Latest news for 17 April 2026

PHILIPPINES

Pax Silica in Manila.

The Philippines has officially joined the US-led Pax Silica initiative, announcing plans for a major 4,000-acre Economic Security Zone — purportedly the first AI-native industrial hub under the pact. (US State Dept)

Comment: The Philippines is no stranger to big announcements that go nowhere, but it’s a possible win for Washington’s effort to build a China-free supply chain for critical minerals, semiconductors, and AI. As for the Philippines, this brings the promise of much-needed investment in high-tech manufacturing.

CHINA

Yuan-ing for diversity.

Portugal has become the first eurozone country to issue bonds in offshore Chinese yuan (renminbi), raising ~$295M in an eight-year private placement. (Bloomberg $)

Comment: It’s small but symbolic: Portugal is tapping deeper into Chinese investment pools amid higher eurozone borrowing costs and quiet euro-hedging against over-reliance on traditional dollar markets. We explored similar petrodollar dynamics earlier this week.

UNITED KINGDOM

Top diplomat out.

Britain’s top diplomatic official, with the very British name of Sir Olly Robbins, has been sacked amid reports his department overruled security vetting concerns to wave through Epstein associate Peter Mandelson as ambassador to the US. (BBC)

Comment: Again, Epstein-related heads continue to roll around the world, but… not so much in Epstein’s home country.

EUROPEAN UNION

Euro summer?

The head of the International Energy Agency has warned that, with “six weeks or so” of jet fuel left, Europe will likely see flight disruptions if the US-Iran war continues. Germany's Lufthansa recently announced it’s grounding 27 planes. (NBC)

Comment: We wonder if this helps explain why several Europeans (like Germany) now seem to be reversing course on Hormuz, committing maritime resources to the region.

UNITED STATES

Across party lines.

The US House has passed a bill to restore temporary protected status for Haitian immigrants, with the support of a handful of Republicans who defied the White House. (AP)

AUSTRALIA

Out from down under.

A former US Marine pilot accused of illegally training China’s fighter pilots has lost his bid to avoid extradition to the US, though his family says he’ll appeal. (CBS)

Comment: Two lessons: this old case (from 2010-12) shows how aggressively the US is willing to pursue ex-servicemembers helping rivals, but it also shows how sensitive it considers some of the techniques (like carrier-landing) he allegedly shared.

TURKEY

Rail-y good time.

Turkey, Syria, and Jordan have agreed to improve their respective rail lines in an effort to eventually link not just themselves, but all the way from Saudi Arabia to southern Europe. (Bloomberg $)

Comment: Even if still in the (very) early stages, this Turkey-driven project is another concrete sign of a) post-Assad Syria getting reintegrated into regional networks, but also b) Turkey never letting a good crisis go to waste: if geography is destiny, Turkey sure knows how to use it.