Battery Bottleneck Threatens India’s Renewable Energy Ambitions
India is targeting 500 GW of renewable capacity by 2030, but the rollout hinges on rapid energy‑storage deployment. Tendered storage capacity surged from 6.8 GW in 2018 to 90.7 GW for 2025, with standalone battery systems dominating. While tariffs for two‑hour BESS fell to about $1,576/MW‑month, 75% of that segment is deemed financially risky against a $2,449 benchmark. Execution risks, import‑heavy lithium supply and conservative financing threaten the timeline for meeting the renewable goal.
Near-Stabilisation of Business Conditions in Turkish Manufacturing Recorded by May PMI
Turkey's Istanbul Chamber of Industry Manufacturing PMI edged up to 49.8 in May, its strongest level since March 2024 but still below the 50.0 expansion threshold. The modest rise reflects a tentative rebound in production and a pickup in export...
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US and Iran Report Latest Strikes Around Strait of Hormuz
On May 30‑31, U.S. Central Command carried out self‑defence strikes against Iranian radar and drone command sites in the Persian Gulf after a U.S. drone was reportedly shot down. Iran’s Islamic Revolutionary Guard Corps retaliated by targeting a U.S.‑used air base...
The Magnet Wars and How China Still Holds the Keys to Electric Mobility
China controls roughly 90% of the permanent‑magnet supply chain that powers EVs from Tesla, Ford and GM, creating a strategic choke point for Western manufacturers. To reduce dependence, the U.S. Department of Defense signed a $96 million agreement with Australia’s Lynas...
Hegseth Praises US-China Stability but Warns over Beijing’s Military Build-Up
U.S. Defense Secretary Pete Hegseth told the Shangri‑La Dialogue that ties between Washington and Beijing are the strongest they have been in years, crediting the recent Trump‑Xi summit. At the same time, he warned that China’s rapid military buildup poses...
China Pledges Base Commodity Support to Cambodia Amid Supply Pressures
China pledged supplies of oil, gas and fertilizer to Cambodia during a May 27 meeting between Chinese Foreign Minister Wang Yi and Cambodian counterpart Prak Sokhonn. The pledge follows Beijing’s recent decision to lift its fertilizer export ban and issue urea quotas to...
Iran Launches Vehicle Transit Through Jask, Its Strategic Gulf of Oman Port
Iran inaugurated commercial vehicle transit through its southeastern Jask port, receiving the first shipment of sixteen cars from Oman on May 31. The operation, conducted under the watch of a nearby U.S. Navy presence, aims to diversify Iran’s cargo routes beyond...
China’s Economic Growth Leaves Japan in the Dust.
China has overtaken Japan as Asia's dominant economy, now ranking first globally in purchasing‑power‑parity (PPP) terms. Japan’s nominal GDP has slipped to roughly $4.3 trillion, while three Chinese coastal provinces together generate over $5 trillion, eclipsing the entire Japanese economy. The broader...
US Extends Licence for Lukoil Foreign Asset Sales to June
U.S. Treasury extended the license for negotiations on Lukoil’s foreign asset sale to June 27, marking the sixth renewal since the October 2025 sanctions on Russia’s top oil producers. The waiver allows prospective buyers to discuss the $22 billion portfolio of oilfields,...
How Effective Are Ukraine’s Drone Strikes at Destroying Russian Refinery Production?
Ukraine has intensified its drone campaign against Russian oil infrastructure, planning to produce roughly 7 million drones in 2024 and deploying long‑range models against refineries and Baltic Sea terminals. Reuters reported a 40% plunge in Russian oil exports after attacks on...
Ukraine's Ammunition Lifeline Frays as US Scales Back Nato Commitments
The Czech‑led ammunition coalition that has delivered over 4 million artillery shells to Ukraine has halved its membership, dropping from 18 to 9 countries after Prime Minister Andrej Babiš returned to power. Simultaneously, the United States announced a major scale‑back of...
The Return of the Silk Road as the “C6”, A Key Geopolitical Link Between Europe and Asia
Central Asian states have moved from rivalries to a coordinated bloc, the C5, and are now expanding to a C6 configuration with Azerbaijan. The partnership creates the Middle Corridor, a land route that can move China‑Europe freight in 13‑21 days,...
SMBC Indonesia Offloads $1.13bn Pensioner Loan Portfolio to BTN
PT Bank SMBC Indonesia (BTPN) has agreed to sell its pensioner and pre‑pensioner retail loan portfolio to state‑backed PT Bank Tabungan Negara (BTN) for IDR 19.93 trillion, roughly US$1.13 billion. The transaction represents about 46.3% of SMBC Indonesia’s equity base and is classified...
Baghdad Accelerates Efforts to Revive Crude Exports
Iraq is accelerating talks with foreign oil firms to restart idle fields and open new export routes as the Strait of Hormuz remains closed. Prime Minister Ali al‑Zaidi ordered contingency plans, focusing on diversifying corridors through Turkey’s Ceyhan port and...
Russia Fires Oreshnik Cruise Missiles at Kyiv as Tit for Tat Cycle of Violence Continues
Russia unleashed one of its largest aerial assaults on Kyiv on May 24, firing two Oreshnik intermediate‑range ballistic missiles alongside roughly 900 drones and cruise missiles. The barrage struck residential districts, schools, markets and industrial facilities, marking the heaviest attack...
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Iran Says It Shot Down Israeli Orbiter Surveillance Drone over Hormozgan
Iran’s south‑east air‑defence region reported shooting down an Israeli Orbiter reconnaissance drone over Hormozgan province, citing the use of a specialised, undisclosed system. The UAV, known for radar‑evading capabilities, was recovered with assistance from the local coast‑guard. The incident coincides...
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Malaysia's McDonald's Plans MYR1bn Investment and 100 New Restaurants by 2030
McDonald's Malaysia unveiled a MYR1 billion ($252 million) five‑year investment plan that will fund 100 new restaurant openings and a major upgrade of existing sites. RM600 million ($151 million) is earmarked for new locations, while RM400 million ($101 million) will modernise outlets and expand digital capabilities...
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Hungary in Talks to Buy 1bn Cubic Metres of Romanian Black Sea Gas Annually
Hungary’s new government is poised to sign a gas supply deal with Romania for up to 1 bn cubic metres per year from the Neptun Deep offshore field, slated to start production in 2027. The volume would cover roughly 20‑25% of...
CAUCASUS BLOG: Russia's South Ossetia Treaty Edges Toward Annexation
On May 9, President Vladimir Putin and South Ossetian President Alan Gagloev signed a "Treaty on Deepening Allied Interaction" that effectively integrates South Ossetia into Russian administrative, legal, and economic structures. The agreement grants Russian officials authority in the breakaway region, aligns property...
Ukrainian Banks Post Record Growth in Hryvnia Business Lending
Ukrainian banks recorded a historic surge in hryvnia‑denominated commercial loans, reaching UAH 609.28 bn (≈$13.8 bn) in April 2026. The growth was led by financing for the defence industry, energy projects and agriculture, reflecting a shift from direct state‑budget funding to market‑based lending....
Saudi Arabia's Alinma Bank Prices $500mn Sustainable AT1 Sukuk at 6.625%
Saudi Arabia’s Alinma Bank priced a $500 million sustainable AT1 sukuk at a 6.625% coupon, issuing 2,500 certificates with a $200,000 par value each. The perpetual capital instrument is callable after five and a half years, with settlement slated for June 3...
Nigerian Billionaire Femi Otedola Sells Geregu Power Stake to Invest $100mn in Dangote Refinery IPO
Nigerian billionaire Femi Otedola sold his Geregu Power stake to free capital for a $100 million allocation in the upcoming Dangote Petroleum Refinery IPO. The refinery, a 650,000‑bpd facility, is targeting a $40‑$50 billion valuation with 5‑10 percent of shares offered, and private‑placement...
Argentina in Talks to Extend China Currency Swap Even as Repayments Near Completion
Argentina is negotiating an extension of its currency swap with China as it nears full repayment of the activated portion, now down to about $675 million from a $5 billion peak. The swap, originally signed in 2009 and renewed in 2023, provides...
Dangote Plans Major Atlantic Port Project in Southwest Nigeria to Support Oil, Fertiliser Exports
Dangote Industries has launched preliminary work on a 10,000‑hectare deep‑sea port at the Olokola Free Trade Zone in southwest Nigeria. The facility is designed to serve as a logistics hub for exporting fertiliser, petrochemicals and refined petroleum while importing heavy...
Silver Fern Farms Airlifts 90 Tonnes of Chilled NZ Meat to UAE in Supply Push
Silver Fern Farms air‑freighted 90 tonnes of chilled lamb and beef from Auckland to Abu Dhabi on a dedicated charter flight, marking its first full‑aircraft shipment. The cargo, handled by Hellmann Worldwide Logistics, will be distributed by Al Tayeb, the meat division of...
UAE, Kuwait Expand Overseas Storage to Safeguard Asian Supply Chains
Gulf national oil firms are reshaping logistics to insulate Asian supply chains from Strait of Hormuz disruptions. Kuwait Petroleum Corp. has positioned 7‑8 million barrels of crude in Japan and South Korea, while ADNOC is negotiating storage of up to 30 million...
China Added a Germany-Sized Electricity Grid Last Year - OWID
In 2025 China’s electricity generation jumped by almost 500 terawatt‑hours, roughly the amount Germany produces in a year, effectively adding a Germany‑sized grid in a single year. The surge came almost entirely from solar and wind, with solar alone contributing an...
Ukraine Escalates Drone Strikes Against Russian Oil Infrastructure, Exports Down 10%
Ukraine intensified its drone campaign against Russian energy assets over a weekend, striking refineries, pipelines and storage sites. The attacks have knocked out roughly 700,000 barrels per day of refining capacity across 16 facilities, driving a near‑10% drop in oil...
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Emirates Breaks Ground on $5.1bn Aircraft Engineering Facility in UAE
Emirates has broken ground on a $5.1 billion aircraft engineering complex at Dubai South, slated for completion by mid‑2030. The 1.1 million‑square‑metre facility, built by China Railway Construction Corporation, will be the world’s largest MRO hub and the Gulf’s biggest steel structure....
Iran’s Pezeshkian Admits Oil Exports Hit by US Naval Blockade
President Masoud Pezeshkian publicly confirmed that a U.S. naval blockade has disrupted Iran’s oil exports, marking the first senior admission since the blockade began in mid‑April. The U.S. Navy has been intercepting Iran‑linked vessels in the Sea of Oman and...
Dangote Refinery Sues to Halt Nigeria Petrol Imports Amid Market Battle
Dangote Petroleum Refinery has filed a lawsuit in Lagos seeking to void import licences granted to six downstream marketers that would allow the entry of about 720,000 metric tonnes (roughly 960 million litres) of petrol. The refinery argues the licences breach...
Russian SME Closures Accelerate in 1Q26 as Economy Contracts
Russian small‑and‑medium‑enterprise closures surged in Q1 2026, with about 209,000 firms shutting down – a 9 percent increase year‑over‑year. The wave follows a real‑terms contraction, a 14.5 percent policy rate, a two‑point VAT hike and inflation that outpaces the official 5.9 percent headline. Retail,...
Germany Revamps Its Energy Laws, but Risks Locking Itself Into Decades of Costly Gas Import Dependence
Germany is revising its electricity market rules, including the pending Electricity Supply Security and Capacity Act, which will launch capacity auctions for backup power starting September 2026. Energy think‑tank Ember warns that the draft favors new gas‑fired plants, risking a...
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Iran Says US Sought to Seize Nuclear Material in Isfahan 'Raid'
Iran’s deputy interior minister told parliament that a recent U.S. operation in Isfahan was a failed attempt to seize Iranian nuclear material, describing it as a "humiliating failure" for Washington. The United States, however, framed the incursion as a search‑and‑rescue...
Post-Orban Hungary Turns Inward: Warmer on the EU, Cooler on Ukraine, No Break with Russia
Hungary’s new prime minister, Peter Magyar, inherits a public that wants closer ties with the EU but remains wary of a full break from Russia and of deepening military support for Ukraine. Polls by the European Council on Foreign Relations...
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Iran's Vice President Criticises Continued Internet Restrictions Her Own Government Put in Place
Iran’s Vice President for Women and Family Affairs Zahra Behrouz‑Azar publicly criticized the government’s ongoing internet blackout, arguing it cripples the country’s digital economy. The restrictions, in place since the February 28 war with the United States and Israel, have left...
NABU Charge Former Head of Ukraine’s Presidential Administration Yermak with Corruption
Ukraine’s National Anti‑Corruption Bureau (NABU) and the Specialized Anti‑Corruption Prosecutor’s Office have formally charged former presidential chief of staff Andriy Yermak with laundering roughly $10.5 million through luxury villa projects near Kyiv. The alleged money‑laundering ties into a wider investigation of...
Romania’s Trade Deficit Narrows 9.3% to €7.7bn in Q1
Romania’s trade deficit narrowed 9.3% year‑on‑year in Q1 2026 to €7.7 bn (about $8.3 bn), falling to 2.0% of GDP from 2.4% a year earlier. Imports slipped 1.7% to €31.5 bn ($34 bn) while exports edged up 1.1% to €23.8 bn ($25.7 bn), led by automobiles...
Global Biofuel Production up Sevenfold in the Last Two Decades - OWID
Global liquid biofuel production has surged sevenfold over the past 20 years, climbing from roughly 30 billion to 210 billion liters. The expansion has been led by Brazil’s sugarcane ethanol and the United States’ corn ethanol, spurred by renewable‑fuel mandates in the...
The World's Piracy Hotspots – Statista
Somali pirates hijacked the oil tanker MT Eureka on May 2 in the Gulf of Aden, underscoring a renewed wave of piracy off East Africa. Analysts link the resurgence to naval forces diverting attention to Houthi attacks and the Strait of Hormuz...
A World More Afraid: Wars Fuelling Rising Fears of Foreign Attacks
The 2026 Democracy Perception Index, covering 94,146 respondents in 98 nations, shows a sharp rise in fear of foreign attack in the United States, Russia, Lebanon, Iraq and Kazakhstan, while concern eases in places like the DRC and Vietnam. Overall...
Pinglu Canal Highlights China’s Logistics-First Infrastructure Strategy
China is nearing completion of the 134.2 km Pinglu Canal in Guangxi, a $10.7 bn river‑to‑sea waterway that will accommodate 5,000‑ton vessels. The canal links the Xijiang River system to the Beibu Gulf, shortening the inland‑to‑coastal freight route for the region’s 50 million...
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Iraq Drops Out of Thai Rice Market Due to Hormuz Blockage
Thailand's rice exports to Iraq have stopped completely for three months after the war in the Middle East blocked the Strait of Hormuz. Iraq, previously Thailand's largest rice market at 80‑90 000 tonnes per month, now receives no shipments. The disruption...
Slovak PM Fico Holds Urgent Talks with State Oil Company After Hinting that Moscow Is in Energy Talks with US
Slovak Prime Minister Robert Fico met Russian President Vladimir Putin in Moscow and then called an urgent meeting with state oil transporter Transpetrol. He hinted that the United States is interested in buying Russian transit infrastructure and suggested a new...
EU Plans to Double Military Support for Moldova Under European Peace Facility
The European Union announced it will double its military assistance to Moldova through the European Peace Facility, raising annual funding to €120 million (about $131 million) after already providing €200 million ($218 million). The boost aims to modernise Moldova’s armed forces, including a new...
Italy’s Edison Expects Two-Thirds of LNG Supply From Qatar to Be Delivered Shortly After Any Peace Deal
Edison, QatarEnergy’s biggest Italian customer, said it will receive roughly two‑thirds of its contracted LNG volumes within 30‑45 days after any peace agreement between the United States, Israel and Iran. The company has already seen 12 cargoes cancelled, though eight...
Russia's Machine and Tool Production Growing Fast on Innovation Forced by Sanctions
Russia’s machine‑tool sector is experiencing a rapid resurgence as sanctions force domestic innovation. Domestic manufacturers now hold roughly 34% of the market, up from 12‑15% five years ago, and the industry is expanding at an estimated 30‑40% per year. State‑backed...
Argentina Is the IMF Biggest Debtor Followed by Ukraine
Argentina remains the IMF’s largest debtor, with $60.2 bn owed—about 8.7% of its GDP. Ukraine follows with $15.5 bn, representing 6.9% of its GDP, reflecting wartime financing needs. Other emerging economies such as Egypt, Pakistan and Ecuador each carry roughly $10 bn in...
The Iran War Exposes Fiscal Fragility Around the World
Fitch Ratings warns that the Iran war has hit global fiscal buffers at a time when most advanced economies have little room to maneuver. Even the EU’s most disciplined nations—Ireland, Greece, Portugal, the Netherlands and Scandinavia—face pressure on debt and...
Bosnia Steel Shutdown Hits Railways, Port and Regional Supply Chains
Bosnia’s flagship Zenica steelworks halted integrated production on April 23, citing unsustainable losses and a lack of state protection. The shutdown eliminates roughly 30% of rail freight turnover for the Federation’s railway operator and threatens 2,500 railway jobs and thousands of...