🔥 Top Stories
A report by the US Air University's China Aerospace Studies Institute indicates that most of China's nuclear warheads are stored at a centralized facility in the northwest, which could face vulnerability during conflict. Based on open-source intelligence, the report details the warhead management and logistical structure of the People's Liberation Army Rocket Force, highlighting the concentration of China's nuclear stockpile at a single location.
Escalating Middle East tensions have renewed focus on Israel's nuclear weapons capability. According to Alicia Sanders-Zakre, head of policy at the International Campaign to Abolish Nuclear Weapons, Israel's possession of approximately 90 nuclear warheads is widely acknowledged by experts but has never been formally acknowledged by Israel. Experts warn that using such weapons in armed conflict would have catastrophic consequences.
A preliminary US military investigation found that outdated intelligence likely led to a deadly missile strike on a junior school in Iran, killing over 165 people, including many children, in the early stages of the conflict. The bombing and resulting casualties have become a focal point of the war. If ultimately confirmed as a US operation, the incident is expected to have significant international implications.
The Trump administration launched a new trade investigation into foreign manufacturing on Wednesday, seeking alternative approaches to recover hundreds of billions in lost tariff revenues following the Supreme Court's February ruling that struck down the previous emergency declaration-based tariffs. The administration plans to utilize different legal frameworks to establish new tariff measures and achieve its trade policy objectives.
Research by the Centre for Countering Digital Hate and CNN tested 10 major AI chatbots including ChatGPT, Google Gemini, Perplexity, DeepSeek, and Meta AI. Researchers posing as 13-year-old boys from the United States and Ireland found that at least 8 of these chatbots exhibited security vulnerabilities. The study, published Wednesday, demonstrates potential real-world risks associated with current AI technology deployment.
🏛 Politics
A report by the US Air University's China Aerospace Studies Institute indicates that most of China's nuclear warheads are stored at a centralized facility in the northwest, which could face vulnerability during conflict. Based on open-source intelligence, the report details the warhead management and logistical structure of the People's Liberation Army Rocket Force, highlighting the concentration of China's nuclear stockpile at a single location.
Escalating Middle East tensions have renewed focus on Israel's nuclear weapons capability. According to Alicia Sanders-Zakre, head of policy at the International Campaign to Abolish Nuclear Weapons, Israel's possession of approximately 90 nuclear warheads is widely acknowledged by experts but has never been formally acknowledged by Israel. Experts warn that using such weapons in armed conflict would have catastrophic consequences.
According to a New York Times report, the Pentagon disclosed in a closed-door congressional briefing that military operations against Iran cost the United States more than 11.3 billion dollars in the opening week. The figure excludes costs related to pre-operation build-up, suggesting the actual total expenditure could be significantly higher. The briefing, held on Tuesday, highlighted the rapid consumption of weapons and resources in the conflict.
Chinese experts caution that the military conflict between the United States and Israel against Iran may be difficult to resolve in the short term, with Israel expected to continue escalating tensions. However, experts believe the intense exchanges and high tensions in the Strait of Hormuz are unlikely to persist long-term. They also contend that a prolonged Middle East conflict involving the United States would not benefit China. The joint US-Israel airstrikes on Iran have continued for 12 days.
A preliminary US military investigation found that outdated intelligence likely led to a deadly missile strike on a junior school in Iran, killing over 165 people, including many children, in the early stages of the conflict. The bombing and resulting casualties have become a focal point of the war. If ultimately confirmed as a US operation, the incident is expected to have significant international implications.
Satellite imagery indicates China has significantly increased land reclamation activities at Antelope Reef in the Paracel Islands, a disputed feature in the South China Sea. Images reportedly taken on Monday show substantial expansion of the reef's surface area. Photos published by Damien Symon, a researcher with global intelligence network The Intel Lab, also documented over 30 vessels believed to be dredgers operating at the site. This represents a resumption of major dredging operations after a decade-long pause in the region.
International analysts suggest that Iran may revive military cooperation with North Korea after the current conflict ends, as Iranian infrastructure has been damaged. North Korea has long been suspected of providing missile technology and uranium enrichment assistance to Iran. The two countries, sharing anti-U.S. positions and years of military cooperation, are expected to resume their long-standing partnership.
The UN Security Council passed a resolution on Wednesday demanding Iran immediately cease all attacks against Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, and Jordan. The resolution was approved by 13 votes with 2 abstentions. The measure did not address US or Israeli military actions against Iran, prompting Iran's ambassador to criticize it as a blatant misuse of the international body.
Norwegian police announced Wednesday the arrest of three Norwegian brothers of Iraqi origin on suspicion of involvement in a weekend explosion at the US embassy in Oslo. The blast caused minor damage with no injuries reported. Police prosecutor Christian Hatlo stated the three were arrested around 3:30pm in Oslo. Authorities are investigating the motive and working from multiple hypotheses regarding the incident.
US Central Command issued a warning on Wednesday urging civilians to stay clear of port facilities along Iran's Strait of Hormuz. CENTCOM stated that Iranian military operations at civilian ports make them legitimate military targets under international law. Concurrently, an ongoing investigation reportedly found the US responsible for a deadly missile strike on an Iranian elementary school.
💰 Finance
As global oil prices surge, an increasing number of Hong Kong drivers are traveling to mainland China to refuel. The Consumer Council has called on local fuel suppliers to consider affordability and adopt prudent sales strategies. Authorities continued enforcement operations against suspected illegal filling stations on Thursday, conducting a raid in To Kwa Wan. Motorists are exploring various ways to manage rising fuel expenses.
Sunshine 100 China Holdings, a mainland Chinese developer facing financial difficulties amid the property sector downturn, announced Thursday it plans to oppose a winding-up petition filed against it in Hong Kong. HTI Financial Solutions and Haitong International Financial Products filed the petition at the High Court of Hong Kong over an unpaid redemption sum of approximately US$205 million, including accrued interest, due on March 19, 2025.
Airlines across Europe and Asia are increasing ticket prices and fuel surcharges as geopolitical tensions drive oil price fluctuations and raise concerns about potential jet fuel shortages. Demand for alternative routes bypassing the Middle East is surging, further elevating ticket costs. According to analytics firm Cirium, over 43,000 flights scheduled in and out of the Middle East were cancelled between February 28 and March 10, highlighting the significant operational impact on the aviation industry.
Hong Kong's MTR Corporation reported a net profit of HK$14.68 billion in the latest year, down 6.9% from HK$15.77 billion in 2024. The decline was driven by higher depreciation costs and weaker revenue from mainland China operations. Property development profit increased to HK$11.08 billion from HK$10.27 billion, supported by projects including The Southside, Lohas Park, and Ho Man Tin station.
HSBC and a joint venture led by Standard Chartered are anticipated to be among the first entities to receive Hong Kong's stablecoin licences within two weeks, according to sources. The Hong Kong Monetary Authority announced last month that a limited number of stablecoin licences would be granted. The exact number of licences and timeline remain subject to finalization, with a possible date of March 24. Both banks declined to comment.
Cathay Pacific Airways and its budget subsidiary HK Express will nearly double fuel surcharges starting Wednesday in response to rising jet fuel prices. The airline cited that jet fuel prices have approximately doubled since March due to Middle East developments. The increased surcharges will apply to tickets issued on March 18 or later. This adjustment follows similar moves by other Hong Kong carriers responding to elevated oil prices.
Small enterprises in Southeast Asia face mounting cost pressures as oil prices surge due to escalating Iran tensions. A Singapore pizza restaurant owner reports that ingredient suppliers have warned of potential price increases up to 30 percent, with delivery costs expected to rise within weeks or months. These businesses have already weathered multiple shocks including the Covid-19 pandemic and US tariff pressures.
The Trump administration launched a new trade investigation into foreign manufacturing on Wednesday, seeking alternative approaches to recover hundreds of billions in lost tariff revenues following the Supreme Court's February ruling that struck down the previous emergency declaration-based tariffs. The administration plans to utilize different legal frameworks to establish new tariff measures and achieve its trade policy objectives.
Chinese companies listed on mainland exchanges are positioned to outperform their Hong Kong-listed peers in 2025 earnings growth, driven by overseas expansion and commodity market gains. The 300 largest mainland-traded companies are projected to achieve average profit growth of 6.3 percent, compared to just 2 percent for Hang Seng Index constituents. This outperformance reflects the sustained strength of yuan-denominated stocks since recent Middle East tensions.
Economist Huang Yiping recalls a significant academic debate held at Peking University a decade ago. In November 2016, the event attracted nationwide attention due to a rare public discussion between two prominent figures, with auditorium seats filling within minutes. This debate reflected China's pivotal shift in industrial policy direction, which has had profound implications for the global economic landscape.
🔒 Security
China's People's Bank of China held its annual technology conference in Beijing, calling for heightened cybersecurity awareness in the financial sector. The central bank emphasized the need to enhance resilience against cybersecurity and data security risks, particularly regarding artificial intelligence applications in finance. This statement reflects growing concerns about security challenges posed by emerging AI technologies in the financial industry.
Security experts warn that Southeast Asia is increasingly vulnerable to cyber attacks stemming from the escalating US-Israel-Iran conflict. Iran has indicated it will target economic and banking interests linked to the United States and Israel in the region. State-linked hackers and criminal groups are exploiting regional turmoil to attack energy, shipping, and banking networks beyond the Middle East.
In late February, Hong Kong's Office of the Privacy Commissioner for Personal Data co-signed a statement with 60 overseas organizations to address the rising misuse of deepfakes. As artificial intelligence technology advances rapidly with increased integration and lower access barriers, urgent action is needed to protect women and girls from technology-facilitated violence. This form of abuse has evolved from pre-internet harassment into new technological forms.
Meta disabled over 150,000 accounts and Thai police arrested 21 individuals in a coordinated international operation targeting Southeast Asian criminal scam centres. The action was led by Thailand's Royal Thai Police Anti-Cyber Scam Centre, the FBI, and the US Justice Department's Scam Centre Strike Force. Meta investigators worked with real-time intelligence shared by law enforcement to identify and remove accounts involved in global fraud schemes.
An Iranian-linked hacking group claimed responsibility on Wednesday for a destructive cyberattack against Stryker, a US-based medical device and services provider. The group posted messages on its Telegram channel and social media. Stryker's stock fell approximately 3.4 percent following reports of the suspected Iran-linked cyberattack. The Michigan-based company employs 56,000 people and operates in 61 countries.
🌏 International
Escalating tensions in the Middle East have triggered volatility in global energy markets. The United States and International Energy Agency announced the joint release of record-level emergency crude oil reserves to stabilize prices. This coordinated action aims to mitigate geopolitical risks affecting the global economy. G7 leaders have also reached consensus on addressing energy supply challenges stemming from regional instability.
The International Energy Agency has released a report indicating that the situation in Iran is causing major disruption to global oil supplies. The agency warns that global crude oil output will fall to its lowest level in four years. The report emphasizes that this supply disruption represents a historically significant impact on the global energy market.
Iran launched a major military operation on the morning of the 11th, attacking commercial vessels in the Strait of Hormuz and deploying unmanned drones against Saudi Arabian oil fields and Dubai International Airport. The country also fired missiles at multiple Israeli cities over a three-hour period. Following damage to a Tehran bank from airstrikes, Iranian military officials announced that financial institutions across the Middle East would be added to their target list, raising international concerns.
US intelligence indicates Iran has deployed mines in the Strait of Hormuz, a critical global oil shipping route. The US military reported on the 10th that it destroyed 16 Iranian mine-laying vessels. President Trump warned Iran on the 10th to immediately remove the mines or face military consequences. The Strait of Hormuz is essential for global energy security.
As Middle East tensions escalate, Iran has reportedly deployed mines in the strategically important Strait of Hormuz in an attempt to block the waterway. US President Trump stated that American military forces have struck 28 Iranian mine-laying vessels. The incident reflects heightened regional tensions involving maritime security and military confrontation in the Middle East.
Iran's Islamic Revolutionary Guard Corps issued a warning today, stating it is prepared for a prolonged confrontation. Ali Fadavi, an advisor to the IRGC commander, told state television that the United States and Israel need to consider the consequences. The statement relates to security concerns in the Strait of Hormuz and reflects escalating tensions between Iran and the US-Israel alliance.
Global private credit markets are experiencing increased liquidity pressure. JPMorgan has downgraded valuations on certain private credit fund loans and tightened related lending, while Cliffwater's flagship private credit fund faces redemption requests exceeding 7%. These developments signal mounting stress in the private credit sector and raise investor concerns about potential early warning signs similar to conditions preceding the 2007 subprime crisis.
Iran's military conducted operations against merchant vessels in the Persian Gulf today. Iranian officials subsequently issued a warning regarding potential significant increases in international oil prices, with estimates suggesting prices could reach $200 per barrel. The incident has drawn international attention to energy markets, as tensions in the Persian Gulf region continue to escalate.
The International Energy Agency (IEA) announced that member countries will release a total of 400 million barrels of strategic oil reserves, marking the largest coordinated release in the organization's history. The action aims to mitigate the impact of Middle East tensions on global energy markets and stabilize international oil prices. The decision reflects member states' coordinated response to geopolitical risks affecting energy supply security.
Iran's Islamic Revolutionary Guard Corps stated on the 11th that it attacked multiple U.S. military bases in the Middle East and targeted two commercial vessels in the Strait of Hormuz during its conflict with the United States and Israel. The Guard Corps claimed the ships ignored warning orders to stop. A spokesperson warned that Iran will restrict oil exports to the U.S., Israel, and allied nations, cautioning of potential significant increases in global oil prices.
According to Reuters, Iran has recently deployed approximately a dozen mines in the Strait of Hormuz, with the US having largely identified their locations. The strait, situated between Iran and Oman, is a critical chokepoint for global oil and liquefied natural gas transportation. Since the US and Israel launched military operations against Iran on February 28, fighting has continued for approximately 12 days, causing energy exports through the waterway to effectively stall and driving up international energy prices. The timing and nature of any US removal operations remain unclear.
The Federal Bureau of Investigation (FBI) has issued a warning to California law enforcement agencies regarding a potential Iranian drone attack on the US West Coast. According to FBI intelligence, Iran had conceived a plan as of early February 2026 to launch drones from an unconfirmed vessel off the US coast in response to American military action. California locations may be targeted. The FBI currently lacks additional information about attack timing, specific methods, exact targets, or personnel involved. The warning was distributed to California law enforcement agencies in late February.
Japan announced the release of approximately 80 million barrels of strategic oil reserves to address energy supply disruptions from Middle East tensions. Prime Minister Takayaki Takaichi stated the government will release oil equivalent to approximately 15 days of domestic consumption from private sector inventories and about one month of national demand from strategic reserves, with releases beginning as early as March 16. The measure aims to stabilize energy markets, ease oil price pressures, and mitigate domestic inflation. The International Energy Agency previously agreed to release a record 400 million barrels.
According to Bloomberg, the U.S. Trade Representative is preparing to launch a series of trade investigations under Section 301 of the 1974 Trade Act, potentially announced as early as Wednesday the 11th. The investigations will cover digital services taxes imposed by various countries on American tech companies and alleged currency manipulation. Upon completion, these investigations could serve as legal grounds for the U.S. to impose tariffs on relevant countries.
Qatar's liquefied natural gas production facility shutdown is impacting global energy supply. Shell, the world's largest LNG trader, has notified customers of force majeure invocation, suspending certain supply contracts related to Qatari gas. Shell cited limited LNG supply access due to QatarEnergy's force majeure declaration, triggering force majeure clauses on related resale contracts. The situation demonstrates how Middle East developments are expanding their impact on global energy supply chains.