Oxfam’s new report, “Takers Not Makers,” reveals that billionaire wealth surged by $2 trillion in 2024, a rate three times faster than in 2023, reaching a daily accumulation of $5.7 billion. This dramatic increase, driven largely by rising stock values and property prices, now projects the emergence of at least five trillionaires within a decade. Simultaneously, the number of people living in extreme poverty remains stubbornly high near 3.6 billion, highlighting a stark contrast between the extreme wealth accumulation at the top and persistent poverty for a significant portion of the global population. Oxfam advocates for bold policy changes, including higher taxes on the super-rich, to address this widening inequality gap.
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A ceasefire between Israel and Hamas took effect, marking the end of fifteen months of conflict. The agreement facilitated the release of three Israeli hostages held by Hamas, alongside the freeing of numerous Palestinian prisoners from Israeli jails. While the release of the hostages was met with joy in Israel, concerns remain regarding the fate of others still held captive in Gaza. The deal also includes provisions for increased humanitarian aid to Gaza, though mixed feelings persist among both Israelis and Palestinians regarding the terms and long-term implications of the agreement.
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Atmospheric CO2 levels surged to a record 3.58 ppm increase in 2024, exceeding predictions and driven by record fossil fuel emissions, diminished carbon absorption by natural sinks, and significant wildfire emissions. This rapid increase far surpasses the rate needed to meet the Paris Agreement’s 1.5°C warming target, as outlined by the IPCC. The 2024 increase in emissions, reaching 41.6 billion tonnes, further underscores the urgency of emissions reduction. While the projected increase for 2025 is slower, it remains insufficient to align with the IPCC’s climate goals.
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Argentina’s Economy Ministry has lifted the ban on businesses displaying prices in U.S. dollars alongside peso prices, allowing for flexible exchange rate conversions. Simultaneously, the Central Bank announced that Argentinian debit cards will facilitate payments in both dollars and pesos, bypassing peso conversion for domestic transactions. This dual-currency system, slated for implementation by April 1st, will initially be adopted by select businesses before wider implementation. The changes aim to integrate the dollar more fully into the Argentine economy, though credit cards remain excluded from the immediate changes.
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Following a ceasefire and hostage exchange agreement, three Israeli women held captive by Hamas since October 7, 2023, were returned to Israel. The emotional reunion at Sheba Medical Center in Tel Aviv was met with jubilant celebrations in Hostages Square, where Israelis had gathered daily to show solidarity. In exchange for the hostages, Israel released 90 Palestinian prisoners. This first phase of the deal involves the gradual release of 33 hostages over six weeks, with the future phases contingent upon ongoing negotiations.
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Amidst intensified Russian attacks on Ukrainian energy infrastructure, Commander-in-Chief Oleksandr Syrskyi announced Ukraine’s development of its own air defense system, leveraging existing Soviet-era expertise. This domestically produced system aims to rival the capabilities of U.S. Patriot defenses and counter the threat posed by Russia’s new Oreshnik missile. The initiative is driven by the limited availability of systems capable of intercepting the Oreshnik, motivating both domestic development and continued negotiations with allies for advanced technology. This development aligns with Ukraine’s planned record $35 billion investment in weapons production in 2025, partially supported by international partners like the U.K.
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In 2024 alone, Russia suffered over 150,000 military personnel killed, significantly exceeding losses from 2022 and 2023. Total Russian losses for 2024 surpassed 434,000, according to Commander-in-Chief Oleksandr Syrskyi. This represents a dramatic increase in casualties compared to previous years of the conflict. Syrskyi emphasized that Russian losses vastly outnumber those of Ukraine.
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A senior Taliban official, Sher Abbas Stanikzai, publicly urged the group’s leadership to overturn the ban on female education in Afghanistan. He argued the ban lacks religious justification and constitutes an injustice against millions of Afghan women. This call, though previously echoed by Stanikzai, marks a direct appeal to Taliban leader Hibatullah Akhundzada for policy change. However, women’s rights advocates remain skeptical, viewing the statement as a potential attempt by the Taliban to improve their international image rather than a genuine commitment to reform. The ongoing restrictions on women’s rights in Afghanistan remain a major concern for the international community.
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On January 19th, President Zelensky enacted new sanctions against eighteen pro-Russian politicians and propagandists, including Yuriy Boyko, Nestor Shufrych, and Yevhen Muraiev. This action, based on a National Security and Defense Council decision, targets individuals aiding Russia’s war effort through propaganda and subversive activities. The decree also initiates efforts to revoke state awards, such as the Hero of Ukraine title, from these figures. Notable among those sanctioned are individuals previously involved in pro-Russian parties and accused of treason or collaboration with Russian forces.
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In summary, Ukrainian strikes on Russian ammunition production facilities and other military targets have significantly reduced Russia’s daily artillery shell expenditure, nearly halving it from approximately 40,000 rounds to a much lower number. Simultaneously, Ukraine is bolstering its own arms production, currently manufacturing roughly one-third of its annual weapons needs, with the remainder supplied by Western allies. This increased domestic production is coupled with efforts to develop indigenous air defense systems, including those capable of countering advanced Russian missiles. Ukraine plans to invest a record $35 billion in weapons production in 2025.
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John Q. Hosedrinker