Qatar presented Hamas and Israel with a proposal for a ceasefire deal in Gaza, according to Reuters. Negotiations between Israel and the militant group resumed on Sunday. Officials reported progress overnight, but disagreements persist over the conditions for the withdrawal of Israeli troops. American mediators are pushing to finalise the agreement before President Joe Biden leaves office on January 20th.
The dollar reached a two-year high against a basket of major currencies, bolstered by a strong jobs report, released on Friday. The data dampened expectations that the Federal Reserve will cut interest rates aggressively in 2025. Share prices in Asia fell, as investors fear that prolonged high interest rates in America will draw capital to the dollar, draining funds from weaker currencies and emerging markets.
America announced restrictions on exports of technology used in the development of artificial intelligence. The rules, which take effect later in the year, limit AI chip exports to most countries while maintaining bans on China, Russia, Iran and North Korea. The government wants to stop adversaries from getting access to advanced technology. American chipmakers warned the rules would weaken competitiveness.
At least 40 farmers were killed over the weekend in Nigeria’s north-eastern Borno state after venturing out beyond designated safe zones, officials said on Monday. Authorities suspect that the attackers belong to Boko Haram, a militant group, as well as a Nigerian IS affiliate. The attacks on farmers are aggravating a hunger crisis in Borno, which was also hit by floods last autumn.
One of four fires burning in Los Angeles County was contained, according to California’s fire department. But the winds that originally helped spread the blazes are expected to pick up again during the week, complicating firefighting efforts. At least 24 people have died. California’s governor, Gavin Newsom, warned the disaster could be the costliest in America’s history.
Gazprom is reportedly planning to cut 1,600 jobs—equivalent to 40% of its workforce in its headquarters in St Petersburg. Russia’ state-owned energy giant has struggled since the invasion of Ukraine, with European gas sales collapsing and transit agreements suspended by several countries. Efforts to expand in markets such as China have stalled. In 2023 the company posted its first loss in over two decades.
Eli Lilly, a pharma giant, will pay Scorpion Therapeutics up to $2.5bn to secure the rights to its cancer therapy, STX-478. The drug, currently in early-stage trials, targets breast cancer. The deal includes an upfront payment and additional payments tied to regulatory and sales milestones. Scorpion will spin off its assets unrelated to the cancer therapy into a new entity, with Eli Lilly holding a minority stake.
Figure of the day: More than $50bn, the estimated economic damage of the LA fires. Read the full story.
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