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| These are our top stories today: - President Joe Biden called for a "pause" in the Israel-Hamas war during a campaign speech in Minneapolis
- The Federal Reserve kept the benchmark interest rate unchanged for a second consecutive time on Wednesday
- Uber and Lyft agreed to pay a combined $328M to settle claims that they stole money from drivers in New York
Your faithful IDB writer, Daniel
p/Dan-Smith | |
| 1 | | President Joe Biden called for a "pause" in the Israel-Hamas war during a campaign speech in Minneapolis. The comment came in response to a heckler who asked Biden to call for a ceasefire. More: - Some U.S. citizens left Gaza on Wednesday, and about 400 more are expected to be allowed into Egypt on Thursday.
- Israeli forces continue advancing in Gaza with the apparent goal of splitting the strip in two to isolate Hamas in the north.
- Fighting between Israeli forces and Hamas militants continued in northern Gaza on Thursday, with Israeli troops receiving support from warplanes and gunships off the Gazan coast.
- The U.N. said it had stopped delivering humanitarian aid to the estimated 300,000 Palestinians who remained in northern Gaza despite warnings to evacuate from the Israeli military.
- Israeli Defense Minister Yoav Gallant said on Wednesday that Hamas guerillas are emerging from tunnel shafts under hospitals and schools to fight Israeli troops.
Zoom Out: - Giora Eiland, a former Israeli general and national security adviser, said that Israeli troops are now focused on finding entrances to the tunnel network under Gaza.
- Armed Israeli settlers are escalating a campaign of violence against Palestinians living in the West Bank.
- Dov Sedaka, a reserve Israeli general who works for a foundation pursuing Israeli-Palestinian cooperation, said Israeli troops have failed to stop settlers from attacking Palestinians since the war began.
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| 2 | | PayPal stock gained nearly 6% in intraday trading on Thursday after the digital payments company pledged to become "leaner." 
What happened: PayPal raised its full-year adjusted profit forecast above Wall Street estimates on Wednesday. Newly-appointed CEO Alex Chriss said he expects revenue outside of PayPal's core digital transaction business to grow. PayPal's revenue rose 9% on an annual basis to $7.4B in Q3. Total payments volume surged 13% in the quarter. PayPal also disclosed that it received a subpoena from the Securities and Exchange Commission (SEC) over its stablecoin project. Leadership changes: PayPal named Chriss, a former Intuit executive, as its president and CEO in August. This week, PayPal appointed Jamie Miller as its new chief financial officer and Archie Deskus as its chief technology officer. | | | |
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| 3 | | Ukraine's top military commander told The Economist that the Russia-Ukraine war had reached a "stalemate." Gen. Valery Zaluzhny said that the deadlock will only be broken by advances in electronic warfare and more sophisticated technology. More: - Offensives and counteroffensives by both Russia and Ukraine have largely been stymied in recent months, with limited territorial advances by either side.
- Zaluzhny compared the situation on Ukraine's eastern front to World War I, saying that the level of technology "puts us into a stalemate."
- He said that sophisticated drone warfare, precision weapons, mines, and other armaments make it too costly for either side to advance troops into enemy territory.
- He said it was a mistake to think that Russia would stop its full-scale invasion after losing more than 150,000 soldiers in the war.
Zoom Out: - In a separate essay, Zaluzhny said that to win the war, Ukraine will need to gain air superiority - possibly through swarms of AI-powered drones that can overwhelm Russian air defense systems.
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| 4 | | The Federal Reserve kept interest rates steady for a second consecutive time on Wednesday. The key federal funds rate, which has been at 5.25%-5.5% since July, is at its highest level since 2001. More: - In a bid to fight inflation, the Fed has raised interest rates 11 times since March 2022, and has kept rates steady three times.
- Federal Reserve Chair Jerome Powell said that the "process of getting inflation sustainably down to [the Fed's target rate of] 2% has a long way to go."
- He also said that policymakers are not currently considering rate reductions.
- The U.S. annual inflation rate has steadily decreased since peaking at 9.1% in June 2022.
- The consumer price index (CPI) grew by an annual rate of 3.7% in September, while core CPI - which excludes volatile food and energy costs - gained 4.1% annually.
Zoom Out: - Other major central banks like the European Central Bank (ECB), the Bank of New Canada, and the Bank of England have all paused their rate-hiking campaigns in recent months.
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| 5 | | Uber and Lyft will pay a combined $328M to settle wage theft claims brought by the New York Attorney General's (NYAG) office. NYAG Letitia James said that Uber will pay $290M and Lyft $38M as part of her office's largest-ever wage theft settlement. More: - Going forward, Uber and Lyft drivers in New York will be guaranteed minimum hourly rates and paid sick leave.
- Rideshare drivers will also have access to in-app support for questions about pay and working conditions.
- Over 100,000 current and former drivers are eligible to receive funds from the settlement.
- James' office claimed that the companies deducted sales taxes and fees for a workers' compensation fund from drivers' payments when passengers should have paid for those contributions.
- The settlements cover November 2014 to May 2017 for Uber and October 2015 to July 2017 for Lyft.
Zoom Out: - Uber stock gained 6% following the news, and Lyft rose over 9%.
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| 6 | | The Japanese government approved a 17 trillion yen ($112B) stimulus package. The program includes tax cuts and an extension of energy subsidies. More: - The government will cut income taxes by 30,000 yen ($199) and the resident tax by 10,000 yen ($66) per person for one time.
- Low-income households, which are already exempt from the resident tax, will receive a payment of 70,000 yen ($465).
- The package extends existing subsidies for gasoline, electricity, and gas until the end of April 2024.
- It includes a 1 trillion yen ($6.6B) fund to support research and development in the space sector by Japanese companies and universities.
- When spending by local governments and state-backed loans are accounted for, the stimulus package will cost a total of 21.8 trillion yen ($144.9B).
Zoom Out: - Opposition politicians argue that Prime Minister Fumio Kishida introduced the package to shore up his dwindling popularity.
- A Nikkei-Tokyo TV poll found that the approval rating for Kishida's cabinet fell to 33% in late October, the lowest level since he took office in October 2021.
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- The Texas Rangers beat the Arizona Diamondbacks in Game 5 to win their first-ever World Series on Wednesday night.
- Hall of Fame basketball coach Bob Knight died at the age of 83 on Wednesday. Knight led the Indiana Hoosiers to three national championships. His 1976 Hoosiers team was the last team to win the D1 NCAA Men's Basketball championship without losing a single game.
- Is democracy under threat? A report from the International Institute for Democracy and Electoral Assistance (IDEA) found that 85 of 173 countries surveyed have "suffered a decline in at least one key indicator of democratic performance in the past five years."
- The average interest rate on a 30-year fixed mortgage in the U.S. fell to 7.76% last week, the first decline for average mortgage rates in seven weeks.
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 | Writer | | Dr. Daniel Smith is an Inside writer with a Ph.D. in Political Science from the University of Cambridge. Follow him on Twitter @DJS12321 or email him at Daniel@inside.com. | | This newsletter was edited by Eduardo Garcia | |
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