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Wed, 22 Apr 2026 11:20:00 +0000 The Middle Corridor Emerges As A Strategic Lifeline For Global Trade
The Middle Corridor Emerges As A Strategic Lifeline For Global Trade
The Middle Corridor Emerges As A Strategic Lifeline For Global Trade
Via RFE/RL,
Global trade is shifting away from vulnerable maritime chokepoints toward overland routes like the Middle Corridor amid rising geopolitical instability
A $3.3 billion World Bank-backed investment push aims to address infrastructure gaps and unlock the corridor’s long-term potential
While promising, the route still faces major capacity and coordination constraints before it can rival established northern trade flows
While diplomatic efforts struggle to stabilize access to the Strait of Hormuz amid tensions between the United States and Iran, Eurasian trade is increasingly being redirected toward overland alternatives, with the Trans-Caspian Transport Route, also known as the Middle Corridor, emerging as a key diversification route in Eurasian logistics.
The World Bank described the Middle Corridor back in 2023 as a strategically important but structurally constrained route. While geopolitical fragmentation, driven in part by Russia's war in Ukraine, has increased the demand for alternative corridors, the World Bank emphasized that the corridor's long-term viability requires coordinated investment, the removal of infrastructure bottlenecks, and improved cross-border customs and transport procedures.
To address these roadblocks, the World Bank and its partners on April 14–15 committed $3.3 billion to strengthening key missing links along the corridor, including $1.9 billion for Turkey's Istanbul North Rail Crossing and a $1.4 billion investment in the reconstruction of Kazakhstan's Karagandy–Zhezkazgan highway.
On the same day that this was announced, Turkish Vice President Cevdet Y?lmaz underscored the importance of such investment at a meeting in Astana.
"The Northern Corridor [through Russia] has become unpredictable due to geopolitical tensions. The southern route is pushing the limits of its capacity," he said.
"This situation has made the Middle Corridor not an alternative but a mandatory choice."
Dosym Satpayev, director of the Risk Assessment Group in Almaty -- an independent think tank analyzing political risks, corruption, and foreign policy processes in the region -- says that Russia's war in Ukraine and the resulting sanctions deepened global dependence on maritime chokepoints such as the Strait of Hormuz. but the current crisis has potentially long-term consequences for global trade.
"Even if the Strait of Hormuz is reopened, I believe that the image of it as a stable transport and logistics route has been damaged for many years, if not permanently," Satpayev said.
"The same applies to the stereotype that the Persian Gulf and Middle Eastern countries can guarantee stable supplies of energy resources and other goods through the Strait of Hormuz."
Uncertainty is already reshaping global pricing and trade behavior, he added, saying that a "risk premium" will most likely be embedded in prices of oil and nitrogen fertilizers.
"About 25–35 percent of global fertilizer supplies pass through the Strait of Hormuz, and this will inevitably be reflected in final prices. Therefore, many countries will seek to diversify routes regardless of how the situation develops . Most likely, instability will persist for a long time, which means risks will remain high. And this is bad for business, because business needs predictability."
A Region Surrounded By Geopolitical Chaos
A key factor behind the growing appeal of the Middle Corridor, Satpayev says, is the relative stability of the regions it passes through. Despite the conflicts raging nearby, Central Asia and the Caucasus have "demonstrated stability in the conditions of geopolitical chaos."
"This has increased interest in it as a platform for transport and logistics projects," he said. "As a result, the region's status at the global level has risen."
The Middle Corridor suits everyone, he added, except Russia.
"We see that major geopolitical players are seeking to strengthen their positions in the region, primarily in the economic and transport-logistics spheres. China and the European Union are particularly active," Satpayev said.
"The Samarkand summit last year demonstrated the EU's interest in developing the Middle Corridor, including investments in hubs around the Caspian Sea. The United States is also showing interest in the Middle Corridor, as it seeks access to critical materials and rare earth metals in Central Asia.”
However, some analysts caution that the Middle Corridor is not yet capable of fully replacing existing trade routes, especially the northern land route via Russia.
Central Asia analyst Temur Umarov of the Carnegie Endowment for International Peace argues that while geopolitical narratives increasingly favor diversification, the physical and logistical realities of trade still impose clear constraints.
"The Middle Corridor, however interesting and potentially ambitious it may appear, is not yet developed to a level where it can replace the northern flows through Russia," Umarov said. "The issue is not a lack of interest in the Middle Corridor, but the simple fact that it is technically impossible, for now, to reroute the entire flow of goods and energy resources through it instead of the existing northern routes."
He adds that this structural limitation is not only about infrastructure gaps, but about time and scale.
"From a practical perspective, it is still too early to expect the Middle Corridor to absorb full trade volumes. It will require sustained investment, coordination between multiple countries, and years of development before it can operate at the scale of established northern routes."
What Does The Middle Corridor Mean For Kazakhstan?
For Kazakhstan, the significance of the World Bank-backed highway project extends beyond infrastructure financing. It signals the country's growing role as a central transit hub in a rapidly evolving Eurasian logistics landscape, one increasingly defined not only by geography but by geopolitics, risk diversification, and the search for resilient trade routes.
If Central Asian governments manage the process effectively, investments in the Middle Corridor could also translate into tangible benefits for ordinary people in the region, Satpayev maintains.
"Infrastructure such as railways and roads, especially given the size of Kazakhstan, can revive certain regions that are economically depressed," he said. "From the perspective of building hotels, gas stations, services, and maintenance infrastructure, this can create a multiplier effect that gives such regions a second life."
He added that this potential is not automatic but depends on governance and implementation quality.
"There's hope that if this is implemented under the supervision of investors and international organizations financing these projects, it will also to some extent improve the well-being of citizens in our countries."
The Middle Corridor, formally the Trans-Caspian International Transport Route, was established in 2014 by Kazakhstan, Azerbaijan, and Georgia to connect China and Europe via Central Asia, the Caspian Sea, and the South Caucasus, with onward links through Turkey. For years, it remained secondary to the Russian-led northern route.
The corridor is supported by a mix of multilateral lenders such as the World Bank, EBRD, and ADB, alongside EU funding initiatives and major state-led investments from Kazakhstan, Azerbaijan, Georgia, and Turkey, with China acting as a key trade driver through its Belt and Road connectivity.
Tyler Durden
Wed, 04/22/2026 - 07:20 Close
Wed, 22 Apr 2026 10:55:00 +0000 China "Aggressively" Selling Oil In Recent Weeks
China "Aggressively" Selling Oil In Recent Weeks
China "Aggressively" Selling Oil In Recent Weeks
We knew there was a reason why China had accumulated a cool 1.5 billion barrels in its strategic petroleum reserve: the reason, to become the world's strategist petroleum reserve when the time arises... for a price of course.
According to the chief executive officer of commodity trader Mercuria, Chinese oil companies have been aggressive sellers in recent weeks, selling barrels to several nations in tenders.
“What has been happening in the last two or three weeks is actually they have been aggressively selling crude oil,” Mercuria CEO Marco Dunand said at the FT Commodities Global Summit in Lausanne on Tuesday. “They’ve taken out a lot of demand from various countries and offered aggressively in tenders."
Dunand said there are a variety of possible explanations for the selling. They include the release of oil inventories within China, continued sales of Iranian oil in the weeks after the war started, and possible optimism that the Strait of Hormuz would reopen quicker than it has so far.
He also said that Mercuria sees Chinese gasoline demand falling by 1 million barrels a day this year as a result of electric-vehicle adoption, which also could have played a factor in the sales.
But the most important thing Dunand said, was his response to question how long this last: “How long can they do this for? I think the guess would be probably for about another three weeks and then I think at that point they would have to revise their position."
Well, three weeks is also how long Iran has before its oil sector is permanently shut in. The good news: the end of the Iran war is - one way or another - now in sight.
Tyler Durden
Wed, 04/22/2026 - 06:55 Close
Wed, 22 Apr 2026 10:30:00 +0000 What Does This Guy Have To Do To Get Deported?
What Does This Guy Have To Do To Get Deported?
What Does This Guy Have To Do To Get Deported?
Authored by Steve Watson via Modernity.news,
Britain’s immigration system has hit a new low. A convicted Islamist terrorist who helped plot a bombing at the London Stock Exchange remains free to live in the UK, protected by human rights laws despite his asylum application being thrown out years ago.
The case of Shah Rahman exposes exactly how foreign terror offenders exploit loopholes that put British citizens at risk while officials tie themselves in knots over “rights.” As the migrant crisis spirals and taxpayers foot the bill for endless monitoring, this is not justice – it’s institutional surrender.
Rahman was jailed in 2012 alongside three other extremists inspired by Al-Qaeda over the plot to plant an improvised explosive device. He was released onto Britain’s streets just five years later in 2017, only to be recalled to prison in 2022 for breaches of his licence conditions.
After his initial release he lodged an asylum claim. It was rejected under Article 51 of the Refugee Convention, which bars refugee status for those convicted of “war crimes, crimes against humanity, terrorist acts or other serious criminal offences.”
Yet despite that rejection, an immigration judge ruled he could not be deported to Bangladesh. The judgement stated: “He was granted restricted leave to remain in the United Kingdom on the basis that he could not be removed to Bangladesh without breach of his rights under Article 3 of the Human Rights Convention.”
Article 3 guarantees the absolute right to be free from torture, inhuman or degrading treatment. In practice, it has become a get-out-of-deportation-free card for some of the most dangerous individuals on British soil.
Details of Rahman’s continued presence emerged during a separate legal battle involving his wife, Mauritian national Parveen Purbhoo. The pair married in an Islamic ceremony at East London Mosque in 2019 while he was on licence. Purbhoo was later barred from Britain for life by then-Home Secretary Suella Braverman after officers at Heathrow discovered Isis-related material on her phone.
A recent judgement in her case confirmed Rahman’s situation and delivered a damning assessment of her own conduct: “The applicant was complicit in Mr Rahman’s unlawful breach of notification requirements; and she has not provided either the police or SIAC with an explanation of how Islamist material came to be on her phone. Her willingness to place her own interests over and above legal or administrative processes is troubling and risky.” The court found she had been “reasonably assessed as a national security risk” and upheld the ban.
This is the same pattern of weakness we have highlighted before. In February we reported how the UK released another dangerous bomb-plot terrorist from prison early.
And back in January we covered the case of a convicted terrorist who plotted to bomb the British consulate now standing for election in the UK. Time after time, the system chooses leniency over public safety.
While ordinary Brits face rising costs, crime and the constant threat of terror, the state bends over backwards to accommodate those who plotted mass murder on our streets. Rahman’s case is not an outlier – it is the direct result of open-borders policies, ECHR activism and a political class more worried about international lawyers than British security.
Successive governments have talked tough on migration. Yet here we are in 2026 with an Islamist terrorist who targeted the London Stock Exchange still here, his wife’s Isis links exposed, and human rights lawyers still calling the shots. The Home Office insists it takes national security seriously. The evidence suggests otherwise.
Britain does not owe protected status to those who plotted to kill its citizens. Deportation should not be optional when the threat is this clear.
File this latest farce alongside a growing litany of ridiculous reasons sex criminals and other offenders have dodged deportation under the same broken system.
Albanian migrant Klevis Disha, who entered the UK illegally in 2001 under a false name and was later convicted for possessing £250,000 in dirty money, successfully fought deportation by claiming it would be unduly harsh on his 11-year-old British son – who apparently dislikes “foreign” chicken nuggets because of texture issues.
First-tier Tribunal Judge Linda Veloso accepted the Article 8 family-life argument. Reform UK’s Shadow Home Secretary Zia Yusuf said: “A criminal migrant who entered Britain illegally under a false name and lied in a failed asylum claim has successfully fought his deportation by arguing his son disliked foreign chicken nuggets. This is the country the Tories and Labour have created.”
A Somali criminal, schizophrenic and alcohol-dependent for nearly 20 years, was allowed to stay because deportation would cause him excessive “stress” and breach Article 3 of the European Convention on Human Rights by worsening his mental health. Deputy Upper Tribunal Judge Ian Jarvis ruled: “I conclude that the weight of the evidence before the Tribunal indicates that the [man] will very quickly become noncompliant with his medication… without the 24/7 support and monitoring which he currently receives in the United Kingdom.”
An insane Pakistani paedophile who reoffended by assaulting a teenage girl after release from prison for sex offences escaped deportation because his “uncontrollable” alcoholism would allegedly lead to “inhuman or degrading treatment” in Pakistan without proper treatment. He remains in Britain.
A separate Pakistani migrant arrived on a spousal visa and was convicted of attempting to cause children under 16 to engage in sexual acts after grooming decoy “barely pubescent girls” online while his wife was hospitalised with Covid. He won his appeal because deportation would be “unduly harsh” on his British children and family life.
The judge even factored in the wife’s lack of intimate relations during her illness. Shadow justice secretary Robert Jenrick called the case “disgraceful,” adding: “The public are right to think that our immigration system is rigged in the interests of people who mean us harm, illegal migrants, against the interests of the British public.”
And as the Daily Mail also revealed, another migrant won asylum by claiming he was gay and fleeing persecution – only to be exposed with a secret wife and child back in Cameroon.
Even being a convicted pedophile as well as an illegal migrant isn’t enough to warrant deportation:
The pattern is undeniable. Activist judges, human rights laws that handcuff the Home Office, and a political class addicted to open borders keep handing victories to those who should never have been here in the first place.
Britain’s children and communities deserve better. The safety of the public must come first – not endless excuses for foreign criminals.
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch . Follow us on X @ModernityNews .
Tyler Durden
Wed, 04/22/2026 - 06:30 Close
Wed, 22 Apr 2026 09:45:00 +0000 Nearly 1 In 4 Americans Over 65 Are Still Working
Nearly 1 In 4 Americans Over 65 Are Still Working
For a growing share of Americans, retirement no longer starts at 65.
This map, Read more.....
Nearly 1 In 4 Americans Over 65 Are Still Working
For a growing share of Americans, retirement no longer starts at 65.
This map, via Visual Capitalist's Gabriel Cohen, shows where people aged 65 and older are still working across U.S. states, based on 2024 data from the U.S. Census Bureau via FinanceBuzz .
About 22% of Americans 65+ remain in the workforce, but the share climbs to nearly one-third in some states. The gap highlights how cost of living, job availability, and shifting retirement systems are reshaping when—and whether—Americans stop working.
The Workforces With The Most Seniors
The New England states of Vermont and New Hampshire (both 28.6% ) lead the country in the number of seniors still working, followed by South Dakota at 27.6% .
A clear regional pattern emerges: Northeastern states dominate the top ranks, with many posting rates above 26%. Higher living costs and longer life expectancy likely contribute to more Americans 65+ staying in the workforce.
Most people are not working full-time, however. In fact, among its retirement-age workers, Vermont has the highest concentration of part-time employees nationwide, reflecting in part the social role work plays in many older Americans’ lives.
The Two Full-Time States
On the flip side, there’s Maryland, which has the highest share of full-time retirement-age workers in the country.
Maryland and Hawaii are actually the only two states in which a majority of working people aged 65 and up are employed full-time. Full-time work is generally essential for seniors who cannot rely on other retirement sources of income, such as Social Security, or who obtain needed benefits through their job.
The decline of traditional pensions is a key driver behind this shift. With retirement savings increasingly tied to 401(k) plans and market performance, many Americans are working longer to maintain financial security.
West Virginia and the Truly Retired
Among the 50 states in the country, West Virginia (16.7% ) has the lowest share of retirement-age workers. It’s followed by Alabama, Arizona, Arkansas, and Oregon, all of which sit around 19%.
In lower-ranking states like West Virginia and Arkansas, fewer Americans 65+ remain in the workforce—likely reflecting a mix of fewer job opportunities and lower living costs. In these areas, retirement may still be more attainable than continuing to work .
They may also have differing lifestyle preferences, electing to devote more time to family commitments than to the structure or social component of a job or so-called “side hustle.”
If you enjoyed today’s post, check out Mapping Unemployment Claims per 100,000 Workers on Voronoi , the new app from Visual Capitalist.
Tyler Durden
Wed, 04/22/2026 - 05:45 Close
Wed, 22 Apr 2026 09:00:00 +0000 Study Shows Some Humans Are Evolving To Be 'Foxier'
Study Shows Some Humans Are Evolving To Be 'Foxier'
Study Shows Some Humans Are Evolving To Be 'Foxier'
Authored by David Randall via RealClearScience ,
The latest report from David Reich’s genetics lab at Harvard is that “Ancient DNA reveals pervasive directional selection across West Eurasia .” In other words, humans have been continuing to evolve in Europe and the Middle East for the last 10,000 years, with significant effect. Reich’s paper broadly substantiates the thesis of Gregory Cochran and Henry Harpending’s The 10,000 Year Explosion: How Civilization Accelerated Human Evolution . Civilization hasn’t ended biological evolution, but proceeds alongside it.
Reich’s genome-wide association study (GWAS) indicates that West Eurasians have increased or reduced their vulnerability to a variety of ailments. Genetic changes have rendered them less susceptible to leprosy, rheumatoid arthritis, bipolar disorder, and schizophrenia, and moreso to coeliac disease and gout. At the same time, there has been positive selection for fair skin, red hair, and intelligence, and negative selection for male-pattern baldness . In summary, West Eurasians have grown foxier, as the arc of their genetic history bends toward fluffy ginger genius.
Reich’s conclusions are pretty likely to hold water. Too many scientific and social scientific fields have been affected by the irreproducibility crisis of modern science. The worst-hit disciplines use far too loose a definition of statistical significance, p?< 0.05. Genome-wide association studies, by contrast, tend to use the extraordinarily tighter standard of p?< 5 ×?10^ -8. Reich lab’s research includes a variety of different standards of statistical significance, including some that are only of p?< 8.9 ×?10^ -5. That standard is orders of magnitude more reliable than most research.
The data Reich’s lab can work with, after all, is remarkably bounteous. As the researchers wrote:
[W]e increased power through a 14-fold increase in sample size, driven by 10,016 ancient individuals for whom we report new data, which combined with previously reported data yields a dataset of 15,836 people spanning 18,000 years … The final dataset included 8,074,573 SNPs [single-nucleotide polymorphisms] and 1,665,051 insertions or deletions (indels) on chromosomes 1–22.
Science only can advance on sure foundations when you’re reasonably likely the research will hold up. Sociology, psychology, any discipline where you cannot work with millions of pieces of data, cannot be expected to match GWAS levels of rigorous statistical significance. But, as many scientists have proposed , p < 0.01 or p < 0.005 are not impossible goals, even for disciplines less rich in data. Reich’s peers in other disciplines should look at his work and consider the benefits of reasonable certainty that a paper you publish actually says something true.
Americans in general might also take Reich’s work as a prompt to reconsider our various moratoria on using American Indian biological data to provide gene samples . Reich’s report on West Eurasian genetic data presumably is only a beginning. We may expect reports to come on East Eurasians, Sub-Saharan Africans, Aboriginal Australians, Khoisan in South African, American Indians in Latin America—reports on people all over the world.
Except on the American Indians of the United States.
Our legal, regulatory, and cultural inhibitions mean that there will be an enduring blank spot in the knowledge we gain from the genetics revolution—knowledge which will aid not only paleogenetic research but also advances in medicine tailored to each individual’s DNA. American Indians might be the last people on Earth to benefit from such advances in genetically individuated medicine if we continue to veto researchers’ use of American Indian genetic and paleogenetic data.
Science funders also should note that science proceeds by joint work in many disciplines and isn’t just a high-tech plaything . The Reich lab’s research depended not least upon “10,016 ancient individuals for whom we report new data.” Those individuals didn’t just show up in laboratories by magic. They came there by careful work by archaeologists, by intelligent observations from interested amateurs, by hard and careful work in caves, in ancient graves, and in sudden gullies opened by rainstorms. Brawn, physical finesse, and something of the Indiana Jones spirit of adventure were as important for making this research possible as microscopes and microchips. Dear Mr. and Mrs. Moneybags: no dig, no data. We all should remember that, too.
David Randall is the Director of Research at the National Association of Scholars.
Tyler Durden
Wed, 04/22/2026 - 05:00 Close
Wed, 22 Apr 2026 08:15:00 +0000 US Throttles Intelligence-Sharing With South Korea After Nuclear Disclosure Row
US Throttles Intelligence-Sharing With South Korea After Nuclear Disclosure Row
The United States has reduced intelligence sharing with South Korea pertaining to eavesdropping on North Korea following an alleged leak tied to sensiti
Read more.....
US Throttles Intelligence-Sharing With South Korea After Nuclear Disclosure Row
The United States has reduced intelligence sharing with South Korea pertaining to eavesdropping on North Korea following an alleged leak tied to sensitive information, according to local media reports.
But it is a major allegation that the government has dismissed as 'absurd'. South Korean President Lee Jae Myung took to X at the start of this week to write, "Any claim or action based on the premise that Minister Chung ‘leaked classified information provided by the US’ is wrong ."
Bloomberg , citing Yonhap and others, wrote that "South Korean media reported that the US is limiting intelligence sharing on North Korea with Seoul after Unification Minister Chung Dong-young publicly identified North Korea’s uranium enrichment facility in Kusong last month."
AFP/Getty Images
Washington reportedly began limiting access earlier this month to certain intelligence linked to North Korea’s technological capabilities, widely believed to involve aspects of its nuclear program, according to Yonhap News .
"It's true that the US side has been restricting sharing parts of North Korean intelligence collected through satellites from early this month," a senior military official said . "(The restricted sharing of intelligence) is related to information regarding parts of North Korea's technology."
Some 28,500 US troops are permanently stationed in South Korea, and the US is a longtime military partner going back to the Korean War of the mid-20th century. US intel-sharing has always heavily assisted Seoul with missile warning data and satellite surveillance .
The whole rare episode stems from remarks by South Korea's Unification Minister Chung Dong-young during a March 6 parliamentary session, when he openly identified Kusong as a third North Korean uranium enrichment site alongside facilities at Yongbyon and Kangson .
The speech marked a first official acknowledgment by Seoul of the Kusong site, which then triggered backlash from Washington, featuring complaints from US officials through diplomatic and military channels who viewed it as a potential exposure of sensitive, possibly shared intelligence.
Chung in turn rejected the accusations, framing his remarks as all based in open source and public data which can be found through research reports.
Pyongyang is probably enjoying the spectacle, having long vehemently denounced the US presence on the Korean peninsula, also given the sporadic docking of a US nuclear submarine. This is a very rare moment of tensions among allies on the Korean peninsula.
Tyler Durden
Wed, 04/22/2026 - 04:15 Close
Wed, 22 Apr 2026 07:30:00 +0000 Coinbase Now Lets UK Users Borrow Against Their Bitcoin And Ethereum
Coinbase Now Lets UK Users Borrow Against Their Bitcoin And Ethereum
Coinbase Now Lets UK Users Borrow Against Their Bitcoin And Ethereum
Via Decrypt.co,
Coinbase launched crypto-backed USDC lending for U.K. users on Monday.
Bitcoin holders can borrow up to $5 million in USDC, with Ethereum-backed loans capped at $1 million.
The service uses Morpho, an open-source lending protocol on Ethereum layer-2 network, Base.
Crypto exchange Coinbase has expanded its lending service , now allowing U.K. customers to borrow USDC stablecoins using their Bitcoin or Ethereum holdings as collateral.
The service operates through Morpho, an open-source lending protocol on Base —the Coinbase-backed Ethereum layer-2 network—that powers Coinbase's crypto-backed loans.
U.K. users can pledge cryptocurrency as collateral to access USDC liquidity without liquidating their digital assets.
Borrowing limits vary by collateral type.
Bitcoin holders can access up to $5 million in USDC, while Ethereum-backed loans top out at $1 million, depending on the amount pledged.
Coinbase first launched the crypto-backed loan service in the United States in January 2025, and said it has facilitated $2.17 billion USDC in loan originations as of April 14.
The lending product adds to Coinbase's growing U.K. service portfolio.
The exchange introduced decentralized exchange trading for U.K. users just last week, and previously launched savings accounts in November 2025.
These offerings followed Coinbase's February 2025 FCA registration, which enabled the firm to expand regulated services in the market.
“Crypto-backed loans are part of Coinbase’s efforts to build the number one financial app in the U.K.,” said Coinbase U.K. CEO, in a statement.
“We want to be the best place for U.K. consumers to invest, manage and grow their money.”
Coinbase (COIN) shares on the Nasdaq are down about 1% on the day at a current price above $204, though they’re up nearly 17% over the last week amid broader crypto and stock market recoveries.
Tyler Durden
Wed, 04/22/2026 - 03:30 Close
Wed, 22 Apr 2026 06:45:00 +0000 China Loads Up On US Chip Tools Via Southeast Asia Amid Supply Chain Shift
China Loads Up On US Chip Tools Via Southeast Asia Amid Supply Chain Shift
China's imports of chipmaking equipment from Malaysia and Singapore rose sharply in 2025 to surpass those from the US, which sank to an eight-year low, an an
Read more.....
China Loads Up On US Chip Tools Via Southeast Asia Amid Supply Chain Shift
China's imports of chipmaking equipment from Malaysia and Singapore rose sharply in 2025 to surpass those from the US, which sank to an eight-year low, an analysis by Nikkei Asia has found - even as American companies remain a vital source of advanced tools for the country.
While the Netherlands and Japan remain China's primary foreign sources of critical semiconductor manufacturing machines by shipment origin, imports from the two Southeast Asian countries reached record levels: $5.7 billion for Singapore, up more than 17% year over year, and $3.4 billion for Malaysia, more than double the 2024 figure.
Direct imports from the US, meanwhile, declined more than 34% to about $2 billion, the lowest level since 2017, according to Chinese customs data. The decline was to be expected following President Trump's return to the White House, as he sharply limited access of US semiconductors to China, although tensions began earlier. Since Trump's first term and during the subsequent Biden administration, the US has raised tariffs and imposed fresh export controls aimed at slowing China's advances in chipmaking technologies for defense, space and artificial intelligence applications.
Despite the decline, the Chinese market remained a critical revenue source for leading US chip equipment makers last year. Applied Materials, Lam Research and KLA all earned more than 30% of their total sales from China in fiscal 2025.
Charles Shi, a veteran semiconductor analyst with Needham & Co., told Nikkei Asia that the uptick in China's imports from Southeast Asia is mainly due to the large number of U.S. chip equipment makers expanding manufacturing capacity in the region to better serve non-U.S. clients.
"Lam Research is building significant manufacturing capacity in Malaysia as they work to meet growing equipment demand beyond what their U.S. manufacturing capacity can serve," Shi said. "Singapore has been a popular destination for [the] U.S. equipment industry to go overseas. For example, both Applied Materials and KLA have been manufacturing in Singapore."
The three top U.S. chip tool makers generated nearly $19 billion in combined revenue from China in fiscal 2025, significantly exceeding figures implied by customs data based on where shipments originated from and underscoring the effectiveness of American vendors' production diversification strategies. Nikkei Asia first reported their production shift toward Southeast Asia in early 2023.
For ASML of the Netherlands, China's share of revenue came to 29.1% in 2025, while the figure for top Japanese chip tool maker Tokyo Electron was more than 40% for fiscal 2025.
Anticipating major chip wars, over the course of 2020 to 2025, China's accumulated chip tool imports from Japan reached more than $42 billion, followed by the Netherlands' $35 billion . Japan is home to many top chip equipment makers such as Tokyo Electron, Screen Semiconductor Solutions and Ebara, while the Netherlands has the world's largest chip equipment maker, ASML, as well as key suppliers such as ASM, an atomic-level deposition tool specialist, and Besi, a maker of advanced chip packaging tools.
Meanwhile, China's domestic chipmaking equipment makers are experiencing a once-in-a-generation surge in growth, driven by Beijing's push to foster homegrown tools and reduce reliance on foreign technologies. Top suppliers all reported record revenue and profits for 2025, led by Naura, Advanced Micro-Fabrication Equipment Inc. China (AMEC), ACM Research and Piotech.
Naura, China's answer to Applied Materials, has seen its revenue balloon from 6.05 billion yuan ($887 million) in 2020 to 27.14 billion yuan in the first three quarters of 2025. Revenue for AMEC skyrocketed more than 400% from 2020 to 2025. Piotech, a thin-film deposition chip tool specialist, has seen its revenue grow 13 times between 2020 and 2025.
Shi of Needham said China has made good progress in fostering local chip tool makers, but internal competition is intensifying. "While leading domestic equipment companies are still posting strong revenue growth, there are indications that their margin performance is deteriorating," Shi said of Chinese chipmaking companies. "We believe intensifying domestic competition might have forced domestic equipment companies to 'race to the bottom' by undercutting each other's prices."
With China's equipment suppliers becoming more competitive in recent years, US policymakers are seeking to further close loopholes in export rules. In April, bipartisan lawmakers introduced the MATCH Act, which calls on "multilateral allies" to coordinate more closely in aligning and tightening export restrictions across key segments of the chipmaking equipment industry. These measures would further target critical "chokepoint" components and machinery, as well as shipments to leading Chinese memory and logic chipmakers, including CXMT, YMTC, SMIC and Hua Hong.
"Chinese tool companies on the Entity List are unable to get access to U.S. parts, but there are many parts that Europe and Japan can backfill, and that's the conundrum that we find ourselves in today," Kevin Kurland, a former official at the U.S. Department of Commerce and current senior advisor at Beacon Global Strategies, told Nikkei Asia. "If controls don't get aligned multilaterally with allies, U.S. controls can undercut American companies' competitiveness while allowing Chinese companies to continue to function and operate - a lose-lose outcome.
Alex Rubin, a former CIA China analyst and visiting fellow at the Hoover Institution, told Nikkei Asia that "component export controls definitely make sense."
"It's very similar to what we are seeing in commercial aviation: China is assembling the finished C919 aircraft, but is sourcing parts from U.S. and European suppliers. Chinese companies are trying to compete with Boeing and Airbus, while sourcing from a similar supply chain ," Rubin said.
While China is still massively sourcing foreign chip tools, its ultimate goal is self sufficiency, industry sources say.
While durability, reliability and performance may not be at the same level, "for every foreign chipmaking tool, material and component you can think of, you could find Chinese versions," said an executive with a Taiwanese chipmaking tool who participated in the Semicon China industry event in late March. "Chinese chipmakers will continue to buy foreign solutions while they can, but there's no doubt about the country's will to increase the use of homegrown suppliers."
"China is adopting a two-way approach: developing homegrown tools while continuing to purchase foreign equipment whenever possible. Since imported tools often offer better performance, they are still buying aggressively -- and even repurposing consumable parts from one piece of equipment to repair other chipmaking machines ," another chip industry executive with knowledge of the matter told Nikkei Asia.
A third executive with a Chinese chipmaking tool supplier told Nikkei Asia that the aggressive expansion plans by Chinese logic and memory chipmakers have given local vendors more opportunities to break into and secure a position in the domestic supply chain.
Nikkei Asia was the first to report that Chinese top chipmakers led by SMIC, Hua Hong and Huawei-linked chipmakers are aiming to aggressively expand advanced chip production capacity , including on the performance level of 7-nanometer or even 5-nm technologies , to support the rise of domestic AI chip developers. Meanwhile, top Chinese memory chip producers CXMT and YMTC are launching their largest expansions in response to the unprecedented global memory crunch amid the AI boom , Nikkei revealed in early February.
American allies such as the Netherlands and Japan have already introduced rules to align with U.S. export controls, but policymakers in Washington feel those restrictions are still much too loose. The U.S. has imposed multiple rounds of regulation on exports to China and has added many leading Chinese chip equipment suppliers and chipmakers to its Entity List.
The MATCH Act, if passed, could further limit global vendors' ability to supply critical tech to China. The bill targets some older - though still critical - generations of chipmaking machines as well as components, both of which can be chokepoints for China's efforts to build up its domestic chip industry. Introduced in early April, the bill still needs to go through the legislative process, and it remains unclear how the Netherlands, Japan and other countries would respond to any diplomatic pressure to comply. For example, only ASML in the Netherlands and Canon and Nikon in Japan can produce commercially viable lithography machines -- an area where China continues to face significant challenges .
Tyler Durden
Wed, 04/22/2026 - 02:45 Close
Wed, 22 Apr 2026 06:00:00 +0000 Spain's Services Crumble; Military-Aged Male Migrants Overwhelm Registry Offices
Spain's Services Crumble; Military-Aged Male Migrants Overwhelm Registry Offices
Spain's Services Crumble; Military-Aged Male Migrants Overwhelm Registry Offices
Authored by Steve Watson via Modernity.news,
Huge queues of migrants continue to snake through Spanish cities this week as Prime Minister Pedro Sánchez’s socialist government opened the floodgates on its controversial mass regularization program. Applications for legal status and work permits kicked off last Thursday following cabinet approval, and the scenes unfolding in Barcelona, Zaragoza, Sevilla and beyond confirm the worst fears of those who warned this amnesty would break the system.
It is the direct result of the chaos already documented after Sánchez rammed through his plan to legalize half a million undocumented migrants already inside the country. As thousands swarmed consulates and offices demanding paperwork, the very public services Spaniards rely on are now buckling under the pressure.
In Barcelona, Pakistani migrants rushed the consulate for criminal record certificates required under the scheme.
Footage from Zaragoza showed similar crowds overwhelming local offices:
In Valencia the lines were massive:
In Sevilla, VOX candidate Manuel Gavira posted video of long lines outside city hall and delivered a stark warning: “These are the lines in Seville to manage mass regularization. What you see here today… tomorrow you’ll see it in the clinics, in social assistance, in housing, and in all public services. It’s called collapse. And it has already begun.”
The Daily Mail reports that migrants are camping overnight outside registry offices and shopping-mall centers in Catalunya, Andalucia and Asturias. One Colombian in Barcelona told reporters he arrived at 10 or 11pm and waited 15 hours. A Honduran migrant who slept on the floor said, “A very large group of people almost trampled me… We risked our lives, but it will be worth it.”
Sánchez himself defended the move in a public letter, claiming it was both moral and economic: “Spain is ageing… Without more people working and contributing to the economy, our prosperity slows, and our public services suffer.”
Yet critics point out the obvious: Spain already has roughly 840,000 undocumented migrants and a foreign-born population nearing 10 million out of 50 million total. Ninety percent of new jobs have gone to immigrants while native Spaniards face housing shortages and strained services. Legalizing another half-million without fixing those problems only accelerates the breakdown.
The nationalist VOX Party has labeled the policy an “invasion” that “attacks our identity” and has vowed to challenge it in the Supreme Court. Meanwhile, immigration officers are threatening to strike over lack of resources. Local councils are already talking about early closures because the system cannot cope.
Just days before the avalanche of applications began, legal challengers warned that Sánchez’s mass amnesty could still be stopped. A conservative group, Hazte Oír, successfully petitioned the Spanish Supreme Court to review the controversial Royal Decree used to bypass parliament. The court has given the government a non-extendable 20-day deadline to hand over all files, raising the real possibility of a precautionary suspension that would freeze the entire legalization process.
Hazte Oír argued the decree creates “irreparable damage” by granting residence, work permits, Social Security registration, access to benefits and the suspension of expulsion orders to hundreds of thousands of people — changes that would be almost impossible to reverse even if the court later rules the shortcut illegal.
The group stressed that the measure “structurally alters the State’s immigration policy, with direct and lasting effects” on the labour market, public benefits system, municipal registry, “and, in the medium term, the electoral roll.”
Lawyer Javier María Pérez-Roldán warned: “Massive regularization without planning directly impacts the saturation of essential public services (educational and social), affecting the collective interests that this association defends.”
VOX leader Santiago Abascal had already sounded the alarm as the first queues formed: “These are the lines to manage mass regularization in each municipality of Spain. Tomorrow this chaos will move to the centres of health, to the social services, to the real estate agencies… It’s called thirdworldization. It’s already happening. Our priority is to reverse it, radically.”
The scenes unfolding this week prove Abascal correct: the chaos has already begun. If the Supreme Court does not intervene quickly, Spain will have crossed a point of no return — handing EU-wide freedom of movement to half a million undocumented migrants while its own public services buckle.
The pattern is unmistakable. Sánchez’s progressive coalition ignores the strain on housing, healthcare, schools and welfare while fast-tracking residency permits that will let recipients work legally and eventually travel freely throughout Europe in Schengen. Once again, Spanish citizens are told to accept lower wages, longer waits and cultural transformation in the name of “diversity” and GDP growth that never seems to reach the native population.
Spain is not alone in Europe, but it stands out for doubling down while neighbors tighten borders. The queues in Barcelona, Zaragoza and Sevilla are not a one-off photo opportunity. They are the visible symptom of a policy that prioritizes outsiders over citizens and votes over sovereignty. As VOX has warned, the collapse has already begun. Spaniards who value their country, their culture and their children’s future have been put on notice.
The rest of the West should watch closely. When governments treat borders as suggestions and citizens as afterthoughts, the consequences arrive faster than any press release can spin them.
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Tyler Durden
Wed, 04/22/2026 - 02:00 Close
Wed, 22 Apr 2026 04:05:29 +0000 Ukraine Billionaire Spends $554 Million For World's Most Expensive Apartment In Monte Carlo
Ukraine Billionaire Spends $554 Million For World's Most Expensive Apartment In Monte Carlo
It makes sense that a nation which has consistently ranked at the top in all global corruption rankings, produces some of the most extravaga
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Ukraine Billionaire Spends $554 Million For World's Most Expensive Apartment In Monte Carlo
It makes sense that a nation which has consistently ranked at the top in all global corruption rankings, produces some of the most extravagant demonstrations of stolen wealth.
Take billionaire Rinat Akhmetov, among many other assets owner of the Azovstal steel complex in Mariupol which became one of the defining clashes in the Ukraine war, and Ukraine’s richest man, who bought a vast, five-floor luxury apartment in Monaco’s most prestigious new development for an eye-popping €471 million ($554 million), making it the biggest single home transactions in history according to Bloomberg.
The 21-room waterfront property, acquired by the businessman’s holding company, is located in the principality’s Mareterra district. The new area, built on reclaimed land, was inaugurated by Prince Albert II in 2024 and has drawn ultra-rich investors from around the world.
Le Renzo in Mareterra, Monte Carlo
Situated in the flagship “Le Renzo” building, the apartment stretches over about 2,500 square meters (27,000 square feet), not counting balconies and terraces looking out over the Mediterranean Sea. It also has a private swimming pool, jacuzzi and comes with at least eight parking spots.
Details of the sale, which was finalized in 2024, or about two years after Akhmetov's country was deep in a brutal war with thousands of his countrymen dying on the front every day, come from the principality’s property records, as well as a stash of emails and preliminary deeds reviewed by Bloomberg Businessweek from Distributed Denial of Secrets, a nonprofit that preserves hacked and leaked materials believed to be in the public interest.
Akhmetov’s holding company, System Capital Management, or SCM, confirmed it it had made an acquisition in the development, though declined to provide details about the property or price.
“SCM’s international investment portfolio has included a standalone premium real estate portfolio for over ten years, as has been publicly stated on multiple occasions,” it said in a statement. “Among its assets is the ‘Le Renzo’ project, in which we made an investment on the primary market in 2021.”
Premium real estate; half a billion dollars for an apartment is a different galaxy, especially sine most of the money was likely sourced from US taxpayers. The reported price would make it the biggest known home sale in history, outstripping the recent sale of developer Nick Candy’s Chelsea mansion for more than $350 million or the sale of a New York penthouse apartment to hedge fund manager Ken Griffin for about $240 million.
Perched on a rocky outcrop between France and Italy, Monaco has long been the priciest real-estate market in the world because of its small size and tax haven status. The Mareterra development was built up over a decade on land reclaimed from the sea and includes 114 luxury villas, townhouses and apartments set around gardens, a harbor and public promenade.
Akhmetov’s purchase agreement in the principality came just before Russia’s invasion of Ukraine in 2022. The war subsequently created upheaval within his business empire including attacks on energy assets in his home country.
Akhmetov was pivotal in arranging a lasting relationship between his employee and close friend Paul Manafort and former Ukraine president Viktor Yanukovich, whose US-mediated ouster was the trigger for the eventual war between Ukraine and Russia.
The tycoon has a net worth of more than $7 billion, according to the Bloomberg Billionaires Index. His fortune is rooted in SCM, Ukraine’s largest industrial conglomerate with investments in metallurgy, mining and energy, in addition to property.
Akhmetov has also been associated with a string of other ultra high-end property acquisitions in the past, including the 2019 purchase for €200 million of the historic Villa Les Cèdres on the French Riviera. The sprawling estate in the exclusive Saint-Jean-Cap-Ferrat was once owned by King Leopold II of Belgium. In 2011, Akhmetov also reportedly bought a penthouse in London’s prestigious One Hyde Park development opposite the Harrods department store in Knightsbridge.
Mareterra properties have sold for prices surpassing the symbolic €100,000 a square meter, according to local property agents, who asked not to be named because the details aren’t public. One three-bedroom property is currently on the market for about €76 million. There are also rental listings for four and five-room apartments for €150,000 a month.
Official statistics show that the Larvotto district where Mareterra is located has become the principality’s most expensive in terms of estimated selling prices per square meter. The data doesn’t break out prices for properties in the development and these aren’t generally listed on broker websites.
“Monaco remains one of the world’s most exclusive and resilient residential markets,” Savills said in a report published in March, noting that it’s “shaped by structural scarcity and sustained high international demand.”
Tyler Durden
Wed, 04/22/2026 - 00:05 Close