Podcasts about Southeast Asia

We are proud to present a very special episode of In This Family as a bonus for Depresh Mode with John Moe listeners. In This Family is produced by John Moe in conjunction with Nexus Family Healing and it's about the connection between family and mental health. It's a fascinating and moving look at the Hmong culture, their relocation to the United States, and the generational trauma that has been activated by recent events involving ICE. It's a story you haven't heard told by a member of community you might not have heard much about. Newspaper columnist and community business leader Ka Vang was born on a CIA base in Thailand 50 years ago. She remembers eating from the garbage when there was no food to be had, witnessing rape and murder, and fleeing with her family to the United States after the Vietnam War and the Secret War. Ka is Hmong-American, part of a large community of people who aided the American effort and were relocated, largely to Minnesota. The trauma of the war and displacement had severe mental health effects on Ka's family, including depression, anxiety, and hyper-vigilance. Today, the Twin Cities region is seeing tremendous upheaval due to the ICE surge, which has seen thousands of people arrested, sent to detention facilities, and deported, even people who have a legal right to be in the United States. Ka says Hmong people who lived through the war in Asia are terrified and having flashbacks. Their children, having had trauma handed down, are rehearsing best practices for staying safe. And as for Ka, she doesn't feel like an American amid the ICE presence and feels more a matter of when rather than if she'll get taken.

Doug McHoney (PwC's International Tax Services Global Leader) is joined by Anja Manuel, co-founder and principal at Rice, Hadley, Gates, and Manuel LLC, a strategic consulting firm, and a former diplomat, author, and foreign policy advisor. Doug and Anja discuss the geopolitical forces reshaping cross-border business, including the Iran conflict and its implications for oil, shipping, Gulf investment, and AI infrastructure; China's internal trajectory, tariffs, critical minerals, Taiwan, and supply-chain strategy; the growth outlook for Southeast Asia and India; Europe's competitiveness challenges and the war in Ukraine; Venezuela's political and investment risks; the effect of possible US midterm shifts on foreign policy; and whether international institutions, alliances, and the broader global economy still offer reasons for optimism despite a highly unstable backdrop. 

Last time we spoke about the Soviet-Japanese neutrality pact. In the summer of 1939, the Nomonhan Incident escalated into a major clash along the Halha River, where Soviet-Mongolian forces under Georgy Zhukov decisively defeated Japan's Kwantung Army. Zhukov's offensive, launched on August 20, involved intense artillery, bombers, and encirclement tactics, annihilating the Japanese 23rd Division and exposing weaknesses in Japanese mechanized warfare. The defeat, coinciding with the Hitler-Stalin Nonaggression Pact, forced Japan to negotiate a ceasefire on September 15-16, redrawing borders and deterring further northern expansion. Stalin navigated negotiations with Britain, France, and Germany to avoid a two-front war, ultimately signing the German-Soviet pact on August 23, which secured Soviet neutrality in Europe while addressing eastern threats. Post-Nomonhan, Soviet-Japanese relations warmed rapidly: fishing disputes were resolved, ambassadors exchanged, and the Chinese Eastern Railway sale finalized. By 1941, a neutrality pact was concluded, allowing Japan to pivot southward toward China and Southeast Asia.   #193 The Chiang-Wang Divide Welcome to the Fall and Rise of China Podcast, I am your dutiful host Craig Watson. But, before we start I want to also remind you this podcast is only made possible through the efforts of Kings and Generals over at Youtube. Perhaps you want to learn more about the history of Asia? Kings and Generals have an assortment of episodes on history of asia and much more  so go give them a look over on Youtube. So please subscribe to Kings and Generals over at Youtube and to continue helping us produce this content please check out www.patreon.com/kingsandgenerals. If you are still hungry for some more history related content, over on my channel, the Pacific War Channel where I cover the history of China and Japan from the 19th century until the end of the Pacific War. After that lengthy mini series covering the battle of Khalkin Gol, we need to venture back into the second sino-japanese war, however like many other colossal events….well a lot was going on simultaneously. I wanted to take an episode to talk about the beginning of something known as the Reorganized National Government of the Republic of China, or much shorter, the Wang Jingwei Regime. It's been quite some time since we spoke about this character and he is a large part of the second sino-japanese war.    After the fall of Tianjin and Beiping, the government offices in Nanjing entered their annual summer recess. All of GMD's senior leadership, from Chiang Kai-shek down to Wang Jingwei, gathered on Mount Lu, a picturesque resort in northern Jiangxi, south of the Yangtze, famed for cliffs, clouds, and summer villas. Although Chiang had visited Mount Lu every summer, this was the first occasion that nearly the entire central government assembled there. Analysts suspected the gathering was a deliberate move to relocate government functions inland in the event of total war. Dozens of the nation's leading intellectuals were invited to Mount Lu to discuss strategies for countering Japan's ambitions. The forum was scheduled to begin on July 15 and to last twenty-seven days in three phases. The bridge incident caught them off guard. Unlike Manchuria, Beiping had long been the nation's capital, and the shock added urgency to the proceedings. When the forum, chaired by Wang, finally opened on July 16, speculation ran as to whether this signaled another regional conflict or the onset of full-scale war. The media pressed for a resolute stance of resistance from the government. To dispel the mounting confusion and perhaps his own indecision, Chiang delivered a solemn speech on July 17, declaring that if the incident could not be resolved peacefully, China would face the "crucial juncture" of national survival and would consider military action; if war began, every Chinese person, from every corner of the country and from every walk of life, would have to sacrifice all to defend the nation.   Chiang's Mount Lu Speech was now commonly regarded as the moment when China publicly proclaimed its firm commitment to resistance. Contemporary observers, however, did not take Chiang's stance at face value. Tao Xisheng, a Peking University law professor who had been invited, recalled that after the speech, people gathered in Hu Shi's room to discuss whether a peace option remained. Chiang left the mountain on July 20, leaving Wang to chair the conference. The discussions continued upon their return to Nanjing, where a National Defense Conference was organized in mid-August. It was also Tao's first encounter with Wang Jingwei. A "peace faction," largely composed of civil officials and intellectuals, began to take shape around Wang, favoring diplomatic solutions over costly and potentially ineffective military action.   During this period, both Chiang and Wang publicly called for resistance, while both harbored hopes for a peaceful solution. Yet their emphases differed. On July 29, Wang Jingwei delivered a radio address from Nanjing titled "The Critical Juncture," echoing Chiang's slogan. He likewise asserted that after repeated concessions and retreats, the critical juncture had come for China to rise against Japan. It would be a harsh form of resistance, since a weak nation had no alternative but to sacrifice every citizen's life and scorch every inch of land. Yet toward the end, Wang's speech took on an ironic turn. He stated, "The so-called resistance demands sacrificing the whole land and the whole nation to resist the invader. If there is no weakness in the world, then there is also no strength. Once we have completed the sacrifice, we also realize the purpose of resistance. We hail 'the critical juncture'! We hail 'sacrifice'!" The sentiment sounded almost satirical, revealing his doubt about the meaning of total sacrifice.   The hope for containment was crushed by Japan's ongoing advances. On November 12, Shanghai fell. Chiang's gamble produced about 187,200 Chinese casualties, including roughly 30,000 officers trained to German standards. Japanese casualties were estimated at a third to a half of the Chinese losses, still making it their deadliest single battle to date. The battered Japanese Imperial Army and Navy, long convinced of their invincibility, were consumed by vengeful bloodlust. The army swept from Shanghai toward Nanjing, leaving a trail of murder, rape, arson, and plunder across China's heartland.   With the fall of Nanjing looming, the central government announced on November 20 that it would relocate to Chongqing, a city upriver on the Yangtze protected by sheer cliffs. Plans for Chongqing as a reserve capital had already begun in 1935, with Hankou as the midway station. To preserve elite troops for the future while saving face, Nanjing was entrusted to General Tang Shengzhi and his roughly one hundred thousand largely inexperienced soldiers. Nanjing fell on December 13. Despite this victory, Japan's hopes of ending the China Incident within three months were dashed. The carnage produced by the war, especially the Rape of Nanjing, left a profound moral stain on humanity. A mass exodus from the coastal provinces toward the hinterland began. People fled by boats, trains, buses, rickshaws, and wheelbarrows. Universities, factories, and ordinary households were moved halfway across China, step by step. The nation resolved to persevere, even in distant mountains and deserts if necessary. In Sichuan alone, government relief agencies officially registered about 9.2 million refugees during the war years.   Chiang Kai-shek, after paying respects at Sun Yat-sen's mausoleum, flew to Mount Lu with Song Meiling. The so-called Second Couple chose a more modest path: like most refugees, the Wang family traveled upriver along the Yangtze. On November 21, they left Nanjing, abandoning a recently renovated suburban home and thirty years of collected books. Coincidentally, the ship carrying Wang Jingwei from Nanjing to Wuhan was SS Yongsui, the former SS Zhongshan that had escorted Sun Yat-sen to safety and witnessed Wang's ascent and subsequent downfall from power. Ironically renamed "Yong-sui," the ship's new title meant "peace," while the compound term suijing denoted a policy of appeasement. This symbolism—Wang being carried away from Nanjing by a ship named "Eternal Peace"—foreshadowed his eventual return to the city as a champion of a "peace movement."   After the Mount Lu Forum, Hu Shi and Tao Xisheng could not return to Beiping, now under Japanese occupation. They joined the government in Nanjing. Beginning in mid-August, Japanese bombers began attacking Nanjing. Air power—an unprecedented weapon of mass destruction—humbled and awed a Chinese public largely unfamiliar with airborne warfare. By striking a target that did not serve its immediate interests, Japan demonstrated its world-class military might and employed psychological warfare against the Chinese government and people. Because Zhou Fohai's villa at Xiliuwan had a fortified cellar suitable as an air-raid shelter, a group of like-minded intellectuals and civil servants sought refuge there. They preferred a peaceful approach to the conflict, subscribing to the idea of trading space for time—building China's industrial and military capabilities before confronting Japan. Tao Xisheng and Mei Siping, old allies of Zhou Fohai, lived in his house. Another frequent guest was Luo Junqiang, an ex-communist. The former CCP leader Chen Duxiu, recently released from prison, joined their gatherings a few times. Gao Zongwu hosted another meeting site. Hu Shi, as a guest himself, jokingly called this circle the "Low-Key Club" (Didiao julebu), a label that underscored their pragmatic defiance of the government's high-flown rhetoric urging all-out resistance. Many members of this group would later become central figures in a conspiracy known as the "peace movement," with Wang Jingwei as its leader and emblem.   As Gerald Bunker noted, the peace scheme did not originate with Wang but with certain associates of Chiang, elements in Japanese military intelligence, and members of liberal-minded Japanese political circles who were linked to Konoe. Zhou Fohai belonged to the Chiang-loyalist CC faction, named for Chen Guofu and Chen Lifu. Zhou believed that resistance under current conditions was suicidal. He sought to influence Chiang through people around him, including Wang Jingwei, whom he found impressionable and began visiting at Wang's salon. Gao Zongwu, head of the Foreign Ministry's Asian Department, felt sidelined by Chiang's uncompromising stance. They shared the sense that Chiang might be willing to talk but feared the price, perhaps his own leadership. They were dismayed by the lack of a long-range war plan beyond capitulation. Their view was that China's battlefield losses would worsen the terms of any settlement, and that the war's outcome seemed to benefit Soviet Russia and undermine the GMD more than China itself. The rapid collapses of Shanghai and then Nanjing vindicated their pessimism. Chiang's autocratic decision-making only deepened their dissatisfaction. They feared China was again at risk of foreign conquest from which it might not recover.   Wang Jingwei became the focal point for these disaffected individuals, drawn by his pacifist leanings, intellectual temperament, and preference for consensus-building. After the government relocated to Hankou, he lent guidance to the Literature and Art Research Society (Yiwen yanjiu hui), a propagandist body led by Zhou Fohai and Tao Xisheng. Its purpose was to steer public opinion on issues like the war of resistance and anticommunism, and to advocate a stance that the government must preserve both peace and war as options. Many believed it to be Wang's private organization; in truth, Chiang supported its activities. For much of 1938, Chiang's belligerent anti-Japanese rhetoric and Wang's conciliatory push were two sides of the GMD's broader strategy.   Among the society's regional branches, the Hong Kong chapter flourished under Mei Siping and Lin Baisheng. In addition to editing South China Daily News, Lin established Azure Books and the International Compilation and Translation Society (Guoji bianyishe) as primary propaganda organs. Ironically, Mei Siping had himself been a radical during the 1919 student protests, when he helped set fire to the deputy foreign minister's house in protest of perceived capitulation to Japan.   Wang Jingwei also actively engaged in international efforts to broker peace between Japan and China, including Trautmann's mediation by the German ambassador. Since the outbreak of war, various Western powers had contemplated serving as mediators, but none succeeded. Nazi Germany, aligned with Japan in an anti-Soviet partnership, emerged as China's most likely ally because it did not want Japan to squander its strength in China or compel China to seek Soviet help. Conversely, Japan's interest lay in prolonging the war or achieving a swift settlement. Ambassador Trautmann met with Wang Jingwei multiple times from October 31 to early November 1937 to confirm China's preference for peace before negotiating with Japan. The proposal Trautmann carried to Chiang Kai-shek on November 5 proposed terms including autonomy for Inner Mongolia, a larger demilitarized zone in North China, an expanded cease-fire around Shanghai, a halt to anti-Japanese movements, an anti-communist alliance, reduced tariffs on Japanese goods, and protection of foreign interests in China. Although Japan did not specify territorial gains, these terms deviated significantly from Chiang's demand to restore pre–Marco Polo Bridge status. After Shanghai fell, Chiang's rigidity softened.   On December 5, at Hankou, the National Defense Conference agreed to begin peace negotiations based on Trautmann's terms, a decision Chiang approved. But it was too late: Nanjing fell on December 13, and a provisional Beiping government led by Wang Kemin was established, signaling Japan's growing support for regional separatism. On December 24, Japan issued an ultimatum for a harsher deal to be accepted by January 10. In response, Chiang resigned as chairman of the Executive Yuan on January 1, 1938, and was succeeded by his brother-in-law Kong Xiangxi. Chiang declared that death in defeat was preferable to death in disgrace and refused to yield under coercion. The Konoe Cabinet announced on January 16 that Japan would not negotiate with Chiang Kai-shek. Trautmann's mediation had failed.   After Konoe's announcement, mediation became even more precarious, as it placed the already deadly, no-win situation between the two nations in deeper jeopardy. Secret contacts between the two governments persisted through multiple channels—sometimes at the direction of their own leaders, other times at the initiative of a cadre of officials and quasi-official figures of dubious legitimacy. Many of these covert efforts were steered by Chiang himself. In late 1937, Wang Jingwei even sent Chen Gongbo to Rome to explore the possibility of Italian mediation between China and Japan. After meetings with Mussolini and Foreign Minister Ciano, Chen concluded that Italy had no genuine goodwill toward China and favored Japan. His conversations with other Western leaders (Belgium, France, Britain, and the United States) proved equally fruitless. In diaries, Zhou Fohai and Chen Kewen recorded a pervasive mood of pessimism among Hankou and Chongqing's national government factions. Although direct champions of negotiating with Japan were few, many voices insisted that China was on the brink of collapse while secretly hoping peace talks would begin soon. Gao Zongwu's mission emerged from this tense atmosphere.   With Konoe's cabinet refusing to negotiate with Chiang Kai-shek, many regarded Wang as the best candidate to carry forward a diplomatic solution. Yet Wang remained convinced of his loyalty to Chiang and to Chiang's policy. The Italian ambassador visited Wuhan to offer mediation between Wang and the Japanese government, an invitation Wang declined. Tang Shaoyi's daughter traveled to Wuhan to convey Tokyo's negotiation intent, but was similarly turned away. Even Chen Bijun, then in Hong Kong, urged Wang to join her and start peace negotiations; he again declined. Tao Xisheng remembered a quiet night when Wang confided in him: "This time I will cooperate with Mr. Chiang until the very end, regardless of how the war unfolds." His stance did not change when Gao Zongwu reported that the Imperial Japanese Army General Staff Office wanted him to head the peace talks.   Gao Zongwu's bid was brokered by Dong Daoning, head of the Japan Affairs Section in the Foreign Ministry. Shortly after Konoe's statement, Dong traveled to Shanghai to meet Nishi Yoshiaki, representative of Mantetsu, and Matsumoto Shigeharu, a Dōmei News Agency journalist. Nishi and Matsumoto then introduced Dong to Kagesa Sadaaki, head of the Strategy and Tactics Department in the General Staff Office. Kagesa introduced Dong to Deputy Director Tada Hayao and colleagues Ishiwara Kanji and Imai Takeo, who agreed that a peaceful resolution to the China crisis aligned with Japan's interests. It would be inaccurate to paint these figures as pacifists: Ishiwara, who helped build Manchukuo, also recognized that further incursions into China could jeopardize Japan's hard-won gains. They proposed a temporary resignation by Chiang to spare Konoe from having to retract his refusal to negotiate, thereby allowing Wang to lead the talks. In short, the scheme aimed to save face for Konoe.   Dong returned to Hong Kong and delivered the proposal to Gao Zongwu, who had been stationed there since February under Chiang's orders to oversee intelligence and liaison with Japan. Luo Junqiang, Gao's contact, testified that Gao was paid monthly from Chiang's secret military fund. Gao went back to Hankou twice, on April 2 and May 30. On the second trip, he personally conveyed Japan's terms to Chiang. Gao later admitted that Chiang never gave him explicit instructions, but rather cultivated an impression of tacit approval. At no point did Gao view the deal as Chiang's betrayal. As long as Chiang retained control of the military, Wang's leadership could only be nominal and temporary. Unbeknownst to Wang, Gao's personal ties to Chiang remained hidden from him; he learned of them only through Zhou Fohai. Startled, he handed the information to Chiang Kai-shek and told Tao Xisheng: "I cannot broker peace with Japan alone. I will not deceive Mr. Chiang." Given Tao's later departure from Wang's circle to rejoin Chiang, Tao's recollection could be trusted.   Two months later, Wang left Chongqing to pursue a peace settlement. A key factor may have been persistent lobbying by Zhou, Gao, Mei, Tao, and especially his wife Chen Bijun. Luo Junqiang recalled that Kong Xiangxi objected that Gao acted without him, prompting Chiang to order Gao to halt his covert efforts, an order Gao ignored. Gao and Mei Siping continued to press for a deal. Gao even spent three weeks in Japan in July, holding extensive talks with Kagesa Sadaaki and Imai Takeo. Their discussions produced the first substantive articulation of the Wang peace movement as a Sino-Japanese plot to end the "China incident." On November 26, Mei flew from Hong Kong to Chongqing with a draft of Japan's terms and Konoe's planned announcement. The proposal stated that the Japanese army would withdraw completely within two years once peace was reached, but it demanded that China formally recognize Manchukuo. Wang was to leave Chongqing for Kunming by December 5, then proceed to Hanoi. Upon Japan receiving news of his arrival in Hanoi, the telegram would reveal the peace terms. This pivotal moment threw Wang into intense inner turmoil. Zhou Fohai visited Wang daily, and Wang delayed decisively each time, much to Zhou's frustration. Ultimately, it seemed that Chen Bijun rendered the final judgment on Wang's behalf. As in earlier episodes, Wang found himself trapped by an idealized image of himself held by family, followers, and loyalists, seen by them as a larger-than-life figure who must undertake a mission too grand to fail.   Yet Wang's stance was not purely involuntary. As Imai Takeo noted, he fundamentally disagreed with Chiang's strategy of resistance. The so-called scorched-earth approach caused immense suffering. Three episodes stood out: the 1938 Yellow River flood, ordered by Chiang to impede Japan's advance, which destroyed dikes and displaced millions, yielding devastating agricultural and humanitarian consequences; the subsequent epidemics and famine that followed, producing about two million refugees and up to nine hundred thousand deaths, while failing to stop the Japanese advance toward Wuhan (which fell in October); and the Changsha fire, ignited in the early hours of November 13, which killed nearly thirty thousand people and devastated most of the city. These events sharpened Wang's doubts about Chiang's defense strategy, especially its reckless execution and cruelty. By late November, Wang began to openly challenge Chiang's approach, delivering a series of speeches advocating his own war-weariness and preference for limiting resistance to preserve national strength for future counterstrikes. He argued that guerrilla warfare burdened the people and wasted national resources that could be saved for a later, more effective defense. He urged soldiers to exercise judgment and listen to their consciences, and he attributed much of the civilian suffering to the Communists; nonetheless, with General von Falkenhausen, Chiang's German adviser, now urging a shift toward smaller-unit mobile warfare, Wang's critique of Chiang's strategy took on a more pointed, risksome tone. If resistance equaled total sacrifice, Wang was not prepared to endorse it. As Margherita Zanasi noted, Wang Jingwei and Chen Gongbo had long shared a vision of a self-consciously anti-imperial "national economy", the belief that China's economy had not yet achieved genuine nation-power and that compromising with the foe might be necessary to save the national economy.   Wang and Zhou also worried that continuing resistance would strengthen the Communists and that genuine international aid would not arrive, at least not soon. After Nazi Germany occupied Czechoslovakia, Wang briefly hoped for the formation of an antifascist democratic alliance. Yet the Munich Agreement disappointed him. Viewing Western democracies as culturally imperialist, he doubted they would jeopardize their relations with Japan, another imperial power, on China's behalf. This view was reinforced by Zhou Fohai and other China specialists who had recently joined Wang's circle; they argued that China would fall unless the international situation shifted dramatically. Their forecast would prove accurate only after Pearl Harbor.   In the end, Wang longed for decisive action. He had been sidelined since the government's move to Wuhan. At the GMD Provisional National Congress in Hankou (March 29–April 1), the party resolved to restore Chiang Kai-shek to near-total control by reasserting the authoritarian zongcai system. The Congress also established the People's Political Council as a nominal nod to democracy, but it remained largely consultative. Wang was elected deputy director and chairman of the council, yet he clearly resented the position. Jiang Tingfu described Wang's Hankou mood as "somewhat resentful," recognizing the role as largely ceremonial. More optimistic observers attributed his dismay to the return of dictatorship, and he likely felt increasingly useless. Since the Mukden Incident, Wang had prioritized party unity and been content to play a secondary role to Chiang, but inaction did not fit his sense of historical purpose. It was Zhou Fohai who urged Wang to risk his reputation for a greater cause, presenting a calculated nudge to someone susceptible to idealism. A longing to find meaning through action may have finally pushed him toward a fateful decision. As Chen Bijun bluntly told Long Yun, her husband "was merely an empty shell in Chongqing and could contribute nothing to the country; thus he wanted to change his surroundings."   Wang considered staying abroad as a serious option amid the Hanoi uncertainty. Gao Zongwu had previously told Japanese negotiators that if Konoe's stance did not satisfy Wang, he might head to France. Chongqing echoed this possibility. On December 29, Ambassador Guo Taiqi, acting on Chiang's orders, telegraphed Wang suggesting he go to Europe "to take a break." It would have offered a graceful exit. Kagesa recommended Hanoi as Wang Jingwei's midway station because, as a French colony, it offered a relatively safe environment. Only the French were armed there, and several members of the extended Wang family had grown up in France, enabling them to communicate with the colonial authorities.   After Wang departed for Hanoi, Long Yun hesitated for weeks. On December 20, he telegraphed Chiang, saying Wang had paused in Kunming on the way to Hanoi to seek medical treatment. Knowing this was untrue, Chiang replied on December 27 with a stern warning about Japan's unreliability, a message that appeared to have persuaded Long. A day later, Long urged leniency for Wang. Following Wang's publication of the "yan telegram," public anger likely pushed Long toward a final decision. On January 6, he informed Chiang of a letter from Wang delivered by Chen Changzu, and he noted that the Wangs were considering the French option, but recommended allowing Wang to return to Chongqing to show leniency and to enable surveillance.   Chiang replied two days later that Wang would be better off going to Europe. The extended Wang family resided in two Western-style mansions at 25 and 27 Rue Riz Marché, surrounded by high walls. On February 15, Chongqing's envoy Gu Zhengding brought their passports to Hanoi. Accounts differed on what happened next. One version had Wang offering to travel abroad if Chongqing accepted his proposal to start peace talks; if Chongqing remained indecisive, he would return to voice his dissent. Another version claimed Gu's primary task was to bring Wang back to Chongqing, which Wang declined, preferring France.   Although the French option was gaining favor, the Wang circle continued to explore other avenues. In early 1939, secret contacts with the Japanese government persisted, though not always in a coordinated way. Chiang's intelligence advised that the Wang group was forming networks in Shanghai and especially Hong Kong, with Gao Zongwu playing a central role. On February 1, Gao returned from Hong Kong and stayed for five days, finding Wang in a despondent mood. Wang asked Gao to pass along a few letters to Japanese leaders urging the creation of a unified Chinese government to earn the Chinese people's understanding and trust. Wang believed his actions would serve the best interests of both China and Japan. On March 18, the Japanese consulate in Hong Kong informed Gao that funding for the Wang group would come from China's customs revenues that Japan had seized.   Meanwhile, Chiang Kai-shek sensed a shift in the war's direction. On February 10, Japan seized Hainan, China's southernmost major island. The next day, Chiang held a press conference describing the development as "the Mukden Incident of the Pacific." He warned that Japan's ambitions could threaten British and French colonial interests and U.S. maritime supremacy. Gao Zongwu read the speech and concluded that Chiang's outlook had brightened.   For three months, the Wang circle met frequently to weigh options. The prominent writer and scholar Zhou Zuoren, who had already accepted a collaborationist post as head of the Beiping library, warned Tao Xisheng, saying "Don't do it," signaling his misgivings about collaborating with Japan based on his reading of Japanese politics. As Zhou observed, many young Japanese militarists did not even respect General Ugaki, let alone a foreign leader.   Then the assassination of Zeng Zhongming, Wang's secretary and protégé, abruptly altered the meaning of Wang's mission. The Wang group was deeply unsettled by Zeng Zhongming's assassination. The event came as a shock. On March 20, Gu Zhengding's second Hanoi visit concluded. Allegedly Gu delivered passports and funds for a European excursion. On a bright spring day, the entire Wang family enjoyed a lighthearted outing to Three Peaches Beach, only to be halted by a French officer who warned they were being followed. During their afternoon rest, a man posing as a painter, sent by the landlord to measure rooms for payment, appeared at the door and was turned away when he insisted on entering every room. More than twenty people in the household, none were armed.   Since January, Hanoi had been a hive of BIS activity. The ringleader was Chen Gongshu, a veteran operative under spymaster Dai Li, though Chen's recollections clashed with those of other witnesses, leaving the exact sequence unclear. Chen claimed their role was intelligence and surveillance until March 19, when an unsigned telegram from Dai Li ordered, "Severest punishment to the traitor Wang Jingwei, immediately!" The mission supposedly shifted. The Wang family was followed the next day but evaded capture in traffic, prompting a raid on the house. Reports varied: some said Wang resided on the second floor of No. 27; others suggested he lived in No. 25, with No. 27 used for day guests. The force entered the courtyard, forced open the door to Wang's room, and a getaway car waited outside. Chen, in the car, heard gunshots: initial shots toward a downstairs figure, then three shots through a bedroom door hacked open with an axe, aimed at a figure beneath the bed, believed to be Wang Jingwei. The team drove off after four to five minutes. Vietnamese police soon detained three killers who lingered in the courtyard and even listened in on a hospital call. Chen didn't realize the target had been misidentified until the next afternoon. Some BIS records suggested Wang and Zeng Zhongming had swapped bedrooms that night, a detail Chen doubted. Chen did not mention a painter's earlier visit.   There were competing accounts of the event with their numerous inconsistencies that fueled conspiracy theories. Jin Xiongbai outlined three possibilities: (1) the killers killed the "wrong person" as a warning to Wang Jingwei; (2) they killed Zeng to provoke Wang toward collaboration; or (3) the episode was always part of a broader Chiang-Wang collaboration plan.   In any case, Dai Li showed unusual leniency toward Chen Gongshu, who was never punished and later led the Shanghai station. After Dai Li's agent Li Shiqun was captured in 1941, Li not only spared Chen's life but recruited him on a double-agent basis for the remainder of the war, with Chen retiring to Taiwan. Chiang Kai-shek never discussed the case publicly or in his diary, and his silence was perhaps the strongest indication that he ordered the killing.   I would like to take this time to remind you all that this podcast is only made possible through the efforts of Kings and Generals over at Youtube. Please go subscribe to Kings and Generals over at Youtube and to continue helping us produce this content please check out www.patreon.com/kingsandgenerals. If you are still hungry after that, give my personal channel a look over at The Pacific War Channel at Youtube, it would mean a lot to me. Wang Jingwei, once a key figure in China's resistance against Japan, grew disillusioned with Chiang Kai-shek's scorched-earth tactics during the Second Sino-Japanese War. Amid devastating events like the Yellow River flood and Changsha fire, which caused immense civilian suffering, Wang joined a peace faction advocating negotiation. Secret talks with Japanese officials led to his defection in 1938. He fled Chongqing to Hanoi, where an assassination attempt, likely ordered by Chiang, killed his secretary Zeng Zhongming instead.   

I sat down with Kat from Space and Time to talk about what real institutional adoption actually looks like. While crypto Twitter feels bearish, banks like JP Morgan and Goldman Sachs are hiring entire teams focused on digital assets. Space and Time has already onboarded over 100,000 students in Southeast Asia for verifiable education credentials, shipped a zero-knowledge proof for databases, and is working with major institutions on tokenized assets and compliant stablecoin reward distribution. We dive into AI-powered vibe coding, why surviving the bear market matters more than anything else, and why the next wave of builders will have access to on-chain data like never before. --- CONNECT ---Space and Time: https://spaceandtime.io/https://www.linkedin.com/company/space-and-time-db/https://discord.com/invite/spaceandtimeDBTwitter/X - Space and Time: https://twitter.com/SpaceandTimeDB--- KEY POINTS WITH TIMESTAMPS ---• [00:00:00] Space and Time has onboarded over 100,000 students in Southeast Asia for verifiable education credentials• [00:02:00] Major university partnerships expanding in both Southeast Asia and the US• [00:03:00] Dream Space - AI vibe coding platform allowing non-developers to build apps and smart contracts• [00:04:00] Institutional adoption is the biggest growth area - stablecoin issuers, tokenized assets, major banks• [00:06:00] Despite bearish sentiment on crypto Twitter, institutions like JP Morgan, US Bank, Fidelity, and Goldman Sachs are more bullish than ever• [00:07:00] Banks are hiring entire teams of digital asset specialists, not just single roles• [00:09:00] 98% of stablecoin market is USDT/USDC, but new categories will emerge as adoption expands• [00:11:00] Marketing in crypto changes dramatically between bull and bear markets - focus on real value proposition and real customers• [00:14:00] Space and Time invented a patented zero-knowledge proof specifically for databases, making data computations fast and efficient• [00:18:00] Nearly $2 trillion of institutional capital waiting on the sidelines to enter crypto over next 2-5 yearsDisclaimerNothing mentioned in this podcast is investment advice and please do your own research. It would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend. Be a guest on the podcast or contact us - https://www.web3pod.xyz/

Today we'll be talking about the thousands of people left stranded in Southeast Asia due to flight delays and cancellations in the Middle East, pickpockets, street fighters, and European fugitives facing justice, and a little later a strange case of a doctor and his missing hundreds of thousands of baht on a domestic flight.

Thailand's February 2026 snap election produced a result almost nobody predicted. The conservative Bhumjaithai Party, led by Prime Minister Anutin Charnvirakul and openly backed by the military and monarchy, won a commanding victory, defeating the reformist People's Party by over 70 seats. The once-dominant Shinawatra-linked Pheu Thai party collapsed to its worst showing ever. What happened?In this episode, Dr. Thitinan Pongsudhirak, senior advisor for BowerGroupAsia and professor of international relations at Chulalongkorn University in Bangkok, breaks down how Thailand's political system works and why it seems to keep producing the same outcome lately. He explains the cycle of reform movements rising, winning elections, and then being dissolved by the courts or overthrown by military coups. After 13 coups and 20 constitutions in under a century, voter fatigue finally set in: turnout dropped to 65% and many young voters stayed home.Thitinan explores how the Thailand-Cambodia border conflict - the worst military clash between ASEAN member states in nearly 60 years - fueled nationalist sentiment that Bhumjaithai weaponized on the campaign trail. He also unpacks a striking contradiction: two-thirds of voters approved a referendum to rewrite the military-era constitution, yet handed power to the very establishment that wrote it.The conversation covers Thailand's economic challenges (92% household debt-to-GDP, stagnant growth, disruption from electric vehicles and AI), the transformation of the US-Thailand alliance from Cold War treaty to transactional trade relationship, and mainland Southeast Asia's growing "arc of instability" - from Myanmar's civil war to cross-border scam networks.Will the old guard finally deliver growth and stability, or is a reckoning on the horizon? Thitinan says the pressure is immense, and if the new government doesn't perform, the next wave of instability could be even bigger.

“It's a cliche to say that everything is in flux, and that there is a great deal of uncertainty across travel economies. But it's true.” The US and Israel's ongoing aerial bombardment of Iran and Lebanon - and the worsening unintended consequences of retaliatory strikes on energy assets and other installations across the Middle East - are raising crisis fears across Asian economies. Travel and tourism are once again in the cross-hairs, and it's starting to feel like Covid 2.0. How are travellers, governments and travel operators responding across South East Asia – and what are the critical issues to prepare for? This week, Gary and Hannah journey through the murky waters of crisis travel economics as wartime uncertainties escalate. En route we discuss energy costs, tour cancellations, refund policies, repatriation costs, booking windows and flight re-routings. We address cost of living increases, inflation, jet fuel, fare spikes, fuel surcharges, energy subsidies, plane leasing and currency volatility. Plus, how important are Middle Eastern and European source markets for different ASEAN visitor economies? Where do Seychelles fit into the equation? And should we plan for a short-term increase of intra-regional travel?

Studies and Observations Group (SOG) was a highly classified, special ops unit that conducted unconventional warfare during the Vietnam War. SOG carried out the capture of enemy prisoners, rescued downed pilots, and conducted rescue operations to retrieve prisoners of war throughout Southeast Asia. The Task Force also engaged in clandestine intelligence, propaganda and psychological operations. J.D. Bath and Bill Deacy were members of this elite group. Learn more about your ad choices. Visit megaphone.fm/adchoices

The war in Iran sent a massive wave of disruption to flights operating throughout the region and any flight crossing overhead because it's a major aerial thoroughfare between India, Australia, Southeast Asia and Europe. Jon Ostrower and Brett Snyder examine the long-term effect on flows to places like Dubai and Doha as superconnecting hubs, and the impact that the swings in oil prices will have on all airlines globally.

This week, the boys headed to 1970 to the new decade of the new wave of American independent cinema! Bob Rafelson's “Five Easy Pieces” established the behavior-driven, theme-over-plot indie movies that paved the way for the best era for indies. Jack Nicholson is a badass (asshole) prodigy-turned-roustabout looking to find himself in people he's willing to screw over in Bob Rafelson's seminal movie. After John fires off some mini-reviews and news, we set up the film year of 1970 before we drink beers and try to keep our conversation positive! linktr.ee/theloveofcinema - Check out our YouTube page!  Our phone number is 646-484-9298. It accepts texts or voice messages.  0:00 Intro; 5:45 “Crime 101” mini-review; 7:25 “Midwinter Break” mini-review; 13:52 1970 Year in Review; 28:00 Films of 1970: “Five Easy Pieces”; 1:11:48 What You Been Watching?; 1:21:36 Next Week's Episode Teaser Additional Cast/Crew: Karen Black, Sally Struthers, Billy Green Bush, Fannie Flagg, Lois Smith, Carole Eastman, Laszlo Kovacs, Chris Hemsworth, Mark Ruffalo, Barry Keoghan, Bart Layton, Hale Berry, Jennifer Jason Leigh, Tate Donovan, Corey Hawkins, Don Winslow, Polly Findlay, Lesley Manville, Ciaran Hinds. Hosts: Dave Green, Jeff Ostermueller, John Say Edited & Produced by Dave Green. Beer Sponsor: Carlos Barrozo Music Sponsor: Dasein Dasein on Spotify: https://open.spotify.com/artist/77H3GPgYigeKNlZKGx11KZ 
Dasein on Apple Music: https://music.apple.com/us/artist/dasein/1637517407 Recommendations: Springsteen: Deliver Me From Nowehere, Nuremburg, Fallout, Star Trek: Starfleet Academy, They Live, Paradise, John Carpenter, The Muppet Series, Bedknobs and Broomsticks, The Pitt, Blue Moon, A Knight of the Seven Kingdoms.  Additional Tags: Warner Discovery, Paramount Skydance, Annapurna Films, Old Man Marley, Home Alone, Shawshenk Redemption, Gordon Ramsay, Thelma Schoonmaker, Stephen King's It, The Tenant, Rosemary's Baby, The Pianist, Cul-de-Sac, AI, The New York City Marathon, Apartments, Tenants, Rent Prices, Zohran Mamdani, Andrew Cuomo, Curtis Sliwa, Amazon, Robotics, AMC, IMAX Issues, Tron, The Dallas Cowboys, Short-term memory loss, Warner Brothers, Paramount, Netflix, AMC Times Square, Tom Cruise, George Clooney, MGM, Amazon Prime, Marvel, Sony, Conclave, Here, Venom: The Last Dance, Casablanca, The Wizard of Oz, Oscars, Academy Awards, BFI, BAFTA, BAFTAS, British Cinema. England, Vienna, Leopoldstadt, The Golden Globes, Past Lives, Apple Podcasts, West Side Story, Adelaide, Australia, Queensland, New South Wales, Melbourne, The British, England, The SEC, Ronald Reagan, Stock Buybacks, Marvel, MCU, DCEU, Film, Movies, Southeast Asia, The Phillippines, Vietnam, America, The US, Academy Awards, WGA Strike, SAG-AFTRA, SAG Strike, Peter Weir, Jidaigeki, chambara movies, sword fight, samurai, ronin, Meiji Restoration, plague, HBO Max, Amazon Prime, casket maker, Seven Samurai, Roshomon, Sergio Leone, Clint Eastwood, Stellan Skarsgard, the matt and mark movie show.The Southern District's Waratah Championship, Night of a Thousand Stars, The Pan Pacific Grand Prix (The Pan Pacifics), Jeff Bezos, Rupert Murdoch, Larry Ellison, David Ellison, Elon Musk, Mark Zuckerberg.   

Join Anthony Sardain, CEO and Founder of Cavela, for a conversation on the next revolution in global trade: the automation of physical product sourcing. Born into a family of trade in Southeast Asia, Anthony has spent nearly a decade at the intersection of AI and logistics. In this episode, we explore how Cavela is using AI to handle the heavy lifting of finding, vetting, and managing global suppliers—leveling the playing field for startups and scaling businesses that need to move as fast as the digital economy.

Joe's Premium Subscription: www.standardgrain.comGrain Markets and Other Stuff Links —Apple PodcastsSpotifyTikTokYouTubeFutures and options trading involves risk of loss and is not suitable for everyone.

Detroit is having a moment — and Sunda New Asian wants to be part of it. On today's Daily Detroit, I talk with restaurateur and CEO Billy Dec about why he chose to open Sunda's newest location in the District Detroit, right across from Comerica Park.  We get into his intentional path from Chicago to Nashville to Tampa and now Detroit, and why this city's spirit reminds him of Chicago's rise some years ago.​ Our conversation touches on the generational ties between Michigan and Chicago, the data and "tea leaves" that pointed toward Detroit's growth, and the role of private investment and gritty civic pride in making it all real. Billy also shares with me how his Filipino roots, Southeast Asian travels, and a lifetime in hospitality show up in the design of Sunda's new space — from the island bar with "flower rain" overhead to the sake wall inspired by a hidden Tokyo spot and capiz shells over the sushi bar. It's a look at Detroit's current wave of development through the eyes of someone betting on the city, and bringing a deeply personal food story along for the ride. Plus, we talk about the dishes from Longevity Noodles to a Sweet Potato Caterpillar, and drinks like their Lychee Martini and Ube Espresso Martini.  Key topics: Why Sunda's expansion from Chicago to Nashville, Tampa, and now Detroit has been very intentional.​ The long-running Michigan–Chicago connection in hospitality and how loyal guests moving back home helped pull Sunda to Detroit.​ What Billy saw in Detroit's data and "on the ground" energy that convinced him the city is in a historically significant moment.​ The impact of private investment, local developers, and a unified civic spirit on Detroit's growth.​ How the new Sunda space in District Detroit was designed: island bar with a disappearing wall, floral installation blending Sampaguita, cherry blossoms, and Michigan's apple blossom, and an immersive sake wall.​ The influence of Billy's Filipino heritage and Southeast Asian travels on Sunda's design and menu philosophy.​ Why he wants Detroiters to "backpack through" Southeast Asia via the menu — and maybe book a real-life trip after. Sunda New Asian: https://www.sundanewasian.com/detroit Local media needs local support to thrive. Support our work on Patreon: ​https://www.patreon.com/DailyDetroit If you don't already, make sure to follow us on Apple Podcasts, Spotify, Overcast, or wherever you get your shows!

In this episode, host Mark Ledlow is joined by Robert Lamm, a Montana rancher, Marine veteran, and security professional they met on a confidential Northern California disaster project. Robert recounts joining the Marine Corps in 1999, deploying with 2/1 and a special-operations-capable unit, then serving in a security platoon supporting special operations across Southeast Asia, Afghanistan, and Iraq. After leaving the Marines, he guided hunts, then entered State Department contracting with Blackwater and Triple Canopy, later working nearly 10 years in Afghanistan, including base security, threat assessments, and training local nationals; he describes attacks, a VBIED blast injury, and concerns about TBI. He discusses executive protection work, industry backstabbing, and the importance of networking and teamwork. Now lead instructor at Tactic MT and director of training for Veterans Covert Protection Group, he focuses on mindset, firearms safety, soft skills, and raising security standards amid COVID, unrest, and ammo shortages.Learn about all this and more in this episode of The Fearless Mindset Podcast.KEY TAKEAWAYSSecurity industry success depends on networking and consistent performance - every detail is an interviewTeamwork and supporting colleagues during difficult times is essential in high-stress environmentsMindset determines survival - refusing to "go quietly" and maintaining mental resilience is criticalThe security industry needs to evolve beyond 1980s-90s standards with better training and professionalismTraining should cover both hard skills (firearms) and soft skills (communication, medical, client service)Families and clients increasingly want consistency in security personnel rather than constant turnoverAmericans need to take personal responsibility for their safety and not rely solely on authoritiesLiving each day as if it's your last is both a strength and challenge for veterans transitioning to civilian lifeReal security training must include mindset preparation, not just technical skillsUnity and helping each other matters more than political divisionsQUOTES"You're only as good as your last detail" - on reputation in executive protection"Your network is your net worth in this industry""Every firearm made is to kill another person easier than they can kill you" - on honest mindset training"One mind, any weapon" - Marine Corps philosophy on adaptability"If any politician's mouth is moving, he's lying""It boils down to your team - that's what you're really there for""We've gone from love to hate" - on social media and division"I'm not gonna go quietly" - on survival mindset"If you don't have the mindset, all you're doing is learning to sport shoot""We're social creatures - they're playing us from both sides"Get to know more about Robert Lamm through the links below.https://www.linkedin.com/in/eddiegarciava/To hear more episodes of The Fearless Mindset podcast, you can go to https://the-fearless-mindset.simplecast.com/ or listen on major podcasting platforms such as Apple, Google Podcasts, Spotify, etc. You can also subscribe to the Fearless Mindset YouTube Channel to watch episodes on video.

What happens to dairy markets when one of the world's busiest shipping lanes suddenly gets disrupted? With the Strait of Hormuz under pressure and trade routes across the Persian Gulf in question, exporters are scrambling to figure out how to move product. What does all this mean for global dairy demand? In this episode of The Milk Check, host Ted Jacoby III sits down with the Jacoby trading team to talk through what happens when geopolitics collides with global dairy trade. We dig into: How exporters may reroute product through alternate ports like Jeddah Why trade flows could shift between the U.S., Europe, Oceania and Southeast Asia How energy prices and freight disruptions could ripple through dairy markets Whether this disruption boosts demand in the short term or destroys it if it drags on Find out how one shipping lane could reshape the global dairy trade. Listen to The Milk Check episode 95: The Strait of Hormuz: What the Iran Conflict Means for Dairy Trade. Click below to listen or find us on Spotify, YouTube,  Apple Podcasts, and Amazon Music. Got questions? We'd love to hear them. Submit below, and we might answer it on the show. Ask The Milk Check Ted Jacoby III: [00:00:00] Coming up on The Milk Check. The Strait of Hormuz is closed. The port of Dammam is closed. Joe Maixner: There’s definitely product that’s stuck, can’t get to its destination. Ted Jacoby III: Welcome to the Milk Check from T.C. Jacoby and Company, your complete guide to dairy markets, from the milking parlor to the supermarket shelf. I’m Ted Jacoby. Let’s dive in. Today we’re gonna talk about what’s going on in the dairy market, specifically global trade. We’re recording this on March 6th, 2026, and seven days ago the U.S. bombed Iran.  As we [00:00:30] speak, the Strait of Hormuz is closed. The port of Dammam is closed, and trade flows are getting rearranged as we speak. Today with me, we have Joe Maixner, head of our butter trading book. We have Josh White, we have Diego Carvallo, and we have Mike Brown. And we thought it would be appropriate to discuss what’s going on in the Middle East, specifically how it’s affecting the dairy industry, and what its short-term and long-term effects will be on dairy demand. We’re gonna start with Joe. Joe, what are you hearing out there right [00:01:00] now? Joe Maixner: There’s definitely product that’s stuck, can’t get to its destination. Both going into Port of Dammam and other Middle Eastern ports for that matter. With butter’s moves over the past year, the Middle East market had been probably the largest growth opportunity for us in global exports for butter. Fortunately, this all happened after the rush for Ramadan to get everything in. So, I would say that it’s not as bad as it could be right now, but there is certainly product that’s stuck on the water looking for [00:01:30] alternative options to get to land. And there’s quite a bit of product that still is waiting to leave the U.S. that we’re not quite sure if and when it will actually leave. A lot of it’s still up in the air. Nobody really knows, what to do yet. I think it’s still too early to tell. Nothing’s been canceled per se, but the longer that this drags on, we’re certainly going to have some effects from it. Ted Jacoby III: There’s a lot of talk that maybe this war is gonna be a five to six week war. If the Strait of Hormuz is closed for five to six weeks, as is the [00:02:00] Port of Dammam, is that enough to cancel orders? Is that too long? Joe Maixner: I would say it should probably cancel some orders. I wouldn’t say it would cancel everything, but they’re gonna have to get product at some point from somewhere, They can’t completely stop. People are gonna have to eat. Production will still have to continue, and they’re gonna have to source product from somebody. And if we can’t get it there, they’ll find it from somewhere else. Ted Jacoby III: I’m hearing that one of the things that they’re exploring is shipping into Jeddah, which if you look at a map of the Middle East, Dammam is in the Persian Gulf on [00:02:30] one side of the peninsula. Jeddah is basically on the exact opposite side of Peninsula on the Red Sea. So they’re talking about shipping into Jeddah and then shipping it across the land to where it might need to go. The first thing that occurs to me is Dammam, I believe, is a bigger port than Jeddah. And so if you take all those container ships going into Dammam and send them to Jeddah instead, there’s not gonna be enough room to unload ’em all. And so, at the very least, the traffic’s gonna be pretty horrific. Are you guys hearing people working on that too? Joe Maixner: Yes, they’re looking at alternate ports of [00:03:00] entry and moving the product around. Jeddah is one. Casablanca is one. Going into Egypt is one. There are options. All of ’em are more expensive and it’s just gonna depend on how desperate the end user is to get the product. Josh White: We’ve got some experience dealing with trade disruptions over the past decade, and we tend to see the playbook similarly each time. And then when we talk about what’s specifically happened in our markets now, I think We can watch for some warning signs. Number one is in these type of situations, we start worrying about trade [00:03:30] flows, energy, freight, congestion, those type of things, all impacting markets and trade. Additionally, when we think about this conflict, there’s maybe three different scenarios to talk about. It’s very intense right now. Does that intensity continue for a very long time? What does that mean for our trade? It’s very intense right now for, but after, four to six weeks, maybe it continues on, but it’s more stable or consistent and the world learns how to trade around it. And then the third one is the one you [00:04:00] outlined earlier, which I think is a bit optimistic, usually these things don’t just go away that quickly, is that it’s over in a short amount of time. That’s the easiest one for us to project. That just creates a short-term concentration pent-up demand, pent-up shipments, and we just gotta work our way through that bubble. I think the middle one’s more likely. Not because I’m an expert on these things, but we’ve seen what happened in different conflicts in different situations. The middle one being it’s intense for a bit, then it becomes more consistent and normalized, and we just learn how to work [00:04:30] around it. What does that mean? And to me, that redirects trade flows. For instance, the U.S. has been very competitive in the Middle East for butter and cheese. It’s not the first time we’ve been competitive. We were competitive 15 years ago or so at a pretty good rate where we were an net exporter of butterfat, cheese I think we’ve been fairly consistent throughout, but it takes time to get there. Our biggest obstacle in doing business with that market versus Europe as a competitor, is the transit time. We inflate the freight rates, we increase transit [00:05:00] time, there’s concern of access to supply because of turbulence or stability, our price could be fine, and we could still miss some business because you have to buy now or you’ve gotta get product in now, or you just don’t have time to wait the, what, six weeks from order at minimum, probably more like a quarter, oftentimes, to get the product. That’s maybe our biggest obstacle right now is redirected trade lanes, not price. Joe Maixner: All of these trade disruptions create opportunity elsewhere. If our price comes off, [00:05:30] as it has, butter shot up earlier this week, it’s come back off here at the end of the week. It’s created opportunity for trade into other export markets. Where one door closes, another opens. Ted Jacoby III: How do you think those trade flows change? What comes, what goes, what are the changes that you think will happen? Let’s assume that the Persian Gulf is off limits for two or three months. What does that mean for dairy? Josh White: Lost demand, if it’s that long.  That’s lost demand. Now if we assume that we’re able to redirect product to [00:06:00] maintain the same demand, you’re gonna have trade lanes shift, right? What are the options? Ted Jacoby III: Let’s articulate this a little bit more for our listeners. When we’re talking about trade lanes shifting, right now there’s product on the water trying to head there that can’t. What’s gonna happen to those ships? That’s one. Two, there’s product that was sitting in the port about ready to ship. I think there were a lot of calls this week. I think we know of quite a few calls this week where they basically said, “Let’s sit on it. Let’s wait for this all to calm down before we actually ship it.” And three, [00:06:30] there’s product that maybe was scheduled to ship in a month or two. I think it’s fair to say, people probably have to figure out immediately what are they gonna do with the product that’s on the water right now. And I think the other two, they may be able to give it a little bit of time, decide whether or not they’re gonna cancel any orders and redirect it. Diego, the product that’s on the water right now, what do you expect happens to it? Diego Carvallo: Ted, I’ve been internally debating this for a while and even with the team. I think a few things are happening, but I don’t know which one has a bigger magnitude. Supply chains used to be very thin [00:07:00] for skim milk powder for the past year or two years. They are gonna have to build more inventory for those supply chains because product might take 60 days instead of 30 days to ship it. Product is gonna get stuck at the port of entry, port of shipment, in transit, et cetera. So, I think that bumps up demand artificially. Yeah. But there’s more product that’s gonna be stuck in the supply chain. That’s the first thing that comes to mind short-term, if this doesn’t continue to escalate. But if things continue to [00:07:30] escalate, and three weeks from now or a month from now, we’re still not being able to ship product to those destinations, product is gonna start backing up at ports of loading, right? So we’re gonna start hearing from the California manufacturers that they have a 100, 200 loads at port, and that prospects are not great for shipping, and that we should find new homes for that, right? I think if this gets solved the short-term, it’s positive for demand. It’s bullish market, but if it goes more long-term, you start killing demand, and you start needing to [00:08:00] find homes for additional product. But I know that everybody, at least on our team, has different takes on the whole situation. Ted Jacoby III: I would agree with that. I tend to lean to the side that, politically, the Trump administration can’t afford for this to go on too long, and the longer the strait is closed, the more political pressure they’re gonna have to resolve things. It’s realistic to consider that there’s a possibility that this thing goes on for a really long time, and that strait is closed for a really long time. Diego Carvallo: The second topic that I think we should talk a little bit about is what is a [00:08:30] psychological implication that this has on buyers? For example, on Chinese buyers who depend on products that go through that canal. That’s why I lean towards supply chains are gonna have to increase the amount of product they have, and end users are gonna change a little bit their procurement practices to increase their stocks. Yeah. Josh White: That happened post COVID, right? And didn’t last very long. Ted Jacoby III: I’d say it lasted two years. Josh White: But my point wasn’t that two years wasn’t a long time. It [00:09:00] was more of: they reverted back to the just-in-time model once things stabilized. Ted Jacoby III: Yes. That is a good point. I do agree with that. But you know what, even though they reverted back to the just-in-time model, two and a half months ago, prices were low enough that I think there were people trying to rebuild their stocks because they felt that prices were low enough to do that. I don’t know if they actually succeeded. My gut, based on what we’re hearing from customers right now, is they didn’t, but there was certainly a willingness to build back inventory levels if the price was right. In the [00:09:30] meantime, we’re dealing with disrupted trade flows. And so my second question for you guys is, we talk about disrupted trade flows, but let’s put some examples under that so our listeners understand what we’re talking about. How will these trade lanes shift? Where will product flows change? Will we see maybe more U.S. product going into Southeast Asia, more European product going into the Middle East, because perhaps they can put it on a truck and ship it through Istanbul by rail or by truck all the way there? I don’t know. Josh White: Yeah, I [00:10:00] think that’s a super good point, and it goes into what Diego said, which I don’t think is limited to nonfat, by the way, or milk powders. I think customers need to buy, and are used to getting what they need quite easily, and they’ve run their structural days in inventory down quite a bit to where that’s going to require people to buy from where they can get it quickly. This disruption has served as a bit of a catalyst to something I think was already materializing or happening. And now if you inflate freight rates a little bit more, that’s only gonna make it that [00:10:30] much more pronounced: that you need to buy from who’s close. New Zealand’s having a good back shoulder of their season, too, and I believe that there’s quite a bit of New Zealand product that is on its way or destined to go to the Middle East and North Africa. So when we think about what happens, I think everyone goes back to their closest trade partner. That takes the Oceana product to Asia. It takes the U.S. product, obviously, to Mexico. There’s at least some risk that European product was gonna come to Mexico. This is making that more difficult, I imagine, as [00:11:00] well. And I guess they’re gonna have to problem solve if that demand holds under the scenario we talked about earlier: that Europe’s got a lot of product right now. There’s a lot of milk, and they’re making a lot of everything. And thus far, it’s been okay because exports have been reported to be good. Maybe we’re talking about how this impacts the Americans, but I imagine that the impact might be a little bit more extreme for the Europeans. There’s another impact in there that I think Diego touched on. When you have commitments for product [00:11:30] and that product takes longer to get to you, and you’re running your supply chain thin, you reach out then and buy other product at a higher price, often, to fill your immediate demand. And once everything stabilizes, you actually are structurally oversupplied. We experienced that within recent history. Ted Jacoby III: Oh, absolutely. Josh White: And so that creates that air pocket in demand that will eventually arrive. We just don’t know when. Ted Jacoby III: What I imagine is, those boats that are on the water that were heading to Dammam when all this [00:12:00] started, they’re either parked right now, waiting to see if everything clears up, or they’re getting themselves rescheduled into Jeddah to try and figure out how to get there another way.  I would assume the product that hadn’t been loaded onto a ship yet is backing up at the port for a little while. How long do you think it takes? How long do we need to be watching this conflict continue to go on, watching the Strait of Hormuz continue to be closed, how long will it take before do you think they’ll start selling that product elsewhere? Canceling contracts and selling it elsewhere? A [00:12:30] month, two months? Because my gut tells me that’s when you really start seeing the market shift around. Right now, everybody’s just in a waiting period. Right now everybody’s just wondering if this thing’s gonna last a long time or a short time, and they don’t wanna overreact just for everything to clear up in the next week or two, even if the possibility is low. Josh White: Nonfat futures are inverted, so I would imagine, not very long at all, but I don’t think nonfat is the most impacted product here.  The curve on the butter futures has really flattened out as well. There’s not a long time window there either if we don’t put [00:13:00] a decent carry back in the market. Ted Jacoby III: So the market is already pricing in the possibility of this going on a long time, but the cash markets haven’t really fallen yet because there’s still hope. Maybe that’s a good way to put it. Josh White: It’s only been a week, one business week. That’s a big conclusion that our team had, earlier today, is that we came in Monday, following the announcement, and we’re like, okay, what happened to dairy? And the reality is everyone’s trying to figure it out and it’s gonna take some time. So I don’t think we’ve seen the reaction or response to the [00:13:30] situation actually materialize yet. Ted Jacoby III: Do you think that the question everybody should be asking is how long is it gonna take for the Strait of Hormuz to open? Joe Maixner: That’s a big caveat in this whole situation, right? Once that opens and trade flows resume, that clears a lot of things up. Regardless, it’s gonna take time to clear up, right? Because you’re gonna have a backlog, but the sooner that reopens, the sooner things pseudo get back to normal. Mike Brown (2): So much energy flows out to that strait to the rest of the world, particularly to Asia that it could affect incomes effect ability to [00:14:00] purchase products as well. It isn’t just bringing things in, it’s how they get the oil out. Question for Diego, Iran certainly makes some SMP. Do you think that has any impact at all? Diego Carvallo: That’s a really good point you’re bringing up, Mike. Iran had for the past five years ramped up their SMP experts significantly, so I believe, if I’m not wrong, in 2025, they exported something like 120,000 metric tons of skim milk powder. It’s obviously not [00:14:30] one of the biggest exporters in the world, but it’s a significant exporter. The most important takeaway is that they would supply those markets that are being affected by these interruptions the most. It’s not only that region has fewer access to European and American and even New Zealand sources, but also one of their main providers has an active block on food exports as of right now. Both things tell me it’s gonna be harder for demand to [00:15:00] get access to the product. If it extends this issue in time, this is definitely gonna kill demand. Ted Jacoby III: Let’s talk this through. The longer this goes on, what are the countries that are really gonna start seeing drops in demand because their revenue is dropping. Obviously Iran, I think you gotta include Iraq, Saudi Arabia, Kuwait, UAE. Joe Maixner: Yep. Ted Jacoby III: I think China, too, because they don’t have the access to energy. And maybe some of the other major importers of Middle East oil. Now, some of it will switch, probably go [00:15:30] outta Jeddah, but I don’t think there’s a lot of oil exports leaving Jeddah. I think it’s all in the Gulf. Joe Maixner: What does it do for European product though, given the fact that this is going to cause a spike in natural gas pricing. This is gonna cause a spike in all energy pricing.  When the whole Ukraine situation escalated and Europe lost access to gas, it would cost something like $500 per metric ton just to dry the product because of [00:16:00] the increased cost of gas. That put a lot of pressure onto the skim milk concentrate, and it gave a lot of support to skim milk powder. Diego Carvallo: I think something similar is gonna happen in the coming weeks because we all heard the news about if I’m not wrong, it was Qatar that just shut down the world’s biggest LNG plant. And it takes, I believe it’s 40 days for it to be back online at full operations. It’s not a one or two day interruption. It’s a [00:16:30] substantial interruption in the energy supply at a worldwide level. Ted Jacoby III: The one big difference between when we’ve seen gas prices spike in the past, and this time is in the past, when energy prices spiked, demand in the Middle East would actually go up because they’d have more revenue and more income. They don’t this time around because it’s spiking because they can’t be the exporters and make those sales. I think that’s important to take into account. You’ve got a scenario where if this goes [00:17:00] on long enough, I think there’s some real negative effects on demand that we’ve gotta start coming to terms with, I don’t think that matters if everything opens up within the next two to four weeks. We’ll see if that happens. Mike Brown (2): Generally, this administration has responded to economic pressure. We see what’s happening in the stock market and we see what’s happening with energy costs, they’re gonna be rethinking hard on how long they want this thing to stretch out, regardless of what maybe some of our partners would like it to be. There’s gonna be some strong economic pressure internally. Even the Senate, who voted to support [00:17:30] continuing the fighting in Iran did say, we’re good for now, but we’ll revisit this if we need to.  That pressure by the day is gonna keep going up. Ted Jacoby III: I’m a hundred percent in agreement with you, Mike, and that’s why my hunch is you’re not gonna see the strait shutdown for an extended period of time. But we don’t know. We’ll have to wait and see. Hey, thanks guys. That was a great discussion today. It remains to be seen how this plays out. This is something that absolutely bears watching because it clearly is going to have some effect on dairy demand. We will see. [00:18:00]

"What does it actually take to get a family office to back you? In this episode, Prashant sits down with Slava Darkhaev, a family office investor based in Cyprus who deploys into emerging VC managers and direct deals across the US market.Slava breaks down how he evaluates first-time fund managers, what a real competitive edge looks like versus a rehearsed pitch, and why network quality matters far more than network size. They also get into portfolio construction, co-investment strategy, the emerging markets opportunity, and the biggest mistakes fund managers make when fundraising.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comTopics covered:— What "right to exist" really means for a fund manager— How to evaluate GPs before they have a track record— Why the VC power law makes network everything— LP book vs. direct co-investments — how to run both— Diversification as upside management, not downside protection— India, Southeast Asia & Latin America — the emerging market thesis— The #1 fundraising mistake GPs make repeatedly"If you're a GP raising your first or second fund — or an LP trying to build a smarter allocation strategy — this one is for you.TIMESTAMPS(00:00) - Episode Highlights(00:51) - Introduction to Slava Darkhaev & the Episode(02:19) - The 'Right to Exist' for VCs vs. Founders(05:02) - How to Identify and Back Top-Tier GPs(07:11) - Benchmarking Emerging Managers: The Insider Approach(08:42) - The #1 Trait Separating Top GPs from the Rest(11:05) - Strategy for Direct Investments vs. LP Investments(12:43) - Securing Co-Investment and Pro-Rata Rights(13:51) - A Different Take on Diversification in Venture Capital(16:07) - Investing Thesis on Emerging Trends and Macro Cycles(17:27) - Due Diligence for a Manager's Subsequent Fund(19:22) - Family Office Asset Allocation to Venture Capital(20:02) - Investing in 'Unproven' First-Time Managers(21:29) - Approach to Investing in Global Emerging Markets(24:58) - Key Advice for Fund Managers: The Power of Storytelling(25:46) - Common Mistakes Fund Managers Make When Fundraising(26:46) - Rapid Fire Round(27:51) - Conclusion & How to Connect with SlavaLINKSSlava Darkhaev - https://www.linkedin.com/in/slava-darkhaev/Prashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries, reach out to prashantchoubey3@gmail.comSubscribe for more conversations at the intersection of family office investing, private markets, and emerging trends in wealth management.

Last time we spoke about the end of the battle of khalkin gol. In the summer of 1939, the Nomonhan Incident escalated into a major border conflict between Soviet-Mongolian forces and Japan's Kwantung Army along the Halha River. Despite Japanese successes in July, Zhukov launched a decisive offensive on August 20. Under cover of darkness, Soviet troops crossed the river, unleashing over 200 bombers and intense artillery barrages that devastated Japanese positions. Zhukov's northern, central, and southern forces encircled General Komatsubara's 23rd Division, supported by Manchukuoan units. Fierce fighting ensued: the southern flank collapsed under Colonel Potapov's armor, while the northern Fui Heights held briefly before falling to relentless assaults, including flame-throwing tanks. Failed Japanese counterattacks on August 24 resulted in heavy losses, with regiments shattered by superior Soviet firepower and tactics. By August 25, encircled pockets were systematically eliminated, leading to the annihilation of the Japanese 6th Army. The defeat, coinciding with the Hitler-Stalin Pact, forced Japan to negotiate a ceasefire on September 15-16, redrawing borders. Zhukov's victory exposed Japanese weaknesses in mechanized warfare, influencing future strategies and deterring further northern expansion.   #192 The Soviet–Japanese Neutrality Pact Welcome to the Fall and Rise of China Podcast, I am your dutiful host Craig Watson. But, before we start I want to also remind you this podcast is only made possible through the efforts of Kings and Generals over at Youtube. Perhaps you want to learn more about the history of Asia? Kings and Generals have an assortment of episodes on history of asia and much more  so go give them a look over on Youtube. So please subscribe to Kings and Generals over at Youtube and to continue helping us produce this content please check out www.patreon.com/kingsandgenerals. If you are still hungry for some more history related content, over on my channel, the Pacific War Channel where I cover the history of China and Japan from the 19th century until the end of the Pacific War. Despite the fact this technically will go into future events, I thought it was important we talk about a key moment in Sino history. Even though the battle of changkufeng and khalkin gol were not part of the second sino-Japanese war, their outcomes certainly would affect it.  Policymaking by the Soviet Union alone was not the primary factor in ending Moscow's diplomatic isolation in the late 1930s. After the Munich Conference signaled the failure of the popular front/united front approach, Neville Chamberlain, Adolf Hitler, and Poland's Józef Beck unintentionally strengthened Joseph Stalin's position in early 1939. Once the strategic cards were in his hands, Stalin capitalized on them. His handling of negotiations with Britain and France, as well as with Germany, from April to August was deft and effective. The spring and summer negotiations among the European powers are well documented and have been examined from many angles. In May 1939, while Stalin seemed to have the upper hand in Europe, yet before Hitler had signaled that a German–Soviet agreement might be possible, the Nomonhan incident erupted, a conflict initiated and escalated by the Kwantung Army. For a few months, the prospect of a Soviet–Japanese war revived concerns in Moscow about a two-front conflict. Reviewing Soviet talks with Britain, France, and Germany in the spring and summer of 1939 from an East Asian perspective sheds fresh light on the events that led to the German–Soviet Nonaggression Pact and, more broadly, to the outbreak of World War II. The second week of May marked the start of fighting at Nomonhan, during which negotiations between Germany and the USSR barely advanced beyond mutual scrutiny. Moscow signaled that an understanding with Nazi Germany might be possible. Notably, on May 4, the removal of Maksim Litvinov as foreign commissar and his replacement by Vyacheslav Molotov suggested a shift in approach. Litvinov, an urbane diplomat of Jewish origin and married to an Englishwoman, had been the leading Soviet proponent of the united-front policy and a steadfast critic of Nazi Germany. If a settlement with Hitler was sought, Litvinov was an unsuitable figure to lead the effort. Molotov, though with limited international experience, carried weight as chairman of the Council of Ministers and, more importantly, as one of Stalin's closest lieutenants. This personnel change seemed to accomplish its aim in Berlin, where the press was instructed on May 5 to halt polemical attacks on the Soviet Union and Bolshevism. On the same day, Karl Schnurre, head of the German Foreign Ministry's East European trade section, told Soviet chargé d'affaires Georgi Astakhov that Skoda, the German-controlled Czech arms manufacturer, would honor existing arms contracts with Russia. Astakhov asked whether, with Litvinov's departure, Germany might resume negotiations for a trade treaty Berlin had halted months earlier. By May 17, during discussions with Schnurre, Astakhov asserted that "there were no conflicts in foreign policy between Germany and the Soviet Union and that there was no reason for enmity between the two countries," and that Britain and France's negotiations appeared unpromising. The next day, Ribbentrop personally instructed Schulenburg to green-light trade talks. Molotov, however, insisted that a "political basis" for economic negotiations had to be established first. Suspicion remained high on both sides. Stalin feared Berlin might use reports of German–Soviet talks to destabilize a potential triple alliance with Britain and France; Hitler feared Stalin might use such reports to entice Tokyo away from an anti-German pact. The attempt to form a tripartite military alliance among Germany, Italy, and Japan foundered over divergent aims: Berlin targeted Britain and France; Tokyo aimed at the Soviet Union. Yet talks persisted through August 1939, with Japanese efforts to draw Germany into an anti-Soviet alignment continually reported to Moscow by Richard Sorge. Hitler and Mussolini, frustrated by Japanese objections, first concluded the bilateral Pact of Steel on May 22. The next day, Hitler, addressing his generals, stressed the inevitability of war with Poland and warned that opposition from Britain would be crushed militarily. He then hinted that Russia might "prove disinterested in the destruction of Poland," suggesting closer ties with Japan if Moscow opposed Germany. The exchange was quickly leaked to the press. Five days later, the first pitched battle of the Nomonhan campaign began. Although Hitler's timing with the Yamagata detachment's foray was coincidental, Moscow may have found the coincidence ominous. Despite the inducement of Molotov's call for a political basis before economic talks, Hitler and Ribbentrop did not immediately respond. On June 14, Astakhov signaled to Parvan Draganov, Bulgaria's ambassador in Berlin, that the USSR faced three options: ally with Britain and France, continue inconclusive talks with them, or align with Germany, the latter being closest to Soviet desires. Draganov relayed to the German Foreign Ministry that Moscow preferred a non-aggression agreement if Germany would pledge not to attack the Soviet Union. Two days later, Schulenburg told Astakhov that Germany recognized the link between economic and political relations and was prepared for far-reaching talks, a view echoed by Ribbentrop. The situation remained tangled: the Soviets pursued overt talks with Britain and France, while Stalin sought to maximize Soviet leverage. Chamberlain's stance toward Moscow remained wary but recognized a "psychological value" to an Anglo–Soviet rapprochement, tempered by his insistence on a hard bargain. American ambassador William C. Bullitt urged London to avoid the appearance of pursuing the Soviets, a view that resonated with Chamberlain's own distrust. Public confidence in a real Anglo–Soviet alliance remained low. By July 19, cabinet minutes show Chamberlain could not quite believe a genuine Russia–Germany alliance was possible, though he recognized the necessity of negotiations with Moscow to deter Hitler and to mollify an increasingly skeptical British public. Despite reservations, both sides kept the talks alive. Stalin's own bargaining style, with swift Soviet replies but frequent questions and demands, often produced delays. Molotov pressed on questions such as whether Britain and France would pledge to defend the Baltic states, intervene if Japan attacked the USSR, or join in opposing Germany if Hitler pressured Poland or Romania. These considerations were not trivial; they produced extended deliberations. On July 23, Molotov demanded that plans for coordinated military action among the three powers be fleshed out before a political pact. Britain and France accepted most political terms, and an Anglo-French military mission arrived in Moscow on August 11. The British commander, Admiral Sir Reginald Plunket-Ernle-Erle-Drax, conducted staff talks but could not conclude a military agreement. The French counterpart, General Joseph Doumenc, could sign but not bind his government. By then, Hitler had set August 26 as the date for war with Poland. With that looming, Hitler pressed for Soviet neutrality, or closer cooperation. In July and August, secret German–Soviet negotiations favored the Germans, who pressed for a rapid settlement and made most concessions. Yet Stalin benefited from keeping the British and French engaged, creating leverage against Hitler and safeguarding a potential Anglo–Soviet option as a fallback. To lengthen the talks and avoid immediate resolution, Moscow emphasized the Polish issue. Voroshilov demanded the Red Army be allowed to operate through Polish territory to defend Poland, a demand Warsaw would never accept. Moscow even floated a provocative plan: if Britain and France could compel Poland to permit Baltic State naval operations, the Western fleets would occupy Baltic ports, an idea that would have been militarily perilous and diplomatically explosive. Despite this, Stalin sought an agreement with Germany. Through Richard Sorge's intelligence, Moscow knew Tokyo aimed to avoid large-scale war with the USSR, and Moscow pressed for a German–Soviet settlement, including a nonaggression pact and measures to influence Japan to ease Sino–Japanese tensions. On August 16, Ribbentrop instructed Schulenburg to urge Molotov and Stalin toward a nonaggression pact and to coordinate with Japan. Stalin signaled willingness, and August 23–24 saw the drafting of the pact and the collapse of the Soviet and Japanese resistance elsewhere. That night, in a memorandum of Ribbentrop's staff, seven topics were summarized, with Soviet–Japanese relations and Molotov's insistence that Berlin demonstrate good faith standing out. Ribbentrop reiterated his willingness to influence Japan for a more favorable Soviet–Japanese relationship, and Stalin's reply indicated a path toward a détente in the East alongside the European agreement: "M. Stalin replied that the Soviet Union indeed desired an improvement in its relations with Japan, but that there were limits to its patience with regard to Japanese provocations. If Japan desired war she could have it. The Soviet Union was not afraid of it and was prepared for it. If Japan desired peace—so much the better! M. Stalin considered the assistance of Germany in bringing about an improvement in Soviet-Japanese relations as useful, but he did not want the Japanese to get the impression that the initiative in this direction had been taken by the Soviet Union."  Second, the assertion that the Soviet Union was prepared for and unafraid of war with Japan is an overstatement, though Stalin certainly had grounds for optimism regarding the battlefield situation and the broader East Asian strategic balance. It is notable that, despite the USSR's immediate diplomatic and military gains against Japan, Stalin remained anxious to conceal from Tokyo any peace initiative that originated in Moscow. That stance suggests that Tokyo or Hsinking might read such openness as a sign of Soviet weakness or confidence overextended. The Japanese danger, it would seem, did not disappear from Stalin's mind. Even at the height of his diplomatic coup, Stalin was determined not to burn bridges prematurely. On August 21, while he urged Hitler to send Ribbentrop to Moscow, he did not sever talks with Britain and France. Voroshilov requested a temporary postponement on the grounds that Soviet delegation officers were needed for autumn maneuvers. It was not until August 25, after Britain reiterated its resolve to stand by Poland despite the German–Soviet pact, that Stalin sent the Anglo–French military mission home. Fortified by the nonaggression pact, which he hoped would deter Britain and France from action, Hitler unleashed his army on Poland on September 1. Two days later, as Zhukov's First Army Group was completing its operations at Nomonhan, Hitler faced a setback when Britain and France declared war. Hitler had hoped to finish Poland quickly in 1939 and avoid fighting Britain and France until 1940. World War II in Europe had begun. The Soviet–Japanese conflict at Nomonhan was not the sole, nor even the principal, factor prompting Stalin to conclude an alliance with Hitler. Standing aside from a European war that could fracture the major capitalist powers might have been reason enough. Yet the conflict with Japan in the East was also a factor in Stalin's calculations, a dimension that has received relatively little attention in standard accounts of the outbreak of the war. This East Asian focus seeks to clarify the record without proposing a revolutionary reinterpretation of Soviet foreign policy; rather, it adds an important piece often overlooked in the "origins of the Second World War" puzzle, helping to reduce the overall confusion. The German–Soviet agreement provided for the Soviet occupation of the eastern half of Poland soon after Germany's invasion. On September 3, just forty-eight hours after the invasion and on the day Britain and France declared war, Ribbentrop urged Moscow to invade Poland from the east. Yet, for two more weeks, Poland's eastern frontier remained inviolate; Soviet divisions waited at the border, as most Polish forces were engaged against Germany. The German inquiries about the timing of the Soviet invasion continued, but the Red Army did not move. This inactivity is often attributed to Stalin's caution and suspicion, but that caution extended beyond Europe. Throughout early September, sporadic ground and air combat continued at Nomonhan, including significant activity by Kwantung Army forces on September 8–9, and large-scale air engagements on September 1–2, 4–5, and 14–15. Not until September 15 was the Molotov–Togo cease-fire arrangement finalized, to take effect on September 16. The very next morning, September 17, the Red Army crossed the Polish frontier into a country collapsed at its feet. It appears that Stalin wanted to ensure that fighting on his eastern flank had concluded before engaging in Western battles, avoiding a two-front war. Through such policies, Stalin avoided the disaster of a two-front war. Each principal in the 1939 diplomatic maneuvering pursued distinct objectives. The British sought an arrangement with the USSR that would deter Hitler from attacking Poland and, if deterred, bind Moscow to the Anglo–French alliance. Hitler sought an alliance with the USSR to deter Britain and France from aiding Poland and, if they did aid Poland, to secure Soviet neutrality. Japan sought a military alliance with Germany against the USSR, or failing that, stronger Anti-Comintern ties. Stalin aimed for an outcome in which Germany would fight the Western democracies, leaving him freedom to operate in both the West and East; failing that, he sought military reassurance from Britain and France in case he had to confront Germany. Of the four, only Stalin achieved his primary objective. Hitler secured his secondary objective; the British and Japanese failed to realize theirs. Stalin won the diplomatic contest in 1939. Yet, as diplomats gave way to generals, the display of German military power in Poland and in Western Europe soon eclipsed Stalin's diplomatic triumph. By playing Germany against Britain and France, Stalin gained leverage and a potential fallback, but at the cost of unleashing a devastating European war. As with the aftermath of the Portsmouth Treaty in 1905, Russo-Japanese relations improved rapidly after hostilities ceased at Nomonhan. The Molotov–Togo agreement of September 15 and the local truces arranged around Nomonhan on September 19 were observed scrupulously by both sides. On October 27, the two nations settled another long-standing dispute by agreeing to mutual release of fishing boats detained on charges of illegal fishing in each other's territorial waters. On November 6, the USSR appointed Konstantin Smetanin as ambassador to Tokyo, replacing the previous fourteen-month tenure of a chargé d'affaires. Smetanin's first meeting with the new Japanese foreign minister, Nomura Kichisaburö, in November 1939 attracted broad, favorable coverage in the Japanese press. In a break with routine diplomatic practice, Nomura delivered a draft proposal for a new fisheries agreement and a memo outlining the functioning of the joint border commission to be established in the Nomonhan area before Smetanin presented his credentials. On December 31, an agreement finalizing Manchukuo's payment to the USSR for the sale of the Chinese Eastern Railway was reached, and the Soviet–Japanese Fisheries Convention was renewed for 1940. In due course, the boundary near Nomonhan was formally redefined. A November 1939 agreement between Molotov and Togo established a mixed border commission representing the four parties to the dispute. After protracted negotiations, the border commission completed its redemarcation on June 14, 1941, with new border markers erected in August 1941. The resulting boundary largely followed the Soviet–MPR position, lying ten to twelve miles east of the Halha River. With that, the Nomonhan incident was officially closed.  Kwantung Army and Red Army leaders alike sought to "teach a lesson" to their foe at Nomonhan. The refrain recurs in documents and memoirs from both sides, "we must teach them a lesson." The incident provided lessons for both sides, but not all were well learned. For the Red Army, the lessons of Nomonhan intertwined with the laurels of victory, gratifying but sometimes distracting. Georgy Zhukov grasped the experience of modern warfare that summer, gaining more than a raised profile: command experience, confidence, and a set of hallmarks he would employ later. He demonstrated the ability to grasp complex strategic problems quickly, decisive crisis leadership, meticulous attention to logistics and deception, patience in building superior strength before striking at the enemy's weakest point, and the coordination of massed artillery, tanks, mechanized infantry, and tactical air power in large-scale double envelopment. These capabilities informed his actions at Moscow, Stalingrad, Kursk, and ultimately Berlin. It is tempting to wonder how Zhukov might have fared in the crucial autumn and winter of 1941 without Nomonhan, or whether he would have been entrusted with the Moscow front in 1941 had he not distinguished himself at Nomonhan. Yet the Soviet High Command overlooked an important lesson. Despite Zhukov's successes with independent tank formations and mechanized infantry, the command misapplied Spanish Civil War-era experience by disbanding armored divisions and redistributing tanks to infantry units to serve as support. It was not until after Germany demonstrated tank warfare in 1940 that the Soviets began reconstituting armored divisions and corps, a process still incomplete when the 1941 invasion began. The Red Army's performance at Nomonhan went largely unseen in the West. Western intelligence and military establishments largely believed the Red Army was fundamentally rotten, a view reinforced by the battlefield's remoteness and by both sides' reluctance to publicize the defeat. The Polish crisis and the outbreak of war in Europe drew attention away from Nomonhan, and the later Finnish Winter War reinforced negative Western judgments of Soviet military capability. U.S. military attaché Raymond Faymonville observed that the Soviets, anticipating a quick victory over Finland, relied on hastily summoned reserves ill-suited for winter fighting—an assessment that led some to judge the Red Army by its performance at Nomonhan. Even in Washington, this view persisted; Hitler reportedly called the Red Army "a paralytic on crutches" after Finland and then ordered invasion planning in 1941. Defeat can be a stronger teacher than victory. Because Nomonhan was a limited war, Japan's defeat was likewise limited, and its impact on Tokyo did not immediately recalibrate Japanese assessments. Yet Nomonhan did force Japan to revise its estimation of Soviet strength: the Imperial Army abandoned its strategic Plan Eight-B and adopted a more defensive posture toward the Soviet Union. An official inquiry into the debacle, submitted November 29, 1939, recognized Soviet superiority in materiel and firepower and urged Japan to bolster its own capabilities. The Kwantung Army's leadership, chastened, returned to the frontier with a more realistic sense of capability, even as the Army Ministry and AGS failed to translate lessons into policy. The enduring tendency toward gekokujo, the dominance of local and mid-level officers over central authority, remained persistent, and Tokyo did not fully purge it after Nomonhan. The Kwantung Army's operatives who helped drive the Nomonhan episode resurfaced in key posts at Imperial General Headquarters, contributing to Japan's 1941 decision to go to war. The defeat of the Kwantung Army at Nomonhan, together with the Stalin–Hitler pact and the outbreak of war in Europe, triggered a reorientation of Japanese strategy and foreign policy. The new government, led by the politically inexperienced and cautious General Abe Nobuyuki, pursued a conservative foreign policy. Chiang Kai-shek's retreat to Chongqing left the Chinese war at a stalemate: the Japanese Expeditionary Army could still inflict defeats on Chinese nationalist forces, but it had no viable path to a decisive victory. China remained Japan's principal focus. Still, the option of cutting Soviet aid to China and of moving north into Outer Mongolia and Siberia was discredited in Tokyo by the August 1939 double defeat. Northward expansion never again regained its ascendancy, though it briefly resurfaced in mid-1941 after Germany's invasion of the Soviet Union. Germany's alliance with the USSR during Nomonhan was viewed by Tokyo as a betrayal, cooling German–Japanese relations. Japan also stepped back from its confrontation with Britain over Tientsin. Tokyo recognized that the European war represented a momentous development that could reshape East Asia, as World War I had reshaped it before. The short-lived Abe government (September–December 1939) and its successor under Admiral Yonai Mitsumasa (December 1939–July 1940) adopted a cautious wait-and-see attitude toward the European war. That stance shifted in the summer of 1940, however, after Germany's successes in the West. With Germany's conquest of France and the Low Countries and Britain's fight for survival, Tokyo reassessed the global balance of power. Less than a year after Zhukov had effectively blocked further Japanese expansion northward, Hitler's victories seemed to open a southern expansion path. The prospect of seizing the resource-rich colonies in Southeast Asia, Dutch, French, and British and, more importantly, resolving the China problem in Japan's favor, tempted many in Tokyo. If Western aid to Chiang Kai-shek, channeled through Hong Kong, French Indochina, and Burma could be cut off, some in Tokyo believed Chiang might abandon resistance. If not, Japan could launch new operations against Chiang from Indochina and Burma, effectively turning China's southern flank. To facilitate a southward advance, Japan sought closer alignment with Germany and the USSR. Foreign Minister Yosuke Matsuoka brought Japan into the Tripartite Pact with Germany and Italy, in the hope of neutralizing the United States, and concluded a neutrality pact with the Soviet Union to secure calm in the north. Because of the European military situation, only the United States could check Japan's southward expansion. President Franklin D. Roosevelt appeared determined to do so and confident that he could. If the Manchurian incident and the Stimson Doctrine strained U.S.–Japanese relations, and the China War and U.S. aid to Chiang Kai-shek deepened mutual resentment, it was Japan's decision to press south against French, British, and Dutch colonies, and Roosevelt's resolve to prevent such a move, that put the two nations on a collision course. The dust had barely settled on the Mongolian plains following the Nomonhan ceasefire when the ripples of that distant conflict began to reshape the broader theater of the Second Sino-Japanese War. The defeat at Nomonhan in August 1939, coupled with the shocking revelation of the German-Soviet Nonaggression Pact, delivered a profound strategic blow to Japan's imperial ambitions. No longer could Tokyo entertain serious notions of a "northern advance" into Soviet territory, a strategy that had long tantalized military planners as a means to secure resources and buffer against communism. Instead, the Kwantung Army's humiliation exposed glaring deficiencies in Japanese mechanized warfare, logistics, and intelligence, forcing a pivot southward. This reorientation not only cooled tensions with the Soviet Union but also allowed Japan to redirect its military focus toward the protracted stalemate in China. As we transition from the border clashes of the north to the heartland tensions in central China, it's essential to trace how these events propelled Japan toward the brink of a major offensive in Hunan Province, setting the stage for what would become a critical confrontation. In the immediate aftermath of Nomonhan, Japan's military high command grappled with the implications of their setback. The Kwantung Army, once a symbol of unchecked aggression, was compelled to adopt a defensive posture along the Manchurian-Soviet border. The ceasefire agreement, formalized on September 15-16, 1939, effectively neutralized the northern front, freeing up significant resources and manpower that had been tied down in the escalating border skirmishes. This was no small relief; the Nomonhan campaign had drained Japanese forces, with estimates of over 18,000 casualties and the near-total annihilation of the 23rd Division. The psychological impact was equally severe, shattering the myth of Japanese invincibility against a modern, mechanized opponent. Georgy Zhukov's masterful use of combined arms—tanks, artillery, and air power—highlighted Japan's vulnerabilities, prompting internal reviews that urged reforms in tank production, artillery doctrine, and supply chains. Yet, these lessons were slow to implement, and in the short term, the primary benefit was the opportunity to consolidate efforts elsewhere. For Japan, "elsewhere" meant China, where the war had devolved into a grinding attrition since the fall of Wuhan in October 1938. The capture of Wuhan, a major transportation hub and temporary capital of the Nationalist government under Chiang Kai-shek, had been hailed as a turning point. Japanese forces, under the command of General Shunroku Hata, had pushed deep into central China, aiming to decapitate Chinese resistance. However, Chiang's strategic retreat to Chongqing transformed the conflict into a war of endurance. Nationalist forces, bolstered by guerrilla tactics and international aid, harassed Japanese supply lines and prevented a decisive knockout blow. By mid-1939, Japan controlled vast swaths of eastern and northern China, including key cities like Beijing, Shanghai, and Nanjing, but the cost was immense: stretched logistics, mounting casualties, and an inability to fully pacify occupied territories. The Nomonhan defeat exacerbated these issues by underscoring the limits of Japan's military overextension. With the northern threat abated, Tokyo's Army General Staff saw an opening to intensify operations in China, hoping to force Chiang to the negotiating table before global events further complicated the picture. The diplomatic fallout from Nomonhan and the Hitler-Stalin Pact further influenced this shift. Japan's betrayal by Germany, its nominal ally under the Anti-Comintern Pact—fostered distrust and isolation. Tokyo's flirtations with a full Axis alliance stalled, as the pact with Moscow revealed Hitler's willingness to prioritize European gains over Asian solidarity. This isolation prompted Japan to reassess its priorities, emphasizing self-reliance in China while eyeing opportunistic expansions elsewhere. Domestically, the Hiranuma cabinet collapsed in August 1939 amid the diplomatic shock, paving the way for the more cautious Abe Nobuyuki government. Abe's administration, though short-lived, signaled a temporary de-escalation in aggressive posturing, but the underlying imperative to resolve the "China Incident" persisted. Japanese strategists believed that capturing additional strategic points in central China could sever Chiang's lifelines, particularly the routes funneling aid from the Soviet Union and the West via Burma and Indochina. The seismic shifts triggered by Nomonhan compelled Japan to fundamentally readjust its China policy and war plans, marking a pivotal transition from overambitious northern dreams to a more focused, albeit desperate, campaign in the south. With the Kwantung Army's defeat fresh in mind, Tokyo's Imperial General Headquarters initiated a comprehensive strategic review in late August 1939. The once-dominant "Northern Advance" doctrine, which envisioned rapid conquests into Siberia for resources like oil and minerals, was officially shelved. In its place emerged a "Southern Advance" framework, prioritizing the consolidation of gains in China and potential expansions into Southeast Asia. This pivot was not merely tactical; it reflected a profound policy recalibration aimed at ending the quagmire in China, where two years of war had yielded territorial control but no decisive victory over Chiang Kai-shek's Nationalists. Central to this readjustment was a renewed emphasis on economic and military self-sufficiency. The Nomonhan debacle had exposed Japan's vulnerabilities in mechanized warfare, leading to urgent reforms in industrial production. Tank manufacturing was ramped up, with designs influenced by observed Soviet models, and artillery stockpiles were bolstered to match the firepower discrepancies seen on the Mongolian steppes. Logistically, the Army General Staff prioritized streamlining supply lines in China, recognizing that prolonged engagements demanded better resource allocation. Politically, the Abe Nobuyuki cabinet, installed in September 1939, adopted a "wait-and-see" approach toward Europe but aggressively pursued diplomatic maneuvers to isolate China. Efforts to negotiate with Wang Jingwei's puppet regime in Nanjing intensified, aiming to undermine Chiang's legitimacy and splinter Chinese resistance. Japan also pressured Vichy France for concessions in Indochina, seeking to choke off aid routes to Chongqing. War plans evolved accordingly, shifting from broad-front offensives to targeted strikes designed to disrupt Chinese command and supply networks. The China Expeditionary Army, under General Yasuji Okamura, was restructured to emphasize mobility and combined arms operations, drawing partial lessons from Zhukov's tactics. Intelligence operations were enhanced, with greater focus on infiltrating Nationalist strongholds in central provinces. By early September, plans coalesced around a major push into Hunan Province, a vital crossroads linking northern and southern China. Hunan's river systems and rail lines made it a linchpin for Chinese logistics, funneling men and materiel to the front lines. Japanese strategists identified key urban centers in the region as critical objectives, believing their capture could sever Chiang's western supply corridors and force a strategic retreat. This readjustment was not without internal friction. Hardliners in the military lamented the abandonment of northern ambitions, but the reality of Soviet strength—and the neutrality pacts that followed—left little room for debate. Economically, Japan ramped up exploitation of occupied Chinese territories, extracting coal, iron, and rice to fuel the war machine. Diplomatically, Tokyo sought to mend fences with the Soviets through the 1941 Neutrality Pact, ensuring northern security while eyes turned south. Yet, these changes brewed tension with the United States, whose embargoes on scrap metal and oil threatened to cripple Japan's ambitions. As autumn approached, the stage was set for a bold gambit in central China. Japanese divisions massed along the Yangtze River, poised to strike at the heart of Hunan's defenses. Intelligence reports hinted at Chinese preparations, with Xue Yue's forces fortifying positions around a major provincial hub. The air thickened with anticipation of a clash that could tip the balance in the interminable war—a test of Japan's revamped strategies against a resilient foe determined to hold the line. What unfolded would reveal whether Tokyo's post-Nomonhan pivot could deliver the breakthrough so desperately needed, or if it would merely prolong the bloody stalemate. I would like to take this time to remind you all that this podcast is only made possible through the efforts of Kings and Generals over at Youtube. Please go subscribe to Kings and Generals over at Youtube and to continue helping us produce this content please check out www.patreon.com/kingsandgenerals. If you are still hungry after that, give my personal channel a look over at The Pacific War Channel at Youtube, it would mean a lot to me. In 1939, the Nomonhan Incident saw Soviet forces under Georgy Zhukov decisively defeat Japan's Kwantung Army at Khalkin Gol, exposing Japanese weaknesses in mechanized warfare. This setback, coupled with the Hitler-Stalin Nonaggression Pact, shattered Japan's northern expansion plans and prompted a strategic pivot southward. Diplomatic maneuvers involving Stalin, Hitler, Britain, France, and Japan reshaped alliances, leading to the Soviet-Japanese Neutrality Pact in 1941. Japan refocused on China, intensifying operations in Hunan Province to isolate Chiang Kai-shek.   

In this episode of The Cybersecurity Defenders Podcast, we discuss some intel being shared in the LimaCharlie community.Iranian drone strikes damaged three Amazon Web Services data center facilities in the Middle East, highlighting the physical risks associated with large-scale cloud infrastructure.Cyber activity linked to Iran and pro-Iranian actors has intensified following a joint US–Israeli military strike on Iran that killed Supreme Leader Ayatollah Ali Khamenei and several other government officials.The India-linked advanced persistent threat group known as “Sloppy Lemming” has significantly increased its cyber operations over the past year, targeting organizations in Pakistan, Bangladesh, and other parts of South and Southeast Asia.A cybersecurity researcher has reported a potentially serious vulnerability in Honeywell's IQ4 building management controller, though the vendor disputes both the severity and practical impact of the issue.Support our show by sharing your favorite episodes with a friend, subscribe, give us a rating or leave a comment on your podcast platform.This podcast is brought to you by LimaCharlie, maker of the SecOps Cloud Platform, infrastructure for SecOps where everything is built API first. Scale with confidence as your business grows. Start today for free at limacharlie.io.

In this episode of Better Business, Better Life, Debra Chantry-Taylor speaks with Haraya Del Rosario Gust about what it means to become an EOS Driven Entrepreneur. Haraya shares her journey from the corporate world into entrepreneurship and how implementing EOS helped her scale her business from 13 to more than 50 employees in just two years. She explains how clarity, accountability, and strong leadership structures transformed the way her company operated and allowed her to step out of the day-to-day operations. The conversation explores the power of the accountability chart, the challenge many founders face when transitioning from operational roles into strategic leadership, and why building strong leadership teams is essential for sustainable growth. Haraya also introduces her new book, The 90-Day Leadership Field Manual, designed to help first-time leaders build confidence, structure, and clarity in their roles. Haraya and Debra also discuss the importance of prioritising health, creating supportive leadership environments, and building communities that allow entrepreneurs and leadership teams to grow together. Haraya shares her vision for expanding EOS communities across Southeast Asia and supporting more leaders on their journey. If you want to understand what it truly means to operate as an EOS Driven Entrepreneur, this episode offers powerful insights on clarity, leadership development, and scaling a business with the right systems in place. CONNECT WITH DEBRA:    ___________________________________________         ►Debra Chantry-Taylor is a Certified EOS Implementer | Entrepreneurial Leadership & Business Coach | Business Owner ►Connect with Debra: debra@businessaction.com.au ►See how she can help you: https://businessaction.co.nz/ ►Claim Your Free E-Book: https://www.businessaction.co.nz/free-e-book/ ___________________________________________       GUEST'S DETAILS: ► Haraya Del Rosario – LinkedIn: https://www.linkedin.com/in/iadelrosario/ ► Website – Satori: https://teamsatori.asia/ Episode 262 Chapters:   00:00 – Introduction 00:42 – Journey to Entrepreneurship and EOS Implementation 10:26 – Discovering EOS and Scaling the Business 10:51 – The Impact of Accountability Charts 29:52 – Challenges and Growth in Leadership 35:05 – The Role of Visionaries and Strategy 37:40 – Personal Growth and Professional Fulfilment 37:51 – The Science of Scaling and Personal Development 39:58 – Supporting New Leaders and Building Communities 40:47 – The Importance of Clarity and Health First 44:41 – Future Plans and Exciting Announcements

Erin West returns to Beyond the Code to unpack the terrifying scale of today's global scam economy.A former prosecutor and founder of Operation Shamrock, Erin explains how organized criminal networks built massive scam compounds across Southeast Asia, how human trafficking fuels these operations, and why scams like pig butchering, fake investment platforms, and extortion schemes are affecting far more people than most of us realize.We also talk about victim support, crypto tracing, Bitcoin ATMs, public awareness, and why this crisis is as much about loneliness and trust as it is about technology and crime.A powerful conversation about one of the most urgent and underappreciated threats of the digital age.Also, make sure to check out Erin's podcast, Stolen.

Legacy Insights is a new podcast series by Providend that explores what it truly takes to plan a meaningful and lasting legacy, beyond just writing a will, or engaging with a corporate trustee.This series explores the critical collaboration between wealth advisers and legal professionals in safeguarding your family's future. Joined by lawyers Cynthia Tang of Tang Thomas and Soo Chye from OAKS Legal, each episode shares real-life stories showing how thoughtful planning can protect your family and make a meaningful difference, offering practical insights for your own legacy journey.In this episode, Cynthia and Yong Cheng discuss the three often-overlooked risks that can quietly derail legacy plans, such as divorce and bankruptcy, and whether the next generation is truly ready to steward the wealth they will receive. We examine what can happen when inheritance becomes part of matrimonial assets and why financial readiness cannot be solved by legal documents alone.They also discuss another hidden gap many families miss, the role of the executor and whether loved ones are equipped for such responsibility. From considering professional executors to the importance of open family communication, this episode shows why legacy planning is about people and preparation, and not just paperwork.In managing over S$1.7 billion of our clients' hard-earned assets, Providend believes legacy planning goes beyond wealth plans or legal documents. It starts with clarity over your non-negotiable ikigai goals, assets, family circumstances, and long-term intentions. If you have ever wondered what could go wrong after your wealth is passed on, this is a thoughtful place to begin.Music courtesy of ItsWatR.The host of this episode, Loh Yong Cheng, is the Deputy Head of Advisory at Providend, the first fee-only wealth advisory firm in Southeast Asia and a leading wealth advisory firm in Asia.The full list of Providend's Money Wisdom podcast episodes from Season 4 can be found here.Did you know that our Providend's Money Wisdom podcast is now available in video format on YouTube? Follow us on our YouTube channel for new episode on Thursday at 8pm.Mentioned in this episode:Subscribe to Our Newsletter Today!If you're interested in getting more of our thought leadership contents, click this link to subscribe to our newsletter today: https://providend.com/#newsletter-subscribe

In this episode of Scam Rangers, Ayelet Biger-Levin speaks with Nils Mueller, Director of the North America Chapter of the Global Anti-Scam Alliance and former USAID Foreign Service Officer.Nils shares his unique path into the world of scam prevention after spending more than two decades working in international development and governance. During his time in Southeast Asia, he witnessed the rapid rise of industrial-scale scam operations run from organized crime compounds that target victims around the world.Together, Ayelet and Nils discuss how these scam compounds emerged, the human trafficking behind many of these operations, and why online scams have become a national security issue for governments. They also explore how global cooperation between governments, civil society, and the private sector can help disrupt these networks and protect consumers.Topics Covered How scam compounds in Southeast Asia evolved from casino infrastructure into large-scale global fraud operations The human trafficking behind many scam operations and how workers are recruited into these compounds Why scams have become a national security and economic threat, costing billions each year The role of international collaboration, sanctions, and law enforcement in disrupting organized scam networks How the Global Anti-Scam Alliance is bringing together governments, companies, and advocates to coordinate the fight against scamsAbout the GuestNils Mueller is the Director of the North America Chapter of the Global Anti-Scam Alliance and a former Foreign Service Officer with USAID. Over a 20-year career, he worked across Africa and Southeast Asia on governance, anti-corruption, and development initiatives.During his posting in Thailand, Nils became deeply involved in understanding and addressing the rise of scam compounds and the human trafficking networks connected to them.https://www.linkedin.com/in/nils-m-mueller/About the HostAyelet Biger-Levin is the Founder and CEO of RangersAI and the host of Scam Rangers, a podcast exploring the human side of scams and the people working to protect consumers from financial and emotional harm.Through her work at RangersAI and her leadership within the Global Anti-Scam Alliance, Ayelet partners with financial institutions, policymakers, and advocates to elevate scam prevention beyond controls and technology toward trust-based, customer-centric protection.Be sure to follow her on LinkedIn and reach out to learn about her additional activities in this space: https://www.linkedin.com/in/ayelet-biger-levin/RangersAI: https://www.rangersai.com/

Ecuador is the world's largest exporter of bananas - supplying 70 different countries and responsible for a third of global exports. In September 2025, they reported their first official case of Fusarium oxysporum, special form Cubense, Tropical Race 4. The modern banana plague. The Ecuadorean authorities rapidly quarantined the area, and so far it seems to have been contained to small regions. But the fungus has been spreading elsewhere. It has been wrecking havoc in Southeast Asia since it first emerged there in the late 1960s. And in 2019, it entered Latin America for the first time. First in Colombia and then Peru and then Venezuela. Fusarium is one of the most destructive plant diseases ever discovered. In today's video, we discuss the Banana. Ever convenient. Ever delicious. Now in a slow-burn crisis.

Ecuador is the world's largest exporter of bananas - supplying 70 different countries and responsible for a third of global exports. In September 2025, they reported their first official case of Fusarium oxysporum, special form Cubense, Tropical Race 4. The modern banana plague. The Ecuadorean authorities rapidly quarantined the area, and so far it seems to have been contained to small regions. But the fungus has been spreading elsewhere. It has been wrecking havoc in Southeast Asia since it first emerged there in the late 1960s. And in 2019, it entered Latin America for the first time. First in Colombia and then Peru and then Venezuela. Fusarium is one of the most destructive plant diseases ever discovered. In today's video, we discuss the Banana. Ever convenient. Ever delicious. Now in a slow-burn crisis.

"We don't know when this war is going to end, but already we are seeing a great degree of uncertainty return to travel and tourism in South East Asia." One week after the US and Israel began attacking Iran and Lebanon, what are the short-term outcomes for travel in the region - and what are the risks waiting up ahead? This week, Gary is in Seoul and he asks some of the structural questions the travel industry will be thinking about as a major economic shock looms. Is connective global air travel too centralised? Will Lufthansa's new Frankfurt-KL service stimulate more direct connectivity between European and South East Asian markets? How resilient is Vietnam's tourism sector beneath the bullish forecasts? Is now the right time to transition away from visitor arrivals and tourist spending as the competitive metrics? Will travel conference programmers take geo-strategy and geo-economics more seriously and start discussing them in the same detail as AI and sustainability? Above all, are regional travel economies implementing the risk mitigation strategies they should have been preparing during Covid?

Asian elephants are among the most endangered large mammals on Earth, with only 35,000–40,000 individuals remaining across their entire range. In this episode of the Think Wildlife Podcast, we speak with Nikki Sharp, Executive Director of Wildlife SOS USA, about the urgent challenges facing Asian elephants across South and Southeast Asia and the conservation efforts working to secure their future. Wildlife SOS is one of the leading organizations working on elephant rescue and rehabilitation in India, having helped rescue more than 50 elephants from circuses, captivity, and conflict situations. In this conversation, Nikki shares powerful stories from these rescues, including the remarkable recovery of elephants like Suzy, a blind circus elephant who found a second life in sanctuary, and Bani, a young elephant injured by a train who regained mobility through intensive veterinary care and rehabilitation. The episode also explores the broader conservation status of Asian elephants, a species that has lost nearly 97% of its historical population and whose remaining numbers are heavily concentrated in India and Sri Lanka. Nikki explains why Asian elephants often receive less global attention than African elephants despite their precarious conservation status and discusses how conservation awareness and advocacy can help change this imbalance. A major focus of the discussion is the recent DNA-based elephant census conducted in India, one of the most ambitious wildlife population studies ever undertaken. Researchers walked hundreds of thousands of kilometers across elephant habitats and collected thousands of dung samples to extract DNA and identify individual elephants. This genetic method allows scientists to estimate population sizes more accurately than traditional head-count surveys and represents a major advancement in wildlife monitoring and conservation science. Beyond population monitoring, the conversation also examines the biggest threats facing Asian elephants today, including habitat loss, fragmentation of migration routes, and escalating human-elephant conflict. As landscapes change due to agriculture, mining, and infrastructure development, elephants are increasingly forced into contact with people, leading to crop loss, property damage, and sometimes tragic outcomes for both humans and elephants.Nikki highlights how community-based conservation initiatives are helping reduce these conflicts. Programs such as early warning systems, community engagement, and conflict mitigation teams are helping villages coexist with elephants while protecting both livelihoods and wildlife. These approaches demonstrate how conservation solutions must integrate ecological science, local knowledge, and community participation.This episode provides a deep dive into the science, policy, and human stories behind elephant conservation—from cutting-edge genetic census techniques to on-the-ground rescue work and community conservation strategies. Whether you are interested in wildlife conservation, Asian elephants, biodiversity policy, or human-wildlife conflict, this conversation offers valuable insights into one of the most important conservation challenges of our time.Subscribe to the Think Wildlife Podcast for more conversations with leading conservationists, scientists, and wildlife practitioners working to protect biodiversity around the world.#AsianElephants #ElephantConservation #WildlifeSOS #HumanElephantConflict #WildlifeRescue #ElephantCensus #DNAWildlifeResearch #BiodiversityConservation #WildlifePodcast #ThinkWildlife Get full access to The Think Wildlife Podcast at anishbanerjee.substack.com/subscribe

Would love to hear your thoughts on the podcast, send us a message!This episode begins a three-part series on Islam and trade in the Malay Archipelago.Before we can understand how Islam spread through Southeast Asia, we first need to understand the people who inhabited the region long before its arrival — the Austronesians. In the first episode, Anisa and I talk about how these remarkable seafaring peoples spread across the Indian and Pacific Oceans, from Taiwan and the Philippines through the Malay Archipelago and as far as Polynesia and Madagascar. Their languages, maritime traditions, and shared cultural heritage formed the foundation of the peoples that inhabit what we know today as the Nusantara or Alam Melayu.In this first episode, we explore who the Austronesians were — their origins, migrations, languages, and cultural traditions — and how they shaped the societies of Islands Southeast Asia and beyond. In the second episode, we examine the role of Islam and trade in the Malay Archipelago, and how merchant and spiritual networks helped spread Islam throughout the region. In the third episode, we look at colonisation, occupation, and resistance in the Malay world, and how local societies resisted European colonisation.Join us for this three-part journey through the history of the Malay Archipelago.If you enjoy the series, please share it, like it, and leave a comment.#Malayworld #alammelayu #nusantara #AustronesianSupport the showFor our free 6-Part series on basic Arabic to get you started, sign up to our E-mail list ⁠HERE⁠! Support the show HERE! Follow us on Instagram: arabicwithimranlum and check out my other podcast Muslim Money. #arabic #learnarabic

Would love to hear your thoughts on the podcast, send us a message!This is an introduction to a three-part series on Islam and Trade in the Malay Archipelago with my other podcast: Muslim Money with Dr Imran LumBefore we can understand how Islam spread through Southeast Asia, we first need to understand the people who inhabited the region long before its arrival — the Austronesians. In the first episode, we will hear how these remarkable seafaring peoples spread across the Indian and Pacific Oceans, from Taiwan and the Philippines through the Malay Archipelago and as far as Polynesia and Madagascar. Their languages, maritime traditions, and shared cultural heritage formed the foundation of the peoples that inhabit what we know today as the Nusantara or Alam Melayu.In this first episode, we explore who the Austronesians were — their origins, migrations, languages, and cultural traditions — and how they shaped the societies of Islands Southeast Asia and beyond. In the second episode, we examine the role of Islam and trade in the Malay Archipelago, and how merchant and spiritual networks helped spread Islam throughout the region. In the third episode, we look at colonisation, occupation, and resistance in the Malay world, and how local societies resisted European colonisation.Join us for this three-part journey through the history of the Malay Archipelago.If you enjoy the series, please share it, like it, and leave a comment.#Malayworld #alammelayu #nusantara #AustronesianSupport the showFor our free 6-Part series on basic Arabic to get you started, sign up to our E-mail list ⁠HERE⁠! Support the show HERE! Follow us on Instagram: arabicwithimranlum and check out my other podcast Muslim Money. #arabic #learnarabic

Dr Micah Morton sits down to discuss his new book, “Enchanted Modernities: Ancestral Vitalizations in the Upper Mekong.” Morton discusses the indigenous Akha people, examining how they fit into the cultural and political landscapes of Southeast Asia and China, as well as their modern religious practices. He is joined by Akha community member and advocate, Mitsou. Dr Micah Morton is a cultural anthropologist at NIU; his work specializes in the movement of indigenous peoples. Help sustain the podcast by becoming a subscriber. For $7 per month or $1.75 per episode, you can help make future episodes possible. Visit https://foundation.myniu.com/give.php and choose your donation amount. Search for 'Center for Southeast Asian Studies' as the recipient, then put 'podcast' as your donation's special instruction. Your donation goes towards paying our student workers and maintaining the podcast studio and equipment.

S&P futures are still lower today but well off their troughs, currently down (0.3%), as geopolitical tensions in the Middle East continue to weigh on global market sentiment. Asian markets plummeted for the third consecutive day, with the MSCI Asia-Pacific ex-Japan index down (4.2%). South Korea's Kospi crashed (12%) in panic selling. Japan's Nikkei and Topix were both down near (4%). Greater China and Southeast Asia also saw widespread declines, with Thailand triggering a trading halt. European markets are bucking the trend with following two sessions of steep losses. Companies Mentioned: Meta, News Corp, Microsoft, OpenAI

Media communications expert Stella Roque left behind conventional work and family obligations  a year. ago at age 40 to instead roam through Asia, solo, meeting new people, exploring, and immersing herself in new cultures. and spirituality. She talks with host Rosemary Armao about what she has learned as an American nomad.Stella Roque is an American nomad, having spent the last year traveling across South and Southeast Asia, immersing in local culture, food, and exploring Eastern spirituality and meditation. Before her travels, she spent a decade as an award-winning communications, media, and community-building leader specializing in digital media and journalism. She has served non-profit media, media development organizations, and government in narrative development, communications strategy, and public engagement. 

In this episode of LERMA/'s Loud and Clear podcast, host Francisco “Pancho” Cardenas speaks with Lindsay Davis, founder and CEO of One Bee Consulting and founder and CEO of FemTech Association Asia. Lindsay shares her path from multicultural advertising in Dallas to luxury and international leadership in London, then relocating to Singapore in early 2020, where she discovered FemTech while moderating panels and reading Invisible Women. She describes FemTech as “female technology”—apps, SaaS, medical devices, wearables, and services spanning women's health across life stages, and emphasizes Asia as a large but still untapped market.The conversation outlines major barriers holding women's health back: it has been under-researched, underserved, and underfunded; stigma remains high (including a cited figure that 52% of women in Southeast Asia are uncomfortable discussing health needs openly due to fear of judgment or shame); awareness is low (42% don't use FemTech due to lack of awareness and understanding); and funding gaps persist (2.3% of total VC funding goes to women-founded companies, and only about 24% of VC decision makers in Southeast Asia are women). Lindsay also raises systemic content censorship, where women's health content is treated as risky or sexual—leading to downranking, shadowbans, and rejected ads—sharing examples like a breastfeeding support app removed for “nudity” and restrictions on terms such as “vaginal cancer,” with 95% of founders reporting content suppression.A central theme is how marketing and advertising can play a stronger role in education and normalization. Lindsay urges agencies and brands to start in-house by improving benefits, ERGs, and workplace support (including maternity return), and by offering inclusive health education programs. She argues advertising shapes culture and can drive health literacy through advocacy, PR, and more inclusive briefs that reduce gender bias. She suggests large agencies press major healthcare and pharma clients on their women's health strategies, while smaller agencies can support FemTech startups through affordable, fractional or retained marketing models aligned to early-stage budgets. Lindsay notes that in Asia many startups scale via corporate partnerships, and her association has grown into a cross-country network spanning 10 Asian markets, funded through corporate engagements and programming aimed at building awareness, trust, and access in women's health.Useful Links:Linkedin. Instagram.Web FemTech Linkedin Femtech Instagram Femtech UN report. Guest: ⁠⁠⁠⁠Lindsay Davis, Award-Winning Founder-FemTech Association Asia I Strategic Partnerships I Community Building I Customer Experience I Milken Institute I UN ESCAP I UNFPA I Tatler Front & Female Award I Board Advisor I Moderator/SpeakerProducers:⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠Victor Cornejo Tell Me More Studios⁠⁠⁠⁠⁠⁠ & ⁠⁠⁠⁠⁠Pranav Kumar at LERMA/⁠⁠⁠⁠⁠Host: ⁠⁠⁠⁠⁠⁠Francisco Cardenas, Executive Director, Brand Integration at LERMA/⁠⁠⁠⁠

This episode of Across The Margin : The Podcast features an interview with director Naja Lockwood. Naja has executive produced multiple documentary and narrative films focusing on social justice and is the founder of RYSE Media Ventures which supports stories of diverse voices. Born in Vietnam, Naja immigrated to Massachusetts during the Fall of Saigon. As a refugee, Naja continues to advocate for immigrants from her undergraduate years to her current work with the Governor's Workforce Services. She serves on the Committee for Ethnic Studies and Asian American Studies at Harvard University and The Coalition for Diverse Harvard. She is the Founder and CEO of Naja Lockwood Designs which supports female artisans of Southeast Asia. She is the director of “On Healing Land, Birds, Perch,” which is the focus of this episode. “On Healing Land, Birds Perch (Đất Lành Chim Đậu)” tells the stories behind the iconic photograph taken by Eddie Adams during the 1968 Tet Offensive titled “Saigon Execution.” The film presents an opportunity to delve into the complex narratives and the lasting impact of a single moment captured in time. The photograph of General Nguyen Ngoc Loan executing a Viet Cong officer, Nguyen Van Lem, has become a powerful symbol, often viewed as emblematic of the brutality of the Vietnam War. However, it also represents much more than the act of violence it depicts. It reflects the personal stories, struggles, and the human costs of war for generations that continue to reverberate today.Watch “On Healing Land, Birds Perch” here! Hosted on Acast. See acast.com/privacy for more information.

The first shipment of tariff-free UK beef has arrived on shop shelves in the United States. It's part of the UK-US trade deal which allows a reciprocal movement of 13,000 tonnes of US and UK beef across the Atlantic. For British farmers, the government claims the deal is worth £70 million a year, if the quota is fully used. We ask a trade expert how significant it will be.All week we're talking about the varied pressures on farm land, from energy production to growing food. Deepdale Farm on the North Norfolk coast has sandy loamy soil. For many years one of its fields produced a healthy crop of carrots, but continual production, combined with high rainfall, led to a catastrophic degradation of the soil and in 2020 the field slipped, and flooded the village below. It was a massive shock and led to a wholesale re-assessment of how the land is managed. The farm's since become organic and introduced cover crops and flood protection systems.Farmers are being asked to join a project to investigate whether growing a variety of the common dandelion could solve a worldwide shortage of natural rubber. Natural rubber production has been falling in its native sites in South East Asia because of disease and climate change. Scientists are breeding a special variety of dandelion indoors, without soil, in hydroponic or aeroponic systems, and harvesting it to create high quality rubber. Presenter = Anna Hill Producer = Rebecca Rooney

In September 2025, we welcomed a group of Army Security Agency (ASA) veterans — including John Peart, Gerry Freed, Brian Harrison, Lonnie Long, Bill Mears, Vernon Greunke, Phil Rutherford, Joe Adams, and several others — to talk about a service many Americans have never heard of but that shaped U.S. intelligence through the early Cold War, Korea, Vietnam, and into the 1970s. We're bringing them back and adding more voices for a deeper conversation about who the ASA was, what its mission meant in their lives, and how their work echoes into the present. Founded on 15 September 1945, the ASA grew out of a long Army lineage of signals intelligence and communications security work that traced back through the World Wars. Its mission was straightforward in purpose, if cryptic in practice: intercept enemy communications, decode them, analyze them, and keep Army communications secure. ASA soldiers didn't march down Main Street in uniform with medals — they lived at listening posts, in fixed field stations from Turkey to Japan, in remote hilltops in Southeast Asia, and in tactical units alongside fighting forces. The motto Semper Vigiles — Vigilant Always — wasn't just ceremonial, it was their lived reality. What made ASA service different was not just the technical intensity of the work — signals intelligence, direction finding, cryptography, electronic warfare — but the culture of compartmented secrecy. ASA soldiers often knew only the fragment of a mission they were assigned; they could not speak about their work, even to fellow veterans outside secure channels, for decades after service. Yet the intelligence they pulled from ether and wire was woven into strategic decisions, operational planning, and battlefield support from Korea to Vietnam. In Vietnam, ASA personnel served under the cover name Radio Research. The first unit sent — the 3rd Radio Research Unit at Tan Son Nhut in May 1961 — marked the earliest sustained Army presence there, four years before conventional ground forces arrived. Specialist 4 James T. Davis, a direction-finding operator, was killed in an ambush in December 1961 and is remembered as the first American combat casualty recognized by the Department of Defense in that war. The ASA compound at Tan Son Nhut was later named Davis Station in his honor. Last year's conversation with Peart and others — veterans whose names and faces many in the audience had never heard before — revealed the depth of this hidden service: long nights at intercept consoles, the strange beauty and loneliness of bivouac hilltop stations, the thrill when a cryptic net “went hot,” and the frustration of having to keep the story locked away long after returning home. For this follow-up program, Peart and several of his fellow ASA veterans will return to share more of their experiences. They'll be joined by additional ASA veterans — some you've heard before in conversation with VBC and some who are joining this community for the first time — to talk about the human side of intelligence service: the friendships forged under strict secrecy, the challenges of reintegrating into civilian life with stories they couldn't tell, and the pride they felt in work that, for decades, almost no one outside the classified world understood. We'll also trace the ASA's broader arc: its growth as a SIGINT and COMSEC force during the early Cold War, its expansion through Korea and Vietnam, and its eventual absorption into the U.S. Army Intelligence and Security Command (INSCOM) in 1977, when Army intelligence reorganized into multi-discipline formations. Though the ASA name disappeared, its legacy survives in today's Army intelligence and electronic warfare units.

Vietnam stretches along the eastern edge of Southeast Asia like a dragon's spine, its coastline unfurling for over 3,000 kilometers. From the misty mountains of Sapa to the labyrinthine waterways of the Mekong Delta, this is a country of startling contrasts. Ancient pagodas stand beside French colonial architecture, while motorbikes swarm through cities that pulse with entrepreneurial energy. The food alone justifies the journey.pod? Get the guide! Out with each new podcast, we publish a guide to the country. Buy the TrodPod guide to Vietnam for just $3: https://www.patreon.com/c/trodpod/shop. Better yet, become a TrodPod member for just $5 a month and access TrodPod guides to every country in the world, released weekly with each new podcast episode! Sign up now: https://www.patreon.com/trodpod/membershipThanks for all your support!TrodPod is Murray Garrard and Elle Keymer. Sound editing by Leo Audio Productions. Design and marketing by GPS: Garrard Powell Solutions. Hosted on Acast. See acast.com/privacy for more information.

Send a textA minor concert rule violation at a Day6 show in Kuala Lumpur ignites a much larger confrontation between Southeast Asian K-pop fans, known online as SEAblings, and Korean netizens, or K-netz.What began as frustration over DSLR camera use quickly escalated into accusations of racism, ingratitude, and cultural superiority. In this episode, Joe and Shawn explore what this clash reveals about Korean hierarchy, Confucian social order, ethnic “pure blood” nationalism, development pride, and the uneasy place of Southeast Asia within Korea's mental map of the world.From migrant labor and marriage migration to multicultural children and the politics of gratitude, this episode examines how fandom became a mirror reflecting deeper regional tensions. Korea's #1 ghost and dark history walking tour. Book at DarkSideOfSeoul.com Get your comic at DarkSideOfSeoul.comSupport the showJoin our Patreon to get more stuff https://patreon.com/darksideofseoul Book a tour of The Dark Side of Seoul Ghost Walk at https://darksideofseoul.com Pitch your idea here. https://www.darksideofseoul.com/expats-of-the-wild-east/ Credits Produced by Joe McPherson and Shawn Morrissey Music by Soraksan Top tier Patrons Angel EarlJoel BonominiDevon HiphnerGabi PalominoSteve MarshEva SikoraRon ChangMackenzie MooreHunter WinterCecilia Löfgren DumasJosephine RydbergDevin BuchananAshley WrightGeorge Irion Facebook Page | Instagram

As AI tools like ChatGPT are increasingly capable of analysing financial data, generating reports, and answering complex questions in seconds, many have asked: could AI truly replace a human wealth adviser?Being trusted advisers to our affluent clients for over two decades, this Providend series began with an article by our Client Advisers on clients navigating major life transitions. The podcast goes further, exploring the thoughts behind these transitions.In this podcast episode, Chin Yu and our host, Isaac, explore the challenges of managing a significant inheritance through the case of Nicholas, 35, a regional marketing manager who recently received $3 million following his father's passing. They discuss how inheritance often comes with emotional overload, feelings of guilt, and the pressure to make the “right” financial choices, especially while still grieving and managing the estate.Chin Yu highlights the role of AI tools like ChatGPT, which can provide fast, structured guidance, but stresses that thoughtful wealth planning requires deeper reflection on what a meaningful life, filled with Ikigai-driven decisions, would look like.To better understand the discussion, you may start by reading Chin Yu's article here: Can AI Replace a Human Adviser in Inheritance Planning?Music courtesy of ItsWatR.The host of this episode, Isaac Ong, is a Client Adviser at Providend, the first fee-only wealth advisory firm in Southeast Asia and a leading wealth advisory firm in Asia.Did you know that our Providend's Money Wisdom podcast is now available in video format on YouTube? Follow us on our YouTube channel for new episode on Thursday at 8pm.Mentioned in this episode:Download Investment eBook Today!TBC

"Vietnam's international air market is the biggest story in South East Asia." ASEAN's breakout travel and tourism star leads the bullish projections about air travel, but structural issues in South East Asia's biggest market, Indonesia, drag down the overall 2026 outlook. Longer-term, sustained growth is predicted, but where are the hotspots to watch, and which are the slow-motion markets? This week, Gary is joined by Singapore-based aviation consultant Brendan Sobie to dissect the travel outlook from the skies above ASEAN. En route, we discuss domestic and regional market growth factors, yields and profitability for long-haul carriers, and the divergence between peak and off-peak demand, fares and load factors. While aircraft manufacturers classify South East Asia as the world's fastest growing air market, we check the pulse of key markets, like Vietnam, Indonesia, Singapore, the Philippines and Thailand - and assess the evolving influences of Asia's two mega-markets, China and India 

We are celebrating National FFA week by sharing about famous past members to news of a new Florida invasive species, learn about Tigger auctioneering overseas plus what to know regarding international travel and tips to stay safe! Join radio hosts Rebecca Wanner aka ‘BEC' and Jeff ‘Tigger' Erhardt (Tigger & BEC) with the latest in Outdoors & Western Lifestyle News! Season 6, Episode 278 Famous FFA Alumni Who Shaped America The National FFA Organization has produced leaders in business, politics, science, and entertainment. FFA builds skills in leadership, public speaking, agriculture, and community service. Notable FFA Alumni Jeff “Tigger” Erhardt (Alumni and Honorary Chapter FArmer, FFA Livestock Judging Coach): National Radio Show Host, New Broadcaster, PRCA Announcer. 39th President Jimmy Carter Johnny Cash Charlie Daniels John Mellencamp Willie Nelson Don Henley of The Eagles George Strait Cody Johnson Tim McGraw Taylor Swift Bo Jackson (Sports Legend) Brantley Gilbert Trace Adkins Easton Corbin Chancey Williams Jim Davis - Creator of the Garfield comics! Lane Frost Tuff Hedeman Baxter Black Reference: https://ffa.app.box.com/s/6pe6an7rgm9c042tbkbobqc8tuu0o1hz South Florida Faces Growing Threat from Invasive Nile Monitors A new invasive predator is spreading in South Florida — and it's a big one. The Nile monitor, a six-foot-long lizard native to Africa, is gaining ground in parts of the state. Wildlife officials say the species poses a serious threat to native animals, and it can now be killed year-round without a permit. Known for tackling invasive reptiles, trapper Mike Kimmel — also called the Python Cowboy — describes the Nile monitor as “like a python mixed with an iguana.” They're powerful, intelligent predators, similar to a smaller Komodo dragon. On Florida's west coast, especially in Cape Coral, biologists have been battling the species for nearly 20 years. Hundreds have been trapped, but pockets remain. That's concerning because Cape Coral is also home to Florida's largest population of the threatened Burrowing owl, which nests in the ground — making it vulnerable to predators like the Nile monitor. These lizards are carnivores. They eat fish, frogs, birds, eggs, small mammals — even young crocodiles — and have been known to attack chickens and small pets. They can grow up to 6.5 feet long, weigh nearly 20 pounds, run up to 18 miles per hour, and swim underwater for nearly an hour. Their ability to travel along canals and waterways has helped them spread. The Florida Fish and Wildlife Conservation Commission is actively removing Nile monitors and urges residents to report any sightings. Wildlife officials warn: this is one invasive species South Florida can't afford to ignore. Reference: https://www.outdoorlife.com/conservation/florida-newest-invasive-nile-monitors/ What To Do To Minimize Stress About International Travel and “Shelter In Place” Warnings Last weekend Americans were told to shelter in place following a Mexican drug lord's death on Feb. 22, 2026. As a result, parts of Mexico have seen civil unrest in the wake of his death, including vehicles being torched and gunmen, believed to have supported the deceased, blocking highways in more than a dozen Mexico states. This is a great reminder that anytime traveling beyond the U.S. borders to utilize the Smart Traveler Enrollment Program (STEP), a free service to U.S. citizens and nationals to enroll a trip abroad so that the Department of State can accurately and quickly contact in case of emergency. Benefits of STEP Updates about health, weather, safety and security for your destination. Plan ahead using information from the local U.S. embassy. Helps the embassy or consulate contact you if there is an emergency like a natural disaster, civil unrest, or a family emergency. Current Status: According to the U.S. Embassy & Consulates in Mexico website. Actions to Take: Seek shelter and minimize unnecessary movements. Avoid areas around law enforcement activity. Check @CAPUFE on X for status of road closures. Monitor local media for updates. Follow the directions of local authorities and in case of emergency, call 911. Keep family and friends advised of your location and well-being via phone, text, and social media. How To Be Travel Prepared Traveling abroad: Register in the Smart Traveler Enrollment Program. Pack snacks such as microwave popcorn and small snacks. Stock your hotel room with extra bottled water and individually packaged snacks. Advise family and friends of location, length of trip and emergency contact information. Travel with extra medications as well as over the counter aides such as cold and fever meds. Philippines During this episode we learn how radio host, Jeff "Tigger" Erhardt", traveled to the Philippines for auctioneering. Tigger is a licensed and bonded auctioneer, with over 20 years experience. The Philippines was a new venture for Tigger and he shares in-depth the difference between American Auctions vs International and then selling Heavy Equipment in a foreign currency. Quick Philippines Travel Summary The Philippines are located in Southeast Asia, in the western Pacific Ocean and consist of over 7,100 islands. Positioned east of Vietnam and north of Indonesia. Capital: Manila Currency: Philippine Peso (PHP). Cash is king outside major cities. Language: Filipino and English Best Time to Visit the Philippines There are two main seasons. Dry Season: November–May (best time, especially Dec–April) Rainy Season: June–October (typhoons possible) Philippines Travel Tips Recommend drinking only bottled or filtered water. Street food is popular but choose busy vendors. Consider routine vaccines (consult your doctor). Sun protection is essential - climate is very humid and hot. OUTDOORS FIELD REPORTS & COMMENTS We want to hear from you! If you have any questions, comments, or stories to share about bighorn sheep, outdoor adventures, or wildlife conservation, don't hesitate to reach out. Call or text us at 305-900-BEND (305-900-2363), or send an email to BendRadioShow@gmail.com. Stay connected by following us on social media at Facebook/Instagram @thebendshow or by subscribing to The Bend Show on YouTube. Visit our website at TheBendShow.com for more exciting content and updates! https://thebendshow.com/ https://www.facebook.com/thebendshow WESTERN LIFESTYLE & THE OUTDOORS Jeff ‘Tigger' Erhardt & Rebecca ‘BEC' Wanner are passionate news broadcasters who represent the working ranch world, rodeo, and the Western way of life. They are also staunch advocates for the outdoors and wildlife conservation. As outdoorsmen themselves, Tigger and BEC provide valuable insight and education to hunters, adventurers, ranchers, and anyone interested in agriculture and conservation. With a shared love for the outdoors, Tigger & BEC are committed to bringing high-quality beef and wild game from the field to your table. They understand the importance of sharing meals with family, cooking the fruits of your labor, and making memories in the great outdoors. Through their work, they aim to educate and inspire those who appreciate God's Country and life on the land. United by a common mission, Tigger & BEC offer a glimpse into the life beyond the beaten path and down dirt roads. They're here to share knowledge, answer your questions, and join you in your own success story. Adventure awaits around the bend. With The Outdoors, the Western Heritage, Rural America, and Wildlife Conservation at the forefront, Tigger and BEC live this lifestyle every day. To learn more about Tigger & BEC's journey and their passion for the outdoors, visit TiggerandBEC.com. https://tiggerandbec.com/

【欢迎订阅】每天早上5:30，准时更新。【阅读原文】标题：Chinese New Year or Lunar New Year? Why the Name Still Matters 正文：Every January or February, this debate shows up right on schedule. Is it Chinese New Year or Lunar New Year? It feels like a small wording choice,but in Singapore and across Southeast Asia, it always turns into something bigger. That's because this isn't really about the moon or calendars. It's about identity, diaspora, and who gets named. 知识点：debate n. / v. /dɪˈbeɪt/a discussion in which people express different opinions about a topic 辩论；争论；讨论• There is an ongoing debate about climate change.关于气候变化的争论仍在持续。• The candidates will debate each other on television tonight.候选人今晚将在电视上进行辩论。获取外刊的完整原文以及精讲笔记，请关注微信公众号「早安英文」，回复“外刊”即可。更多有意思的英语干货等着你！【节目介绍】《早安英文-每日外刊精读》，带你精读最新外刊，了解国际最热事件：分析语法结构，拆解长难句，最接地气的翻译，还有重点词汇讲解。所有选题均来自于《经济学人》《纽约时报》《华尔街日报》《华盛顿邮报》《大西洋月刊》《科学杂志》《国家地理》等国际一线外刊。【适合谁听】1、关注时事热点新闻，想要学习最新最潮流英文表达的英文学习者2、任何想通过地道英文提高听、说、读、写能力的英文学习者3、想快速掌握表达，有出国学习和旅游计划的英语爱好者4、参加各类英语考试的应试者（如大学英语四六级、托福雅思、考研等）【你将获得】1、超过1000篇外刊精读课程，拓展丰富语言表达和文化背景2、逐词、逐句精确讲解，系统掌握英语词汇、听力、阅读和语法3、每期内附学习笔记，包含全文注释、长难句解析、疑难语法点等，帮助扫除阅读障碍。

Those who know the blessings of Christ cannot help but bless others with His gospel. Today, Joel Kim calls Christians to go with confidence and proclaim the name of the Lord, that all the world may behold His glory. Get digital access to Joel Kim's video teaching series Everything in Christ and the study guide with your donation. You'll also receive the paperback and ebook editions of What Is the Great Commission? by R.C. Sproul: https://gift.renewingyourmind.org/   Live outside the U.S. and Canada? Request the digital teaching series, digital study guide, and ebook with your donation: https://www.renewingyourmind.org/global Watch every message from Ligonier's recent conference in Southeast Asia, The Holiness of God: https://youtube.com/playlist?list=PL30acyfm60fX5hAeR0J5YleaXu8p30yL0&si=hFJ1GxSQzVlHGNBm   Meet Today's Teacher:   Joel Kim is a Ligonier Ministries teaching fellow, president and assistant professor of New Testament at Westminster Seminary California, and a teaching elder in the Presbyterian Church in America.   Meet the Host:   Nathan W. Bingham is vice president of media for Ligonier Ministries, executive producer and host of Renewing Your Mind, and host of the Ask Ligonier podcast. Renewing Your Mind is a donor-supported outreach of Ligonier Ministries. Explore all of our podcasts: https://www.ligonier.org/podcasts

Send a textNathan Thompson is a devoted practitioner of Ashtanga yoga and Buddhism with a unique journey from addiction recovery to spiritual exploration. Originally from London, Nathan has immersed himself in the cultural and spiritual landscapes of Southeast Asia, residing in Laos while frequently engaging with the communities in Thailand and Cambodia. He hosts the podcast "Escaping Samsara," where he shares insights from his personal journey and interviews with spiritual teachers and practitioners. Nathan is known for his disciplined practice, open-minded exploration of different meditation techniques, and deep commitment to personal growth and mindfulness.Visit Nathan: https://escapingsamsara.substack.com/ IG: https://www.instagram.com/escsamsara/Key Takeaways:Nathan discusses his journey from addiction to spiritual awakening, highlighting the role of Goenka's meditation techniques.The real meaning of "Escaping Samsara" as an evolving concept and its connection to Nathan's experiences in both Theravada and Mahayana Buddhism.Impact of fatherhood on Nathan's spiritual path and its influence on his understanding of interconnectedness and compassion.Insights into the differences between Theravada and Mahayana Buddhism, especially regarding the concept of individual vs. collective liberation.Thanks for listening to this episode. Check out:

AJ is a former senior CIA operations officer and twice-selected Chief of Station who served across the full spectrum of clandestine operations, including warzones, denied areas, and austere overseas postings. A U.S. Naval Academy graduate with a B.S. in Physics and a former Marine combat arms officer, AJ spent his career leading high-risk missions in defense of U.S. national security. In 2021, while serving in Southeast Asia, AJ experienced what he describes as a directed energy attack associated with reported Anomalous Health Incidents (AHIs). He recounts an acute neurological event followed by lasting cognitive, physical, and autonomic symptoms. Subsequent medical evaluations documented biomarkers consistent with brain injury and confirmed dysautonomia, among other measurable abnormalities. Drawing on historical research into directed energy programs and Cold War-era microwave investigations, AJ has spoken publicly about the broader national security implications of emerging non-kinetic weapons. Following his medical retirement, he became an advocate for transparency, proper medical protocols, and full implementation of the Havana Act, engaging with congressional oversight bodies and senior national security officials to push for accountability and care for affected personnel. Follow the market - https://polymarket.com/event/us-confirms-havana-syndromecausing-device-by-march-31 Shawn Ryan Show Sponsors: Ready to upgrade your eyewear? Check them out at https://roka.com and use code SRS for 20% off sitewide. Find your forever cookware @hexclad and get 10% off at https://hexclad.com/srs ! #hexcladpartner If you're serious about selling to the Department of War, go to https://SBIRAdvisors.com and mention Shawn Ryan for your first month free. Live better longer with BUBS Naturals. Get 20% OFF on collagen, MCT creamers, and more with code SHAWN at bubsnaturals.com/srs Learn more about your ad choices. Visit podcastchoices.com/adchoices

In this episode, host Jason Pritchard sits down with Tomohiro Fukuzawa, Founder and CEO of SkyDrive, to reflect on a landmark year for the Japanese eVTOL OEM and what's next in 2026. Tomohiro shares how 2025 marked a breakthrough year for SkyDrive, with hundreds of successful flight tests, large-scale public demo flights and more than 400 pre-orders for its SD-05 aircraft. A major highlight last year was showcasing the aircraft at the World Expo in Osaka, where more than one million visitors saw the aircraft up close, many for the first time. The conversation dives into the technology behind SkyDrive's compact, 12-rotor multicopter design, purpose-built for rooftop operations and short urban hops, as well as its progress toward simultaneous certification with Japan's JCAB and the Federal Aviation Administration. Tomohiro also discusses strategic partnerships, including manufacturing collaboration with Suzuki and operational partnerships across Japan, Southeast Asia, India, and the U.S. From alleviating traffic congestion in cities like Jakarta to transporting organs for urgent medical procedures, the episode explores compelling real-world use cases that highlight the aircraft's potential impact. Looking ahead, 2026 will focus on certification milestones, global market expansion, and further public demonstration flights to accelerate adoption.

My newsletter: https://simonowens.substack.com/   Michael Fritzell doesn't fit the typical profile of a newsletter writer. Before launching Asian Century Stocks, he spent 15 years inside the machinery of global finance — working in investment banking and eventually managing money for a wealthy family in Singapore. A Swedish native who studied Chinese at Peking University, Michael built a career analyzing overlooked equities across China and Southeast Asia. When he struck out on his own to launch the Asian Century Stocks newsletter in 2021, he wasn't experimenting with a side hustle — he was walking away from a traditional finance track to build a niche media business focused on Asian stocks that most Western investors ignore Launched on Substack and now operating independently, Asian Century Stocks sells in-depth, 40- to 60-page research reports to paying subscribers, many of whom are professional investors accustomed to paying banks tens of thousands of dollars a year for comparable research. Michael positioned himself as a bridge between local Asian markets and global capital — offering deeply reported, independent analysis without the conflicts that often accompany sell-side research. In an interview, he explained how he went from anonymous finance professional to six-figure recurring revenue newsletter operator, why he ultimately left Substack for Ghost, and what it takes to monetize serious financial research in a tightly regulated industry.

Twenty four year old Ryan Chicovsky was living abroad, teaching English in China and spending his free time doing what so many young travelers dream of - exploring Southeast Asia.In March 2006, he took a vacation to Laos. It was supposed to be a short getaway. Ryan was last seen leaving the Khemkong Guesthouse in Xiangkong - a remote river village in northwestern Laos. He walked out… and then - nothing.  No confirmed sightings. No messages. No explanation. Just silence in a place where help is far away and questions are hard to answer.  What happened after Ryan stepped out of that guesthouse door?Listen as we dive into Laos, the case of Ryan Chicovsky, and how to stay alive on vacation.Do you have a story to share? Send your email to lasttrippodcast@gmail.comWe're on YouTube: https://www.youtube.com/@TheLastTripPodcastFollow us on IG: https://www.instagram.com/thelasttripcrimepod/And join our Patreon: https://www.patreon.com/TheLastTripPodcastTheme Music by Roger Allen DexterSources:https://ryanchicovsky.blogspot.com/https://websleuths.com/threads/laos-ryan-braben-chicovsky-25-xiangkok-13-march-2007.77720/https://www.travelfish.org/board/post/laos/16826_ryan-chicovsky--missing-in-laos-since-2006https://missingpersonscenter.org/missing-persons-directory/missing-adults/ryan-braden-chicovsky/https://www.reddit.com/r/NotForgotten/comments/rumtsz/ryan_braden_chicovsky/https://www.tripadvisor.com/ShowTopic-g293949-i9320-k593382-Ryan_Chicovsky_Missing_Person-Laos.html

A major measles outbreak is testing public health systems, community trust, and the power of vaccination. In this episode, Dr. Brannon Traxler, ASTHO member and Deputy Director of Health Promotion and Services & Chief Medical Officer, South Carolina Department of Public Health, shares the latest update on the state's response, with nearly 1,000 confirmed cases since October 2025. She explains why vaccination remains the cornerstone of outbreak control, how rapid case identification and contact tracing are helping to slow transmission, and what health officials are learning about spread within large, close-knit households.  Then, Heather Tomlinson, Senior Analyst of Environmental Health at the Association of State and Territorial Health Officials, breaks down the growing presence of kratom in U.S. markets. She explains its traditional use in Southeast Asia, how modern products differ from natural leaf preparations, and why highly concentrated or synthetic compounds are raising new health concerns. With federal guidance still evolving, states are developing a patchwork of policies—offering lessons for how public health can respond to emerging psychoactive substances.youtube.com/watch?v=cNt_Wgu8LqEKratom 101: What You Need to Know | ASTHOASTHO (@ASTHO) on XAssociation of State and Territorial Health Officials (@asthonews.bsky.social)Association of State and Territorial Health Officials (@asthonews) • Instagram profilehttps://www.linkedin.com/company/association-of-state-and-territorial-health-officials/ASTHO (Association of State and Territorial Health Officials)

This week, the boys grabbed some beers and kept it positive while they fired off some mini-reviews before featuring a conversation about “Eternal Sunshine of the Spotless Mind”. As part of the random year generator series, 2004 was a great year for movies, with over 50 $100m movies and many likable ones. While “Eternal Sunshine” didn't gross in the top 70, it may be the year's greatest film. Props to Michel Gondry and Charlie Kaufman for giving Jim Carrey and Kate Winslet some juicy roles and incredibly shifty worlds! As for the mini-reviews, the boys can't speak highly enough of Gore Verbinski's “Good Luck, Have Fun, Don't Die”, starring Sam Rockwell, and the intense and captivating “If I Had Legs I'd Kick You”, and the Academy Award-nominated “It Was Just An Accident”. Grab some beers and join us!  linktr.ee/theloveofcinema - Check out our YouTube page!  Our phone number is 646-484-9298. It accepts texts or voice messages.  0:00 Intro; 04:19 “If I Had Legs I'd Kick You” mini-review; 12:10 “Good Luck, Have Fun, Don't Die” mini-review; 18:24 “It Was Just An Accident” mini-review; 22:20 2004 Year in Review; 39:01 Films of 2004: “Eternal Sunshine of the Spotless Mind”; 1:16:10 What You Been Watching?; 1:23:05 Next Week's Episode Teaser Additional Cast/Crew: Michel Gondry, Charlie Kaufman, Pierre Busmuth, David Cross, Elijah Wood, Mark Ruffalo, Kirsten Dunst, Tom Wilkinson, Sam Rockwell, Gore Verbinski, Michael Pena, Zazie Beetz, Haley Lu Richardson, Juno Temple, Jafar Panahi, Rose Byrne, Conan O'Brien, A$AP Rocky. Hosts: Dave Green, Jeff Ostermueller, John Say Edited & Produced by Dave Green. Beer Sponsor: Carlos Barrozo Music Sponsor: Dasein Dasein on Spotify: https://open.spotify.com/artist/77H3GPgYigeKNlZKGx11KZ 
Dasein on Apple Music: https://music.apple.com/us/artist/dasein/1637517407 Recommendations: Fallout, Star Trek: Starfleet Academy, They Live, Paradise, John Carpenter, The Muppet Series, Bedknobs and Broomsticks, The Pitt, Blue Moon, A Knight of the Seven Kingdoms.  Additional Tags: Old Man Marley, Home Alone, Shawshenk Redemption, Gordon Ramsay, Thelma Schoonmaker, Stephen King's It, The Tenant, Rosemary's Baby, The Pianist, Cul-de-Sac, AI, The New York City Marathon, Apartments, Tenants, Rent Prices, Zohran Mamdani, Andrew Cuomo, Curtis Sliwa, Amazon, Robotics, AMC, IMAX Issues, Tron, The Dallas Cowboys, Short-term memory loss, Warner Brothers, Paramount, Netflix, AMC Times Square, Tom Cruise, George Clooney, MGM, Amazon Prime, Marvel, Sony, Conclave, Here, Venom: The Last Dance, Casablanca, The Wizard of Oz, Oscars, Academy Awards, BFI, BAFTA, BAFTAS, British Cinema. England, Vienna, Leopoldstadt, The Golden Globes, Past Lives, Apple Podcasts, West Side Story, Adelaide, Australia, Queensland, New South Wales, Melbourne, The British, England, The SEC, Ronald Reagan, Stock Buybacks, Marvel, MCU, DCEU, Film, Movies, Southeast Asia, The Phillippines, Vietnam, America, The US, Academy Awards, WGA Strike, SAG-AFTRA, SAG Strike, Peter Weir, Jidaigeki, chambara movies, sword fight, samurai, ronin, Meiji Restoration, plague, HBO Max, Amazon Prime, casket maker, Seven Samurai, Roshomon, Sergio Leone, Clint Eastwood, Stellan Skarsgard, the matt and mark movie show.The Southern District's Waratah Championship, Night of a Thousand Stars, The Pan Pacific Grand Prix (The Pan Pacifics), Jeff Bezos, Rupert Murdoch, Larry Ellison, David Ellison, Elon Musk, Mark Zuckerberg.   

The Supreme Court's latest ruling on tariffs has thrown existing trade agreements into uncertainty. Our Head of Public Policy Research Ariana Salvatore and Arunima Sinha, from the U.S and Global Economics teams break down the fallout.Read more insights from Morgan Stanley.----- Transcript -----Ariana Salvatore: Welcome to Thoughts on the Market. I'm Ariana Salvatore, Head of Public Policy Research. Arunima Sinha: And I am Arunima Sinha on the U.S. and Global Economics teams. Ariana Salvatore: Today we'll be talking about the recent Supreme Court decision on tariffs, what it means for existing trade deals, and where trade policy is headed from here. It's Monday, February 23rd at 9am in New York. On Friday, the Supreme Court ruled that the president could not use the International Emergency Economic Powers Act, or IEEPA, to impose broad-based tariffs. The ruling didn't give a clear signal on what it could mean for potential refunds, but the Trump administration said it plans to replace the existing tariffs, which is something that we'd long expected – first leveraging Section 122 to impose 15 percent tariffs for 150 days. The president is simultaneously going to launch a few new Section 301 investigations to eventually replace those Section 122 tariffs, since they're only allowed to be in place temporarily. So Arunima, let's start by breaking down some of this tariff math. What does this mean for the headline and effective rate given where we are now versus before? Arunima Sinha: Before the decision, Ariana, we were at a headline tariff rate of about 13 percent. What this decision does is that with the move, especially to 15 percent, for other countries, we think that it takes about a percentage point off of the headline tariff rate. So, we would go to about 12 percent, and then we have another percentage point coming off just because of the shifts in trade patterns. And so instead of a headline tariff rate of about 13 percent, we think that we're going to be at a headline tariff of just about 11 percent. But that's really just related to the Section 122s. And as you noted, this is only going to apply for the next 150 days. So how should we be thinking about trade policy going forward? Ariana Salvatore: I think we should view the 15 percent as probably a likely ceiling for these rates in the medium term; in particular because this 150-day period expires some time around the summer, so even closer to the midterm elections. And as we've been saying politically speaking, it's unpopular to impose high levels of tariffs. We've also been saying that the president will continue to lean on trade policy as his real, only way to address the affordability issue for voters, which is something that we've actually seen on the policy side for the past few months with the imposition of exemptions, more trade framework agreements, et cetera.So really, I think this is just another way for him to continue leaning on this policy avenue. But in that vein, let's talk about specific pockets of relief. What are we thinking about some of their findings on a sector level? Arunima Sinha: So, let's tie this into the affordability aspect that you mentioned, Ariana, and specifically using the consumer goods sector. What we think is that with, just in the near-term period, with the Section 122s applying, for different consumer goods categories, we could see tariff rate differentials go down. So, they could be anywhere between 1 to 4 percentage points lower across different categories. But what we also think could happen is that once we get beyond the 150-day period, and there are no additional sector tariffs that go on. So, the 232s or the 301s, particularly for this particular sector, we could see some of the largest tariff relief that we're expecting to see. So, for example, apparel and accessories could see something like a 16 to 17 percentage point tariff drop. So that particular part I think is important. Just the upside risks to consumer goods. But that of course brings us to the question of bilateral trade deals and how they come into play. What do you think about that, Ariana? Ariana Salvatore: Yeah. So, I think when it comes to the bilateral deals, as we mentioned, there's some opportunities for relief depending on the sectors and the type of tariff exposure by country. As you mentioned, the consumer goods are a good example of this. So, in general, I think that trading partners will have little incentive to abandon the existing deals or framework agreements, just given that the president and the administration have messaged this idea of continuity. So, replacing the IEEPA tariffs with a more durable, legitimate, legal authority. But what's notable is that many of our trading partners are actually now facing potentially even lower levels than they were before. Even with the increase to 15 percent on the 122s from 10 percent over the weekend. In particular, many countries in Southeast Asia are actually now facing lower tariff levels since there were somewhere in the range of 20 or maybe even 25 percent before. But as I mentioned, the export composition of these countries matters a lot. So, Vietnam, for example, most exports are subject to the 20 percent tariff because of the IEEPA exposure. This ruling is more meaningful than somewhere like South Korea, where the exports are more exposed to the Section 232 tariffs. Based on the export composition – and that's a level, remember, that's not changing as a result of this ruling. So that's how we're trying to disaggregate the impact here. Now, my last question to you, Arunima, what does this all mean for the macro-outlook? As we mentioned, refunds weren't addressed in this ruling. We've sketched out a few different scenarios, most of which leaned toward a long lead time to eventually paying back the money – if and when the administration is actually, in fact, mandated to do that. But safe to say in the near term that we aren't going to see much action on that front. That probably means status quo. But why don't you put a finer point on what this means for the macroeconomic outlook? Arunima Sinha: That's absolutely right, Ariana, for the very near term and the second quarter, we don't think we're going to be very different from what our baseline expectation is. In the third quarter and in the last part of this year, there could be some upside risks, especially once the timeline on the 122s run out, they're not extended. And the different sector and country investigations take longer to implement. So, there could be some upside risks to demand. Consumer goods, for example. If there were to be some sort of an incremental tailwind to corporate margins that might lead to better labor demand from these companies. There could be additional goods disinflation; that would support just purchasing power. So, both of those things could be some incremental uplift to demand, relative to our baseline outlook. But then the last thing I think just to emphasize from our perspective, is that we do think that there is some sort of a near-term ceiling about how high effective tariff rates can go. We don't think that we're going to be going back to Liberation Day tariff rates in the near-term or even in the latter half of this year. Because if history is any guide, many of these investigations are going to take time and that full implementation may not actually occur before early 2027. Ariana Salvatore: Makes sense. Arunima, thanks for joining. Arunima Sinha: Thanks so much for having me.Ariana Salvatore: And thank you for listening. As a reminder, if you enjoy Thoughts on the Market, please take a moment to rate and review us wherever you listen, and share Thoughts on the Market with a friend or colleague today.