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Iran at the Crossroads
The strategic achievement available to Iran’s leaders is to give the next Iranian generation a reason to build its future in Iran. Iran is an ancient civilisation, a country of more than 90 million people, and potentially one of the
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The Cost Curve Did Not Reach the Balance Sheet: Reading Energy’s Latest Marks
Across energy filings struck between March 2025 and June 2026, the largest write-downs sat on low-carbon assets and the only write-backs booked in the current periods sat on merchant gas. Not one of the impairment notes gives the cost of
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The Continental Couplings: Can Rail Integration Unlock Latin America’s Economic Frontier?
Fragmented by geography and long neglected by coordinated policy, the rail networks of South and Central America are drawing renewed attention from governments and investors seeking lower logistics costs and less exposure to a single maritime chokepoint. The plans are
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EUREP Goes Global: The ECB’s Quiet Lender of Last Resort
The European Central Bank has begun onboarding non-euro-area central banks to its enhanced EUREP repo facility. For the first time, the non-euro world has a standing euro liquidity backstop. Currencies internationalise through exactly this kind of quiet lender-of-last-resort plumbing, and
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Banco Azteca: Advancing Financial Inclusion Through Access, Education, and Trust
Banco Azteca has built a distinctive position in Mexico by serving working- and middle-class customers who have historically been overlooked by traditional banking. Its model combines an extensive physical network, digital access, responsible credit, insurance, and large-scale financial education. Banco
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Rules over Discretion: What a Chinese-Owned Lithium Expansion Says About Argentina’s Investment Regime
A US$709m expansion of a Chinese-owned lithium project has cleared RIGI, Argentina’s incentive regime for large investments. The approval suggests a rules-based framework with a fixed closing date is beginning to do what decades of discretionary policy could not: convert
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SPP AI Governance Framework: What “Human Oversight” Now Has to Mean
The Society of Pension Professionals’ new framework, Governance in the Age of AI, argues that artificial intelligence needs no new governance regime, only the honest application of duties that already exist. Its most demanding passage is about the people signing
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Buying Credibility: The Hiking Cycle That Keeps Indonesia’s Convergence Funded
Three increases since May, 100 basis points in all, one of them off-cycle. Bank Indonesia has charged domestic borrowers a visible price to keep real yields attractive, portfolio money flowing and Indonesia’s long convergence run financed. July’s surprise hold now
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Free, Capped and Contagious: Why a US Tariff Could Not Stop Pix Going Global
Brazil’s public payments rail has been named in a US Section 301 tariff action for the very design choices that made it ubiquitous. It has come through that first geopolitical stress test with its model untouched and dozens of central
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The Two-Tier Tariff: Washington Prices Labour Standards into Trade
The Section 301 action that took effect on 24 July prices a social standard into trade policy for the first time: 10 per cent for economies that ban forced-labour imports, 12.5 per cent for those that do not, and a
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