| |||
| Read in browser | ||||
Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up here. India declared Monday’s deadly blast in New Delhi a terrorist attack. The question is: What will Narendra Modi do about it? The prime minister has no good options. In May, he seemed to set a new standard for India’s response to acts of terrorism, declaring that future attacks on civilians would be treated as an “act of war.” The implication was clear: India would hold Pakistan responsible for killings on its soil — just as it had following April’s attacks in Kashmir, which left 26 civilians dead. New Delhi’s response then was to embark on an intense bombing campaign against its neighbor, hitting what it said were Pakistani-backed militant camps targeting India. Islamabad denied orchestrating the Kashmir attacks, and hit back forcefully.  The scene of the explosion in New Delhi on Monday. Photographer: Sajjad Hussain/AFP/Getty Images The conflict was over within four days, leaving relations as tense as ever. This week’s blast raises the question of whether Modi will again blame Pakistan, especially now that his cabinet has deemed the explosion an act of terror. But India is likely to be wary of being drawn into another clash with Pakistan. For one thing, the previous bout wasn’t a resounding victory for India — neither on the battlefield, nor diplomatically. India lost multiple aircraft, including its prized French-made Rafales, as Pakistan deployed its Chinese fighter jets. The clash also damaged India’s relationship with Donald Trump. New Delhi has pushed back on his claims that he brokered the ceasefire, but anything that breaks the truce risks incensing the US president. So far, Indian leaders have chosen their words carefully, not drawing any links to Pakistan. Islamabad, by contrast, has pointed the finger at New Delhi after an explosion ripped through the Pakistani capital on Tuesday. Exit polls the same day showing a win for Modi in Bihar state elections suggest he’s weathering this year’s turbulence. That makes a face-saving route that avoids another fight Modi’s most likely response. — Dan Strumpf  Modi during a rally ahead of elections in Bihar state on Nov. 2. Photographer: Sachin Kumar/AFP/Getty Images
Global Must ReadsUkrainian President Volodymyr Zelenskiy implored European Union allies to overcome their divisions on the use of frozen Russian assets in a Bloomberg TV interview, saying that fresh funding is a matter of survival for his country in the war against Moscow. He also backed a widening corruption probe in Ukraine. Meanwhile, Trump will only agree to another meeting with Russian President Vladimir Putin if there’s a significant opportunity to help end the war, US Secretary of State Marco Rubio said.  WATCH: Zelenskiy speaks during an interview with Bloomberg TV in Kyiv. Trump signed legislation to end the longest government shutdown in US history, marking the official conclusion to a 43-day impasse that halted food aid to millions of households, canceled thousands of flights and forced federal workers to go unpaid for more than a month. It could take days — and in some cases a week or more — before normal operations resume. French President Emmanuel Macron is considering inviting his Chinese counterpart, Xi Jinping, to a Group of Seven summit he’ll host in Evian next year, sources say. With the G-7 grouping sinking into irrelevance as Trump pushes his America-first agenda, Macron is looking to engage with other major nations and create leverage to defend European interests. Trade negotiators from Switzerland are in Washington today aiming to seal a deal with the US that could lower the 39% tariff rate on Swiss goods — the highest the Trump administration has imposed on a developed nation — to 15%. The EU, meanwhile, is set to propose a plan to the US that would implement the next phase of the trade agreement the two sides reached this summer. Democrats returned to pressing Trump on his ties to Jeffrey Epstein, highlighting a selection of emails in which the late financier and convicted sex trafficker suggested the president knew of his activities. Documents released by House Democrats yesterday showed former Treasury Secretary Lawrence H. Summers and top Wall Street lawyer Kathryn Ruemmler each exchanged emails with Epstein that criticized Trump. Pakistan’s parliament is poised to grant lifelong immunity to Field Marshal Asim Munir, a move that would further entrench the military’s grip on power in the nuclear-armed nation.  A man carries a portrait of Asim Munir during a rally in Islamabad in May. Photographer: Aamir Qureshi/AFP/Getty Images Keir Starmer apologized to Health Secretary Wes Streeting as the British premier tried to contain the fallout from allegations by his allies of cabinet plots against his leadership. The UK and several South American nations are preparing to start trade talks as rising tariffs disrupt global commerce and push countries to diversify their economic partnerships. Senegal’s ruling party dissolved the coalition that brought President Bassirou Diomaye Faye to power, heightening political uncertainty as the West African nation tries to resolve a debt crisis.  Ahead of the Bloomberg Africa Business Summit, reporters and editors discuss where the smart money is going across the continent. Photographer: Getty Images Sign up for the Washington Edition newsletter for news from the US capital and watch Balance of Power at 1 and 5 p.m. ET weekdays on Bloomberg Television. Chart of the Day UK property surveyors have painted a picture of a housing market cooling rapidly in the run-up to the Labour government’s Nov. 26 budget as fears of tax rises weigh on buyers and sellers alike. New levies on home sales, changes to capital gains tax reliefs and a so-called “mansion tax” on the most expensive homes are among steps being considered by Chancellor of the Exchequer Rachel Reeves, according to media reports. And FinallyFrom Giorgio Armani and Calvin Klein to Amazon.com and Sheraton, some of the world’s best-known brands are falling prey to trademark poachers in Russia, as the country’s economic isolation deepens over its war in Ukraine. More than 300 foreign companies have found their trademarks under legal threat since the start of 2024, a Bloomberg Businessweek analysis of court documents shows. Russian law allows trademarks unused for three years to be canceled and awarded to anyone who applies for the rights and pays fees of less than $1,500.  A branch of Stars Coffee that replaced Starbucks in Moscow in 2023. Photographer: Alexander Zemlianichenko/AP Photo More from Bloomberg
We're improving your newsletter experience and we'd love your feedback. If something looks off, help us by reporting it here. |
No comments:
Post a Comment