Week 46 of 2021 – YPF Around the Globe (English)

Timeframe: November 19th – November 25th, 2021

To read the Bangla version, click here

Contributors: Mansib Khan, Sabyasachi Karamker,  and Farhan Uddin Ahmed.

1. Economics & Business

Jerome Powell nominated to stay as US Federal Reserve chair by Biden

Jerome Powell has been nominated for a second term as chair of the US Federal Reserve by President Joe Biden. Mr. Powell is set to stay in the role, which includes managing inflation and regulating the financial system, for a further four years.

He was initially appointed by former President Donald Trump and started his first term in 2018. The 68-year-old Republican has been praised for his management of the economy during the pandemic.

The other front-running candidate, Lael Brainard, was favored by progressives on the left of President Biden’s Democratic Party. They have criticized Mr. Powell for not doing enough to tackle climate change and poverty and say he has weakened the regulation of financial institutions. Ms. Brainard, who has been on the board of governors of the Federal Reserve since 2014, has been nominated as vice-chair.

Source: BBC

2. Politics

U.S. invites Taiwan to its democracy summit; China angered

The Biden administration has invited Taiwan to its “Summit for Democracy” next month, according to a list of participants published on Tuesday, a move that infuriated China, which views the democratically governed island as its territory.

The first-of-its-kind gathering is a test of President Joe Biden’s assertion, announced in his first foreign policy address in office in February, that he would return the United States to global leadership to face down authoritarian forces led by China and Russia.

Source: Reuters

Russia and Ukraine stage military drills, as tensions escalate

Russian fighter planes and ships practiced repelling air attacks on naval bases and responding with airstrikes during military drills in the Black Sea, Interfax reported on Wednesday, as neighboring Ukraine also held combat exercises.

The drills come at a time of high tension over Ukraine, with Ukrainian and U.S. officials voicing concerns about a possible Russian attack on its southern neighbor, a suggestion the Kremlin has dismissed as false.

Source: Reuters

3. Science & Technology

The Battle over the News Feed: Facebook to allow greater control to its users

Facebook, in response to the recent controversy, has again tweaked its content to prioritize posts from friends and family over those from groups and pages. In response to Frances Haugen, the whistleblower who testified to the Senate regarding the upcoming regulations regarding the Meta monopoly over the social media space with not just Facebook, but also Instagram and WhatsApp.

Source: BBC

4. Environment

Great Barrier Reef explodes into life in ‘magical’ spawning event

The Great Barrier Reef has “given birth” in its annual coral spawn, creating a cacophony of color on the Australian landmark.

Scientists working beneath the waves say they witnessed the event, in which coral simultaneously release sperm and eggs en masse, overnight Tuesday off the coast of Cairns, Queensland, hailing it as a positive sign the reef was able to regenerate despite ecological threats.

The Great Barrier Reef’s coral spawn is a coordinated annual effort — for much of the year, coral multiplies by splitting and dividing, but once a year the coral simultaneously releases bundles of sperm and egg into the ocean.

Source: CNN

5. Miscellaneous

New Zealand and Singapore tops in terms of Covid Resilience: Past Success in tackling the Virus is no Guarantee

The Bloomberg Covid Resilience Index tracked 53 countries over the last year and has found that the early winners in terms of tackling covid numbers are no guarantee of future success. In terms of resilience, Singapore and New Zealand led the way while the US and Israel managed to bounce back with a quick rollout of vaccines. Interestingly, among the top consistent seven, the key advantages were a strong social safety net and strong societal cohesion to follow pandemic guidelines. China, ironically, has the lowest covid mortality with three deaths per million.

Source: Bloomberg

Disclaimer: The information provided here is obtained solely from the third parties mentioned above. Youth Policy Forum (YPF) is not responsible for any misinformation or misrepresentation.