Global Unrest: Bangladesh Crisis, UK Riots, and Market Turmoil
Political upheaval in Bangladesh, far-right violence in the UK, and a global market downturn mark a week of international turbulence. Meanwhile, the Paris Olympics near conclusion with historic wins.
In a week of global turmoil, several major events have unfolded across the world, from political crises to economic upheaval and sporting triumphs.
In Bangladesh, Prime Minister Sheikh Hasina resigned on August 5, 2024, following weeks of deadly protests over the country's job quota system. The Bangladesh Army announced it would oversee the formation of a caretaker government. Gen. Waker-Uz-Zaman, the army chief, stated:
The protests, which resulted in approximately 300 fatalities, were sparked by a court decision to revive a controversial quota system for public sector jobs. Hasina, who had been in power for 20 of the last 30 years, was accused of attempting to form a one-party state.
Meanwhile, the United Kingdom experienced its worst rioting in 13 years as far-right groups engaged in violent protests. Prime Minister Keir Starmer convened an emergency cabinet meeting to address the situation, ordering a "standing army" of specialist police to deal with the unrest. The riots, which began on July 29, 2024, were triggered by misinformation surrounding a tragic incident near Liverpool.
In the Middle East, tensions continue to escalate. An Israeli drone strike killed a Hezbollah operative in southern Lebanon on August 4, 2024. In response, Hezbollah launched a drone strike into northern Israel the following day, injuring two soldiers. Israeli airstrikes also targeted locations in Gaza, resulting in Palestinian casualties.
Global financial markets experienced a significant downturn on August 5, 2024. Japan's Nikkei index suffered its worst single-day loss since the 1987 "Black Monday" crash, dropping 12.4%. Other major indices, including the U.S. Dow Jones Industrial Average, also saw substantial declines. The sell-off was attributed to Japan's interest rate hike and concerns over the global economic outlook.
On a more positive note, the Paris Olympic Games, set to conclude on August 11, 2024, have seen historic achievements. The United States currently leads the medal count with 77 wins. Notably, St. Lucia and Dominica secured their first-ever Olympic gold medals on August 3, 2024, in the women's 100-meter sprint and triple jump, respectively. Julien Alfred, the St. Lucian runner, remarked:
As these events unfold, the world watches closely, anticipating the potential long-term impacts on global politics, economics, and international relations.
