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ME US-Israel-Iran war enters third week with further escalations: This week saw a major escalation in attacks on energy infrastructure and shipping tied to the Strait of Hormuz. US and Israeli forces expanded strikes on Iranian military and strategic sites, including areas around Isfahan and Iran’s key oil export hub at Kharg Island, and the two allies warned Tehran that further disruption to shipping would trigger additional attacks. Iran retaliated with missile and drone strikes across the region, targeting Israel and Gulf countries hosting US forces and threatening major oil ports in the UAE and elsewhere.
ME Oil markets shaken by geopolitical turmoil: Brent and US West Texas Intermediate crude futures have spiked sharply with both contracts surging more than 40% so far this month to their highest levels since 2022. Governments and international organizations began discussing emergency stockpile releases to stabilize supply, while analysts warn that if disruptions persist, the energy shock could drive inflation higher and slow economic growth worldwide. Reuters has published a series of graphics offering a more detailed view of the impact that the Strait’s closure has had.
UKR Ukraine as a "legitimate target”: Ebrahim Azizi, head of Iran’s parliamentary committee on national security declared that the "entire territory" of Ukraine is now a legitimate target after Kiev sent drone-defense specialists and technology to assist Gulf countries facing Iranian drone attacks. Tehran justified this position by explicitly citing Article 51 of the UN Charter to justify potential strikes, claiming Ukraine has "effectively joined the war" by supporting Israel.
EU European countries open talks with Iran about Strait of Hormuz passage: Several European governments, including France and Italy, have opened diplomatic discussions with Iran to secure safe passage for shipping through the Strait of Hormuz. The move highlights the growing distance between the EU and the US stances on the ongoing war.
SP Spain permanently withdraws ambassador from Israel: Spain's government has formally dismissed its ambassador to Israel, six months after recalling her in a dispute initially prompted by the war in Gaza, as the standoff between the two countries was reignited after the latest US-Israeli attacks on Iran. PM Pedro Sánchez has become Europe's most vocal critic of the war, he has implemented a full arms embargo and refused to allow the US to use Spanish bases for strikes against Iran. He has also called for a fundamental restructuring of the UN Security Council and demanded the abolition of the veto power held by the permanent members.
CUB Protests escalate in Cuba amid deepening economic crisis: Protests have erupted in parts of Cuba where demonstrators attacked and vandalized a local Communist Party office and several nearby buildings. The unrest has been driven by severe electricity blackouts, fuel shortages, and food scarcity, with the island suffering one of its worst economic crises in decades. The government claims the shortages are caused by an energy blockade and the loss of oil supplies, while citizens increasingly blame economic mismanagement for the deteriorating living conditions.
CH Swiss wealth managers expect influx of Gulf assets: Reuters reported that based on interviews conducted with over than a dozen bankers and financial advisers, collectively representing assets worth more than $1 trillion, there is broad optimism that Switzerland will attract more money from the Middle East. Although the small alpine nation has faced growing competition from financial hubs in the Middle East and Asia, cash positions booked in the country by private individuals and non-banks from the UAE have increased around 40% over the last three years.
EU Nuclear U-Turn: At a major nuclear energy summit in Paris, Ursula von der Leyen argued that nuclear power should play a larger role in Europe’s energy strategy and described the previous push away from nuclear as a “strategic mistake” in light of geopolitical instability and energy security concerns. She announced a goal of rolling out small modular reactors (SMRs) across the EU by 2030 and harmonizing regulations between member states. Her remarks are politically notable as von der Leyen is a senior member of CDU party, which supported Germany’s nuclear phase-out after the Fukushima disaster.
SRB Serbia confirms possession of Chinese missiles: Serbia, NATO member and EU membership candidate, confirmed it possesses Chinese-made supersonic missile systems, becoming the weapons’ first European operator, after photographs of the equipment circulated online. The pictures showed missiles believed to be Chinese-made CM-400AKG cruise missiles attached to Serbia’s Russian-made MiG-29 planes. Officials said the systems are part of the country’s efforts to modernize its air defenses and insisted they are purely defensive. At the same time, Serbian leaders warned that neighboring countries are increasing military pressure and accused some regional rivals of preparing hostile actions.
US Morgan Stanley and Cliffwater restrict withdrawals from private credit funds: Morgan Stanley restricted redemptions at its $7.6 billion North Haven Private Income Fund after investors attempted to withdraw about 11% of outstanding shares. The fund honored only 45.8% of requested withdrawals, sticking to its policy that caps quarterly redemptions at roughly 5% of total units to avoid forced asset sales. The $33 billion Corporate Lending Fund run by Cliffwater also capped withdrawals after investors requested roughly 14% in redemptions. The firm allowed only 7% of withdrawals, highlighting liquidity constraints. These moves reflect growing investor concerns about the health of private credit portfolios.
GOOD TO KNOW
US government stake in Intel challenged as “unlawful”
A lawsuit has been filed by an Intel shareholder challenging a controversial deal in which the US government obtained a 10% equity stake in Intel. The shareholder argues that the agreement was an unlawful arrangement that effectively handed the government about $11 billion in stock for little or no consideration, allegedly after pressure from the Trump administration and public criticism of Intel’s leadership. in response to what it calls “extortionary threats”.
The suit claims that Intel’s CEO and board approved the deal primarily to protect themselves from what it calls “extortionary threats”, rather than acting in their shareholders’ best interests, and seeks to have the transaction voided. At the time, President Trump had publicly called for Intel CEO Lip-Bu Tan to resign and called him “highly conflicted” due to his investments in Chinese companies. The lawsuit also questions the role of Skadden, the law firm involved in structuring the agreement, arguing that it may have had conflicting responsibilities because it allegedly provided legal assistance both to Intel and to the US Commerce Department during the negotiations. The shareholder claims this overlap raises concerns about whether the deal was handled in a way that properly protected Intel’s investors.
The lawsuit’s central legal argument is that only Congress has the constitutional authority to authorize a federal agency to become a partial owner of a publicly traded company. If the court finds that the CHIPS and Science Act of 2022 did not explicitly permit the conversion of grants into equity, it could invalidate the deal. This could have broader implications for similar arrangements in which the US government has obtained or sought equity stakes in private firms as part of industrial-policy programs and it could open the door to challenges against comparable deals with other companies.
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SCT SNP warns UK to prepare for Scotland leaving the union: First Minister John Swinney issued a sharp warning at the SNP’s pre-election conference in Edinburgh, signaling renewed momentum behind independence and arguing that nationalist parties across Scotland and other parts of the UK could achieve significant electoral victories and that independence should again become a central campaign issue.
NL Explosion at Jewish school in Amsterdam investigated as deliberate attack: Dutch authorities said an explosion that damaged a Jewish school in Amsterdam is being treated as a deliberate act. They also said police were examining CCTV footage reportedly showing a person placing explosives. No injuries were reported, but security around Jewish institutions in the Netherlands has been tightened.
CHI China passes new “ethnic unity” law: China approved a sweeping new law aimed at promoting integration among the 56 officially recognized ethnic groups in the country, dominated by the Han Chinese. The law mandates that all children should be taught Mandarin before kindergarten and up until the end of high school, a massive departure from the previous approach that allowed students to study most of the curriculum in their native language such as Tibetan, Uyghur or Mongolian.
UK Hereditary peers to be removed from House of Lords: A 700-year-old tradition neared its end this week as the House of Lords (Hereditary Peers) Bill passed its final parliamentary stages on March 10. The legislation removes the right of the remaining 92 hereditary peers to sit and vote in the House, effectively ending the principle of inherited political power in the UK.
DE Jürgen Habermas dies at 95: One of the most influential post-war European philosophers and a leading figure of the Frankfurt School, besides Marxist thinkers like Theodor Adorno and Max Horkheimer, has died at age 96 in Starnberg, Germany. His work, especially The Theory of Communicative Action, shaped modern debates on democracy, public discourse, and the role of rational communication in society.
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