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67 BOATS DESTROYED AND 221 DEAD, BUT COCAINE KEEPS REACHING THE UNITED STATES…

The military offensive launched by Donald Trump against maritime drug trafficking would not have managed to significantly reduce the flow of cocaine into the United States. According to an investigation by The Washington Post, internal assessments from the DEA and the Pentagon contradict the president’s claims that Operation Southern Spear virtually eliminated drug smuggling by sea. (The Washington Post)

Since September 2025, U.S. forces have attacked at least 67 suspected vessels and caused the deaths of approximately 221 people. However, officials and analysts concluded that the availability, demand, and price of cocaine inside the United States barely changed.

Traffickers simply adapted their methods: they began using larger boats, modified their routes to avoid areas monitored by the Navy, and expanded the use of air corridors from countries such as Colombia and Venezuela. Specialists describe the phenomenon as “squeezing a balloon”: when one route is blocked, trafficking quickly reappears in another place.

The operation was initially presented as part of the war on fentanyl, responsible for a large share of overdose deaths in the United States. However, most of that drug enters through the land border with Mexico, while the maritime routes targeted primarily transport cocaine.

In addition to doubts about its effectiveness, the campaign faces legal challenges and allegations of extrajudicial executions. Despite the high number of deaths and the massive military deployment, the conclusion reached by the U.S. agencies themselves is uncomfortable: cocaine continues to enter and criminal networks continue to operate.

🚨 IS THE RALLY HANGING BY A THREAD? A WAVE OF UNEASE STARTS TO TAKE HOLD OF WALL STREET

After withstanding war, inflation, and doubts about the billions in investments in artificial intelligence, American markets are entering a decisive week. The S&P 500 and the Nasdaq have logged two consecutive weeks of decline for the first time since March, even though the benchmark index is still less than 3% below its all-time high.

The tension is coming from multiple fronts: the conflict in the Middle East is pushing oil prices, yields on U.S. Treasury bonds have reached their highest levels in more than a year, and tech giants continue to dramatically increase their spending on chips, energy, and data centers for AI. Alphabet, Microsoft, Meta, and other major companies have already raised more than $200 billion in bonds and loans this year, in addition to announcing about $115 billion in stock issuance.

Alphabet has intensified fears by raising its outlook for 2026 investments to a range between $195 billion and $205 billion. Its shares fell 7.8% over the week and are down 15% since the announcement of an issuance of at least $80 billion in shares. Now, investors are questioning whether future AI profits will be enough to justify such massive expenses. (The Wall Street Journal)

The next test will be explosive: Microsoft and Meta will report results on the same day that the Federal Reserve announces one of the most unpredictable interest-rate decisions in recent years. The economy is still growing and corporate earnings remain solid, but the balance between optimism and risk seems increasingly fragile.
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IS THE AI MIRACLE BEING INVENTED? Wall Street may be ignoring Big Tech’s billion-dollar bill

Have you noticed that the tech giants’ stocks are still being traded as if the future were flawless?
A warning coming from Wall Street suggests the market may be betting on a real financial miracle.

Analysts expect companies like Alphabet, Amazon, Microsoft, Meta, and Oracle to increase their profit margins from about 27% to 31% by 2029—even after trillion-dollar investments in artificial intelligence. For this to happen, administrative expenses would need to fall from 10% to just 8% of revenue, right when these companies plan to nearly double their sales.

The issue is that building data centers, buying chips, and expanding AI infrastructure also means a surge in depreciation, maintenance, and operating expenses. Some experts say that part of these projections may be assuming efficiency gains that haven’t yet been proven in practice.

If the promised efficiency from AI takes longer than expected to show up, the impact could be significant: reduced cash flow, the need to issue more debt, or even selling new shares to fund the investments. Some of these giants are already seeing pressure on free cash flow precisely because of the AI race.

The big question is: will AI truly turn these companies into more efficient profit machines, or is the market pricing in an overly optimistic scenario? The next earnings reports may begin to answer that doubt.

Japan’s $1.8 Trillion Pension Giant Could Drain Liquidity From the Rest of the World

Japan is considering a financial shift with consequences far beyond Tokyo. Finance Minister Satsuki Katayama has urged major pension funds, including the Government Pension Investment Fund, to increase their exposure to domestic assets. The GPIF controls roughly $1.8 trillion, making even a limited reallocation powerful enough to move currencies, bonds and global capital flows. (Reuters)

Bringing more money home could strengthen the yen and increase demand for Japanese government bonds. Those bonds are becoming more important as the Bank of Japan gradually reduces its dominant presence in the market, forcing private investors to absorb a larger share of government debt.

The market has already shown how sensitive it is to the idea. The yen and Japanese bonds advanced after Katayama’s comments, reflecting expectations that pension capital could be redirected toward yen-denominated securities. (Reuters)

For Japan, the strategy could support the currency, stabilize domestic markets and reinforce financial sovereignty. For the rest of the world, however, the consequences may be far less comfortable.

Japanese institutions have long supplied enormous amounts of capital to foreign bonds, equities and other assets. If even a fraction of those funds is repatriated, global markets could lose one of their most consistent sources of liquidity.

Japan may be trying to rescue the yen—but the price could be tighter financial conditions everywhere else.

Erdoğan’s most dangerous adversary could, ironically, grant him his next term

The founding of the Yeni Parti (New Party) by Özgür Özel has reorganized Turkey’s opposition and significantly increased pressure on President Recep Tayyip Erdoğan. After his dismissal in court as CHP chairman, Özel joined forces with more than 90 former CHP MPs and now leads the largest opposition bloc in parliament.

But political success brings a dilemma. If the Yeni Parti calls for snap elections, it could give Erdoğan exactly the route to another candidacy. Although the president has reached his regular term limit, an election called by parliament would enable him to run again. As a result, the election date itself has become a strategic weapon.

Developments in Turkey reflect a broader European trend: rising dissatisfaction, economic pressure, and growing support for parties critical of the establishment.

Germany faces similar challenges as well. Chancellor Friedrich Merz has unveiled a sweeping reform package that includes tax relief, a gradual increase in the retirement age, more flexible work rules, and accelerated digitalization of the administration. The aim is to strengthen the competitiveness of the German economy while also curbing political momentum for the AfD.

Despite all the differences, both countries face the same task: they must solve economic and political problems faster before public dissatisfaction permanently shifts the balance of power.

China’s Chip Breakthrough Exposes the AI Boom’s $750 Billion House of Cards

A new wave of risk aversion has hit global markets, led by the semiconductor sector as China’s technological advances collide with growing doubts over the sustainability of artificial intelligence spending.

Reports that a Chinese state-owned company has begun mass-producing lithography equipment placed heavy pressure on global competitors, particularly ASML. The development strengthened expectations that Chinese chipmakers could gradually reduce their dependence on foreign technology, potentially reshaping one of the world’s most strategically important industries.

At the same time, more than $750 billion in AI infrastructure contracts linked to Nvidia are raising uncomfortable questions about debt levels, circular financing arrangements and the actual return on capital invested. The selloff was especially intense in Asia, revealing how quickly investor sentiment has shifted. Markets are no longer rewarding spending at any cost—they are demanding clear evidence that the enormous investments across the AI supply chain can be monetized.

Geopolitical tensions added another layer of uncertainty. The pause in attacks between the United States and Iran temporarily reduced the risk premium embedded in oil prices and supported U.S. Treasury bonds. Donald Trump said diplomatic negotiations were progressing, but warned that military operations could resume if talks fail.

Trump is meeting Israeli Prime Minister Benjamin Netanyahu today. Although the temporary de-escalation triggered a sharp decline in oil prices, the possibility of renewed conflict remains high, keeping geopolitical volatility firmly on investors’ radar.

The turbulence comes just before a decisive week for financial markets. The Federal Reserve begins its meeting today and will announce its decision tomorrow, while several of the world’s largest technology companies are scheduled to release earnings in the coming days.#

Controversy erupts in the US: Pentagon changes death toll count in war against Iran and sparks transparency accusations

The Pentagon is at the center of a new controversy after changing how it counts casualties in the war against Iran. Since July 7, dead and wounded service members have been recorded in a new category called “Overseas Operations,” instead of remaining in the war’s official statistics. In practice, the number of deaths attributed to the conflict dropped from 18 to 14, while the recorded injured decreased from 482 to 420, although new cases continue to appear in another category. (ABC News)

The change came after the ceasefire ended and fighting resumed involving attacks in the Strait of Hormuz, Iraq and Jordan. The Department of Defense says the new classification reflects a different phase of military operations, but it has not yet provided a detailed explanation of the criteria used. (AP News)

Veterans, families of service members and lawmakers from both parties accuse the government of making it harder to track the war’s true human cost. For critics, separating casualties into different categories reduces transparency, makes historical comparisons difficult and can minimize the public’s perception of the conflict’s intensity, reigniting debates about accountability and congressional oversight. (theguardian.com)

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💶 THE FACE OF THE EURO WILL CHANGE: EUROPEAN CITIZENS CALLED TO CHOOSE THE NEXT BANKNOTES

For the first time since the euro entered circulation in 2002, the European Central Bank is preparing a complete redesign of its banknotes. Ten graphic proposals have been shortlisted, and citizens across the euro area can now vote online for their preferred versions until September 21.

Two major themes are competing. The first, “European Culture,” highlights major historical figures: Maria Callas on the 5-euro banknote, Beethoven on the 10-euro note, Marie Curie on the 20-euro note, Miguel de Cervantes on the 50-euro note, Leonardo da Vinci on the 100-euro note, and Bertha von Suttner on the 200-euro note.

The second theme, “Rivers and Birds,” combines natural landscapes, emblematic species, and several European institutions, including the European Parliament, the European Commission, the ECB, and the Court of Justice of the European Union.

More than 1,200 designer applications have been received. An independent panel of 21 specialists, from fields including design, history, communications, and neuroscience, selected the ten final proposals. The final decision is expected to be announced toward the end of the year, before a long phase of development, security testing, and production.

The new banknotes should also be more durable, easier to authenticate, better suited for blind or partially sighted people, and designed to reduce their environmental footprint. The 500-euro banknote will not be redesigned, as it must gradually be withdrawn from circulation. However, the current banknotes will remain valid.

THE NEW FED CHAIR IS ALREADY CHANGING THE RULES OF THE GAME—AND MARKETS CAN FEEL THE IMPACT

Kevin Warsh took office as Federal Reserve chair and has already begun one of the largest internal overhauls in recent years. According to the Wall Street Journal, he has assembled teams to review virtually every pillar of the institution: the economic projection model, the communication strategy, the metrics used to measure inflation, how the Fed’s balance sheet works, and even the way monetary policy decisions are presented to the public.

The most surprising change, however, is strategic. Warsh plans to sharply reduce advance signals about the next interest-rate moves, abandoning part of the so-called forward guidance that shaped the central bank’s actions over the past decade. The goal is to give the Fed greater flexibility and prevent the market from setting the pace of decisions by monetary authorities.

For investors, this means a potentially more unpredictable scenario. Without clear indications about the next rate cuts or hikes, assets such as stocks, government bonds, the U.S. dollar, and gold may see more intense swings with each release of economic indicators—especially inflation and employment.

The coming months will be decisive in assessing whether the new strategy will strengthen the credibility of the Federal Reserve or increase volatility in global markets.

AI hasn’t killed jobs: tech giants are relaunching a wave of hiring!

While many experts predicted large-scale job losses driven by artificial intelligence, the reality is moving in a very different direction. According to The Wall Street Journal, several major companies, including Alphabet, CSX, and Booz Allen Hamilton, are stepping up their recruiting after months of caution.

The most sought-after roles are in cybersecurity, sales, engineering, digital infrastructure, and jobs that can fully leverage AI tools. Companies are now looking for profiles able to collaborate with artificial intelligence rather than be replaced by it, while investing in a new generation of talent that masters these technologies.

This turnaround shows that AI is profoundly transforming the job market, but it is also creating new opportunities. Human skills, adaptability, and the ability to integrate AI into business processes are becoming major strategic advantages.
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China Is Now Viewed More Favorably Than America

India’s “Cockroach Movement” Forces Education Minister to Resign

India’s Education Minister Dharmendra Pradhan has resigned after weeks of mass protests over leaked and allegedly sold medical college entrance exams that affected millions of students.

The demonstrations were led by the Cockroach Janta Party, or CJP, a youth movement that began as an internet joke after unemployed young Indians felt they had been compared to “cockroaches.” It quickly evolved into a national campaign demanding accountability, exam reforms and better opportunities for India’s younger generation.

According to CNN, tens of thousands joined the protests, while clashes with police and accusations of excessive force intensified public anger. The movement is now demanding compensation for affected families and punishment for officers involved in the crackdown.

What began as a meme has become a powerful political warning to Narendra Modi’s government: India’s frustrated youth are increasingly organized—and they are no longer willing to remain silent.

THE WAR EXPANDS — AND OIL MARKETS ERUPT

The conflict involving the United States, Israel and Iran is spreading across new fronts. Ukraine has reportedly attacked infrastructure linked to an alleged Russian weapons supply route to Tehran, while Saudi Arabia has intensified military action against Yemen’s Iran-aligned Houthis.

The escalation is now threatening energy flows through the Black Sea and the Red Sea at the same time. Tanker attacks, damaged export infrastructure and longer shipping routes have pushed some physical crude grades close to $110 a barrel, while Brent recently surpassed $100.

What began as a regional confrontation is rapidly becoming a global energy shock—raising transportation costs, reigniting inflation fears and putting consumers and central banks under fresh pressure.

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OBESITY IMPOSES AN INVISIBLE TAX ON AMERICANS

In the United States, weight doesn’t just take a toll on health: it can also reduce the chances of finding a job, getting a promotion, or even building a relationship. According to The Economist, a study by economist Rebecca Diamond uses GLP-1 treatments as a real-world experiment to measure this “obesity penalty.”

Eighteen months after treatment began, among 100 women who were initially unemployed, about 27 more had found work compared with a comparable group that had not yet started the medications. Among single women, nearly 29 out of 100 additional women had found a partner.

These results suggest that weight loss sometimes improves health, but also reveals a more troubling reality: appearance-based biases continue to profoundly influence professional and social life. The cost of the drugs, often high and sometimes paid directly by patients, may nevertheless turn the “bodily tax” into a privilege reserved for the better-off.

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