that he said “swept whole neighborhoods with their residents into the sea.” The toll is staggering, with over 2,000 reported deaths and an estimated 5,000 to 6,000 individuals missing.
The devastation extends beyond Derna. Abdel-Rahim Mazek, the head of the primary medical center in the eastern town of Bayda, has reported at least 46 deaths. In the northeastern coastal town of Susa, the ambulance and emergency service confirmed the loss of seven lives. Tragedy struck the towns of Shahatt and Omar al Mokhtar as well, where health minister Ossama Abduljaleel reported seven additional deaths. Even the town of Marj witnessed a tragic loss of one life on Sunday.
A Nation Divided
Libya remains a nation politically divided between its eastern and western regions. Public services have deteriorated since the 2011 NATO-backed uprising, which plunged the country into years of ongoing conflict. The internationally recognized government in Tripoli struggles to exert control over the eastern territories.
The grim reality is that many of the thousands currently unaccounted for are believed to have been swept away by the relentless floodwaters. Videos shared by residents online have laid bare the extent of the devastation, revealing entire areas obliterated along a river that traverses the city center, originating from the mountains. Multi-story apartment buildings, once a considerable distance from the river, now lie partially collapsed in the mud.
International Support and a Troubled History
In response to this dire situation, Prime Minister Hamad has declared three days of mourning and ordered flags across the country to be lowered to half-mast. Foreign governments have stepped forward to offer support. Sheikh Mohammed bin Zayed al Nahyan, the president of the United Arab Emirates, pledged humanitarian aid and search-and-rescue teams for eastern Libya through the UAE’s WAM news agency. Turkey, a supporter of the Tripoli-based government in the west, and neighboring Algeria also conveyed their condolences.
It’s crucial to understand that Libya has grappled with instability since the 2011 uprising that ousted Muammar Gaddafi. The country lacks a central government, leading to lawlessness, limited investment in infrastructure, and minimal regulation of construction. Today, Libya is divided between rival governments in the east and west, each backed by various militias. Derna and Sirte, both affected by this catastrophe, were under extremist control, including ISIS-affiliated groups, until they were liberated by forces loyal to the eastern-based government in 2018.
As Libya confronts this heart-wrenching tragedy, the world watches, and international aid becomes paramount to help the nation rebuild and heal.
In the ever-evolving world of cryptocurrency, one platform has recently made waves that could affect not only the digital asset landscape but also your financial decisions. Coinbase, a leading cryptocurrency exchange, has announced a significant boost in interest rates for its USDC (USD Coin) holdings. What’s truly remarkable is that they are now offering a generous 5% interest rate, marking a remarkable 150% increase from the previous 2% rate just a few months ago.
A History of Adaptation
Coinbase has always been at the forefront of adapting its offerings to align with regulatory expectations. This latest move is no exception, as it coincides with recent developments regarding the legal status of stablecoins like USDC.
The journey to the current 5% interest rate began earlier this year when Coinbase introduced a 4% interest rate for USDC. This decision came shortly after a significant announcement from the U.S. Securities and Exchange Commission (SEC). On June 15, 2023, the SEC filed a statement in its case against Coinbase, indicating that it did not consider USDC, or any stablecoin for that matter, to be unregistered securities offerings.
A Regulatory Turning Point
This clarification from the SEC was a pivotal moment for the cryptocurrency industry. It confirmed that offering rewards for holding stablecoins did not run afoul of existing regulatory guidelines. Consequently, Coinbase wasted no time and increased the interest rate on USDC from 2% to 4%.
However, it’s essential to note that while the SEC deemed stablecoins like USDC outside the purview of securities regulation, the agency maintained a different stance on cryptocurrency staking rewards. Staking rewards for cryptocurrencies were classified as unregistered securities offerings by the SEC, leading to regulatory concerns and challenges for Coinbase, including the halt of its planned Lend program in 2021.
A Unique Funding Model
What sets Coinbase’s current USDC reward mechanism apart is its distinctive funding model. Unlike the previously proposed Lend program, which aimed to loan out users’ USDC to generate rewards, Coinbase’s current approach to offering interest on USDC is funded directly by the exchange itself. This key distinction has allowed Coinbase to navigate regulatory concerns successfully, setting it apart from other programs that faced more significant scrutiny.
Market Dynamics Unveiled
Intriguingly, while USDC saw its market share drop to a two-year low of 21.91% by the end of July, down from a high of 33.27% before a cryptocurrency market crisis, its stablecoin counterpart, USDT (Tether), experienced a substantial increase in market share during the same period. USDT’s market share climbed from 49.48% to an impressive 68.87%. This divergence in market performance between the two stablecoins highlights the dynamic nature of the cryptocurrency market and investor preferences.
So, what does all this mean for you as a cryptocurrency investor? Let’s explore some FAQs to shed light on this development.
