Countries send aid to Libya; ECB raises interest rates again, and more

This is the world in brief from the Economist. Our Top Stories The death toll in the flooded city of Dernar sky rocked to at least 11,300, according to the Libyan Red Crescent, 10,000 are still missing. Dom Daniel caused severe flooding and burst two dams near Dernar as it swept through the eastern part of Libya on Sunday night. The city has already buried 3,000 of its dead, mainly in mass graves. In a rare sign of unity, the country's two squabbling governments have coordinated their relief efforts. A UN official said that the country could have avoided most of the human casualties if proper services for instance emergency warnings had been in place. Shares in ARM had climbed to almost 25% above their offer price of $51 when trading closed on America's NASDAQ exchange, valuing the British chip designer at over $65 billion. ARM, owned by Softbank, a Japanese technology conglomerate unveiled the biggest IPO of the year so far on Wednesday. Softbank has sold over 95 million shares, representing 10% of ARM's equity. Hunter Biden, the son of America's president Joe Biden, was indicted on federal charges, including lying about his use of crack cocaine when buying a gun. A previous plea deal in which Mr. Biden would plead guilty to tax-related misdemeanors but could avoid the gun charge fell through in July. That offense carries a maximum sentence of 10 years imprisonment. China's central bank cut the amount of money that the country's lenders are required to hold in reserve by 0.25 percentage points. The reduction, which begins on Friday, aims to boost Chinese lending, particularly to local authorities trying to fund infrastructure projects. China's economy, hits by weak global demand and an ailing housing sector, has struggled since the COVID-19 pandemic. The European Central Bank raised interest rates by 0.25 percentage points, bringing the deposit rate to a record 4%. Inflation in the Eurozone was at 5.3% in August, well above the ECB's annual target of 2%. But with Europe's economy faltering, rate setters made pause next time they meet. The bank lowered its growth projections for the block to 0.7% this year and 1% in 2024. A court in Bangladesh sentenced two human rights activists to two years in jail for publishing false information in a trial regarded as a crackdown on dissent. Adela Raman Khan and Narsir Udin Alan worked for Udhikar, which records extrajudicial killings and police violence. Bangladesh's economy has flourished under Sheikh Haseena, the long-serving Prime Minister, but that has been threatened by her increasingly authoritarian tendencies. Electricity suppliers in Nigeria announced a total system collapse after a fire on a crucial transmission line plunged much of the country into a blackout. On Thursday morning Nigeria's grid was producing no power. It was restored after 10 hours, Nigeria suffers from an unstable power supply in 2022 the grid broke down at least four times. And figure of the day, 15, the number of the EU's 27 member states where hard-right parties have support of 20% or more.