Spain has been looking for a way to make mass tourism more digestible for years. The US threatens to do the job for her

In 2025, Spain was left with the desire to reach the 100 million tourists foreigners. Now a cloud on the other side of the Atlantic threatens to move that milestone further away also in 2026. In a turbulent scenario, conditioned by the warthe brent barrel climbing and domestic politics, more and more Americans are rethinking their trips abroad. This is suggested by at least one report from the consulting firm Cirium, which has detected a “puncture” both in flight reservations between Europe and the US and (and here is the key) from the US to Europe. The data is relevant because the flow of Americans connects with other fronts that affect Spain, such as the demand of the tourism sector or the housing. A percentage: 11.2%. The data has advanced it USA Today. In a chronicle on tourism and international travel patterns, the newspaper slips a couple of data from the consulting firm Cirium that leave a clear reading: the demand for transatlantic flights is suffering. And quite obviously. According to their analysis, reservations from Europe to the United States have experienced a year-on-year decrease (July 2025-July 2026) of 15.34%. In the opposite direction, from the United States to Europe, a drop of 11.19% has also been recorded. Country of origin Tourists (2025) AVERAGE expenditure per tourist € (2025) United Kingdom 19,084,423 1,240 France 12,767,491 908 Germany 12,050,833 1,317 Italy 5,704,989 956 Netherlands 5,007,641 1,423 USA 4,456,665 2,297 Portugal 3,383,482 602 The alarms go off. The falls are striking, but they are even more shocking when compared to measurements that the consultancy managed at the beginning of the year. The outlook they drew at that time was also negative and predicted falls, but not so abrupt. Europe-US reserves pointed to a decline of 14.22% and US-Europe reserves of 7.27%. The reading is clear: travel forecasts have worsened, especially those of Americans. Why is it important? That the US has lost appeal among foreign tourists is no surprise. In 2025, after the return of Donald Trump to the White House and the trade and immigration war with which his mandate began, there began to be talk of a tourist boycott to the country of the stars and stripes. In 2026 the outlook is not simple either. The US has the powerful claim of the World Cup (it is the host along with Mexico and Canada), but the year has still started losing travelers and Oxford Economics estimates that, despite the ‘FIFA effect’, 2026 will close with a discreet growth tourism of 3.9%. What is striking about Cirium’s analysis is that the flow of tourists does not seem to be suffering only in the ‘USA direction’. Demand also pushes in the opposite direction, from Americans themselves, who are less interested in crossing the pond to visit Europe. USA Today cites two cases: reservations to Frankfurt have been reduced by 26.8% and those to London by 11.31%. Half surprise. The truth is that Cirium’s data only confirms the forecasts released several months ago by YouGov, which in December published a study in which he already warned that Americans would face their international vacations with some “caution” in 2026. The report left out some percentages for reflection. For example, 60% of those surveyed admitted that they never traveled abroad for pleasure, something that is largely explained by the cost of flying. Another interesting fact is that 43% admit to having traveled less abroad during the last year. But… And why is that? There is no single answer. When talking about the decline in demand in December, YouGov slid two factors why Americans pack less now. First, due to “economic uncertainty”, a reason cited by almost a third (28%) of those surveyed. Second, due to the increased cost of travel, something that 18% complained about. Since then the picture has become more complex. Added to the uncertainty are geopolitical tensions and the conflict in the Middle East, which, remember USA Todaybeyond the rise in oil prices, has “revived fears of terrorism.” The newspaper recalls that messages like the one left not long ago by Jeh Johnson, former Secretary of Homeland Security, about the security risks derived from the war in Iran weigh on US travelers. There would be another factor influencing Americans’ flight plans. The prolonged government shutdown from the end of 2025 has increased the burden on the Transportation Security Administration (TSA), which partly translates into long lines at the country’s airports. Now we add the changes to the airport map caused by the war in Iran, the foreseeable increase in the cost of transportation and flight cancellation due to increased costs. Does Spain care? Yes. The US is not only a world power. It also represents an important fishing ground for tourists and expats interested in spending time in our country. According to data from the INE, last year Spain received 96.8 million of foreign visitors. Of them some 4.4 million (almost 5%) came from the US, making it one of the main foreign markets. Its average expenditure per person is also high: 2,297 euros in 2025, above the average (1,392) and nations like Germany. Its weight is relevant if Spain wants to reach the goal of 100 million visitors. It is also felt in another market closely connected to tourism: housing. Both through vacation rentals and the expatswhich in recent years have set their sights on the European market due to their attractiveness. In fact there are experts who they already warn that there are areas like Mallorca that are arousing more and more appetite among Americans looking for luxury homes. Image | Martijn Vonk (Unsplash) In Xataka | China stripped Japan of its tourists in hopes of causing an economic hole. Nothing could be further from reality

The daily menu has been in an existential crisis for some time. Now Mercadona threatens to take it ahead

“This is more practical and faster. You eat for 6 euros and I don’t spend 45 minutes. I haven’t eaten off the menu since summer.” The phrase It is from David, 35 years old, technical director of a gym in Madrid. The World He interviewed him recently while having lunch at a Mercadona in the capital. His comment may seem like a simple anecdote, but it summarizes a phenomenon that in the coming years threatens to transform the healthcare sector. retailhospitality and even our eating habits: the struggle between the ‘menus of the day’ of bars and supermarket dishes. For now the figures are clear. Why are you going to the supermarket? A few years ago (not that many) that question would sound like a truism. You go to the supermarket to buy fruit, meat, preserves, milk… whatever you need to fill the pantry. At most you leave there with toiletries or perhaps home decorations, if we’re talking about stores. hypermarket type. However, more and more people go to the supermarket with another purpose: to eat. Literally. Go to a Mercadona, Carrefour or Alcampo (to name just three chains with a presence in Spain) and buy ready-to-eat dishes. Some stores even offer tables, chairs and microwaves. “Merchants” they call them. If you look splendid you can even buy a cup of freshly ground coffee. And do they work? Yes. A few days ago a reporter from The World visited a Mercadona in the center of Madrid, and found that, in addition to people shopping, there was a dining room full of customers eating dishes prepared in the supermarket itself. Three caregivers were having lunch together. At another table a woman was eating a hamburger while looking at her cell phone. Tables. Unknown. Dishes. Exactly the same as in a bar. And it is not something that happens only in Madrid. Not even in Mercadona. In another neighborhood, a retiree waits in line at a Carrefour to buy a rice and hake salad in green sauce. It is the menu of the day from the store, although his idea is actually to take it home. What does the data say? That the above are more than simple scenes of customs. It is proof that something is changing in the sector. retaila change that connects with our eating habits and threatens to hit traditional hospitality completely. According to data from the consulting firm Circana, the distribution sector already accounts for almost the fourth part (23%) of spending on food outside the home. And it is not the only indicator that points in that direction. Another recent NIQ report estimates that the prepared food sector in supermarkets, a broad category that includes everything from refrigerated dishes to other ready-to-eat dishes, recorded year-on-year growth in 2025. 11%well above the 5.8% at which the food distribution as a whole grows. In net terms, this translates into a turnover of billions of euros. In general, Asefapre, the association of manufacturers of prepared dishes, estimates that in 2025 per capita consumption amounted to 18 kg per person, 5% more than in 2024. Its most popular products are refrigerated pizzas, frozen potatoes and pasta-based dishes, so it does not exactly coincide with the foods offered in sections such as ‘Ready to eat’ from Mercadona, but it still gives a valuable clue about consumer trends in Spain. Which chains stand out? In Spain, brands with higher weight In distribution by value quota they are Mercadona, Carrefour and Lidl. The ‘photo’ is not very different when we talk about spending on food. At least that is what the data from Worldpanel by Numerator (Kantar) suggests, which recently disclosed a report which shows that the Valencian chain accounts for a value share in food and beverage consumption of 19.7%. Carrefour reaches 6% and Lidl 5.1%. The study leaves another interesting reading: with its share of almost 20%, Mercadona far exceeds the sum of bars, cafes and terraces (with a 11.2% share of total value) and independent restaurants, which remain at 8.6%. That Roig’s chain occupies such a prominent place is no coincidence. Beyond the gap that has been made in the sector retail thanks to the white labelthe group has been betting on its line for years ‘Ready to eat’in which it offers already cooked dishes that can often be enjoyed without having to leave the store. Today the section is implemented in 1,469 stores distributed throughout Spain and Portugal. Only throughout 2025 did the model expand to 210 new premises. What about the menu of the day? As Víctor, the young man from Madrid with whom we started this report, implies, this new offer of ready-to-eat dishes (many of them based on “traditional recipes”) represents direct competition for bars that offer daily menus. That’s interesting in itself. However, there is another reason why it is worth paying attention to this struggle between ‘merchants’ and bars: catch the traditional hospitality ‘menu’ in the middle of the crisis. Its format is largely based on affordability, but the escalation of costs in recent years (and which may yet be yet to come) makes it turn out every time more difficult keep them at attractive prices. At least if hoteliers want to maintain their margins. Have daily menus become more expensive? Yes. The data from the employers’ association show that every day in Spain they continue to serve millions of menusbut that does not mean that they are getting rid of price escalation. Between 2016 and 2024 They became more expensive on average by 19.5% (they went from 11.7 to 14 euros), but even with that increase the increase accumulated by the general CPI is not equal. A quick Google search arrives to find recent news that warns that in the last decade this increase in prices it’s already over 21%complicating the possibility of finding menus by less than 15 euros. What does that mean? That things get complicated for hoteliers, forced to maintain a profitability margin that guarantees their businesses and compete … Read more

Its severity threatens a total ban on its GPUs in China

What is happening with Super Micro and NVIDIA comes from afar. The US Government has suspected for several years that Chinese companies and research centers dedicated to artificial intelligence (IA) acquire NVIDIA’s most advanced GPUs through Singapore and Malaysia intermediary companies. Early March 2025 The Singapore Government confirmed that had identified those responsible for diverting servers containing the high-performance GPUs produced by NVIDIA to China. One of the companies that had presumably acquired those servers was High-Flyer, the parent company DeepSeek. And the companies that had manufactured those machines were two American customers of NVIDIA very important: Dell Technologies and Super Micro Computer. Now we know much more. According to Reutersfour Chinese universities purchased Super Micro servers equipped with GPUs restricted by the US Government over the last year. And two of these universities are linked to the People’s Liberation Army. Super Micro is the last straw for US senators In 2022, the US Government decided to ban the sale to China of the most powerful AI GPUs designed by NVIDIA, AMD and other US companies. Since then, the US and Chinese Administrations have maintained a constant pulse that not only affects the integrated circuit industry; It permeates everything to the extent that AI chips support a critical technology for both nations. Be that as it may, Super Micro, whose headquarters reside in San José (California), He is currently facing very serious charges.. Two US senators have asked Howard Lutnick, the Secretary of Commerce, to suspend all export licenses And, again according to Reutersthree employees of this company (one of them is its co-founder), have been accused of facilitating the smuggling of cutting-edge American AI technology to China worth at least 2.5 billion dollars. Super Micro has defended itself by claiming that those responsible for the company were not aware of the plot orchestrated by these employees, but this conflict has set off alarms on Capitol Hill. And there is probably no turning back. Two US senators have asked Howard Lutnick, the Secretary of Commerce, to suspend all export licenses that allow the shipment of advanced NVIDIA GPUs and servers to China and its intermediaries in Southeast Asia, such as Singapore or Malaysia. For NVIDIA, this scenario is very dangerous, which is why its spokespersons have confirmed that they are working closely with the US Government to fully comply with current and future export regulations. Whatever the future of NVIDIA in China is uncertain. If the two senators’ proposal finally goes ahead, their presence in the market of the country led by Xi Jinping will be threatened. Additionally, at the beginning of October 2024 the Chinese Administration sent to its AI companies a recommendation in which it asked them to, to the extent possible, They used chips produced in China. Ten months later this recommendation became a requirement. And the Chinese Government forced state-owned data centers throughout the country to use at least 50% Chinese integrated circuits in their servers. Image | Generated by Xataka with Gemini More information | Reuters | Tom’s Hardware In Xataka | We can forget about AI without hallucinations for now. NVIDIA CEO explains why

A brotherhood in Sagunto has closed its doors to women during Holy Week. The decision threatens to cost the entire town

What weighs more, tradition or equality? It seems like a whimsical question, but it’s exactly the same as yesterday they had to consider hundreds of brothers from Sagunto. There the members of Sang de Sagunt have had to make a controversial decision with Holy Week around the corner: Keep the doors of their brotherhood closed to women, preserving the status quo with which they have functioned in recent centuries, or accept the requests increasingly pressing of the women who want to procession just like the men of the town? For them there are few doubts. What has happened? That nothing will change in Sagunto. At least for now. Yesterday the brotherhood of the Sang de Sagunt decided by an overwhelming majority that it will remain faithful to tradition and keep its door closed to women. The members of the brotherhood with the right to vote were called to a conclave in which they had to decide a crucial question: whether or not to alter the statutes so that where it now says “male” it now includes “any baptized person”, a small change that would nevertheless allow women to participate in the work of the entity. The brothers voted for do not touch a single comma. What was the result? The vote was held behind closed doors, but its results were not long in coming. To begin with, we know that of the 1,627 brotherOnly 403 voted, all men, of course. Regarding the result, the ‘no’ to the change won resoundingly. 267 people spoke out against altering the statutes compared to 114 who supported it. Another eight brothers abstained, 12 voted blank and two issued invalid ballots. The result throws a bucket of cold water (the umpteenth) on the claims of the dozens of women of the Semana Santa Inclusiva Sagunto collective who were waiting gathered at the doors of the temple where the summit was held. Why is it important? Beyond the vote and what it means for the brotherhood, the result is important for several reasons. To begin with, it shows that, despite the attempts at Inclusive Holy Week, the message of equality is far from reaching the brotherhood. It’s not just that the ‘no’ won overwhelmingly, it’s that it’s the third time that the brotherhood has spoken out in that sense. A similar vote was held in 1999 in which only nine brothers They spoke out in favor of the inclusion of women. In 2022 the experience was repeated with the same result, although the ‘yeses’ shot up to 135, leaving at least a positive reading for women. Yesterday the vote did not even leave that little consolation. Support plummeted to only 114. Are there more reasons? Yes. Yesterday’s vote is also relevant for what it may represent for Holy Week in Sagunto. In February elDiario revealed that the Ministry of Tourism had initiated an investigation file to decide whether or not to remove the label Festival of National Tourist Interest (FITN). The reason: precisely the lack of gender equality in the brotherhood that has been in charge of the central events of Holy Week for centuries. The loss of the title would be a lot more than a simple administrative formality. The FITN label clears the way to benefit from promotion channels and subsidies, so if Sagunto loses that label it could be affected at a tourism level. The Government already has advanced which, after yesterday’s vote, has decided to initiate a file to “revoke” the 2004 declaration. Why did they vote against? In the background there is a key debate: Maintain the current status to preserve tradition or adapt it to the values ​​of the 21st century for greater equality? As the reporters who were waiting yesterday for the result of the vote at the doors of the temple explained, arguments in favor of both positions could be heard in the streets of Sagunto. At the summit, however, the first one won with arguments like “tradition is tradition” or that women can set up their “own brotherhood.” “We are sad, above all disappointed,” admits to The Newspaper Blanca Ribelles, from Holy Week Inclusive. “I thought that our society would have evolved and that we would be more mature than three years ago, because equality is something that is no longer questioned. It is not about being more, but about equality.” After collecting signatures to encourage voting, Ribelles recognizes that now the next move may be to go directly to court, although assures which is a path “that we would never have wanted to reach”. Is it a unique case? Not quite. What the group demands is that women not have to limit themselves to mending their clothes, cleaning the hermitage or raising funds. They want to go out in procession in “the usual brotherhood, the one they have always had.” It is not the only place in Spain where the debate has arisen. A year ago the Constitutional gave the reason to a woman from La Laguna (Tenerife) who reported a similar situation. The case has been resorted at the European level, however, which explains why yesterday it was not decisive in the Sagunto vote. Images | Sagunto Tourism and Valencian Community In Xataka | Holy Week has been a huge marketing campaign for decades. Now it even has board games

We have been avoiding the definitive energy crisis for months. Iran’s missile at Qatar’s largest gas plant threatens to detonate it

We had been holding our breath for weeks, assuming the logistical tension in the Strait of Hormuz like the new normal. However, the war has crossed an irreversible red line. We have gone from a trade blockade to the physical destruction of the world’s energy engine, and the consequences are already being felt in the global economy. The impact has been immediate. The price of natural gas in Europe (the TTF reference contract) has shot up 35% in a matter of hours, resurrecting the worst ghosts of the Ukrainian crisis of 2022. The magnitude of the disaster is such that Susan Sakmar, a professor at the University of Houston, warns in Bloomberg that this attack could be “a turning point for the LNG sector, similar to the attack against Nord Stream or perhaps even worse”, as it is a sudden interruption with no signs of a short-term solution. The chronological climb. To understand how we got here we have to look at the chain of events of the last 48 hours. The original trigger, as revealed The Wall Street Journalwas an attack by Israel against the South Pars field, the jewel in the crown of the Iranian energy industry, with the aim of suffocating the sources of financing for the Revolutionary Guard. And it is not just any objective. The analyst Joaquín Coronado emphasizes that South Paris (shared with Qatar, where it is called North Dome) is the largest natural gas field in the world, hosting 10% of global reserves. 70% of Iranian domestic consumption gas comes from there and generates 80% of the Qatari State’s income. A withering response from Tehran. As pointed out Financial TimesIran launched ballistic missiles against the giant Ras Laffan industrial complex in Qatar, the largest liquefied natural gas (LNG) facility in the world and home to key infrastructure such as Shell’s Pearl GTL plant. State-owned company QatarEnergy confirmed “extensive damage” and fires at its facilities. Panic spread throughout the Persian Gulf. According to Reutersthe Iranian Revolutionary Guard issued public evacuation orders, declaring vital energy facilities in Saudi Arabia (such as the Samref refinery and the Jubail complex), the United Arab Emirates (the Al Hosn gas field) and Qatar as “legitimate targets.” Shortly afterward, Riyadh intercepted missiles aimed at the Saudi capital. The market has felt the blow. Oil prices have gone crazy. As detailed oil price, a barrel of Brent surpassing the barrier of 110-113 dollars, which represents an increase of almost 60% in this month of March. However, the real problem goes beyond the daily price. Martin Senior, of Argus Media, warns of a “new level of impact”. It is no longer just about the logistical closure of the Strait of Hormuz (through which 20% of the world’s oil passes); The problem is that the time to repair these destroyed facilities could last much longer than the war itself. And the worst omens already have figures. As has revealed exclusively in Reuters CEO of QatarEnergy, the Iranian attack has knocked out 17% of the country’s LNG capacity for a period that could last up to five years. The domino effect. This situation is taking third countries on their way. As explained CrownedIraq has suddenly lost 3,100 megawatts of electricity due to the Iranian supply cut, while Türkiye will be forced to compete fiercely for emergency LNG shipments. In Europe, the panic is evident: the bulletin Europe Express of the Financial Times reveals that war has blown up the EU leaders’ summit in Brussels, where debate on how to improve competitiveness has been completely overshadowed by fear of energy bills and domestic pressure on the emissions trading system. Geopolitics to the limit. Diplomacy appears broken and America’s allies are losing patience. According to the Wall Street JournalArab governments are “furious” because they feel that the US and Israel strategy has put a target on their backs. For its part, Al Jazeera includes the statements of the Saudi Foreign MinisterPrince Faisal bin Farhan, who has warned Iran that the Gulf’s patience “is not unlimited” and they reserve the right to take military action. Qatar, for its part, has expelled the Iranian diplomats, giving them 24 hours to leave the country. In the midst of this chaos, Washington’s role is erratic. President Donald Trump went to social media to deny prior knowledge of the Israeli attack on South Paris. However, how to collect WSJ, Trump issued an ultimatum to Tehran: if it attacks Qatar again, the US will “massively blow up the entire” Iranian oilfield. Faced with rising prices, the White House is seeking desperate measures. The column of Javier Blas in Bloomberg reveals a controversial plan of the US Treasury: to intervene directly in the financial markets by betting on the downside (shorting) in oil futures to artificially make gasoline cheaper before the elections. An idea that experts such as the CEO of CME Group describe as a “biblical disaster” that would destroy confidence in the free market. The peripheral context. To get the full picture, you have to look beyond the explosions. Verisk Maplecroft Analyst warn in Reuters that the greatest danger right now is that the attacks will extend to Saudi Arabia’s East-West pipeline or to Red Sea ports. These were the only viable alternative routes to avoid the blockade of the Strait of Hormuz, through which 20% of the world’s oil normally transits. In an attempt to cushion the blow domestically, the Trump administration has temporarily suspended the century-old Jones Act (Jones Act) for 60 days, allowing foreign-flagged ships to transport oil and gas between US ports to reduce costs. The dead end. The panorama is bleak. As they reflect on Five Daysthe apparent lightness with which this conflict has developed has dragged us into a dead end. Iran has shown that it does not need to win a conventional war; It is enough for him to set the energetic heart of the planet on fire. Even if a ceasefire were signed tomorrow and ships sailed freely through the Strait of … Read more

Iran is planting sea mines in Hormuz. And what threatens to blow up is not ships: it is the world economy

On the maps it looks like just a gap of water between deserts, but it passes through that narrow corridor every day. a gigantic portion of the energy that moves the planet. So narrow that in some sections the ships navigate in maritime lanes of just a few kilometers, constantly monitored by radars, drones and military fleets. For decades, any tension at that point in the Persian Gulf has been capable of shake up prices of oil in a matter of minutes. Imagine if will plant mines. A war also at sea. As bombings and missiles focus attention on the conflict between the United States, Israel and Iran, a parallel battle has begun to unfold in the Persian Gulf. From the start of the warUS intelligence services They detected signs that Tehran could try to disrupt maritime traffic in the Strait of Hormuz by deploying naval mines and small fast boats. The threat is serious enough to have triggered public warnings of Washington and preventive military operations against Iranian ships suspected of participating in these maneuvers. In this context, the control of this narrow maritime corridor has become one of the strategic points more delicate of the conflict, because any disturbance there has immediate repercussions on the global energy supply. The strait, the global energy artery. There is no doubt, the tension is explained by the central role that Hormuz plays in the global energy system. Approximately a fifth of the oil consumed by the planet circulates through this strait of just a few dozen kilometers, in addition to a similar proportion of the international trade in liquefied natural gas. Every day they go through it in normal conditions about twenty million of barrels of crude oil from the producing countries of the Gulf heading to Asia, Europe and America. Powers like China, India, Japan or South Korea depend largely of this step to secure its energy supply, which turns any threat in these waters into an immediate global problem. It is no coincidence that even rumors or minor incidents in the area provoke immediate reactions in the oil markets. The new war. In that scenario it has begun a new phase of the conflict: that of oil tankers navigating between the risk of mines capable of shaking the planet’s economies. American intelligence reports indicate that Iran has begun deploying dozens of these explosives in the strait and keeps intact most of its fleet of small boats capable of planting hundreds more in a short time. The Revolutionary Guard controls much of the area next to the Iranian navy and has a combination of speedboats, minelayer boats, drones and coastal missile batteries that can turn the sea passage into a navigation trap. The goal would not necessarily be to sink large numbers of ships, that too, but to create enough uncertainty enough to paralyze global energy traffic, raise transportation costs and trigger a shock in international markets. In other words, a well-placed mine in these waters can have an economic impact that goes much further of the ship that hits it. First shocks. Faced with this threat, Washington has chosen for acting before mine deployment reaches a larger scale. The US military has confirmed (with videos included) a few hours ago the destruction of at least sixteen Iranian vessels involved in mining operations near the strait, in what US officials describe as pre-emptive strikes based on intelligence about Tehran’s operational plans. These actions seek to prevent Iran from turning the strait into a practically closed area to navigation before the deployment of explosives multiplies. At the same time, the White House has warned that any attempt to block the flow of oil will provoke a much more forceful military response than the operations carried out so far. Trapped oil and markets in panic. The economic consequences are already beginning to become visible. Since the start of the war, oil transit from the Gulf has seriously upsetwith millions of barrels per day that cannot leave the region normally. Countries like Iraq or Kuwait depend almost exclusively of this route to export its crude, which amplifies the potential impact of any interruption. Energy companies have started diverting ships or to look for alternative routeswhile Saudi Arabia tries to compensate for part of the problem by increasing the use of its oil pipeline to the Red Sea. In parallel, the International Energy Agency studies a massive liberation of strategic reserves to contain the impact of the energy crisis. A few kilometers to shake the world. The fragility of the situation is also explained by the geography of the enclave itself. At its narrowest point it barely has 34 kilometers wide and the navigation lanes through which the ships circulate barely exceed three kilometers in each direction. This narrowness makes the place extremely vulnerable to mines, drone attacks or coastal missiles. It is not the first time this has happened, in fact, since how do we countduring the so-called “tanker war” in the eighties, Iran already used mines in these same waters to pressure its adversaries during the conflict with Iraq. History, therefore, suggests that these types of tactics can be surprisingly effective in destabilizing global trade. A planetary blow. The extreme sensitivity of the energy markets to any news coming from Hormuz was fully demonstrated very recently, when a wrong message on social media suggested that the US Navy had successfully escorted a tanker through the strait. The simple rumor caused an immediate collapse of crude oil prices and a shake-up in financial markets before authorities clarified that no such operation had occurred. The episode illustrates the extent to which the world watches every movement in these waters with nervousness. In a global energy system so dependent on a few strategic corridors, the mine threat in the Strait of Hormuz has opened a new dimension of war: one in which fate of the world economy it may depend on a maritime corridor just a few kilometers wide. Image | nara, Picryl, naraNZ … Read more

Trump threatens to “cut off all trade”

The decision of the Spanish Government not to authorize the Rota and Morón bases to be used in the United States military offensive against Iran has opened a diplomatic front that goes far beyond the military level. The reaction from Washington was immediate. US President Donald Trump He stated this Tuesday that he wants “cut off all trade with Spain.” The disagreement, therefore, no longer revolves solely around the use of military installations on Spanish soil. It has also moved to the economic and commercial field. threatening tone. In his statements to the media, released by the White Housethe American president charged directly against the Spanish Government. On the one hand, the refusal to allow Spanish bases to be used in the operation against Iran. On the other hand, Spain’s refusal to raise its military spending to 5% of GDP, a goal that Washington has been defending for some time within NATO. “Spain has been terrible,” said the president, before reproaching that Spain was the only ally that did not accept that spending objective. A question of international legality. Before Trump launched his trade threat, the Minister of Defense, Margarita Robles, assured the media that the US bases in Spanish territory have not provided support to the offensive against Iran and that this situation will not change. “Neither from Morón nor from Rota have they carried out nor will they carry out any maintenance or support action,” stated. Along the same lines, the Minister of Foreign Affairs, José Manuel Albares, insisted that the Executive will not authorize the use of these facilities for operations that do not fit within the Charter of the United Nations. The Convention as a brake. The refusal of the Spanish Government is also supported by the legal framework that has regulated the US military presence in the country for decades. As we explained in a previously published articlethe bilateral agreement signed in 1988 establishes that the use of facilities such as Rota and Morón must be framed in objectives within the bilateral or multilateral scope provided for in the agreement itself. This same framework contemplates that any operation that goes beyond these assumptions requires prior authorization from the Executive. The Spanish Government relies on this point to maintain that a unilateral military offensive against Iran does not fit into the framework provided for by the agreement. Planes that move. While the political debate intensified, some movements had already occurred on the ground. According to Reutersthe United States transferred at least fifteen resupply aircraft that were deployed at the Morón and Rota bases. a dozen of KC-135 They departed from the Sevillian base to the Ramstein air base, in Germany, while another five took off from the Rota naval base with an unconfirmed destination in some cases. These devices are relevant in air campaigns because they allow the operational range of combat aircraft to be extended. The threat and its limits. The warning to cut off trade raises an obvious question: to what extent can Washington apply such a measure against a single European country. In practice, the margin is limited. As a member of the European Union, Spain does not negotiate its trade agreements with the United States bilaterally, since these conversations are channeled through the European Commission. This complicates any attempt to penalize only Spain. The Country pointshowever, to the possibility of resorting to selective taxes on certain categories of products as an instrument of economic pressure. The Spanish Government has also responded. In a statement collected by RTVEMoncloa pointed out that any review of the commercial relationship between both countries must be done “respecting the autonomy of private companies, international legality, and bilateral agreements between the European Union and the United States.” The Executive also defended that Spain is “a key member of NATO” and a reliable trade partner for dozens of countries. What there is. For now, what exists is a political threat that has not yet been translated into concrete measures. The fight between Spain and the States has gone in a very short time from a discussion about the use of military bases to a much broader field that includes trade, diplomacy and international security. However, there are still many unknowns left open. We have to wait to see how this whole situation will evolve. Images | Defense Visual Information Distribution Service | The White House In Xataka | A Gulf country is launching an unprecedented missile against Iran. Nobody knows who he is and wants to remain anonymous

This is the Hormuz “swarm” that threatens to break the $100 barrier

Just enter Marine Traffic to understand the magnitude of the problem. The entire world is holding its breath before a funnel of water just a few miles wide. Through the Strait of Hormuz travels approximately 20% of the world’s daily oil supply and a vital quota of liquefied natural gas (LNG). Today, that global artery is suffering a heart attack. An unprecedented escalation in the Middle East, detonated by attacks of the United States and Israel that ended the life of the Iranian supreme leader, Ayatollah Ali Khamenei, has unleashed a hail of missiles and drones. The result is a blockage de facto of the most important sea route on the planet. X-ray of a historical traffic jam. The cover image of Marine Traffic It is a veritable swarm of red icons that crowd on both sides of the strait, especially near the Iranian port of Bandar Abbas and off the coast of the United Arab Emirates. Once we move the cursor over the boats, we see that they are still. According to the data of S&P Globalmaritime traffic has plummeted, between 40% and 50%. There are around 240 ships clustered waiting for instructions. Among them, as analyst Weilun Soon details in Bloombergthere are at least 40 supertankers (VLCCs), inactive giants each loaded with about 2 million barrels of crude oil. And time is against us: according to estimates by JPMorganIf this effective closure lasts more than 25 days, producers will run out of space to store crude oil and will have to stop physical production. The chaos is not only physical, it is also electronic. The data team SkyNews has documented severe interference in ship tracking systems (AIS). The signals are so distorted that some oil tankers appear located inland on radars. The fear is more than justified: the war has already spilled into the water. According to reports from the UKMTO (UK Maritime Commercial Operations) cited by Business Insiderthe tanker skylightflying the Palauan flag, was attacked near Oman. The balance has left four injured and 20 crew members urgently evacuated. Markets in panic and freight rates through the roof. The chain reaction has not been long in coming. In a quick look at the bag, we can observe the initial panic of investors: in the first hours of operations, Brent crude oil (the European benchmark) soared by 13%, reaching $82 per barrel—its highest in 14 months. Although it later relaxed to dawn this Monday around $79, the scare was already in the body. This whiplash has had winners and losers in the European stock markets. As you have detailed Guardian, While oil companies (Shell, BP) and defense companies (BAE Systems) rose sharply, airlines such as IAG or easyJet plummeted by around 10% and 7% respectively, terrified by the imminent increase in fuel costs. Moving crude oil today is a high-risk sport. The daily cost of renting a supertanker has skyrocketed by an unusual 600%, reaching $200,000 a day, as Alex Longley warns in Bloomberg. Insurance must be added to this bill: France 24 reports that premiums against war risks They are going to become between 25% and 50% more expensive for those who dare to enter ground zero. The paradox of OPEC+. The next market movement looked askance at the offices. According to the official statement from OPEC+the cartel agreed to inject an additional 206,000 barrels per day starting in April to stabilize prices. However, this measure is, in practice, a logistical mirage. As analyst John Kemp explains: in your column for Finance TimesOPEC+ has excess capacity of more than 3 million barrels per day, but almost all of that capacity is inside of the Persian Gulf countries. In other words, no matter how much extra oil Saudi Arabia or Iraq promise to pump, if the ships cannot cross the Strait of Hormuz, that oil does not exist for the rest of the world. The analysts of wood Mackenzie, collected by oil price, They have been more forceful: “If traffic is not restored quickly, the barrel will pierce the $100 barrier.” The nuances that will define the crisis. Despite the drama, the world has some escape valves that did not exist in the oil crises of the 70s: Lifesaving pipelines: As Kemp explainsSaudi Arabia and the United Arab Emirates can bypass the strait by exporting some of their crude oil through pipelines to the Red Sea and the Gulf of Oman. However, countries like Iraq and Kuwait are trapped: they are 100% dependent on Hormuz. Global shock absorbers: Analyst Javier Blas shells in Bloomberg that the shale revolution (shale oil) in the United States gives Washington unprecedented control over supply. Furthermore, China lIt has been filling to the brim for years its strategic reserves, which would soften the blow in the short term. The big beneficiary: Ironically, the blockade is excellent news for Vladimir Putin. As Blas points outa sustained rise in prices makes it easier for Russia to sell its sanctioned crude oil on the Asian black market with much juicier margins. The world holds its breath. At the moment, the global economy is paralyzed waiting for what a few ship captains decide. Maritime transport giants such as Maersk have already announced the temporary suspension of all their transits through the area, how to collect France 24. Laden ships will remain idle, “avoiding drama,” in the words of a shipping broker consulted by S&P Global. Today, the fate of global inflation is decided not on Wall Street or central banks, but in the tense waters of Oman and Iran, where a swarm of steel giants have decided to shut down their engines and pray for the storm to subside. Image | MarineTraffic Xataka | Tension in Iran is so high that the Strait of Hormuz is closed. And that will have consequences when you go to refuel.

The train of storms that threatens Spain is just the beginning of the problem

What is happening? What is going to happen? As I write these lines, nine autonomous communities they have yellow notices due to rain, wind and other coastal phenomena. And the reason, as we have been repeating for the last few days, is a “train” of fronts that comes directly from the bowels of the Atlantic and will cross the peninsula. The forecast, in data. The models are beginning to converge and the forecasts are quite clear: Waves of up to five meters on the Cantabrian coast and off the coast of Galicia. Winds will easily reach 61 kilometers per hour. No particularly intense rains are expected in the coming days (the peak may be 15 l/m2 in areas of Huelva and Cádiz). Although, yes, those accumulated in Galicia, Zamora, Ávila and Cáceres may be important — above all, in a context of saturated soils. The winds, for their part, will be above 70 kilometers per hour throughout the north of the peninsula. And, with these figures, why is it important? Because of what is known as ‘multiplier risk’: we are not going to face any peak of intense rain, but the recurrence of fronts will increase operational risks. It is the meteorological equivalent of a ‘calabobos’: it seems that it does not get wet, but it ends up with half of Spain completely soaked. The only question is whether an effective “atmospheric river” is formed (or not). That is, if the humid and warm air from the Gulf of Mexico integrates into one of these fronts and a greater blow is produced. A “normal” circulation in an “abnormal” context. Because, as it is worth remembering, the cold days of recent weeks are beginning to not be normal on the peninsula. And, although this relatively active western circulation is, the arrival of successive fronts complicates the situation: there is a lot of water accumulated in the form of snow. So we go back to normal. A normality that is summarized in waiting to see how long it takes for the storm corridor to close and waiting for the swamps to continue filling. Summer will be here sooner than it seems. Image | ECMWF In Xataka | While the snow devours half of Europe, there is a place where it is 27ºC and on the beach in the middle of January: Greece

a JF-17 that threatens the US F-35

After 20 years of research, development and volatilizing banknotes, the United States declared in 2019 that the F-35 fighter was “ready for combat and ready to win“It is the most expensive fighter in history ($100 million per unit, $400,000 just for the pilot’s helmet), but also a very advanced machine. One that is costing the US the combat drone raceone that not liked in Europe and that, as we say, it’s terribly expensive. And, in troubled waters, China has seen an opportunity. That of converting the JF-17 fighters into their “new” electric cars. In short. Following Israel’s attacks on Doha last year, Pakistan and Saudi Arabia signed a mutual defense agreement. Within the agreement, there are billions on the table both to arm itself and to meet certain commitments. And, within that strategy, from Reuters They point to a historic agreement between both countries. The JF-17 is a Chinese-Pakistani development. The program was launched in 1999 and each country contributed 50% to its achievement. It has been demonstrating its versatility in combat for some time and in recent years, different countries have acquired a fleet of fighters. Myanmar was one of the first foreign buyers, followed by Nigeria and Azerbaijan. In recent weeks, it has been Bangladesh that has shown interested in renewing its aging fleet, but its customer base continues to grow. They don’t even play the same sport. In the Reuters report, and as they also point out in South China Morning PostSaudi Arabia would be the next country to acquire the latest version of the JF-17. The sources mention an agreement that would be between 2,000 and 4,000 million dollars, and is point that there would be other nations interested, such as Iraq, Libya or Sri Lanka. The key is the price: a quarter of what the American F-35 costs. In addition, the burden is also shared between China, which manufactures a number of components, and Pakistan, which takes care of the others. That price is the lever for the countries of the Middle East and Africa to modernize their fighter fleet, but it must be taken into account that the JF-17 do not compete in the same league as the F-35. In fact, they don’t even play the same sport. While the Chinese-Pakistani fighter is fourth generation, the American one is fifth, with better features and a minor signature in the airallowing it to be more efficient in stealth operations. It responds to a philosophy of winning combats before the enemy finds out that it has started. The gift of opportunity. However, despite the technological inferiority, the Chinese fighter has the advantage of weapons (more weight to carry more weapons, compromising its signature on radars) and, above all, the price and the costs. The United States is fighting with time when it comes to delivering its F-35s and, furthermore, maintaining them is expensive. The JF-17 is easier to manufacture and maintain, which is a huge advantage for countries. The estimate is that, for the price of two F-35s, you buy a dozen JF-17s. and this is a huge opportunity for African and Eastern countries that want to renew their fleet with current equipment. It is that gift of opportunity from China that we are seeing in other segments, such as the electric car. Frying pan by the handle. This battle to be the supplier of weapons is not only played in the finished and delivered products. It starts much earlier, and China has a say in those F-35 trade delays. The complexity of the fighter implies that its manufacturing is complex, but movements resulting from another war must be added: the commercial. The key components of a fighter depend on materials derived from rare earthand China is the one who has the upper hand in that field. They dominate exploitation and production of metals and elements from rare earths, and in the same way that The US tightened the screws prohibiting China from purchasing Nvidia GPUs and ASML machines to make advanced chips, China activated the lever to regulate the export of magnets and rare earth metals to companies linked to the United States military complex. A J-20 with PL-15 missiles inside the weapons bay Tensions. It is these factors that are turning a less advanced aircraft than the F-35 into an attractive option, but above all practical for the tense times in which we find ourselves. Pakistan and India are in a spiral of geopolitical tensions. India has Russian MIG and French Rafale aircraft, and now the JF-17 has PL-15 missiles Chinese manufacturing. They are China’s most advanced fighter missiles, with an effective range of about 150 km and systems capable of pursuing targets with ease. And, although they were developed for the fighter Fifth generation J-20 (one of the china air banners), can be mounted on the JUF-17. In fact, the current JF-17 is the Block III, considered 4.5 generation. It is the philosophy of the very veteran F-16. If the conflict escalates, there is someone point that a war between India and Pakistan would be a test of Chinese weapons against Western ones. And Europe… what? This is what you may be wondering: what is Europe doing while the others rearm. The old continent has embarked on the path of sovereignty in several fields, being the spaceman and the weapons two important pots of money for the coming years. As for fighters, there are two poles. On the one hand, the FCAS, with French, German and Spanish support. They are three heavyweights in this industry and they have the aim to reach 2040 with a system capable of replacing current fighters. On the other hand, Italy and the United Kingdom (two other powers with companies like Leonardo), as well as Japan, support the GCAP program: a support aircraft that coordinates formations of drones and other fighters. Although before all that, the countries will have to agree, and It’s not something that seems feasible.. Images | Anna Zvereva, emperornie In Xataka | The … Read more

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