Latest news for 23 April 2026

IRAN

Showdown.

Both the US and Iran have widened their duelling blockades, with the US intercepting three Iran-flagged tankers in Asian waters, while the regime has seized two European-owned commercial ships near Hormuz. Meanwhile, the US navy secretary has now stepped down or been fired amid duelling leaks about why, though none exactly exude US cheer. (The Washington Post $)

Comment: Someone made the observation that a complete end to Iran’s oil exports would equate to roughly 10% of Iran’s GDP, less than half what Ukraine has lost but it’s still fighting. The difference, however, is Kyiv enjoys relatively broad domestic and international backing, whereas the regime in Tehran virtually enjoys neither.

GERMANY

Consolidation.

Deutsche Telekom is in talks with its 53%-owned US arm T-Mobile for the largest public merger ever — it’d create a ~$300B transatlantic giant with over 200 million subscribers (and lots of happy M&A lawyers). Meanwhile, Germany’s Commerzbank has rejected the latest hostile takeover move by Italy’s UniCredit, which would’ve pushed the Italian stake just above 30%, a key regulatory trigger for Germany. (Telecoms)

Comment: Both deals highlight Europe’s scramble for scale, though one is proving friendlier than the other.

SOUTH KOREA

Pics or it didn’t happen.

So… it turns out a 2021 mid-air collision between two fighter jets was caused by the pilots snapping pics! They escaped unharmed, but caused hundreds of thousands in damage to the jets (number of likes unknown). (BBC)

KAZAKHSTAN

Stop the flow.

Moscow has announced it’s halting Kazakh oil supplies to Germany via the infamous Druzhba pipeline’s northern branch, citing ‘technical reasons’. (Reuters)

Comment: The ‘technical reasons’ are a figleaf for political retaliation over Germany’s continued support for Ukraine’s self-defence. They’re also a reminder of why Europe had to wean itself off Russian energy in the first place. This hit will be more of an inconvenience than a crisis for Germany, though it’ll add further strain to Moscow’s vexed ties with ex-Soviet Kazakhstan, who’ll now have to pivot to new buyers.

SINGAPORE

Choke it.

Singapore’s foreign minister (Balakrishnan) has reiterated his country won’t participate in any project to impose a toll on Malacca shipping, shortly after Indonesia’s finance minister seemingly mulled the possibility. (Bloomberg $)

DOMINICAN REPUBLIC

Flyby.

Haiti and the Dominican Republic will resume connecting flights, two years after DR hit pause amid Haiti’s deteriorating security and political crisis. (AP)

Comment: Why the change? The hope is allowing a small volume of legitimate travel might reduce illegal crossings and revive economic ties, but still manage the security risks — flights will only go in/out of Haiti’s safer Cap-Haïtien up north.

IRAQ

No more USD.

The US has suspended the shipment of US dollars to Iraq and halted local security cooperation in an effort to pressure Baghdad to confront the powerful Iran-backed militias who’ve been attacking US interests in the region. (WSJ $)

Comment: If you’re wondering why the US flies literal $500M shrink-wrapped pallets of cash to Iraq, it stems partly from the 2003 US invasion — Iraq’s USD oil revenues get deposited into special accounts at the New York Fed, and locals (with little trust in their own currency or institutions) still prefer holding physical USD. Still, we know a Nicholas Cage plotline when we see one.