Mali offensive claims, Hormuz toll proposal and diplomatic maneuvering

Off Leash update 27 April

COMING UP THIS WEEK •The UK's King Charles and Queen Camilla are on a state visit to the U.S. this week. The most consequential part of their tour will be Charles's meeting with Pres. Trump and his address to the U.S. Congress on Tuesday. In both, he'll aim to repair the strained "special relationship" between the U.S. and UK. •The UN begins its five-yearly Nuclear Non-Proliferation Treaty Review Conference this week in Geneva, but it's hard to see why they bother: no review since 2010 has led to an agreed outcome. •Friday is May Day or Workers' Day - except in the U.S. and Canada, where workers are celebrated in September. •Central bankers in the U.S., UK, EU, and several other countries will all announce interest rate decisions this week. Investors expect all except perhaps Japan to keep rates flat.

COMMODITY AND COIN MARKET PRICES •Aluminum: $3,591/ton •Antimony (global avg.): $34,645/ton •Bitcoin: $77,629 •Cobalt: $56,290/ton •Copper: $13,310/ton •Ethereum: $2,319 •Gold: $4,710/toz •Lead: $1,963/ton •Natural Gas (Nymex): $2.51/MMbtu •WTI Crude Oil (Nymex): $96.16/barrel •Zinc: $3,472/ton

MALI •Jihadists from the al Qaeda-linked Jama'at Nusrat al-Islam wal-Muslimin (JNIM) joined forces with the Tuareg separatist-led Azawad Liberation Front (FLA) to launch a wave of attacks across Mali that captured several towns and killed the junta's defense minister, Gen. Sadio Camara. •The FLA reportedly led the attacks on Gao and Kidal in the north - where they seek to carve out an independent ethnic Tuareg state - while JNIM led attacks on Bamako and central cities like Sevare and Mopti. •A separate prong of their joint assault targeted the head of the junta, Gen. Assimi Goita, but Goita was moved to a secure location where he survived unscathed. •The FLA reportedly bested Russian mercenaries in Kidal and took control of the city after the Russians agreed to withdraw. The FLA then called on Russia to "reconsider its support for the military junta" and leave Mali altogether, accusing the Russians of having "contributed to the suffering of the civilian population." •While JNIM and the FLA share a mutual loathing for the junta-led government in Bamako, this is the first time they've teamed up on a vast, coordinated attack or jointly called for Russia's departure. •It's not clear what their end game is or whether they agree on a shared objective. The FLA wants Tuareg independence, while the JNIM wants to become a political entity and impose sharia law throughout Mali. If they do succeed in bringing down the junta-led government they both revile - which seems unlikely - they would be awkward co-rulers.

IRAN •The U.S. and Iran are in no hurry to start a second round of direct peace talks, but both are reportedly engaging indirectly through Pakistani and Omani mediators. •While they stall, the war is costing the U.S. almost $1 billion per day. •Iran, meanwhile, is devising ways to profit from its control of the Strait of Hormuz. Iranian Foreign Minister Abbas Araghchi flew to Oman yesterday to seek Muscat's help in setting up a new tolling system for the Strait. Oman - which prides itself on being a "friend to all" - will likely politely decline to participate.

ISRAEL •Former Israeli prime ministers Naftali Bennett and Yair Lapid announced plans to merge their parties - Bennett's right-leaning Bennett 2026 and Lapid's centrist Yesh Atid - into a combined entity aptly named Yachad ("together," in Hebrew) to try to unseat Prime Minister Netanyahu in elections expected later this year. •There's a fair chance they could succeed: it was a Bennett-Lapid partnership that temporarily ousted Netanyahu in 2021, and Netanyahu's motley coalition is more fragile now than it was then.

DEFENSE SPENDING •The Stockholm International Peace Research Institute (SIPRI) published its annual report on global defense spending today, with a headline that total worldwide military expenditure grew for an 11th straight year to $2.89 trillion. •Just over half of that - $1.48 trillion - came from the top three spenders: the U.S., China, and Russia. U.S. spending actually declined slightly, but Europe's 14% increase made up for the U.S. decrease. •You can read more here: https://t.co/qWV5aVJhgm.

SPORT •Kenyan runner Sabastian Sawe became the first person to run a sub-two hour legal marathon when he set a new world record - 1h59m30s - at yesterday's London Marathon. •It was a fast race: the second-place finisher - Ethiopia's Yomif Kejelcha - also finished in under two hours, and the women's winner - Tigst Assefa, also of Ethiopia - broke her own women's world record with a time of 2h15m41s.