Rafe Fletcher

The great thing about honey pots is that they appeal to two parts of the male ego:

1) A pretty girl likes you

2) You're powerful enough to spy on

Man Utd has been terrific biz for Glazers. They've realised 5x their initial capital plus 12x in valuation.

Fans will hate them more if they find cash for Al-Ittihad. But w. PIF downgrading sport in 26-30 strategy, a good bet on unloved asset in league where rev and viewers⬆️

Malaysian PM Anwar Ibrahim blows investment talks as he compares Taiwan to a breakaway Malaysian state.

Malaysia needs delicate diplomacy to make its data centre economy work -
Taiwanese chips, American GPUs & Chinese demand.

Anwar has pissed off one part of the trinity.

In the AI race, Singapore is sometimes painted as turning a blind eye to a bit of sanctions busting to profit as a hub.

But in the Nvidia case, seems it was a lot more interested than America in impropriety - detaining Alice Huang last year while DOC dallied.

Papuk Indonesia's proposed Batam ammonia hub is another attempt to cut Singapore out.

But Jakarta wilfully misunderstands Singapore's role as a middleman. Believing it simply profits from selling Indonesian resources.

If it was that easy, why doesn't Indonesia sell all its exports direct? Because its profiteering "neighbour" supplies the trade finance, law, insurance, and capital that actually creates a market.

Batam is only 20km from Singapore. If it were a matter of geography, it would already be a hub.
But Singapore became the world's biggest ship-refuelling port precisely because it avoids Jakarta's kneejerk short-termism. Its reputation is built over 50 years of predictability.

Compare that Indonesia's caprice: declaring a state export monopoly in May, then rowing back within weeks. Or cutting gas to Singapore mid-contract last month.

Resources are useless if counterparties can't trust you.