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

The Fed transforms itself to direct the economy

Illustration: Eniola Odetunde/Axios

The Federal Reserve is undergoing an overhaul. Conceived to keep inflation in check and oversee the country's money supply, the central bank is now essentially directing the economy and moving away from worries about rising prices.

What we're hearing: The move to act less quickly and forcefully to tamp down on inflation has been in the works for years, but some economists fear that the Fed is moving too far from its original mandate.

14 mins ago - Sports

The college football season is on the brink

Illustration: Eniola Odetunde/Axios

Power 5 commissioners held an emergency meeting on Sunday to discuss the growing concern that fall sports can't be played because of COVID-19.

Driving the news: The Mid-American Conference on Saturday became the first FBS league to postpone fall sports and move them to the spring, and there are rumblings that Power 5 conferences are ready to follow suit.

Uber CEO proposes "benefits funds" for gig workers

Uber CEO Dara Khosrowshahi. Photo: Scott Heins/Getty Images)

Uber CEO Dara Khosrowshahi called for establishing "benefits funds" for gig workers in a New York Times op-ed out Monday.

Why it matters: Gig workers, who remain independent contractors and not employees, have long pushed companies like Uber for benefits comparable to those received by traditional workers. The coronavirus pandemic and its resultant economic strain has broadened those calls.