Global South has its moment

The views of the West are facing severe challenges [View in browser]( [Bloomberg]( Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up [here](. Brazilian President Luiz Inacio Lula da Silva has put his foot in it again. First Lula blamed Ukraine along with Russia for Moscow’s invasion. Then at an African Union summit this weekend he [compared Israel’s war in Gaza]( to the Nazi murder of 6 million Jews. Unsurprisingly, Israel’s government condemned his portrayal of the conflict triggered by a Hamas attack that resulted in the largest loss of Israeli life since the Holocaust. But the fact remains that swathes of the world agree with Lula’s broader points that were lost in the furor. At the same meeting, AU chairperson Moussa Faki Mahamat condemned Israeli attacks on Gaza as a “war of extermination.” Lula said Brazil will defend the recognition of Palestine as a sovereign state before the United Nations. And he described Israel’s prosecution of the war, in which thousands of Palestinian civilians have died, as genocide. That’s a position also espoused by South Africa, which filed a case against Israel at the International Court of Justice in the Hague. Separate hearings on Israel’s occupation of Palestinian land began today. These may or may not be token actions, but they serve as a counterpoint to the US, where President Joe Biden’s increasingly terse warnings have yet to influence Israel. There’s a similar mismatch between Washington’s rhetoric on Ukraine and the reality, with $60 billion in aid to fight Russian President Vladimir Putin’s forces blocked by Republicans. US impotence, or unwillingness to intervene, is not lost on the world. It may feature this week as Brazil hosts Group of 20 foreign ministers. It surely will next week, when finance ministers from the BRICS grouping that includes Russia and China and which just expanded to 10 nations meet in Sao Paulo. BRICS+, the Global South; whatever it’s called, it’s a reminder to the US and its allies that the days when their view went unchallenged are over. — [Alan Crawford]( A makeshift camp for displaced Palestinians beside the Tal Al-Sultan cemetery west of Rafah on Feb. 13. Photographer: Ahmad Salem/Bloomberg Global Must Reads Israel will launch a ground offensive on the Gaza city of Rafah unless Hamas [releases the hostages it’s holding]( by the start of the Muslim holy month of Ramadan in mid-March, said Benny Gantz, a member of the Israeli war cabinet. Prime Minister Benjamin Netanyahu’s government has come under intense pressure from the US and other close allies to scrap the planned assault on Rafah or ensure civilians are allowed to leave beforehand. NATO members now talk privately about a Russian attack on one of them as a danger that demands an [urgent response]( as they grow to doubt the US will maintain its traditional protection of Europe. With the Ukrainian city of Avdiivka falling to Russia on the second day of the Munich Security Conference this weekend, there was a prevailing mood of uncertainty at the gathering. Top European Union officials are meeting with Alexey Navalny’s widow today as the US and the EU [continue to weigh measures]( against Russia over the Kremlin critic’s death in a remote Arctic prison. Donald Trump’s silence on his death [drew condemnation]( from his only remaining opponent for the Republican presidential nomination, Nikki Haley. Photographs of Navalny are displayed at the monument to the victims of political repression in Moscow on Saturday.  Photographer: Alexander Nemenov/AFP/Getty Images Emmanuel Macron’s push to boost France’s long-term prospects and shore up its finances is running into trouble after the government [cut its growth forecast]( for this year to 1% and was forced to slash spending. It’s a major blow to the president, who had set out to improve France’s fiscal position without austerity or tax hikes, relying instead on pro-business and labor-market reforms to spur activity. South Africa has deployed its troops into two wars without renewing a maintenance contract [needed to keep its essential attack]( and transport helicopters flying. That jeopardizes the military’s ability to protect about 4,000 troops it’s deploying to fight jihadists in Mozambique and rebels in eastern Democratic Republic of Congo with its Oryx transport helicopters and Rooivalk attack helicopters. Spain’s conservative People’s Party comfortably won Galicia’s regional election, while Prime Minister Pedro Sanchez’s Socialists lost about a third of its seats [in the first electoral test]( since he sought an amnesty for Catalan separatists. Japanese Prime Minister Fumio Kishida’s disapproval rating hit a record in a poll, as voters showed dissatisfaction with what many see as shortcomings in [clearing up political scandals]( months ahead of a party leadership election. Trump is marketing a self-branded $399 metallic gold high-top sneaker after being ordered by a New York judge [to pay $364 million]( for lying about his wealth. Washington Dispatch The US is celebrating the Presidents’ Day holiday. [Sign up for the Washington Edition newsletter]( for more from the US capital and watch Balance of Power at 5pm ET weekdays on Bloomberg Television. Chart of the Day Foreign direct investment into China last year [increased by the lowest amount]( since the early 1990s, as Beijing seeks more overseas funds to help its economy, according to data from the State Administration of Foreign Exchange released yesterday. Premier Li Qiang called for “pragmatic and forceful” action to [boost the confidence]( in the economy. And Finally Companies owned by Saifuzzaman Chowdhury, Bangladesh’s land minister until last month, have built up a UK real estate empire of more than 350 properties worth about £200 million ($250 million), despite his country’s currency controls. As [this analysis outlines](, the deals could revive questions over whether UK legislation to scrutinize such purchases involving politicians are effective, according to transparency advocates. Thanks to the 51 people who answered the Friday quiz and congratulations to Larry Aft, who was the first to name Russia as the country that US intelligence says is discussing the possibility of basing a nuclear weapon in space. 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