Time is short for Gaza truce

A cease-fire in the Israel-Hamas war is still out of reach [View in browser]( [Bloomberg]( Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up [here](. Time is running out to reach a cease-fire in the Israel-Hamas war before Sunday, when the Muslim [holy month of Ramadan starts]( and religious and nationalist sentiments often spike. US officials say weeks of negotiations mediated by Egypt and Qatar produced a potential deal: a six-week halt to Israel’s offensive in Gaza and the release of hundreds of Palestinian prisoners in return for dozens of Israeli hostages. Hamas has so far rejected the proposal, demanding a permanent halt to the war. Israel says it won’t stop fighting until it eradicates the Iran-backed militant group’s leadership and military capacity, and all the hostages taken in Hamas’s Oct. 7 attack, which killed 1,200 people, are freed. If there is no cease-fire during Ramadan, there is little chance Iran-backed Houthis in Yemen will [stop their attacks]( on shipping in the Red Sea. The failure to reach a truce is frustrating plans to send aid into Gaza, where food is scarce and hundreds of thousands of displaced civilians live in tents. This week, the United Nations warned that children are dying because of a lack of food, water and medical services. In his State of the Union speech, President Joe Biden ordered the US military to establish a temporary port on the Gaza coast to permit delivery of humanitarian supplies. European nations and the United Arab Emirates [are joining]( the effort. WATCH: Biden says he directed the US military to establish a temporary port on the Gaza coast. Source: Bloomberg The move indicates a shift in strategy by Washington, which had sought to persuade Israeli Prime Minister Benjamin Netanyahu to allow more aid into Gaza by land. With a death toll surpassing 30,000, according to Hamas-run health authorities, Biden’s under pressure in his own party to act to ease the crisis. It’s become an issue that could damage him in the November presidential election. Israel and international aid organizations have been exchanging accusations about why assistance hasn’t been arriving properly. One thing is clear: There’s little chance that it will until the fighting stops. —[Gwen Ackerman]( Displaced people in Gaza on Wednesday. Photographer: AFP/Getty Images Global Must Reads Biden delivered a spirited and sharply political speech that began [linking crises of democracy]( at home and abroad and targeted an opponent in the presidential election without naming him, referring to Donald Trump only as his “predecessor.” The stakes were high as Biden looks to boost sagging approval ratings, narrow a polling gap with Trump and beat back concerns about his age. Women lead more than half of the 30 authorities tasked with enforcing the European Union’s data rules, and with sweeping new EU tech regulations now in effect, [their roles as watchdogs]( may expand even further. Stephanie Bodoni outlines how in other fields too, female regulators are leading the way. The UN’s atomic watchdog repeated demands for Russia to return the Zaporizhzhia Nuclear Power Plant, Europe’s largest, to Ukrainian control amid concern that [deteriorating safety could lead to a meltdown](. The International Atomic Energy Agency’s board of governors passed a formal resolution of censure against Russia late yesterday, a day after Director General Rafael Mariano Grossi held talks with President Vladimir Putin. The Zaporizhzhia nuclear power plant. Photographer: Carl Court/Getty Images  Portugal will hold an election this weekend after the sudden resignation of Prime Minister Antonio Costa, giving voters a chance to stick with the Socialists or join a shift to the right seen across Europe. With the risk of a hung parliament, there’s [much focus]( on the far-right Chega party, which has had a rapid rise and wants to be the kingmaker after the vote. Venezuela’s opposition is scrambling to find a challenger to President Nicolás Maduro with less than three weeks for candidates to register. There are [divisions over how to proceed]( after leading contender María Corina Machado was banned from participating in the July election, with some supporting her attempts to fight disqualification and others wanting to pick a replacement. Hong Kong proposed life sentences for crimes related to [treason and insurrection]( in a draft security measure officials are seeking to fast-track into legislation. The US is preparing a UN Security Council resolution that would warn against [deploying nuclear weapons in space](, sources say. A New York state judge yesterday ruled that the names, homes and business addresses of jurors in Trump’s upcoming hush-money trial [will not be released publicly]( to prevent tampering. Washington Dispatch The No Labels political movement plans to hold a virtual meeting of state delegates today to discuss plans for a third-party ticket in the November election. At the moment, the group, which advocates a centrist approach to the nation’s problems, does not have a candidate. For months, Senator Joe Manchin, a conservative Democrat from West Virginia at odds with his party’s progressive wing, was considered a potential recruit, particularly after he announced that he would not seek reelection. He declined, as have two Republicans, former Governor Larry Hogan of Maryland and Nikki Haley, who this week suspended her presidential campaign. Then speculation turned to Senator Kyrsten Sinema of Arizona, a Democrat turned independent, who this week said she would not seek a second term. But [Sinema ruled out a third-party candidacy](. “I’m not running for president,” she told Bloomberg’s Steven Dennis at the Capitol yesterday. No Labels says one of its goals is to create “a unity ticket to run for president if the two major parties select candidates the vast majority of Americans don’t want to vote for.” Even so, third-party candidates stand little chance of winning the White House. Yet in a close election, as the 2024 race is widely expected to be, their presence could tip the balance in battleground states. One thing to watch: The unemployment rate for February will be released. [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 A swathe of southern Africa suffered the driest February in decades that wiped out crops, precipitated power shortages and threatened to send already high food prices surging further. Blamed on the El Niño weather phenomenon, it’s the latest indicator of [how severely Africa is being impacted]( by extreme weather events that scientists say are becoming increasingly frequent because of climate change. And Finally When Huawei launched its Mate 60 Pro powered by an advanced 7-nanometer chip manufactured by Semiconductor Manufacturing International Corp. last year, it was lauded in China as a major leap in indigenous semiconductor fabrication, sparking a [wave of patriotic smartphone-buying]( in the face of US sanctions. But now sources say Shanghai-based SMIC used gear from two American suppliers, suggesting China still cannot entirely replace certain foreign components and equipment required for cutting-edge products. WATCH: Jennifer Welch discusses the tensions between the world’s two-largest economies over advanced technology. Source: Bloomberg Pop quiz (no cheating!) Which country declared a state of emergency after armed gangs raided two prisons and violence gripped the capital? Send your answers to balancepower@bloomberg.net. More from Bloomberg - Check out our [Bloomberg Investigates]( film series about untold stories and unraveled mysteries - [Bloomberg Opinion]( for a roundup of our most vital opinions on business, politics, economics, tech and more - [Next Africa](, a twice-weekly newsletter on where the continent stands now — and where it’s headed - [Economics Daily]( for what the changing landscape means for policy makers, investors and you - [Green Daily]( for the latest in climate news, zero-emission tech and green finance - Explore more newsletters at [Bloomberg.com](. Follow Us Like getting this newsletter? 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