Mozambique flooding. Photo: Adrien Barbier/AFP/Getty Images

Mozambique has declared a state of emergency after flooding that followed Cyclone Idai.

Backdrop: The storm has destroyed an estimated "90%" of Mozambique's fourth-largest city, Beira, which has a population of nearly half a million. So far 1.5 million people have been displaced or otherwise affected by the storm.

  • "African economists fear the scale of devastation will be 'very damaging.' Mozambique is already in default on about $2 billion of external commercial debt," Bloomberg's TicToc reports. The country is currently trying to restructure the debt.

Why it matters to the market: The $2 billion default is the result of the almost-too-surreal-to-believe tuna bonds scandal, in which the country's finance minister and supposedly rogue agents from Credit Suisse fleeced Mozambique for at least $200 million in kickbacks and ill-gotten gains, and possibly more than $1 billion.

Where it stands: So far at least a dozen people have been charged by Mozambique for crimes like abuse of office, embezzlement and money laundering. The U.S. is seeking to extradite a number of the main parties involved, including Mozambique's former finance minister and representatives from Abu Dhabi-based Privinvest and Credit Suisse.

Go deeper: Why Mozambique's debt scandal has drawn U.S. scrutiny

Go deeper

Hurricane Zeta makes landfall in Mexico ahead of expected arrival in U.S.

Hurricane Zeta's forecast path. Photo: National Hurricane Center

Hurricane Zeta made landfall on Mexico's Yucatan Peninsula as a Category 1 storm late Monday packing maximum sustained winds of 80 mph, per the National Hurricane Center.

The state of play: Louisiana Gov. John Bel Edwards (D) declared a state of emergency Monday as Zeta strengthened into a hurricane earlier Monday.

Updated 56 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: The swing states where the pandemic is raging — Pence no longer expected to attend Barrett confirmation vote after COVID exposure.
  2. Health: 13 states set single-day case records last week
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events
  6. World: Unrest in Italy as restrictions grow across Europe.
  7. Media: Fox News president and several hosts advised to quarantine.
Updated 1 hour ago - World

In photos: Unrest in Italy as coronavirus restrictions grow across Europe

An anti-government demonstration against the economic consequences of the new measures in Turin, Italy, where luxury stores were "ransacked," on Oct. 26, the Guardian reports. Photo: Diego Puletto/Getty Images

Protests in Italy against fresh COVID-19 pandemic restrictions that came into effect Monday descended into violence in Milan and and Turin, where police used tear gas to disperse demonstrators, per the Guardian.

The big picture: The protests in Italian cities still reeling from the first lockdown mark some of the biggest resistance against measures seen yet as restrictions return across Europe, which is facing a second coronavirus wave. From Denmark to Romania, this is what's been happening, in photos.

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