US Launches Airstrike in Somalia as US-Backed Government Claims Major Al-Shabaab Casualties

Persian Gulf Countries 'Refused' UAE Call For Joint Attack On Iran Via The Cradle The UAE tried but failed to persuade neighboring states, including Saudi Arabia and Qatar, to take part in a coordinated military attack on Iran, Bloomberg reported Friday, citing sources familiar with the matter. UAE President Mohammed bin Zayed (MbZ) spoke by phone with Saudi Crown Prince Mohammed bin Salman (MbS) and other regional leaders to propose the coordinated attacks, shortly after the US and Israel launched the war on Iran on February 28, the sources said. During the calls, MbZ argued that...

Global Demand Destruction: Subsidies, Empty Gas Stations, Rationing, Flight Cancelations, Export Limits, Price Controls In the past two weeks we have discussed demand destruction as a result of soaring oil prices (here and here), and we are increasingly seeing anecdotal evidence of just that (here is a table from Goldman we showed previously, laying out where demand destruction is most acute). We start, as always, with Asia which has emerged as ground zero of the global energy crisis - as a reminder last week we first presented a map by JPMorgan's...

Audemars Piguet x Swatch's Affordable Watch Launch Sparks Lines Across World Luxury watchmakers Audemars Piguet and Swatch have done the unthinkable: unveiling a new, affordable collaboration aimed at younger buyers, with prices ranging from $400 to, of course, $420. Called the "Royal Pop," the affordable handheld watch inspired by pop art is clearly a mass-market move aimed at stimulating the Swiss watch market after muted activity over the last few years, following the massive run-up fueled by cheap money during the pandemic. Keep in mind that the average Audemars Piguet watch...