Pro-Russian Party Wins Armenian Parliamentary Election; US Plans to Spend $750 Billion on Defense

Ukraine could lose billions of dollars due to martial law

Ukrainian soldiers and modern armored vehicles. Photo: AP

Pryamiy TV (Ukraine) quoted opposition MP Volodymyr Husak as saying: "I believe the damage caused by martial law to the Ukrainian economy could amount to billions of dollars."

The lawmaker stressed that the country's economy is heavily dependent on exports, while regulations and protocols often prohibit the purchase and sale of goods with a country under martial law. "Many businesses are currently unable to sign contracts," Husak said.

IS stubbornly clings to its last stronghold

IS, which once controlled almost all of Iraq and Syria, is now struggling to hold on to a small area that is also the group's last stronghold on the Syrian-Iraqi border after being attacked by 30,000 airstrikes. To hold on to its last stronghold, IS even launched an attack in the area around the town of Hajin in Deir al-Zour province to regain the territory it once dominated.

US officials say the final assault on IS will be difficult because the militants have nothing to lose and no other safe haven. Although the US estimates that IS has only 2,000 to 2,500 fighters left in the Hajin area, General Patrick Roberson, the US military commander, said the group has had plenty of time to build up its defenses by digging tunnels and planting booby traps.

Will the US spend $750 billion on defense?

WASHINGTON (Reuters) - President Donald Trump supports a congressional proposal to allocate $750 billion for defense spending next year, a U.S. official said, signaling a possible increase in Pentagon spending at a time when the U.S. government is tightening its purse strings elsewhere.

The Trump administration is currently facing its highest budget deficit in six years. Earlier this year, Trump instructed his Cabinet members to propose a 5% spending cut for each agency they oversee. However, Trump has said the military will be an exception.

Malaysia arrests former Malaysian Prime Minister Najib Razak

The Malaysian Anti-Corruption Commission (MACC) has arrested former Prime Minister Najib Razak for allegedly altering the final audit report of 1MDB. Former Prime Minister Najib was arrested at around 11:00 am on December 10, a few minutes after arriving at the MACC headquarters to answer questions related to 1MDB.

Earlier on November 25, Auditor General Madinah Mohamad said that a part of the final audit report on 1MDB Fund had been removed, and this part related to businessman Low Taek Jho, also known as Jho Low, who is currently hiding abroad. Businessman Jho Low was an advisor to 1MDB Fund, accused by both Malaysia and the US of money laundering related to this fund.

Pro-Russian party wins landslide victory in Armenian parliamentary elections

Armenian Parliament. Photo: Massis Post.

Armenia's Central Election Commission said the My Step coalition electoral bloc of former Prime Minister Nikola Pashinian, which favors developing relations with Russia, won a resounding victory in the country's early general elections.

With more than 90% of the votes counted, the “My Step” coalition won more than 70% of the votes. The Prosperous Armenia party came in a distant second, with 8.37% of the votes. The small liberal pro-Western party, Bright Armenia, won only 6.33%.

Germany calls for multilateral cooperation to solve migration problem

Migrants and refugees in Nantes, France on July 23. Source: AFP/TTXVN

Speaking at the United Nations (UN) Conference taking place in Marrakesh (Morocco), German Chancellor Angela Merkel stated: "It is important that we fight together against illegal migration to protect our citizens. It is clear that unilateral national efforts will not solve this problem, but can only be solved through multilateral cooperation."

Ms. Merkel's statement was made in the context that earlier the same day, the UN Conference in Morocco with the participation of leaders and representatives of about 150 countries around the world adopted the Global Compact for safe, orderly and regular migration.

China accuses Canada of 'inhumane treatment' of Huawei executive

Libya plans to halt production at the country's largest oil field

El Sharara oil field in Libya. Source: Reuters

Libya plans to halt production at its largest oil field after several tribesmen and state security personnel seized the El Sharara oil field, threatening oil workers.

If the National Oil Company (NOC) implements the above plan, the production shutdown at the 315,000 barrel/day oil field will also likely lead to the closure of the nearby 70,000 barrel/day El-Feel oil field. According to NOC, the production shutdown at El Sharara oil field will have huge, long-term consequences and it will take a long time to restore production.