• Israeli Prime Minister Benjamin Netanyahu issued a late-night statement asserting that “Israel is a sovereign country which makes its decisions by the will of its people and not based on pressures from abroad” in response to comments by U.S. President Joe Biden expressing his concern over efforts to overhaul Israel’s judicial system. Netanyahu paused the overhaul attempt on Monday after months of unrest, which was expected to ease tensions with the United States. (The New York Times)
• Beijing declared a potential meeting between House Speaker Kevin McCarthy (R-Calif.) and Taiwanese President Tsai Ing-wen during the latter’s upcoming visit to the United States would “sabotage peace and stability” and vowed to “resolutely hit back.” McCarthy held off from visiting Taiwan himself, unlike his predecessor Nancy Pelosi, to avoid unnecessary provocation. (Financial Times)
• Biden opened his second Summit for Democracy, where some 120 world leaders have been invited to participate, with a pledge for the United States to spend $690 million to support pro-democracy programs around the world. The Biden administration has also reached an agreement with 10 other nations on guiding principles for state use of surveillance technology. (The Associated Press)
• The United States informed Russia that it would not provide data related to nuclear weapons usually exchanged biannually after the Kremlin suspended its participation in the New START treaty. A National Security Council spokesperson called the step “a lawful countermeasure intended to encourage Russia to return to compliance with the treaty.” (Financial Times)

Happening today (all times Eastern):

• All day: The Summit for Democracy is live streamed, with speeches from dozens of prominent world leaders and civil society figures. 

• 10 a.m. State and Defense Department officials testify on oversight of U.S. assistance to Ukraine before the House Foreign Affairs Committee.
• 10 a.m. Federal Deposit Insurance Corp. Federal Reserve and Treasury Department officials testify before the House Financial Services Committee on the collapse of Silicon Valley Bank and other bank failures.

Inside North Korea’s oil smuggling: triads, ghost ships and underground banks

Financial Times

U.S. makes corporate transparency commitment with 20 nations

Fatima Hussein, Japan Today 

U.S. Treasury Secretary Janet Yellen affirmed America’s commitment to enhancing corporate transparency along with more than 20 other countries participating in this week’s Summit for Democracy.

There is a global rice crisis 

The Economist 

The foodstuff feeds more than half the world—but also fuels diabetes and climate change.

Riyadh joins Shanghai Cooperation Organization as ties with Beijing grow

Aziz el Yaakoubi, Reuters 

Saudi Arabia’s cabinet approved on Wednesday a decision to join the Shanghai Cooperation Organization, as Riyadh builds a long-term partnership with China despite U.S. security concerns.

Biden’s Defense of Global Democracies Is Tested by Political Turmoil

Michael Crowley, The New York Times 

The administration’s Summit for Democracy begins this week amid crises in several countries allied with the United States, including Israel.

Japanese foreign minister eyes China visit this weekend

Kyodo via Japan Today 

Foreign Minister Yoshimasa Hayashi is considering visiting China this weekend, Japanese government sources said Tuesday, as ties between the two nations remain tense over issues including Beijing’s recent detention of a Japanese businessman and a territorial row.

Matiullah Wesa: Taliban arrests prominent girls’ education activist in Afghanistan

Shafi Kaker et al., CNN 

A prominent activist for girls’ education in Afghanistan was arrested by the Taliban on Monday, according to an official, the latest step in its repressive clampdown on the rights of Afghan women.

Myanmar junta dissolves Suu Kyi’s party, much of opposition

Grant Peck, The Associated Press 

Myanmar’s military government took another major step in its ongoing campaign to cripple its political opponents on Wednesday, dissolving dozens of opposition parties including that of ousted leader Aung San Suu Kyi for failing to meet a registration deadline ahead of elections.

Chip equipment exports to China tumble as U.S. pushes decoupling

Nikkei Asia 

Impact could grow as Japan and Netherlands weigh their own restrictions.

Philippines’ Marcos to shut out ICC after losing drugs war appeal

Neil Jerome Morales, Reuters 

Philippines President Ferdinand Marcos Jr on Tuesday said he would cut off contact with the International Criminal Court (ICC) after it rejected an appeal asking it to stop investigating his predecessor’s lethal war on drugs.

Kim wants N. Korea to make more nuclear material for bombs

Kim Tong-Hyung, The Associated Press 

North Korean leader Kim Jong Un has called for his nuclear scientists to increase production of weapons-grade material to make bombs to put on his increasing range of weapons.

Russia launches drills of its nuclear missile forces

The Associated Press 

The Russian military conducted drills of its strategic missile forces Wednesday, deploying mobile launchers in Siberia in a show of the country’s massive nuclear capability amid the fighting in Ukraine.

Ukraine’s Zelenskyy: Any Russian victory could be perilous

Julie Pace and Hanna Arhirova, The Associated Press 

Ukrainian President Volodymyr Zelenskyy warned Tuesday that unless his nation wins a drawn-out battle in a key eastern city, Russia could begin building international support for a deal that could require Ukraine to make unacceptable compromises.

Russia’s Economy Is Starting to Come Undone

Georgi Kantchev and Evan Gershkovich, The Wall Street Journal 

Investment is down, labor is scarce, budget is squeezed. Oligarch: ‘There will be no money next year’.

Ukraine grain glut hits agribusiness in neighbouring countries

Stephen McGrath and Barbara Erling, Financial Times 

Romanian and Polish farmers criticize ‘derisory’ EU compensation and politicians call for higher offer.

Northern Ireland terrorism threat raised to second-highest level

Jude Webber, Financial Times 

Assessment by domestic intelligence agency MI5 means attack is ‘highly likely’.

Deadly fire highlights immigration pressures on Mexico

Elliot Spagat, The Associated Press 

The fire that killed 38 people at an immigration detention center in Mexico happened as Western hemisphere countries face pressure to address the extraordinary number of people fleeing their homes.

Brazil braced for Jair Bolsonaro’s return to energise the far right

Bryan Harris et al., Financial Times 

Ex-leader faces investigations including embezzlement probe over jewellery but poses political challenge for his successor.

Some in dry Somalia break Ramadan fast with little but water

Omar Faruk, The Associated Press 

This year’s holy month of Ramadan coincides with the longest drought on record in Somalia. 

Turkey elections spur renewed interest from foreign investors

Sinan Tavsan, Nikkei Asia 

Opposition parties vow no state meddling in markets, return to economic orthodoxy.

Israel’s Netanyahu may have tough time saving judicial plan

Josef Federman, The Associated Press 

This week’s about-face has left him weakened and coming up against a wall of opposition he has never before faced in a three-decade political career.

How Israel’s Citizen Soldiers Forced Netanyahu to Retreat on Judicial Overhaul

Dion Nissenbaum et al., The Wall Street Journal 

Military reservists played pivotal role in derailing legislation that would have changed balance of power between government and courts.

Ethiopia’s PM announces outreach to rebel group in Oromia

The Associated Press 

Ethiopia’s prime minister said Tuesday his administration is attempting talks with an outlawed rebel group operating mainly in the restive Oromia region.

Biden invokes Defense Production Act for printed circuit board production

Katharine Jackson et al., Reuters 

U.S. President Joe Biden on Monday invoked the Defense Production Act to spend $50 million on domestic and Canadian production of printed circuit boards, citing the technology’s importance to national defense.

Prosecutors: Bankman-Fried bribed Chinese officials in 2021

Sam Sutton, Politico 

The former billionaire orchestrated the alleged bribe after Alameda was locked out of its trading accounts on two of China’s crypto exchanges in connection with an ongoing investigation.

Credit Suisse whistleblowers say bank has been helping Americans dodge U.S. taxes

Eamon Javers, CNBC 

The bank notoriously pleaded guilty in 2014 to criminal charges for “knowingly and willfully” helping U.S. clients hide offshore assets and income from the IRS.

Benjamin Netanyahu reforms trigger backlash in US from ardent Israel supporters

Felicia Schwartz and James Politi, Financial Times 

Criticism comes from politically diverse group of American Jews who have tended to be supportive.