AMERICA
America Faces Crisis: Shutdown Avoided, Bitcoin Surges, Tragedy in Brazil, and Renewed Migrant Battle
1. Biden Signs Funding Bill to Avert Shutdown
On December 21, 2024, President Joe Biden signed a bipartisan financing deal into law, averting a government shutdown in the United States. The bill includes $10 billion for farmers and $100 billion for disaster assistance, funding the government through mid-March. President-elect Trump and advisor Elon Musk opposed the law, although it was supported by both parties in Congress. Republicans objected to the absence of expenditure cuts, while some Democrats criticised the elimination of specific measures.
2. Bitcoin’s Soaring Value and Growing Legitimacy
The value of Bitcoin has increased 1,000 times in the last ten years, surpassing $100,000. The cryptocurrency is receiving significant attention from governments and financial institutions, thanks to US President-elect Donald Trump’s pro-crypto position. Previously regarded as speculative, Bitcoin is now regarded as “digital gold,” with significant reserves held by nations like the US and El Salvador. Trump has emerged as a prominent supporter of Bitcoin’s growing legitimacy in spite of earlier objections.
3. 32 Killed in Brazil Bus-Truck Collision
On December 21, 2024, a passenger bus and a truck collided on a roadway close to Lajinha, Minas Gerais, Brazil, resulting in the deaths of at least 32 persons. The bus’s driver lost control after a tyre ruptured, resulting in the collision. Thirteen of the forty-five passengers on the bus were hospitalised. To find out what caused the accident, an investigation is still underway.
4. Trump’s Renewed War on Migrants
Former President Donald Trump is getting ready to use military force to drive out undocumented immigrants as part of his plans to tighten anti-immigration legislation. Despite the fatal outcomes for migrants, his rhetoric on border security and “national emergencies” is gaining traction. Much debate has been generated by Trump’s policies, and current President Biden has carried on with many of these tough tactics, depending on Mexico to impose more stringent border restrictions. It is believed that border security is a nonpartisan issue with significant humanitarian implications.
 ASIA
Asian Currency Struggles, Geopolitical Shifts, and Legal Developments in India and South Korea
1. Indian Rupee Hits Worst-Performing Currency in Asia
With a 2.2% decline this quarter, the Indian rupee is expected to finish the year as the worst-performing currency in Asia. Because of worries about the Omicron version and the volatility of the global market, foreign financiers withdrew $4 billion from Indian stocks. The rupee has depreciated as a result of this, India’s growing trade deficit, and policy differences with the U.S. Federal Reserve. Although a lower currency might encourage exports, it also makes the central bank’s low-interest-rate policy more difficult to implement and runs the danger of escalating imported inflation.
2. Sri Lanka President to Visit China for Debt Talks
Following the completion of a postponed foreign debt restructuring, Sri Lankan President Anura Kumara Dissanayake will travel to China for negotiations in January. A large amount of Sri Lanka’s debt is held by China, which contributed to the economic crisis of 2022. As Sri Lanka negotiates the rivalry between China and India for influence in the region, Dissanayake’s visit comes after his journey to India. As a result of the debt restructuring, Fitch Ratings has raised Sri Lanka’s credit rating.
3. Rival Protests in Seoul Over Impeached President Yoon
A week after his impeachment due to a short-lived proclamation of martial law, South Korean President Yoon Suk Yeol was the target of protests in Seoul on December 21, 2024, both in favour of and against him. While pro-Yoon protesters, who were primarily older conservatives, expressed support for restoring his authority, tens of thousands of anti-Yoon demonstrators, who were primarily younger residents, gathered for his removal. While investigations are ongoing, Yoon’s presidential authority is still suspended.
4. Indian Court Upholds Adani’s Dharavi Revamp Contract
A challenge against the Adani Group’s $619 million contract to renovate Mumbai’s Dharavi slum was rejected by an Indian court. After winning a previous tender for the project, SecLink Technologies opposed the offer, which was awarded in 2023. A major legal obstacle to the ambitious change has been removed by the Bombay High Court’s decision.
MENA
Fury vs Usyk Rematch, US Arms Sale to Egypt, Iran’s Resistance, and Houthi Strike on Tel Aviv
1. Fury vs Usyk 2: Rematch Details
On December 21, 2024, Tyson Fury and Oleksandr Usyk will rematch in the heavyweight class in Riyadh, Saudi Arabia. The Ukrainian forfeited one championship when Usyk became the first undisputed heavyweight champion in twenty-four years. Six undercard fights will take place prior to the main event.
2. US Approves $5bn Arms Sale to Egypt
The US State Department has given its approval to a possible $5 billion arms deal with Egypt. The agreement includes $30 million for precision-guided bombs, $630 million for Hellfire missiles, and $4.69 billion for 555 M1A1 Abrams tanks. Despite persistent human rights concerns, the transaction is viewed as a calculated step to advance US foreign policy and cement security ties with Egypt, a vital Middle Eastern ally.
3. Iran’s Axis of Resistance Strong Amid Regional Turmoil
Despite the overthrow of the Assad administration in Syria, Iran’s Supreme Leader Ayatollah Ali Khamenei reiterated the “axis of resistance”‘s tenacity. This coalition, which includes groups from Yemen, Palestine, Syria, Lebanon, and Iraq, is steadfast in its opposition to the US and Israel. Khamenei emphasised the axis’ expansion under strain and rejected assertions that it had collapsed. Tehran’s main objective is to drive the United States out of Iraq as payback for General Qassem Soleimani’s 2020 murder.
4. Houthi Missile Strikes Tel Aviv in Retaliation for Israeli Airstrikes
A missile fired by Houthi rebels in Yemen struck the Tel Aviv-Jaffa region of Israel on December 21, 2024. Despite Israeli military efforts, the missile was not intercepted. This attack came after nine people were killed by Israeli airstrikes on Hodeidah and Sanaa, Yemen. The strike resulted in broken glass injuring sixteen Israelis.
 EUROPE
Global Tensions, Innovations, and Security: Ukraine, Mosquitoes, and Europe
1. Russia-Ukraine War: Key Developments on Day 1,031
On December 21, 2024, Russia attacked Kyiv, killing one person and destroying embassy buildings, while Ukraine fired missiles provided by the US on Russia’s Rylsk, killing six. 503 Ukrainian troops, the majority of whom were from Donetsk, had their bodies recovered. The IMF authorised $1.1 billion in funding for Ukraine, but Russia’s central bank maintained its interest rate at 21%.
2. Ukrainian Drone Attack on Kazan
On December 21, 2024, Ukrainian drones struck residential structures and an industrial facility near Kazan, which is more than 1,000 kilometres from the battle line. Six of the eight drones used in the three waves of attacks that were acknowledged by the Russian Ministry of Defence struck residential areas. Ukraine has not recognised the incident, and there were no reported injuries. With the strike, the war has escalated and spreads far into Russia.
3. Mosquitoes Engineered to Deliver Malaria Vaccine
Using genetically altered mosquitoes, researchers from Radboud University and Leiden University Medical Centre have improved immunity against malaria. A reduced form of the malaria parasite Plasmodium falciparum is used in the vaccine. The goal of this initiative is to alleviate the burden of malaria worldwide, which primarily affects Africa and claims around 600,000 lives each year. The novel approach may lessen the disease’s effects, especially for susceptible groups.
4. Leaders Convene for North-South Summit on European Security
At the North-South Summit in Saariselkä, Finland, leaders from northern and southern Europe convened to deliberate on European security, defence, and migration. The summit’s main topics are the security of the Baltic Sea, especially the recent damage to underwater cables and Finland’s contentious “deportation bill.” Amid worries about Russia’s actions, Finnish Prime Minister Orpo stressed that Europe must take responsibility for its own security.
