From the political sphere, Israel and Hamas reach a ceasefire agreement to guarantee the release of hostages. At the same time, Putin declares that Moscow is ready to engage in talks to end the war. On the other hand, the unlikely alliance between Milei and Macri could shape Argentina’s radical new leadership.
From an economic perspective, at the United Nations, countries will vote to decide the future of tax governance internationally. Meanwhile, in the United States, unions are at their strongest in decades
On the business front, Sam Altman is reinstated as CEO of OpenAI. At the same time, Nvidia is seeing a marked increase in revenue and profits amid the rise of artificial intelligence.
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Policy
- A temporary ceasefire agreement has been reached in Gaza between Israel and Hamas. The objective of this truce is to enable the release of 50 hostages captured during the recent Hamas attack on Israel, as well as the release of 150 Palestinian prisoners held in Israel. The start of the ceasefire will be announced in the next 24 hours and is scheduled to last at least four days, as indicated by the government of Qatar, a key participant in the negotiations. Additionally, the temporary pause in hostilities will facilitate the delivery of additional aid and fuel to the civilian population in Gaza.
- In February of the previous year, the Russian president began a full-scale invasion of Ukraine, resulting in severe devastation for the country and causing hundreds of thousands of casualties among both military personnel and civilians. Vladimir Putin has expressed at the G20 meeting Moscow’s willingness to engage in talks and end the “tragedy” of the war in Ukraine, but attributed the absence of negotiations to a Kiev law that prohibits them. In October 2022, Ukrainian President Volodymyr Zelenskiy issued a decree officially declaring any Ukrainian negotiations with Putin “impossible.”
- In less than a day since hard-right libertarian outsider Javier Milei secured Argentina’s presidency with the promise of radical economic change and a break with the country’s traditional political elite, Mauricio Macri, the conservative former Argentine president who endorsed Milei in October, made a surprise visit Monday night to the hotel in downtown Buenos Aires that became Milei’s campaign headquarters. The former president’s endorsement, granted after the elimination of Patricia Bullrich, the presidential candidate of Macri’s center-right Together for Change (JxC) coalition in the first round, played a crucial role in attracting essential moderate voters to the Milei’s side. Milei’s small party, La Libertad Avanza, made up mostly of political novices, has stated that JxC’s “talent” will be welcome.
Economy
- Within the United Nations General Assembly, countries will vote to determine the future course of international tax governance, underscoring the need to address the unfairness and ineffectiveness of the current taxation model applied to large corporations and wealth. Uncertainty this week revolves around the decisions that rich economies like the United States and the European Union will make. If they oppose a binding framework convention at the UN, they would send the message that they prefer to maintain the current agreements, which are ineffective and unfair, rather than considering real reforms.
- Unions are at their strongest in decades, leading to nearly a million Americans receiving double-digit raises. Labor experts say some of the success at the bargaining table is attributed to a more ambitious set of bargaining goals by unions, sometimes led by newly elected leaders who promised better contracts. But just as important as the unions’ leadership and negotiating strategy was the economic environment in which the talks took place, as many of the employers who agreed to these agreements had been reporting strong profits.
Business
- Sam Altman, who was fired from his position at OpenAI, the creator of ChatGPT, on Friday, will return to his role as CEO. Altman’s return ends nearly a week of turmoil at the artificial intelligence company. His abrupt firing on Friday surprised a significant portion of the tech industry, including OpenAI investors and employees, triggering a campaign for his reinstatement. On Sunday night, Altman agreed to join Microsoft; However, the next day, both he and Satya Nadella, CEO of Microsoft, indicated that they remained open to his return to OpenAI. Altman’s return will be greeted with relief by investors, customers and employees who feared that conflicts on the board of directors could lead to the company’s disintegration.
- The boom in generative artificial intelligence that began late last year took many chip industry executives by surprise and resulted in a substantial increase in demand for Nvidia chips, which are highly competent in creating computing systems. complex artificial intelligence. Substantial investments in artificial intelligence by tech giants, from Microsoft to Amazon, and by other large corporations, have played a significant role in driving Nvidia’s sales to unprecedented levels in recent quarters. Sales for the current quarter would be around $20 billion, Nvidia reported.
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