Probe of Fed chair. In an announcement last night, Powell said that the Justice Department had subpoenaed the Federal Reserve and threatened a criminal indictment related to his testimony last June about White House renovations. Economic experts have for months voiced concerns about negative repercussions of executive pressure on the Fed’s independence. Powell alleged the administration had threatened him as a consequence of setting interest rates based on the Fed’s mandate rather than the president’s preferences. A spokesperson for U.S. Attorney General Pam Bondi declined to comment.
Merz in India. India and Germany committed to boosting defense cooperation, easing the availability of healthcare work permits, and dropping German visa requirements for Indian travelers, Indian Prime Minister Narendra Modi said today during Merz’s visit to the country. Merz said India was a “desired partner” for Germany. He also called for the conclusion of a European Union-India trade deal that has long been under negotiation, and will be discussed at a summit this month.
U.S. strikes in Syria. The United States carried out large-scale strikes against multiple self-declared Islamic State targets in Syria, U.S. Central Command said Saturday. They were part of continued retaliation for a deadly attack on U.S. and Syrian forces last month, the statement said. Following the fall of the Bashar al-Assad regime in December 2024, the U.S. and Jordanian militaries have worked with the new Syrian government to target the remnants of the Islamic State.
Taiwan’s tech exports. Taiwan’s exports to the United States surpassed those to China last year for the first time in twenty-six years, according to new data. U.S. demand for high-tech products related to artificial intelligence systems helps explain surge. Taiwan is currently negotiating to reduce a 20 percent U.S. tariff on its exports; semiconductors are already excluded from that levy.
Ethiopia’s new airport. Ethiopian Airlines Group began construction Saturday on a new international airport roughly twenty-five miles from the capital of Addis Ababa. The project’s first phase is expected to be completed by 2030. Prime Minister Abiy Ahmed wrote on social media that the airport would be the largest aviation infrastructure project in African history.
Trump’s warning on Cuba. Cuba will no longer receive shipments of Venezuelan oil following the U.S. intervention in Venezuela, Trump wrote on social media yesterday. He urged Cuba to “make a deal” before it is “too late,” without providing further details. Cuban President Miguel Díaz-Canel wrote on social media that “no one dictates what we do.”
Japan’s deep sea mining. A Japanese mining ship began a government-backed test mission today that aims to continuously mine rare earths from four miles below sea level—the first of its kind in the world. The head of the project told Reuters that the goal is to diversify the country’s sources of critical minerals. It comes after China announced a new export ban last week on materials that could be used by Japan’s military.
Israeli demolitions in Gaza. Israel has demolished more than 2,500 buildings in Gaza since the start of the October ceasefire, according to satellite data analyzed by the New York Times. Most of the demolitions occurred in Israeli-controlled parts of the territory, though dozens are in parts of the enclave where Israel had pledged to withdraw and halt military operations. Israel said the demolitions are necessary to demilitarize Gaza.
