A New Iran (Military?) Base Case

A British tourist is among about 20 people who are facing charges in the UAE for filming Iranian attacks on Dubai, as the US’s Gulf Arab allies are taking steps to censor the impact of the war. According to The Guardian, the 60-year-old man is being charged with a law that prohibits sharing material that […]

Qatar Expels Iranian Diplomats After Strike On LNG Hub; Israel Attacks Iran's Navy In Caspian Sea Summary Israel strikes Iran Navy in Caspian Sea. Iran FM Discusses Strait of Hormuz with EU's Kallas, oil dumps, amid reports of Iran launches on KSA. Largest Qatar LNG export hub hit by Iranian missiles. Doha expels diplomats. Some Gulf states want to ensure Iran's missile arsenal destroyed for good, as EU, Russia, China demand ceasefire; Beijing ignores Trump's Hormuz plea Israel says Iran's intelligence chief Esmail Khatib was eliminated overnight as pace of top leadership killings...

"Strain Is Spreading": FT Exposes Private Credit Distress At Decade Highs Since last fall, we have repeatedly flagged the private credit sector’s growing vulnerabilities. Earlier coverage detailed how the asset class ballooned into a $2-3 trillion opaque market after banks retreated from riskier lending, only to face a wave of high-profile defaults (First Brands, Tricolor), surging redemptions that forced gates at major vehicles, rising PIK usage, and AI-related risks to software-heavy portfolios. In February, the red flag got about as red as it gets... Private Credit Rocked By UBS Shock Outlook: Record "Cascading...