Central banks back Powell. Governors from central banks around the world issued a joint statement today in support of U.S. Fed chair Jerome Powell after the Justice Department opened an investigation into him. The global central banks called central bank independence a “cornerstone of price, financial, and economic stability.” Yesterday, every living former Fed chair also issued a statement, saying the criminal investigation was “an unprecedented attempt” to undermine Fed independence.
Philippines-UAE trade deal. The Philippines signed its first-ever free trade agreement with a Middle Eastern country in Abu Dhabi today. The Philippine government said it could boost Philippine exports to the UAE by more than 9 percent. Bilateral trade totaled around $1.83 billion in 2024. The deal was intended to reduce tariffs, though the countries did not announce by how much.
Coal power decline. Use of coal-powered electricity fell by 3 percent in India and 1.6 percent in China last year, according to an analysis by a Centre for Research on Energy and Clean Air expert. Both countries expanded their clean power capacity by record amounts in 2025. The shift comes after an anticipated peak in global coal power use was delayed in recent years by the war in Ukraine, which caused a surge in gas prices.
Prisoners freed in Venezuela. The government freed fifty-six political prisoners in the country since Venezuela’s top legislator announced the releases as a “peace” gesture on January 8, according to human rights group Foro Penal. Authorities claimed yesterday that it was more than 110. Meanwhile, Venezuelan opposition leader María Corina Machado met with Pope Leo yesterday at the Vatican, ahead of her meeting with Trump later this week.
U.S. AI military strategy. The Defense Department launched a strategy yesterday to accelerate its use of artificial intelligence (AI). It includes seven projects and will test training AI agents, using AI to simulate adversary responses, and increase permission for department personnel to use AI models. The department will also “invest substantial resources” in its access to AI computing power such as data centers.
Rising civilian deaths in Ukraine. Conflict-related violence killed 2,514 civilians in Ukraine last year, more than any year since the war’s start in 2022, the UN human rights office said yesterday. The 31 percent rise in civilian deaths and injuries was due not only to expanded frontline fighting but also to heightened use of long-range weapons, a UN official said.
Havana syndrome device. For more than a year, the Defense Department has been testing a device suspected to be linked to health incidents known as Havana syndrome, four unnamed sources told CNN. The Homeland Security Department and Pentagon reportedly bought the device for “eight figures” in an undercover operation in the last days of the Biden administration. The device’s purpose remains unclear, as is its connection to the still-unexplained ailments.
G7 critical minerals talks. Senior officials from Group of Seven (G7) countries—as well as Australia, India, Mexico, and South Korea—attended a meeting at the U.S. Treasury yesterday on securing and diversifying critical mineral supply chains. Attendees reportedly discussed how to reduce dependence on Chinese rare earths, with Germany’s finance minister saying the officials debated the potential establishment of a price floor on rare earths, Reuters reported.
