FINANCIAL TIMES
-Twelve US troops were injured in an Iranian missile and drone attack on the Prince Sultan Air Base in Saudi Arabia, marking a significant escalation in the conflict since the US and Israel initiated military actions against Iran. Two of the wounded suffered severe injuries. The attack is notable as it demonstrates Iran's ability to penetrate American defenses despite US assertions that their air strikes have severely weakened Iran's military capacities. The recent hostilities have resulted in 13 US troop fatalities and approximately 300 injuries. In response, President Trump is considering deploying additional troops and escalating military actions against Iran's infrastructure, while simultaneously seeking a diplomatic resolution with a deadline set for April 6. Centcom has not commented on the incident.
-Iran's recent decision to permit multiple Pakistan-flagged tankers to transit the Strait of Hormuz has been positively acknowledged by President Donald Trump, who interprets it as a “present” reflecting Tehran's genuine commitment to ceasefire discussions with the US. This development highlights Pakistan's ambition to act as an intermediary in the ongoing conflict, which has resulted in a global energy crisis and significant volatility in oil markets. Asim Munir, Pakistan’s de facto leader, sees this role as an opportunity to solidify relations with Washington. However, Pakistan's involvement is complicated by its own interests, as ongoing conflict in the region could undermine its fragile economy and security. The situation poses considerable challenges for Islamabad, especially with Trump's decision to bolster US military presence in the Middle East. Elizabeth Threlkeld of the Stimson Center notes that the prolonged conflict will increasingly complicate Pakistan’s diplomatic balancing act.
-A US appeals court has overturned a prior ruling that held Argentina liable for $16B to former YPF shareholders, marking a significant victory for Argentina and a setback for litigation funder Burford Capital. The New York federal appeals court deemed the previous finding incorrect, noting this amount would represent approximately 45% of Argentina's national budget for 2024. Following the decision, Burford Capital's shares plummeted up to 54%, eventually closing down 47%. The judges ruled that the shareholders' claims were not valid under Argentine law. President Javier Milei welcomed the decision, stating it eliminated uncertainties for YPF's future and bolstered the country's energy sector. In contrast, Burford's CEO expressed disappointment in the ruling, highlighting the inherent risks of litigating in US courts and suggesting investment treaty arbitration could still be a viable option for claimants.
-BYD reported a significant decline in annual profits for the first time in four years, with net profit dropping to Rmb32.6bn ($4.72bn), nearly 20% lower than the previous year and below analyst expectations. The decline, exacerbated by a weaker fourth quarter where profits fell 38% to Rmb9.53bn, is attributed to fierce competition in China's EV market and the withdrawal of government subsidies. Despite a 40% increase in overseas income, total annual revenue of Rmb804B fell short of forecasts and showed only a marginal increase from 2024. EV sales have also decreased for six consecutive months, intensifying pressure on the company to enhance exports.
-US senators will encourage Taiwanese lawmakers to approve a defense spending bill during their visit to Taiwan starting Saturday, amidst increasing Chinese military pressure. The bipartisan delegation, led by Jeanne Shaheen, the top Democrat on the Senate Foreign Relations Committee, and John Curtis, includes Republicans Thom Tillis and Democrat Jacky Rosen. This is the first Senate trip to Taiwan since last summer, coinciding with President Lai Ching-te's efforts to persuade opposition lawmakers from the Kuomintang to pass a crucial $40B defense bill. This funding is essential for acquiring weapons from US defense companies to bolster Taiwan's security against aggressive Chinese military actions. The visit occurs just weeks ahead of Donald Trump's planned summit in Beijing with Xi Jinping, raising concerns in Taipei about potential US policy shifts regarding Taiwan. Shaheen emphasized the importance of the visit in affirming Congressional support for Taiwan's self-defense initiatives.
-The Trump administration is attempting to terminate offshore wind projects in the US by offering companies buyouts in exchange for investing in fossil fuels. The Department of the Interior has negotiated deals, such as one with TotalEnergies, which will see the company reimbursed nearly $1B from its offshore wind lease to invest in oil and gas. These discussions exemplify the government's opposition to offshore wind, which President Trump has labeled as excessively costly. While some projects have been halted, legal challenges have thwarted "stop work" orders against others, with the administration citing national security concerns related to radar interference.
-US memory chip stocks have lost nearly $100B in market value this week following Google research indicating a potential easing of the AI-driven hardware shortage that had previously boosted shares. Micron's market capitalization fell by over $70B, dropping 15%, and firms like Sandisk, Western Digital, and Seagate also experienced significant losses. Travis Prentice from Informed Momentum Company noted that the stocks, having enjoyed substantial gains, faced rational profit-taking amidst a troubled market. Despite expectations remaining high for memory stocks, investor confidence has been shaken by the recent paper from Google Research, calling into question the future demand for storage by AI.
-Egypt is implementing energy-saving measures due to surging fuel prices from the US and Israeli conflict with Iran. In Cairo, shops and cafés will close by 9pm on weekdays, and illuminated billboards will be turned off. Prime Minister Mostafa Madbouly announced that the monthly cost of natural gas imports has increased significantly, rising from $560M to $1.65B. The government is also contemplating remote work options. Egypt, which relies heavily on imports, is particularly vulnerable to economic impacts from the conflict as it seeks to mediate peace alongside Pakistan and Turkey.
NEW YORK TIMES
-On Friday, an Iranian missile and drone attack on the Prince Sultan Air Base in Saudi Arabia injured 12 US troops, two seriously, marking a significant breach of American air defenses during the ongoing war with Iran. The attack also inflicted damage on two KC-135 aerial refueling planes. Concurrently, Israeli strikes targeted Iranian industrial and nuclear sites, claiming responsibility for strikes on a uranium processing plant and a nuclear research facility. Iran has threatened retaliation against industries linked to American and Israeli interests. Amidst the conflict, US Secretary of State Marco Rubio indicated that ground troops are unnecessary for a swift resolution to the war, while peace talks with Iran remain minimal and largely indirect.
-Images and footage shared by an independent journalist and Iranian media indicate the presence of American BLU-91 antitank mines in Kafari, near Shiraz, Iran. These mines are typically released from a cluster bomb, specifically known as the "Gator," which disperses munitions midair to create a minefield. The New York Times has verified the locations of these mines, situated close to the Shiraz South Missile Base, but has not established details regarding their deployment. The use of such cluster munitions is prohibited by over 100 countries.
-At the Conservative Political Action Conference (CPAC) in Dallas, discussions around support for a potential war in Iran revealed a rift among attendees. An informal poll using pinto beans showed fluctuating opinions, initially leaning slightly towards opposition but ultimately tipping in favor of war support by the end of the event. The conference, historically a platform for America First sentiments against military intervention, faced challenges as organizers sought to maintain loyalty to President Trump amid rising gasoline prices and economic concerns. Although Trump, who typically promotes anti-war sentiments, was absent this year, the debate highlighted divisions over the current military actions initiated by his administration and Israel.
-House Republicans rejected a bipartisan deal to reopen the Department of Homeland Security, opting instead for their own plan, which prolongs the agency shutdown affecting U.S. airports. Despite an agreement reached with Senate Democrats, House Republican leaders, supported by President Trump, criticized the Senate proposal for lacking funding for Immigration and Customs Enforcement and Border Patrol. Speaker Mike Johnson emphasized their firm stance against efforts to reopen borders and halt immigration enforcement, labeling the Senate's actions as ridiculous.
-Defense Secretary Pete Hegseth is obstructing the promotion of four Army officers to one-star generals, raising concerns among senior military officials about potential discrimination based on race or gender. The affected officers include two Black individuals and two women, amidst a predominantly white male promotion list of approximately three dozen officers. Hegseth has been urging Army Secretary Daniel P. Driscoll to exclude these officers, but Driscoll has resisted, citing their exemplary service records. Recently, Hegseth removed the officers' names from the list, despite uncertainty about his legal authority to do so; the list is under review by the White House before Senate approval, with some female and Black officers still included.
-New York City Ballet, a leading dance company in the United States, has announced that it will not proceed with its scheduled six-day performance at the John F. Kennedy Center for the Performing Arts. This decision marks another significant cancellation from a major performing arts organization at the center. The announcement was made in a brief email to dancers, signed by the company’s executive director, artistic director, and associate artistic director, which did not provide further explanation but invited questions from the company members.
-The New York Police Department and federal authorities have thwarted a plot by Alexander Heifler, a 26-year-old from Hoboken, N.J., who is linked to the pro-Israel terrorist group JDL 613 Brotherhood, to assassinate Nerdeen Kiswani, a prominent figure in a pro-Palestinian protest group. The F.B.I. and the Police Department’s Joint Terrorism Task Force alerted Kiswani and her lawyer about the arrest, which occurred after a search of Heifler's apartment revealed eight Molotov cocktails. The JDL, the organization he is aligned with, is recognized by the F.B.I. as a terrorist organization, though representatives have not yet responded to inquiries regarding the incident.
-Representative Sam Graves, a 62-year-old Republican from Missouri and leader of the Transportation and Infrastructure Committee, announced his retirement effective January, stating the need to allow new conservative leaders to emerge. Graves, who has been involved in significant transportation debates, including oversight of Boeing's 737 Max crashes, highlighted that though his departure won't alter the House's Republican majority, it represents a broader trend of Republican retirements ahead of the midterm elections, reflecting a shift towards generational turnover in Congress.
-Bank of America has reached a tentative settlement of $72.5 million to resolve a lawsuit filed by attorneys for numerous victims of Jeffrey Epstein's sexual abuse, pending judicial approval. This settlement is the third by a major bank addressing similar allegations brought forth by the same legal team. The lawsuit, initiated in October in U.S. District Court in Manhattan, accused Bank of America of profiting from its connection with Epstein and neglecting evidence that its accounts were used to facilitate his exploitation of young women. A representative from the bank stated that, while they maintain their position of not participating in sex-trafficking crimes, the settlement allows for closure for both the bank and the plaintiffs.
-On Friday, Idaho lawmakers passed legislation to criminalize the use of bathrooms, locker rooms, and changing rooms that do not correspond to an individual's sex at birth, even in private businesses. The bill, which has been described as potentially the most restrictive transgender bathroom legislation in the nation, was approved by the Senate with a vote of 28-7, following prior approval from the House. Governor Brad Little is anticipated to sign the bill into law. Under this legislation, it becomes a misdemeanor for an individual to willfully enter facilities designated for the opposite biological sex, with penalties including up to one year in prison. Repeat offenders within five years could face felony charges, with sentences of up to five years. This law is part of a broader trend, as Idaho joins 20 other states with similar restrictions, though penalties differ significantly. For instance, Kansas recently enacted a law allowing private citizens to sue for $1,000 damages if they encounter transgender individuals using bathrooms inconsistent with their birth sex.
NY POST
-House Republicans passed a stopgap measure to fund the Department of Homeland Security (DHS) amidst a six-week partial government shutdown, rejecting a Senate-passed spending bill lacking immigration enforcement funding. The House's clean continuing resolution, which allocates funds for 60 days, was approved by a narrow margin of 213-209, with three Democrats voting in favor and sixteen members abstaining. While the Senate version, introduced by Senate Majority Leader John Thune, garnered unanimous consent and support from House Democrats, it faced rebuke from House Speaker Mike Johnson and other Republicans. Critics, including House Majority Leader Steve Scalise, argued that the Senate bill effectively defunded immigration enforcement agencies, a sentiment echoed by Republicans who cite previous funding secured for Immigration and Customs Enforcement (ICE) and Customs and Border Protection (CBP) in last summer's legislation championed by President Trump.
-BlackRock CEO Larry Fink's compensation for 2025 increased by $6.9M to a total of $37.7M, as reported in a recent proxy filing. The pay package comprises a base salary of $1.5M and a bonus of $10.6M, while the previous year's compensation was $30.8M. The rise in Fink's pay is primarily attributed to a $6.5 million increase in stock awards. In a letter to investors, Fink expressed optimism about entering 2026 with strong momentum and growth opportunities. Despite recommendations from proxy adviser Institutional Shareholder Services for investors to oppose top executive pay, BlackRock received support from 67% of votes cast regarding its executive compensation. Additionally, the firm announced that its assets under management reached a record $14 trillion, and it exceeded Wall Street's profit expectations in the fourth quarter of 2025, achieving a net profit of $2.18 B (excluding one-off charges). Although BlackRock's shares rose 4.5% in 2025, they have since experienced a decline of over 12% this year.