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| These are our top stories today: - A leaked report from the Israeli Intelligence Ministry suggested moving the 2.3 million Palestinians living in Gaza into Egypt
- The inflation rate in the Eurozone fell to 2.9% in October, down from over 10% a year ago
- The Biden administration approved the construction of what will be the largest offshore wind farm in the U.S. off the coast of Virginia
Happy Halloween! 🎃 Your spooky IDB writer, Daniel
p/Dan-Smith | |
| 1 | | A leaked report from Israel's Intelligence Ministry proposed transferring the 2.3 million Palestinians who live in the Gaza Strip to the Sinai Peninsula in Egypt. Egyptian Prime Minister Mostafa Madbouly said his country is prepared to sacrifice millions of lives to protect its sovereignty. More: - The leaked document is dated Oct. 13, less than a week after the brutal Hamas attack.
- The report suggests that Israel could move the Gazan population to tent cities in Egyptian territory in northern Sinai.
- Permanent cities could then be built there, along with a security zone separating the settlements from Israel.
- The document also suggests that Palestinian refugees could be sent to Egypt, Turkey, Qatar, Saudi Arabia and the United Arab Emirates or that the governments of those countries could provide financial support for the plan.
Zoom Out: - The Intelligence Ministry is an advisory body that produces reports and research for Israel's intelligence and military agencies.
- Israeli Prime Minister Benjamin Netanyahu's office described the report as a hypothetical "concept paper."
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| 2 | | JetBlue Airways shares fell by as much as 18% on Tuesday, following the start of an antitrust trial that could force the company to cancel the acquisition of Spirit Airlines. 
What happened: The Justice Department in March sued to block JetBlue's acquisition of Spirit in a $3.8B all-cash deal, arguing that the takeover would reduce competition and harm consumers. JetBlue will have to pay a $70M reverse breakup fee and a separate $400M payout to Spirit shareholders if the deal falls through. The trial began on Tuesday and is expected to last three weeks. JetBlue on Tuesday released financial results for the third quarter that were below expectations ― it made a revenue of $2.35B versus the $2.38B expected by analysts ― and forecast more losses for the last three months of 2023. JetBlue stock fell to a 12-year low on Tuesday, while Spirit shares fell 17%, reaching a three-year low. Context: The Justice Department successfully blocked a proposed merger between JetBlue and American Airlines on anti-competitive grounds following a favorable ruling in May. | | | |
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| 3 | | Inflation in the Eurozone fell to an annualized rate of 2.9% in October, the lowest level since July 2021. The Eurozone economy shrank by 0.1% in the third quarter, raising the possibility of an EU-wide recession. More: - The European Central Bank (ECB), which left rates unchanged last week after 10 consecutive hikes, does not expect inflation to reach its 2% target until 2025.
- But inflation is slowing down. Consumer prices increased 4.3% in September, 5.2% in August, and 5.3% in July.
- Core inflation, which excludes volatile food, energy, alcohol, and tobacco prices, fell to 4.2% in October from 4.5% in September.
- That is the lowest mark for this measure since July 2022.
- Inflation in the Eurozone peaked at over 10% in October 2022.
Zoom Out: - The ECB predicts that the Eurozone economy will grow by 0.7% in 2023, 1% in 2024, and 1.5% in 2025.
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| 4 | | GOOD NEWS: The countries that are home to the world's biggest rainforests reached a historic agreement to preserve them last weekend. The Three Basins Summit, hosted in the Democratic Republic of the Congo, brought together political leaders, environmentalists, and business executives from around the world. More: - The Three Basins refers to the world's largest rainforests: the Amazon in South America, the Congo basin, and Southeast Asian forests.
- Signatory countries agreed to a seven-point plan but failed to establish concrete commitments to reduce deforestation and other forms of environmental destruction.
- The World Wildlife Foundation (WWF) said that the Summit was an important start but called for stronger commitments and more financing for conservation efforts.
Zoom Out: - The three basins are home to two-thirds of the world's biodiversity.
- Deforestation increased by 4% globally in 2022.
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| 5 | | The Biden administration approved the construction of what would be the biggest wind farm in the U.S. off the coast of Virginia. Dominion Energy's Coastal Virginia Offshore Wind project would feature 176 wind turbines with a combined production capacity of 2.6 gigawatts, enough to power more than 900,000 homes. More: - Construction is set to begin in the second quarter of 2024 and the $9.8B farm is slated to start producing power in 2026.
- This is the fifth large-scale offshore wind project approved by the Biden administration as part of efforts to decarbonize electricity generation.
- The government wants to install 30 gigawatts of offshore wind power by 2030 but analysts say the U.S. may miss that target if some projects get canceled or postponed due to higher costs.
Zoom Out: - Persistent inflation, higher interest rates, and supply chain challenges have increased construction costs, forcing developers to cancel power purchase agreements for several offshore wind projects in recent months.
- Several developers asked the state of New York to improve the financial terms of their contracts but regulators turned down their request earlier this month, stoking fears that more projects may be canceled or delayed.
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| 6 | | The World Bank warned that escalating tensions in the Middle East could drive oil prices up to $150 per barrel. The war between Israel and Hamas could draw in other regional players, potentially leading to a 1970s-style oil crisis. More: - The price of oil is currently around $90 per barrel.
- In October 1973, energy prices skyrocketed after Arab oil-producing countries cut exports to the U.S. and other nations that backed Israel in the Yom Kippur War.
- Indermit Gill, chief economist at the World Bank, warned that a "dual energy shock," in which the price of both oil and gas rose dramatically, was a possibility.
- Ayhan Kose, another World Bank economist, said that higher oil prices would also increase food costs.
- Food prices rose globally following the Russian invasion of Ukraine in February 2022, threatening tens of millions of people in developing countries with food insecurity.
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- Indonesian police arrested 59 suspected Islamist militants linked to al-Qaeda and Islamic State. Police said that they seized bomb-making chemicals and weapons.
- The U.S. Army said that the Maine Army reservist who killed 18 people in a mass shooting last week should not have had a weapon after he was seen behaving erratically and sent to a hospital in September.
- Stellantis said that the UAW strike cost it $3.2B in revenue over the last six weeks.
- The 2034 World Cup will likely be hosted in Saudi Arabia after FIFA confirmed that the Arab nation was the only country bidding to host the soccer tournament.
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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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