Ata mārie and welcome to your Monday recap of international business and political news from the past 48 hours.
First, Russia attacked Ukraine’s capital Kyiv with more than 800 drones – the largest aerial bombardment since the war began – killing at least four people and damaging a government building, the ABC and wire agencies reported.
Russia also launched 13 missiles during the attack.
Ukrainian President Volodymyr Zelensky described it as a “deliberate crime and a prolongation” of the war.
"It has been repeatedly stated in Washington that sanctions will follow refusal to talk. We must implement everything agreed upon in Paris," Zelensky said.
"The world can force the Kremlin criminals to stop killing; only political will is needed."
US President Donald Trump suggested his administration could be ready to move to the second phase of sanctions on Russia, CNN reported.
“Are you ready to move to the second phase of sanctions against Russia?” a reporter asked.
“Yeah, I am,” the president responded.
Russian President Vladimir Putin rejected Western proposals for a "reassurance force" in Ukraine the day after any ceasefire comes in, the BBC reported.
France said 26 of Ukraine’s allies had formally committed to deploying troops "by land, sea, or air" to help provide security in Ukraine after any ceasefire was agreed. Putin warned troops deployed to Ukraine would be “legitimate” targets.
The BBC said there was still little chance of an immediate ceasefire after Putin said he didn’t see much point in speaking directly with Zelensky. “It is nearly impossible to reach agreement with the Ukrainian side on key issues.”
Russian President Vladimir Putin.
Japan’s Prime Minister Shigeru Ishiba announced his resignation amid growing political discord within his party, CNBC reported.
“I made a difficult decision to step down,” Ishiba said. He wanted members of his Liberal Democratic Party (LDP) to overcome the “difficult divide” within the party.
Al Jazeera reported he initially resisted calls from within his party to resign to make sure that a tariff deal with the United States was implemented.
“With Japan having signed the trade agreement and the [US] president having signed the executive order, we have passed a key hurdle,” Ishiba said.
Ishiba will remain as prime minister until the party holds elections to replace him as president of the LDP. After assuming his role last October, the 68-year-old politician saw electoral defeats wipe out his coalition’s majority in both houses of parliament, Al Jazeera said.
The risk of further instability could weigh on the yen and longer-term bonds when trading opens today in Asia. Japan’s currency was one of the weakest performers among its peers last week, while yields on longer-term Japanese government bonds rose, Bloomberg reported.
Elsewhere, billionaire businessman Elon Musk could become the world’s first trillionaire after Tesla’s board unveiled a new pay package, CNN reported.
The package would give him additional shares if the company expanded above its current value and met new targets.
Musk currently owns 410 million shares in Tesla, worth about US$139 billion. That stake, along with his other stakes in xAI, rocket company SpaceX, and other firms made him the world’s richest person, worth about US$378b, CNN said.
Tesla’s board said the historic pay package was necessary to avoid losing Musk. “[The board] believes that Mr Musk singularly possesses the leadership characteristics necessary to transform Tesla and realise its long-term mission at an unparalleled level.”
Elon Musk could become world's first trillionaire.
In the Middle East, Israeli strikes destroyed dozens of buildings in Gaza City, according to satellite images analysed by BBC Verify.
The Israel Defence Forces said its offensive had established control over 40% of the city. Several neighbourhoods had been levelled, while tents sheltering displaced Palestinians had disappeared.
The IDF said it was "locating and destroying terror infrastructures".
Finally, oil alliance OPEC+ agreed to raise production levels again in October as Saudi Arabia pushes to regain market share, CNBC reported.
Overall, OPEC+ had been increasing production since April after years of cuts to support the oil market. Eight members of OPEC+ agreed to raise by 137,000 barrels per day.
