Gaza's Rafah Border Crossing Reopens Amidst Geopolitical and Economic Developments
The Rafah border crossing between Gaza and Egypt reopened Monday, according to BBC World, after being largely closed since May 2024 when Israeli forces captured the Gazan side. The reopening, initially slated for the first phase of President Donald Trump's ceasefire plan between Israel and Hamas in October, was delayed until the return of the body of the last Israeli hostage in Gaza last week. Sick and wounded Palestinians from Gaza have already arrived in Egypt.
In other news, gold and silver prices experienced a volatile trading day, BBC Business reported. Spot gold prices fell nearly 10 at one point, while silver slumped by 15 before both metals recovered some ground. Prices had previously reached record highs in January as investors sought "safe haven" assets amid geopolitical uncertainties. The fall in prices on Friday followed President Donald Trump's nomination of Kevin Warsh, a former central bank governor, to be the new chair of the US Federal Reserve. Gold then recovered to stand at 4 after plunging in Asian trade on Monday.
Meanwhile, UK drivers can now compare fuel prices at different petrol stations as part of a government scheme, BBC Business reported. Garages and fuel stations are now required to report their prices to third-party apps and websites within 30 minutes. Chancellor Rachel Reeves said the Fuel Finder Scheme could save the average household 40 a year. Motoring groups noted that motorists can pay up to 20p per litre more for fuel depending on location. The Fuel Finder Scheme will allow "drivers to find the best deals and spur competition as fuel retailers compete for customers," according to BBC Business.
In Madagascar, Cyclone Fytia has caused significant damage, The Guardian reported. At least three people have died, and nearly 30,000 have been affected by flooding. It is estimated that more than 40,000 homes could be flooded over the next few days. The storm, the first tropical storm of the season, may bring 150mm of rain. Eastern Europe is also experiencing severe weather, with possible night-time lows of -30C.
Separately, Faisal Islam of BBC Business reflected on a conversation with the late Alistair Darling, Chancellor of the Exchequer under Gordon Brown, regarding the 2009 financial crisis. The conversation centered on Darling's "painful and angry telephone conversation" with Jamie Dimon, chief executive of JP Morgan, after the UK government announced plans to tax bankers' bonuses. Details of the background and context to this call appear to be in the Epstein file.
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