FT News Briefing Bank robberies in Gaza
Jun 20, 2024
Armed gangs are conducting bank heists in Gaza, further destabilizing the region's financial institutions amidst worsening chaos. The Israeli government's cash flow restrictions are amplifying the humanitarian crisis. Meanwhile, Malaysia is fostering closer ties with China as diplomatic relations celebrate their 50th anniversary, with potential economic benefits on the horizon. The effects of the US-China rivalry in Southeast Asia are also explored, alongside SoftBank's innovative AI to improve customer service by soothing upset callers.
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ECB Debt Warning
- The European Central Bank (ECB) is worried about Eurozone countries' high debt levels.
- The ECB recommends cutting budget deficits and attributes the debt to aging populations, climate change, and defense spending gaps.
Gaza Bank Heists
- Bank robberies in Gaza have stolen $120 million in two months, worsening the existing cash shortage.
- This amounts to about a third of the cash left in Gaza's bank vaults, according to UN estimates.
Gaza's Cash Crisis
- Israel controls the shekel flow in and out of Gaza, exacerbating the cash shortage.
- Since the war, banks have struggled to access funds trapped in vaults in northern Gaza.