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Around the halls: The Taliban retakes Afghanistan

Nearly 20 years after the United States intervened in Afghanistan to remove the Taliban from power, and in the wake of President Joe Biden’s withdrawal of U.S. troops, the Taliban’s stunningly rapid reconquest of the country reached its denouement…

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By Madiha Afzal, Ranj Alaaldin, Daniel L. Byman, Giovanna De Maio, Vanda Felbab-Brown, Marvin Kalb, Suzanne Maloney, Patrick W. Quirk, Itamar Rabinovich, Douglas A. Rediker, Bruce Riedel, Federica Saini Fasanotti, Constanze Stelzenmüller

Nearly 20 years after the United States intervened in Afghanistan to remove the Taliban from power, and in the wake of President Joe Biden’s withdrawal of U.S. troops, the Taliban’s stunningly rapid reconquest of the country reached its denouement Sunday, August 15 as its fighters entered Kabul and President Ashraf Ghani left the country. Brookings experts reflect on the latest developments and offer recommendations on how the Biden administration should proceed.


MADIHA AFZAL (@MadihaAfzal)
David M. Rubenstein Fellow, Center for Middle East Policy and Center for Security, Strategy, and Technology:

This weekend saw a stunning tragedy unfold in Afghanistan, at a staggering speed and scale. Afghanistan’s cities, and ultimately Kabul, fell like dominoes to the Taliban. We have seen haunting images of Afghans flooding Kabul airport, desperate to leave their country, of planes taking off around them. These will endure.

There is plenty of blame to go around, and no doubt we will spend a great deal of time trying to understand who went wrong, where. President Donald Trump negotiated a feckless deal with the Taliban. President Biden insisted on an unconditional withdrawal, which ensured the Taliban had no incentive to talk peace. President Ghani’s corrupt government and his military leaders failed to lead the Afghan security forces. The rapidity of the American withdrawal this summer meant the rug was pulled out from under the Afghan security forces, who depended heavily on U.S. intelligence and air support. And there’s more, including the influence of Afghanistan’s neighbors. What is clear the day after the fall of Kabul is that the world has collectively failed the Afghan people.

Biden, both on the campaign trail and as president, promised a responsible withdrawal. This has been anything but. Throughout the weekend, I looked for a word of reassurance to the Afghan people from the Biden administration — but beyond trying to help those who had worked directly with the U.S., there was nothing, not even a mention of humanitarian support. They’ve been abandoned to an unknown fate, to be ruled by those who terrorized them.

RANJ ALAALDIN (@RanjAlaaldin)
Nonresident Fellow, Center for Middle East Policy:

President Biden should establish immediate access and safe havens for the millions of Afghan civilians fleeing Taliban rule. Forming an international coalition dedicated to this effort may offer respite to the most vulnerable, including activists, journalists, and members of civil society who may now be targeted for working with the United States. The Taliban is a violent religious fundamentalist group. It will pay lip service to human rights but its promises should not be taken at face value. In violating the terms and spirit of the Doha peace talks, it has proven to be a dishonest negotiator, exploiting these talks to establish a lull in conflict that allowed it to reinforce its supply lines, organize its fighters, and prepare the staging ground for its offensive. Its atrocities over the coming period, including revenge killings and the violent suppression of women and other vulnerable communities, will require a unified response from the U.S. and its allies. Qatar, which facilitated the peace talks and could now have substantial influence over the Taliban, may be critical to any such strategy focused on pressuring the group and containing its transgressions. The Taliban will see little incentive to establish a peaceful transition, much less an inclusive political order, if the U.S. is unable to convince Pakistan, Russia, and China to isolate the group. Focus will be on how Washington can foster a response in tandem with its allies, but it is also imperative that Biden mobilizes a response in consort with Islamabad, Moscow, and Beijing.

DANIEL L. BYMAN (@dbyman)
Senior Fellow, Center for Middle East Policy:

As the Taliban gain control of Afghanistan, one of the most important questions for the United States is whether al-Qaida will again use the country as a base for terrorist attacks, as it did in the pre-9/11 era. The Taliban has not broken with al-Qaida, despite tremendous pressure to do so.

At the same time, however, the risk for the Taliban of a high-profile al-Qaida attack against the United States is high, and the Taliban may prefer al-Qaida focus on what remains of the anti-Taliban resistance and other local enemies. Pakistan, too, has an incentive to push the Taliban to keep al-Qaida on a short leash. The al-Qaida core itself is weak, and in recent years has focused on regional civil wars more than international terrorism.

The United States has prepared to conduct attacks on al-Qaida (and Islamic State affiliate) bases and leaders in Afghanistan from nearby countries. This will be less effective than if the United States had a presence in Afghanistan, but it will still keep terrorist groups off balance. Aggressive intelligence gathering and regular strikes on terrorists using Afghanistan as a base will be even more necessary given the collapse of the Afghan government.

GIOVANNA DE MAIO (@giovDM)
Nonresident Fellow, Center on the United States and Europe:

Afghanistan is also a failure of NATO and the European Union. The United States and its allies were aware of the consequences of U.S. withdrawal. Yet the allies left as soon as they could, the result of a lack of basic equipment and logistic capabilities. If Europeans were serious about strategic autonomy they should have shown it there. The U.S. administration should have pushed on its allies to keep protecting the jurisdiction of the government in Kabul, and slowly proceed to a withdrawal. At this point it is too late; the only thing the U.S. could do is attempt a coordinated action with the EU, NATO, or the United Nations, to assist the Afghan population and negotiate arrangements with neighboring countries for anti-terrorism and humanitarian operations.

VANDA FELBAB-BROWN (@vfelbabbrown)
Senior Fellow, Center for Security, Strategy, and Technology and Director, Initiative on Nonstate Armed Actors:

The tragedy in Afghanistan has long been in the making. The critical weaknesses in Afghan National Defense and Security Forces and parochial, self-interested governance centered on corruption and politicking instead of the country’s basic interests have been defining characteristics of Afghanistan for a decade and a half but were systematically unaddressed. Pakistan never stopped its multifaceted support for the Taliban. U.S. troops staying several years more would not have averted this moment, even if it would have delayed it.

The most immediate priority now is to maintain control of Kabul airport to assure U.S., international, and Afghan evacuations. The United States and the international community need to be engaging with the Taliban about preventing bloodshed in Kabul, delivering order and humanitarian assistance to internally displaced people without food and shelter, and avoiding purges and executions in months to come.

The United States should press for as much inclusivity in the Taliban government as possible, including of women, ethnic minorities, and technocrats. Washington should demand that women retain access to schooling and health care, at least some jobs, freedom to leave the household without a male guardian, and not be forcibly married off to Taliban fighters.

The U.S. has limited leverage, consisting of conditioning economic aid, recognition of the Taliban government, removal of sanctions from Taliban leadership, and allowing access to international financial systems and international institutions.

What lies ahead is not a happy picture. An Iran-like internal political and social order may be the best to hope for.

MARVIN KALB (@MarvinKalb)
Nonresident Senior Fellow, Foreign Policy:

Years ago, during Henry Kissinger’s shuttle diplomacy in the Middle East, then Syrian President Hafez al-Assad told the secretary of state why he was optimistic about the ultimate outcome of the Arab-Israeli confrontation. “You Americans walked out on the South Vietnamese,” he said, according to what Kissinger told reporters on his plane. “You’ll give up on Taiwan, and eventually you’ll give up on the Israelis too.”

President Biden’s decision to “give up” on Afghanistan — apparently, a firm decision, unlikely to be changed, based on many years of disillusionment with Kabul’s ineffectiveness — follows a familiar script delightfully satisfying to despots and deeply troubling to allies everywhere.

Is America any longer a really reliable ally, a leader capable of rallying the world to common, desirable goals?

Presidents and prime ministers from Europe to Asia must now be asking themselves that question, and worrying.

Biden is in a terrible mess, committed to easing the COVID-19 menace and rebuilding the economy but also promoting democracy in its global struggle against authoritarianism. Can he succeed on both the domestic and foreign fronts on roughly the same timetable? The current flight from Kabul strongly suggests no.

Biden has made his choice, the most fateful of his administration. The fallout will be ugly. Polls say the American people are still behind him. When Taliban brutality appears nightly on TV screens, will that support hold? Leading to another question: Are moral considerations any longer a cornerstone of American policy?

SUZANNE MALONEY (@MaloneySuzanne)
Vice President and Director, Foreign Policy:

The chaotic, precipitous collapse of the Islamic Republic of Afghanistan marks an ignominious end to the U.S. intervention there, with dangerous implications for the region and for America’s role in the world. That U.S. troops would withdraw was never in doubt — our role in Afghanistan’s conflict had long lost support from both sides of our polarized domestic debate, two previous administrations sought a negotiated denouement with the Taliban, and President Biden himself has been consistent and transparent in seeking to end two decades of American military presence in Afghanistan.

But, as is often the case in foreign policy, the devil is in the details. The Biden administration’s handling of our drawdown has been spectacularly poorly managed, leaving tens of thousands of Afghans who assisted the U.S. effort vulnerable to Taliban reprisals and a pivotal if perennially unstable country in the hands of a vicious religious cult. Biden is right to prioritize the urgent challenges posed by great power competition, the spread of techno-authoritarianism, the climate crisis, and other threats over sustaining a war that lost its purpose long ago. But his claims that “America is back” ring hollow against scenes of desperation as Afghans who put their faith in us scramble for any exit opportunity while Biden remains silent. And the catastrophe in Kabul undermines the central proposition of Biden’s foreign policy — that the U.S. will champion values and allies. Our adversaries are watching and drawing their own conclusions about American will and capacity, just as they did before 9/11.

PATRICK W. QUIRK (@patrickwquirk)
Nonresident Fellow, Center for Security, Strategy, and Technology:

The Taliban have penetrated Afghanistan’s halls of power and are on the verge of returning the country to a theocracy run by thugs. Countless more women, men, and children face the prospect of death at the Taliban’s hands or, should they survive, repressive rule.

The White House has limited options for meaningful impact that are also politically feasible. But there are steps it can take to head off even further bloodshed. These include using its skeleton diplomatic staff to evacuate local partners — NGO staff, military personnel, interpreters, and others — that the United States relied on for the past two decades.

More broadly, the Biden team should use Afghanistan’s collapse as a moment to reflect on what it wants to accomplish — rather than say — in standing up for democracy overseas. We have begun to see a gap between the administration’s rhetoric about making democracy central to its foreign policy, and what it has actually done on this front — from the events of the last week in Afghanistan to an insufficient response to Myanmar’s coup.

While the administration parses an invite list for the recently announced Summit for Democracy, authoritarians are making gains the world over. Time would be better spent developing a clear strategy for supporting democracy overseas, complete with goals and metrics for success, and implementing it. Even if Afghanistan’s democratic future is bleak, the administration still can meaningfully support the millions of other people pushing back on authoritarian governments and yearning for a better life.

ITAMAR RABINOVICH
Distinguished Fellow, Foreign Policy:

There have been no helicopters picking up refugees from the roof of the U.S. embassy, but the resemblance of the swift collapse of the Afghan army and the humiliating U.S. withdrawal to the end of the war in Vietnam is all too obvious. From a Middle Eastern perspective, there is a widespread concern that the “pivot away” from the region will be sweeping. If the Biden administration wishes to allay the concern of allies and partners in Egypt, Saudi Arabia, and other Middle Eastern countries, it will have to send a powerful signal or take effective action in the Middle Eastern context. It is important to remember that while the U.S. position and investment in Vietnam were collapsing, U.S. diplomacy in the Middle East was at its most successful. In 1975, Saigon was captured by the Viet Cong and the Israeli-Egyptian interim agreement over the Sinai was signed under Washington’s auspices. The Arab-Israeli peace process is not a promising arena right now, but by taking achieving a breakthrough in the stalemated negotiation with Iran or putting together an alternative policy, the U.S. can send a powerful message to all those concerned with the extent of its departure from the Middle East.

DOUGLAS A. REDIKER (@dougrediker)
Nonresident Senior Fellow, Center for the United States and Europe and Global Economy and Development Program:

As the Taliban takes control of the Afghan government, next week it will find itself flush with almost half a billion dollars of new financial resources with no strings attached. On August 23, the International Monetary Fund will disburse $650 billion in special drawing rights (SDRs) to all member countries, including Afghanistan. While disputed governments, like that in Venezuela, can be denied access to their SDRs, the Taliban’s swift usurpation of power means that, no matter how distasteful, it will likely be treated as the de facto and de jure government of the country, and thus be entitled to roughly $460 million dollars it can use however it likes. The issuance of SDRs to countries suffering from the COVID-19 pandemic is a worthy effort supported by the Biden administration, but there are consequences of providing “free money.” The U.S. must be clear-eyed that providing new funds without strings attached means that some of those resources will end up in the hands of regimes whose policies we detest. Some new SDRs will provide a respite to suffering. But others will almost certainly be used to line pockets of corrupt regimes, reward China for its debt diplomacy, delay necessary reforms, and ultimately help entrench some bad actors, including the Taliban. The U.S. needs be careful to not overly weaponize the dollar in the global financial system, but if there were ever a time to think twice about the benefits of allowing unfettered access to swapping SDRs for dollars, it might be now.

BRUCE RIEDEL
Senior Fellow, Center for Middle East Policy and Center for Security, Strategy, and Technology, and Director, The Intelligence Project:

President Biden’s Afghanistan gamble is collapsing on his administration spectacularly. Reckless, hasty, poorly planned, and badly implemented, it was based on a disastrous agreement signed by the Trump administration last year which the Taliban openly flouted. Instead of insisting the Taliban break with al-Qaida, the Biden team kept Trump’s inept negotiator.

Now we need the final act in Kabul to be as peaceful as possible and allow the evacuation of those most at risk. The key to that lies with the Pakistani army. The Taliban’s massive offensive relies on Pakistani support. It is impossible to isolate the Taliban as long as they enjoy that support and sanctuary.

The problem is we have little influence on Pakistan. A nuclear power, it is China’s closest ally, providing a land route to the Persian Gulf. China has already signaled it will support a Taliban Afghanistan. The U.S. has tried without success to sanction Pakistan for decades.

Biden has chosen to ignore Pakistani Prime Minister Imran Khan, a major mistake given Khan’s prickly personality. Khan can place limits on the army; Biden has given him little incentive to do so.

In early 1998, I was among a U.S. delegation that visited Kabul. Arranged by Pakistan, our discussions with the Taliban leadership to rein in Osama bin Laden produced nothing. In a driving tour of the city the only spot the Taliban pointed out was the lamp pole where they had hanged communist dictator Mohammad Najibullah. It was a reflection of their brutality and utter contempt for foreign opinion. That has not changed.

FEDERICA SAINI FASANOTTI
Nonresident Senior Fellow, Center for Security, Strategy, and Technology:

From the moment of its inauguration, the Biden administration promised “America is Back,” ostensibly meaning it had returned to a commitment to a multilateral foreign policy based on strong alliances. Italy has been one of America’s most faithful allies through multiple conflicts, so the message resonated. That said, President Biden’s decision on Afghanistan, one taken largely without consultation with allies, has left Italy’s leaders needing to explain how the country’s years of investment in Herat has any meaning now. Italian and other NATO troops fought and died in Regional Command West, and Italy invested billions of euros in its commitment to the American-led mission in Afghanistan. That’s all gone now. Herat has fallen; the Taliban have taken charge. As Italy’s leadership will have a very difficult time explaining all this to the Italian people, especially the families of Italy’s honored dead and those wounded and maimed, it will likely be a very long time before Rome will be inclined to join Washington on this kind of mission again.

Afghanistan is turning into an unmitigated disaster for the U.S. and for the legacy of the NATO commitment there. The human misery that will result from the Biden decision will be a stain on the alliance for a long time. So, as we consider how the Biden administration will proceed in addressing this crisis, a broader consideration must be what this decision has done to the credibility of the U.S. foreign policy among the allies who bled for this mission and to the idea that “America is Back.”

CONSTANZE STELZENMÜLLER (@ConStelz)
Senior Fellow, Center on the United States and Europe and Fritz Stern Chair on Germany and trans-Atlantic Relations:

It is impossible to write dispassionately about the devastating humanitarian disaster unfolding in Afghanistan. Memories from reporting trips intrude: the two proud teenagers in pressed jeans who opened an internet café in Kabul after the rout of the Taliban by Western forces, swirling flocks of chattering schoolgirls in Mazar-i-Sharif, the fiercely hospitable matriarchs of a small village near Kunduz — but also the malevolent looks from vendors in the bazaar in Ghazni. What will become of them? Overambitious and even deluded the West’s two-decade-long effort to bring peace, development, and good governance to the Hindu Kush may have been, many mistakes were made. But much good for the lives of ordinary people was achieved, all of which is now imperiled.

There will have to be many reckonings for this — in Washington, for the disastrous implementation of President Biden’s greatest foreign policy mistake; in Europe, for the shambolic performance by nation states and the complete absence of the European Union. But for now, only one thing matters: saving lives. With Western troops gone from Afghanistan, there is practically no way to prevent atrocities. What is required now is a full-on relief effort coordinated by the United Nations and its refugee agency, the International Red Cross, the EU, and NATO. We owe it to ourselves; but above all, we owe it to the Afghans.

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Shakira’s net worth

After 12 albums, a tax evasion case, and now a towering bronze idol sculpted in her image, how much is Shakira worth more than 4 decades into her care…

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Shakira’s considerable net worth is no surprise, given her massive popularity in Latin America, the U.S., and elsewhere. 

In fact, the belly-dancing contralto queen is the second-wealthiest Latin-America-born pop singer of all time after Gloria Estefan. (Interestingly, Estefan actually helped a young Shakira translate her breakout album “Laundry Service” into English, hugely propelling her stateside success.)

Since releasing her first record at age 13, Shakira has spent decades recording albums in both Spanish and English and performing all over the world. Over the course of her 40+ year career, she helped thrust Latin pop music into the American mainstream, paving the way for the subsequent success of massively popular modern acts like Karol G and Bad Bunny.

In late 2023, a 21-foot-tall bronze sculpture of Shakira, the barefoot belly dancer of Barranquilla, was unveiled at the city's waterfront. The statue was commissioned by the city's former mayor and other leadership.

Photo by STR/AFP via Getty Images

In December 2023, a 21-foot-tall beachside bronze statue of the “Hips Don’t Lie” singer was unveiled in her Colombian hometown of Barranquilla, making her a permanent fixture in the city’s skyline and cementing her legacy as one of Latin America’s most influential entertainers.

After 12 albums, a plethora of film and television appearances, a highly publicized tax evasion case, and now a towering bronze idol sculpted in her image, how much is Shakira worth? What does her income look like? And how does she spend her money?

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How much is Shakira worth?

In late 2023, Spanish sports and lifestyle publication Marca reported Shakira’s net worth at $400 million, citing Forbes as the figure’s source (although Forbes’ profile page for Shakira does not list a net worth — and didn’t when that article was published).

Most other sources list the singer’s wealth at an estimated $300 million, and almost all of these point to Celebrity Net Worth — a popular but dubious celebrity wealth estimation site — as the source for the figure.

A $300 million net worth would make Shakira the third-richest Latina pop star after Gloria Estefan ($500 million) and Jennifer Lopez ($400 million), and the second-richest Latin-America-born pop singer after Estefan (JLo is Puerto Rican but was born in New York).

Shakira’s income: How much does she make annually?

Entertainers like Shakira don’t have predictable paychecks like ordinary salaried professionals. Instead, annual take-home earnings vary quite a bit depending on each year’s album sales, royalties, film and television appearances, streaming revenue, and other sources of income. As one might expect, Shakira’s earnings have fluctuated quite a bit over the years.

From June 2018 to June 2019, for instance, Shakira was the 10th highest-earning female musician, grossing $35 million, according to Forbes. This wasn’t her first time gracing the top 10, though — back in 2012, she also landed the #10 spot, bringing in $20 million, according to Billboard.

In 2023, Billboard listed Shakira as the 16th-highest-grossing Latin artist of all time.

Shakira performed alongside producer Bizarrap during the 2023 Latin Grammy Awards Gala in Seville.

Photo By Maria Jose Lopez/Europa Press via Getty Images

How much does Shakira make from her concerts and tours?

A large part of Shakira’s wealth comes from her world tours, during which she sometimes sells out massive stadiums and arenas full of passionate fans eager to see her dance and sing live.

According to a 2020 report by Pollstar, she sold over 2.7 million tickets across 190 shows that grossed over $189 million between 2000 and 2020. This landed her the 19th spot on a list of female musicians ranked by touring revenue during that period. In 2023, Billboard reported a more modest touring revenue figure of $108.1 million across 120 shows.

In 2003, Shakira reportedly generated over $4 million from a single show on Valentine’s Day at Foro Sol in Mexico City. 15 years later, in 2018, Shakira grossed around $76.5 million from her El Dorado World Tour, according to Touring Data.

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How much has Shakira made from her album sales?

According to a 2023 profile in Variety, Shakira has sold over 100 million records throughout her career. “Laundry Service,” the pop icon’s fifth studio album, was her most successful, selling over 13 million copies worldwide, according to TheRichest.

Exactly how much money Shakira has taken home from her album sales is unclear, but in 2008, it was widely reported that she signed a 10-year contract with LiveNation to the tune of between $70 and $100 million to release her subsequent albums and manage her tours.

Shakira and JLo co-headlined the 2020 Super Bowl Halftime Show in Florida.

Photo by Kevin Winter/Getty Images)

How much did Shakira make from her Super Bowl and World Cup performances?

Shakira co-wrote one of her biggest hits, “Waka Waka (This Time for Africa),” after FIFA selected her to create the official anthem for the 2010 World Cup in South Africa. She performed the song, along with several of her existing fan-favorite tracks, during the event’s opening ceremonies. TheThings reported in 2023 that the song generated $1.4 million in revenue, citing Popnable for the figure.

A decade later, 2020’s Superbowl halftime show featured Shakira and Jennifer Lopez as co-headliners with guest performances by Bad Bunny and J Balvin. The 14-minute performance was widely praised as a high-energy celebration of Latin music and dance, but as is typical for Super Bowl shows, neither Shakira nor JLo was compensated beyond expenses and production costs.

The exposure value that comes with performing in the Super Bowl Halftime Show, though, is significant. It is typically the most-watched television event in the U.S. each year, and in 2020, a 30-second Super Bowl ad spot cost between $5 and $6 million.

How much did Shakira make as a coach on “The Voice?”

Shakira served as a team coach on the popular singing competition program “The Voice” during the show’s fourth and sixth seasons. On the show, celebrity musicians coach up-and-coming amateurs in a team-based competition that eventually results in a single winner. In 2012, The Hollywood Reporter wrote that Shakira’s salary as a coach on “The Voice” was $12 million.

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How does Shakira spend her money?

Shakira doesn’t just make a lot of money — she spends it, too. Like many wealthy entertainers, she’s purchased her share of luxuries, but Barranquilla’s barefoot belly dancer is also a prolific philanthropist, having donated tens of millions to charitable causes throughout her career.

Private island

Back in 2006, she teamed up with Roger Waters of Pink Floyd fame and Spanish singer Alejandro Sanz to purchase Bonds Cay, a 550-acre island in the Bahamas, which was listed for $16 million at the time.

Along with her two partners in the purchase, Shakira planned to develop the island to feature housing, hotels, and an artists’ retreat designed to host a revolving cast of artists-in-residence. This plan didn’t come to fruition, though, and as of this article’s last update, the island was once again for sale on Vladi Private Islands.

Real estate and vehicles

Like most wealthy celebs, Shakira’s portfolio of high-end playthings also features an array of luxury properties and vehicles, including a home in Barcelona, a villa in Cyprus, a Miami mansion, and a rotating cast of Mercedes-Benz vehicles.

Philanthropy and charity

Shakira doesn’t just spend her massive wealth on herself; the “Queen of Latin Music” is also a dedicated philanthropist and regularly donates portions of her earnings to the Fundación Pies Descalzos, or “Barefoot Foundation,” a charity she founded in 1997 to “improve the education and social development of children in Colombia, which has suffered decades of conflict.” The foundation focuses on providing meals for children and building and improving educational infrastructure in Shakira’s hometown of Barranquilla as well as four other Colombian communities.

In addition to her efforts with the Fundación Pies Descalzos, Shakira has made a number of other notable donations over the years. In 2007, she diverted a whopping $40 million of her wealth to help rebuild community infrastructure in Peru and Nicaragua in the wake of a devastating 8.0 magnitude earthquake. Later, during the COVID-19 pandemic in 2020, Shakira donated a large supply of N95 masks for healthcare workers and ventilators for hospital patients to her hometown of Barranquilla.

Back in 2010, the UN honored Shakira with a medal to recognize her dedication to social justice, at which time the Director General of the International Labour Organization described her as a “true ambassador for children and young people.”

On November 20, 2023 (which was supposed to be her first day of trial), Shakira reached a deal with the prosecution that resulted in a three-year suspended sentence and around $8 million in fines.

Photo by Adria Puig/Anadolu via Getty Images

Shakira’s tax fraud scandal: How much did she pay?

In 2018, prosecutors in Spain initiated a tax evasion case against Shakira, alleging she lived primarily in Spain from 2012 to 2014 and therefore failed to pay around $14.4 million in taxes to the Spanish government. Spanish law requires anyone who is “domiciled” (i.e., living primarily) in Spain for more than half of the year to pay income taxes.

During the period in question, Shakira listed the Bahamas as her primary residence but did spend some time in Spain, as she was dating Gerard Piqué, a professional footballer and Spanish citizen. The couple’s first son, Milan, was also born in Barcelona during this period. 

Shakira maintained that she spent far fewer than 183 days per year in Spain during each of the years in question. In an interview with Elle Magazine, the pop star opined that “Spanish tax authorities saw that I was dating a Spanish citizen and started to salivate. It's clear they wanted to go after that money no matter what."

Prosecutors in the case sought a fine of almost $26 million and a possible eight-year prison stint, but in November of 2023, Shakira took a deal to close the case, accepting a fine of around $8 million and a three-year suspended sentence to avoid going to trial. In reference to her decision to take the deal, Shakira stated, "While I was determined to defend my innocence in a trial that my lawyers were confident would have ruled in my favour [had the trial proceeded], I have made the decision to finally resolve this matter with the best interest of my kids at heart who do not want to see their mom sacrifice her personal well-being in this fight."

How much did the Shakira statue in Barranquilla cost?

In late 2023, a 21-foot-tall bronze likeness of Shakira was unveiled on a waterfront promenade in Barranquilla. The city’s then-mayor, Jaime Pumarejo, commissioned Colombian sculptor Yino Márquez to create the statue of the city’s treasured pop icon, along with a sculpture of the city’s coat of arms.

According to the New York Times, the two sculptures cost the city the equivalent of around $180,000. A plaque at the statue’s base reads, “A heart that composes, hips that don’t lie, an unmatched talent, a voice that moves the masses and bare feet that march for the good of children and humanity.” 

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Delta Air Lines adds a new route travelers have been asking for

The new Delta seasonal flight to the popular destination will run daily on a Boeing 767-300.

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Those who have tried to book a flight from North America to Europe in the summer of 2023 know just how high travel demand to the continent has spiked.

At 2.93 billion, visitors to the countries making up the European Union had finally reached pre-pandemic levels last year while North Americans in particular were booking trips to both large metropolises such as Paris and Milan as well as smaller cities growing increasingly popular among tourists.

Related: A popular European city is introducing the highest 'tourist tax' yet

As a result, U.S.-based airlines have been re-evaluating their networks to add more direct routes to smaller European destinations that most travelers would have previously needed to reach by train or transfer flight with a local airline.

The new flight will take place on a Boeing 767-300.

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Delta Air Lines: ‘Glad to offer customers increased choice…’

By the end of March, Delta Air Lines  (DAL)  will be restarting its route between New York’s JFK and Marco Polo International Airport in Venice as well as launching two new flights to Venice from Atlanta. One will start running this month while the other will be added during peak demand in the summer.

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“As one of the most beautiful cities in the world, Venice is hugely popular with U.S. travelers, and our flights bring valuable tourism and trade opportunities to the city and the region as well as unrivalled opportunities for Venetians looking to explore destinations across the Americas,” Delta’s SVP for Europe Matteo Curcio said in a statement. “We’re glad to offer customers increased choice this summer with flights from New York and additional service from Atlanta.”

The JFK-Venice flight will run on a Boeing 767-300  (BA)  and have 216 seats including higher classes such as Delta One, Delta Premium Select and Delta Comfort Plus.

Delta offers these features on the new flight

Both the New York and Atlanta flights are seasonal routes that will be pulled out of service in October. Both will run daily while the first route will depart New York at 8:55 p.m. and arrive in Venice at 10:15 a.m. local time on the way there, while leaving Venice at 12:15 p.m. to arrive at JFK at 5:05 p.m. on the way back.

According to Delta, this will bring its service to 17 flights from different U.S. cities to Venice during the peak summer period. As with most Delta flights at this point, passengers in all fare classes will have access to free Wi-Fi during the flight.

Those flying in Delta’s highest class or with access through airline status or a credit card will also be able to use the new Delta lounge that is part of the airline’s $12 billion terminal renovation and is slated to open to travelers in the coming months. The space will take up more than 40,000 square feet and have an outdoor terrace.

“Delta One customers can stretch out in a lie-flat seat and enjoy premium amenities like plush bedding made from recycled plastic bottles, more beverage options, and a seasonal chef-curated four-course meal,” Delta said of the new route. “[…] All customers can enjoy a wide selection of in-flight entertainment options and stay connected with Wi-Fi and enjoy free mobile messaging.”

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Stock Market Today: Stocks turn lower as factory inflation spikes, retail sales miss target

Stocks will navigate the last major data releases prior to next week’s Fed rate meeting in Washington.

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U.S. stocks edged lower Thursday following a trio of key economic releases that have added to the current inflation puzzle as investors shift focus to the Federal Reserve's March policy meeting next week in Washington.

Updated at 9:59 AM EDT

Red start

Stocks are now falling sharply following the PPI inflation data and retail sales miss, with the S&P 500 marked 18 points lower, or 0.36%, in the opening half hour of trading.

The Dow, meanwhile, was marked 92 points lower while the Nasdaq slipped 67 points.

Treasury yields are also on the move, with 2-year notes rising 5 basis points on the session to 4.679% and 10-year notes pegged 7 basis points higher at 4.271%.

Updated at 9:44 AM EDT

Under Water

Under Armour  (UAA)  shares slumped firmly lower in early trading following the sportswear group's decision to bring back founder Kevin Plank as CEO, replacing the outgoing Stephanie Linnartz.

Plank, who founded Under Armour in 1996, left the group in May of 2021 just weeks before the group revealed that it was co-operating with investigations from both the Securities and Exchange Commission and the U.S. Department of Justice into the company's revenue recognition accounting.

Under Armour shares were marked 10.6% lower in early trading to change hands at $7.21 each.

Source: Under Armour Investor Relations

Updated at 9:22 AM EDT

Steely resolve

U.S. Steel  (X)  shares extended their two-day decline Thursday, falling 5.75% in pre-market trading following multiple reports that suggest President Joe Biden will push to prevent Japan's Nippon Steel from buying the Pittsburgh-based group.

Both Reuters and the Associated Press have said Biden will express his views to Prime Minister Kishida Yuko ahead of a planned State Visit next month at the White House. 

Related: US Steel soars on $15 billion Nippon Steel takeover; United Steelworkers slams deal

Updated at 8:52 AM EDT

Clear as mud

Retail sales rebounded last month, but the overall tally of $700.7 billion missed Street forecasts and suggests the recent uptick in inflation could be holding back discretionary spending.

A separate reading of factory inflation, meanwhile, showed prices spiking by 1.6%, on the year, and 0.6% on the month, amid a jump in goods prices.

U.S. stocks held earlier gains following the data release, with futures tied to the S&P 500 indicating an opening bell gain of 10 points, while the Dow was called 140 points higher. The Nasdaq, meanwhile, is looking at a more modest 40 point gain.

Benchmark 10-year Treasury note yields edged 3 basis points lower to 4.213% while two-year notes were little-changed at 4.626%.

Stock Market Today

Stocks finished lower last night, with the S&P 500 ending modestly in the red and the Nasdaq falling around 0.5%. The declines came amid an uptick in Treasury yields tied to concern that inflation pressures have failed to ease over the opening months of the year.

A better-than-expected auction of $22 billion in 30-year bonds, drawing the strongest overall demand since last June, steadied the overall market, but stocks still slipped into the close with an eye towards today's dataset.

The Commerce Department will publish its February reading of factory-gate inflation at 8:30 am Eastern Time. Analysts are expecting a slowdown in the key core reading, which feeds into the Fed's favored PCE price index.

Retail sales figures for the month are also set for an 8:30 am release as investors search for clues on consumer strength, tied to a resilient job market. Those factors could give the Fed more justification to wait until the summer months to begin the first of its three projected rate cuts.

"The case for a gradual but sustained slowdown in growth in consumers’ spending from 2023’s robust pace is persuasive," said Ian Shepherdson of Pantheon Macroeconomics. 

"Most households have run down the excess savings accumulated during the pandemic, while the cost of credit has jumped and last year’s plunge in home sales has depressed demand housing-related retail items like furniture and appliances," he added.

Benchmark 10-year Treasury yields are holding steady at 4.196% heading into the start of the New York trading session, while 2-year notes were pegged at 4.628%.

With Fed officials in a quiet period, requiring no public comments ahead of next week's meeting in Washington, the U.S. dollar index is trading in a narrow range against its global peers and was last marked 0.06% higher at 102.852.

On Wall Street, futures tied to the S&P 500 are indicating an opening bell gain of around 19 points, with the Dow Jones Industrial Average indicating a 140-point advance.

The tech-focused Nasdaq, which is up 7.77% for the year, is priced for a gain of around 95 points, with Tesla  (TSLA)  once again sliding into the red after ending the Wednesday session at a 10-month low.

In Europe, the regionwide Stoxx 600 was marked 0.35% higher in early Frankfurt trading, while Britain's FTSE 100 slipped 0.09% in London.

Overnight in Asia, the Nikkei 225 gained 0.29% as investors looked to a key series of wage negotiation figures from key unions that are likely to see the biggest year-on-year pay increases in three decades.

The broader MSCI ex-Japan benchmark, meanwhile, rose 0.18% into the close of trading. 

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