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This is the world in brief from the economist.

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The death toll in the flooded city of Derner skyrocketed to at least 11,300, according to the Libyan Red Crescent.

10,000 are still missing.

Storm Daniel caused severe flooding and burst two dams near Derner as it swept through the eastern part of Libya on Sunday night.

The city has already buried 3,000 of its dead, mainly in mass graves.

In a rare sign of unity, the country's two squabbling governments have coordinated their relief efforts.

A UN official said that the country could have avoided most of the human casualties if proper services, for instance emergency warnings, had been in place.

Shares in ARM had climbed to almost 25% above their offer price of $51 when trading closed on America's NASDAQ Exchange, valuing the British chip designer at over $65 billion.

ARM owned by Softbank, a Japanese technology conglomerate, unveiled the biggest IPO of the year so far on Wednesday.

Softbank has sold over 95 million shares, representing 10% of ARM's equity.

Hunter Biden, the son of America's president Joe Biden, was indicted on federal charges, including lying about his use of crack cocaine when buying a gun.

A previous plea deal in which Mr. Biden would plead guilty to tax-related misdemeanors but could avoid the gun charge fell through in July.

That offense carries a maximum sentence of 10 years imprisonment.

China's central bank cut the amount of money that the country's lenders are required to hold in reserve by 0.25 percentage points.

The reduction, which begins on Friday, aims to boost Chinese lending, particularly to local authorities trying to fund infrastructure projects.

China's economy, hits by weak global demand and an ailing housing sector, has struggled since the COVID-19 pandemic.

The European Central Bank raised interest rates by 0.25 percentage points, bringing the deposit rate to a record 4%.

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