Poland and Singapore’s deepening roles in high-tech supply chains, the end of cheap money dividing Japanese business, China’s leading sodium-ion battery buildout threatening to create another Western dependency, and Qatar’s deep economic suffering as a result of Iranian strikes.

Beijing’s nuclear drive gives it an edge in fueling AI, Nicaragua’s large mining concessions that give Beijing a foothold in the region, Western firms’ increasing interest in Ukraine’s battle-tested drone industry, and the US’ enduring reliance on Chinese rare earth production despite heavy government spending.

Key aspects of the EU’s Draghi review remain a work in progress, Indonesia’s richest families increasingly look offshore as domestic political pressure mounts, the Iran war poses a major threat to Dubai’s growth model, and Saudi Arabia’s initial “good war” is unravelling as it confronts renewed fighting in the Red Sea.