Margins

Latest updates

23/02/2026

After “El Mencho”

Mexico’s security minister disclosed that at least 25 soldiers have been killed in reprisal attacks by organised crime groups following the death of the head of the Jalisco New Generation Cartel, widely regarded as the country’s most powerful drug-trafficking syndicate. Violence has rippled across no fewer than 20 states since Nemesio Rubén Oseguera Cervantes, better known as “El Mencho”, died after being apprehended by the army on Sunday. Officials now face mounting questions over whether the cartel’s decentralised command structure has triggered a wave of coordinated retaliation designed to test the state’s authority.
23/02/2026

Escalation at Sea

America’s armed forces said they carried out another strike on a suspected drug-trafficking vessel in the Caribbean, killing three individuals described by officials as “narco-terrorists”. The operation marks the third such attack in the region this month. According to military figures, roughly 150 people have been killed in American maritime strikes across the Caribbean and the Pacific since September, a campaign that appears to be expanding in both scope and tempo. Critics question the legal framework underpinning the operations and the intelligence used to identify targets at sea. The escalation comes as Marco Rubio, America’s secretary of state, prepares to travel to the Caribbean this week for talks centred on regional security and counter-narcotics co-operation.
23/02/2026

Brussels Clash with Budapest

Senior European officials rebuked Hungary after it signalled it could veto a fresh package of sanctions on Russia and delay approval of a €90bn loan intended to support Ukraine. The move threatens to fracture what Brussels has sought to present as a unified front against Moscow. Hungary, alongside Slovakia, argues that Kyiv has disrupted the transit of Russian oil across Ukrainian territory, undermining their energy security. Ukrainian authorities dispute the characterisation, insisting transit arrangements remain consistent with wartime constraints. Poland’s foreign minister, Radoslaw Sikorski, accused Viktor Orban of weaponising the dispute for domestic political gain, claiming the Hungarian leader is portraying Ukraine as a scapegoat ahead of April’s elections. The confrontation underscores widening divisions within the European Union over strategy toward Russia as the war drags on.
23/02/2026

Markets Rattled by Tariffs and Tech Fears

Wall Street retreated as investors weighed renewed trade tensions and an ongoing sell-off in software stocks driven by unease over artificial intelligence valuations. The S&P 500 and the tech-heavy Nasdaq Composite each slid by more than 1%, extending losses that have unsettled equity markets in recent weeks. The downturn followed an announcement by Donald Trump imposing blanket global tariffs of 15%, hours after the Supreme Court of the United States struck down much of his earlier levy framework. The president warned that countries that “play games” could face steeper duties. Earlier in the day, the European Union paused ratification of its trade agreement with Washington, adding to the sense that a broader commercial standoff may be brewing.
23/02/2026

Shadow Over Whitehall

Peter Mandelson was taken into custody on suspicion of misconduct in public office following allegations that he disclosed confidential government material to Jeffrey Epstein, the convicted sex offender who died in 2019. Documents recently unsealed by the United States Department of Justice appear to indicate that, while serving as a cabinet minister, Lord Mandelson transmitted official information to Epstein. The arrest comes days after Andrew Mountbatten-Windsor, the brother of King Charles III, was detained under comparable allegations, deepening scrutiny over the reach of Epstein’s network into Britain’s political and royal circles.
23/02/2026

Weight-Loss War Turns Costly

Shares in Novo Nordisk plunged more than 16% after clinical trial data showed its latest obesity injection delivered weaker results than a comparable treatment from its American competitor, Eli Lilly. The figures rattled investors who had been counting on the new therapy to reinforce the Danish group’s dominance in one of the most profitable corners of the pharmaceutical industry. Novo’s stock has been sliding since 2024, as Lilly steadily expanded its foothold in the booming market for weight-loss medicines, drawing patients and prescriptions away from its Scandinavian rival. Analysts say the latest data deepen concerns that Novo’s pipeline may struggle to match the clinical performance and commercial momentum of Lilly’s flagship products. The setback complicates Novo’s efforts to restore market confidence and regain lost ground in a sector where small differences in efficacy can translate into billions in revenue.