Taliban time warp

A year has passed since the Taliban stormed into Kabul, taking advantage of the power vacuum left by the departure of US and allied troops f [View in browser]( [Bloomberg]( Follow Us [Get the newsletter]( A year has passed since the Taliban stormed into Kabul, taking advantage of the power vacuum left by the departure of US and allied troops from Afghanistan. The militant group made big promises as it established its Islamic Emirate and offered a fresh start. Women would be free to work and study, there’d be no safe haven for terror groups and old foes would receive amnesty. Instead, as the country unraveled further, the new Taliban has proved to be just like the old Taliban. Key reading: - [Taliban’s Rule Batters Afghanistan Year After US Departure]( - [US Rules Out Releasing $3.5 Billion to Afghan Central Bank]( - [Taliban Say Unaware of al-Qaeda Leader’s Presence in Kabul]( For women it’s been a journey back in time to the era when the group held sway for five years before US troops arrived in Afghanistan after the 9/11 attacks on America in 2001. For most other Afghans too, it’s hard to see a normal future. The economy has cratered in the absence of foreign aid. Surging global food prices following Russia’s invasion of Ukraine have combined with the worst drought in three decades to intensify the risk of famine. Aid agencies estimate nearly 23 million people, or more than half the population, face acute hunger. Some Afghans are so desperate they’ve resorted to selling their young children, mostly girls, into marriage to feed the rest of the family. Teenage girls can no longer attend school and few women are allowed to hold jobs. There’s little respite in sight. After the US killed al-Qaeda leader Ayman al-Zawahiri in a drone strike in Kabul last month, Washington indicated it has no plans to release $3.5 billion in frozen funds to the Taliban-controlled central bank. The Taliban said it didn’t know Zawahiri had been living in the Afghan capital. But his presence was a reminder for the US and its allies that the new Taliban either can’t or won’t shake off its past on that front either.  — [Muneeza Naqvi]( Women rally at the education ministry in Kabul on Aug. 13. Photographer: Nava Jamshidi/Getty Images Click [here]( to follow Bloomberg Politics on Facebook and share this newsletter with others. They can sign up [here](. Global Headlines Dangerous territory | The US and China may “sleepwalk into conflict” if they don’t [de-escalate]( rising tensions over Taiwan, Singapore’s prime minister-in-waiting, Lawrence Wong, warned in an interview with Bloomberg Editor-in-Chief [John Micklethwait](. The relationship between the world’s biggest economies was on a “very worrying” trajectory in the wake of House Speaker Nancy Pelosi’s visit to Taiwan and China’s subsequent military drills around the island, he said. - The announcement by the US, Japan and South Korea that they had conducted a joint missile-defense exercise off Hawaii showed their willingness to work together in the face of perceived [threats]( posed by North Korea and China. - Pelosi’s Taiwan trip was only the most high-profile in a series of moves by Congress that [are forcing]( President Joe Biden to test Beijing’s red lines — whether he wants to or not. Tehran’s stance | Iran sent the European Union its official response to the bloc’s proposal for [reviving]( the 2015 nuclear accord after signaling it may be nearer a deal. While Foreign Minister Hossein Amirabdollahian said yesterday an agreement is possible “if the US shows a realistic approach and flexibility,” State Department spokesman Ned Price said the Biden administration planned to share its views privately with the EU’s top envoy, Josep Borrell. The historic US deal devoting $374 billion to climate and energy measures over the next decade is being touted as one of the most ambitious [decarbonization]( commitments made by any government to date. Yet when you combine public and private investments aimed at accelerating the energy transition, China is by far and away the biggest spender, according to data compiled by energy research group Bloomberg NEF. On tenterhooks | Tension was high in Kenya as the East African nation [waited]( to hear from five-time losing presidential contender Raila Odinga on whether he will ask the courts to overturn William Ruto’s victory in last week’s election. A number of Odinga’s supporters took to the streets of Nairobi, the capital, late yesterday and set tires alight, but the situation was largely calm today. - Click [here]( to see charts showing the key economic challenges facing the new president. Scuffles at the electoral center before the announcement of results. Photographer: Michele Spatari/Bloomberg Best of Bloomberg Opinion - [Italy’s Right Clings to the Past — and Falls Flat: Maria Tadeo]( - [Europe’s Next Ukraine Mission Is on the Home Front: Editorial]( - [An Indigenous Voice in Parliament Is Long Overdue: Rebecca Jones]( Union question | The rival contenders to be the UK’s next prime minister, Liz Truss and Rishi Sunak, head to [Scotland]( today to pitch themselves to the Scottish Conservatives on their ability to hold Britain together. The party faithful will want to hear how they plan to head off Scottish First Minister Nicola Sturgeon’s demand for another independence referendum. Explainers you can use - [A Century of Fed Crises Holds Secrets to Fight Future Recession]( - [Why US-China Competition Is Heating Up in the Pacific]( - [Chinese Consumers Shun Debt, Threatening Global Growth Engine]( Gold and chaos | The Central African Republic is defending the use of Russian assistance to take back rebel-held territory, despite claims of indiscriminate killings of civilians and [looting]( of gold-mining sites. While analysts say the Wagner Group, a Russian private military company, has been key to keeping President Faustin-Archange Touadera in power, [Simon Marks]( and [Mohammed Alamin]( write, the government denies the mercenaries are operating in the country. Bloomberg TV and Radio air Balance of Power with [David Westin]( weekdays from 12 to 1pm ET, with a second hour on Bloomberg Radio from 1 to 2pm ET. You can watch and listen on Bloomberg channels and online [here]( or check out prior episodes and guest clips [here](. News to Note - The US Justice Department said it opposes [the release]( of an FBI affidavit justifying a search warrant used to remove documents from former President Donald Trump’s home in Florida last week. - The UK is set to start formal [dispute proceedings]( against the EU, accusing it of breaking the post-Brexit trade deal by blocking its access to three international science programs. - Singapore’s wealthy may face [additional taxes](, Wong said, as the government seeks more inclusive growth in the city-state and looks for ways to shield the most vulnerable groups from high inflation. - Nigerian President Muhammadu Buhari’s [flip-flop]( over the sale of Exxon Mobil’s assets could discourage investment in Africa’s largest oil producer in the wake of industry reform. - Former Australian Prime Minister Scott Morrison today defended his move to secretly [assume authority]( over five ministries, which has sparked an investigation from his successor. And finally ... As Covid-19 lockdowns, political upheaval and soaring costs drive expats from Hong Kong, and rival Singapore raises the bar for imported labor, young professionals looking for adventure and careers abroad are facing a dilemma. Which will be the cosmopolitan hotspots of the future with high-paid jobs and affordable luxury lifestyles? Read how a [clutch of cities]( is emerging to challenge the old order, luring companies and start-ups to burnish their credentials as global hubs. Morning fog in Dubai. Photographer: Christopher Pike/Bloomberg Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. You received this message because you are subscribed to Bloomberg's Balance of Power newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( [Ads Powered By Liveintent]( | [Ad Choices]( Bloomberg L.P. 731 Lexington, New York, NY, 10022