The tiny South American nation is in turmoil after a spectacular bank collapse left about half of its 6 million people without access to their money. The bank, called “Ueno,” rose from obscure local origins to become the country’s dominant lender. Critics say it was helped along by connections with powerful politicians, including president Santiago Peña, a conservative former finance minister elected to the top job in 2023. Peña, part of the region’s rightward pro-Trump wave, won plaudits for reforming the tiny, corruption-plagued country, achieving the region’s second-fastest GDP growth last year. But Ueno’s collapse earlier this week exposed his connections to the bank. He resigned and was unanimously impeached, including by members of his own long-ruling Colorado Party. But unless he faces a criminal trial, Paraguay’s laws permit him to become a senator and face no further consequences. Peña has denied rumors that he plans to flee to the US.
A UN investigationhas found that a government-affiliated UAE company hired Colombian mercenaries to fight alongside the RSF militia in Sudan’s civil war. The RSF has been battling Sudanese government forces since 2023 and is accused of war crimes and genocide. The UAE has long denied reports that it supports the RSF with drones, weapons, and mercenaries. The new finding not only sheds more light on the extent of the Emirates’ meddling in Sudan, but it could also shape the race to succeed current UN Secretary-General Antonio Guterres, who retires at the end of this year. That’s because one of the leading candidates is Emirati top diplomat Lana Nusseibeh, whom human rights groups accuse of downplaying or denying the UAE’s role in fueling the conflict in Sudan as well as Libya. The new report, by the UN itself, puts her in the hot seat in the homestretch of the campaign.
Indonesian President Prabowo Subianto has deployed 20,000 troops to the capital, Jakarta, amid fears of a coordinated effort to oust him. On Tuesday, three people – including Prabowo’s chief of staff, Listyo Sigit Prabowo – were arrested after authorities discovered that the president’s phones had been tapped. Some are pointing fingers at former President Joko Widodo for instigating the spying effort. The two were once political rivals, but joined forces ahead of the 2024 presidential election, when Widodo threw his support behind Prabowo. In return, Prabowo brought several Widodo allies into his administration, including appointing Widodo’s son vice president and Listyo chief of staff. Now, that alliance appears to be unraveling, and at a difficult time for Prabowo: wildfires are ravaging Indonesia and fueling tensions with its neighbors, while the stock market of the biggest economy in Southeast Asia is the worst-performing in the world this year.
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Ian Bremmer analyzes the results of the midterms.