Magyar’s pledges in Hungary. Prime Minister-elect Péter Magyar pledged yesterday to rebuild ties between Hungary and the European Union (EU) and lift the country’s veto on EU aid to Ukraine. However, he stopped short of endorsing fast-track EU membership for Ukraine, saying he would put it to a referendum. He also pledged to join a European prosecutor’s office in a bid to combat corruption.
Indonesia’s great power diplomacy. Jakarta announced increased military cooperation with Washington during a visit by its defense minister yesterday, even as Indonesian President Prabowo Subianto met with Russian President Vladimir Putin in Moscow. Indonesia and the United States announced they will intensify joint military training and exercises. In Moscow, Prabowo said he consulted with Putin on “the current geopolitical situation” and thanked him for supporting Indonesia’s entry into BRICS.
Canada’s Liberal majority. Prime Minister Mark Carney’s Liberal Party secured a majority in Canada’s lower house after a handful of special election victories yesterday, aided by a number of defections by opposition lawmakers over the past few months. The Liberals can now advance legislation without the support of opposition parties. The results mark the first time Canada has had a majority government since 2019.
Spain’s leader in China. Spanish Prime Minister Pedro Sánchez called on China to do more to promote peace in Gaza, Iran, Lebanon, Ukraine, and the West Bank during a speech at a university in Beijing yesterday. It is his fourth trip to China in just over three years. Sánchez said his outreach to Beijing was part of Spain’s efforts to diversify geopolitical relations.
Benin’s new president. Finance Minister Romuald Wadagni won Benin’s presidential election Sunday, electoral authorities said. Even before the vote count was complete, his opponent conceded defeat. Wadagni was endorsed by the outgoing president, who is stepping down after fulfilling the two-term limit. Election turnout was low, but the Economic Community of West African States said the vote was conducted smoothly.
The cost of Zambia’s fuel subsidies. The Zambian government will lose around $100 million in revenue due to a three-month freeze on fuel taxes intended to protect households from rising fuel prices sparked by the Iran war, the country’s finance minister told Bloomberg yesterday. The hit to the country’s budget comes as it emerges from a long process of debt restructuring.
Projected fall in oil demand. The International Energy Agency (IEA) projected today that the Iran war would lead to a drop in both global oil supply and demand in 2026, as high prices tamper consumer demand. It now expects oil demand to fall by 80,000 barrels per day this year—the sharpest drop since the COVID-19 pandemic. In practice, that means households are using less fuel, petrochemical plants are cutting production, and airlines are reducing flights, the IEA said.
French terrorism-fiancing case. A French court issued a more than $1 billion fine to cement company Lafarge and sentenced its former director to six years in prison for terrorism financing. Lafarge was convicted for conspiring to provide material support to the self-declared Islamic State and other terrorist groups in order to maintain the firm’s operations in Syria between 2013 and 2014. The former director has denied wrongdoing and vowed to appeal.
