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Saudi Crown Prince Mohammed bin Salman. Photo: Albin Lohr-Jones/Pacific Press/LightRocket via Getty Images

Saudi Crown Prince Mohammed bin Salman (MBS) announced Tuesday that Yemen's official government and southern separatists have signed a power-sharing deal to stop fighting, reports Al Jazeera.

Why it matters: MBS says the "Riyadh Agreement" is an important part of the political solution to end the civil war in Yemen — which has raged on for four years and led to one of the world's worst humanitarian crises, per Al Jazeera.

Context: The conflict involves two main factions that claim to constitute the official Yemeni government, and is widely see as a proxy war between regional powers Saudi Arabia and Iran.

  • The internationally recognized Yemeni government is led by President Abdrabbuh Mansur Hadi and backed by Saudi Arabia. Southern separatists have fought alongside the formal government but are seeking a separate state.
  • The Houthi rebels, who mainly come from the north, are backed by Iran and want to oust the formal government.

The big picture: The power-sharing deal calls for a new government to include the southern separatists and for Hadi to return to the temporary capital Aden, according to AP. The separatists' militias will also be disbanded.

  • Troops from the United Arab Emirates have pulled out of Yemen in the days leading up to the signing, reports Reuters.
  • Houthi rebels have increased the number of drone and missile attacks targeting Saudi Arabia, as fighting between the group and the Yemeni government has escalated, per the Financial Times.

Go deeper: Why the U.S. got (and stayed) involved in Yemen's brutal war

Go deeper

Senate confirms retired Gen. Lloyd Austin as defense secretary

Photo: Greg Nash-Pool/Getty Images

The Senate voted 93-2 on Friday to confirm retired Gen. Lloyd Austin as secretary of defense. Sens. Mike Lee (R-Utah) and Josh Hawley (R-Mo.) were the sole "no" votes.

Why it matters: Austin is the first Black American to lead the Pentagon and President Biden's second Cabinet nominee to be confirmed.

House will transmit article of impeachment to Senate on Monday, Schumer says

Photo: Drew Angerer/Getty Images

Senate Majority Leader Chuck Schumer (D-N.Y.) announced that the House will deliver the article of impeachment against former President Trump for "incitement of insurrection" on Monday.

Why it matters: The Senate is required to begin the impeachment trial at 1 p.m. the day after the article is transmitted.

Dan Primack, author of Pro Rata
2 hours ago - Politics & Policy

Private equity bets on delayed tax reform in Biden administration

Illustration: Brendan Lynch/Axios

In normal times, private equity would be nervous about Democratic Party control of both the White House and Congress. But in pandemic-consumed 2021, the industry seems sanguine.

Driving the news: Industry executives and lobbyists paid very close attention to Treasury Secretary nominee Janet Yellen's confirmation hearings this week, and came away convinced that tax reform isn't on the near-term agenda.