The U.S. Presidential elections are in their final days, and the candidates are busy touring swing states in last minute pitches to undecided voters. Early voting is already underway, and some 20 million people have already voted. Most analysts are projecting a win for Obama, but McCain is still in position to pull off the upset. Tuesday is the big day, so all Americans should be sure to exercise their right to vote!
In other news from around the world:
1. The conflict in the Democratic Republic of the Congo, which reignited in late summer after the rebel leader Laurent Nkunda announced his intention to cancel the ceasefire under which the country had effectively been operating since 2002. The latest round of fighting, centered in the eastern part of the country known as North Kivu, has sparked a humanitarian crisis of epic proportions, as an estimated one million refugees have fled their homes. On Wednesday, a new ceasefire was announced after four days of intense fighting, and now the European Union is considering sending troops and aid to the Congo.
2. Ukraine became the latest victim of the global financial crisis on Friday, as its parliament was forced to adopt a package of legislation imposed by the International Monetary Fund as a condition for receiving an emergency $16.5 billion loan from the international organization. Ukraine’s turn to the IMF for a rescue package follows on the heels of similar moves in Iceland and Hungary, signaling the wide scope of the crisis. More generally, the Eurozone seems to be facing falling inflation and rising unemployment—with some national variation—as the economic crisis expands.
3. The global economic crisis is also being felt in China, where projections for annual GDP growth have been cut from 12 percent to 9-9 percent. Chinese companies are slashing production output, as worldwide demand slides. Some larger Chinese companies are cutting production by as much as 50 percent, while smaller companies are going out of business altogether. In an effort to rekindle the economy, the Chinese government announced it would cut the benchmark one-year deposit rate.
4. A U.S. raid into Syria last week has provoked a sharp response from within Syria, as protestors demonstrated against the action. Syria’s foreign minister condemned the move as an act of “criminal and terrorist aggression.” The U.S. claimed that Syria had been home to foreign fighters moving into Iraq, saying hat the raid had successfully targeted Abu Ghadiya, who U.S. officials described as “one of the most prominent foreign fighter facilitators in the region.” As a result of the attack, U.S.-Syrian relations have soured and anti-U.S. demonstrations forced the temporary closure of the American Embassy in Damascus.
5. In another development highlighting the continuing efforts of the Russian government to reassert itself on the global stage after the Cold War, Russia is negotiating the construction of a new naval base in Libya. Russia envisions the base as a necessary counterbalance to American interests in the region. In recent weeks, Libya has increasingly opened its economy to foreign investment and has dramatically improved relations with the West.