Morning Briefing: Aug. 8, 2025

ISTANBUL

Here’s a rundown of all the news you need to start your Friday, including Israel’s Security Cabinet reportedly approving a plan to take control of Gaza City, the US doubling a bounty for Venezuela’s president to $50 million, and UN experts calling for all states to stop Israel’s "endless war on humanity" in Gaza.

TOP STORIES

• Israeli Security Cabinet approves plan to take control of Gaza City: Reports

Israel's Security Cabinet has approved Prime Minister Benjamin Netanyahu's plan to take control of Gaza City, the Axios news site reported, citing a senior Israeli official.

"The security cabinet approved the prime minister's proposal to defeat Hamas. The IDF will prepare to take control of Gaza City while providing humanitarian aid to the civilian population outside the combat zones," Axios's Barak Ravid later reported, citing the Prime Minister's Office as saying.

According to Ynet, the statement avoided using the word “occupation,” opting instead for “takeover” to sidestep potential legal consequences concerning the civilian population.

• US raises bounty for Venezuela’s president to $50M

The US State Department and the Department of Justice announced a reward of up to $50 million for information leading to the arrest or conviction of Venezuelan President Nicolas Maduro for alleged violations of US narcotics laws.

The reward, being offered under the Narcotics Rewards Program, marks a significant escalation in the US government’s efforts to bring Maduro to justice.

It doubles the previous bounty, which was set in January at $25 million.

• UN experts urge all states to stop Israel’s 'endless war on humanity' in Gaza

UN experts called on all states to take urgent action to halt Israel’s "endless war on humanity" in Gaza, warning that the collapse of the UN-led humanitarian system is exacerbating famine and widespread human suffering.

“To avert further deaths and inhuman suffering by starvation, Israel must immediately restore unimpeded access to Gaza by impartial humanitarian organizations,” the experts said in a statement, naming the UN agency for Palestinian refugees (UNRWA) and the UN Office for the Coordination of Humanitarian Affairs (OCHA) among key actors.

The experts underlined that more than 500,000 people, a quarter of Gaza’s population, are currently facing famine, while the rest endure emergency levels of hunger.

NEWS IN BRIEF

• The UN warned about an "alarming" 40% decline in humanitarian funding for 2025.
• Russian President Vladimir Putin described the United Arab Emirates as “one of the suitable” venues for an upcoming meeting with US President Donald Trump.
• The EU said the humanitarian situation in Gaza remains "very difficult," largely due to the ongoing Israeli blockade that continues to hinder the delivery of essential aid.
• Japan’s prime minister urged US President Donald Trump to amend his executive order on Washington’s higher new tariffs, according to Kyodo News.
• Moscow and Washington have reached a deal to hold a meeting between Russian President Vladimir Putin and US President Donald Trump “in the coming days,” said a Putin aide.
• Thailand and Cambodia agreed to a 13-point ceasefire implementation plan to ease tensions along their disputed border after five days of armed clashes last month.
• Higher new global tariffs imposed by President Donald Trump ranging from 15% to 50% on goods shipped to the US took effect.
• US President Donald Trump will host Azerbaijani President Ilham Aliyev and Armenian Prime Minister Nikol Pashinyan at the White House for a “Historic Peace Summit.”
• Satellite imagery from commercial sources reveals that the Israeli military is amassing troops and equipment near the Gaza border, potentially in preparation for a new ground invasion of the Palestinian territory, according to three current US officials and one former official who reviewed the images, NBC News reported.
• The World Health Organization (WHO) said deaths caused by hunger are rising in Gaza, with at least 99 people, including 29 children under the age of five, having died from malnutrition so far this year.
• The Lebanese Cabinet approved the goals outlined in a US proposal aimed at solidifying a ceasefire agreement with Israel, said Information Minister Paul Morcos.

BUSINESS & ECONOMY

• Bank of England slashes policy rate 25 basis points, in line with forecasts

The Bank of England cut its benchmark interest rate by 25 basis points, matching market forecasts.

The benchmark bank rate currently stands at 4%, its lowest since March 2023.

The move marked the fifth rate cut since the bank began lowering borrowing costs last August.

• China opposes US tariffs on India over purchase of Russian oil

China opposed an additional 25% tariff on India over purchasing Russian oil.

"China’s opposition to the abuse of tariffs is consistent and clear," Foreign Ministry spokesman Guo Jiakun told a press briefing in Beijing.

US President Donald Trump signed an executive order Wednesday imposing an additional 25% tariff on India. With the new order, US tariffs on Indian imports climbed to 50%.