Podcasts about Supply

Stijn Schmitz welcomes back John Feneck to the show. John Feneck is the CEO of Feneck Consulting Group. The discussion opens with the critical tungsten supply crunch, where China's recent export restrictions, including cutting off Japan, highlight a severe imbalance. John notes that the U.S. has not produced tungsten since 2015, while 85% of global supply comes from China, Russia, and North Korea, posing risks for defense and technology. He sees potential in advanced North American projects, and mentions growing U.S. government interest in securing domestic production. On precious metals, he views the recent sharp correction in silver and gold as a medium-term buying opportunity, with silver likely to hold around $50 after its parabolic rise, and gold's long-term bullish case supported by large bank price targets despite near-term rate-hike uncertainties. He favors producers Silverco and Americas Gold and Silver for their strong plans and management conviction. Turning to copper, near all-time highs, John highlights the supply constraints from long permitting timelines and names Power Metallic, backed by 17 billionaires and exceptional drill results, and PTX Metals, which offers low-cost copper with a pending uranium spin-off. In critical minerals, he mentions Esport Critical for its rare earths, uranium, and copper assets, and First Tolerium for its innovative thermoelectric technology with potential defense and drone applications, showcased at the upcoming DARPA competition. John concludes by describing Feneck Consulting Group's decade-long track record of providing actionable insights, real-time email updates, and investor conferences, emphasizing the value of independent, non-herd thinking in resource investing. Timestamps:00:00:00 – Introduction00:00:42 – Tungsten Market Overview00:02:47 – Global Supply Challenges00:04:06 – North American Tungsten Projects00:07:15 – Defense Applications Importance00:11:55 – Precious Metals Transition00:13:50 – Silver Price Analysis00:16:40 – Gold Market Outlook00:19:00 – Mining Stock Investments00:22:30 – Copper Sector Opportunities00:25:00 – Attractive Producers?00:31:10 – Rare Earths and Emerging Tech00:35:05 – Feneck Consulting Group Guest Links: X: https://x.com/feneckconsult YouTube: https://youtube.com/feneckcommoditiesreport LinkedIn: https://www.linkedin.com/company/feneckcommoditiesreport E-Mail: mailto:john.feneck@yahoo.com Website/Newsletter: https://www.feneckconsulting.com/ Ticker’s Discussed:Gold: Triumph Gold (TSXV:TIG, OTCQB:TIGCF), Norsemont Mining (NOG, NRRSF). Silver: Silverco Mining (TSXV:SICO, OTCQB:SICOF), Americas Gold & Silver (USA, USAS). Tungsten: Guardian Metal Resources (NYSE:GMTL, OTCQB:GMTLF), Western Star Resources (CSE:WSR, OTCQB:WSRIF), Spartan Metals (W, SPRMF). Copper: Power Metallic (PNPN, PNPNF), PTX Metals (TSXV:PTX, OTCQB:PANXF). Special Situations: First Tellurium (FTEL, FSTTF), Eastport Critical (EVI, EVIIF). John Feneck is CEO of Feneck Consulting Group. He began his career in 1992 as an equity analyst for Merrill Lynch's global allocation fund. From 1993 to 2019 he held senior executive roles at Merrill Lynch Funds (now BlackRock) and J.P. Morgan Chase Funds, where he ranked #1 in gross and net sales once at Merrill Lynch and three times at J.P. Morgan (among 40 peers). Since 2017 he has contributed articles to Kitco—becoming a regular contributor in 2021—and has appeared as a featured guest. He's delivered over 250 client seminars and webinars, spoken at 12 global commodities events, and in 2017 joined Sprott's precious metals portfolio-management team. There he developed a proprietary methodology combining technical analysis with direct insights from company management, advocating a “go anywhere” strategy and a diversified portfolio of 25–50 resource stocks to navigate the sector's volatility. In September 2019 he founded Feneck Consulting Group, helping small- and mid-cap metals and mining companies raise brand awareness and advising high-net-worth advisors on market opportunities and risks. He holds Series 7, Series 63, CMFC and CIMA Level 1 certifications (though he is not a licensed advisor) and focuses on consulting. Based in Scottsdale, AZ, he's a single dad to an 11-year-old daughter and spends weekends as a professional musician, athlete and traveler.

We're celebrating PFN's birthday by shining a light on the partners who have been part of our journey toward people-first leadership, meaningful work, and purpose-driven impact. This special feature from Hello Hello with Alyssa Rogers captures the heart of their work and the shared mission that brings us together. Enjoy! — Some leaders don't need the spotlight to make a big impact. They show up through steady service, strong relationships, and a genuine commitment to helping others succeed. Alyssa sits down with Jay Newcomb, General Manager of Talbert Building Supply in Clarksville, Virginia, for a warm conversation about community, customer care, family, and what it means to lead from behind the scenes. Jay shares how he unexpectedly found his way into the lumber industry, what sets Talbert apart, and why service starts with truly knowing your customers. From building supplies and home trends to supply chain challenges and family life, Jay brings humility, humor, and heart to every part of the conversation. This episode is a reminder that great leadership is often simple, personal, and consistent: do the right thing, give it 100%, and help the people around you succeed.   Additional Resources: Connect with Alyssa on LinkedIn Listen to Hello Hello wherever you get your podcasts! Subscribe to the PFN YouTube Channel for daily leadership insights! Follow PeopleForward Network on LinkedIn Learn more about PeopleForward Network   Key Takeaways: Service begins with knowing your customers personally. Community involvement builds stronger business relationships. Trying something new can change everything. Great leadership often happens behind the scenes. Family and humility keep success grounded.

Send us Fan MailWhat happens when a customer's heater fails... and the replacement part simply doesn't exist anywhere in the country?This week, Steve and Wayne dive into the realities of modern pool service, where solving problems often has less to do with technical skill and more to do with navigating manufacturers, distributors, supply chains, and customer expectations. From chasing down an elusive electric heater control board to discussing how relationships with manufacturer representatives can make—or break—a difficult service call, the conversation offers an honest look at the behind-the-scenes challenges pool professionals face every day.Later in the episode, Steve is joined by Pat Grignon of the California Pool Association for another Insurance Interlude. Together they tackle an important question that many commercial service companies eventually encounter:Can another company legally operate under your commercial pool license?The discussion explores liability, insurance implications, contractor licensing, and why helping another business could expose your own company to significant legal risk if done improperly.The episode wraps with a candid conversation about distributor relationships, manufacturer voucher programs, pricing pressures, and why customer service—not loyalty programs—ultimately determines where professionals choose to spend their money.Topics Discussed Why sourcing replacement parts has become increasingly difficult  A real-world case involving a commercial 54 kW electric pool heater  Supply chain challenges affecting manufacturers and distributors  Why maintaining relationships with manufacturer representatives matters  When repairing equipment no longer makes financial sense  Commercial pool licensing requirements in California  Can another company legally use your license?  Insurance and liability considerations when lending credentials  Additional insured requirements and subcontractor risk  Distributor pricing, voucher programs, and customer loyalty  How manufacturer-distributor conflicts affect service companies  Why great customer service is still the industry's greatest competitive advantage Key Takeaways Not every equipment failure is a technical problem—sometimes it's a supply chain problem.  Strong relationships with manufacturers and distributors often determine how quickly difficult problems get resolved.  Allowing another company to operate under your license can create significant legal and insurance exposure.  Before entering any licensing or subcontracting arrangement, consult both your insurance professional and legal advisor.  Customers ultimately buy service, responsiveness, and trust—not brand names. Connect With Talking PoolsHave a question or topic you'd like discussed on the show?Email: talkingpools@gmail.comYour question could be featured on an upcoming episode, and if your topic is used, you might even receive a Talking Pools thank-you gift.Talking Pools Podcast Where pool professionals talk to pool professionals—bringing together education, chemistry, business, technology, and the real-world challenges facing today's aquatic industry Support the showThank you so much for listening! You can find us on social media:FacebookInstagramTik TokEmail us: talkingpools@gmail.com

Supply chains are moving from predictable planning cycles to a reality where volatility demands continuous redesign and faster decision‑making. In this episode, Dr. Gopalendu Pal, Director of Operations at Target, and Prasad Mahajan, Senior Director of Customer Engagement at Optilogic, examine how leaders can adapt by tightening the gap between sensing disruption and adjusting operations, as Emerj's Daniel Faggella guides the discussion toward the implications for enterprise decision speed. They outline the practical shifts required — reassessing outdated constraints, strengthening data foundations, and using scenario analysis and human‑guided AI to evaluate operational options with greater accuracy and responsiveness. This episode is sponsored by Optilogic. Learn how brands work with Emerj and other Emerj Media options at go.emerj.com/partner

Episode 5468: The Question For Housing Supply; Saving Minnesota

Ten years after the Kremlin helped tip the very close Brexit vote, Nigel Farage is shockingly leading UK polls. The Putin fanboy, bankrolled by a crypto-king in Thailand tied to Putin's propaganda machine, is making false promises like Donald Trump in the 2024 election. Farage and his billionaire backers want to install a Kremlin Trojan horse to dismantle the rule of law, enrich themselves and the transnational pedo-trade, and wage war on marginalized communities. The waves of hate violence plaguing the UK right now will only get worse.  Like Keir Starmer's time as Prime Minister, Putin is a dead man walking. While his puppets try to break the West, Ukraine is turning Crimea into the world's largest Russian prisoner-of-war camp. Supply lines are being cut, and Russians are fleeing the peninsula. Joining Gaslit Nation with a special message from Ukrainians and to discuss his recent trip to Ukraine is American veteran Ken Harbaugh, along with Russian mafia-expert and Gaslit Nation wing-woman extraordinaire, Olga Lautman, of the Trump Tyranny Tracker. We cannot do this alone! Support our independent journalism in these dark times by subscribing to Gaslit Nation on Patreon or Substack today so we can keep bringing you the truth in the fog of gaslighting. Join our community of listeners and get bonus shows, ad free listening, group chats with other listeners, ways to shape the show, invites to exclusive events like our Monday political salons at 4pm ET over Zoom, and more! Discounted annual memberships are available at Patreon.com/Gaslit or GaslitNation.Substack.com! Show Notes: 2019: Brexit and Trump are the Same Crime: The Carole Cadwalladr Interview https://www.gaslitnationpod.com/episodes/brexit-and-trump-are-the-same-crime-the-carole-cadwalladr-interview/ "Emma Briant, an academic expert on disinformation at George Washington University, has unearthed new e-mails that appear to reveal the earliest documented role played by Bannon in Brexit. The e-mails, which date back to October of 2015, show that Bannon, who was then the vice-president of Cambridge Analytica, an American firm largely owned by the U.S. hedge-fund billionaire Robert Mercer, was in the loop on discussions taking place at the time between his company and the leaders of Leave.EU, a far-right nationalist organization. The following month, Leave.EU publicly launched a campaign aimed at convincing British voters to support a referendum in favor of exiting the European Union. The U.K. narrowly voted for the so-called Brexit in June, 2016. The tumultuous fallout has roiled the U.K. ever since" https://www.newyorker.com/news/news-desk/new-evidence-emerges-of-steve-bannon-and-cambridge-analyticas-role-in-brexit Farage confronted over 5 million GBP gift from crypto king https://www.youtube.com/watch?v=btQJsxgnON0 Frozen by the challenges of power: how Starmer turned triumph into tragedy https://www.theguardian.com/politics/ng-interactive/2026/jun/22/frozen-by-the-challenges-of-power-how-starmer-turned-triumph-into-tragedy Charity to shut months after marking 40th birthday https://www.bbc.com/news/articles/cj6g7xl6k6eo U.S. Special Counsel Mueller filing shows Manafort drafted Ukraine op-ed despite gag order https://www.reuters.com/article/world/us-special-counsel-mueller-filing-shows-manafort-drafted-ukraine-op-ed-despite-idUSKBN1E3017/ Reform UK's former Wales leader jailed for taking bribes for pro-Russia speeches https://www.theguardian.com/politics/2025/nov/21/nathan-gill-former-reform-uk-wales-leader-jailed-bribes-pro-russia-statements-mep Ukrainian Author of Manafort Op-ed Says He Sought Input to Avoid Errors  https://www.voanews.com/a/ukrainian-author-manafort-oped-says-he-sought-input-to-avoid-errors/4157176.html When is the next UK general election? https://www.bbc.com/news/articles/cvg0dzrw5rno Nigel Farage's £9m Donor Profits From Putin Propaganda Platform While Holding MoD Stake https://bylinetimes.com/2025/12/16/nigel-farages-9m-donor-profits-from-putin-propaganda-platform-while-holding-mod-stake/ UK voters "taxed" 4-percent over Brexit costs since 2016 vote https://www.bloomberg.com/news/newsletters/2026-06-23/eu-looks-forward-as-brussels-marks-brexit-anniversary EVENTS AT GASLIT NATION: Gaslit Nation Salons take place Mondays 4pm ET over Zoom and are recorded and shared on Patreon.com/Gaslit and GaslitNation.Substack.com for our community New! There's now a California Signal Group for Gaslit Nation listeners to find each other and connect in that state. Join on Patreon or Substack! The Gaslit Nation Outreach Committee discusses how to talk to the MAGA cult: Join on Patreon or Substack! Minnesota Signal group for Gaslit Nation listeners in the state to find each other: Join on Patreon or Substack! Vermont Signal group for Gaslit Nation listeners in the state to find each other: Join on Patreon or Substack! Arizona-based listeners launched a Signal group for others in the state to connect. Join on Patreon or Substack! Indiana-based listeners launched a Signal group for others in the state to join. Join on Patreon or Substack! Florida-based listeners are going strong meeting in person. Be sure to join their Signal group. Join on Patreon or Substack! As always, keep it kind in our chat groups, extend grace and assume good faith. A culture of care is how we build a better world.   

Join the Global Fresh Series as we follow the journey of apples across continents and discover how growers, importers, and retailers work together to ensure European consumers continue to enjoy premium apples long after the local season ends. We discuss the outlook for the overseas apple program, changing trade flows, growing demand for premium varieties such as Pink Lady® and Rosy Glow, and how retailers are navigating a balanced market with stable pricing and consistent quality. The episode also examines the increasing importance of global sourcing, supply chain coordination, and year-round availability in today's fresh produce industry.#freshappleimports #Europefreshapples #consumersapples #appleexpots

This show has been flagged as Clean by the host. -------------------- 01 Introduction This is the second follow up to my 8 part series on nuclear power. In this episode I will attempt to answer a question posed by brian in ohio in a comment on HPR4583. In that comment he said: 02 -------------------- Loving this series. Maybe Whiskey Jack could give some cost comparisons between large and small reactors. He could also give us a realistic look at nuclear plant safety/accidents compared to conventional power production. Looking forward to the episode on FORTH generation reactors ;-) -------------------- 03 End of quote. The first question I answered in my previous follow up, which was HPR4628. In this episode I will attempt to answer the second question, which was about the safety of nuclear power compared to other sources of electrical power generation. One of the HPR janitors encouraged me to make this episode, so I think we can thank him for getting another HPR episode made. 04 Defining the Scope First, let's define the scope of the question. This will cover electrical power generation only. Within that scope I will consider only the following sources of energy. 05 Coal Oil Natural Gas Hydroelectric Nuclear Wind Solar I won't cover geothermal, wave, or tidal power as these are only used in very small amounts and so there simply isn't enough literature on them to base a discussion on . 06 Foreshadow Conclusion I should mention right away that I cannot provide absolute answers to this question in the form of a nice, neat ranking table based on numbers from peer reviewed scientific sources. The reasons for this will become apparent, but to put it briefly, the data on which to base such a ranking simply doesn't exist. I will however provide context within which people can think about the issue. Wherever possible, I will provide links to the references that I used in the show notes so you can read further on this yourself. -------------------- 07 Energy Catastrophism versus Energy Uniformitarianism First though I need to go off on a slight geological detour in order to explain an important analogy that I will use. 08 In the 19th century there was a great debate among geologists over what is known as catastrophism versus uniformitarianism. In seeking to explain the origins of the earth and of the landscape that we see around us, there were two points of view. 09 One was "catastrophism". This is the belief that the mountains, valleys, and plains that we see around us were formed as a result of great catastrophes which occurred relatively recently in earth's history. This explanation was necessary in order to fit geological features into an earth that was believed to be only a few thousands of years old. This view was heavily influenced by religious belief. In this view Noah's flood was the great catastrophe and the fossils of dinosaurs were the remains of animals who had not been saved on the ark and so had died in the flood. 10 The other point of view was uniformitarianism. This was the hypothesis that the landscape we see around us can be explained by the very slow accumulation of very small changes over very long periods of time. For this to be true however, the earth had to be far older than the few thousand years that a literal reading of the bible would suggest. The earth in fact had to be many, many, millions of years old. 11 Eventually, the uniformitarian view won out and people understood that while some catastrophes can take place, the shape of the landscape is overwhelmingly due to small changes over very long periods of time. 12 How is this Relevant to this Episode You Ask? How this is relevant is that I will use this analogy to explain how we need to think about energy and safety. Very small numbers of deaths and injuries multiplied over many occurrences can add up to big numbers, comparable in scale or possibly even larger than a single catastrophe or even several of them. 13 I don't know if anyone else has used this analogy before, I have just thought of this when writing the script for this podcast. None the less, I think it is a very useful way of helping to understand the issues. 14 As an example of this, think about the well known case of the safety of flying versus the safety of travelling in your car. Air crashes are catastrophes that make the headlines. Automobile crashes are seldom more than local news at best. You have probably heard many times the claim that if you making a trip somewhere, you are safer to fly than to drive yourself in your car. 15 Example - Hydro versus Solar I will now present an example of this. Hydro electric power has some notable large scale catastrophes associated with it. Roof top solar power does not have any notable catastrophes that I am aware of. However, which is safer? 16 Hydro Catastrophes Here are three examples of hydro electric catastrophes in just one country, Italy. The Vajont Dam which collapsed in1963 An estimated 1,917 to 2,500 people died. The Sella Zerbino dam which collapsed in 1935. More than 100 people died. The Gleno Dam which collapsed in 1923. An estimated 350 people died. https://damfailures.org/ https://pmc.ncbi.nlm.nih.gov/articles/PMC4997708/ 17 I haven't tried to compile a global list of the worst hydro electric dam collapses, as this sort of information is actually very difficult to find, even on web sites dedicated to dam failures. An additional problem is that information on whether a dam was used for electric power generation or not is often not available. 18 Dam failures where contradictory or insufficient information is available on whether there was an associated hydro power plant include the 1975 Banqian Dam failure, where death estimates range up to a quarter of a million. 19 Solar Panel Slow Accumulation Contrast this with roof top solar panels. Many small accidents can add up to big numbers as well. 20 Health and safety literature discussing solar panel safety mention things such as Falls from roofs. Electric shock. Arc flash (burns from electrical arcing). Normal electrical safety procedures which are based around locking out sources of energy do not work with solar panels which makes safety more difficult. Heat stress due to working exposed in the hot sun. Warning from US government on falls by solar panel installers. https://stacks.cdc.gov/view/cdc/228946 https://www.osha.gov/green-jobs/solar 21 Why We Cannot Compare the Two Hydro catastrophes are not well documented, but we can at least find records of some of the most notable ones. However, even those have very large variations in estimates of deaths. 22 Roof top solar deaths however are largely undocumented. The industry is largely unregulated. There is no central authority which accumulates many individual deaths or injuries. At best there are worker and public safety bodies who simply accumulate those statistics into general construction or household injuries. 23 Thus we have no reliable means of comparing the two energy sources on a comparable basis. We face the same problem with all other major electrical energy sources. So far as I am aware, there are no peer reviewed scientific studies which compare the relative safety of all of the major electrical energy sources we are considering here based on actual numbers. -------------------- 24 Safety Risks I will now try to list some the major hazards for each of energy sources we are considering. There is however limited data available. In many cases we just have reference to worker safety organizations as to what the hazards are. I will not attempt here to put numbers to these here. Categories 25 Coal, Oil, Natural Gas The hazards are Air pollution Mining and oil field accidents Pipeline explosions Transportation accidents. These- move a lot of material so these are significant. 26 Hydroelectric These include Dam collapse Drowning 27 Nuclear These include Radiation exposure 28 Wind These include Falls Confined space deaths (there is not much detail on this) Electric shock Ice throws (that is, throwing pieces of ice off the blades) This technology has a significant problem with people working alone which greatly increases risks associated with other dangers. 29 Solar These include Falls Electric shock Arc flash Heat stress 30 I have not tried to cover all possible risks associated with each category, just the ones which each industry considers to be the risks they concern themselves with. There does not exist any means by which risks of similar types are compared across different industries. 31 Reliability of Supply is Also Safety In a completely electrified net zero society, reliability of supply is a safety matter. People will die in very large numbers in cold climates if they do not have heat. If we have no fossil fuels, we need to also consider how reliably does a grid based on any of the options work. I have not seen anyone attempt to address this question and will not attempt to address it here. However, it must be addressed in any comprehensive attempt to rank safety. -------------------- 32 Studies or Articles on Estimates of Relative Safety Despite the difficulties of comparing the safety of different sources of energy, some people have attempted this anyway. Different estimates done at different times had different focuses, so unfortunately we do not have a nice set of studies that we can neatly use to cross check one another. I will however list the names and the authors and summarize the results. -------------------- 33 The Health Hazards of Not Going Nuclear By Dr. Petr Beckman Published in 1976 The author of this book tried to address the relative safety of different sources of energy in the mid 1970s. However, it is old at this point, so I won't bother digging through its pages to find his figures. 34 He mainly focused on comparing electric power generated with coal to nuclear. His conclusion was that if the goal was to prevent deaths or ill health in the process of generating electricity, then the logical conclusion was to replace coal fired power plants with nuclear. 35 The book was relatively well known at the time, as least as far as books on energy are concerned, so I thought it was still worth mentioning. I happen to have a copy of this book which I bought back in that time period It was the 8th printing of the book, so it would appear to have had relatively good sales. 36 The author did address the issue of what I have termed "catastrophism" in his comparison of different energy sources, although I don't know if he used this phrase. I don't know if he was the first to use this sort of analysis, but he certainly was very influential in terms of popularizing it. -------------------- 37 Risk of Energy Production by Herbert Inhaber Publication AECB 1119 March 1978 This study is a scientific paper from the same time period as the book "The Health Hazards of Not Going Nuclear". 38 He based his risk estimates largely on estimates of the amount of material which was used in the construction and operation of various power sources. While we could argue over whether or not this is a valid methodology, I think any such argument would be pointless as I think the age of the study alone renders it not relevant today anyway. Advancements in materials have changed the basis results significantly by now. However, as it exists I thought I would mention it to show that the idea of comparing energy sources to each other is not a new one. The author compared a wider variety of potential sources than Beckman did. 39 Here's his conclusions. He assumes equal amounts of energy produced by each method. The numbers are normalized such that the total sums to 100%. You can think of it in terms of what proportion of total deaths or injuries would result from each source if each were equally used. 40 Coal 27.5% Oil 25.6% Methanol 16.7% Wind 10.8% Solar photovoltaic 9.2% Thermal 8.1% Solar space heating 1.5% Ocean thermal 0.4% Nuclear 0.13% Natural Gas 0.08% 41 His natural gas estimate is drastically different from that of other authors. I am not going to worry about explaining it however, as the study is as I said old enough to be not very relevant anyway. I am mainly including this here out of historical interest. 42 As a footnote, the methanol he refers to would be synthesized from wood. This was a popular idea in that era as a means of providing liquid fuels for transportation. Practical battery electric cars in those days were strictly science fiction. 43 The ocean thermal category is a real blast from the past and I had forgotten all about that concept. It was a very popular idea at that time and was supposed to be *the* big and upcoming thing in renewable energy. It involved various means of attempting to extract energy from differences in water temperature at different depths in the ocean. It gradually faded away however, as despite great efforts being put into it, designs never proved to be practical. -------------------- 44 Electricity generation and health Anil Markandya, Paul Wilkinson Published in the Lancet, Vol 370, 15 September 2007 45 This is more recent than the previous one, although it is nearly 20 years old at this point. Unfortunately it doesn't cover wind or solar, just fossil fuels and nuclear. However it is still useful, and the Lancet is a very reputable peer reviewed journal. 46 I will present just the results rather than discussing the whole paper. The authors break it down into deaths among the public, occupational deaths, and air pollution related deaths, serious illness, and minor illness. 47 They break the energy sources down into lignite, coal, gas, oil, biomass, and nuclear. Lignite is a type of very low grade coal used mainly for electric power generation. In this paper biomass refers to energy crops and forest residues. 48 I will summarize the results by category rather than trying to describe a table that has 6 rows and 5 columns. All numbers are normalized in terms of deaths or cases per TWh. 49 Occupational deaths from accidents lignite 0.1 coal 0.1 gas 0.001 oil no data biomass - no data Nuclear is 0.019. 50 Deaths among the public from accidents lignite 0.02 coal 0.02 gas 0.02 oil 0.03 biomass no data Nuclear 0.003 51 Air pollution deaths lignite 32.6 coal 24.5 gas 2.8 oil 18.4 biomass 4.63 Nuclear 0.052 52 Air pollution serious illnesses lignite 298 coal 225 gas 30 oil 161 biomass 43 Nuclear 0.22 53 Air pollution minor illnesses lignite 17,676 coal 13,288 gas 703 oil 9,551 biomass 2,276 Nuclear no data 54 Natural gas edges out nuclear power slightly in terms of occupational safety, but in every other category nuclear is drastically lower in terms of ill effects than any of the alternatives. -------------------- 55 2020 Fatalities for US Roofers Increased 15% as Solar Roof Installations Increase Published in The Next Big Future July 6, 2021 by Brian Wang 56 This seems to be written by someone who has a popular science blog. I'm not familiar with it personally, but he addresses the subject so I'll list it. The title implies that it's all about rooftop solar, but he provides comparative numbers for the other energy sources of interest, so that is useful for our purposes. However, he doesn't describe his methodology, so we need to treat them with some caution. Here are his results These are deaths per thousand terawatt hours. 57 Coal - 100,000 Oil - 36,000 Natural gas - 4,000 Hydro - 1,400 Rooftop solar - 440 Wind - 150 Nuclear - 90 58 If we plot these numbers on a bar chart, coal and oil are so large that all of the others are squished to the bottom of the chart and are difficult to see at all. Let's therefore look at these in terms of orders of magnitude. Keep in mind that this is a logarithmic scale. This means that the difference between 4 and 5 is much greater in linear terms than the difference between 1 and 2. 59 Coal - 5 Oil - 4 Natural gas - 3 Hydro - 3 Rooftop solar - 2 Wind - 2 Nuclear - 1 60 Each of these numbers represents an order of magnitude, that is a power of ten. We can see that with rooftop solar, wind, and nuclear, the numbers are so close and the uncertainties are so great and their relative values so small compared to say coal that they can be seen as equivalent so far as safety is concerned. -------------------- 61 What are the safest and cleanest sources of energy? by Hannah Ritchie Published in Our World in Data First published in 2017, updated in 2022 and 2024 62 The author of this study addressed both deaths and greenhouse gas emissions. Deaths from accidents and air pollution are normalized to per TWh of electricity, while greenhouse gas emissions are normalized to GWh of electricity over the life cycle of the plant. 63 Here are the death figures. Coal 24.6 Oil 18.4 Biomass 4.6 Natural Gas 2.8 Hydro power 1.3 Wind 0.04 Nuclear 0.03 Solar 0.02 64 For greenhouse gas emissions the figures are Coal 970 tons Oil 720 tons Natural gas 440 tons Biomass 78 to 230 tons Solar 53 tons Hydro power 24 tons Wind 11 tons Nuclear 6 tons 65 If we take the death figures and rank them by order of magnitude as we did with the previous article, we get the following. 66 Coal - 4 Oil - 4 Biomass - 3 Natural Gas - 3 Hydro power - 3 Wind - 1 Nuclear - 1 Solar - 1 67 Keep in mind that the previous article covered only rooftop solar and not large industrial installations, and so is not directly comparable. Also the units are different, with the previous article being in terms of thousand TWh, and this one being in TWh. If we exclude solar (as the numbers are not comparable), Brian Wang's numbers are between 1.5 to 4 times higher than Ritchie's, except for hydro which are almost identical. I think this latter is due to both sets of numbers are dominated by one exceptionally big hydro accident. 68 Overall however, the relative rankings are quite comparable. Ritchie's numbers for deaths from coal, oil, and natural gas appear to be directly from the study by Markandya and Wilkinson mentioned above. For the benefit of those who are wondering, Ritchie specifically states that her numbers for nuclear include the Chernobyl and Fukushima accidents. -------------------- https://www.iaea.org/publications/magazines/bulletin/21-1/solar-power-more-dangerous-nuclear Direct link to file https://www.iaea.org/sites/default/files/publications/magazines/bulletin/bull21-1/21104091117.pdf https://ourworldindata.org/safest-sources-of-energy https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(07)61253-7/abstract https://www.nextbigfuture.com/2021/07/2020-fatalities-for-us-roofers-increased-15-as-solar-roof-installations-increase.html -------------------- 69 Conclusion from Studies Remember that in engineering terms, when comparing groups of numbers which contain both both very small numbers and one or more very large numbers, the differences between the small numbers are often not significant. The differences between the small numbers may be the product of our ability to measure these things rather than any real differences. 70 For example, in the article by Ritchie wind power would appear to be twice as dangerous as nuclear. However, the difference between them is 0.02 compared to 24.6 for coal. In other words, the difference between apparently "dangerous" wind and apparently "safe" nuclear is equivalent to 0.08% of the total for coal. It's therefore meaningless and a red herring to even worry about. 71 With the above taken into consideration, generally the different sources of energy fall into two broad categories in terms of number of deaths, injuries, and illnesses. The fossil fuels and biomass fall into one group and wind, solar, and nuclear into another group. 72 Hydro power would seem to fall into the higher risk category or at least somewhere between the two, but this I suspect is mainly due to one exceptionally large dam collapse in China, the Banqian Dam failure in 1975. This is mentioned as being specifically included in the article written by Ritchie. This was a multi-purpose dam, and information on this dam is difficult to find. It is not clear to me whether it had a hydro electric generator associated with either it or another dam that was part of the same system. 73 Some people therefor may argue for its exclusion from the numbers. Of course some people may argue for its inclusion anyway, as it was a dam regardless of whether it actually had an electric generator attached. If we exclude it, then I think the numbers for hydro power would fall into the same range as for nuclear, wind, and solar. 74 Most people would consider hydro power to be safe and clean enough regardless of this and I will rank it as such in any conclusions that I come to. As you can see, even if we have numbers, it can be a matter of opinion as to how to interpret them. -------------------- -------------------- 75 Taking a Systems Approach Now let's take a look at the broader energy picture today and into the future. Many countries in many parts of the world have committed to the concept of "Net Zero", which means eliminating carbon emissions on a net basis. Net zero essentially means the complete electrification of society. We must therefore have electrical energy on demand and at low cost. We must as a result of this look at complete electrical systems rather than individual sources in isolation. 76 At one time many electrical systems were entirely coal or entirely hydroelectric. This is no longer the case. There are now major amounts of wind and solar involved in many countries. However these are inherently intermittent. This means that other sources of energy are inherently also required to have a functional system. 77 If any particular solution inherently requires fossil fuels to meet part of the demand, then the safety, pollution, and climate issues relating to those fossil fuels have to be factored in to that complete system when trying to come up with a relative ranking. Talking about Individual sources in isolation are therefore meaningless in these countries. 78 There are battery systems, but these are mainly used to stabilize and regulate the grid plus to a lesser degree to smooth out short term daily peaks in demand. They do not have the ability to store large amounts of electricity on a large scale for an entire grid for days, weeks, and months to make up for intermittency. 79 So a serious attempt to rank sources of energy would need to look at a variety of representative countries and for each one come up with a plan that involves 'x' megawatts from source 'a', 'y' megawatts from source 'b', etc., and total up the values for each. 80 I am not aware of anyone who has studied this larger issue. However, the problem has to be addressed from this perspective in order for any answer to be useful. Not taking this into account is like ordering a diet soft drink to go with with a high calorie meal and assuring yourself that your plans to diet are fine. 81 This is not to imply there is anything inherently wrong with wind or solar. It does mean that if your goal is to achieve both net zero and a clean environment, you have to look at your entire energy system as a complete system rather than focusing on what you feel are the most reassuring parts of it while ignoring the rest. This does however add to the argument that it is in fact inherently very difficult to come up with a system of ranking energy sources for safety. -------------------- 82 Nuclear, Climate, and Clean Air - Contrasting Examples To give a tangible example we will now look at two different places that followed two divergent paths at roughly around the same time frame. These are the province of Ontario in Canada, and Germany. 83 Ontario had a mix of coal, hydro electric, and nuclear generating plants. Germany had a mix of coal, nuclear and natural gas plants. Ontario shut down their coal fired plants and kept their nuclear plants. Germany however shut down their nuclear plants and kept their coal fired plants. 84 The Phase Out of Coal in Ontario In 2003 Ontario decided to close all of its coal fired generating plants, which consisted of 19 units (that is boilers and turbines) totalling 8,800 MW. This phase out was completed by 2014. 85 Here are the figures for amount of power generated by each energy source in 2003 and 2014. Nuclear went from 42% to 60% Hydro went from 23% to 24% Gas went from 11% to 9% Coal went from 25% to 0% Non-hydro renewable went from 0% to 7%. 86 As you can see, the bulk of that replacement came from increased use of nuclear power. Furthermore, this did not result in simply replacing coal with natural gas. While gas is cleaner than coal, it still has emissions and if you recall from the studies that we looked at earlier, had an estimated death rate roughly 2 orders of magnitude greater than nuclear, solar, or wind. 87 To put this in more practical terms, at one time Toronto regularly had clouds of smog obscuring it, to a large extent due to these coal fired power plants With the phase out of coal, smog days went to zero in 2015 compared to 53 a decade earlier. The 2023 figures for Ontario show carbon emissions of 53 grams per kWh of electricity generated. We can use this as a rough benchmark comparison for total emissions. 88 The Phase out of Nuclear in Germany Until March of 2011, Germany generated one quarter of its electrical power from nuclear. Starting in 2011 however, they began shutting down their nuclear power plants. These were then phased out over the next decade. However, the coal plants were to be kept to 2038. In 2026 Germany began talking about increasing use of coal in order to save gas. In the same year the German chancellor Friedrich Merz stated that the phase out of nuclear was a quote “serious strategic mistake”. EU Commission President Ursula von der Leyen said it was "a strategic mistake for Europe to turn its back on a reliable, affordable source of low-emissions power". 89 I won't go into the details of the phase out, but let's look at some emissions numbers for Germany. If we look at the official numbers from the European Environmental Agency for 2024, for Germany their emissions were 298 grams per kWh of electricity generated. Recall that we are using emissions as a very rough guide to amount of air pollution, and that this has a direct effect on the safety of the overall electrical energy system. 90 So, who actually made their people safer, Ontario who phased out their coal plants and kept their nuclear plants, or Germany who phased out their nuclear plants and kept their coal plants? 91 If you want a comparison directly within Europe, then Germany has one of the highest rates of emissions per kWh of electricity generated, whereas France, who use mainly nuclear power, have one of the lowest at 43 grams per kWh of electricity generated. Again, who is making their people safer, Germany or France? 92 I don't want to make it sound like I am picking on Germany. I am also not going to tell them how they ought to run their country. However they provide a good real world example of how we need to look at things in overall context when we are thinking about the choices that we make. https://www.ontario.ca/page/end-coal https://www.cbc.ca/news/canada/windsor/smog-study-shows-significant-decreases-in-pollutants-in-ontario-1.4151183 https://www.eea.europa.eu/en/analysis/indicators/greenhouse-gas-emission-intensity-of-1 https://world-nuclear.org/information-library/country-profiles/countries-g-n/germany https://www.politico.eu/article/friedrich-merz-is-right-to-reject-germanys-nuclear-phase-out-says-iea-chief-fatih-birol/ https://www.politico.eu/article/germany-considers-ramping-up-coal-power-to-avert-energy-crisis/ https://www.iea.org/countries/estonia/electricity https://www.iea.org/countries/malta/electricity -------------------- 93 Conclusions As we can see, there don't appear to be an abundance of peer reviewed scientific studies that we can simply point to in order to answer the question of safety of all possible major different energy sources once and for all. Collecting the data to even attempt to answer the question is inherently very difficult as we cannot readily conduct experiments to answer the question, and sources of data are not collected or consolidated in a manner which can answer this question adequately. 94 The essence of the problem is that most energy industries are not as tightly regulated and monitored to the same degree that say nuclear power or commercial airliners are, so this data is simply not being systematically recorded. However, a number of people have attempted to make estimates. 95 Their conclusions would seem to be that nuclear, wind, and solar are roughly equivalent in terms of safety. All fossil fuels are much less safe than nuclear, wind, and solar, by as much as several orders of magnitude. 96 We can however say with a reasonable degree of certainty that if a country shut down their nuclear power plants and kept their fossil fuel plants, particularly coal, then they probably made their people less safe than if they had done things the other way around. 97 I hope that I have provided some context in which to think about the issue. Thanks again to brian in ohio for providing the question upon which this episode is based. -------------------- Provide feedback on this episode.

US President Trump reiterated that they are making a deal with Iran and will see how it goes. Though he pushed back on Iranian claims that there will be no IAEA inspectors at their nuclear facilities. Brent Aug'26 -0.8%.US Secretary of State Rubio said the Lebanon file is separate from the agreement with Iran and that the US will deal directly with the Lebanese government. He added that Iran will not able to charge tolls when a final deal is agreed upon.Israeli Ambassador to the US said Israel-Lebanon talks over the ceasefire are a "train wreck".APAC stocks traded mixed, whilst European equity futures are indicative of a slightly weaker open.DXY extends higher and trades towards 101.50, USD/JPY holds around 161.60.Looking ahead, highlights include German Ifo (Jun), Riksbank Minutes (Jun), BoC Minutes (Jun), Fed Bank Stress Test Report.Speakers including RBA's Hauser, BoE's Breeden & Dhingra, BoC's Rogers, ECB's Cipollone, Supply from UK, Italy, Germany & US, Earnings from Micron.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Last night, the Senate passed the 21st Century ROAD to Housing Act, a bill aimed at making it easier to build housing and bring down the cost of both buying and renting. Home prices have jumped about 50% in the past six years, and rents are up nearly 30% nationally. Today, we'll delve into why it seems impossible to construct new, low-cost housing. Then, we'll check in on the economy of Northern Ireland 10 years after Brexit.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace Morning Report is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.

Last night, the Senate passed the 21st Century ROAD to Housing Act, a bill aimed at making it easier to build housing and bring down the cost of both buying and renting. Home prices have jumped about 50% in the past six years, and rents are up nearly 30% nationally. Today, we'll delve into why it seems impossible to construct new, low-cost housing. Then, we'll check in on the economy of Northern Ireland 10 years after Brexit.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace Morning Report is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.Stories featured in this episode:The shortage of affordable housing hits lowest-income households particularly hard10 years on, what Brexit has meant for Northern Ireland

Michael Spencer is the Founder and CEO of Zeno, an electric mobility company building electric motorcycles, battery-swapping infrastructure, and distributed energy systems across East Africa. Drawing on experience from nearly a decade building businesses in East Africa and four years at Tesla during its hypergrowth era, Spencer is applying lessons from EV charging infrastructure to one of the world's largest transportation markets: two- and three-wheel vehicles. In this episode of Inevitable, Spencer explains why electrifying motorcycles in emerging markets may be one of the most efficient ways to reduce transportation costs and emissions. He discusses how Zeno combines hardware, software, and energy infrastructure to create a business that looks like an electric vehicle company on the surface but increasingly operates like a distributed utility. The conversation explores lessons from Tesla's Supercharger network, why Kenya became Zeno's launch market, how battery swapping and AI-powered infrastructure management drive capital efficiency, and why building hard-tech businesses may become even more valuable in an AI-driven world. Spencer also shares his vision for turning Zeno's charging network into a distributed renewable energy platform capable of serving both mobility and grid customers. Note: Zeno is an MCJ portfolio company  Episode recorded on June 8, 2026 (Published on June 23, 2026)  In this episode, we cover:  [00:00] The Trojan horse: what Zeno actually is [03:00] From East Africa to Tesla: Michael's path [04:36] Inside the supercharger rollout — and what it really taught him [08:02] Why two-wheelers are paradoxically easier to electrify [10:17] The Kenya opportunity: spending half your income on fuel [16:19] 200 charge points, $8M spent — how they did it [20:27] The AI matching algorithm behind 75% network utilization [23:20] Building a world-class team across four continents [28:17] Supply chain, oil prices, and the double-edged sword [32:03] Why hardware can't be vibe-coded [36:41] The five-year vision: from motorcycle company to distributed utility Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at info@mcj.vc.Connect with MCJ:Cody Simms on LinkedInVisit mcj.vcSubscribe to the MCJ Newsletter*Editing and post-production work for this episode was provided by The Podcast Consultant

Hessam Nadji, President and CEO of Marcus & Millichap, joins Brandon Sedloff to share his remarkable journey from immigrating to the United States from Iran to leading one of the largest commercial real estate brokerage firms in the country. Hessam reflects on the formative experiences that shaped his career, how an entry-level data entry role at Grubb & Ellis sparked a lifelong passion for research and analytics, and why he believed early on that commercial real estate would evolve from a relationship-driven business into a consultative, data-informed profession. The conversation explores Marcus & Millichap's growth, the firm's enduring focus on serving private clients, and how technology, AI, and changing market dynamics are reshaping the future of commercial real estate. They discuss: • Hessam's immigration story, family entrepreneurship roots, and unconventional path into commercial real estate • How research, analytics, and consultative selling transformed brokerage and created new opportunities for advisors • The evolution of Marcus & Millichap's private client and institutional businesses, including the creation of Institutional Property Advisors (IPA) • How AI is changing brokerage, data analysis, client service, and the future role of commercial real estate professionals • Why current market uncertainty may be creating attractive opportunities across commercial real estate asset classes • The long-term outlook for supply, capital allocation, and wealth creation through commercial real estate investing Topics: (00:00:00) - Intro (00:02:19) - Hessam's background and career (00:22:01) - The journey to becoming CEO of Marcus & Millichap (00:36:38) - The state of the firm in 2026 (00:47:05) - The structural changes happening in the market (00:52:28) - Shallow buyer supply (00:54:18) - Most misunderstood concepts about CRE as an asset class Links: Hessam on LinkedIn - https://www.linkedin.com/in/hessam-nadji/ Marcus & Millichap - https://www.marcusmillichap.com/ Juniper Square - ⁠https://www.junipersquare.com/⁠ Brandon on LinkedIn - ⁠https://www.linkedin.com/in/brandonsedloff/⁠

S6:E55 Markets shift. Policies change. Supply chains break. Yet businesses still need to serve customers, protect margins, and make decisions. In this episode, Dr. LL sits down with Abe Orgel, founder of Simple Forwarding, to discuss what entrepreneurs can learn from navigating global shipping during one of the most unpredictable periods in recent memory. If people don't trust your ability to adapt, they begin questioning your reliability. And when businesses appear unprepared or reactive, opportunities quietly move elsewhere. Guest Abe Orgel Founder, Simple Forwarding Global shipping and logistics strategist Core Problems Operating amid tariff uncertainty Managing risk without perfect information Building contingency plans that support growth Practical Takeaways Expect change and prepare for multiple outcomes Make decisions using scenarios instead of assumptions View resilience as a business capability, not merely a personality trait Timestamps 00:00 The reality of global shipping in 2026 02:00 What customers truly care about 11:30 Forecasting versus predicting 13:00 Why Plan B matters 15:20 Building resilience as a competitive advantage Who This Episode Is For Business owners managing inventory, economic uncertainty, or complex operations. At STEERus, we continue seeing a similar challenge: organizations often underestimate how uncertainty affects perception. Businesses that cannot communicate preparedness and adaptability are frequently misunderstood, overlooked, or perceived as higher risk. Subscribe and share if these conversations help you think differently about business.   ✅ Subscribe for weekly conversations on entrepreneurship

Episode 4 of Rethinking EHS, Season 3 focuses on the fast-growing data center sector and the need to balance speed, innovation, and sustainability. The episode explores how global demand for digital infrastructure is accelerating rapidly, driven by cloud adoption, AI, and increasing digital consumption, while physical constraints such as power, space, and water are shaping where and how data centres are developed. Emerging hubs like Milan are gaining prominence as traditional markets reach capacity, supported by evolving regulatory frameworks that are beginning to recognise data centers as strategic infrastructure. Looking ahead, the industry's future will depend on improving safety maturity, strengthening collaboration across the supply chain, and ensuring data centers are developed as responsible “neighbours” that minimise environmental impact. Ultimately, global collaboration, combined with local knowledge, will be key to scaling the sector sustainably and building a more resilient digital infrastructure. --- Guest quotes: Julie Kreger-King: “There's a real tension between the need for speed and the need to put strong systems and processes in place.” Alessandro Intile: “We are not building warehouses or chemical plants—we are exactly in the middle, with risks that must be carefully managed.” --- Timestamps: 00:00:00 – Introduction & data centre growth overview 00:01:10 – What's driving global demand (cloud, AI, digitalisation) 00:02:31 – Emerging hubs and regulatory developments in Europe 00:04:25 – Regulatory differences between regions 00:05:51 – Why data centres are a critical EHS focus area 00:08:08 – Safety maturity across the sector 00:10:10 – Balancing speed vs systems and processes 00:12:21 – Technology evolution and new risk factors 00:14:03 – Supply chain and quality challenges 00:16:06 – Brownfield development and environmental risks 00:20:13 – Overlooked risks: noise, fuel storage, permitting 00:22:35 – Achieving global consistency vs local requirements 00:28:24 – Advice for EHS professionals entering the sector 00:32:31 – Future ESG priorities and industry maturity 00:36:03 – The role of global collaboration 00:38:01 – Closing reflections --- Sponsor Copy Rethinking EHS is brought to you by the Inogen Alliance. Inogen Alliance is a global network of 70+ companies providing environment, health, safety, and sustainability services, working together to provide one point of contact to guide multinational organizations to meet their global commitments locally.  Visit inogenalliance.com to learn more. --- Links https://Inogenalliance.com/resources https://Inogenalliance.com/podcast Julie on LinkedIn: https://www.linkedin.com/in/julie-kreger-king/  Charlotte on LinkedIn: https://www.linkedin.com/in/charlotte-buffoni-a42b9629/ Alessandro on LinkedIn: https://www.linkedin.com/in/alessandro-intile-5730a2124/?skipRedirect=true  Produced by https://madcontent.co.nz/  

Tech rout leads stocks lower; KOSPI declined c. 10%, which has weighed on the NQ -2.3%.Focus remains on the US-Iran situation; Brent Aug'26 -0.4%. The Lebanon-Israel situation appears to be flaring up, with recent fatalities reported in Lebanon by Israeli gunfire.USD attracts haven demand as tech sells off; Antipodeans underperform, GBP awaiting further Burnham/Chancellor updates.Fixed benefits from modest energy downside and traditional haven allure; PMI commentary points to a possible peak in price pressures.Looking ahead, highlights include Global Flash PMIs (Jun), US ADP Employment Change Weekly, Richmond Fed Index (Jun), BCB Minutes (Jun), NBH Policy Announcement, Speakers including ECB's Elderson & Vujcic, BoE's Taylor & Dhingra, Supply from the US, Earnings from FedEx. Note, Iranian President Pezeshkian is in Pakistan.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Mixed US handover continued into APAC before performance deteriorated, KOSPI -5% as the regions chip/tech momentum unwinds.European futures point to a lower open, Euro Stoxx 50 -0.9%.Crude relatively contained after Monday's pressure. US President Trump said they are negotiating with Iran and will see how it goes.DXY firmer to the modest detriment of peers, Antipodeans lagged given the broader risk tone.Fixed benchmarks extended marginally on Monday's advance, though action was choppy and rangebound.Looking ahead, highlights include Global Flash PMIs (Jun), US ADP Employment Change Weekly, Richmond Fed Index (Jun), BCB Minutes (Jun), NBH Policy Announcement, Speakers including ECB's Lane, Elderson & Vujcic, BoE's Taylor & Dhingra, Supply from Netherlands, Germany & US, Earnings from FedEx. Note, Iranian President Pezeshkian is in Pakistan.Click for the Newsquawk Week Ahead.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

S6:E55 Markets shift. Policies change. Supply chains break. Yet businesses still need to serve customers, protect margins, and make decisions. In this episode, Dr. LL sits down with Abe Orgel, founder of Simple Forwarding, to discuss what entrepreneurs can learn from navigating global shipping during one of the most unpredictable periods in recent memory. If people don't trust your ability to adapt, they begin questioning your reliability. And when businesses appear unprepared or reactive, opportunities quietly move elsewhere. Guest Abe Orgel Founder, Simple Forwarding Global shipping and logistics strategist Core Problems Operating amid tariff uncertainty Managing risk without perfect information Building contingency plans that support growth Practical Takeaways Expect change and prepare for multiple outcomes Make decisions using scenarios instead of assumptions View resilience as a business capability, not merely a personality trait Timestamps 00:00 The reality of global shipping in 2026 02:00 What customers truly care about 11:30 Forecasting versus predicting 13:00 Why Plan B matters 15:20 Building resilience as a competitive advantage Who This Episode Is For Business owners managing inventory, economic uncertainty, or complex operations. At STEERus, we continue seeing a similar challenge: organizations often underestimate how uncertainty affects perception. Businesses that cannot communicate preparedness and adaptability are frequently misunderstood, overlooked, or perceived as higher risk. Subscribe and share if these conversations help you think differently about business.   ✅ Subscribe for weekly conversations on entrepreneurship

Last time we spoke about the battle of Shanggao. From late March to early April 1940, Japanese forces attacked Shanggao in Jiangxi with a multi‑pronged offensive. Chinese commanders used elastic defense and coordinated counter-moves, trading space for time through layered positions until the Japanese advanced into prepared strongpoints. As the 34th Division moved toward the town, assaults repeatedly hit ridges and bridge lines held by the 74th Corps. Heavy air strikes caused chaos, but timely flank redeployments prevented a decisive breakthrough. During the crisis around March 21–24, Chinese units maneuvered an encirclement and executed a controlled breakout at the critical moment. After intense fighting and bombing, the Japanese were routed and fell back to their original positions. The wider war did not change, yet Shanggao proved that disciplined Chinese planning could reverse Japanese offensives against superior initiative and numbers.   #207 Battle of Zhongtiao Mountain 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. By the spring of 1941, the War of Resistance against Japan had been grinding for nearly four years, and the map of China looked increasingly like a wound. Japan controlled the coastal cities, the major river valleys, and most of the productive lowland plains of the north and east. The Nationalist government had retreated far inland to Chongqing, governing a rump state of mountainous hinterland, foreign sympathies, and diminishing resources. The war had long since ceased to look like a conventional conflict between organized fronts and had settled into something grimmer and more ambiguous — a slow war of attrition fought in the mud and rocks of the Chinese interior, punctuated by Japanese offensives designed not to end the war but to compress it, to squeeze the Nationalists tighter with each season until surrender became a rational calculation rather than a humiliation. Japan had tried other methods first. In the late 1930s, Tokyo made serious overtures to Chiang Kai-shek's government, proposing a negotiated settlement that would see China aligned with Japan and the puppet Wang Jingwei government elevated as the vehicle for that arrangement. Chiang refused. He had gambled, and would continue to gamble, that the war in Europe would eventually draw in the Western powers, that American patience with Japanese aggression would run out, and that time was ultimately on China's side. The strategy required suffering in the present to buy survival in the future. Germany's invasion of Poland in September 1939 and the subsequent expansion of war across Europe only reinforced Japan's desire to accelerate its operations in China before the international situation made them impossible. By 1940, Japan signaled it intended to resolve the "China Incident" — the bureaucratic euphemism it used to avoid officially acknowledging that it was fighting a full-scale war — once and for all. The question was where. The front was hundreds of miles long. The Japanese army in China was stretched thin despite its nominal strength. Spectacular victories in the lowlands had failed to produce the political capitulation Tokyo expected. And in the mountains of Shanxi Province, a particular irritant had been festering for three years — one that the Japanese could neither ignore nor seem to dislodge. The Zhongtiao Mountains rise along the southern edge of Shanxi Province, running roughly east to west for some two hundred miles, forming a natural wall between the loess plateaus of Shanxi and the plains of northern Henan below. The range is not dramatic by Chinese standards — it is not the soaring, cloud-piercing landscape of Sichuan or Yunnan — but it is rugged, deeply ridged, and extraordinarily difficult to move through quickly. For a defending army with knowledge of the terrain, the Zhongtiao range was close to ideal. For an attacker, especially one dependent on mechanized firepower and coordinated logistics, it was a nightmare. Chinese forces had occupied the Zhongtiao Mountains since 1938, following the fall of Taiyuan and the retreat of Nationalist forces from the broader Shanxi campaign. At a moment when much of northern China was collapsing around them, the garrison there dug in and refused to move. Over the following three years, the Japanese Army mounted thirteen separate offensives against the Zhongtiao position. All thirteen failed. The mountains held. Chinese soldiers would later call it the "Eastern Maginot Line," a nickname that was simultaneously a boast and, in retrospect, a warning — the original Maginot Line, after all, had also been considered impregnable until the enemy simply went around it. But the strategic importance of Zhongtiao went beyond prestige. The mountains commanded the northern approach to the Yellow River crossings — the great geographic boundary that separated Japanese-controlled northern China from the Nationalist-held central and western regions. From their positions in the mountains, Chinese troops could threaten Japanese supply lines, protect their own river logistics, and maintain at least a symbolic presence north of the Yellow River. As long as the Zhongtiao garrison held, Japan could not claim complete control of northern China. It was also a potential launching point for a Chinese counteroffensive, should one ever become possible. The Japanese understood this perfectly. By 1940, eliminating the Zhongtiao position had become not merely desirable but strategically necessary. The First War Zone command responsible for the Zhongtiao garrison was, at least on paper, an imposing force. Between 170,000 and 180,000 men were deployed across the mountain range and its approaches, drawn from multiple armies and organized into several large groupings. The 5th Army Group under Zeng Wanzhong held the central area. The 14th Army Group under Liu Maoen operated in the eastern sector. The 4th Army Group, known as the "Iron Pillar of Zhongtiao" for its tenacious defense of the position over three years, was stationed as the backbone of the force. Individual armies were spread across specific nodes: Pei Changhui's 9th Army at Jiyuan in northern Henan; Zhao Shiling's 43rd Army at Yuanqu at the southernmost tip of Shanxi; Tang Huaiyuan's 3rd Army and Kong Lingxun's 80th Army in the Wenxi and Xiaxian areas; Wu Shimin's 98th Army at Dongfeng Town; Wu Tinglin's 15th Army near Gaoping. The man responsible for holding all of this together was Wei Lihuang, a gifted commander and one of Chiang Kai-shek's most capable generals. Wei had organized the Zhongtiao defense from the beginning, and his strategic instincts were widely respected. He was, by most accounts, the indispensable figure in the garrison's survival. The problem was that Wei had made powerful enemies. His refusal to participate in anti-Communist friction operations — at a time when the Nationalist government was increasingly focused on neutralizing the Communists even at the cost of Japanese resistance — had alienated him from a circle of powerful rivals, including the influential Hu Zongnan. Outmaneuvered at court, Wei was summoned to Chongqing in early 1941 and, under the pretext of strategic consultations, was effectively detained at Mount Emei. He never returned to his command in the Zhongtiao Mountains. The army he had built was left without its architect. The garrison that remained was compromised far beyond its missing commander, however. Three years of static defense had created conditions that corroded military discipline in predictable and insidious ways. Supply lines were unreliable, rations were short, and the soldiers garrisoning remote mountain positions had turned, by necessity and then by habit, to the local economy to sustain themselves. A bustling illicit trade in grain and opium had sprung up across the mountain zone, with Chinese troops selling what they could and buying what they needed from merchants who operated equally comfortably on both sides of the Japanese-Chinese frontier. This was not merely a logistical failure. It meant that Japanese intelligence had abundant commercial cover to infiltrate the garrison area, that security was a fiction, and that the defensive posture of the entire force had quietly shifted from warlike readiness to something closer to bureaucratic occupation. The Japanese had not missed any of this. For months before the offensive, Japanese intelligence agents had worked their way into the garrison's supply networks, trading relationships, and eventually its command structure itself. Japanese special forces had identified key headquarters positions. Informants had mapped the positions of individual units, traced the routes between them, and assessed the readiness of the men holding them. By the spring of 1941, Japanese planners believed, with considerable justification, that they could paralyze the entire Chinese command system within an hour of opening fire. This was not boasting. It was reconnaissance. Back in Chongqing, the intelligence picture was worse than unclear — it was actively distorted. The Nationalist intelligence apparatus issued warnings about Japanese troop movements near the Zhongtiao perimeter in April 1941, but the warnings were partial, their significance disputed, and the political will to act on them absent. A series of conferences were convened at Luoyang, the regional headquarters. Fortification orders were issued. Additional supplies were promised. Almost none of the follow-through actually materialized. The garrison's most powerful formation, the 4th Army Group, had already been transferred away from the area. Its absence left a hole in the defensive line that no amount of paper orders could fill. On the Japanese side, the operation that would eliminate the Zhongtiao garrison was carefully and systematically prepared. It was codenamed the "Central Plains Campaign" — a name that reflected its true ambition, which was not merely to take a mountain range but to reshape the strategic geography of the entire region. The operation was assigned to the North China Area Army under Lieutenant General Tada Shun, an experienced commander who had studied the Zhongtiao problem for years and had a clear understanding of why previous offensives had failed. The core of the attacking force was seven divisions: the 33rd, 35th, 36th, 37th, 41st, and 21st Divisions, along with several independent mixed brigades, puppet Chinese formations, cavalry, and a substantial artillery and air component. The 3rd Air Group, operating from airfields at Yuncheng and Xinxiang, would provide tactical air support throughout the operation. In total, the frontline assault force numbered approximately 100,000 men. This was not a repeat of the previous thirteen offensives, in which the Japanese had probed and pressed at the mountains frontally. This was a comprehensive annihilation plan. Tada's design exploited the geographic shape of the Zhongtiao position itself. The Chinese garrison occupied a roughly crescent-shaped area, with its back to the Yellow River and its front facing north and east into Japanese-held territory. The obvious previous approach — attacking from the north — had failed repeatedly because the terrain favored the defenders. Tada's solution was to attack from three directions simultaneously, with the town of Yuanqu on the Yellow River as the primary objective. Yuanqu was the hinge of the entire Chinese position: it controlled the main river crossings, served as the central supply point for the garrison, and sat at the narrowest point between the mountains and the water. If Yuanqu fell, the Chinese would be cut off from their supply line and divided into two separate pockets. Then each pocket could be destroyed at leisure. To execute this, Tada organized his forces into three attack groups. The eastern group, built around Lieutenant General Harada Yukichi's 35th Division with elements of the 21st Division and the 4th Independent Cavalry Brigade — totaling roughly 25,000 men with armor, artillery, and supporting puppet forces — would drive westward along the Daoqing Road, pushing through Jiyuan and Mengxian toward the eastern flank of the Chinese position. The northeastern group, under Lieutenant General Shozo Sakurai commanding the 33rd Division and an Independent Mixed Brigade, would descend from Yangcheng southward, striking at the middle of the Chinese line. The western and northwestern group, the largest, comprising the 36th, 37th, and 41st Divisions along with the 9th and 16th Independent Mixed Brigades, would push southward from multiple points between Sangchi and Zhangdian, driving straight for Yuanqu. The final element of the plan was the most audacious. Japanese special forces and paratroopers were to land behind Chinese lines on the opening night of the offensive, targeting the Chinese headquarters and communications nodes. If the Chinese command could be blinded and paralyzed in the first hours of the battle, resistance would collapse before it could organize. Given the penetration of the garrison by Japanese intelligence, the paratroopers knew precisely where to go. From late April, Japanese forces quietly moved into their assault positions. Supply dumps were stocked. Artillery was registered on Chinese positions. The attack was set for the morning of May 7, 1941. Everything was ready. The battle opened before dawn on May 7, and it opened everywhere at once. On the eastern front, Harada's 35th Division and its attached formations crossed the start line and drove westward in three parallel columns along the Daoqing Road. More than 5,000 infantrymen, 1,000 cavalry, dozens of artillery pieces, over 100 tanks and armored vehicles, and the supporting puppet troops of Zhang Lanfeng and Liu Yanfeng poured into the Chinese-held area around Jiyuan and Mengxian. The assault had an almost mechanical quality — it moved at the pace of its armor and artillery, methodically grinding through whatever lay in its path. On the northeastern front, Sakurai's 33rd Division descended from Yangcheng with more than 10,000 men, striking at Wu Shimin's 98th Army at Dongfeng Town. Wu was one of the more aggressive Chinese commanders in the garrison, and he did not wait to be overwhelmed. He threw his forces into active resistance on multiple axes, contesting each Japanese advance rather than simply absorbing it. In the fighting around Wangcun, his troops achieved one of the campaign's rare Chinese tactical successes, routing approximately 2,000 Japanese attackers and killing more than 700, including Colonel Hamada, a Japanese regimental commander. It was a genuine local victory, but it could not change the larger picture. On the western and northwestern front, the main Japanese force pushed south with its eyes fixed on Yuanqu. The coordinated weight of three divisions and two independent brigades, all moving along converging axes, was designed to be overwhelming. Individually, a Chinese unit might hold a ridge or a pass for a day. Collectively, there was no way to stop what was coming. And that same night, as the Chinese scrambled to respond to attacks on every side, Japanese paratroopers landed near Chinese headquarters positions. They found what intelligence had promised: a command system already in disarray, staffed by officers who had received no coherent orders and had lost communications with most of their subordinate units. The Japanese were not wrong when they predicted they could paralyze the Chinese command within hours. By the morning of May 8, the Chinese First War Zone headquarters had effectively ceased to function as a coordinating body. Individual armies would fight on, but they would fight alone. The second day of the battle brought the decisive blow. On the afternoon of May 8, the 9th Army under Pei Changhui — already reeling from the pressure of the eastern Japanese columns — abandoned the cities of Ji and Meng and fell back westward. The withdrawal opened a path through the Chinese line, and the Japanese exploited it immediately. That evening, with the assistance of paratroopers who had secured key access routes overnight, Japanese forces reached Yuanqu on the Yellow River's northern bank and took it. The fall of Yuanqu changed everything. At a single stroke, the Chinese garrison's supply line from the south bank of the Yellow River was severed. The main crossing points were in Japanese hands. The two halves of the Chinese position — those to the east of Yuanqu and those to the west — were now separated, unable to reinforce one another. The double encirclement that Tada had designed on paper became a physical reality on the ground. The trap had closed. May 9 brought further disaster. Japanese forces captured Wufujian, another significant point in the Chinese rear. And on this day the battle's human cost began to register in the most stark terms possible. Wang Jun, commander of the newly formed 27th Division of Kong Lingxun's 80th Army, was killed in action fighting in the southern Shanxi mountains. Major General Chen Wenqi, deputy commander of the 24th Division, died in fierce combat near Taizhai Village. And Major General Liang Xixian, having retreated with the remnants of his force to Taizhai and found every route blocked — his options reduced to surrender or death — walked into the Yellow River and drowned himself. He was not the last Chinese officer to choose death over capture. The loss of three generals in a single day was not merely tragic. It reflected something about the nature of the battle that the casualty statistics alone could not capture: the Chinese officers who fought most fiercely and refused to abandon their positions were precisely the men dying, while the broader institutional structure that should have supported them had already failed. The garrison was being consumed from its fighting edge inward. Over the following two days, the Japanese methodically tightened the ring. The eastern column, having taken Yuanqu, split into two prongs: one drove eastward, capturing Shaoyuan by the morning of May 12 and linking up with the forces that had been pressing westward from Jiyuan; the other drove westward to Wufujian, joining with the troops already there. The inner encirclement was now complete and continuous. The Yellow River crossings along the entire Chinese front were blocked. There was no route south that wasn't already under fire or in Japanese hands. The fighting in the mountain passes was, by all accounts, ferocious. At Fengmenkou — a critical pass that both sides recognized as a key chokepoint — the Chinese 9th Army committed the main force of its newly formed 24th Division along with elements of the 54th Division, fighting for every ridge and ravine. The Japanese sent reinforcements and simply absorbed the punishment, pressing forward until numbers and artillery told. By May 12, the position at Jianshan had been surrounded as well, and the outer ring of encirclement had sealed. The Chinese armies in the Zhongtiao Mountains were now divided into isolated pockets, each fighting separately, each trying to find a gap in the Japanese lines that simply wasn't there. Beyond the mountains, the Chinese high command in Luoyang was issuing desperate orders. Units that had already been overrun were instructed to hold positions they no longer occupied. Army commanders who had lost contact with their corps were told to coordinate with formations they couldn't reach. The gap between the orders flowing from headquarters and the reality on the ground had become absolute. The First War Zone command was, in practical terms, a spectator to the destruction of its own army. Of all the days in the three-week battle, May 13 was perhaps the most devastating for Chinese morale. At Cunbu, in the western sector, the 3rd Army under Lieutenant General Tang Huaiyuan had been surrounded and cut off. Tang was among the finest officers in the Nationalist army — a career soldier of exceptional ability, admired by subordinates and superiors alike, the kind of commander who by his personal presence could steady troops on the edge of breaking. He had led the 3rd Army in continuous fighting since May 7, conducting a fighting retreat that had preserved more of his force than most. But there was nowhere left to retreat to. Cunbu was surrounded on all sides. The Yellow River was behind him. The Japanese were in front. Tang Huaiyuan sat with his surviving officers and told them that he would not surrender. Then he shot himself. He was fifty-seven years old. On the same day, Cun Xingqi, commander of the 12th Division, was hit eight times during close combat and died on the field. The tally of dead general officers had now reached five in the space of a week. Tang Huaiyuan's death, unlike the others, resonated as something more than a military loss. He was a symbol of what the Zhongtiao defense had once represented: the possibility that courage and skill could compensate for disadvantages in firepower and logistics. His death seemed to say, loudly, that that possibility was exhausted. Chiang Kai-shek, when news reached him in Chongqing, personally ordered that Tang Huaiyuan be posthumously promoted and honored. The gesture was well-intentioned and entirely beside the point. Tang was dead. His army was destroyed. The gesture could not undo either fact. With the double encirclement complete and the primary Chinese resistance broken, the Japanese Army entered the second and less dramatic but equally brutal phase of its operation: the systematic clearance of what remained. Beginning around May 15, Japanese units shifted from the headlong offensive drives of the first week to methodical sweep operations, moving through the mountain terrain in organized formations, pressing into each remaining pocket and eliminating whatever resistance they found. The Yellow River's northern bank was secured by Japanese forces who established posts at the crossing points, blocking retreat and interdicting any resupply attempt. From the western front, sweep operations continued in a series of movements that lasted until well into June, each one driving Chinese remnants further into smaller and more untenable positions. Japanese after-action reports from this period read with the clinical detachment of men doing carpentry rather than fighting: so many positions cleared, so many prisoners taken, so many bodies counted. For the surviving Chinese forces, this period was one of desperate improvisation. With coordinated resistance impossible and every organized position either taken or surrounded, the remnant armies broke up into smaller columns and attempted to find their own routes out of the encirclement. Their experiences varied enormously depending on their starting position, the initiative of their commanders, and fortune. The remnants of the 3rd Army and 15th Army, under Zeng Wanzhong of the 5th Army Group, managed to push through to Yellow River crossings in the west and get their men across to the south bank, eventually reorganizing at Luoyang and Xin'an. The 93rd Army, which had occupied positions in the northeast, shook off the Japanese pursuit with sufficient speed and organization to cross at Yumenkou and escape into Hancheng County in Shaanxi Province, preserving more of its fighting strength than most. Wu Shimin's 98th Army — whose fighting at Wangcun had been one of the campaign's genuine bright spots — was pushed northward into the Taiyue Mountains, conducting guerrilla operations as it went. Wu himself was wounded during the withdrawal and would spend months recovering; he never fully recovered his health, and would die by suicide the following year. The 43rd Army under Zhao Shiling, which had held Yuanqu before its fall, managed a fighting withdrawal toward Fushan and Yicheng in the north. Pei Changhui's 9th Army conducted several days of guerrilla operations along the Daoqing Road before finding crossings at Xiaodukou and Guanyangdukou and getting across the Yellow River to safety. By May 27, the great majority of the Zhongtiao Mountain garrison had either been destroyed, captured, or withdrawn. The mountains that had held for three years were in Japanese hands. The battle, for all practical purposes, was over. The two sides emerged from the battle with starkly different accounts of what had happened, and the gap between those accounts is itself revealing. Japanese operational records claimed that their forces had killed approximately 42,000 Chinese soldiers on the battlefield, taken around 35,000 prisoners, captured enormous quantities of weapons and supplies, and inflicted total Chinese casualties exceeding 100,000. Against this, Japanese headquarters reported their own losses as 673 killed and 2,292 wounded — a ratio so lopsided that it seemed to describe a completely different kind of warfare. Whether or not the precise numbers are accurate, Japanese sources were consistent in portraying the battle as a catastrophic one-sided rout. The Chinese government's official figures, presented to the public and to allied nations, told a very different story. Nationalist records acknowledged approximately 13,751 officers and soldiers killed, wounded, gassed, or missing, while claiming Japanese casualties of around 9,900. These numbers, by the standards of the actual fighting and the geographic scale of the defeat, strained credulity. They were the numbers of a government that needed, for political and morale reasons, to minimize a disaster it could not afford to fully acknowledge. What is beyond dispute is the strategic result. The Zhongtiao garrison, which had held for three years against thirteen prior offensives, had been destroyed in twenty days. The last significant Nationalist Chinese presence north of the Yellow River in the region had been eliminated. Japan now controlled the northern bank of the river for a substantial stretch, had secured its supply lines through southern Shanxi, and had opened the door for future pressure on Luoyang and ultimately Xi'an. The mountain barrier that had allowed Chinese forces to threaten Japanese logistics was gone. It would not be rebuilt. Six senior Chinese generals had died in the battle: Wang Jun, Chen Wenqi, Liang Xixian, Tang Huaiyuan, Cun Xingqi, and others in the fighting. Their deaths were individually remarkable — men choosing death over surrender at rate that reflected both the desperate conditions of the battle and a code of honor that many of them explicitly invoked in their final moments. They were also, in aggregate, a measure of how completely the officer corps had been consumed. In the decades since the battle, historians have returned repeatedly to the question of why a position held for three years collapsed so completely in three weeks. The answers are neither simple nor flattering to the Nationalist government, and they were debated with bitter intensity in Chongqing even while the battle was still being fought. The most immediate cause was the removal of Wei Lihuang. This was not merely the loss of a capable general — it was the destruction of the institutional knowledge and personal relationships that had made the defense function. The Zhongtiao garrison was not simply a collection of soldiers in mountain positions; it was a system, carefully constructed over three years, that depended on specific command relationships, established logistics arrangements, and particular allocation of resources. Wei had built that system. Without him, and without any adequate replacement, it became something far more brittle than it appeared. Below the level of high command, the garrison's gradual corruption was an equally powerful factor. The trading networks, the opium commerce, the penetration by Japanese intelligence — these were not incidental problems but symptoms of a deeper institutional failure. An army that has spent three years in static defensive positions, chronically undersupplied and without a meaningful offensive mission, tends toward exactly this kind of decay. The Nationalist government's decision to prioritize anti-Communist friction operations over Zhongtiao's fighting readiness had removed the 4th Army Group — the backbone of the defense — and had consumed Wei Lihuang's attention and political capital at the worst possible moment. The Japanese plan, too, deserves credit it rarely receives in Chinese accounts of the battle. The three-pronged converging attack on Yuanqu was not simply overwhelming force applied to an obvious target. It was an elegant solution to the genuine tactical puzzle that the Zhongtiao mountains presented, exploiting the garrison's geographic vulnerability with a precision that turned the defenders' mountain terrain from an asset into a trap. The use of paratroopers to decapitate the Chinese command in the opening hours was a sophisticated operational concept that worked almost exactly as designed. Tada Shun was not lucky. He was thorough. Finally, there is the question of Chiang Kai-shek's own priorities. His reported weeping upon receiving news of the defeat was genuine, in the sense that the loss clearly shocked and grieved him. But the decisions that led to the defeat — Wei Lihuang's removal, the transfer of the 4th Army Group, the neglect of fortification and resupply in the months preceding the battle — had been made in Chongqing, not in the mountains. The Zhongtiao garrison had been strategically sacrificed, piece by piece, for political calculations in the internal factional struggle between Nationalists and Communists. Whether Chiang understood the cost of those choices before May 7, 1941, is debatable. After that date, it was difficult to pretend otherwise. The fall of the Zhongtiao Mountains did not end the War of Resistance, but it substantially worsened China's strategic position in the north. Over the following months, Japan used its consolidated control of southern Shanxi to increase pressure on the Yellow River line and probe toward Luoyang. The surviving Chinese armies, reorganized south of the river, were in no position to counterattack. The mountains themselves, stripped of their garrison and secured by Japanese occupation troops, became part of the extended Japanese occupation zone — a territory to be administered and exploited rather than contested. For the men who had fought there, the battle left wounds that went beyond the physical. Entire armies had to be rebuilt from remnants. Officers who had retreated, whether under orders or on their own initiative, faced boards of inquiry in an atmosphere of recrimination and blame-seeking. Some were cashiered. Some faced criminal proceedings. The search for culpability — which was genuine enough, since the failure was genuine — tended to fall on those least able to defend themselves rather than on the senior commanders and political figures whose decisions had created the conditions for defeat. The posthumous honors awarded to Tang Huaiyuan, Liang Xixian, Wang Jun, and the other officers who died in battle were heartfelt, and they were also convenient. The heroic dead could be elevated without requiring the living to answer uncomfortable questions. Their sacrifice was real. The system that wasted it was also real. In the broader history of the Second Sino-Japanese War, the Battle of Zhongtiao Mountain tends to be overshadowed by more famous engagements — Shanghai, Nanjing, Taierzhuang, the later battles along the Salween. This is partly because the Chinese side lost comprehensively and had little interest in memorializing the loss, and partly because the battle's significance was more strategic than dramatic. There was no great last stand, no single moment of heroism sufficient to redeem the catastrophe. There were only men dying in mountain passes, generals walking into rivers, and an entire defensive system disintegrating under the weight of its own contradictions. What the Battle of Zhongtiao Mountain represents, in the end, is a case study in how military positions are really lost. They are rarely lost on the battlefield alone. They are lost in the staff meetings where capable commanders are removed for political reasons. They are lost in the supply depots that never get restocked. They are lost in the informal economies that grow up when institutions stop functioning. They are lost in the intelligence assessments that are written and ignored. They are lost, finally and irreversibly, in the early morning hours when the guns open simultaneously on three sides and the men at the radios discover that no one is answering.     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. On May 7, 1941, Japan opened a three-front assault on Zhongtiao Mountains; paratroopers disrupted command night. With the 9th Army withdrawing, Yuanqu fell on May 8, severing supply and trapping the garrison. Fighting raged through May 13, costing generals, until Japanese sweeps cleared pockets; survivors escaped south of Yellow River.

Supply chain technology is evolving rapidly, but cargo criminals are moving even faster. In this episode of Supply Chain Now, Scott W. Luton and Scott DeGroot are joined by Krenar Komoni (Founder & CEO of Tive) and Fernando Boom (Director of Transportation at Venture Metals +) to break down the massive shift from physical yard thefts to sophisticated, identity-based freight fraud. Fernando shares a thrilling firsthand account of how a family road trip turned into a real-time recovery mission for a hijacked $240,000 shipment of copper. While the driver successfully bypassed the physical bolt seals, covert tracking technology thwarted the heist and led to a first-degree felony arrest. Krenar pairs this narrative with over a decade of visibility expertise, unpacking how modern criminals leverage AI, chameleon carriers, fraudulent MC numbers, and double brokering to vanish with high-value freight. Moving past a reactive postmortem claims model, the panel outlines a definitive blueprint for proactive, layered defense. They explore how real-time telemetry, including route deviation alerts and light sensors, empowers logistics teams to stop fraud mid-transit. Scott DeGroot concludes by highlighting the critical enterprise costs of cargo loss, challenging shippers to audit their networks, tighten dock-level verifications, and eliminate the weak links that bad actors exploit. Jump into the conversation: (00:00) Intro (02:38) Meet Venture Metals and Tive leaders (03:53) Art shows and World Cup picks (06:04) Venture Metals recycling and logistics role (07:37) Tive delivers real-time shipment visibility (09:28) Fraud tactics driving cargo theft surge (16:29) Layered alerts detect theft in transit (23:03) Prepare before theft happens, not after (24:03) Light alerts trigger copper theft investigation (26:11) Telemetry exposes route diversion and deception (27:52) Alerts only matter when teams respond (30:19) Police intercept truck at Wichita Falls (31:24) Driver bypasses seal but gets caught (32:47) Trust data and involve law enforcement (36:10) Technology helps monitor risky driver behavior (38:16) Build six layers of cargo security (44:29) Use Tive before theft strikes (47:22) Resources for protecting high-value shipments Additional Links & Resources: Connect with Krenar Komoni: https://www.linkedin.com/in/komoni/ Connect with Fernando Boom: https://www.linkedin.com/in/fernando-boom-a06513372/ Connect with Scott DeGroot: https://www.linkedin.com/in/scott-degroot-4600368/ Learn more about Venture Metals +: https://venturemet.com/ Learn more about Tive: https://www.tive.com/ Learn more about our hosts: https://supplychainnow.com/about Learn more about Supply Chain Now: https://supplychainnow.com Watch and listen to more Supply Chain Now episodes here: https://supplychainnow.com/program/supply-chain-now Subscribe to Supply Chain Now on your favorite platform: https://supplychainnow.com/join Work with us! Download Supply Chain Now's NEW Media Kit: https://supplychainnow.com/media-kit/ WEBINAR- AI that moves at velocity: Cut through latency with agentic workflows: https://bit.ly/4x4626t This episode was hosted by Scott Luton and produced by Trisha Cordes, Joshua Miranda, and Amanda Luton. For additional information, please visit our dedicated show page at: https://supplychainnow.com/240k-shipment-saved-venture-metals-realtime-rescue-1599 The content in this episode, including all audio, videos, visuals, and graphics, is the property of Supply Chain Now and is protected by copyright law. Unauthorized use, reproduction, distribution, modification, or re-uploading of this content in any form is strictly prohibited without explicit written permission from Supply Chain Now.For licensing inquiries or permissions, please contact us at production@supplychainnow.com© 2026 Supply Chain Now. All rights reserved. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Rachel Ziemba examines Alan Greenspan's legacy and the Fed's current policy challenges in a supply shock-driven environment. She highlights the impact of fiscal spending, the disconnect between oil prices and rising rate expectations, and persistent inflation pressures. Ziemba also warns of volatility ahead in the oil market, with U.S. negotiations and Iranian oil waivers adding further uncertainty.======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

AP's Lisa Dwyer reports that a bipartisan housing bill has passed in the Senate.

In Pastor Greg's series, He Who Promised Is Faithful, we are reminded that God is always true to His promises. He is never unreliable, and He faithfully provides for every need. Because He is your source, you can trust Him completely—He who promised is faithful.

The global ship recycling market has entered a new chapter as the United States and Iran sign an interim peace agreement, reopening the Strait of Hormuz after more than 100 days of closure. In Week 25 of 2026, Brent crude collapsed to approximately USD 78 per barrel, erasing the entire war premium that had carried prices above USD 126 in late April. WTI also eased toward USD 75, while sanctions relief and the restart of halted Gulf oil production shifted market focus from supply disruption to potential oversupply. For the global ship recycling industry, this is a major turning point. The two forces that kept older vessels trading instead of recycling, high bunker costs and strong freight earnings, are now weakening together. The Baltic Dry Index eased to around 2,653 on June 17, while daily Capesize earnings fell to approximately USD 35,162 from the late-May high near USD 49,511. However, the timing remains difficult. Although peace has reopened the sea route and reduced the bunker-cost floor, the Indian subcontinent is now deep in the monsoon season. Bangladesh, India, and Pakistan continue to show demand, financing, and yard appetite, but beaching activity remains limited by weather. This week's episode examines: The interim US-Iran peace agreement and reopening of the Strait of Hormuz Brent crude collapsing toward USD 78 and the evaporation of the war premium Why lower bunker costs could finally release older vessels for recycling The continued cooling of dry bulk freight and Capesize earnings Why the monsoon now controls the beaching calendar across South Asia Bangladesh's stable Taka, steady steel prices, and strong post-monsoon outlook India's Rupee rally, softer Alang steel, and improving macro position Pakistan's firm Rupee, strong steel pricing, and fading Gulf proximity premium Turkey's Lira breaking 46 per dollar and Aliaga's continued EU-regulated niche Why the second half of 2026 may bring the strongest candidate flow since February Key market takeaway: Peace has been signed, the Strait of Hormuz has reopened, Brent has returned near pre-war levels, and the freight premium is cooling. The deferred wave of recycling candidates is now being primed, but the monsoon remains the immediate constraint. The ships are free to move, but the beaches must wait for the rains to ease. Peace is signed. The premium is gone. The ships are moving. But the rains reign.   For full details, vessel rankings, and port positions, download the GMS Weekly on our GMS website or mobile app. Follow GMS on LinkedIn, Facebook, Instagram, and X for daily updates.

Thanks Pressable for supporting the show! Get your special hosting deal at https://pressable.com/wpminuteBecome a WP Minute Supporter & Slack member at https://thewpminute.com/supportOn this episode of The WP Minute+ podcast, GravityKit's Zack Katz joins Eric to discuss his company's forward-thinking features, including cryptographic signing on plugin updates and the new Block MCP tool. Zack shares that the recent plugin supply chain attacks inspired a more secure method for product distribution – potentially the first for a commercial plugin. Meanwhile, Block MCP fills a gap in the current WordPress AI landscape by working within the native block structure, rather than raw HTML. This episode provides you with the inside scoop on making WordPress safer and more user-friendly.Takeaways:Cryptographic signing ensures plugin updates are secure.Supply chain attacks are a real concern for plugin developers.GravityKit is the first to implement cryptographic signing in WordPress plugins.The Block MCP tool addresses frustrations with existing MCPs.AI can significantly enhance the editing experience in WordPress.Granular editing is simplified with the Block MCP tool.The Block MCP tool can automatically identify and use the best blocks.Internal linking can be improved using AI with the Block MCP.The plugin allows for non-destructive edits and easy rollbacks.Important Links:GravityKit products now give you a stronger reason to trust what you installIntroducing Block MCP: the WordPress MCP we built because nothing else workedBlock MCP: GitHub | PluginThe WP Minute+ Podcast: thewpminute.com/subscribe ★ Support this podcast ★

My God Shall Supply is a reminder that God is not only aware of our needs, but He is faithful to meet them in His perfect way and timing. As our Shepherd, He provides what we need, sustains us through every season, and uses every circumstance for His purpose and our growth. When we trust Him, we can rest knowing that He knows what we need, when we need it, and why we need it.

Join Alan Sanders in this jam-packed Bonus Episode 27 as he breaks down the explosive new Biden audio revelations, Al Gore's latest climate fear-mongering, the bizarre sabotage at the Washington Reflecting Pool, and Dr. Fauci's controversial stance on hydroxychloroquine (HCQ). We also take a moment to chat with Kevin Adams, Manager of Cartersville Bicycle Service and Supply. From political scandals to suppressed medical truths and environmental alarmism, Alan delivers sharp analysis and no-holds-barred commentary you won't hear in the mainstream. Whether you're looking for honest takes on Biden, Fauci, climate change hype, or current events, this episode delivers the facts and context needed to stay informed. Please take a moment to rate and review the show and then share the episode on social media. You can find me on Facebook, X, Instagram, GETTR, TRUTH Social, TikTok, YouTube and Rumble by searching for The Alan Sanders Show. And, consider becoming a sponsor of the show by visiting my Patreon page!

Pharmacists spoken to by Morning Report say supply issues continue to hit medicine stocks. The four month US war with Iran significantly disrupted global supply chains, including the availability and cost of medical supplies and pharmaceuticals. Pharmacist Lanny Wong from Mangawhai Pharmacy spoke to Ingrid Hipkiss.

Weekly interview with Prime Minister, Christopher Luxon; Chloe Swarbrick discusses Green Party's new tax policy; National has announced changes to KiwiSaver at its AGM; Poll finds strong opposition to selling conservation land; Supply issues continue to hit pharmacies

Siri AI is turning out to be absolutely brilliant, except when it's absolutely atrocious, while your two hosts are having radically different experiences with it on the new betas. Then Snap Spectacles hope to be radically new, and there rumors about the iPhone 18, iPhone Fold, and the iPhone Air 2 as well, all on the AppleInsider Podcast.Contact your hosts:@williamgallagher_ on Threads@WGallagher on TwitterWilliam's 58keys on YouTubeWilliam Gallagher on emailWes on BlueskyWes Hilliard on emailWes's blog HillitechSponsored by:CleanMyMac by MacPaw: Get Tidy Today! Try 7 days free and use  code APPLEINSIDER20 for 20% off at clnmy.com/APPLEINSIDERNordStellar: Unlock your 10% discount at nordstellar.com/appleinsider with the coupon code nordappleinsider-10-NORDSTELLARLinks from the Show:iPhone Air successor with two cameras rumored for spring 2027iPhone's 20th anniversary could be marked with an iPhone Fold 2Here we go again: Supply chain thinks iPhone Fold will ship in 2027, not 2026Strident leaker insists iPhone Fold is not delayed at all - Fixed Focus DigitaliPhone 18 will get 12GB to fully benefit from Siri Apple products are going to get more expensive, says CookApple Vision Pro's biggest problem isn't addressed in visionOS 27, but progress is progressmacOS Golden Gate beta review: it's nothing without Siri AISnap built standalone AR glasses without a convincing reason to wear themApple's Game Porting Toolkit 4 is great to play modern gamesApple's AI agents in Xcode 27 make vibe coding easierSupport the show:Support the show on Patreon or Apple Podcasts to get ad-free episodes every week, access to our private Discord channel, and early release of the show! We would also appreciate a 5-star rating and review in Apple PodcastsMore AppleInsider podcastsTune in to our HomeKit Insider podcast covering the latest news, products, apps and everything HomeKit related. Subscribe in Apple Podcasts, Overcast, or just search for HomeKit Insider wherever you get your podcasts.Subscribe and listen to our AppleInsider Daily podcast for the latest Apple news Monday through Friday. You can find it on Apple Podcasts, Overcast, or anywhere you listen to podcasts.Those interested in sponsoring the show can reach out to us at: advertising@appleinsider.com (00:00) - Intro (00:45) - Betas (04:59) - iPhone Air 2 and iPhone Fold (27:19) - iPhone 18 (34:01) - macOS Golden Gate (41:08) - iPadOS (57:34) - Snap Spectacles (01:02:24) - Game Porting Toolkit 4 ★ Support this podcast on Patreon ★

Todd Duplechan and Jessica Maher are the husband-and-wife chef-owners of Lenoir, a MICHELIN Guide restaurant in Austin's Bouldin Creek neighborhood open since 2012. They also formerly owned Métier Cook's Supply next door and opened Boni's Bar, a Spanish drinks and bites concept, in Spring 2026. Todd is a native Texan who trained at The Danube under David Bouley and served as chef de cuisine at the Four Seasons Austin before opening Lenoir. Jessica cooked through the Bouley restaurant family and at Tabla with Floyd Cardoz and Gray Kunz before moving to Austin. They met through the Bouley restaurants and have built Lenoir together for 14 years.This episode is about the gap between technically skilled and genuinely great, and what it actually takes to close it.Why great cooking is built through process, patience, and accumulated experience, and why social media trends actively work against that developmentThe foundational cookbook list every serious cook should own, from Ducasse's Grand Livre de Cuisine to Jacques Pépin's La Technique to Paul Bertolli's Cooking by HandHow mentorship through observation, athletic team dynamics, and genuine hospitality have kept Lenoir evolving for 14 years without losing what makes it worth returning toAndré Natera, Todd Duplechan, and Jessica Maher cover Todd's stage at The Danube, being hired, and the 12-course meal at the pass that changed how he understood professional cooking, how they met through the Bouley restaurant family, what separates cooks who develop into great chefs from those who plateau, and the teamwork and hospitality philosophy that has driven Lenoir's 14-year evolution. The episode closes with rapid fire kitchen gear, the chef Mount Rushmore, and the story behind Métier and Boni's Bar.GuestTodd Duplechan on Instagram → https://www.instagram.com/duplechananigans/Lenoir on Instagram → https://www.instagram.com/lenoiratx/Boni's Bar on Instagram → https://www.instagram.com/bonisbaratx/LinksSubscribe on Substack → https://chefspsa.substack.com/Shop Chef's PSA Merch → https://shop.chefspsa.com/Visit Chef's PSA Website → https://chefspsa.com/Lead Like a Chef App → https://studio.com/apps/andre/leadlikeachef

As AI investment keeps growing, our strategists Carolyn Campbell and Vishwas Patkar discuss the many ways tech infrastructure gets financed and the opportunities for investors.Read more insights from Morgan Stanley.----- Transcript -----Carolyn Campbell: Welcome to Thoughts on the Market. I'm Carolyn Campbell, Morgan Stanley's Asset-Backed Securities Strategist. Vishwas Patkar: And I'm Vishwas Patkar, Morgan Stanley's Head of U.S. Corporate Credit Strategy. Carolyn Campbell: Today, how fixed income markets are helping fund the AI build-out. It's Thursday, June 18th, at 10am in New York. Let's get right into it, Vishwas. We've both come on this podcast before to talk about how credit markets are financing the AI build-out. And over the last ten months, I think it's fair to say that things are faster, broader, deeper than we perhaps expected initially. This investment now spans investment-grade corporate bonds, high yield loans, and a range of securitized products. From your seat in corporate credit, why does AI infrastructure matter so much, to investors right now? Vishwas Patkar: This is a big talking point in our client discussions. it's also telling that less than a year ago, we wrote about this topic for the first time, identifying a $1.5 trillion financing gap that credit markets could help bridge. At that time, data center debt was not something that investors were really focused on. Yet less than 12 months forward, this, I think, is the number one theme dominating both your and my market. And why it's important, I would say, is across, three key vectors. First, just the scale. So, if you look at overall AI-related debt issuance so far this year, we're close to $250 billion. For the balance of the year, we expect that number to double, so about $500 billion of total AI debt financing for 2026. Increasingly the second vector, I think, is around the complexity of deals. So initially, while AI financing was dominated by vanilla investment-grade corporate bond deals, we are now seeing that broaden out into project finance style deals in the high-yield market. We have seen an uptick in chip financing across the different credit silos. And that's important for investors, as identifying value across these different options does require deep credit expertise. And third, as this investment cycle rolls along, it's also important to be cognizant of risks that are building. Not just from a very broad top-down sense around the demand for compute. But also, what are some of the nuances in these different structures – whether it is in data center construction or is in chip financing that investors will need to monitor. So, it's across these three themes that we think data center debt financing is gaining importance. Carolyn Campbell: Now, the underlying demand for AI infrastructure is very strong. That doesn't necessarily mean that every bond tied to this theme is automatically going to be attractive. And as you mentioned, [$]500 billion of supply for the year; a large amount of complexity between those structures.How should credit investors think about the various risks within these different structures? Vishwas Patkar: So, in investment grade, the story is a bit simpler. So, we have had unsecured hyperscaler bond issuance. We have had issuance from semiconductor names. And then we've had some, what we call, private style data center deals. But the vast majority still comes from hyperscaler investment grade rated bonds. For this market, our focus is less on fundamentals because fundamentals are very strong. And then hyperscaler are some of the more most creditworthy companies that we've seen in the history of the market. Our emphasis more is on just the quantum of supply. So, year to date, we have had north of [$]100 billion of hyperscaler debt in the dollar market. We've had north of [$]50 billion being issued in other currencies. If you look at the overall investment grade market, supply is up almost 25 percent versus last year. That's consistent with our call for a year of record issuance this year. And increasingly, if you look forward and then map these issuance numbers to our CapEx estimates, where we could very much be on track for another record to be hit next year. So, the issue of the investment grade market is not around the fundamentals of the companies or these deals. It's more about the quantum of supply, which we think eventually will test the demand capacity of this market. And our base case for the investment grade space is similar to 1997-1998, where credit was starting to finance the business cycle, spreads widened modestly, and IG could underperform other risk assets. But over a longer time horizon, spreads still look historically very low. Carolyn Campbell: Now, what about further down the credit spectrum into the non-investment grade portion? What about that part of the issuance spectrum for AI? Vishwas Patkar: Yeah. So, what we're seeing in the sub-investment grade space, especially in high yield, is very different. There, the growth in data center financing has happened around project finance deals for data center construction. In many cases, these have come from crypto miner companies that effectively provide what we call speed to power solutions. We've also had some unsecured issuance from neo clouds, although that's relatively small. But this sector has expanded from effectively zero billion around the fall of last year to about [$]40 billion this year. We expect to see another [$]20 billion of issuance by the end of 2026. And the way they fit into this whole ecosystem is – these project finance deals we think are interesting diversifiers for regular credit investors. They do come with construction risks, especially initially for the first two to three years till the data center is up and running. But on the flip side, you do get a lot of structural enhancements and creditor protections, which is something you don't see in the vast majority of the high yield market. So, I think a key shift in the framework that investors have to do for these deals is focus on asset-level risk, which is again, I think a big divergence from how the vast majority of the credit market trades, which is largely unsecured corporate-level risk that investors have been used to. Carolyn Campbell: All right. You just brought up construction risks. Do you think that's the biggest risk facing the high-yield investors today? Vishwas Patkar: Yes. I think for the high-yield deals in particular, construction risk is the dominant vector that investors are focused on. Because it's important to remember a lot of the debt issuers are first-time borrowers. And they have a limited track record of construction in the past. So, you could see potential delays and things like cost overruns that can affect sentiment on the sector. Or at least on specific bond deals. And this will be especially important to monitor going into the second half of the year, as we have some of the first delivery dates coming up for the deals in the sector that were announced last year. That being said, you know, even though some of the tenants have termination rights, if delays go beyond 180 days, our view is that given the structural power constraints, these termination rights are unlikely to be exercised. So, while construction milestones can affect sentiment and short-term valuations, we would look at any blips as buying opportunities in the space. Alright. So Carolyn, let me throw this back to you. So, construction risk clearly very important for the corporate credit market, especially for high yield investors. Is that something ABS investors or commercial mortgage-backed investors care about? And in what other ways are these asset classes different from corporate credit? Carolyn Campbell: Okay. So first and foremost, the biggest difference is that in securitized products, the assets are stabilized, they're cash flowing, they're online. We don't have that first vector of construction risk in our space. The second biggest difference is while in high yield and IG we've mostly seen – or we've entirely seen single campus, single tenant data centers; in securitization issuance, it's mostly multi-tenant, multi-asset, multi-regional, deals that have come to market. And so, it's a very different risk profile. And as a consequence, investors are focused not just on who is behind this one single lease and what are the termination rates, but what does the landscape look like in general for compute? How does that affect vacancy and churn rates? And then lastly, the issuers themselves are different. You talked about the crypto companies. You get a little bit more of the data center, data center construction. Whereas in securitized products, these are companies that have been around for 5, 10, 20 years. They're accustomed to managing a fleet of assets, dozens if not hundreds of tenants. They've got a little bit more of a track record for the most part, than the types of issuers we're seeing in the credit market. Vishwas Patkar: Your market post-construction, more leverage to the thematic of demand for compute – and how the AI investment cycle is playing out. Versus the corporate credit market, which is largely exposed to construction risks as the data centers get built out. So that's a very important difference.That being said, one theme that ties both our markets are just healthy fundamentals, but at the same time heavy supply. So, I talked about how we see that affecting our view on investment grade. How is that same tension showing up in securitized products? Carolyn Campbell: So exactly as you said, the fundamental story is very strong. We don't see deterioration in performance of the assets either that has happened yet or that we expect to come in the near term. So, it really is a technically driven story. Supply in this space, we're forecasting at around [$]30 billion for year, so smaller in magnitude, but relatively large for the market. That has very elevated supply expectations, and so as a consequence, we've seen spreads back up across the space. We do think that some of the cross-asset comparisons will help keep spreads contained from here. And so, we do see value in securitized credit across the stack for the rest of the year. Vishwas Patkar: All right. So, you brought up the cross-asset comparison. And so, we've discussed the fundamental differences in our market, how much issuance we expect. But, you know, just to end on a commercial note – if we are advising investors on where is the best relative value and what's the framework for comparing opportunities, how do you think about that? Where do we see value across the ecosystem? Carolyn Campbell: I mean, I think this is probably the biggest question that investors that are looking at this space are facing today. And there's... If we're thinking just about the data center backed assets, I think there are two main things. One is the asset itself, where we're focused on things like the geography, the tenant, the interconnectivity, the flexibility of this asset for multiple uses. And then the second is on the structure of the deal itself. How much leverage is being raised against the asset? How cash flowing is it? And then of course, the duration as well. But it's a great question. And because of the complexity of this space, it can be really hard to compare one to the other. Vishwas Patkar: Yeah. And, at the risk of providing a non-answer, I very much think investors are in the process of coming up with a framework because these deals have come very quickly. This is a new sector for most credit investors to analyze. But I think what we can say with a high degree of certainty is this is blurring the lines between corporate credit and securitized credit. So, you know, this opens up more avenues for us to collaborate on this topic going forward. Carolyn Campbell: All right. That's a great place for us to leave it today with that nice cross-collaboration. Vishwas, thank you so much for taking the time to talk. Vishwas Patkar: Great speaking with you, Caroline. Carolyn Campbell: Thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

Fluent Fiction - Danish: Creative Chaos: Mikkel's Inventive Office Supply Dilemma Find the full episode transcript, vocabulary words, and more:fluentfiction.com/da/episode/2026-06-18-22-34-02-da Story Transcript:Da: I hjertet af København, summer solen skinnede over det moderne kontorbygning.En: In the heart of København, the summer sun shone over the modern office building.Da: Mikkel, en projektleder, sad ved sit skrivebord.En: Mikkel, a project manager, sat at his desk.Da: Han kiggede ud ad vinduet, mens han tænkte over den store præsentation i morgen.En: He looked out the window as he thought about the big presentation tomorrow.Da: Der var stadig mange ting, der skulle ordnes, men vigtigst af alt, de manglende kontorartikler til projektet.En: There were still many things to be sorted out, but most importantly, the missing office supplies for the project.Da: Katrine, der arbejdede i receptionen, gik hen til Mikkel.En: Katrine, who worked at reception, walked over to Mikkel.Da: "Har du fået indkøbslisten til kontorartiklerne færdig?"En: "Have you finished the shopping list for the office supplies?"Da: spurgte hun.En: she asked.Da: "Ja," svarede Mikkel, mens han rakte listen til hende.En: "Yes," replied Mikkel as he handed the list to her.Da: "Jeg er dog lidt bekymret.En: "However, I'm a bit worried.Da: Butikken, vi plejer at bruge, er under renovering."En: The store we usually use is under renovation."Da: Katrine nikkede forstående.En: Katrine nodded understandingly.Da: "Jens fortalte mig også om det.En: "Jens also told me about it.Da: Du må måske finde en anden butik."En: You might need to find another store."Da: Mikkel gik ud fra kontoret og ned ad gaden til butikken.En: Mikkel left the office and walked down the street to the store.Da: Da han trådte ind, blev han mødt af kaotisk rod.En: As he entered, he was met with chaotic clutter.Da: Hylderne var tomme, og midlertidige barriere blokerede adgangen til mange af sektionerne.En: The shelves were empty, and temporary barriers blocked access to many sections.Da: Han gik hen til en medarbejder, der så travlt og forvirret ud.En: He approached an employee who looked busy and confused.Da: "Er der nogle muligheder for at få det, jeg har brug for?"En: "Are there any options to get what I need?"Da: spurgte Mikkel.En: asked Mikkel.Da: Medarbejderen trak på skuldrene.En: The employee shrugged.Da: "Vi er løbet ind i nogle forsinkelser.En: "We've run into some delays.Da: Måske kan du finde noget i det hjørne dér," sagde han og pegede.En: Maybe you can find something in that corner over there," he said, pointing.Da: Mikkel gik hen til hjørnet.En: Mikkel went to the corner.Da: Det var ikke meget tilbage.En: There wasn't much left.Da: Kun uventede ting som farvede papirer, glitrende penne og klistermærker.En: Only unexpected things like colored papers, glittery pens, and stickers.Da: Han måtte tage en beslutning; gå til en fjernere butik eller improvisere med de ting, han kunne finde her.En: He had to make a decision; go to a more distant store or improvise with what he could find here.Da: Mikkel tog en dyb indånding og besluttede sig for det sidste.En: Mikkel took a deep breath and decided on the latter.Da: Tilbage på kontoret præsenterede han sin idé til teamet.En: Back at the office, he presented his idea to the team.Da: "Vi kan lave en kreativ præsentation.En: "We can make a creative presentation.Da: Brug farverne til at tiltrække opmærksomhed," sagde han.En: Use the colors to attract attention," he said.Da: Katrine og Jens så på hinanden og nikkede.En: Katrine and Jens looked at each other and nodded.Da: De satte i gang med at skabe noget unikt.En: They set out to create something unique.Da: Næste dag, da præsentationen skulle afvikles, var rummet fyldt med lyse farver og spændende detaljer.En: The next day, when the presentation was to be held, the room was filled with bright colors and exciting details.Da: Stemningen var elektrisk, og præsentationen blev en stor succes.En: The atmosphere was electric, and the presentation was a great success.Da: Klienterne var imponerede over innovationen.En: The clients were impressed by the innovation.Da: Efter præsentationen kom Mikkels chef hen til ham.En: After the presentation, Mikkel's boss came up to him.Da: "Godt arbejde, Mikkel.En: "Good job, Mikkel.Da: Du har virkelig vist, hvordan man kan tænke kreativt.En: You've really shown how to think creatively.Da: Jeg vil gerne snakke med dig om en mulig forfremmelse."En: I'd like to talk to you about a possible promotion."Da: Mikkel smilede.En: Mikkel smiled.Da: Han havde mere selvtillid nu.En: He felt more confident now.Da: Han vidste, at nogle gange var det nødvendigt at tænke uden for boksen for at opnå resultater.øde.En: He knew that sometimes it was necessary to think outside the box to achieve results.Da: Solen skinnede stadig klart, da han trådte ud på gaden igen, men denne gang med en fornyet følelse af stolthed og håb.En: The sun was still shining brightly as he stepped out onto the street again, but this time with a renewed sense of pride and hope. Vocabulary Words:heart: hjertetsummer: sommeroffice building: kontorbygningproject manager: projektlederpresentation: præsentationmissing: manglendereception: receptionensupplies: kontorartiklerhanded: rakterenovation: renoveringunderstandingly: forståendechaotic: kaotiskclutter: rodtemporary: midlertidigebarriers: barriereoptions: mulighederdelays: forsinkelserunexpected: uventededecision: beslutningdistant: fjernereimprovise: improviserebreath: indåndingcreative: kreativattract: tiltrækkeelectric: elektrisksuccess: succesimpressed: imponeredeinnovation: innovationpromotion: forfremmelserenewed: fornyet

The Swiss government confirms that the plan still stands for the US, Iran, Pakistan and Qatar to meet on Friday in Switzerland to commence talks. Furthermore, Al Hadath added that the talks will include the legal aspects related to lifting Iranian sanctions, the issue of frozen funds and the Iranian nuclear file. A Lebanese source also stated that negotiations will discuss Israel's withdrawal along with a timetable for the experimental zone.SNB and Norges Bank leave their respective rates unchanged, as expected. The SNB highlighted increased readiness for FX intervention, while the Norges Bank stated a higher likelihood of near-term rate hikes. US equity futures pare post-Fed losses, with NQ outperforming as US President Trump announced AAPL-INTC collaboration.DXY hold onto post-FOMC bid, GBP to digest BoE and by-election, CHF softer following increased SNB intervention.Fixed income benchmarks mixed; energy benchmarks softer following MoU signing (Brent -1.8%).Looking ahead, highlights include Canadian PPI (May), US Initial Jobless Claims (Jun/13), New Zealand Trade Balance (May), BoE Policy Announcement, CNB Policy Announcement, UK Makerfield by-election, Speakers including ECB's Elderson, Cipollone & Lane, Supply from the US.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

"Demand planning is the thing which everybody seems to focus on, because it's kind of theoretical. You come up with a forecast and it doesn't really influence anything. It's when you look at the supply side, that's when it becomes real." Most supply chains are supported by investments in demand planning tools, sales and operations planning systems, and MRPs… so why is the supply plan being 'fixed' by a person with a spreadsheet and a hunch? Mark Robinson is the CEO of Orchestr8, an enterprise supply chain planning platform. He has spent more than two decades helping global organizations including Shell, BT, 3M, and Boots improve their supply chain planning performance.  He has always maintained a particular interest in the gap between supply planning theory and the realities of execution - one that AI may just be ready to help bridge. In this episode of the Art of Supply podcast, Kelly Barner and Mark discuss why: -Bigger budgets don't buy better outcomes -Supply planning can't be waved away as a background task -A love of 'firefighting' may be half the problem with supply planning   Links: Mark Robinson on LinkedIn: https://www.linkedin.com/in/mark-robinson-3a470211/  Kelly Barner on LinkedIn: https://www.linkedin.com/in/kelly-barner-6884443/  Art of Supply LinkedIn newsletter: https://www.linkedin.com/newsletters/art-of-supply-6895142546301960193  Art of Supply on AOP: http://www.artofsupply.com  Subscribe to the Art of Procurement Newsletter: https://resources.artofprocurement.com/art-of-procurement-podcast-subscribe   

AI's appetite for memory has turned chips into an inflationary factor. Our U.S. Public Policy Strategist Ariana Salvatore looks at what policymakers could do to reduce that pressure.Read more insights from Morgan Stanley.----- Transcript -----Ariana Salvatore: Welcome to Thoughts on the Market. I'm Ariana Salvatore, Morgan Stanley's U.S. Public Policy Strategist. Today, I'll be talking about chipflation and what policy tools can or can't be used to address the memory bottleneck. It's Wednesday, June 17th, at 10am in New York. Last week, you heard my colleague Shawn Kim talk about chipflation and the surging cost of memory. Today, I'll get into what policymakers can and can't do about it. As listeners will know, memory chips are becoming an increasingly strategic resource because AI infrastructure depends on them. And when a resource becomes strategic, governments tend to get involved. The challenge is that policy can help at the margin but probably can't solve the problem quickly. There are three reasons for that. First, many U.S. policy tools all take time. Direct subsidies, tax credits, procurement guarantees, and faster permitting are all things that can support new fabrication plants, packaging facilities, and testing capacity. But memory supply is not going to appear overnight. This new capacity has to be built, equipped, qualified, and ramped – and that process can take years. Second, China may be able to add some supply in conventional memory markets, but not enough to close the broader gap created by AI demand. That's especially true for high bandwidth memory, the more strategic type of memory for frontier AI systems. Supply there still remains highly concentrated, technically complex, and difficult to scale. Third, our base case is that U.S. policy remains more restrictive, not less. We don't expect a broad loosening of export controls given the strategic imperative of this technology. Instead, we think policymakers are likely to continue to prioritize supply chain resilience, trusted capacity, and geopolitical de-risking over the near-term price relief. Now, from a policy perspective, we think it's important to split memory into two categories. The first is AI strategic memory, high bandwidth and advanced DRAM. That's the memory that enables the most advanced AI systems. And for that reason, we think policy here is likely to focus on protecting strategic capability, limiting geopolitical vulnerability, and expanding trusted supply across the U.S. and its allied countries. The second category is commodity or legacy memory. That's the memory that you can think of as being used in autos, industrial systems, consumer electronics, and other non-frontier applications. Now here, we think policymakers could consider more flexible options, like differentiated licensing or targeted support for critical sectors. But even then, the limits are practical: permitting, workforce, tools, qualification cycles, and production lead times. China is the other major variable. Chinese producers are expanding in conventional DRAM and NAND. In some consumer-grade applications, that supply could act as a relief valve for buyers that have been crowded out by AI-related demand. But still, there are limits. Chinese producers face yield and technology gaps, even if policy is supportive. And China alone will not solve the high-bandwidth memory bottleneck. The regulatory backdrop reinforces that point.Some Chinese memory producers remain subject to U.S. restrictions or even heightened scrutiny. Access to the most advanced lithography tools also remains a hard ceiling. Without that access, scaling leading-edge memory becomes much more difficult. So, the bottom line is this: policy can mitigate chipflation, but it's unlikely to end it in the near term. For AI strategic memory, policymakers are more likely to defend access, deepen allied coordination, and encourage trusted capacity than to loosen restrictions. For commodity memory, there may be room for some targeted flexibility. But of course, geopolitics and timing still matter. Thanks for listening. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

Listen and subscribe to Money Making Conversations on iHeartRadio, Apple Podcasts, Spotify, www.moneymakingconversations.com/subscribe/ or wherever you listen to podcasts. New Money Making Conversations episodes drop daily. I want to alert you, so you don’t miss out on expert analysis and insider perspectives from my guests who provide tips that can help you uplift the community, improve your financial planning, motivation, or advice on how to be a successful entrepreneur. Keep winning! Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Damon Haley Co‑founder of Glow and Flow Beauty, discussing his transition from entertainment and sports marketing into the beauty-supply industry, his mission to elevate service for Black and Brown communities, and the franchising model he is rolling out nationwide. Hosted by Rushion McDonald on Money Making Conversations Masterclass, the conversation highlights Haley’s business philosophy, community-driven approach, and long-term vision to create ownership opportunities through franchising.

Supply chain technology has been evolving rapidly, but the biggest shifts in operational excellence may still be unfolding. In this episode of Supply Chain Now, Scott W. Luton and Wiley Jones are joined by Ben Gordon, founder and managing partner of Cambridge Capital LLC. Together, they explore what it truly means to scale businesses in the global supply chain, from workflow automation and AI-driven predictive pricing to strategic M&A and operational leadership. Ben draws on nearly 25 years of experience investing in, building, and advising supply chain companies, including XPO, Greenscreens, and Everest. He makes the case for focusing relentlessly on “the one big thing,” executing with discipline, and using technology not just to cut costs but to enable growth. He also unpacks how AI and workflow automation are transforming logistics operations, creating triple-win outcomes for teams, customers, and the broader ecosystem. Ben shares the leadership principles that guide him: integrate external insights, be brutally honest in self-assessment, “simplify, focus, execute”, and know when bold, strategic moves are needed. He also highlights the importance of operational rigor and culture, demonstrating how leaders can turn competitors into partners and make businesses indispensable to customers. Jump into the conversation: (00:00) Intro (02:51) Deep Supply Chain Roots (05:08) Advisory vs. Growth Capital (06:38) Three Top-of-Mind Market Trends (11:33) Practical Value of AI in Logistics (14:47) Growth Focused Approach Not Cost Cutting (16:40) Leadership and Operational Discipline Create Value (19:19) Brad Jacobs Scaling Playbook Revealed (24:27) Volatility Demands Focus and Execution (28:21) Investors' Perspective on Tech Opportunities (31:15) Founder Reality Check Lessons Learned (35:11) Market Skepticism & The SaaSpocalypse (39:56) Who Wins and Scales Long Term (43:39) Final Advice Start With Outside In (48:13) BGSA Deals Pipeline and Highlights (51:59) Keeping the Main Thing the Main Thing Additional Links & Resources: Connect with Ben Gordon: https://www.linkedin.com/in/bengordon18/ Connect with Wiley Jones: https://www.linkedin.com/in/wileycwjones/ Learn more about Cambridge Capital LLC: https://www.cambridgecapital.com/ Learn more about Doss: https://www.doss.com/ Learn more about our hosts: https://supplychainnow.com/about Learn more about Supply Chain Now: https://supplychainnow.com Watch and listen to more Supply Chain Now episodes here: https://supplychainnow.com/program/supply-chain-now Subscribe to Supply Chain Now on your favorite platform: https://supplychainnow.com/join Work with us! Download Supply Chain Now's NEW Media Kit: https://supplychainnow.com/media-kit/ WEBINAR- The Expanding Role of Supply Chain Optimization Teams in Driving Business Impact: https://bit.ly/3PHRAAf WEBINAR- AI that moves at velocity: Cut through latency with agentic workflows: https://bit.ly/4x4626t This episode was hosted by Scott Luton and produced by Trisha Cordes, Joshua Miranda, and Amanda Luton. For additional information, please visit our dedicated show page at: https://supplychainnow.com/top-of-the-deal-table-ai-supply-chain-next-wave-value-1597 The content in this episode, including all audio, videos, visuals, and graphics, is the property of Supply Chain Now and is protected by copyright law. Unauthorized use, reproduction, distribution, modification, or re-uploading of this content in any form is strictly prohibited without explicit written permission from Supply Chain Now.For licensing inquiries or permissions, please contact us at production@supplychainnow.com© 2026 Supply Chain Now. All rights reserved. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

On the Science pod, we've been covering a lot of the ground on how AI is revolutionizing STEM, but one of our favorite off the record topics since our launch is which field is harder to accelerate: math, bio, or physics? Today we're back in Materials Science land with Radical — Unlike biological molecules that can be represented (and predicted!) by token strings, the success of materials involve many more macro complex variables like supply chains, microstructures, and manufacturing processes. If you recall the LK99 drama of 2023, while the basic ingredients were known, part of the confusion came from the lack of disclosure around manufacturing, and therefore defeated reproducibility. There is probably no "one-shot" model capable of designing a material that works perfectly at scale.How Radical is accelerating materials discovery >10x the pace of DARPA/GE MACHJoseph Krause is a materials scientist through and through. And after spending his career watching industries stall out waiting for better materials, he founded Radical AI to do something about it.We recently sat down with Joseph to talk about Radical AI, materials discovery, self-driving labs, and the future of AI science. Joseph did not sugar coat anything: accelerating the materials discovery pipeline is a hard problem. But it's one that he strongly believes we need to invest in, for the future of consumer products, aerospace, computing, and defense, and get them into every day use:“We count it as a discovery when you pick up your phone and there's a new material sitting inside of it.”How does Joseph plan on accelerating the rate of discovery? To understand this, it's important to understand why this is such a hard problem in the first place. The first thing to keep in mind is that the material that is manufactured is far more than a chemical formula going into it. The process of mixing, annealing, growing, or generating the final material can result in wildly different outcomes. The entire materials discovery process, both from early discovery to large scale manufacturing, needs to be understood and characterized.The Self-Driving LabThis philosophy has grown into a key insight at Radical AI: The construction of the self-driving lab. This lab is one that is not just automated, but in fact uses an “AI scientist” that combines scientific knowledge, computational techniques, and human intuition to generate and test hypotheses in an automated lab. Creating an AI scientist was key to making Radical's self-driving labs work, since Joseph argues that no single AI model can one-shot materials.“In materials, the ground truth is the material itself. You have to be able to test it and characterize it.”Joseph talked at length about the self-driving labs at Radical. Joseph argues that experimental data is the true “moat” in this industry. An SDL functions as a closed-loop system where an AI scientist generates hypotheses, and automated robotics synthesize and characterize materials, running research campaigns in parallel rather than serially. The successes here were both on the automation side and on the science side. Radical has managed to scale their alloy discovery pipeline up to producing and characterizing 1200 alloys in six months — this nearly 10x speedup over the DARPA/GE MACH program that aimed to create 500 new alloys in a year. Joseph claims they can scale this up even more and estimates they can produce a hundred new alloys tested and characterized in a day. A truly new paradigm in high-throughput alloy experimentation.On the science side, their AI scientist proposed and tested 300 new materials, ten of which were found to have novel state-of-the-art properties that are already being further developed for commercial applications. The robustness of this first materials campaign reinforces Joseph's claim that the moat is the lab and data.“It's moved into elemental families or alloy families no one has ever published on before.”Interestingly, Radical's AI scientist has made some novel discoveries, expanding into elements that just were not explored prior. This is fascinating from a scientific perspective, but it's also important for helping reduce supply chain bottlenecks for vital industries!Joseph spent a lot of time in D.C. before founding Radical, and he's clear-eyed about the competitive threat. China's centralized model lets it stand up manufacturing hubs and immediately scale new materials from lab to production. We can't replicate that, and Joseph is very clear we shouldn't try. But we do need an answer. For Joseph, that means transforming the scientific workforce, investing in self-driving lab infrastructure at the national lab level, and leaning hard into public-private partnerships.“Now imagine every scientist in the United States doing 10 times the research output. That's fundamental. That just changes the trajectory of discovery.”Before we close, we'd like to give a shout out to Joseph and Radical for publishing and open sourcing much of their internal tooling pipeline. This includes:* TorchSim (preprint, blog): an open-source PyTorch-based MD simulation framework, which has been spun off into its own non-profit.* MATRIX/MATRIX-PT (preprint, blog): An open-source dataset for benchmarking autonomous self-driving labs (MATRIX), along with with an open source model based upon this dataset (MATRIX-PT). We could talk about this extensively, but a fun data point is that improving reasoning in the area of materials also improved reasoning for biological systems! This is a truly unexpected result.Big shout-out to the Radical team for sharing their work!Materials discovery has been stuck on a 20–30 year timeline for generations. Joseph thinks that's about to change, and Radical AI is putting that thesis to the test in the lab, one sample at a time.We had a great time talking with Joseph. We hope you give it a listen!Timestamps* 0:00 Introduction to the challenges of AI in material science* 0:52 Welcome and introduction to Joseph Krause and Radical AI* 1:38 Why Radical AI is different: The focus on experimental data and Self-Driving Labs (SDLs)* 6:19 The process: Candidate generation, synthesis, and characterization* 11:05 The application of exotic alloys in extreme environments (aerospace and defense)* 13:20 Barriers to entry: The slow process of qualification and manufacturing* 16:06 Supply chain constraints in material science* 19:24 Human-in-the-loop: Training the AI using scientific intuition* 20:35 The engineering challenges of automating a laboratory* 23:17 Defining the “Self-Driving Lab”: Research campaigns vs. just automation* 24:39 Mechanical challenges: Handling high-temperature samples* 27:41 Future scaling plans and the “Vertical Integration” strategy* 30:08 Validation timelines for high-tech industries (semiconductors, aerospace)* 31:47 The active learning loop and handling “negative results”* 35:32 AI exploring elemental families beyond human bias* 39:13 Throughput targets and the difference between AI and human exploration* 43:52 Why the dataset size is less critical than the quality of experimental feedback* 46:20 Addressing the lack of an “AlphaFold” for materials* 53:49 War stories from the lab: Building the infrastructure* 58:12 The shift in industry sentiment toward SDLs and tool interfaces* 1:01:14 Geopolitical considerations and the race in material science innovation* 1:06:12 Calls to action for ML and AI engineers: Rethinking the scientific stack* 1:09:53 The Matrix model and using VLM for scientific knowledge extraction* 1:13:10 Why Radical AI is open-sourcing their work This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.latent.space/subscribe

The Gary & Shannon Show (06/16) Hour 3 – Shannon opens the hour with more Shania Twain fun facts before Gary and Shannon dive into the day's biggest stories, including the ongoing investigation into the B-52 crash, efforts to rebuild a pier ahead of El Niño, and Bunny XO's post-divorce social media activity.Then, Gary shares a compliment from Conway after last night's fire coverage, Shannon gets some kind words of her own, and the hosts discuss the expected Friday signing of the new Iran memorandum.Plus, comedian Greg Warren joins the show to bond over Kansas City Pig BBQ hats, recount his days selling Pringles and PB&J, joke about getting high on his own supply, and talk about life on the road, forgetting things, and the realities of being a working comedian.See omnystudio.com/listener for privacy information.

The US government abruptly forced Anthropic to pull its most advanced AI model offline after fears it was simply too powerful to be safe. Hear the real story behind the sudden shutdown that rocked the tech world—and what it reveals about the uneasy alliance between Washington and Silicon Valley. • Anthropic's Fable 5 AI model release sparks cybersecurity and jailbreak concerns • White House pressures Anthropic to withdraw Fable amid security fears • Debate over government intervention, model regulation, and Anthropic's IPO timing • SpaceX IPO rockets to record-breaking $1.77 trillion valuation • Apple unveils revamped Siri and Apple Intelligence at WWDC • Apple's new child safety and parental controls in iOS • OpenAI and Anthropic plot IPOs, face economic realities of AI industry • Supply chain attacks hit Arch Linux packages, security risks highlighted • Spotify battles surge of fake podcasts promoting illegal drugs • German court rules Google AI overviews legally liable for inaccuracies • FCC pursues crackdown on anonymous burner phones, raising privacy alarms • North Korean hackers' massive infiltration of US tech sector exposed • iFixit teardown reveals Trump Phone is just a rebadged HTC U24 Pro • Smartphone and internet access linked to declining US birth rates • Skydance-Paramount merger approved as Warner Bros seeks next mega deal • Roku seeks buyer, raising questions about future streaming platforms Host: Leo Laporte Guests: Christina Warren, Harry McCracken, and Richard Campbell Download or subscribe to This Week in Tech at https://twit.tv/shows/this-week-in-tech Join Club TWiT for Ad-Free Podcasts! Support what you love and get ad-free audio and video feeds, a members-only Discord, and exclusive content. Join today: https://twit.tv/clubtwit Sponsors: meter.com/twit threatlocker.com/twit bitwarden.com/twit NetSuite.com/TWIT cachefly.com/twit

The US government abruptly forced Anthropic to pull its most advanced AI model offline after fears it was simply too powerful to be safe. Hear the real story behind the sudden shutdown that rocked the tech world—and what it reveals about the uneasy alliance between Washington and Silicon Valley. • Anthropic's Fable 5 AI model release sparks cybersecurity and jailbreak concerns • White House pressures Anthropic to withdraw Fable amid security fears • Debate over government intervention, model regulation, and Anthropic's IPO timing • SpaceX IPO rockets to record-breaking $1.77 trillion valuation • Apple unveils revamped Siri and Apple Intelligence at WWDC • Apple's new child safety and parental controls in iOS • OpenAI and Anthropic plot IPOs, face economic realities of AI industry • Supply chain attacks hit Arch Linux packages, security risks highlighted • Spotify battles surge of fake podcasts promoting illegal drugs • German court rules Google AI overviews legally liable for inaccuracies • FCC pursues crackdown on anonymous burner phones, raising privacy alarms • North Korean hackers' massive infiltration of US tech sector exposed • iFixit teardown reveals Trump Phone is just a rebadged HTC U24 Pro • Smartphone and internet access linked to declining US birth rates • Skydance-Paramount merger approved as Warner Bros seeks next mega deal • Roku seeks buyer, raising questions about future streaming platforms Host: Leo Laporte Guests: Christina Warren, Harry McCracken, and Richard Campbell Download or subscribe to This Week in Tech at https://twit.tv/shows/this-week-in-tech Join Club TWiT for Ad-Free Podcasts! Support what you love and get ad-free audio and video feeds, a members-only Discord, and exclusive content. Join today: https://twit.tv/clubtwit Sponsors: meter.com/twit threatlocker.com/twit bitwarden.com/twit NetSuite.com/TWIT cachefly.com/twit

The underground steroid market is changing fast. We break down new developments in China API production, Operation Pangea, law enforcement focus on online sales, and what it could mean for PED users moving forward. Plus, we answer your listener questions on estrogen management, Anavar use, TRT+, growth hormone dosing, Masteron, AFIB, stubborn fat loss, and much more. Hosted by Dave Crosland and Scott McNally 0:00 Welcome Back to Drugs n Stuff 0:45 Testosterone Production Industry Update 3:00 China API Production Changes Explained 8:45 Operation Pangea Disrupting the Steroid Market 11:25 Law Enforcement Targets Online Steroid Sales 14:45 Is the U.S. Still Investigating? 17:20 Support Our Sponsor - True Nutrition 18:00 How Important Is Keeping Estrogen In Range? 23:10 Can You Use PEDs If You Have AFIB? 25:15 Can You Build Muscle With Resistance Bands? 28:15 Are People Overusing Lab Work? 31:45 Anavar Only On Training Days? 34:20 First Steroid Cycle vs TRT Plus 36:15 Getting Rid Of Lower Abdominal Fat 39:00 The Worst Cycle We've Ever Heard 43:30 YK-11 Real World Listener Feedback 45:00 2 IU vs 10 IU Growth Hormone 48:45 Using Gear After Massive Fat Loss 51:30 High Masteron Cycles And Aging Skin 53:45 Can Steroids Cause Carpal Tunnel? 55:15 Cialis For Pumps And Contest Prep 57:00 Crack On! 57:30 Dave's Story Of Being A Fugitive UK Blood Work Get your Labs done by Dave in the UK : https://evalbloodanalysis.com/home/ Support the Podcast Patreon — Help keep the show growing. Even $5/month makes a difference. https://www.patreon.com/thinkbigbodybuilding Sponsors TRUE NUTRITION — Custom supplements for serious lifters Use code THINK to save https://www.truenutrition.com/THINK STROM SPORTS — Performance supplements trusted by athletes UK: https://tinyurl.com/ydmbfa54 US: https://stromsportsus.com Supplement Source Canada — Top brand supplements with fast shipping http://www.supplementsource.ca Merch Official THINK BIG Merch — Train, represent, support the brand https://think-big.printify.me/products

The US government abruptly forced Anthropic to pull its most advanced AI model offline after fears it was simply too powerful to be safe. Hear the real story behind the sudden shutdown that rocked the tech world—and what it reveals about the uneasy alliance between Washington and Silicon Valley. • Anthropic's Fable 5 AI model release sparks cybersecurity and jailbreak concerns • White House pressures Anthropic to withdraw Fable amid security fears • Debate over government intervention, model regulation, and Anthropic's IPO timing • SpaceX IPO rockets to record-breaking $1.77 trillion valuation • Apple unveils revamped Siri and Apple Intelligence at WWDC • Apple's new child safety and parental controls in iOS • OpenAI and Anthropic plot IPOs, face economic realities of AI industry • Supply chain attacks hit Arch Linux packages, security risks highlighted • Spotify battles surge of fake podcasts promoting illegal drugs • German court rules Google AI overviews legally liable for inaccuracies • FCC pursues crackdown on anonymous burner phones, raising privacy alarms • North Korean hackers' massive infiltration of US tech sector exposed • iFixit teardown reveals Trump Phone is just a rebadged HTC U24 Pro • Smartphone and internet access linked to declining US birth rates • Skydance-Paramount merger approved as Warner Bros seeks next mega deal • Roku seeks buyer, raising questions about future streaming platforms Host: Leo Laporte Guests: Christina Warren, Harry McCracken, and Richard Campbell Download or subscribe to This Week in Tech at https://twit.tv/shows/this-week-in-tech Join Club TWiT for Ad-Free Podcasts! Support what you love and get ad-free audio and video feeds, a members-only Discord, and exclusive content. Join today: https://twit.tv/clubtwit Sponsors: meter.com/twit threatlocker.com/twit bitwarden.com/twit NetSuite.com/TWIT cachefly.com/twit

The US government abruptly forced Anthropic to pull its most advanced AI model offline after fears it was simply too powerful to be safe. Hear the real story behind the sudden shutdown that rocked the tech world—and what it reveals about the uneasy alliance between Washington and Silicon Valley. • Anthropic's Fable 5 AI model release sparks cybersecurity and jailbreak concerns • White House pressures Anthropic to withdraw Fable amid security fears • Debate over government intervention, model regulation, and Anthropic's IPO timing • SpaceX IPO rockets to record-breaking $1.77 trillion valuation • Apple unveils revamped Siri and Apple Intelligence at WWDC • Apple's new child safety and parental controls in iOS • OpenAI and Anthropic plot IPOs, face economic realities of AI industry • Supply chain attacks hit Arch Linux packages, security risks highlighted • Spotify battles surge of fake podcasts promoting illegal drugs • German court rules Google AI overviews legally liable for inaccuracies • FCC pursues crackdown on anonymous burner phones, raising privacy alarms • North Korean hackers' massive infiltration of US tech sector exposed • iFixit teardown reveals Trump Phone is just a rebadged HTC U24 Pro • Smartphone and internet access linked to declining US birth rates • Skydance-Paramount merger approved as Warner Bros seeks next mega deal • Roku seeks buyer, raising questions about future streaming platforms Host: Leo Laporte Guests: Christina Warren, Harry McCracken, and Richard Campbell Download or subscribe to This Week in Tech at https://twit.tv/shows/this-week-in-tech Join Club TWiT for Ad-Free Podcasts! Support what you love and get ad-free audio and video feeds, a members-only Discord, and exclusive content. Join today: https://twit.tv/clubtwit Sponsors: meter.com/twit threatlocker.com/twit bitwarden.com/twit NetSuite.com/TWIT cachefly.com/twit

We’re back with a new Insanity Check episode Kriss & Ro are joined by Justin. We ended up switching the main focus of today’s show because of the latest news about the US Government slapping export controls on the latest Anthropic model. A true case of “WTF did you think was going to happen?” Checking in on the resident Spurs fan to see how he’s doing and feeling US Government tells Anthropic it can’t release it’s new model to foreign nationals basically forcing the company to pull access This situation is entirely Anthropic’s fault for going around for months talking about how “dangerous” Mythos was A.I. companies got in bed with the US Government because they thought they could control government officials and get what they want. Instead they’re realizing they just made a deal with loan sharks backed by the mob Not to be left out and showing they’ve learned no lesson, OpenAI is trying to pull the “China is doing it” narrative to explain away why so many people hate data centers Justin hasn’t been following the Cheyenne Bryant debacle and well… Grifters are always going to Grift Guest: Ro & Justin @bookblerd.bsky.social‬ @ljay90.bsky.social   Like what you hear? Subscribe so you don’t miss an episode!   Follow us on BlueSky: @InsanityReport  

Evan Ellis discusses Bolivia's severe instability as blockades led by supporters of Evo Morales disrupt the capital's supply of food and oxygen. Morales is described as a dangerous figure using cocaine-related funds to destabilize the democratically elected government, posing a significant risk to regional US allies. (13)1900

Day 1,568.As Putin marks Russia Day by handing out state prizes, including to a former human rights commissioner who's been sanctioned for gross human rights violations, Ukraine chose to celebrate the big day by launching attacks across Russia. Dom reports how repeated Ukrainian strikes have reduced traffic along the critical supply corridor to Crimea by nearly three quarters, and looks at the latest European diplomatic overtures to the Kremlin. Later, Adelie interviews two charities that rescue animals from the frontline.Contributors:Dominic Nicholls (Host on Ukraine: The Latest). @DomNicholls on X.Adelie Pojzman-Pontay (Host on Ukraine: The Latest). @Adeliepjz on X.With thanks to:Yuriy Tokarski, CEO of U-Hearts Foundation and Yaryna Vintoniuk and Yuliana Symchych of Animal Rescue Kharkiv.Senior Producer: Lilian FawcettVideo Producer: James EnglandSocial Producer: Tom SteedStudio Director: Meghan SearleExecutive Editor: Francis DearnleyCreated by David KnowlesNOW IN FULL VIDEO WITH MAPS & BATTLEFIELD FOOTAGE:Every episode is now available on our YouTube channel shortly after the release of the audio version. You will find it here: https://www.youtube.com/@UkraineTheLatest CONTENT REFERENCED:Exclusive: Ukraine's drone commander wants to cut Crimea off from Russia (Reuters)https://www.reuters.com/world/europe/ukraines-drone-commander-wants-cut-crimea-off-russia-2026-06-11/ Learn more about Animal Rescue Kharkiv:https://youtube.com/@animalrescuekharkiv?si=eXf93VmXprnAGoMbhttps://www.facebook.com/spt.kh/https://www.instagram.com/animal.rescue.kharkiv.enhttps://www.animalrescuekharkiv.org/Learn more about U-Hearts Foundation:https://u-hearts.com/EMAIL US:Contact the team on ukrainepod@telegraph.co.uk. We continue to read every message, and seek to respond to as many on air and in our newsletter as possible.HIGHLIGHTS:Ukraine wipes out 'critical' supply route on Russia's national day50 Russian military trucks also destroyed Hosted on Acast. See acast.com/privacy for more information.

Simon Constable reports from France on falling global commodity prices for food and energy due to supply meeting demand. He then shifts to the immigration crisis in Britain, where violent incidents in Belfast and Southampton have fueled public outrage. Constable attributes the unrest to a failure of both major parties to manage unfettered immigration and the lack of cultural integration. (13)1910 SUFFRAGE