The World in Brief from The Economist

Koizumi Shinjiro, a top contender to become Japan’s next prime minister, used a debate to exhort America to allow Nippon Steel to buy US Steel.

America said it will close a loophole in its trade rules that allows packages worth less than $800 to enter the country without facing duties. 

China said it will raise the retirement age for the first time since 1978

China said it will raise the retirement age for the first time since 1978

Vladimir Putin warned Western countries that they would be at “war” with Russia were they to allow Ukraine to use their weapons to strike targets in Russia. Also, Workers at Boeing on America’s west coast voted to go on strike.

The European Central Bank lowered interest rates for the second time this year, with a cut of a quarter of a percentage point, to 3.5%.

The ECB cuts rates; Russia hits vessel in the Black Sea, and more

A Russian drone attack on Konotop, a town in the Sumy region in northern Ukraine, left thousands of people without electricity. Also, OpenAI is reportedly hoping to raise $6.5 billion at a valuation of $150 billion from a group of investors that include Apple and Microsoft.

America’s annual inflation rate fell to 2.5% in August, from 2.9% in July.