The New York Times - A Game of Shark and Minnow > 15min

Ayungin Shoal lies 105 nautical miles from the Philippines. There’s little to commend the spot, apart from its plentiful fish and safe harbor — except that Ayungin sits at the southwestern edge of an area called Reed Bank, which is rumored to contain vast reserves of oil and natural gas. And also that it is home to a World War II-era ship called the Sierra Madre, which the Philippine government ran aground on the reef in 1999 and has since maintained as a kind of post-apocalyptic military garrison, the small detachment of Filipino troops stationed there struggling to survive extreme mental and physical desolation. Of all places, the scorched shell of the Sierra Madre has become an unlikely battleground in a geopolitical struggle that will shape the future of the South China Sea and, to some extent, the rest of the world. … It was hard to imagine how such a forsaken place could become a flash point in a geopolitical power struggle. … To understand how Ayungin (known to the Western world as Second Thomas Shoal) could become contested ground is to confront, in miniature, both the rise of China and the potential future of U.S. foreign policy. It is also to enter into a morass of competing historical, territorial and even moral claims in an area where defining what is true or fair may be no easier than it has proved to be in the Middle East. … The Spratly Islands sprawl over roughly 160,000 square miles in the waters of the coasts of the Philippines, Malaysia, Brunei, Taiwan and China — all of whom claim part of the islands. Since the 18th century, navigators have referred to the Spratlys as “Dangerous Ground” — a term that captures not only the treacherous nature of the area but also the mess that is the current political situation in the South China Sea. … Why the fuss over “Dangerous Ground”? Natural resources are a big piece of it. According to current U.S. estimates, the seabed beneath the Spratlys may hold up to 5.4 billion barrels of oil and 55.1 trillion cubic feet of natural gas. On top of which, about half of the world’s merchant fleet tonnage and nearly one third of its crude oil pass through these waters each year. They also contain some of the richest fisheries in the world. … What China has done with Mischief, Scarborough and now with Ayungin is what the journalist Robert Haddick described, writing in Foreign Policy, as “salami slicing” or “the slow accumulation of actions, none of which is a casus belli, but which add up over time to a major strategic change.”

CFA Institute - The Forthcoming Consumption Boom: Why Everything Is About to Change 5-15min

The world is about to experience an unprecedented consumption boom, which presents both challenges and opportunities for investors everywhere. Animal protein consumption, energy, air travel, health care, and education are some of the most relevant sectors involved as the upcoming changes in population and income collide. ... The world in general—and India in particular— is in the midst of a fascinating transition right now. Taking a step back from our day-to-day focus to view the bigger picture can offer a different perspective on the dynamics of various countries in a volatile and uncertain world. Envision a map that is drawn to represent how economists view the world. Imagine a map on which the area occupied by a country as a percentage of total area is equivalent to its percentage of global GDP. Compared with traditional maps, in which country sizes are based on land area, the United States, Europe, and definitely Japan would appear bloated. Other regions would look smaller—for example, Africa or India. Africa especially is quite difficult to see on the economists’ map. ... Now, imagine another map on which land area is proportionate to the country’s percentage of the global population. If the United States is viewed this way, it will be much smaller than on the economists’ map. In the population map, Africa would become relevant and uncertainties about the importance of India and China would disappear. Focusing on the differences in these maps may permit us to realize our biases in viewing the world.

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Popular Mechanics - Can The World’s Worst Traffic Problem Be Solved? 5-15min

You might think twice about boarding a bus named "If Tomorrow Never Comes," with the phrase spray-painted in green above the windshield. I don't, not when the alternative is loitering along the smog-shrouded shoulder of Commonwealth Avenue—the 18-lane highway looping through Metro Manila colloquially known as the "Avenue of Death." And not when the ride in question is actually a jeepney, the garishly decorated offspring of U.S. Army jeeps abandoned in the Philippines following World War II. You might call it a death trap, but for millions of Filipinos it's just part of the daily commute. ... Jeepneys have neither emissions standards nor seatbelts nor retirement ages—the eldest have been running since the 1970s. They are the most dangerous and decrepit two percent of traffic, and they generate 80 percent of vehicular pollution. ... Nearly half of the capital's residents take one of its 45,000 jeepneys to work each day, more than double the number riding the city's buses and trains. Yet it's virtually impossible to cross the megacity riding just one; a typical commute involves some combination of the three. ... But today, Metro Manila has a booming economy and a surging population—the supercity has added 6 million residents since 2000, for a total of more than 24 million. At the same time, middle-class Filipinos are fleeing jeepneys for a quiet, air-conditioned drive in their own vehicles. Cars presently account for less than a third of all passengers on Manila's roads, but comprise nearly three-quarters of traffic. New car sales have nearly doubled in just the last three years. ... Jeepneys traditionally operate on a franchise system, with owners applying to the DOTC for the right to run on a particular route. The problem, she explains, is that the government never bothered to create a coherent network—it just handed out franchises to anyone who asked.

The New Yorker - When a Populist Demagogue Takes Power 32min

He compared his forthcoming transformation to that of a caterpillar changing into a butterfly. “If you are the President of the country, you need to be prim and proper,” he said. His inaugural speech, in June, was obscenity-free. ... The resolution didn’t last. Duterte’s war on drugs has resulted in the deaths of more than three thousand people, drawing condemnation from human-rights groups and Western governments. ... Duterte does not, as he has put it, “give a sh*t” about human rights, which he sees as a Western obsession that keeps the Philippines from taking the action necessary to clean up the country. He is also hypersensitive to criticism. ... Duterte has an eighty-six-per-cent approval rating in the Philippines, but his break with America has proved controversial. Opinion surveys regularly find the Philippines to be among the most pro-American countries. ... Although he styles himself a revolutionary, Duterte seems uncertain about what kind of order will replace the one he aims to overthrow, or whether he will be around to see it. He often intimates that he may not live to finish his term, whether because of overwork and age—he is seventy-one—or something more sinister. “Will I survive the six years?” he asked recently. “I’d make a prediction: maybe not.”

Bloomberg - A Baccarat Binge Helped Launder the World’s Biggest Cyberheist 11min

As big as it was, the heist could have been a lot bigger. The hackers originally intended to funnel $951 million of Bangladesh Bank’s money into phony accounts, according to various investigations. Via Swift, they fired off a series of messages to the New York Fed to do just that. The theft of the full amount was only averted because, after the initial payments had been made, several transactions were flagged “for sanction compliance review,” ... Since then, Philippine authorities have recovered almost a fifth of the stolen money and returned it to Bangladesh, but most of the rest, after flowing through a series of accounts, a ­money-transfer company, and into local casinos, disappeared into the muggy Manila air. ... All but cut off from the world and hamstrung by sanctions imposed by the United Nations, the U.S., South Korea, and Japan, North Korea needs convertible currencies to finance imports, among other things. It uses a shifting array of agents, shipping companies, and brokers to bring in illicit cash