The Damac Heights real estate development, right, in the Dubai Marina in Dubai, United Arab Emirates, on Friday, Feb. 20, 2026. Bloomberg | Bloomberg | Getty Images The United Arab Emirates is considering cutting off Iranian access to billions of dollars held in the Gulf state, the Wall Street Journal reported Thursday. The move could cripple Tehran's access to foreign currency and global trade ne...
The Damac Heights real estate development, right, in the Dubai Marina in Dubai, United Arab Emirates, on Friday, Feb. 20, 2026. Bloomberg | Bloomberg | Getty Images The United Arab Emirates is considering cutting off Iranian access to billions of dollars held in the Gulf state, the Wall Street Journal reported Thursday. The move could cripple Tehran's access to foreign currency and global trade networks at a moment when its economy has been deteriorating, and the military conflict with U.S. and Israel has piled on more pressure. Emirati authorities have warned Iranian officials that such a move was under consideration, the newspaper said, citing people familiar with the discussions, although no decision on whether, or when, to act has been reached. UAE has long sought to balance its strategic alliance with the U.S. and its neighbor Iran, but Tehran's strikes against the Gulf nation appears to be prompting a rethink in policy. UAE's capital city Dubai has been a crucial financial corridor for Iranian businesses and individuals seeking to bypass Western sanctions, selling oil abroad and channeling the proceeds into military programs and regional proxies, according to U.S.-based think tank Atlantic Council. Shell companies registered across Dubai's sprawling free zones have for years masked the origin of Iranian oil and commodities. Informal currency exchange houses have also moved funds across borders outside the reach of conventional banking oversight. America has been pressing the Gulf country to dismantle those networks. The U.S. Treasury has sanctioned UAE-based entities in recent years, with officials reiterating that enforcement within the UAE has fallen short of the country's stated commitments . As part of its retaliation against the U.S.-Israel joint attack, Iran has targeted more than 1,000 drones and missiles against targets in the UAE, damaging infrastructure including Dubai International airport and the popular Fairmont hotel, as well as residential and t...
This article first appeared on GuruFocus. Release Date: March 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points ESS Tech Inc (NYSE:GWH.WS) secured a $9.9 million contract with the US Air Force Research Laboratory, showcasing the readiness of their American-made iron flow storage for critical defense applications. The compa...
This article first appeared on GuruFocus. Release Date: March 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points ESS Tech Inc (NYSE:GWH.WS) secured a $9.9 million contract with the US Air Force Research Laboratory, showcasing the readiness of their American-made iron flow storage for critical defense applications. The company announced Project New Horizon, a significant partnership with Salt River Project and Google, indicating strong commercial momentum. ESS Tech Inc (NYSE:GWH.WS) improved its financial performance, with a 38% improvement in adjusted EBITDA and a 33% reduction in operating expenses year-over-year. The acquisition of Volt Storage enhances ESS Tech Inc (NYSE:GWH.WS)'s technological capabilities and patent coverage in the iron flow space. The company has a strengthened balance sheet, having closed a $40 million financing transaction and a $15 million registered direct offering, improving its liquidity position. Negative Points Revenue for 2025 was $1.6 million, a significant decrease from $6.3 million in 2024, reflecting a transition away from legacy product lines. Gross loss for the year was $27.7 million, although improved, it still indicates financial challenges. The company anticipates that significant revenue from new projects will not be realized until 2027 and 2028, indicating a delay in revenue generation. ESS Tech Inc (NYSE:GWH.WS) has ongoing capital needs to support its plans for 2027 and beyond, suggesting potential future financial constraints. The departure of the Chief Operating Officer and the interim appointment of a new COO may indicate potential instability in leadership. Q & A Highlights Q: The press release indicates that you're anticipating delivery for key projects to start in 2027. How should we think about the revenue ramp-up associated with these projects? Could we see any revenue in 2026, or is it more likely in 2027? Also, should we anticipate any le...
fcafotodigital/iStock via Getty Images Introduction The last time I covered Archer-Daniels-Midland ( ADM ), I reiterated their Hold rating, highlighting how the investment came with “Too Much Policy Risk For A Low-Margin Dividend King.” Despite some improvements regarding trade and biofuel policies, following an overall expectable year, ADM remains a Hold for me, with a valuation that lacks a suff...
fcafotodigital/iStock via Getty Images Introduction The last time I covered Archer-Daniels-Midland ( ADM ), I reiterated their Hold rating, highlighting how the investment came with “Too Much Policy Risk For A Low-Margin Dividend King.” Despite some improvements regarding trade and biofuel policies, following an overall expectable year, ADM remains a Hold for me, with a valuation that lacks a sufficient margin of safety and near-term macro headwinds that can weaken their balance sheet given the dividend they must pay since they want to remain a Dividend King. Internal Developments Archer-Daniels-Midland IR ADM reported mixed Q4 and 2025 results, beating the market’s Q4 profit expectations but missing on revenue , while the FCF reached a very impressive $4.2 billion despite the headwinds from biofuel policies and tariffs. However, note that we’re talking about a massive beneficial effect from working capital, with a $1.51 billion cash inflow from the shrinking inventories combined with ~$1.06 billion from brokerage customers payables, while their adjusted FCF would reach a much more realistic ~$1.44 billion, which is not amazing for their $32.35 billion market cap, although we’re looking at macro pressure. Still, the company is advancing on their cost savings goal, aiming at improving their efficiency, simplifying the portfolio, and delivering $500 million to $750 million in aggregate cost savings over the next 3 to 5 years, as announced last year. Archer-Daniels-Midland IR ADM’s 2026 guidance sees volatile but growing adjusted EPS, reaching between $3.60 and $4.25 per share, while the adjusted net debt to adjusted EBITDA is expected to increase slightly to ~2.0x, as the company expects to ramp up their CAPEX from ~$1.25 billion in 2025 to a range between $1.3 billion and $1.5 billion, which is more in line with previous years. Archer-Daniels-Midland IR Financially, based on ADM’s latest report , we continue to see one of their main advantages, with a very strong fin...
A drama about a president at the end of his career, La Grazia is the director’s finest film since The Great Beauty. As he reunites with his longtime collaborator, the pair discuss ageing, loyalty and the mysterious energy that has bound them for more than two decades ‘They like to smoke,” says the publicist ahead of my interview with Paolo Sorrentino and Toni Servillo. That’s why the table and cha...
A drama about a president at the end of his career, La Grazia is the director’s finest film since The Great Beauty. As he reunites with his longtime collaborator, the pair discuss ageing, loyalty and the mysterious energy that has bound them for more than two decades ‘They like to smoke,” says the publicist ahead of my interview with Paolo Sorrentino and Toni Servillo. That’s why the table and chairs have been hastily dragged outside. That’s why today’s audience will be conducted alfresco. We’re on the cramped sixth-floor balcony of a Venice hotel, overlooking the sea, beneath a tumult of dark clouds. The publicist points down at my recording device and asks: “Will it pick up what they say, or just the noise of the wind?” They like to smoke – of course they do. The Italian film-maker and his muse are both men of old Europe: rigid and courtly and serenely unreconstructed; dignified at the core and a little rackety around the edges. They’ve made seven pictures together and dearly hope they’ll make an eighth. But who can predict? Even the best-laid plans can come a cropper. Sorrentino and Servillo know that time is finite and that the reassuring old order is slipping into the past. They’ve barely whipped out their cigars before the rain comes in sideways. We survive two minutes on the balcony and trundle back to the table indoors. Continue reading...
Iran-backed militias around the Middle East are intensifying attacks against Israel, the US and their allies, in retaliation for the ongoing joint US-Israeli offensive against Tehran as the war draws in new armed actors, threatening wider chaos and violence. Israel and the US have targeted Iran’s network of militant groups, with Iraq emerging as a key front in this new and often clandestine confro...
Iran-backed militias around the Middle East are intensifying attacks against Israel, the US and their allies, in retaliation for the ongoing joint US-Israeli offensive against Tehran as the war draws in new armed actors, threatening wider chaos and violence. Israel and the US have targeted Iran’s network of militant groups, with Iraq emerging as a key front in this new and often clandestine confrontation. Militia in Iraq have launched dozens of attacks since the war began on Saturday, targeting Israel and US bases in Jordan and Iraq itself. In recent days, they have also targeted the infrastructure of Iranian-Kurdish opposition groups based in the self-governing Kurdish-dominated north of Iraq. Israel and the US are trying to degrade the capabilities of pro-Iranian militias in Iraq with airstrikes and special forces operations on the ground, according to analysts and well-informed former regional intelligence officials. Since the 2003 US-led invasion, Iraq has been a proxy battleground between the US, its allies and Iran, but the country’s current leaders have sought to avoid becoming drawn into this new conflict. The militias are recruited among Iraq’s majority Shia community, and follow orders from senior officers from Iran’s Islamic Revolutionary Guard Corps (IRGC). On Tuesday, in a sign of an intensifying war of proxies across the region, officials in Washington suggested they were considering mobilising the opposition Iranian Kurds, possibly for an invasion of Iran’s north-west region. Several Iran-backed armed factions have claimed attacks on the US base at Erbil airport in Iraq’s north in recent days. Other drones and missiles have been launched from sites in Iran’s western desert at targets in Jordan; while militia in the south fired a missile into Kuwait. On Thursday, the militias issued a joint statement telling European countries not to join the war and threatening their “forces and bases in Iraq and the region”. Iraq’s state-run Iraqi News Agency reporte...
The transformer exploded a few feet from where I was standing. One moment I was on the roof of a restaurant kitchen in Atlanta, cleaning exhaust vents. The next, I was on the ground, my body seizing and burned. Before that day, music had been the centre of my life. My father was a well-known guitarist in Australia and I grew up watching him play. When I was 14 my parents bought me a drum kit for C...
The transformer exploded a few feet from where I was standing. One moment I was on the roof of a restaurant kitchen in Atlanta, cleaning exhaust vents. The next, I was on the ground, my body seizing and burned. Before that day, music had been the centre of my life. My father was a well-known guitarist in Australia and I grew up watching him play. When I was 14 my parents bought me a drum kit for Christmas. I fell in love immediately. By 22, I was playing in two bands – one metal, one reggae – and preparing to audition for the Atlanta Institute of Music. Then I was electrocuted. I woke up in hospital. I had fourth-degree burns down my right arm, all the way to the bone marrow. After four weeks in the burns unit, doctors gave me a choice: spend years attempting to save the arm, or amputate and leave hospital within a week. I chose amputation. It was the right decision but it was still devastating. I had lost my job. I moved back in with my mother and spent day after day watching TV or playing video games with one hand, thinking about everything I might never do again: play the guitar, piano, drums. Even with a standard prosthetic, it felt impossible to imagine holding a drumstick again. After about a month of this routine, I realised I couldn’t keep living like that. My drums were packed away in my mum’s attic. One afternoon, I dragged them out, set them up on the porch and taped a drumstick to my amputated arm. Playing was incredibly painful, but I could still keep a groove. For the first time since the accident, something shifted. I started developing my own drumming prosthetic. The first one was crude – mouldable plastic shaped to hold a drumstick, attached to a standard prosthetic with a rubber band. Another, made with springs and bearings, worked well enough for me to start playing with my reggae band again. Jason Barnes in action – video About a year after the accident, I had recovered enough to re-enrol at the Atlanta Institute of Music. One of my teachers, Eri...
With elections next year, Emmanuel Macron and other European leaders are trying to secure institutions against the National Rally threat European governments have quietly begun adapting their policies for the hitherto unthinkable prospect that France, a founder member of the EU, may elect a far-right nationalist president next year. Germany may be Europe’s biggest economy and most populous state, ...
With elections next year, Emmanuel Macron and other European leaders are trying to secure institutions against the National Rally threat European governments have quietly begun adapting their policies for the hitherto unthinkable prospect that France, a founder member of the EU, may elect a far-right nationalist president next year. Germany may be Europe’s biggest economy and most populous state, but nuclear-armed France is the pivotal military power. More than a year before the French choose a successor to Emmanuel Macron, the possibility of a rightwing populist government in France led by Marine Le Pen or her protege, Jordan Bardella , is keeping policymakers awake in Brussels, Berlin and Kyiv. While European leaders regard Macron with respect (and occasional irritation) as an experienced peer, they are gazing with growing anxiety over his shoulder to see who may follow him in May 2027 and what problems that could pose for the bloc, Nato and Ukraine. Paul Taylor is a senior visiting fellow at the European Policy Centre Continue reading...
On Wednesday morning, Pedro Sánchez delivered a 10-minute televised address with the rather bland title: “An institutional declaration by the prime minister to assess recent international events.” The speech’s words, however, were anything but beige. Hours after Donald Trump had threatened to cut off trade with Spain over its government’s refusal to allow two jointly operated bases in Andalucía to...
On Wednesday morning, Pedro Sánchez delivered a 10-minute televised address with the rather bland title: “An institutional declaration by the prime minister to assess recent international events.” The speech’s words, however, were anything but beige. Hours after Donald Trump had threatened to cut off trade with Spain over its government’s refusal to allow two jointly operated bases in Andalucía to be used to strike Iran, Sánchez set out his thinking. In doing so, he became one of the very few European leaders to openly and emphatically reject the demands of a US president whose trademark negotiating style is an erratic mix of bullying, humiliation and self-aggrandisement. The thrust of the Spanish prime minister’s argument was that another war in the Middle East would claim numerous lives, further destabilise the world and have dire economic consequences – but many of its paragraphs were unambiguously personal. A government’s overriding duty, said Sánchez, was to protect and improve the lives of its citizens, not to manipulate or profit from global conflicts. “It is absolutely unacceptable that those leaders who are incapable of fulfilling this duty use the smokescreen of war to hide their failure and, in the process, line the pockets of a select few – the same ones as always; the only ones who profit when the world stops building hospitals and starts building missiles,” he said. Then came the lines: “It is naive to believe that democracies or respect between nations can spring from ruins. Or to think that practising blind and servile obedience is a form of leadership … We will not be complicit in something that is bad for the world and that is also contrary to our values and interests, simply out of fear of reprisals from someone.” Who “someone” was needed no explanation. Even if Sánchez was preaching to the converted in his speech – according to a recent survey, only 15.7% of Spaniards have a favourable opinion of the US president – his words would still have re...
Yes, there are plenty of big-budget visual effects of prehistoric creatures in Steven Spielberg’s natural history show. But the voiceover is the real draw It’s difficult these days to make a nature documentary that isn’t like all the others. Spectacular landscapes, crisp closeup photography, tales of predation and survival, birth and death: whether you go for Pixar cuteness, crimson claws or envir...
Yes, there are plenty of big-budget visual effects of prehistoric creatures in Steven Spielberg’s natural history show. But the voiceover is the real draw It’s difficult these days to make a nature documentary that isn’t like all the others. Spectacular landscapes, crisp closeup photography, tales of predation and survival, birth and death: whether you go for Pixar cuteness, crimson claws or environmental crisis, it’s been done 100 times before. Watching The Dinosaurs, it’s hard not to sense the same problem starting to affect factual shows about the animal kingdom as it was millions of years ago. Impressive as it is that big-money dino documentaries boast visual effects that look similar to footage of Earth today, we are getting used to it. Before the opening titles roll, cliches from two genres have been cross-bred. From regular animal shows, there’s the one where a lone male tries to muscle in on a family unit, forcing the existing patriarch to fight for his status against a younger, stronger rival. Our friend who looks as if he’s about to be fatally pushed aside is a pachycephalosaurus, but the dynamic is the same. Then the two males’ head-smashing battle is interrupted by a familiar sight from dinosaur documentaries: the animal posing a threat is suddenly bitten in two by a Tyrannosaurus rex, leaping unbidden through the undergrowth with a camp flourish. The pachycephalosaurus clan, led by their relieved dad, scurry happily away to the sound of the interloper’s cracking skull. Continue reading...
Our current approach to mental health labelling and diagnosis has brought benefits. But as a practising doctor, I am concerned that it may be doing more harm than good By Gavin Francis. Read by Noof Ousellam Continue reading...
Our current approach to mental health labelling and diagnosis has brought benefits. But as a practising doctor, I am concerned that it may be doing more harm than good By Gavin Francis. Read by Noof Ousellam Continue reading...
China will allocate more of its fiscal spending this year towards human capital and social safety nets, as Beijing seeks to boost domestic demand and unlock new growth through “investing in people”. “Efforts must be sustained to optimise the expenditure structure, with greater emphasis on supporting the boosting of consumption, investing in people, and safeguarding people’s livelihoods,” Premier L...
China will allocate more of its fiscal spending this year towards human capital and social safety nets, as Beijing seeks to boost domestic demand and unlock new growth through “investing in people”. “Efforts must be sustained to optimise the expenditure structure, with greater emphasis on supporting the boosting of consumption, investing in people, and safeguarding people’s livelihoods,” Premier Li Qiang said in his annual work report , delivered during the opening session of the National People’s Congress on Thursday. Incorporated into China’s 15th five-year plan , the “investing in people” concept reflects Beijing’s shift in approach as it places greater reliance on the domestic market for future expansion amid global uncertainties, after decades of export-led growth and heavy investment in physical assets. This marks the first time the slogan has appeared in such a strategic policy blueprint. Advertisement Unlike Western strategies that prioritise tax cuts for the wealthy to drive growth, China is emphasising the need to improve public well-being, with specific targets now enshrined in policy road maps. In his report, the premier vowed to increase inputs in areas closely related to human development. These include formulating and implementing plans to boost residents’ incomes; rolling out more supportive and friendly policies for childbearing; expanding support for senior care; and launching large-scale vocational skills training programmes. Advertisement Beijing has set seven livelihood-related goals among its 20 numerical targets for the five years, according to the full text of the 15th five-year plan released the same day. The plan guides China’s policy priorities from 2026 to 2030.
This is the forum for daily political discussion on Seeking Alpha. A new version is published every market day. Please don't leave political comments on other articles or posts on the site. The comments below are not regulated with the same rigor as the rest of the site, and this is an 'enter at your own risk' area as discussion can get very heated. If you can't stand the heat... you know what the...
This is the forum for daily political discussion on Seeking Alpha. A new version is published every market day. Please don't leave political comments on other articles or posts on the site. The comments below are not regulated with the same rigor as the rest of the site, and this is an 'enter at your own risk' area as discussion can get very heated. If you can't stand the heat... you know what they say... More on Today's Markets: Trump removes Noem as Homeland Security head after congressional clashes Leadership upheaval at the U.S. Department of Homeland Security intensified Thursday after President Donald Trump removed Kristi Noem as secretary and said he would nominate Sen. Markwayne Mullin as her replacement. The shift could influence billions of dollars in federal security, border enforcement and defense-related spending. Strait of Hormuz closure looks like a coin flip as traders forecast essentially 50-50 chance Roughly 20 million barrels per day of petroleum liquids pass through the Strait of Hormuz, making it the world’s second-largest oil transit chokepoint. Any prolonged disruption could have significant implications for global energy markets and inflation. Oil prices surge on worries of prolonged supply disruptions from Middle East war Crude oil extended gains Thursday as the U.S.-Israel war on Iran entered its sixth day, with global supply threatened by attacks against critical infrastructure and shipping traffic through the Strait of Hormuz almost fully stopped, trapping ~20% of the world's daily oil consumption. Trump TACO trade doesn't work in war, Kolanovic says 'Trump Always Chickens Out' "applies when Trump on his own decides e.g. if tariffs are 50% or 0% instantaneously," Kolanovic said. Trump's Liberation Day tariff announcement last year drove a sharp market selloff, before a rebound took hold about a week later when the White House paused the harsher tit-for-tat tariffs (while keeping a baseline tariff). The TACO trade has resurfaced many times...
Turkey has spent $12 billion, equal to roughly 15% of its foreign-currency reserves, to keep the lira stable during a week of global market volatility triggered by the war in Iran. The Turkish central bank tightened liquidity conditions before markets opened on Monday and, when trading began, lenders stepped in to sell dollars to deter volatility, according to traders familiar with the deals, who ...
Turkey has spent $12 billion, equal to roughly 15% of its foreign-currency reserves, to keep the lira stable during a week of global market volatility triggered by the war in Iran. The Turkish central bank tightened liquidity conditions before markets opened on Monday and, when trading began, lenders stepped in to sell dollars to deter volatility, according to traders familiar with the deals, who asked not to be identified due to the private nature of the transactions. The amount of dollar sales declined throughout the week with no such transactions observed on Thursday, they said. As a result, the lira has stayed calm at a time when most other emerging-market currencies tumbled. “For the time being, we think that’s a sustainable policy,” said Nick Eisinger , head of emerging-market sovereign strategy at JPMorgan Chase & Co.’s asset-management division. “They have decent ammunition to be able to carry on doing that but this is obviously why the whole longevity around what’s going on with Iran is so important.” Eisinger’s view is that if the heightened-risk environment lasts a week or two then “by and large the dust should settle and we can probably get back to some degree of normality.” If not, prospects become “much harder for a lot of risk assets globally.” The dollar sales have made the lira one of the best performing emerging-market currencies this week, with a 0.1 decline against the dollar. Turkish policymakers are managing a gradual depreciation of the lira, seeking to provide a degree of predictability for businesses and investors as domestic price growth moderates. ‘Small Exit Door’ The Turkish central bank’s net foreign-currency reserves, excluding swaps lines it has with lenders, stood at $78.4 billion last Friday. Combined with the monetary authority’s gold holdings, it has roughly $200 billion in its coffers. The central bank declined to comment on foreign-exchange policy. A member of the US-led NATO military alliance, Turkey is vulnerable to the confli...