The scramble by European countries to join China’s new Asian Infrastructure Investment Bank is a powerful symbol of the eastward shift of global power
Soldiers of fortune from apartheid-era South Africa that inspired the Hollywood thriller ‘Blood Diamond’ are starring in Nigeria’s attempt to flush out Boko Haram terrorists
Saudi Arabia’s military intervention in Yemen’s civil conflict has turned up the heat on a simmering cold war between regional Sunni Arab states and their Shia rival, Iran
If the cries of ‘Je suis Charlie’ were sincere, the western world would be convulsed with worry and anger about the Wallström affair, argues Nick Cohen (The Spectator)
Chad’s strongman president, Idriss Déby, says Nigeria is absent in the fight against Boko Haram as Chadian troops defend Nigerian territory from the extremists (New York Times) Read more
By Gideon Rachman
The story of the Asian Infrastructure Investment Bank is turning into a diplomatic debacle for the US. By setting up and then losing a power struggle with China, Washington has sent an unintended signal about the drift of power and influence in the 21st century.
Just as talks between Iran and world powers to nail down a deal restricting Tehran’s nuclear programme enter a decisive phase, the Islamic Republic last week put on a show. The Islamic Revolutionary Guard Corps (IRGC) placed a mock-up of a US aircraft carrier in the Strait of Hormuz at the entrance to the Gulf, and then blew it out of the water. For the IRGC, praetorian guard of the Shia theocracy, it would not do to show flabby muscle tone at this juncture, to the US or its Gulf Arab neighbours.
In Washington, meanwhile, another form of triumphalism is on display. Benjamin Netanyahu, prime minister of Israel, is tomorrow due to address the US Congress – at the invitation of its Republican leadership – and is expected to say that the nuclear deal under discussion amounts to capitulation to Iran and will allow it to build an atomic bomb. As well as a brazen electoral stunt before Israel goes to the polls on March 17, this is a calculated snub to President Barack Obama. Mr Netanyahu is flaunting his ability to go around the White House to Congress, where ordinarily he enjoys the near unanimous support he could only dream of in the Knesset at home. Read more
The scenes of chaos during President Jacob Zuma’s speech at the opening of South Africa’s parliament last week will be remembered as one of the darkest days of the post-apartheid era
Visitors from the Chinese mainland to Hong Kong are known as “locusts” and now a long-simmering resentment at their presence in the territory is boiling over into angry protests
Greece must impose capital controls or repeat the costly mistake of Cyprus, where emergency funding from the ECB was spirited out of the country, argues Hans-Werner Sinn
What Isis Really Wants: The Islamic State is no mere collection of psychopaths. Here’s what its beliefs means for its strategy – and how to stop it (The Atlantic)
Washington’s uneasy partnership with Tehran now extends to Yemen (Foreign Policy) Read more
Less than a week into his new job, Greece’s finance minister is already performing the kolotoumbes, or policy somersaults, anticipated by several Athens commentators.
Yanis Varoufakis, an eloquent economics professor, has removed a key plank of the leftwing Syriza party’s pre-election platform: its longstanding demand that creditors should write off at least one-third of Greece’s huge public debt, which last year amounted to 175 per cent of national output.
Visiting London on Monday, the second stop of a tour of European capitals, Mr Varoufakis told the Financial Times that Athens would restructure its entire public debt by swapping bailout loans for new growth-linked bonds and issuing what he called “perpetual” bonds to replace Greek bonds owned by the European central bank.
The U-turn on the debt issue was so abrupt that some observers wondered whether Mr Varoufakis went off-message as he tried to reassure Greece’s eurozone partners and City investors that the Syriza-led government was serious about meeting its obligations to the EU and International Monetary Fund. Read more
Australia Day is typically when prime ministers attract positive headlines by doling out honours to people promoting good causes. But Tony Abbott, the gaffe-prone holder of the office, provoked a storm of controversy on Monday by awarding the country’s highest honour – knight of the order of Australia – to Prince Philip, the Duke of Edinburgh.
“I don’t get the priority the government had in nominating him,” said Bill Shorten, Labor leader. “It’s a time warp where we’re giving knighthoods to English royalty.” Read more
It is a momentous day for the European Central Bank as it launches full-scale government bond buying. Mr Draghi started speaking at 13.30 GMT and the press conference usually lasts for an hour.
By Ralph Atkins and Lindsay Whipp
Turkish President Recep Tayyip Erdogan (R) and Palestinian President Mahmoud Abbas shake hands in front of 16 soldiers in historic garb at the presidential palace in Ankara (Getty)
The average foreign dignitary visiting Ankara might not expect to encounter an honour guard of 16 men resembling extras from a sword and sandals epic and lining the staircase of a gargantuan presidential palace.
So when Mahmoud Abbas, the Palestinian president, was confonted this week by the spectacle of the 16 soldiers in historic Turkic garb, even some Turkish officials confessed they initially thought the resulting images were the work of photoshop.
It was one of the more surreal sights to emerge from Turkey in recent times and has led to much hilarity on social media. But there was a point and purpose to the unusual costumes and their appearance may contain clues to Turkey’s direction of travel under President Recep Tayyip Erdogan, Mr Abbas’s host and the country’s paramount leader. Read more
France has been through a traumatic period following a spate of terror attacks that killed 17 people, which led to a wave of demonstrations by millions of defiant citizens in response. In the latest edition of the FT World Weekly podcast, Gideon Rachman is joined by Hugh Carnegy, a former Paris bureau chief, and Michael Stothard, one of the FT correspondents who covered the aftermath of the attacks, to assess the wider impact of the events and discuss whether France can ward off the forces of polarisation.
It is five years since a massive earthquake tore through Haiti, leaving tens if not hundreds of thousands dead and sparking a huge aid effort from overseas governments and charities to feed, shelter and treat afflicted Haitians.
A total of $13bn, more than 10 per cent of the global annual government aid budget, was pledged over several years — about $10bn from governments, and the rest from private donors.
Looking back, what was the effect of all this assistance? Did it provide short-term relief? Did it put the Caribbean nation on the path to higher living standards, better governance and greater resilience to natural disasters? Or could the aid effort have been much more effective?
The verdict at this juncture is: don’t know. Read more
A top adviser at the European Court of Justice has said that the European Central Bank’s crisis-fighting Outright Monetary Transactions programme falls within policy makers’ mandate.
Q: That’s pretty much a green light for quantitative easing next week isn’t it?