Latest news for 6 March 2026

HUNGARY

Yoink.

Hungarian authorities have detained seven employees of a Ukrainian state-owned bank and seized two armoured vehicles carrying $80M in gold, dollars, and euros on a routine transfer from Austria back to Ukraine. In response, Ukraine has now cautioned its citizens against visiting neighbouring Hungary. (RBC)

Comment: Budapest hasn’t commented, but the seizure came the same day Hungary’s beleaguered strongman prime minister (Orbán) threatened to use “political and financial tools” to force Ukraine to repair a Russian pipeline supplying Hungary. Polls suggest the Putin-friendly Orbán could be headed for electoral wipeout next month, and high energy prices aren’t helping.

AUSTRALIA

But they didn’t inhale.

The big story Down Under is the prime minister’s confirmation that three Australian naval personnel were onboard the US submarine when it sank Iran’s warship off Sri Lanka this week, but they apparently didn’t take part in the operation. (ABC)

Comment: That Aussie deployment is part of Australia-UK-US (AUKUS) training ahead of Australia getting nuclear-powered submarines, but it touches on several national debates, like a) whether AUKUS is dragging Australia into US wars, and b) whether Australia is now party to US breaches of international law.

CHINA

Arms up.

China’s annual political-legislative Two Sessions extravaganza has revealed Beijing will increase its defence budget by 7% this year. President Xi’s stated aim is to have a world-class force by 2050, while US intelligence has long claimed his unstated aim is to be ready to take Taiwan by next year. (Straits Times)

Comment: You can spin that 7% number however you want: it’s the slowest rise in five years, slower than the double-digit splurges before 2016, and it brings China’s defence spending to ~a third of America’s. But lifting China’s defence spending share in the region from 37% to 44% in a decade, it’s rattling the neighbours.

CYPRUS

Remember that conflict?

As Greece deploys forces to back Cyprus amid Iranian attacks, Turkey is flagging its displeasure, arguing a) some deployments breach the demilitarised status of islands near Turkey, while b) sending Greek frigates and F-16s to Cyprus is provocative given the island’s Greek-Turkish split. (Euractiv)

Comment: Whether Athens is indeed just exercising its sovereign right to help Cyprus against Iran, or manoeuvring for advantage in its long-running territorial tiff with Turkey, it’s another indicator of our new multipolar world: as each crisis opens up new voids, capitals will use (or be seen to use) the cover of chaos to take a nibble.

PHILIPPINES

Wrong set of hands.

Authorities have arrested three security officials on espionage charges for allegedly passing sensitive details about Manila’s South China Sea resupply missions to China. It’s prompted calls to update Philippine espionage laws. (Reuters)

BRAZIL

Bouncing checks.

Banks in Brazil will now have to pay $6B into the country’s deposit insurance fund to help cover losses from November’s collapse of Banco Master. (Bloomberg $)

Comment: As big and promising a market as Brazil may be, it’s a reminder of the risks — Brazil’s foreign banks (like Spain’s Santander, the UK’s HSBC, America’s Citi) are left part-holding the bag for one banker who’s facing a major fraud investigation.

GHANA

Cut us a deal.

Foreign embassies in Ghana (including the US and China) are trying to persuade Accra to halt a proposed gold royalties hike that could start next week. The new arrangement would replace the current ~5% royalty with a sliding scale as high as 12%, tied to high bullion prices. (Business Insider Africa)

Comment: Ghana obviously wants a bigger slice of gold’s recent record prices, whereas the rare US-China alignment is because both powers have big miners in town, including America’s Newmont (world #1) and China’s Zijin (#4).