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Algerian students demonstrate over the weekend. Photo: Billal Bensalem/NurPhoto via Getty Images

Algerian President Abdelaziz Bouteflika is ending his bid for a 5th term in office and will postpone the presidential elections scheduled for next month in light of massive street protests.

The backdrop: Bouteflika is 82 and has rarely appeared in public since suffering a debilitating stroke in 2013. He remains in power because Algeria's fractured elites have failed to agree on another way to "ensure the equilibrium of power," according to the Atlantic Council's Karim Mezran. The infirm president's candidacy became a rallying point for the protestors who have filled the streets for weeks.

The latest: Algeria's prime minister has also resigned and will be replaced by Interior Minister Noureddine Bedoui, who will be asked to form a new government.

What to watch:

  • The regime in Algeria survived the Arab Spring in 2011 in part through economic subsidies made possible by its energy wealth. There were scattered protests since, but a combination of cash and repression kept them isolated. Now there's less money to dole out, more doubts surrounding the army's loyalty, and no obvious Plan B.
  • The elites are in a tough spot. To find another candidate who satisfies protestors and elites alike "would be the act of a magician," Mezran told me. "How can they do it in one month when they couldn't do it for four years?"

Go deeper

Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

FTX CEO predicts more U.S. crypto flight

Photo: "Axios on HBO"

FTX doesn't look much like a company valued at $25 billion. Its new headquarters, located in a sleepy part of The Bahamas, is so nondescript as to not even have a sign. But it does expect to soon have neighbors.

Driving the news: Founder and CEO Sam Bankman-Fried tells "Axios on HBO" to expect "more and more crypto flight from the states" if the U.S. doesn't soon create a regulatory regime for cryptocurrencies.

Developed countries reveal $100 billion climate finance plan ahead of COP26

Alok Sharma, head of the UN Climate Summit in Glasgow, speaks in Paris on Oct. 12. ( Li Yang/China News Service via Getty Images)

After 12 years of fits and starts, industrialized nations on Monday put forward a detailed plan to provide at least $100 billion annually in climate aid to developing countries starting by 2023.

Why it matters: The plan, presented by representatives of Canada and Germany, is aimed at defusing one of the biggest sources of tension at COP26, which is the failure of industrialized nations to follow through on their financial commitments.

3 hours ago - Health

Moderna says COVID vaccine shows strong immune response in kids

Photo: Martin Galindo/Long Visual Press/Universal Images Group via Getty Images

Moderna on Monday released trial results for its coronavirus vaccine for children aged 6 to 11, saying it provides a "robust" immune response after two doses.

Why it matters: Moderna said it will officially submit the results to the Food and Drug Administration for authorization in "the near term," meaning we could soon see two coronavirus vaccines available to protect approximately 28 million more kids in the U.S.