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Europe

BBVA Joins Spire Repack Platform Amid Investor Interest

by February 22, 2026

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Spanish banking giant BBVA has joined Spire, a multi-dealer repackaged note platform, becoming the 19th dealer on the platform, according to an announcement on February 20, 2026. The move signals increasing investor demand for repackaged notes – complex financial instruments that combine bonds with derivative overlays to tailor risk and reward profiles.

Spire’s expansion with BBVA marks the first addition of a new dealer since RBC Capital Markets joined in April 2023. The platform facilitates structured trades designed to meet specific investor needs, offering customized risk-and-reward characteristics.

The addition of BBVA comes as European regulators are scrutinizing how capital requirements should be calculated for these repackaged notes, specifically those issued on platforms like Spire. According to a report from January 30, 2026, the European Central Bank (ECB) wrote to the European Banking Authority (EBA) in September to discuss whether these instruments should be subject to counterparty credit risk (CCR) or market risk frameworks. The outcome of this debate could significantly impact the pricing of these increasingly popular financial products.

Demand for repack issuance is rising, according to Risk.net, suggesting a growing appetite among investors for these customized financial instruments. BBVA’s participation in Spire is likely to further facilitate this trend.

February 22, 2026 0 comments

world

Ukraine War: Drones Dominate the Battlefield & Reshape Modern Warfare

by Omar El Sayed - World Editor February 20, 2026

written by Omar El Sayed - World Editor

As the war in Ukraine enters its fifth year, drones have become utterly dominant on the front lines, a transformation in modern warfare being closely observed worldwide. The proliferation of unmanned aerial systems has fundamentally altered battlefield tactics, forcing both Ukraine and Russia to adapt at an unprecedented pace. From inexpensive commercial models repurposed for military employ to miniature aircraft laden with explosives, drones are now central to reconnaissance, attack, and logistical support.

The impact of drones is so significant that Ukraine’s Defense Minister, Mykhailo Fedorov, stated that they are responsible for up to 80 percent of battlefield damage. According to the Associated Press, this reliance on drone technology has reshaped the conflict, turning traditional warfare strategies on their head. The front line has become a dangerous “zone of death,” extending up to 20 kilometers (12 miles) deep, constantly monitored by unmanned eyes in the sky.

The shift in warfare has created a fresh reality for soldiers on the ground. “You can only operate there in modest groups, moving quickly and constantly looking at the sky, hoping to remain undetected,” explained military expert Kateryna Bondar. Heavy artillery, tanks, and armored vehicles are now too slow and visible, making them effortless targets. Ukrainian troops are increasingly utilizing ground drones to transport supplies to dangerous areas and evacuate wounded soldiers, minimizing the risk to personnel.

The Evolution of Drone Warfare: From Radio to Starlink

Maintaining a stable connection between a drone and its operator is crucial, and this has become a key area of technological competition. Initially, most drones relied on radio connections, but these proved vulnerable to electronic warfare – interference and interception that can cause drones to fall from the sky or lose connection. Russia has countered this by employing drones controlled via ultra-thin fiber optic cables, largely immune to electronic jamming. The Associated Press reported that this tactic has resulted in stretches of cities and front-line fields becoming entangled in networks of cables.

Ukrainian forces have found a workaround by integrating Starlink terminals into their drones, enabling flight via satellite internet. “We demand to fly far with a stable video signal and stable control,” said Phoenix, a commander with Ukraine’s Group Lasar, a pioneer in Starlink integration. However, Russia quickly attempted to replicate this strategy, prompting Ukraine to request that Elon Musk disable unauthorized Russian terminals last month. The BBC reported that this disruption impacted both Russian and Ukrainian systems, and the Institute for the Study of War suggests the outage may have contributed to a localized Ukrainian advance in the Zaporizhia region in early February.

AI and Counter-Drone Measures

The proliferation of drones has necessitated a re-evaluation of air defense systems. Firing expensive, advanced missiles at relatively inexpensive drones is a cost-prohibitive response. Ukraine has developed low-cost interceptor drones specifically designed to destroy other aerial vehicles. “We are opening the chapter of drone warfare with drones,” said Marko Kushnir of General Cherry, a leading manufacturer of interceptor drones. Roads near the front lines are now being protected by netting, and trucks equipped with anti-drone cages and jammers are being deployed.

Engineers are as well racing to equip drones with artificial intelligence (AI) to enhance their performance. Ukrainian companies like The Fourth Law (TFL) claim to have developed “terminal guidance,” allowing AI to take control of a drone in the final moments before impact, improving accuracy. “Russia and China are also developing these types of technologies, and if our countries don’t… we will lose,” said Maksym Savanevskyi of TFL. However, full autonomy remains a distant goal. “AI is fulfilling an assistive function rather than replacing the human,” noted Bondar, the military expert. Eric Schmidt, former CEO of Google and now with SwiftBeat, a company supplying AI-powered drones to the Ukrainian military, added, “In the foreseeable future, we will first have drones and then people.”

Western allies are increasingly turning to Ukraine’s expertise in drone warfare, particularly after repeated incursions of Russian drones into European airspace in recent months. The Ukrainian military continues to adapt, with soldiers like Koleso emphasizing the continued importance of infantry on the ground: “Until you plant the flag yourself, with your own hands, and take the position, it cannot be considered yours.”

The ongoing conflict demonstrates that drone technology is not merely a tactical addition to modern warfare, but a fundamental shift in its nature. As both sides continue to innovate and refine their drone capabilities, the future of conflict will likely be defined by this evolving technology. The development of more sophisticated AI, coupled with advancements in communication and counter-drone measures, will shape the battlefield for years to come.

What comes next will depend on the continued flow of technology and resources to Ukraine, and the ability of both sides to adapt to the ever-changing landscape of drone warfare. Share your thoughts in the comments below.

February 20, 2026 0 comments

Entertainment

US High-Speed Rail: Why Doesn’t America Have Bullet Trains?

by Marina Collins - Entertainment Editor February 19, 2026

written by Marina Collins - Entertainment Editor

High-speed rail systems have transformed travel and commerce in many parts of the world, offering quicker journeys and economic growth. Despite the proven benefits, the United States remains largely without a high-speed rail network, relying primarily on congested highways and an often unreliable airline system. As urban populations grow and environmental concerns mount, the U.S. Faces increasing pressure to modernize its infrastructure and embrace high-speed rail.

Countries like China, Japan, and France have set the standard, with China alone constructing approximately 26,000 miles (42,000 kilometers) of dedicated high-speed rail since 2008, and planning to exceed 43,000 miles (70,000 kilometers) by 2035. In contrast, the United States has only 375 route miles authorized for speeds over 100 mph.

Experts suggest that many Americans are unaware of high-speed rail’s advantages, remaining entrenched in a car-centric mindset. William C. Vantuono, editor-in-chief of Railway Age, notes, “Many Americans have no concept of high-speed rail and fail to notice its value. They are hopelessly stuck with a highway and airline mindset.”

The Decline of Rail Travel in America

Since the 1950s, cars and airplanes have dominated long-distance travel in the U.S., leading to the decline of once-popular passenger trains. Famous railroads like the Modern York Central went bankrupt, resulting in the transfer of operations to Amtrak, which was founded in 1971. Over the decades, freight railroads have thrived, although passenger rail has languished due to a lack of priority from lawmakers and powerful lobbying from the airline and automotive industries.

However, the landscape is beginning to change. President Joe Biden’s $1.2 trillion infrastructure bill allocates a historic $170 billion for railway improvements. This includes significant investments in Amtrak’s Northeast Corridor (NEC), which connects major cities like Boston, New York, and Washington, D.C. There are also plans to reinstate passenger trains in regions that have not seen rail service for decades.

Emerging Projects and Future Prospects

One promising development is the Brightline project in Florida, which is set to build a $10 billion high-speed rail link between Los Angeles and Las Vegas by 2027. This line aims to cover 218 miles (351 kilometers) at speeds up to 200 mph, significantly reducing travel time compared to driving or taking a bus.

Brightline West’s CEO, Mike Reininger, emphasized the project’s potential, stating, “As the most shovel-ready high-speed rail project in the United States, we are one step closer to leveling the playing field against transit and infrastructure projects around the world.”

In California, the California High-Speed Rail (CHSR) project is also progressing, with plans to connect Merced to Bakersfield at speeds of up to 220 mph by around 2030. This project has faced controversies and delays but aims to ultimately link major urban areas like Los Angeles and San Francisco, potentially transforming intercity travel.

Challenges Ahead

Despite the optimism surrounding these projects, challenges remain. There are significant political and financial hurdles to overcome, as highlighted by Vantuono, who expresses skepticism about the feasibility of a nationwide high-speed rail network in the U.S. He notes, “A lack of political support and federal financial support combined with the kind of fierce landowner opposition that CHSR has faced in California means that the challenges for new high-speed projects are enormous.”

the U.S. Trails behind other nations in terms of rail electrification, with less than 5% of rail routes electrified compared to over 60% in countries like South Korea and Japan. This presents a barrier to integrating modern, sustainable technologies into America’s rail systems.

Looking Forward

As the U.S. Grapples with growing environmental concerns and infrastructure needs, high-speed rail presents an alternative to traditional travel methods. The potential for economic stimulation, job creation, and reduced congestion highlights the importance of investing in rail systems. With the growing population and urbanization, especially in California, high-speed rail may yet emerge as a vital component of the nation’s transportation strategy.

As projects like Brightline and CHSR advance, the conversation around high-speed rail is likely to evolve, shaping the future of travel in the United States. With substantial investments and a renewed focus on rail, the possibility of a high-speed rail revolution in America could finally be on the horizon.

What are your thoughts on the future of high-speed rail in the U.S.? Share your views in the comments below!

February 19, 2026 0 comments

world

Munich Security Conference 2024: Europe Seeks Independence Amidst Transatlantic Shifts

by Omar El Sayed - World Editor February 16, 2026

written by Omar El Sayed - World Editor

MUNICH – The annual Munich Security Conference concluded Sunday with a palpable, if carefully managed, tension between the United States and its European allies, despite Secretary of State Marco Rubio’s efforts to project a unified front. Held at the Hotel Bayerischer Hof, the conference, often dubbed “Davos with guns,” saw a flurry of bilateral meetings and public statements focused on a shifting global order and the future of transatlantic security.

Rubio’s address, delivered Saturday, marked a distinct departure from the confrontational tone adopted by Vice President J.D. Vance at last year’s conference, where he sharply criticized European defense spending and commitment to NATO. This year, Rubio emphasized the enduring ties between the U.S. And Europe, stating that America “will always be a child of Europe,” and acknowledging the shared historical and cultural foundations of the two continents. He highlighted the sacrifices made by allied forces in conflicts from Korea to Afghanistan, countering narratives of European underperformance.

“Their very destinies are intertwined and, Americans seek ‘not to separate but to revitalize an old friendship,’” Rubio said, prompting a standing ovation. Other U.S. Officials present, including U.N. Ambassador Mike Waltz and Undersecretary of Defense Elbridge Colby, echoed this sentiment, reaffirming the U.S. Commitment to European defense and the continued applicability of the U.S. Nuclear deterrent.

However, beneath the surface of diplomatic cordiality, a strong current of European resolve to increase strategic autonomy was evident. Several European leaders explicitly called for greater independence from the United States, citing concerns about the reliability of U.S. Leadership and the potential for a shift in American foreign policy priorities.

German Chancellor Friedrich Merz emphasized the need to “repair and rewrite transatlantic trust,” whereas acknowledging Germany’s inability to guarantee its own security independently. British Prime Minister Keir Starmer advocated for reducing the United Kingdom’s reliance on U.S. Military capabilities, and Austrian and French officials pledged to deliver a “strong and independent Europe.” European Commission President Ursula von der Leyen stated bluntly, “Europe must develop into more independent – there is no other choice.”

This push for greater autonomy is not necessarily a rejection of the transatlantic alliance, but rather a response to perceived vulnerabilities and a desire to diversify risk. The sentiment reflects a growing recognition of the dangers of overdependence on the U.S. For defense, technology, and market access. Latvia’s Prime Minister Evika Siliņa even raised the possibility of a European nuclear deterrent, potentially built upon France’s existing force de frappe, asking, “Why not?”

The conference also served as a forum for acknowledging the profound changes reshaping the international order. Secretary Rubio acknowledged that “the old world is gone,” a sentiment echoed by Chancellor Merz, who stated that the post-World War II order “no longer exists.” This widespread recognition of a shifting global landscape fueled discussions about the need for new approaches to security and diplomacy.

Alongside the core transatlantic discussions, the conference addressed a range of pressing global challenges, including the ongoing war in Ukraine, regional conflicts in the Middle East, and the security implications of technological advancements. Delegates from over 70 countries attended, including Ukrainian President Volodymyr Zelenskyy, Chinese Foreign Minister Wang Yi, and Venezuelan opposition leader Maria Corina Machado.

The Munich Security Conference concluded without any major breakthroughs or concrete agreements. While Secretary Rubio’s conciliatory tone appeared to ease some tensions, the underlying desire for greater European strategic autonomy remains. The conference underscored the complex and evolving nature of transatlantic relations, and the challenges of navigating a rapidly changing global order. The next Munich Security Conference is scheduled for February 2027, where these issues are certain to remain at the forefront of international discussion.

February 16, 2026 0 comments

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