After Killing Three Indian Mariners, US Bombs Another Tanker in the Gulf of Oman

US strikes against Iran that began on Tuesday night damaged two water reservoirs in Sirik county in Iran’s southern Hormozgan province, cutting off water supplies to 20,000 Iranians amid sweltering heat, Iranian media has reported. “Unfortunately, following this attack, 20,000 residents of the region have lost access to safe drinking water, and with temperatures ranging […]

Bessent's 'Yentervention' Does Not Fix Japan's Underlying Structural Issues Authored by Ed Dowd via 'Beyond The Narrative' substack, ...a delicate meal to cook before Midterms... My conclusions on the Bessent yen intervention: The move is a temporary Band-Aid at best and sharp yen strength can historically trigger carry-trade unwinds and risk-asset volatility, but it does not fix Japan’s structural debt or rate differentials. The Fed, BOJ and Treasury are walking a tightrope. Consensus is correct that the primary driver is preventing forced sales of Japan’s $1T+ UST holdings that would spike US yields. Expanding the...

China Sentences Evergrande Founder To Life In Prison Five years after Chinese property development firm Evergrande Group collapsed under the weight of enormous debt, founder Xu Jiayin was sentenced to life in prison on Thursday. Xu Jiayin, also known as Hui Ka Yan, founder of property developer Evergrande, appears for sentencing at the Shenzhen Intermediate People's Court in Shenzhen, China, on Aug. 20, 2026. Shenzhen Intermediate People's Court /Xinhua via AP Xu (Hui Ka Yan in Cantonese), 64, pleaded guilty in April to fundraising fraud, illegally taking public deposits, illegally extending loans, bribery, fraudulently...