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Djibouti, a one‑million‑strong nation perched on the Bab al‑Mandeb Strait, is set to hold its presidential election on April 10. All signs point to incumbent Ismail Omar Guelleh securing a sixth term with little genuine opposition. The country’s strategic location—linking the Red Sea to the Gulf of Aden—makes it a linchpin for global trade and a magnet for foreign military installations. The United States, France, China, Italy and Japan all maintain bases there, earning Djibouti the reputation of hosting the highest concentration of overseas military sites. Officially, Djibouti recognizes French and Arabic, while Somali and Afar are widely spoken among the two main ethnic groups, which together comprise roughly 95% of the population. Islam is practiced by about 94% of residents, and the Djiboutian franc remains the national currency. According to the International Foundation for Electoral Systems, 243,471 citizens—about a quarter of the population—are registered to vote, up from roughly 215,000 in the 2021 poll. Historical turnout averages around 67%. IGAD’s eight‑nation bloc has dispatched 17 observers from Ethiopia, Kenya, Somalia, South Sudan and Uganda to monitor the process, with a post‑vote statement slated for April 12. Ismail Omar Guelleh, 78, leads the ruling People’s Rally for Progress. After parliament lifted the 75‑year age ceiling in November and abolished term limits back in 2010, Guelleh is now eligible for another term. Critics label his rule as authoritarian, yet they also acknowledge the relative stability he has maintained in a volatile region. Guelleh’s administration has turned Djibouti’s lack of natural resources into a revenue engine by signing infrastructure deals with China and leasing military facilities to Western powers. In 2017, Finance Minister Ilyas Dawaleh estimated that the bases generate roughly $125 million annually, with the United States contributing nearly half of that sum. The U.S. installation, Camp Lemonnier, remains the only permanent American base on the continent. The sole challenger, Mohamed Farah Samatar, runs under the Unified Democratic Centre after breaking away from the ruling party. His campaign slogan—“another Djibouti is possible”—has resonated only modestly, and observers such as Horn‑of‑Africa expert Sonia le Gouriellec describe the contest as a “token competition”. Human‑rights advocates echo this sentiment, calling the election a “masquerade” and a foregone conclusion. Key issues dominate the discourse. Democratic freedoms have eroded; opposition parties have boycotted elections since 2016, and Guelleh captured over 90% of the vote in 2021. The country ranks 168th out of 180 in the 2025 Reporters Without Borders press‑freedom index, and allegations of corruption and nepotism persist, including speculation that Guelleh’s stepson, Naguib Abdallah Kamil, is being groomed for succession. Economically, Djibouti’s reliance on Chinese financing is creating fiscal strain. By 2026 the nation owed China roughly $1.2 billion in loans, prompting the IMF to label its debt profile “in distress and unsustainable”. Massive infrastructure projects—most notably a railway to Ethiopia—have failed to curb poverty, with 73% of the youth unemployed. The country’s lifeline is its port system, which handles virtually all of Ethiopia’s maritime trade, amounting to about $2 billion in annual revenue. Ethiopia’s recent flirtation with a Somaliland port deal threatened Djibouti’s monopoly, though a Turkey‑mediated agreement in late 2024 redirected Ethiopia toward a “reliable and sustainable” sea corridor with Somalia. In sum, the upcoming election is less about a competitive political showdown and more about reaffirming a status quo that intertwines Djibouti’s geopolitical leverage, foreign‑military income, and mounting debt challenges.

What would Henrik Ibsen’s iconic heroine Nora look like in today’s Britain? In this bold re‑imagining, playwright Anya Reiss transports the 19th‑century drama into a world of high‑salary banking, social‑media façades and post‑pandemic consumer excess. Set against a sleek, white‑goods‑strewn stage designed by Hyemi Shin, the story follows Nora (played by Romola Garai) as the wife of a lucrative London banker, Torvald (Tom Mothersdale), who is also battling drug addiction. Though presented as a “trophy wife”, Nora is far sharper than her husband realises – she has secretly rescued the family from financial collapse and funded Torvald’s recovery, all while maintaining a veneer of festive, pre‑Christmas splurging. The familiar Ibsen plot points survive the update: a blackmail threat from Torvald’s colleague Nils Krogstad (James Corrigan) and a visit from the destitute, marriage‑for‑money‑failed friend Kristine (Thalissa Teixeira). Their interactions expose the tension between outward affluence and hidden desperation. Reiss’s version is unmistakably contemporary, peppering dialogue with references to Instagram, a stock market rattled by conflict in the Middle East, and the relentless pursuit of material status. This backdrop reframes the marital power struggle as a clash of class and modern capitalism, asking whether love can ever be insulated from market forces. Despite the heavy thematic load, the cast delivers a series of compelling performances. Garai’s Nora oscillates between calculated seduction – even donning a provocative nurse’s outfit for a flirtatious dance – and a keen intellect that refuses to be reduced to a mere commodity. Her portrayal suggests that, for Nora, the body has become a form of currency, yet she remains acutely aware of the performative nature of both marriage and motherhood. Notably, the children appear only through baby‑monitor audio, a deliberate choice that underscores the couple’s emotional distance and mirrors the original’s focus on Nora’s internal emancipation. The climax arrives in a charged confrontation where Nora questions, “Is love meant to be subject to the market?” The line encapsulates Reiss’s preoccupation with the commodification of intimacy, even as it feels like a summarising refrain rather than a fresh revelation. Ultimately, the production offers a nuanced, if occasionally over‑engineered, vision of Ibsen’s feminist aspirations. It hints at a future where Nora and Torvald might seek couples therapy to untangle their financial and emotional entanglements – a decidedly modern resolution. A Doll’s House runs at the Almeida Theatre, London, until 23 May.

The temporary cease‑fire in the US‑Israel‑Iran war has given Iran and China a strategic opening to challenge the US dollar’s supremacy in global finance. Both nations share a common objective: to reduce reliance on the greenback, especially in the oil sector where, according to a 2023 JP Morgan estimate, roughly 80% of transactions are settled in dollars. In a practical step toward this goal, Iran’s de‑facto toll‑booth system in the Strait of Hormuz—a chokepoint that handles about one‑fifth of the world’s oil and LNG shipments—has started accepting transit fees in Chinese yuan. Lloyd’s List reported that at least two vessels had already paid in yuan by March 25, and China’s Ministry of Commerce later acknowledged the reports on social media. Iran’s embassy in Zimbabwe even called for the introduction of a “petroyuan” to the global oil market, underscoring the political symbolism of the move. While Tehran pledged to guarantee safe passage for two weeks under a US‑brokered cease‑fire, Beijing declined to comment. Harvard economist Kenneth Rogoff told Al Jazeera that Iran’s actions serve a dual purpose: they “poke a thumb in the United States’s eye” and provide a practical alternative to dollar‑based sanctions. Rogoff added that Iran’s shift to yuan aligns with China’s broader effort to redenominate trade among BRICS nations. For both countries, the yuan offers a way to sidestep US sanctions and lower transaction costs. Their trade relationship, cemented by a 25‑year strategic partnership signed in 2021, sees China buying over 80% of Iran’s oil—often at discounted rates—while Iran imports Chinese machinery, electronics, chemicals, and industrial components. Data from Kpler and TankerTrackers indicate that, despite the conflict, Iran’s oil exports to China have remained near pre‑war levels, ranging between 12 million and 13.7 million barrels in the first two weeks of hostilities. China’s ambition to elevate the yuan is long‑standing. President Xi Jinping, in a 2024 address, expressed hope that the yuan would become a global reserve currency. Yet significant hurdles remain: the yuan is not freely convertible due to strict capital controls, and the Chinese financial system is perceived as opaque, limiting broader adoption. According to the IMF, the dollar still dominated global foreign‑exchange reserves at 57% last year, far ahead of the euro’s 20% and the yuan’s modest 2%. Cross‑border trade settled in yuan rose to 3.7% in 2024, up from under 1% in 2012, per S&P; Global—an encouraging but limited shift. Natixis chief economist Alicia Garcia‑Herrero cautioned that the Strait of Hormuz experiment adds only “incremental pressure” and that a true “de‑dollarisation” would require Gulf states, which have priced oil in dollars since the 1970s in exchange for US security guarantees. European analyst Hosuk Lee‑Makiyama highlighted that China’s ability to supply Iran with essential goods makes the yuan a viable alternative, a dynamic not possible for Europe or Japan. He described China as the closest the world has seen to a “manufacturing one‑stop shop.” Consultancy founder Dan Steinbock echoed that while the dollar’s supremacy is unlikely to crumble overnight, the gradual increase in yuan usage could “chip away” at US dominance in specific sectors over time. Rogoff concluded that the long‑term impact hinges on the war’s outcome. If Iran and China emerge stronger, many countries may diversify away from the dollar to avoid US‑imposed financial constraints. Conversely, a decisive US victory could reinforce dollar hegemony for the foreseeable future.

U.S. crude futures tumbled about 16.5% to $94 a barrel after President Donald Trump declared a two‑week ceasefire with Iran. The announcement sparked a broad market rally: S&P; 500 futures jumped over 2%, the dollar weakened across the board, and 10‑year U.S. Treasury futures rose roughly 15 ticks. Investors welcomed the prospect of resuming oil and gas flows through the strategic Strait of Hormuz, a chokepoint that carries roughly one‑fifth of global petroleum shipments. The ceasefire, which Trump said would halt U.S. attacks for two weeks, is being coordinated with the Iranian Armed Forces, and Tehran has pledged to cease its own strikes if the United States does the same. Since the U.S. and Israel launched attacks on Iran at the end of February, markets have been volatile. The conflict forced Iran to effectively close the Strait, contributing to the . The new de‑escalation offers a potential relief valve for inflation‑sensitive economies and could restore confidence in energy‑intensive sectors. "Markets have been predicting that Trump was looking for an off‑ramp in Iran," said Jamie Cox, managing partner at Harris Financial Group. "Today, he got one and took it." The sentiment was echoed by analysts who see the ceasefire as a "good start" that may pave the way for a more permanent reopening of the waterway, though many uncertainties remain. Asian equity futures also pointed higher, reflecting the global impact of lower oil prices on regional markets that have been battered by the war and soaring energy costs. Meanwhile, the dollar's retreat underscores its recent role as a safe‑haven currency during the turmoil. Trump added that the United States had received a "10‑point proposal" from Iran, which he described as a workable basis for negotiations toward a long‑term peace settlement. While the ceasefire is limited to two weeks, analysts such as IG's Tony Sycamore caution that "lots of ifs still to work out" before a durable resolution can be achieved.

Ben Delo, a British billionaire convicted in the US for failing to implement adequate anti-money-laundering controls in his cryptocurrency business, has donated £4m to Reform UK, the party founded by Nigel Farage. Delo, who is now based in Hong Kong, made the donation since the start of the year, before the government's cap on donations to political parties by British citizens living abroad.Delo, 42, who was pardoned by Donald Trump last year, is moving back to the UK and therefore will not in future be subject to the new rules for donors. He explained his motivations for turning to Reform UK, saying England was his home and that “the biggest obstacle to national recovery is the entrenched self-deception of our elites”.In his article for the Telegraph, Delo wrote that he had donated £4m to help Nigel Farage build Reform UK into a “genuine alternative party of government”. He cited his dissatisfaction with the current political culture, stating that “the official culture of government now forces everyone to be chronically dishonest”, citing expression of views on transgender people.Delo was convicted in the US in 2022 after pleading guilty to violating the Bank Secrecy Act by failing to implement adequate anti-money-laundering controls at BitMEX, the trillion-dollar cryptocurrency exchange he co-founded. He has poured more than £100m into philanthropy and supports more than 50 organisations ranging across the political spectrum and public life.Nigel Farage welcomed Delo's support, saying it would help Reform attract more of the skills and talents needed to get ready for government. “Ben’s support will help Reform attract more of the skills and talents we need to get ready for government,” Farage told the Telegraph.

England fast bowler Josh Tongue has candidly shared his journey, from making his Test debut in 2023 to overcoming injuries and achieving milestones.Tongue, 28, has been refreshingly honest about his career, including his 18 wickets in three Ashes Tests and his five-wicket haul against Australia at the MCG.He opens up about his struggles with thoracic outlet syndrome, a condition that led him to consider early retirement. However, Botox injections helped him recover, and he made his Test debut for England.Tongue's laid-back and reflective personality has earned him praise from coaches Brendon McCullum and Peter Moores. His dream is to become England's opening bowler and take on top-order players like Steve Smith, whom he has successfully bowled out multiple times.Despite facing challenges, Tongue remains focused on playing cricket for England and making fans happy. A pivotal summer lies ahead, and wickets will be the currency that keeps Tongue's name on people's lips.

The International Monetary Fund (IMF) has issued a warning that emerging economies are facing a heightened risk of financial instability due to their increased reliance on market-based finance, particularly from hedge funds and investment funds. A cumulative $4tn flowed into emerging markets last year from outside the formal banking sector, which can bring benefits but also poses significant risks.The IMF's analysis suggests that this type of financing can be more volatile than traditional bank financing and is more likely to be withdrawn suddenly in times of financial stress. This can lead to abrupt retrenchments, intensify external financing pressures, raise borrowing costs, and trigger sharp currency depreciations, ultimately weighing on economic growth.The IMF highlights that some countries are already experiencing these challenges, particularly in the context of the war in the Middle East. Several emerging markets are experiencing a reversal of capital flows from non-resident non-bank investors, which can have a significant impact on their economies.The IMF also notes that hedge funds and mutual funds have the highest propensity to withdraw during market volatility, while pension funds and insurers tend to be more cautious. Additionally, the IMF warns about the growing flows of stablecoins into emerging economies, which can be vulnerable to wider fluctuations in cryptocurrency markets.The IMF's managing director, Kristalina Georgieva, warned that the conflict will lead to higher prices and slower growth, adding that even if the war were to stop today, there would be a lingering negative impact on the rest of the world.

Japan's economic strategy has inadvertently created a Japanese century in global finance, driven by the yen's role as a cheap and reliable funding currency. The Bank of Japan's loose monetary policy has suppressed yields on public debt, effectively creating a publicly subsidized funding pipeline for bankers.By borrowing cheaply in yen and investing in higher-return assets, such as US equities, global investors have profited tens of billions of dollars from the 'yen carry trade'. This trade surged after the pandemic, with speculators betting $435bn in the two years to 2024 out of the estimated $1.7tn worth of yen supplied.Despite Japan's first rate hike since 2007 in March 2024, the carry trade remains popular. However, a persistent fear exists that the BoJ may aggressively raise rates, risking a global financial shock. A stronger yen would increase the cost of repaying yen-denominated debts, and heavily leveraged hedge funds could face significant losses.Japan's economic success has created an external dependency on the carry trade to manage internal crises. The country's reflationist prime minister, Sanae Takaichi, is committed to fiscal expansion, which may continue to stabilize the private sector but not necessarily drive growth.Economic analysis suggests that Japan's growth constraints are rooted in its macroeconomic prices, including profit, exchange rate, interest, wages, and inflation. While Japan has seen recent real wage growth, wages have historically been flat or falling, and the country's firms lack a reliably competitive exchange rate and viable profit rate to drive demand and reform.

The Accelerator's Withdrawal: A Signal of Loss of ConfidenceDelve's relationship with Y Combinator has officially ended following a series of damaging allegations regarding compliance and data security. This severance marks a significant blow to the startup's credibility, compounded by the distancing actions of other major investors like Insight Partners.The Catalyst: Anonymous Allegations and Data BreachesThe controversy stems from an anonymous Substack campaign by "DeepDelver," which accused the company of misleading clients about regulatory compliance and passing off open-source tools as proprietary technology. These claims were further fueled by a security researcher's ability to access sensitive Delve data and a malware incident involving a customer, LiteLLM.YC's Response: Delve was removed from the accelerator's portfolio directory, with COO Selin Kocalar confirming the split on X.Insight Partners: The firm initially deleted posts about its investment but later restored the primary blog entry.The Defense: A Coordinated Attack or Operational Failure?In a bid to set the record straight, Delve's leadership team, including CEO Karun Kaushik, claims the attacks are a coordinated smear campaign orchestrated by an attacker who exfiltrated internal data. They argue that the "evidence points to a malicious attack rather than a genuine whistleblower."However, the company also acknowledged "growing too fast and falling short of our own standard." To mitigate the damage, Delve has hired a cybersecurity firm, offered complimentary re-audits to customers, and clarified that their open-source usage is compliant with Apache 2.0 licensing.Future Outlook: Rebuilding Trust in a Fragile EcosystemThe departure from Y Combinator suggests that the startup's growth trajectory is now in jeopardy. For a compliance-focused company, trust is the primary currency; the current allegations threaten to devalue this currency permanently. The coming months will determine if Delve can survive this reputational crisis or if it will become a cautionary tale in the compliance tech sector.