🇸🇴 Heavy firefights erupted in Mogadishio during the night.
The security forces announced a vast disarmament plan targeting "heavily armed militias" after mortar fire targeted sectors of the capital last wednsday.
Observers link the renewed violence to the extension of president H.S. Mahmoud's term by one year.
🇸🇴 For added context, Somalia's parliament had voted a constitutional reform extending presidential and legislative terms from four to five years in march.
Opposition is outraged that the reform takes effect immediately, de facto postponing the elections that were due this month. - Medman news
🇨🇳 AI computing futures get push from China
China is preparing to launch compute futures in Shanghai, linking financial markets with digital infrastructure. The global AI boom is pushing demand for processing power higher, bringing price swings and a real need for hedging tools.
Shanghai's government released guidelines mentioning compute futures for the first time ever, supporting the city's goal to become a global wealth management hub. Authorities promised more new futures aligned with new productive forces, though no timeline was given. Shanghai already hosts the country's largest commodity futures exchange.
The announcement came just three weeks after CME Group said it would launch the world's first compute futures this year. Those contracts will help traders, AI developers, and cloud providers hedge against volatility. Another US platform, Intercontinental Exchange, is also considering similar contracts. The US-China race for AI supremacy keeps heating up.
Professor Zeng Gang noted that a hedging tool would be welcome among AI firms. Computing power has seen major price swings due to chip supply limits. He argued that China should launch these futures soon because AI demand is high across manufacturing. The futures would also pull more capital into computing infrastructure.
By 2030, Shanghai aims to hold about $8.1 trillion in assets under management, a 25% rise from late 2024. To support this, Shanghai is expanding cooperation with Hong Kong, including plans to add REITs (real estate investment trusts) to the Stock Connect and strengthen gold market links. Late last year, the Shanghai Gold Exchange opened its first offshore vault in Hong Kong.
Recent milestones show Shanghai pushing into high-tech — Unitree Robotics (a leading humanoid robot company) cleared a major IPO (initial public offering) hurdle, and ChangXin Memory Technologies (a memory chipmaker company) also passed review. Total market cap in Shanghai has reached roughly $10.05 trillion this year, with the Star Market accounting for about 20%.
🇷🇺 Scott Ritter, who had his passport taken before SPIEF in 2024 is here at SPIEF 2026 speaking on the importance of diplomacy and disarmament.
🇷🇺
🇮🇱/🇱🇧/🇮🇷 Israel and Lebanon have reached their own so-called ‘ceasefire agreement’ brokered by the United States
– Per the agreement, the ceasefire is contingent on a complete halt to fire by Hezbollah and the withdrawal of all Hezbollah operatives from south of the Litani River.
– In the statement, Lebanon declared that it has no hostile intent toward Israel.
– Lebanon designates Hezbollah as an enemy of the Lebanese state.
– The two sides agreed to move forward with zones in which the Lebanese Armed Forces would exercise exclusive control, excluding all non-state armed groups.
– Israel and Lebanon reaffirmed that they have no hostile intentions toward one another.
Severe drought is hitting America’s main farming region right now, just as farmers are planting their spring crops. Union Bank of Switzerland is warning that this could push food prices higher later this year.
🔸What the Numbers Show
UBS economist Jonathan Pingle told clients on Thursday that current drought conditions across the U.S. agricultural belt are among the worst in more than 130 years.
The National Oceanic and Atmospheric Administration Palmer Drought Severity Index reached its highest level for March since records began in 1895. March was also the third-driest month ever recorded. River levels in Memphis on the Mississippi are 24 feet lower than at this time last year.
🔸How Drought Hurts Farms
The main problem is a lack of moisture in the soil. This leads to:
🟠Weaker seeds that don’t grow well
🟠Lower crop yields
🟠Poorer quality crops
🟠Less grass and food for animals
Cattle farmers are already feeling the pain, which helps explain why beef prices have been rising. The United States Department of Agriculture (USDA) says drought can reduce the amount of land farmers plant, lower livestock health, and raise the cost of feed and irrigation water. Some crops may take years to recover.
🔸Ripple Effects on Food Prices
Lower farm production and higher costs for diesel and fertilizer don’t stop at the farm gate. These problems move through the food supply chain and can lead to:
🟠Higher prices at the grocery store
🟠Tighter supplies for food companies
🟠Increased pressure on food security
The USDA Weekly Weather and Crop Report also noted very dry conditions in the Plains and South, with many winter wheat crops in poor shape. In states like Texas, Oklahoma, Nebraska, and Colorado, roughly half the wheat was rated very poor to poor by mid-April.
🔸Warning Worth Watching
While global attention stays on the Middle East, Jonathan Pingle warns that another supply shock is unfolding right here in U.S. farm production. With fertilizer and diesel prices already high, experts expect the FAO Global Food Index to rise later this year.
