Iran Passes Hijab Bill
Iran's parliament passed a bill Wednesday that imposes heavier penalties on women for violating the Islamic dress code, including jail terms of up to 10 years.
The measure also seeks to identify people who "promote nudity [or] indecency" or "mock" the rules. This applies to both online and offline spaces.
The "Hijab and Chastity Bill" — which was passed by a parliamentary vote of 152 to 34 — will now be submitted for approval to the Guardian Council, which is a conservative-leaning entity comprised of both clerics and jurists.
Anti-Iran narrative
The bill is inherently discriminatory and amounts to gender persecution. The Iranian government is using culture as a tool to weaponize public morals and violate women's fundamental rights, including freedom of opinion and expression.
Pro-Iran narrative
Contrary to Western propaganda, Islam and the Shia sect respect and protect women. The wearing of a hijab should not be de-contextualized and misrepresented by the West, which attempts to undermine the important position of women in Islam and in Iran.
Nerd narrative
There's a 2% chance Iran will disempower its Guidance Patrol "modesty police" before 2024, according to the Metaculus prediction community.
Saudi Crown Prince Says Israel Normalization Deal Getting 'Closer'
Saudi Arabia is moving closer to normalizing bilateral relations with Israel, Saudi Crown Prince Mohammed bin Salman said on Wednesday in his first interview on US television since 2019.
In the interview, which aired shortly after US Pres. Joe Biden and Israel's PM Benjamin Netanyahu discussed the issue on the sidelines of the UN General Assembly in New York, Saudi Arabia's de facto ruler said that "every day we get closer" to normalizing relations with Israel.
Denying earlier reports that the talks had been suspended, bin Salman said that for Riyadh, "the Palestinian issue is very important," adding, "We need to solve that part."
Pro-establishment narrative
Recent developments and bin Salman's statements about normalizing Saudi-Israeli relations are promising. This is also because it's now no longer a question of whether an agreement is possible but of the concrete terms of a deal between Riyadh and Tel Aviv. Moreover, Netanyahu has acknowledged that a rapprochement depends on a solution to the Palestinian issue. The task of normalizing ties is complicated and complex, but the conditions for a historic breakthrough are better than they have been for a long time.
Establishment-critical narrative
Despite all the media hype about a possible normalization of Saudi-Israeli ties, Washington's efforts are only the latest in a long line of US diplomatic initiatives in the Middle East. While Biden and Netanyahu seek an agreement with Riyadh for domestic, economic, and geopolitical reasons, bin Salman is in no hurry and is clearly the one setting the direction and pace of negotiations. Expect the usual US-sponsored "peace processing" concerning a possible two-state solution, but no breakthrough in the coming years.
Nerd narrative
There's a 57% chance that Saudi Arabia will normalize relations with Israel by 2031 if Iran gets a nuclear bomb by then, according to the Metaculus prediction community.
US Fed Leaves Interest Rates Unchanged
Following 11 rate hikes in 18 months, the US Federal Reserve (Fed) chose on Wednesday to leave benchmark interest rates unchanged between 5.25%-5.5% in the bid to tackle inflation.
The decision is the result of a two-day policy meeting, with Fed Chair Jerome Powell forecasting that a restrictive monetary policy was likely set to last until 2026.
The 5.25%-5.5% range remains the highest rate in around 22 years. The news comes as the inflation rate for the year to August, according to the core personal consumption expenditures price index, dropped to 3.7%.
Pro-establishment narrative
Signals of a potential soft landing by the Fed are becoming ever clearer, and a cooling labor market is a positive sign that the US economy is moving in the right direction. However, with inflation still nowhere near the desired 2% mark and multiple potential hiccups looming, there's more to do before consumers can finally breathe a sigh of relief, which is why the Fed is right to stay its course.
Establishment-critical narrative
By doubling down on high interest rates for longer, the Fed is risking a financial crisis and economic recession in 2024. With approximately $24.5B of the $1.5T loan market already defaulting – with 2023 expected to be the third worst defaulting year in US history – it is hard to see how a further collapse will be avoided and debts repaid in the current economic environment.
Nerd narrative
There's a 22% chance that the US will enter a deflationary period before 2030, according to the Metaculus prediction community.
Poland to Stop Supplying Ukraine with Weapons Amid Grain Row
Poland, one of Ukraine's closest allies in its war with Russia, said it will no longer provide Kyiv with weapons amid an escalating dispute over Ukrainian grain exports.
"We are no longer transferring weapons to Ukraine, because we are now arming Poland with more modern weapons," Polish Prime Minister Mateusz Morawiecki said on Wednesday stating further, "If you don't want to be on the defensive, you have to have something to defend yourself with." He insisted, however, that the move would not endanger Ukraine.
The remarks came after the European Commission last week lifted restrictions on the export of Ukrainian grain to five EU countries including Poland — prompting Poland, and some others, to reintroduce national bans in apparent violation of EU laws. The countries argued that an influx of Ukrainian grain has hurt local farmers.
Narrative A
Despite this bump in otherwise strong relations, Poland remains one of Ukraine's strongest allies. Representatives of both countries have met and have had a fruitful meeting in which both sides agreed to consider each other's concerns in order to find a viable solution.
Narrative B
Ukraine made unacceptable comments about Poland on the public stage despite all that the country has done for it. Poland will fulfill existing weapons contracts, but going forward, it will prioritize its own security so there will be no new weapons deliveries to Ukraine.
Nerd narrative
There's a 50% chance that Poland's Economist's Democracy Index will be at least 7.01 in 2030, according to the Metaculus prediction community.
China Hosts Bashar al-Assad for Summit
Syrian Pres. Bashar al-Assad arrived in China's city of Hangzhou on Thursday. It's his first visit to the PRC since 2004 as he continues his efforts to end his country's diplomatic isolation since 2011.
According to China's Foreign Ministry spokeswoman, Assad's visit strengthened "political mutual trust and cooperation in various fields between the two countries" while elevating "bilateral relations to a new level."
The Foreign Ministry also said the two countries share "a traditional and deep friendship," adding that Syria was one of the first countries to establish diplomatic relations with the PRC 67 years ago. Assad is expected to attend Saturday's opening ceremony of the Asian Games.
Pro-China narrative
The future of stability and peace in the Middle East will be ensured by China, not the US. China seeks good relations with the entire region, shunning the American strategy of provocation and war. The US has failed to find any workable solutions to the region's many conflicts and disputes, and now it's Beijing's turn to help build and develop the region rather than destroy it. The future of Syria, and the rest of the region, will hopefully be intimately tied to good relations with Beijing.
Anti-China narrative
In short, Syria's reintegration into the Arab world and the international community more broadly has already hit a dead end, as Assad is not capable of fixing Syria's problems nor is he interested in doing so. China's main goal isn't to help rebuild Syria or fix Assad's image. Rather, Beijing seeks to tout that it doesn't need to align with the Western consensus on pariah governments like the Assad regime. From Assad's perspective, he may believe that China is the best chance to keep the Iranians, with whom his government is increasingly at odds, at bay.
Venezuela Seizes Control of Tocoron Prison
Venezuela has reportedly conducted an operation involving 11K security forces personnel to retake “total control” of a prison that had been run by a powerful gang for years.
Members of the Tren de Aragua controlled the Tocoron prison where they were allowed to roam freely and enjoy hotel-like amenities including a pool, nightclub, and a mini zoo. Family members and partners of the inmates also lived in the penitentiary.
The Venezuelan government released a statement Wednesday congratulating law enforcement for seizing control of the prison and added that the operation had "dismantled a center of conspiracy and crime." Pres. Nicolas Maduro called the mission a "great success."
Pro-establishment narrative
Venezuelan forces conducted an extremely successful and well-coordinated takedown of the gang-run Tocoron prison and cleared inmates out of the facility. The government will now embark on phase two where it will hunt down any fugitive that escaped the initial raid. After years of living in luxury, members of the Tren de Aragua gang are finally being held accountable, and Venezuelan authorities are rightfully cracking down on criminal enterprises.
Establishment-critical narrative
After years of allowing one of Venezuela’s most brutal gangs to turn a prison into a de facto luxury resort, authorities have finally done something about the situation. However, the fact that the gang’s leader hasn’t been captured shows that the notoriously corrupt Venezuelan government may have let the career criminal off the hook. The Torocon prison is emblematic of Venezuela’s declining criminal justice system, and it seems that the government is still allowing shady activities even when it claims to “crackdown” on crime.
Biden Expands Temporary Protected Status to 472K Venezuelans
On Wednesday, the Biden admin. announced that it would offer 472K Venezuelan migrants Temporary Protected Status (TPS), allowing them to obtain work permits and apply for deportation protection.
Under the direction of Homeland Security Secretary Alejandro Mayorkas, the move will add hundreds of thousands of migrants to the 242.7K who already qualify for TPS and extend it by 18 months for those who arrived in the US on or before July 31.
Mayorkas said they will also accelerate work authorizations through a mobile app, called CBP One, for people who have arrived since January at land crossings with Mexico, as well as for Cubans, Haitians, Nicaraguans, and Venezuelans who have financial sponsors and arrive at an airport.
Republican narrative
After years of gaslighting the public by saying they weren't welcoming illegal immigrants into the country, the Biden administration is now offering hundreds of thousands of lawbreakers quick and easy work visas. Even New York City Democrats have expressed anger over this, as their city will now be seen as a welcome mat for more border crossers to inhabit, given the federal government's open border policy.
Democratic narrative
The problem isn't who or how many people are entering America's major cities, but rather that they aren't able to obtain work visas and, therefore, rely heavily on tax-dollar-funded shelters. Now that Biden has removed the red tape, these asylum seekers, who have been eagerly awaiting a chance to start a new life in the US, can finally join society and contribute to the economy just as the immigrants of the past were able to do.
Senate Circumvents Tuberville’s Blocks on Military Confirmations
The US Senate on Wednesday confirmed Air Force Gen. C.Q. Brown as the new chairman of the Joint Chiefs of Staff, getting past Sen. Tommy Tuberville’s (R-Ala.) blocks on military nominations by holding a full vote of the body.
The Senate did the same to confirm Gen. Randy George as Army Chief of Staff on Thursday, and it’s expected to confirm Gen. Eric Smith as commandant of the US Marine Corps by the end of Thursday.
Tuberville since March has been imposing a hold on military nominees as a form of protest against the US Dept. of Defense's policy of reimbursing servicemembers for travel done to obtain an abortion.
Republican narrative
Schumer could have called these votes months ago, but he and the rest of the Democrats were too busy trying to paint Republicans as bad actors. Tuberville is just standing up for the right to life and the rule of law – which is fully in his rights – but Democrats are determined to smear him and any Republicans who stand up for conservative values.
Democratic narrative
Despite these confirmations, Sen. Tuberville’s holds on hundreds of other nominations put the country’s national security and military readiness at risk. Voting on each nomination would take an inordinate amount of time, and would empower senators to take similar action any time they want to make a statement about a political issue. If Tuberville really cares about the US, he’ll drop his blockade.
Cisco Buys AI Firm Splunk in Historic $28B Deal
Technology giant Cisco agreed on Thursday to buy Splunk, a data-analysis and artificial intelligence-powered cybersecurity company, for $28B in one of the largest business acquisitions of the year and the age of AI.
Splunk's AI-driven technology helps businesses minimize the risk of hacks and fix technical issues faster by monitoring and analyzing their data.
Though regulatory approval is still needed, Cisco has offered to pay $157 per share, which is 31% higher than Splunk's last closing price. While the news sent shares of Splunk rising 21% to $145.04, Cisco's stock dropped 4% due to uncertainty surrounding regulatory scrutiny.
Narrative A
While some analysts are expressing sticker shock at the cost of this historic deal, the purchase price of $157 per share in cash for Splunk is fair, given the company's predicted revenue. Joining forces with a cybersecurity company like Splunk positions Cisco to compete in the space against other tech giants like Google, Adobe, and Amazon. It's a well-designed strategic move.
Narrative B
Cisco is trying to reposition itself from a router and networking equipment maker to a software and recurring revenue player. This kind of challenging pivot won't happen overnight, even by throwing lots of money at the problem. The fact that Cisco has repeatedly missed its profit targets adds another layer of complexity. Time will show if this deal is the right path to moving forward.
Narrative C
AI companies, as is the case in the broader tech industry, are now being swallowed up by corporate giants for the purpose of growing profits. AI image and text generators are expensive due to the amount of data involved, but that doesn't mean the government should allow these behemoths to monopolize the market. This is just the dawn of a new economic era, so regulators should begin working to stop monopolization before it's too late.
Rupert Murdoch Steps Down as Chairman of Fox Corp., News Corp.
Australian media mogul Rupert Murdoch announced Thursday morning that he is stepping down as chairman of Fox Corp. and News Corp. and will transition into the chairman emeritus position of the two corporations.
Murdoch's son, Lachlan, will become News Corp.'s new chair and continue serving as executive chair and CEO of Fox Corp. The younger Murdoch released a statement congratulating his father on "his remarkable 70-year career."
The 92-year-old Rupert Murdoch had been winding down his hands-on work with the conservative media companies and had been working from home since July 2022. Despite being less in the spotlight, Murdoch still continued working behind the scenes.
Right narrative
Rupert Murdoch is the definition of a living legend in the media industry. The architect of the world's most successful cable news outlet, Murdoch pushed news and media in a revolutionary direction while always doing it his way. While some may disagree with Rupert's politics, there's no doubting his success and legacy as a pioneer of his time.
Left narrative
Rupert Murdoch will be remembered as one of the most dangerous media moguls of his time and the creator of a right-wing media giant that gave us the creeping authoritarianism of Donald Trump. Murdoch provided a massive platform for conspiracy theories and misinformation that plague our world today. History will memorialize the harm he caused to democracy.