First Qatar Supply Shock, Now Cyclone Chaos Slams Major Australian LNG Plants

In a troubling overnight development that could further deepen the Gulf energy shock, especially in global LNG markets, a tropical cyclone has disrupted operations at three major Australian LNG facilities, which together account for roughly 8.4% of global supply. The timing is alarming: Iranian strikes have already knocked out about 17% of Qatar's LNG export capacity, with repairs potentially taking years. The Australian outages now add near-term supply risks for buyers, particularly in Asia and Europe, who are already panicking and scrambling for new supplies.

Tropical Cyclone Narelle is bearing down on Western Australia's coastline and has sparked major disruptions across three of Australia's top LNG facilities, including Gorgon, Wheatstone, and North West Shelf (as per Bloomberg): 

• Woodside Energy Group Ltd.'s North West Shelf export plant in Western Australia had a production interruption due to severe Tropical Cyclone Narelle, according to a company spokesperson.

• Meanwhile, Chevron Corp. said one of the three production units at its Gorgon plant was shut, as well as a platform that feeds its Wheatstone facility and domestic gas production.

• Following the closure of the Strait of Hormuz and Iranian strikes damaging the world's largest liquefaction plant in Qatar, Australia has become the second-largest LNG exporter, with the US in the top spot.

"Temporary shut-ins at Australian LNG plants come at the worst time for LNG buyers looking to replace supply from Qatar," said Josh Runciman, lead analyst for Australian gas at the Institute for Energy Economics and Financial Analysis. "LNG spot prices are likely to increase on the back of the shut-ins, leading to further pain for buyers."

MST Marquee analyst Saul Kavonic warned the cyclone "will exacerbate gas market tightness in Asia and Europe, especially if it takes more than a matter of days to normalize Australian production levels again."

Asian LNG prices have soared by 90% since the conflict in the Middle East erupted in late February, and the conflict is set to enter its first month. In Europe, natural gas prices have doubled since the start of the conflict.

The big question now is whether Australia's Gorgon, Wheatstone, and North West Shelf facilities, which together accounted for roughly half of the country's LNG exports last month and about 8.4% of global trade, can resume operations quickly once the cyclone passes. Any meaningful storm damage would risk extending outages, further tightening the global LNG market in crisis, and compounding supply woes for buyers in Asia and Europe. 

Amid the chaos, one country stands to benefit (read here).

 

Tyler Durden Fri, 03/27/2026 - 08:20

Did Melania Trump's White House Walk With Humanoid Robot Signal Admin's Push Into Physical AI

The White House on Wednesday hosted an education summit featuring first lady Melania Trump walking side by side with an American-made humanoid robot. 

"Figure 03" AI-powered robot accompanies first lady Melania Trump to a White House summit on empowering children with educational technology. pic.twitter.com/RShdfvEG38

— CSPAN (@cspan) March 25, 2026

The robot's placement at a White House event suggests the technology wing of the Trump administration is pivoting toward physical AI, with the next chapter increasingly centered on American-made humanoid robotics.

A Politico report in December revealed that the administration was preparing to go "all in" on accelerating humanoid robotics, with sources saying White House officials were considering an executive order sometime this year.

Melania's appearance alongside the Figure 03 robot may be the clearest signal yet that the administration is preparing to embrace robotics as the next natural progression of physical AI.

Also on Wednesday, Jefferies analysts published an insightful note titled, "Humanoid Robots Begin to Clock In"...

"Given recent advancements in materials science, battery technology and, most importantly, AI/processing, the dream of larger-scale deployments is edging closer to reality," the analysts wrote.

With humanoid robots now entering factory floors, and, as we have also pointed out, soon the battlefield, deployment of these autonomous machines in real-world commercial applications is set to ramp up this year and next. 

How to profit 

The analysts provided clients with a company breakdown of the most critical companies supplying components to humanoid robots, outlining where clients may be positioned to get the most exposure as the industry gears up for increased deployments 

Deployment Begins

The deployment timeline for these robots on factory floors is set to ramp this year and next, then accelerate sharply into the end of the decade before taking a quantum leap in the early 2030s.

Why

The analysts pointed to three structural forces set to accelerate mass adoption: 

• Aging populations, particularly in China and other developed markets, are increasing demand for labor supplementation and assistance.

• Declining interest in manufacturing jobs among younger generations is creating labor mismatches across global supply chains.

• Breakthroughs in semiconductors and AI are sharply improving robot intelligence and functionality while reducing costs.

The other major breakthrough is labor cost: With workers demanding $20 to $25 per hour and much higher rates for skilled jobs, companies could operate these robots on a fully loaded basis for between $2 and $3 per hour after accounting for operating costs.

Mass adoption of these robots, with price points around $25,000 by 2030, would make them very appealing for companies looking to automate low-skilled tasks and drive down labor costs. 

The analysts noted that robots are already beginning to invade factory floors. As they wrote, "In late '24, California-based Figure AI achieved a milestone by delivering its Figure 02 humanoid robot to a paying client. Around the same time in China, UBTech Robotics began the world's first large-scale deployment of full-sized humanoid robots."

Melania walking with a humanoid robot this week may mark an early signal that the Trump administration is preparing to accelerate the American-made humanoid robotics, assuming policy support has already been drafted, which could spark an investment cycle into companies in the same field, both public and private.

Professional subscribers can read the full "From Asimov to the Assembly Line: Humanoid Robots Begin to Clock In" at our new Marketdesk.ai portal

Tyler Durden Fri, 03/27/2026 - 07:45

K-Shaped Economy Bites Back: Retail CRE Transactions For Shops, Malls Plunge

February U.S. commercial real estate transaction activity appeared soft on the surface, but Goldman analysts believe the weak initial print will likely be revised meaningfully higher. The most notable area of weakness in last month’s transaction data was across the retail space, which is not especially surprising as the K-shaped economy continues to pressure lower-income consumers.

Goldman real estate analyst Julien Blouin wrote Wednesday that the initial February reading on CRE transaction volumes showed a 13% year-over-year decline. He noted that transaction data from MSCI Real Assets is typically "revised materially higher" and said the early print is not a major cause for concern.

Blouin added that prior months were revised higher by roughly 24% to 25% on average, suggesting the final February reading will likely show transaction growth in the high single-digit territory once the data is finalized.

February Transaction Volumes

Volumes are muted and well below Covid surge. Need rates lower. 

Deal activity is improving in some areas, especially office and industrial. Multifamily faced a much tougher comparison versus the same period last year, so the decline looks a lot worse than the underlying trend. The sharpest drop in CRE transactions was in retail, which includes shops, strip malls, convenience stores, restaurants, and malls.

CRE bucket breakdown for February:

• Multifamily/apartments: down 24% year over year

• Office: up 9%

• Industrial: up 15%

• Retail: down 61%

Retail CRE volumes plunged 

Blouin did not get into the details of the slump in retail deal activity, but it does appear buyers may still be selective in retail, due in part to the K-shaped economy, which is pressuring lower-income consumers’ ability to go out and spend at restaurants and shops.

Related:

• AI Takeover Complete: Data Center Construction Surpasses Office Construction For The First Time

The takeaway is that the sharp drop in retail CRE transactions likely reflects buyer caution around consumer-exposed properties, given everything we know about the K-shaped economy.

Professional subscribers can read the full Goldman note here at our new Marketdesk.ai portal

Tyler Durden Fri, 03/27/2026 - 06:55

UK Pushes Ahead With Temporary Ban On Political Crypto Donations

Authored by Stephen Katte via CoinTelegraph.com,

The UK government is advancing plans for a moratorium on political donations made through cryptocurrencies, following an independent review and pressure from multiple high-ranking politicians.

Cointelegraph reported on Wednesday that the Rycroft Review, an independent inquiry into foreign financial interference in the UK’s political and electoral systems, recommended a moratorium on crypto donations to political parties.

New statements from UK Prime Minister Keir Starmer on Wednesday have confirmed that the government will pursue the temporary ban.

“I can tell the House we will act decisively to protect our democracy. That will include a moratorium on all political donations made through cryptocurrencies,” said Starmer during Prime Minister's Question Time on Wednesday.

Several members of parliament, including the chair of the security committee, have been pushing for a full ban this year, warning that foreign states could exploit crypto payments to influence UK politics.

UK Prime Minister Keir Starmer pledged a moratorium on all crypto political donations. Source: YouTube 

Under the new measure, crypto will be prohibited for political donations until robust regulations are in place to prevent untraceable funds and foreign interference in UK elections, according to a separate government statement on Wednesday.

Bill still has to pass and become law

The ban would require amending the Representation of the People Bill, and the government said the changes would take “retrospective effect” from March 25.

The legislation is at the committee stage in the House of Commons. It needs to pass through both the House of Commons and the House of Lords, then receive royal assent from King Charles III to become law.

The legislation is still at the committee stage in the House of Commons. Source: UK Parliament 

“Once the legislation comes into force, political parties and regulated entities like candidates and MPs will then have 30 days to return any unlawful donations they may have received in the interim, after which enforcement action can be taken,” the government said.

Reform UK was the first political party in the country to accept crypto donations in May last year, with leader Nigel Farage announcing at the Bitcoin 2025 conference in Las Vegas that the group would accept Bitcoin and other cryptocurrencies from eligible donors.

Ban will not be lifted until sign-off from government

Once the ban comes into force, it won’t lift until “Parliament and the Electoral Commission are satisfied that the regulatory environment is robust enough to ensure confidence and transparency in donations being made in this way.”

The next general election in the UK must be held by Aug. 15, 2029.

Tyler Durden Fri, 03/27/2026 - 06:30

EU Accuses Hungary Of 'Pro-Russian Espionage'

Authored by Lucas Leiroz de Almeida via InfoBrics,

The rhetorical escalation between Budapest and Brussels continues to grow. Now, the EU accuses Hungary of actively sabotaging Europe by passing strategic information about the bloc to the Russian side. This type of serious accusation could never be made without proof, yet it has become common practice for the Western liberal regimes to accuse its rival countries of “collaborating with Russia” even without any evidence.

In a recent statement, the Hungarian Foreign Minister responded to recent European accusations of pro-Russian "espionage" by Hungarian authorities. According to the Hungarian minister, the EU is spreading lies and fake news about Hungary to try to influence the anti-Orban opposition, hoping to obtain a pro-EU result in the upcoming Hungarian elections.

Szijjarto's words were especially directed at Polish Prime Minister Donald Tusk, who had previously repeated rumors that Hungarian officials had informed Russia about sensitive details of the European bloc's meetings. Tusk acted extremely irresponsibly by spreading unconfirmed rumors on his social media – and even calling on the EU to take action against Hungary.

"The news that Orbán’s people inform Moscow about EU Council meetings in every detail shouldn’t come as a surprise to anyone. We’ve had our suspicions about that for a long time. That’s one reason why I take the floor only when strictly necessary and say just as much as necessary," Tusk said.

Szijjarto made it clear that Tusk's words are an attempt to provoke dissent in Hungary and mobilize the opposition against the government during the election period. However, he expressed optimism about the Hungarian government's ability to overcome these challenges, recalling that recent attempts by Brussels to defeat the pro-Orban coalition had failed due to strong popular support for the government.

“Instead of spreading lies and fake news, come to Budapest to support the opposition! Last time it worked… for us (...) You [Tusk] should come to Budapest before April 12 as well! Four years ago, you were the star speaker at the opposition rally, after which we won the elections by 20 percent. Think about it, Budapest is a great place to be,” he said.

Not only did Tusk spread such rumors about Hungary, but even major Western newspapers decided to spread these allegations, despite lacking any concrete evidence to support them. Politico, for example, published an article on the subject, citing various sources among European parliamentarians and officials, mentioning that the EU will take appropriate measures to prevent the leak of its data – including limiting the presence of Hungarian officials in secret meetings.

The sources told Politico that the case is not surprising, as Hungary and Russia have supposedly been "working together" for a long time to harm the EU. Szijjarto was described by the sources as a personal friend of Russian Foreign Minister Sergey Lavrov and as a "traitor" to his homeland.

“The fact that the Hungarian foreign minister, a close friend of [Russian Foreign Minister] Sergey Lavrov, has been reporting to the Russians practically minute by minute from every EU meeting is outright treason (...) This man has not only betrayed his own country, but Europe as well,” one of the sources told Politico.

It is absolutely reprehensible that this type of content is shared by the mainstream media. Respected newspapers should only share fact-based and verified content, not politically motivated and provocative rumors. Similarly, comments from sources whose sole purpose is to attack other European officials, without providing concrete evidence, should be removed by editors.

However, the mainstream Western media has a clear objective in the Hungarian elections: to help the opposition and create a political atmosphere hostile to Orban's team. Brussels and its allies, like Tusk, want to reverse the sovereign foreign policy established by the Orban government and induce Hungary to shift towards pro-Ukraine and anti-Russian tendencies. To this end, methods such as spreading lies to provoke the Hungarian electorate are being used.

It would be no surprise if Hungary suffered even harsher measures, such as a total ban from EU meetings or even sanctions. Despite the lack of evidence, Brussels has already made it clear that it opposes Orban and will do everything possible to overthrow him. There have already been direct threats of sanctions against Hungary on previous occasions, and it is possible that this will be repeated.

However, what will happen is the opposite of what European bureaucrats expect: the more threatened Hungary is, the more Eurosceptic and critical of Brussels' agendas it will become.

 

 

Tyler Durden Fri, 03/27/2026 - 05:00

Iran Conflict Drives Surge In China EV Demand

A sharp rise in oil prices tied to the US-Israel confrontation with Iran is likely to speed up the global transition to electric vehicles, strengthening a shift that has already helped China overtake Japan as the world’s top car seller, according to South China Morning Post.

Crude prices have surged past $100 a barrel amid fears of disruption to energy supplies, particularly through the Strait of Hormuz. US President Donald Trump escalated tensions by warning he would “obliterate” Iran’s power plants if shipping through the strait was not restored within 48 hours.

Analysts say such risks could have a direct impact on consumer behavior. “The closure of the Strait of Hormuz could be a game-changer for EVs,” said David Brown of Wood Mackenzie. He noted that the recent “eye-watering” 50 per cent spike in oil prices would make electric vehicles more financially attractive. “In those countries with access to low-cost Chinese EVs, the competitive advantage over gasoline-engined cars will come even sooner.”

HSBC economist Justin Feng echoed that view, arguing that prolonged volatility in fuel markets would reinforce EVs as a clear “cost-savings proposition,” particularly across Asia where price sensitivity is high.

SCMP writes that the broader shift is already underway. The number of countries where EVs make up more than 10 per cent of car sales has risen dramatically in recent years, reaching 39 compared with just four in 2019. Adoption has been especially rapid in developing economies, in some cases outpacing wealthier nations.

China stands to benefit significantly from this trend. Its automakers became the world’s largest sellers of vehicles in 2025, ending Japan’s long-held dominance. Companies such as BYD and Geely have also moved ahead of Japanese rivals including Nissan and Honda, while Chinese brands now make up a growing share of the global top 20 by sales.

Exports have played a major role in that rise. China shipped 8.32 million vehicles overseas last year, a 30 per cent increase, with electric vehicles accounting for 2.32 million units, up 38 per cent. Europe remains the biggest market, followed by Southeast Asia, Latin America and the Middle East.

At the same time, higher energy costs could create complications for EV production in the near term. Manufacturing remains energy-intensive, leaving some countries exposed to rising fuel costs. Thailand, which relies heavily on energy imports from the Gulf, is particularly vulnerable.

China, however, is expected to be better positioned to absorb such shocks thanks to its more integrated supply chains and greater flexibility in energy sourcing, allowing its EV sector to continue expanding even amid global uncertainty.

Tyler Durden Fri, 03/27/2026 - 04:15

The German Bureaucratic Dream Of "Society with Bound Capital"

Submitted by Thomas Kolbe

They form a massive workforce, the last continuously growing sector of our society: civil servants.

Approximately 5.5 million employees work in the public sector, and last year alone, 205,000 new civil servants were added.

This is by no means a blind attack on the bureaucracy. Civil servants indispensable to our society work to maintain internal and external security and uphold the judiciary as guardians of law and order.

Yet the question must be allowed. How can a civil service army grow by over 200,000 in a single year, even as artificial intelligence and digital automation could handle repetitive tasks?

Across the country – it is an open secret that the public sector functions as a kind of safety net for slowly rising unemployment. Employees often tread on each other’s toes, paralyzed and bored by pseudo-tasks that the political apparatus spontaneously invents to feed its overflowing administration.

They have created a fantasy world. A world where budgets not only never run dry but are continuously expanded—producing what could be called a destructive life of its own. Bureaucracies, after all, are social organisms that fight to survive and strive for expansion.

There is a surplus of bureaucratic energy, combined with the drive to weave the still young ideology of green socialism into the state. This creates a dangerous mix of ideological messianism and administrative activism, which fools taxpayers into thinking something is being accomplished—even where tasks could clearly be automated and restraint would be better.

One of the newer ideas, traceable to the ministerial environment, is the creation of a new corporate legal form.

The debate surrounding the upcoming introduction of the Society with Bound Capital offers a deep insight into the ideological and intellectual status quo of the German civil service and state apparatus. The new legal form is intended to prevent profit distributions and redefine owners as a kind of participating activists.

In short: The basic rules of the market economy are being turned upside down. One could also see it this way: in the Society with Bound Capital, the typical bureaucrat’s desire for absolute stability and predictability crystallizes, freezing the status quo.

Economic resilience and adaptation within capital structures via free markets are mortal enemies of this ideology, which dangerously mixes socialist elements with green subsidy mania—what we know as eco-socialism.

No deeper sociological studies are needed to see who this corporate law targets. The gigantic green subsidy apparatus eagerly seeks to divert capital into an NGO-like structure.

It would expand the civil service into a state-tethered clientelism that relies on subsidies, grants, price guarantees, and a steady stream of tax money—supported by politically manipulated market structures that perpetuate themselves. For businesses, this effectively means slowed investment, stifled innovation, and severely reduced responsiveness to market and crisis shocks.

What the Ministry of Justice bureaucrats have painstakingly devised resembles a medieval fideicommissum, a type of noble inheritance trust. It is the antithesis of private property, contractual freedom, and all the civilizational achievements that have given us prosperity, security, and crisis resilience, allowing rapid response to external shocks through capital reallocation.

* * * 

About the author: Thomas Kolbe, a German graduate economist, has worked for over 25 years as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination.

Tyler Durden Fri, 03/27/2026 - 03:30

Key Russian Baltic Oil Port Of Primorsk Resumes Loading After Ukraine Attack

Russia’s top oil port in the Baltic Sea, Primorsk, resumed loading days after it came under attack from Ukrainian drones, although Bloomberg notes that the company that pipes crude there said it is trying to divert barrels elsewhere because of the incidents.

Ukraine attacked Russia’s largest oil port in the Baltic Sea to prevent it from benefiting from rising oil prices: about 60% of Russia’s maritime oil exports pass through the port of Primorsk. pic.twitter.com/M2ghU0o6i1

— Open Source Intel (@Osint613) March 23, 2026

The Minerva Georgia, a Suezmax-class vessel capable of hauling about 1 million barrels of crude, berthed on Wednesday. Another, the Anlan, is scheduled to depart Thursday having been there for several days.

Ukraine has stepped up attacks on Russian oil infrastructure to prevent Putin from benefiting from soaring prices. It also targeted the port of Ust-Luga this week, as well as the Kirishi oil refinery. Transneft, Russia’s pipeline operator, aims to divert flows away from the Baltic ports, Interfax reported.

If Trump is allowed, why don’t we?!

Putin’s burning russian port of Primorsk is visible for the entire flight from Finland. In general, Putin no longer has an oil-loading port in the Baltic. Ukraine has declared an oil embargo on Putin.

And f**k Biden’s escalation management… pic.twitter.com/HDbA4yI54q

— EMPR.media (@EuromaidanPR) March 25, 2026

Kiev’s moves seek to disrupt the flow of Russian petroleum at a time when the Iran war has already caused an unprecedented oil-supply shock. A Turkish oil tanker carrying Russian oil also came under drone attack in the Black Sea.

Tyler Durden Fri, 03/27/2026 - 02:45

Judge Blocks Trump Admin's 'Orwellian' Supply Chain Risk Label On Anthropic - For Now

It looks like Anthropic isn't as radioactive to other defense contractors - for now, and on paper. 

In a sharply worded 43-page order issued Thursday, U.S. District Judge Rita F. Lin (Biden) of the Northern District of California granted Anthropic PBC's motion for a preliminary injunction, blocking key punitive measures imposed by the Trump administration after the AI company publicly refused to lift safety restrictions on its Claude model.

Photo-Illustration: WIRED Staff; PHotograph: FABRICE COFFRINI/Getty Images

Lin minced no words on the supply-chain label - the core of the dispute:

“Nothing in the governing statute supports the Orwellian notion that an American company may be branded a potential adversary and saboteur of the U.S. for expressing disagreement with the government.”

Recall that Anthropic refused to change the user policy for its AI tool Claude to allow the government to use it for what Anthropic described as “mass surveillance” and “fully autonomous weapons.” After they were branded a Supply Chain Risk, they sued on March. 9, calling the government's actions "unprecedented and unlawful." 

Lin ruled that the broad measures “do not appear to be directed at the government’s stated national security interests” and instead “appear designed to punish Anthropic.” One amicus brief called the actions “attempted corporate murder”; the judge noted they “might not be murder, but the evidence shows that they would cripple Anthropic.”

The Injunction

Lin's preliminary injunction bars enforcement of three Challenged Actions; Trump ordering the government to immediately stop using Anthropic tech, Hegseth prohibiting government contractors from 'commercial activity' with Anthropic, and the DoW's formal designation of Anthropic as a “supply chain risk” to national security.

The order does not force the Pentagon to start using Anthropic again, nor does it interfere with a planned six-month phase-out for existing systems if done without the broader bans. A separate parallel challenge to one DoW letter (under 41 U.S.C. § 4713) is pending in the D.C. Circuit; that case remains unaffected.

At the March 24 hearing, DoW counsel conceded that portions of the Hegseth Directive had "absolutely no legal effect" on their own and that DoW did not intend to terminate unrelated commercial relationships - yet declined to stipulate to an injunction, citing ongoing "assessment."

“While this case was necessary to protect Anthropic, our customers, and our partners, our focus remains on working productively with the government to ensure all Americans benefit from safe, reliable AI," Anthropic said in a statement. 

The order is a preliminary injunction only; the case will proceed to full merits. But Judge Lin’s thorough factual record and legal analysis make clear that branding a domestic AI firm a national-security threat for publicly advocating safety guardrails crosses a bright constitutional line. The government retains full authority to choose its tools—just not to punish a company for speaking out about their limitations.

Tyler Durden Thu, 03/26/2026 - 22:24

BYD And VinFast Race To Dominate Southeast Asia's EV Market

BYD and VinFast are rapidly expanding their presence in Southeast Asia, where electric vehicles are gaining traction and competition is intensifying, according to Nikkei. Both companies have emerged as the fastest-growing car brands in the region’s six largest markets in 2025, with sales rising about 95% for BYD and 90% for VinFast compared with the previous year.

VinFast sold more than 100,000 vehicles across countries including Indonesia, Vietnam, and Thailand, while BYD delivered roughly 70,000 units. Together, they account for around 7% of total vehicle sales in a regional market of approximately 2.4 million cars. Their rapid growth has contributed to a decline in market share for long-dominant Japanese automakers such as Toyota, Honda, and Mitsubishi.

Nikkei writes that  VinFast’s strategy emphasizes affordability and ecosystem development. The company has focused on lowering prices, building charging infrastructure, and investing in local manufacturing while also promoting adoption through electric taxi fleets and ride-hailing services. BYD, by contrast, is leveraging partnerships and a broader product lineup. It supplies vehicles to ride-hailing operators such as Grab and is expanding production capacity across Southeast Asia, while also offering plug-in hybrid models that appeal to consumers concerned about charging availability.

Southeast Asia has become a priority growth market for both companies due to its expanding middle class and relatively low penetration of electric vehicles. BYD has established manufacturing operations in Thailand and is developing additional facilities in Indonesia and Cambodia. VinFast is pursuing large-scale investments in Indonesia and India, including factories and infrastructure projects designed to support long-term growth. 

India has proven more difficult for both companies. Limited charging infrastructure, strong domestic competitors, and relatively low consumer adoption of electric vehicles have constrained sales. Pricing differences are also evident, with VinFast positioning itself more aggressively at the lower end of the market compared with BYD.

Technologically, BYD benefits from its established plug-in hybrid systems, which reduce range anxiety and make its vehicles more practical in markets where charging networks are still developing. VinFast initially focused entirely on battery electric vehicles but is now considering hybrid options to broaden its appeal.

The two companies also differ in financial strength. BYD remains profitable, supported by strong cash reserves and cost control, and is expected to continue growing earnings. VinFast, however, is operating at a significant loss as it invests heavily in global expansion, relying on financial backing from its parent company to sustain its strategy.

Both automakers are pushing aggressively into overseas markets as competition in their domestic markets increases. Their ability to sustain growth will depend on how effectively they balance expansion with financial stability and adapt to varying market conditions across regions.

Tyler Durden Thu, 03/26/2026 - 22:15

Former Taiwanese Presidential Candidate Sentenced To 17 Years In Corruption Case

Authored by Dorothy Li & Frank Fang via The Epoch Times (emphasis ours),

TAIPEI, Taiwan - A Taipei court on March 26 found a former presidential candidate guilty of corruption-related charges and sentenced him to 17 years in prison, a verdict that has attracted domestic media attention amid the ongoing political deadlock in Taiwan.

Ko Wen-je, former Taipei mayor who ran in Taiwan's presidential race in 2024, leaves the Taipei District Court in Taipei on March 26, 2026. Song Pi-lung/The Epoch Times

Ko Wen-je, former mayor of Taipei, was convicted on four counts, including accepting bribes, embezzlement, and breach of trust, the Taipei District Court said in a press release.

In addition to the lengthy prison sentence, the court said that Ko would also be stripped of civil rights for six years.

Taiwan’s semi-official media outlet Central News Agency (CNA) described Ko as the first leader of a major opposition party in Taiwan’s history to be sentenced to prison.

Ko founded the Taiwan People’s Party (TPP) during his second term as Taipei mayor, and ran a high-profile campaign for the presidency in January 2024.

While 66-year-old Ko has the option to appeal, the verdict is likely to prevent him from running for president again in 2028. Under Taiwan’s election law, individuals sentenced to more than 10 years in prison cannot be registered as candidates for president or vice president.

Ko was indicted in December 2024. Prosecutors had sought more than 28 years’ imprisonment for Ko, accusing him of accepting roughly half a million dollars in bribes from a web of businesspeople and politicians related to a property redevelopment project in Taipei.

In a separate statement, the Taipei District Prosecutors’ Office said that it will promptly review the judgment upon receipt and, if necessary, file an appeal within the legal timeframe.

Ko has consistently denied any wrongdoing since his arrest in September 2024. At a press conference on Thursday, Ko dismissed the verdict, saying “it is not a trial in a country governed by the rule of law, but a political performance orchestrated under political manipulation.”

“I sought no personal gain, committed no corruption, and I have a clear conscience,” Ko said.

Ko’s defense lawyers told the briefing that they will discuss filing an appeal after receiving the judgment.

Ko Wen-je arrives at the Taipei District Court in Taipei on March 26, 2026. Song Pi-lung/The Epoch Times

Huang Kuo-chang, TPP’s current chairman, called the verdict “outrageous.”

“It’s not just regret—it’s anger. This is an outright political verdict based on trumped-up charges,” Huang told the press conference.

Huang, who has announced his bid for mayor of New Taipei City in November’s election, added that he will make a formal announcement on March 27 to mobilize his party members to hold a rally in Taipei on March 29.

On his Facebook page, Huang criticized the verdict, saying the fight for Ko’s innocence would continue.

“At this moment, ​we must pull ourselves together even more, because this road ahead is still very, very ‌long. ⁠As long as Ko does not give up, we will not give up,” Huang wrote from the courthouse, where he was accompanying Ko.

The ruling against Ko may further complicate Taiwan’s political environment. The ruling Democratic Progressive Party (DPP) and the opposition have been mired in a rare political crisis. The opposition, consisting of the Kuomintang (KMT) party and its much smaller ally, the TPP, has used its majority in the parliament to block or stymie key government proposals, including the budget.

In a show of solidarity, the KMT said on Facebook that it “deeply regrets” the court’s decision, warning that such a heavy ruling could deepen the public perception that the rule of law and democracy are being used as “a political tool.”

Meanwhile, the ruling DPP responded by asking Ko to “respect the judiciary and face the ruling with courage.”

“While we refrain from commenting on specific cases, we will also not accept accusations that lack a factual basis,” Taiwan’s national media outlet CNA cited the party as saying.

Ko was Taipei’s mayor from 2014 to 2022. In January 2024, he finished third in Taiwan’s presidential election as a TPP candidate, receiving about 26 percent of the vote.

Taiwan is set to hold general elections in November, during which voters will choose city mayors, city councilors, county chiefs, and county councilors.

Tyler Durden Thu, 03/26/2026 - 21:50

AirGas Declares Force Majeure On Helium Shipments As Qatar Production Collapses

Earlier this week we reported that global chip production was in peril as "Qatar Warns Helium Exports Set To Collapse." Best known as the gas that makes party balloons float, helium is far more important as a key input in chipmaking, space rockets and medical imaging. The problem is that Qatar supplies a third of the world’s helium, and the Gulf nation had to halt production after Iranian strikes against the region’s energy producing infrastructure crippled its LNG production which is critical to make helium, leading Qatar’s state-owned gas company to warn helium exports would collapse. 

The sudden halt of the helium supply chain has forced AirGas, one of the largest distributors of packaged gases in the US, to curtail helium shipments after Qatar halted LNG production.

Airgas, an Air Liquide SA company, declared a force majeure event on March 17 at 12:01 a.m. Eastern time, according to letters dated last week that were reviewed by Bloomberg News. The company anticipates that it will provide some customers with up to half of their normal monthly helium deliveries, and it will add a $13.50 per hundred cubic feet surcharge.

As noted above, Helium has several critical uses, including in health care and manufacturing. Hospitals use helium to keep MRI machines running and to treat patients with certain respiratory diseases. The inert gas is also essential to the manufacture of high-end semiconductors, such as Nvidia Corp.’s AI accelerator chips. Any shortages of the material could squeeze an already strained supply chain. The semiconductor industry is working to keep up with the massive demand for components used in the data centers that are needed for the build-out of AI infrastructure.

Airgas is prioritizing health-care customers over other industries, according to a market update reviewed by Bloomberg that was produced by Vizient, which helps hospitals purchase supplies. Vizient declined to comment on Airgas specifically, but said that in general it’s not uncommon for suppliers to prioritize health-care customers during disruptions.

The good news it that medical imaging professionals in the US say that disruptions to the helium market are not affecting patient care.

The worse news is that AirGas's decision would mean that chip giants like Taiwan's TSMC will see significant delays in obtaining the critical compound should the Iran war persist, painfully snarling the already stretched AI chip supply chain, potentially leading to major production shortfalls. 

Tyler Durden Thu, 03/26/2026 - 21:25

Fetterman Says Some Democrats Possibly Afraid To Reopen DHS Due To Party Activists

Authored by Chase Smith via The Epoch Times,

Sen. John Fetterman said Wednesday night that activist pressure within his own party is prolonging the partial Department of Homeland Security (DHS) shutdown, offering his observations from within the Democratic caucus for why the standoff has stretched into its sixth week.

Appearing on Fox News’ “Hannity” on March. 25, the Pennsylvania Democrat said ongoing protests against the Trump administration—such as the “No Kings” rallies nationwide—have left some senators unwilling to vote to restore DHS funding. He said they “might be afraid to reopen” the government because demonstrators are pushing demands that he said were never achievable.

Fetterman called the shutdown “fundamentally wrong,” adding that the dynamic is one he has opposed before.

The partial shutdown entered week six since most DHS funding lapsed on Feb. 13. The Transportation Security Administration (TSA), which operates under the DHS, has operated without pay throughout, generating lengthy airport delays.

“Here we are at the airport every week, I talked to countless TSA agents and they are all hurting,” he said. “They are angry. They are frustrated. They’re exhausted, too, what they’ve been put through.”

He said TSA workers should be in the Democrats’ “wheelhouse” because they are union government workers, but now the party was “refusing to give them a paycheck.”

“So it’s always wrong, regardless of the party doing it,” he said of shutting down the government. “You can see the kind of chaos that’s created across right now. [People are] selling their blood.”

He added that the timing compounds the problem, with spring break travel and World Cup preparations now underway.

“Do the right thing,” he said. “Put the country ahead of the party.” 

Fetterman has been the only Democrat to vote with Republicans throughout the current standoff. He cast that vote again on Wednesday, when Senate Majority Leader John Thune (R-S.D.) moved to advance a DHS funding bill that failed 54–46, short of the 60 votes needed to proceed. The Senate has now failed to pass DHS funding legislation four times.

Senate Democrats submitted a counteroffer to Republicans on Wednesday centered on reforms to Immigration and Customs Enforcement (ICE), the central sticking point in the talks.

The offer includes requirements for judicial warrants before agents enter private property; restrictions on enforcement near schools, hospitals, churches, and polling places; and a mandate that ICE agents identify themselves by name, agency, and badge number.

Senate Minority Leader Chuck Schumer (D-N.Y.) called the proposal a “reasonable, good faith” offer and accused Republicans of acting in bad faith after presenting a plan with no ICE reforms, despite verbally agreeing to some during weekend talks.

Republicans have pushed to separate ICE funding into the budget reconciliation process, which would allow it to advance with a simple majority. The White House has signaled openness to that approach. Democrats in the House have also tried and failed several times to get their Republican colleagues on board with their own proposals, which would fund all DHS agencies other than ICE and Customs and Border Protection.

Republicans also want any deal to include the SAVE America Act, which would require photo identification for voting and proof of citizenship for voter registration—a provision Democrats have pledged to block.

Democrats say they are not against photo identification for voting, but have concern with President Donald Trump’s attempt to attach additional provisions to the bill, including restrictions on mail-in voting and measures barring transgender athletes and transgender procedures for minors, something Fetterman agrees with his colleagues on and has said he will not support.

Tyler Durden Thu, 03/26/2026 - 21:00

Data Shows Where ICE Has Been More Effective... And Why

Last week, The Wall Street Journal reported that President Donald Trump “is seeking to lower the profile of his mass deportation effort, and has directed his top advisers to adopt a new approach on one of his central campaign promises.”

According to the report, Trump has had conversations with his top advisors and First Lady Melania Trump in which he’s indicated that he’s “become convinced that some of his administration’s deportation policies have gone too far, and voters don’t like the term ‘mass deportation.’”

The desire for an immigration reset is being driven in part by Trump’s White House chief of staff, Susie Wiles, who believes the president’s immigration team has turned one of his marquee issues into more of a challenging issue ahead of the midterms, the people said. As a result, the administration is attempting to change not only how it talks about the issue—but also what actual enforcement looks like on the ground.

The report also explains that White House border czar Tom Homan has been behind the shift, steering the agency back to basics — prioritizing “bread-and-butter arrests” and focusing on criminal aliens already in local custody and ready for transfer.

Now, another report from the New York Times, reveals that ICE arrests are averaging more than 1,100 per day this year — nearly double last spring’s pace of roughly 600 — and that “custodial” arrests are driving those numbers. It’s also not surprising that Republican-led states with strong federal-local cooperation generate far more of these transfers, while sanctuary jurisdictions generate far fewer.

Some of the biggest totals are coming out of places like Florida and San Antonio, where there were no headline-grabbing raids.

Meanwhile, Los Angeles and Chicago — cities that were hit with high-profile enforcement operations — have actually seen arrest numbers fall steeply in recent months. Sanctuary cities, however, are largely flat.

The loudest operations weren’t always the most productive, and the quietest ones were getting the job done.

The Miami field office — which covers Florida, Puerto Rico, and the U.S. Virgin Islands — logged nearly 10,000 arrests between mid-December and March 10, outpacing Dallas, Atlanta, and San Antonio. Florida has maintained high and steadily climbing arrest numbers all year without a marquee federal operation dominating the news cycle. The work just kept happening. San Antonio followed a similar pattern — consistent and effective.

Los Angeles and Chicago, both cities that saw aggressive, high-profile crackdowns last year, saw arrest numbers peak and then fall. Chicago’s field office, which covers six states, hit its ceiling during Operation Midway Blitz between September and December and still sits below the national per capita average.

Los Angeles and Denver both peaked last summer and have been trending downward since.

High-visibility raids make headlines, but the data points to what the real problem is: sanctuary policies that limit coordination with local police, along with rhetoric from Democrat leaders in those states and municipalities.

“About half of ICE immigration arrests nationwide in 2025 were from what the agency calls ‘custodial’ arrests, in which ICE takes someone who is already in custody from another law enforcement agency,” the report explained.

“These arrests were much more common in states led by Republicans, where law enforcement is more likely to cooperate closely with federal immigration authorities.” Arrests were “less common in places where ‘sanctuary’ policies limited local law enforcement from cooperating with ICE and handing over people who have been arrested in connection with other crimes, but may or may not have been convicted.”

That need for coordination also helps explain why operations on the ground can become more volatile when cooperation breaks down. The consequences of these sanctuary policies, and the rhetoric of Democratic leaders, have been deadly. Two anti-ICE protesters in Minneapolis were killed in January while engaging with immigration agents. Renee Good was shot and killed when she attempted to run over an agent with her car during an ICE operation. Alex Pretti assaulted agents while carrying a loaded gun.

“We need state and local law enforcement cooperation, so we don’t have to have such a presence on the streets,” a Department of Homeland Security spokesperson said.

The Trump administration seems to have the answer it needs already to fix the perception problems related to immigration enforcement.

 

Tyler Durden Thu, 03/26/2026 - 20:35

Trump To Sign Order To Pay TSA Agents

Authored by Jacki Thrapp via The Epoch Times (emphasis ours),

President Donald Trump plans to sign an order that will pay Transportation Security Administration (TSA) agents who have not received a check since the Department of Homeland Security (DHS) entered a partial shutdown in mid-February.

“I am going to sign an Order instructing the Secretary of Homeland Security, Markwayne Mullin, to immediately pay our TSA Agents in order to address this Emergency Situation, and to quickly stop the Democrat Chaos at the Airports,” Trump wrote in a Truth Social post on March 26.

More than 3,120 TSA agents, who haven’t been paid in weeks, called out on Wednesday, which prompted long lines to continue at airports across the country, according to a statement the DHS shared with The Epoch Times.

“It is not an easy thing to do, but I am going to do it!“ Trump added. ”I want to thank our hardworking TSA Agents and also, ICE, for the incredible help they have given us at the Airports.”

Trump has blamed the Democrats for keeping DHS shut down, while Democrats have pushed for changes to immigration enforcement operations as a condition for funding the department.

On March 25, Senate Democrats blocked funding for DHS in a 54–46 vote after Republicans rejected a counteroffer they put forward.

On the same day, Democrats separately offered a standalone bill that would immediately fund TSA, but not ICE and Customs and Border Protection. Republicans blocked the proposal.

This is a breaking story and will be updated.

Tyler Durden Thu, 03/26/2026 - 20:10

Woke Star Trek Series Canceled After Embarrassing Critical Failure

"Get Woke, Go Broke" wins once again. 

For many years the political left in Hollywood along with the allied progressive media argued that wokeness was the dominant social trend of our era.  They claimed that any company that refused to adapt to the new far-left "modern audience" would be choking on the dust of companies that wrapped themselves in the rainbow flag.  They asserted that the entertainment industry had to change and reflect this new ideological movement if they wanted to remain relevant and profitable. 

In reality, it was all a lie.  The woke movement was a paper tiger, a sham, a con fabricated by a minority of insane activists and globalist NGOs.  There was no sea change in the modern audience.  Many companies were only convinced to play along because social media platforms like Twitter presented a false image of social trends.  With centrist and conservative views being suppressed by algorithms, most visible forum discussions were left leaning. 

Above all, open criticism of woke ideas was treated as akin to "hate speech" and censored as much as possible.  

For the ecosystem of corporate CEOs and marketing execs, the leftist saturation online was convincing.  But then again, the best way to measure the tangibility of a social movement is still money.  If woke is dominant, then woke should bring in consumers and it should make a profit.  There was no money.  There were no consumers.  There was no profit.

All the propaganda and social media manipulation in the world is not enough to compel average people to spend their precious time or cash on woke entertainment.  All anti-woke critics had to do was watch and wait as the dismal numbers rolled in for each new progressive project - It was objective, undeniable proof that woke is a gigantic fraud.

That said, there are still a handful of far-left media bombs rolling into theaters and streaming services because production giants refused to see the writing on the wall until the end of 2024.  Media endeavors that were greenlit at this time are just now being released to the public and the results are embarrassing.  Watching these movies and shows feels like time traveling back to 2018. 

As we covered in January, one such streaming series is Paramount's new foray into the Star Trek franchise called "Starfleet Academy".  The show definitely doesn't "boldly go where no man has gone before".  Rather, it goes where every other far-left vehicle has gone before, into the proverbial dumpster.  We noted that "audiences are not watching or buying, but Hollywood refuses to learn".

Well, it looks like they just learned.

Paramount has announced that Starfleet Academy is now cancelled and the show will end after the release of the second season (which has already been filmed).  It might be shocking to hear, but gay polyamorous Klingons, lesbian space professors and fat sarcastic crew members with low-IQ Reddit-level vernacular just didn't lure the fanbase to subscribe to Paramount+. 

New Star Trek series gets CANCELLED after 2 seasons amid ‘woke’ backlash.

Paramount will not renew ‘Star Trek: Starfleet Academy’ amid the series being branded ‘woke’ for featuring a gay Klingon in a skirt, a drag queen and a scene featuring DEI training.

The series received… pic.twitter.com/TCgEq7kO3b

— Oli London (@OliLondonTV) March 24, 2026

Season 1 never ranked on Nielsen's Top 10 streaming viewership charts, unlike previous live-action Star Trek series. This has been highlighted as a key factor for the decision to cut Academy loose.  Sources reveal that the series failed to attract a significant audience despite its Gen Z focus.   

Production costs were a contributing factor and reports mention high budgets (rumored over $10 million per episode or around $100 million per season).  This makes it harder to justify a season renewal. Paramount has been undergoing leadership changes after their Skydance acquisition, with new owners reportedly reviewing projects for cost efficiency.

The series showrunner, Alex Kurtzman, has created one horrific disaster after another when it comes to his handling of the Start Trek franchise.  His argument, which he has made consistently, is that science fiction should not be about the future; it should act as a reflection of present day ideologies.  In other words, he is incapable of imagining a future without woke cultism as the dominant social system in the universe.  

It is likely that, with Paramount's new direction and impending acquisition of Warner Bros., Kurtzman's days working with the company are numbered. 

Many critics thought it wasn't possible, but Starfleet Academy might have topped Disney's Star Wars "Acolyte" series as the biggest woke implosion of all time.  The show's collapse, though, is actually a sign of healing.  If there is no audience for these kinds of projects, then this just confirms that the woke movement is as dead as many predicted.  And with this death, intelligent people and sane people can move in to finally take the place of the crazies who ran the industry into the ground.  

Tyler Durden Thu, 03/26/2026 - 19:45

IOC Bars Transgender Athletes From Women's Events For Olympic Games

Authored by Savannah Hulsey Pointer via The Epoch Times (emphasis ours),

Only females will be allowed in women’s events at the Olympics, according to the International Olympic Committee (IOC).

People take part in a rally outside the U.S. Supreme Court as justices hear arguments in two cases in which states have banned males from participating in female-only sports, in Washington on Jan. 13, 2025. Madalina Kilroy/The Epoch Times

The March 26 decision by the committee excludes transgender-identifying individuals who were born male who may have sought to compete in the international events. 

“Eligibility for any female category event at the Olympic Games or any other IOC event, including individual and team sports, is now limited to biological females,” the International Olympic Committee said.

Eligibility will be determined by a mandatory genetic test once in the athlete’s career.

The decision aligns with President Donald Trump’s executive order to retain the integrity of women’s sports, ahead of the U.S.-hosted 2028 games in Los Angeles. 

The IOC said the policy, which will apply to the 2028 games, “protects fairness, safety and integrity in the female category.”

“It is not retroactive and does not apply to any grassroots or recreational sports programs,” the organization said. 

Competitors such as two-time Olympic champion runner Caster Semenya, who has a medical condition involving sexual development, would also be restricted according to the new rules, which were published in a 10-page policy document by the committee. 

In the document, the Olympic governing group outlined the physical advantages males experience, as experts said those advantages are retained, even after transition.

“Males experience three significant testosterone peaks: In utero, in mini-puberty of infancy, and beginning in adolescent puberty through adulthood,” the document said.

According to experts, this offers those born male “individual sex-based performance advantages in sports and events that rely on strength, power, and/or endurance.”

Days before the decision was handed down, the Sport & Rights Alliance (SRA), ILGA World, Humans of Sport, and over 100 other allied organizations released a joint statement, asking the International Olympic Committee to abandon any mandate for genetic testing to determine eligibility for Olympic events.

“A sex testing and blanket ban policy would be a catastrophic erosion of women’s rights and safety,” said Andrea Florence, Executive Director of the Sport & Rights Alliance.

No male-born transgender athletes competed in the 2024 Paris Summer Games.

However, transgender-identifying weightlifter Laurel Hubbard competed in the 2021 Tokyo Olympics on the New Zealand women’s team without medaling.

On March 12, Trump received loud applause when he spoke about his effort to prevent men from participating in women’s sports during a Women’s History Month event.

The president said he hopes to ban “the sexual mutilation of minor youth,” in reference to transgender surgery procedures performed on children.

“We have put the world on notice that America will not allow men to compete against women in the 2028 Olympics,” Trump said.

The Associated Press contributed to this report.

Tyler Durden Thu, 03/26/2026 - 19:20

Philippines Declares State Of Emergency As Energy Crisis Looms

As we outlined in our recent analysis on Australia's dangerous vulnerability to disruptions in the Strait of Hormuz, most of Asia is heavily exposed and faces an unprecedented energy crisis should the war in Iran continue to prevent safe passage of oil and natural gas from the Gulf.  As Australia debates the potential for a national emergency, the Philippines has already declared one.

This week, Philippine President Ferdinand Marcos Jr. signed Executive Order No. 110, declaring a state of national emergency as a targeted measure focused on the energy sector in response to disruptions from the ongoing US-Israel war with Iran.  Approximately 98% of all oil bound for the Philippines passes through the Strait of Hormuz.

The emergency declaration allows the Philippine government to exert control over fuel prices and fast-track imports from alternative suppliers, such as Russia. Philippine authorities say they have enough fuel to last about 45 days at typical consumption levels.  

Energy rationing programs are being instituted across Asia and questions are rising about a possible domino effect on global markets.  The Philippines announcement comes a day after South Korea launched a nationwide energy-saving campaign, calling on people to ride bicycles for short trips and reduce the length of showers. Japan, meanwhile, said Wednesday that it would soon begin releasing oil from its emergency reserve, equivalent to a 30-day supply. Thailand and Vietnam have also asked citizens to take steps to curtail energy use.

China's exposure to Iran and the Hormuz situation could be detrimental.  Over 35% of their energy supplies pass through the Strait and 15% of their oil comes directly from Iranian wells.  That said, China also has a large oil buffer, with enough emergency supply to last around four months.  

The emergency declaration in the Philippines is initially set to last one year and serves as a tool to provide the government with more legal flexibility to respond to the crisis.  Executive Order 110 enables the government to:

Fast-track procurement and imports of fuel and petroleum products from alternative suppliers. Exert control over fuel prices if needed to prevent excessive hikes or profiteering. Ensure orderly distribution of fuel, food, medicines, and other basic goods. Form a contingency committee for coordinated response. Authorize advance payments on contracts if required for timely supply. Activate a "whole-of-government" framework, including support packages for livelihoods, industry, food, and transport.  

The last time the world faced a similar threat of energy shortages was the Arab Oil Embargo of 1973 following the Yom Kippur War.  It was this event, coupled with a massive devaluation of the US dollar, that triggered a stagflationary malaise that lasted until 1981.  It was also the event that led to the US diversifying its energy resources to avoid future dependency on OPEC.  Only 7% of all oil bound for the US travels through the Hormuz.  

Asian nations, however, have less access to alternatives, which is setting up the region for a historic breakdown in productivity if the flow of oil and natural gas is not restored within the next couple of months.  

Tyler Durden Thu, 03/26/2026 - 18:40

Iranian TV Declares 'One Million' Soldiers Have Mobilized To Create 'Hell For American Forces'

The US-Israel war against Iran is nearly one month in, and amid the ongoing escalating threats and warnings Iran is touting that it is able to tap more than one million fighters for a potential ground confrontation with the United States, according to Tasnim News Agency citing a military source.

Some 7,000 additional US troops, mainly Marines and elite Army Airborne troops, are currently headed toward the region, amid speculation that President Trump will order a military operation to forcibly open the Strait of Hormuz, which could involve a high risk island campaign and effort to takeover Kharg Island oil export hub.

Getty Images

Tasnim has described a surge in volunteerism which driving the buildup, with young Iranians seeking to join military formations - angry at Iranian cities coming under heavy US-Israeli bombardment.

The report, which has been picked up in Western media headlines, also cites a surge in requests from Iranian youth to the Basij, which is the Islamic Revolutionary Guard Corps' (IRGC) domestic security force, and has stood accused of the large-scale killing of protesters last January.

According to some of the direct quotes presented from military sources in the report:

Iranian authorities claimed that the possibility of the US launching a ground offensive, prompted "a wave of enthusiasm" among the population to create what it calls a "historic hell for American forces".

"The US wants to open the Strait of Hormuz with suicide and self-destructive tactics; that’s fine", the military source told Tasnim in response. "We are ready for both their suicide strategy to be executed and for the Strait to remain closed".

President Trump said this during a televised cabinet meeting on Thursday:

US President Donald Trump has said Iran is “begging to make a deal”, describing them as “lousy fighters but great negotiators”, while casting doubt on whether the two sides would be able to reach a deal. pic.twitter.com/3GGINOwduu

— Al Jazeera Breaking News (@AJENews) March 26, 2026

At the moment, US CENTCOM has indicated some 40,000 to 50,000 American troops were already stationed in the region, but after over a dozen US Gulf bases came under Iranian missile attack, most have been moved to other, safer and more locations which are more removed.

Visualizing Iran's armed forces and military hierarchy...

International estimates have long put Iran's total active duty force at around 600,000 - with another few hundred-thousand in reserves. These significant figures, among a large population of over 90 million, do indeed suggest any potential American ground force could prove an utter disaster for the US, spelling quagmire for years to come. It is indeed very possible that Iran could draw on a million extra 'volunteers' during this state of war and existential survival for the nation.

Tyler Durden Thu, 03/26/2026 - 18:20

United Airlines CEO Warns Summer Airfares Will Spike, Tells Travelers To Book Now

United Airlines CEO Scott Kirby told ABC News on Wednesday that the month-long U.S.-Iran conflict and the resulting spike in jet fuel prices are set to push domestic summer airfares higher.

Kirby told ABC that ticket prices will have to rise by 20% to offset the more than 80% jump in jet fuel prices since the conflict began late last month. He said travelers should lock in their ticket prices now, before fares move higher.

Jet Fuel NY Buckeye MOC (New York Buckeye Pipeline jet fuel benchmark) 

In a separate report, Bloomberg cited data from research firm Alton Aviation showing that long-haul summer airfares have surged. In particular, June fares on key Asia-Pacific-to-Europe routes are up 70% from a year ago, with some routes experiencing even steeper increases: Hong Kong to London, up 560%; Bangkok to Frankfurt, up 505%; and Sydney to London, up 429%.

Data from the research firm Cirium show that demand for summer travel is already softening. Summer bookings for June travel from Europe to the U.S. have declined 15% from the same month a year ago, while bookings in the opposite direction have fallen 11%. Bookings from Asia to Europe also declined during the month, down 4.4%, including routes that connect through the Middle East.

"What we're seeing is not just a short-term pricing shock. Even as the immediate disruption eases, longer routings, tighter capacity, and higher fuel costs will keep upward pressure on prices for an extended period," Bryan Terry, a managing director at Alton, told Bloomberg.

Terry added, "It could take up to three months for the price reductions to work their way through the jet fuel supply chain."

In recent weeks, analysts at Deutsche Bank and UBS have both warned that airlines may have to cut capacity to offset the spike in jet fuel prices. Reduced capacity, combined with higher fuel costs, points to possible demand destruction in travel this summer as consumers face sticker shock on ticket prices.

S&P 500 Airlines Index breaks sees technical breakdown.  

However, UBS analyst Atul Maheswari states why he sees a possible bottom (report here). 

 

Tyler Durden Thu, 03/26/2026 - 18:00