Economics

• ECB’s Higher Rates Can’t Prevent More Shocks, Patsalides Says
  European Central Bank Governing Council member Christodoulos Patsalides cautioned that there’s only so much officials can do to keep inflation shocks at bay.
• Kazakhstan Starts Gold Sales as Treasuries Burnish Dollar Appeal
  Kazakhstan’s central bank is switching from being one of the world’s biggest buyers of gold to a seller, as high Treasury yields reinforce the need to rebalance its reserves.
• Uganda Shilling Slips to 33 Year-Low as Foreigners Sour on Local Bonds
  Uganda’s shilling is bearing the brunt of rising US yields and foreign-investor selling as offshore holders trim their exposure to local-currency bonds.
• NATO Military Chief Lauds Ukraine, Lays Out Russia Strategy
  NATO’s top military commander, General Alexus Grynkewich, heaped praise on Ukraine and tempered fears of imminent conflict with Russia, laying out how the alliance would approach an attack on the east amid heightened tensions.
• Congo to Demand Franc Payments to Boost Currency, Investment
  Democratic Republic of Congo’s central bank will soon require a range of payments to be made in francs instead of dollars — including to mining subcontractors — to strengthen the local currency and encourage domestic investment, Governor Andre Wameso said.
• Why the Houthis Are So Hard to Defeat
  After four years of relative calm, the war pitting Yemen’s Houthi militia against the country’s internationally recognized government and its backer Saudi Arabia is back on. Announcing the start of a full-scale military campaign against the Houthis, the Saudi-led force said on social media on Oct. 4 that the goal is to “eliminate” the group.
• A Rare ‘Super’ El Niño Is Looking More Likely. Here’s What to Expect
  El Niño is back and shaping up to be the most powerful on record.
• Pakistan to Chair Global Borrowers Group Facing ‘Perfect Storm’
  A newly formed borrowers’ collective of developing countries elected Pakistan to chair it as the group faced what United Nations Secretary-General António Guterres called “a perfect storm.”
• India Opposition Marches on Top Court as Voter Row Escalates
  Hundreds of opposition leaders and party workers marched through central New Delhi on Monday, stepping up pressure on India’s election watchdog over a contentious overhaul of voter rolls.
• Farage Vows to End UK Asylum System and Use Tariffs to Get There
  Reform UK said it would suspend the UK’s asylum system for up to five years if it wins the next general election, in an escalation of its anti-immigrant rhetoric.
• Mexican Businesses See Bigger Hit From Local Problems Than Trade Risk
  For Mexican businesses deciding whether to invest, the biggest risks increasingly lie at home rather than in Washington.
• Carmakers Back EU Plan to Cap Chinese Hybrids as First Step
  European carmakers welcomed a plan to cap imports of Chinese hybrid vehicles that eases an immediate threat to the bloc’s troubled auto industry.
• DeepSeek Backs Ex-Tencent AI Scientist’s $400 Million Robot Lab
  DeepSeek aims to lead the first round of investment for a months-old startup building AI for robots, deploying capital from its own $12 billion-plus financing to help bankroll one of the tech industry’s fastest-growing fields.
• Iran War Has ‘No Easy Way Out,’ Ex-US Defense Chief Austin Says
  “There is no easy way out” of the Iran conflict at this point, former US Defense Secretary Lloyd Austin said at a security forum in Poland.
• UK to Evaluate AI Models Before Release, Reversing Trump Policy
  The UK will now be able to evaluate leading artificial intelligence models before they are released, reversing a US policy that required White House approval first.