Latest news for 11 May 2026

IRAN

“Totally unacceptable”.

That’s how President Trump has described Iran’s weekend peace proposal, which demanded an end to the war and blockade, sanctions relief, war reparations, and recognition of Iranian sovereignty over Hormuz. In return? The regime has notably refused to even discuss its nuclear or missile programs until after the war. (RFE)

Comment: It’s so one-sided, Iran’s objective might be to buy time, hoping economic and political pressure forces Trump to soften. But two remarkable new op-eds offer another theory: one is by America’s hawkish Robert Kagan, warning, “the conflict has revealed an America that is unreliable and incapable of finishing what it started.” The other is by a former Saudi spymaster and ambassador to the US (Turki), commending Saudi wisdom for staying out of this mess despite alleged ploys to pull the kingdom into the fray. Very different angles, but they both point to a regime in Iran that still holds cards, with zero rush to offer concessions.

UNITED KINGDOM

Under pressure.

Keir Starmer’s ruling Labour party took a beating in local council elections over the weekend, fuelling both a) fresh calls for his resignation, and b) momentum for Nigel Farage’s populist Reform UK. Meanwhile, Australia’s own populist-right One Nation party has won its first lower house seat during a by-election. (Guardian)

SOUTH AFRICA

Another one bites the dust?

A top court has paved the way for authorities to reopen the long-running Phala Phala farm probe, rejecting attempts to suppress evidence related to the $580k found hidden at President Ramaphosa’s private farm in 2022. It’s all triggered fresh calls for his resignation, including within factions of his own party. (BBC)

ARGENTINA

Rigi business.

The market darling economy minister (Caputo) has unveiled a big new investment law (Super ‘RIGI’ for its Spanish acronym) to attract funding for lithium, copper, and data centre projects — it includes a 15% corporate tax (down from 25%), 60% Year-1 depreciation, and zero export tariffs. (Rio Times)

Comment: The bill goes to Congress tomorrow (Tuesday), and has a solid chance of passing before the end of the year.

PAKISTAN

First panda.

The finance minister has announced Pakistan will issue its debut Panda bond (yuan-denominated debt in China’s onshore market) as soon as this week. The initial tranche is around $250M, backed by guarantees from the Japan-led Asian Development Bank and the China-led Asian Infrastructure Investment Bank. (CNA)

Comment: It’s a tiny but symbolic step, integrating Pakistan further into China’s capital markets, while helping Pakistan bolster its Hormuz-stretched forex reserves.

SPAIN

Damage control.

Nearly 150 passengers and crew are now undergoing an unprecedented controlled disembarkation after the luxury MV Hondius docked in Spain’s Canary Islands yesterday (Sunday), carrying the remnants of a deadly hantavirus outbreak. Authorities are also tracing dozens of earlier passengers who disembarked in remote Saint Helena after the outbreak had already begun. (WHO)

CHINA

To the summit!

Heavily armoured US Secret Service Suburbans and C-17 US transports have appeared in Beijing in recent days — pretty clear corroboration that the high-stakes Trump-Xi summit is indeed happening in Beijing this Wednesday through Friday, with an agenda likely covering Taiwan, tech, and trade — the top trade negotiators (Bessent and He) kick off their latest round of talks tomorrow (Tuesday). (SCMP)

Comment: Trump will want tangible wins ahead of the midterms — think Boeings and beef. As for Xi? He’s still prioritising predictability, while pushing for more Beijing-friendly language on Taiwan. They’ll talk about Iran too, but Xi has been pretty measured on that front. All in all, neither side wants escalation right now, though neither wants to cede meaningful ground on their real differences, so we’re not expecting any game-changers.