Iran Launches Attack

Hi Global Recap readers,

Here I was, thinking today was just any other day.

As an analytical person, I often enjoy watching the stock market fluctuate; seeing graphs and numbers move around is… satisfying to me.

Suddenly, I heard notifications going off on my phone and noticed the major US indices nosedive. I initially thought it was the US markets reacting to the massive dockworkers strike, which is projected to disrupt supply chains and potentially reignite inflation.

But no, it was something much larger… 👇

🇮🇱🇮🇷 ISRAEL VS IRAN
Iranian Missiles Rain Down on Israel

Iran has launched a significant missile attack on Israel, marking the second such incident this year.

The Attack

• Early Tuesday (US time), the US detected signs of an imminent Iranian ballistic missile attack on Israel, potentially larger than the April attack, which involved over 300 missiles and drones.

• Soon after, the spokesperson for the Israel Defense Force (IDF), states that they’ve been notified by the US.

• Alerts and warnings were issued all across central and northern Israel.

• Then the rest is history, as at least 180 missiles rained down on Israel.

• Many projectiles were intercepted by Israel’s air defense systems like Daivd’s Sling and Arrow 2, 3.

• The Iranian Revolutionary Guard Corps (IRGC) announced on Tuesday that the attack was a direct retaliation for the assassination of Hamas leader Ismail Haniyeh, Hezbollah leader Sayyed Hassan Nasrallah, and Iranian Brigadier General Abbas Nilforoushan.

Casualties

At the time of writing, only one death has been reported from the attack—a Palestinian in the West Bank. How ironic.

• He was walking in the street when missile shrapnel struck him.

• Additionally, two Israelis were reportedly lightly injured.

Meanwhile…

As if the missile attack wasn’t enough, just before the rockets began raining down and sent Israelis rushing to bomb shelters, two gunmen launched a terrorist attack on Tel Aviv’s light rail system.

• The attack began on the light rail system and continued on a boulevard in Jaffa, a mixed Arab-Jewish neighborhood.

• The suspects were identified as Palestinians from Hebron.

• They were eventually killed by civilians and inspectors using personal pistols.

• Six people were killed, and nine others were injured.

Response: US & Israel

US National Security Advisor Jake Sullivan stated, after the Iranian missile attack:

As people await Israel’s response to the missile attack, Israeli Prime Minister Benjamin Netanyahu warned Iran that it has “made a big mistake—and it will pay for it.”

How this situation will unfold is anyone’s guess, but many speculate that Iranian nuclear facilities are Israel’s top targets.

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🇺🇸 UNITED STATES
Dockworkers Strike Across US

Today, the dockworkers’ strike at 36 US ports, from Maine to Texas, is shaking up the supply chain and could lead to shortages and higher prices if it continues for weeks.

Strike Begins

The strike, led by the International Longshoremen’s Association (ILA), is a response to the refusal of shipping companies to share the billions earned during the pandemic and their push for automation.

• Approximately 45,000 dockworkers are involved.

• The last strike was in 1977.

• The strike is expected to cause shortages and price increases.

Negotiation Standoff

The dockworkers may have the upper hand in negotiations.

• They are demanding a 77% pay increase over six years.

• The ports offered a 50% raise, which the union rejected.

• The strike coincides with peak shipping season and post-hurricane supply chain pressures.

Public and Political Impact

The strike has significant public and political implications.

• Rising public support for organized labor.

• The Biden administration is pro-union but hesitant to intervene.

• The strike could influence the upcoming presidential election if it affects voters.

Automation Concerns

A major sticking point is the use of automation at ports.

• Dockworkers fear job losses due to automation.

• They argue that shipping companies made record profits during the pandemic.

• The union wants a contract that protects jobs from automation.

Union Leader’s Criticism

Harold Daggett, ILA President, criticized shipping companies for their greed and push for automation. However:

• Union filings from the Department of Labor indicate Daggett earned a $728,000 gross salary last year + $173,000 from 1804-1. This is leading many to question what this strike is really about.

• Yet, Daggett called the companies "money crazy."

🇨🇭 SWITZERLAND
Melting Glaciers Redraw Borders

The iconic Matterhorn mountain, straddling the border between Italy and Switzerland, is witnessing a significant change due to melting glaciers.

How significant? The Swiss-Italian border near the Matterhorn is being redrawn.

Border Redefined

• Glaciers that define the border are melting, causing shifts in the landscape.

• Switzerland and Italy agreed to the changes in 2023.

• The new border details will be published once both countries sign the agreement.

Rapid Glacier Melt

Swiss glaciers are melting at an alarming rate.

• Switzerland’s glaciers lost 4% of their volume last year, following a record 6% loss in 2022.

• Glaciologist Matthias Huss notes that glaciers continue to lose ice rapidly despite heavy snowfall.

Consequences of Melting

Melting glaciers have far-reaching impacts.

• Increased risk of landslides and collapses, as seen in the 2022 Italian Alps tragedy.

• Discovery of remains from past climbers, like the one found near the Matterhorn last year.

• Reduced freshwater contribution, worsening shortages during heatwaves.

Visible Changes

The shifting borders are a small but visible effect of glacier melt.

• The changes make the impacts of global warming more tangible.

• As glaciers recede, the world map is being redrawn, making climate change’s effects undeniable.