International

Qatar announces $500 million for Gaza reconstruction

AFP/Editor

Qatar announced Wednesday it would provide $500 million for Gaza’s reconstruction, after the Palestinian enclave was battered by Israeli air strikes in 11 days of hostilities between the Jewish state and armed Palestinian groups.

“The state of Qatar announces $500 million in support for the reconstruction of Gaza,” Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani tweeted.

Qatar is a key backer of the Islamist group Hamas that controls the Gaza Strip.

The funds aim to help Gazans “face the life challenges posed by the recent Israeli attacks, and to contribute to the reconstruction of service facilities in Gaza… in addition to the homes that were destroyed”, the official QNA news agency said.

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The worst exchange of fire in years between Israel and armed Palestinian groups in the enclave started May 10 after clashes in Jerusalem’s Al-Aqsa mosque compound, Islam’s third holiest site, which is also revered by Jews as the Temple Mount.

In 11 days of fighting, Israeli air strikes and artillery fire on Gaza killed 254 Palestinians, including 66 children, and wounded more than 1,900 people the health ministry in Gaza says.

Rocket and other fire from Gaza claimed 12 lives in Israel, including one child and an Arab-Israeli teenager, an Israeli soldier, one Indian national and two Thai workers, medics say. Some 357 people in Israel were wounded.

Diplomatic efforts are underway to solidify a fragile Egypt-brokered truce that halted the fighting, with plans to rebuild the Gaza Strip where Israeli air strikes damaged infrastructure and levelled buildings.

Cairo last week also pledged $500 million towards reconstruction in the Palestinian enclave, which has been under Israeli blockade for nearly 15 years.

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International

US panel backs Trump-themed coin amid controversy

The United States Department of the Treasury confirmed to AFP that the Commission of Fine Arts approved the design of a new collectible coin featuring Donald Trump, with members of the commission appointed by the current administration.

According to the proposal, the coin will feature an image of Trump standing with clenched fists over a desk on the obverse, while the reverse will display an eagle, a traditional symbol of the United States.

The sale price of the collectible has not yet been disclosed, although the United States Mint typically offers similar items for more than $1,000.

“There is no more iconic portrait for the front of these coins than that of our president Donald Trump,” U.S. Treasurer Brandon Beach said in a statement sent to AFP. He added that two additional coins — a $1 piece and a one-ounce gold coin — are also under consideration.

However, the Citizens Coinage Advisory Committee (CCAC), another body responsible for reviewing new coin proposals, declined to discuss the Trump design in late February.

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“Only nations governed by kings or dictators place the image of a sitting leader on their currency,” said Donald Scarinciat the time. “No country in the world has minted coins featuring a democratically elected leader during their term in office,” he added.

When contacted by AFP, the Treasury Department did not immediately respond to requests for further comment.

International

Fed’s Waller warns of rising inflation risks amid Middle East conflict

Christopher Waller, a governor at the Federal Reserve, said Friday that he is increasingly concerned about the inflationary impact of the ongoing conflict involving United States and Israel against Iran, particularly due to the prolonged closure of the Strait of Hormuz.

Waller, who had supported interest rate cuts over the past year amid concerns about the labor market, said he has shifted his stance in recent weeks due to rising inflation risks.

“Since the Strait of Hormuz was closed, it suggests this conflict could be much more prolonged and that oil prices will remain elevated for longer,” Waller said in an interview with CNBC.

“Therefore, this indicates that inflation is a greater concern than I had previously assessed,” he added.

Waller also backed the Federal Reserve’s decision earlier this week to keep interest rates unchanged, signaling a more cautious approach as global geopolitical tensions continue to affect economic outlooks.

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International

Brazil offers to mediate Colombia-Ecuador tensions, calls for restraint

The government of Brazil has offered to mediate in the ongoing tensions between Colombia and Ecuador, while calling on both nations to exercise restraint.

In a statement released Wednesday, Brazil’s Ministry of Foreign Affairs urged the parties involved to act with moderation and seek a peaceful resolution to the dispute.

“Brazil encourages all sides to act with moderation in order to find a peaceful solution to the controversy. It stands ready to support dialogue efforts aimed at preserving peace and security in the region,” the statement said.

Brazil also expressed “serious concern” over reports of deaths in the border area between Colombia and Ecuador, noting that the circumstances surrounding the incidents have not yet been clarified.

The diplomatic move comes amid rising tensions between the neighboring countries, increasing regional concern over stability and security along their shared border.