GLOBALIZATION IS MONOPOLY CAPITALI$M

Polish parcel company InPost to be acquired by consortium with Advent, FedEx for €7.8bn

InPost handled 1.4bn parcels in 2025, up 25% on the previous year. / InPost

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By bne IntelliNews February 9, 2026

A consortium led by private equity firm Advent and FedEx have reached a conditional agreement on an intended recommended all-cash public offer for all shares in Poland’s leading out-of-home delivery and automated parcel lockers company InPost at an offer price of €15.60 (cum dividend) per share, InPost announced on February 9. Thus, the transaction, expected to close in H2 2026, will be worth €7.8bn.

“The consortium will be structured with Advent holding 37%, FedEx holding 37%, A&R holding 16% and PPF holding 10% of the shares in (the indirect sole shareholder of) the offeror entity upon settlement of the offer. PPF will tender all of its shares under the offer and will subsequently reinvest part of its proceeds in exchange for a 10% indirect equity stake in (the indirect sole shareholder of) the offeror upon settlement,” InPost’s market filing reads.

Advent previously owned a majority stake in InPost before it went public. A&R is owned by InPost’s founder and CEO Rafał Brzoska.

“The offeror intends to launch the offer as soon as practically possible and in accordance with the applicable statutory timetable. The offer memorandum is expected to be published, and the offer is expected to commence, in Q2 2026,” the release continues.

Based on the required steps and subject to the approval of the offer memorandum, InPost and the offeror anticipate that the offer will close in H2 2026.

“A key element of the new puzzle is the entry of FedEx Corporation into the game – the American giant is not taking over InPost in the traditional way, as there will be no operational integration of the two entities,” commented the Parkiet daily.

CEO of FedEx Raj Subramaniam said, as quoted in InPost’s release, that together with InPost’s leadership and fellow consortium members, “we see a clear path to unlocking growth, improving the efficiency of our B2C last mile operations, enhancing returns, and better serving customers across Europe.”

“Our headquarters, our brand, business management and the core of our innovation capabilities will remain in Poland, which continues to be the blueprint for our successful strategy. With the support of our partners, I believe we can unlock InPost’s full potential and further grow our position as an e-commerce enabler in Western Europe,” Brzoska added.

The Wall Street Journal noted that InPost had been rolling out its automated parcel lockers, which are typically found in transport hubs and supermarkets, to more countries in recent years. “The company pitches its lockers as a cheaper, more convenient and environmentally friendly alternative to doorstep deliveries,” the paper said.

The company has also grown through acquisition, buying up delivery businesses in the UK and Spain. Last year, it handled 1.4bn parcels, up 25% on the year before, it added.

As noted by Reuters, the offer price of €15.60 per share marks an around 17% premium to InPost's closing price on February 6, but it is below InPost's 2021 IPO (after which the company was listed in Amsterdam) price of €16.

 

Former Romanian presidential candidate on trial for far-right propaganda

Calin Georgescu ranked first in the first round of the presidential election held in November 2024, which was later annulled.

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By Iulian Ernst in Bucharest February 10, 2026

One of the two criminal cases initiated by prosecutors against former Romanian presidential candidate Călin Georgescu, concerning alleged fascist, far-right, racist and xenophobic propaganda, has passed the preliminary chamber stage at the Bucharest Court, clearing the way for public hearings to begin. The second case, which concerns an alleged attempted coup d’état, remains in the preliminary procedure, a phase meant to verify whether the evidence was lawfully gathered and submitted by prosecutors.

Georgescu ranked first in the first round of the presidential election held in November 2024, following a rapid and highly targeted social media campaign that, according to Romania’s Supreme Council of National Defence (CSAT), relied on bot networks prepared years in advance by entities linked to Russia. After the Constitutional Court (CCR) ordered a full rerun of the electoral process, Georgescu was banned from running again, citing his radical rhetoric.

In the case that has now cleared the preliminary stage, Georgescu is being prosecuted for “publicly promoting the cult of persons guilty of crimes of genocide, crimes against humanity and war crimes, as well as for publicly promoting fascist, legionary, racist or xenophobic ideas, concepts or doctrines, in a continuous form (five material acts)”.

According to the indictment, between June 16, 2020 and May 16, 2025, on multiple occasions (June 16, 2020; September 2020; October 2, 2021; September 1, 2024; and May 16, 2025), the defendant publicly promoted, through various means, fascist, legionary and xenophobic ideas, concepts and doctrines.

Prosecutors accuse Georgescu of making public calls for the “regeneration and rebirth of the nation” through palingenesis – the creation of a “new man” under the framework of Orthodox Christian mysticism – implicitly accepting the use of violence, and advocating for the emergence of a charismatic, predestined and authoritarian leader capable of implementing this process.

He is also charged with glorifying Marshal Ion Antonescu, who was definitively convicted of war crimes. According to investigators, Georgescu praised Antonescu as a national hero and closely imitated not only his words but also his gestures and tone of voice. The indictment further notes that Georgescu gave the legionary salute during a speech delivered to protesters opposing coronavirus-related restrictions, at a rally held in University Square in Bucharest on October 2, 2021.

Top EU diplomat drafts a list of concessions Russia needs to make to secure real peace in Ukraine

LORNE COOK
Tue, February 10, 2026

AP


European Union foreign policy chief Kaja Kallas arrives for a meeting of EU foreign ministers at the European Council building in Brussels, Thursday, Jan. 29, 2026. (AP Photo/Geert Vanden Wijngaert)(ASSOCIATED PRESS)More

BRUSSELS (AP) — Top European Union diplomat Kaja Kallas said Tuesday that she is drafting a list of concessions that she believes Russia must make to secure any long-term peace in Ukraine as U.S.-run talks to end four years of war show little sign of progress.

Russian forces used cluster munitions in an attack on a market in Ukraine killing seven as envoys from Moscow and Kyiv met in Abu Dhabi last week for another round of U.S.-brokered talks. No breakthrough was made, although a new prisoner swap was agreed.

After saying in 2024 that he could end the war in a day, then 100 days, U.S. President Donald Trump has now given Ukraine and Russia until June to come to an agreement.

The EU is convinced that Russia is not negotiating seriously and it doubts that European and Ukrainian interests are being represented by the Trump administration, so work has begun on “a sustainable peace plan” that might force Moscow’s hand.

“We have just seen increased bombing by Russians during these talks,” EU foreign policy chief Kallas said, including the targeting of Ukraine’s electricity grid during what has been the coldest winter of the war.

Kallas said that the 27-nation bloc is “very grateful” for U.S. diplomatic efforts so far, but “to have sustainable peace also, everybody around the table including the Russians and the Americans need to understand that you need Europeans to agree.”
European conditions

“We also have conditions,” Kallas told reporters in Brussels. “And we should put the conditions not on Ukrainians that have already been pressured a lot, but on the Russians.”

Kallas said these conditions could include demands that Russia return possibly thousands of children abducted from Ukraine and limits on the size of the Russian armed forces once the war is over. Russia insists on a cap for Ukraine’s forces.

“The Ukrainian army is not the issue. It’s the Russian army. It’s the Russian military expenditure. If they spend so much on the military they will have to use it again,” Kallas said.

A draft list of conditions is likely to be shared among EU member countries in coming days for a possible discussion when the bloc’s foreign ministers meet on Feb. 23.
Shifting pressure from Ukraine

Kallas said that Ukraine is reliant on the United States for support and that this dependency has seen it forced to make almost all the concessions.

“Pressuring the weaker party is always maybe getting the results faster but it’s only a declaration that we have peace. It’s not sustainable peace. It’s not going to be a guarantee for Ukraine or anybody else that Russia is not going to attack again.”

She said that the Europeans do not want to start a separate track of peace talks, which Russia in any case would likely dismiss. Russian officials have said they are waiting for the Trump administration to deliver on commitments they say he made to Russian President Vladimir Putin at a summit last year.

Kallas described them as “absolute maximalist demands” that are not acceptable to the Europeans. Insread, she said, Europe must "change the narrative” and ratchet up pressure on Putin.

“Everybody wants this war to stop, except the Russians,” she said. “We can push them into the place where they actually want to end this war. They’re not there yet. Unfortunately, it’s not an easy solution.”

Kallas cited recent intelligence estimates that Putin is struggling to find recruits to continue his war effort and insisted that EU sanctions are damaging Russia’s economy as inflation there runs high.

“We need to go from the place where they pretend to negotiate, to where they actually negotiate, and we are not there,” she said.


Garry Kasparov Says Trump Has Worked 'Hand In Glove' With Russia, Calls White House's Ukraine Talks 'Fake'

Snigdha Gairola
Tue, February 10, 2026 
BENZINGA



Russian chess grandmaster Garry Kasparov criticized President Donald Trump, claiming his administration deliberately acted in ways that aided Russia's strategy against Ukraine.
Trump Accused Of Cooperating With Russia

On Sunday, Kasparov posted on X, sharing, "If you still think the Trump WH is being played by Russia, then the one who is being played is you. The fake negotiations, the ‘two weeks’ delays, the threats and calls, it’s all a charade."

He added, "Trump has worked hand in glove with Russia to try to force Ukraine to surrender."


If you still think the Trump WH is being played by Russia, then the one who is being played is you. The fake negotiations, the "two weeks" delays, the threats and calls, it's all a charade. Trump has worked hand in glove with Russia to try to force Ukraine to surrender. https://t.co/pvx1AHau80

— Garry Kasparov (@Kasparov63) February 8, 2026


US Sets June Deadline For Russia-Ukraine Peace Deal

Last week, the U.S. set a June 2026 deadline for Ukraine and Russia to reach a deal to end the nearly four-year war, Ukrainian President Volodymyr Zelenskyy said, reported AP News.

He added that if the deadline was not met, the U.S. would likely pressure both sides.

Zelenskyy confirmed Ukraine would participate in the next round of trilateral talks in theU.S., likely in Miami.

Previous talks in Abu Dhabi failed as Russia demanded Ukraine withdraw from the Donbas, which Kyiv refused, and other issues, including control of the Zaporizhzhia nuclear plant, remained unresolved.

The deadline highlights ongoing U.S. diplomatic pressure amid continued Russian attacks on Ukraine's energy infrastructure.

Last year, Kasparov criticized U.S. leadership during a Trump-Zelenskyy meeting, and President Trump had warned the war could escalate into a global conflict, urging diplomatic efforts to secure a peace deal.

Photo Courtesy: Karolis Kavolelis on Shutterstock.com

Indonesia prepares 8,000 troops for Gaza deployment

/ Russell Dodson - PD - Wikipedia

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By bno - Surabaya Office February 11, 2026

Indonesia has announced preparations to deploy up to 8,000 soldiers to Gaza, becoming the first country to signal participation in the second phase of a ceasefire arrangement brokered by the United States late last year, BBC reports.

Army Chief of Staff General Maruli Simanjuntak confirmed that training is already underway. He said the contingent would primarily undertake medical and engineering duties once deployed.

Jakarta has also joined US President Donald Trump’s newly established Board of Peace, unveiled last month. The body has been granted a United Nations Security Council mandate to form an International Stabilisation Force (ISF). The proposed force is tasked with securing Gaza’s border areas and overseeing the territory’s demilitarisation, including the disarmament of Hamas.

The Board of Peace is scheduled to convene its inaugural meeting in Washington on February 19. In addition to security matters, it will supervise the formation of a technocratic Palestinian administration in Gaza and coordinate post-war reconstruction efforts.

While the precise timeline and operational details of Indonesia’s deployment remain undecided, President Prabowo Subianto appears to have made a political commitment for the troops to participate.

The decision to join the US-led initiative has drawn criticism from several Islamic groups at home, reflecting broader public frustration in Indonesia over Washington’s role in Israel’s military campaign in Gaza. It is reported that the government may have taken the fee from the deactivation of 11mn National Health Insurance (JKN) Premium Assistance Recipients (PBI). The government has said that this measure was taken by the government to ensure that health subsidies from the state budget (APBN) are properly targeted to people in deciles 1 to 5, despite the timeline being similar to their Gaza peace council membership.

Despite backlash, President Prabowo continues to defend the move, arguing that Indonesia, the world’s largest Muslim-majority country, has a responsibility to contribute to stabilising Gaza. He has maintained that Jakarta’s involvement would support efforts towards a long-term two-state solution to the Israeli–Palestinian conflict.

Bangladesh secures tariff relief, textile exemptions in new US trade deal

/ Md Shanjir Hossain - Unsplash

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By bno - Mumbai Office February 11, 2026

Bangladesh has secured tariff exemptions for select garments and textile products made using American materials under a new trade agreement with the United States, according to a BBC report. As part of the arrangement, the US will also reduce tariffs on Bangladeshi goods to 19% from 20%, while Dhaka will widen access for American products in its domestic market.

The agreement follows months of negotiations after Washington imposed broad tariff measures on trading partners last year. Officials from both sides said the deal is intended to deepen economic ties and expand market access for exporters in both countries.

Under the pact, certain clothing and textile items produced with US cotton and synthetic fibres will qualify for duty-free entry into the American market. The scale of these tariff-free exports will be linked to the volume of US textile shipments to Bangladesh.

The clothing and textile sector remains critical to Bangladesh’s economy, accounting for more than four-fifths of export earnings and employing roughly 4mn workers. The country is currently the world’s second-largest apparel exporter after China.

In return for tariff concessions, Bangladesh has agreed to grant preferential access to a range of American goods, including agricultural produce and industrial products such as chemicals, medical equipment, automobile components, soy products and meat.

The agreement is expected to provide some relief to Bangladesh’s export sector while strengthening bilateral trade flows between the two countries.

 Trump EPA set to repeal scientific finding that serves as basis for US climate change policy

MATTHEW DALY
Tue, February 10, 2026  

WASHINGTON (AP) — The Trump administration on Thursday will revoke a scientific finding that long has been the central basis for U.S. action to regulate greenhouse gas emissions and fight climate change, the White House announced.

The Environmental Protection Agency will issue a final rule rescinding a 2009 government declaration known as the endangerment finding. That Obama-era policy determined that carbon dioxide and other greenhouse gases endanger public health and welfare.

President Donald Trump and EPA Administrator Lee Zeldin will “formalize the rescission of the 2009 Obama-era endangerment finding" at a White House ceremony, White House press secretary Karoline Leavitt said Tuesday.

The action "will be the largest deregulatory action in American history, and it will save the American people $1.3 trillion in crushing regulations,” she said. The bulk of the savings will stem from reduced costs for new vehicles, with the EPA projecting average per vehicle savings of more than $2,400 for popular light-duty cars, SUVs and trucks, Leavitt said.

The endangerment finding is the legal underpinning of nearly all climate regulations under the Clean Air Act for motor vehicles, power plants and other pollution sources that are heating the planet. It is used to justify regulations, such as auto emissions standards, intended to protect against threats made increasingly severe by climate change — deadly floods, extreme heat waves, catastrophic wildfires and other natural disasters in the United States and around the world.

Follow the AP’s coverage of the Environmental Protection Agency at https://apnews.com/hub/us-environmental-protection-agency

___ Associated Press writers Seung Min Kim in Washington and Bill Barrow in

Former federal prosecutor who quit amid Trump administration dispute now representing Don Lemon

STEVE KARNOWSKI
Tue, February 10, 2026 at 5:30 PM MST


Journalist Don Lemon, talks to the media after a hearing at the Edward R. Roybal Federal Building in Los Angeles on Friday, Jan. 30, 2026. (AP Photo/Damian Dovarganes)(ASSOCIATED PRESS)

FILE - Acting U.S. Attorney for Minnesota Joe Thompson speaks to reporters at a news conference July 15, 2025, in Minneapolis. (Jeff Wheeler/Star Tribune via AP, File)(ASSOCIATED PRESS)


Journalist Don Lemon, waves to the media after a hearing outside the Edward R. Roybal Federal Building in Los Angeles on Friday, Jan. 30, 2026. (AP Photo/Damian Dovarganes)(ASSOCIATED PRESS)

MINNEAPOLIS (AP) — A former federal prosecutor who quit amid a dispute with the Trump administration is now representing former CNN host Don Lemon, who was one of nine people indicted for their alleged roles in disrupting a service at a Minnesota church where an Immigration and Customs Enforcement official was a pastor.

A court filing Tuesday shows that Lemon has hired former interim U.S. Attorney Joe Thompson, who had been leading the sprawling investigation and prosecution of major fraud cases for the Minnesota U.S. Attorney’s Office until he resigned last month.

Several prosecutors have now left the office at a time of growing frustration with the administration’s immigration enforcement crackdown and the Justice Department’s response to fatal shootings of two people by federal officers in Minneapolis.

Lemon had previously said through another attorney that he planned to plead not guilty to federal civil rights charges over his coverage of the church protest. He has said he was not affiliated with the group that disrupted the church service, and that he was there in his capacity as an independent journalist. The indictment alleges various actions by the group that entered the church, including what Lemon said as he reported on the event for his livestream show.

Lemon is scheduled to be arraigned on Feb. 13 in federal court in St. Paul.

The Trump administration has cited the Minnesota fraud cases, in which most defendants have come from the state’s large Somali community, as justification for its immigration crackdown in the state. Thompson estimated in December that the losses to taxpayers from several fraud cases being prosecuted in Minnesota could total $9 billion.

Thompson recently formed his own law firm with Harry Jacobs, another former federal prosecutor who resigned amid the upheaval in the office. Jacobs had been lead prosecutor in the case of Vance Boelter, who has pleaded not guilty in last year's assassination of former Minnesota House Speaker Melissa Hortman and her husband, and the nonfatal shootings of a state senator and his wife.

The firm's website describes them as “battle tested and seasoned” trial lawyers.

Thompson did not immediately reply to messages seeking comment Tuesday.


Don Lemon hires federal prosecutor who resigned over Minnesota probes

Zach Schonfeld
Tue, February 10, 2026


Don Lemon has brought on an attorney who recently resigned from the office prosecuting the former CNN anchor, according to a new court filing.

Joseph Thompson informed the judge Tuesday that he will represent Lemon ahead of his next court appearance, which is slated for Friday.

Until last month, Thompson served as the No. 2 official in the U.S. attorney’s office in Minnesota. He helped lead the office’s investigation into social services fraud that has emerged as a national scandal.

Thompson resigned alongside several colleagues last month as reports emerged that the Justice Department was reluctant to investigate the federal agent who killed Renee Good in Minneapolis and was seeking to investigate her partner.

Thompson will now represent Lemon as he looks to fend off federal civil rights charges.

The indictment stems from Lemon’s coverage of a Jan. 18 demonstration in which protesters interrupted a St. Paul church service to oppose a pastor who reportedly serves as a federal immigration officer.

Lemon maintains he was acting as a journalist and denies wrongdoing.

Thompson joins what was already a high-profile legal team for the former CNN anchor.

Lemon is also represented by Abbe Lowell, a Washington lawyer whose client list has included Hunter Biden, Ivanka Trump, Jared Kushner and Federal Reserve board member Lisa Cook.

Jack White calls for US President Donald Trump to be arrested, impeached and jailed

HEAR! HEAR!

Paul Brannigan
Tue, February 10, 2026 

LOUDER SOUNDER


Credit: Bonnie Cash/UPI/Bloomberg via Getty Images | Dimitrios Kambouris/Getty Images

Jack White has delivered a scathing attack upon Donald Trump, stating his belief that the US President should be jailed.

Referencing Trump's posting of a racist meme depicting Barack and Michelle Obama as apes, White posted on Instagram:"

"This post would basically get anyone, at any job fired immediately... except for arguably the most important position in the world. That's right, trump is a racist, a rapist, a felon, a grifter (currently ordering the US govt. to pay him 10 billion dollars simply because no one will stop him.) and a full on dementia sufferer, and yet he has the power to send in gestapo ICE soldiers to kill our citizens, and so much more dangerously, has the nuclear codes and the ability to end humanity at any moment based on an egotistical whim.

"How is it possible we've given this evil man so much power?," his post continues. "The two party system, the electoral college, the responsibility that the internet has brought to humanity and its direct conflict with truth, and America's obsession with celebrity, are all to blame, but the fact that we aren't stopping it is...insanity. Arrest this man. Impeach this man. 25th amendment this man. Indict this man. Jail this man. This longtime friend of pedophile epstein, who appears 40 thousand times in the files. This demolisher of the White House, demolisher of the Constitution, demolisher of the Bill of Rights, this demolisher of America full stop. It's hard to believe the government does almost nothing about this lunacy and we just all have to sit back and watch as a people.

"And when he's finally gone?" White concludes. "We had better put into place new laws and regulations that don't allow anyone to find dangerous loopholes based solely on the assumption that our President has some sort of dignity and decency. Abolish these loopholes, abolish the electoral college, and if we had any sense we would abolish the two party system (that George Washington advised us never to have) that got us here in the first place and has failed not only Americans, but everyone else in the world who is currently suffering from our policies and suffering from the whims of this sick, deranged man who I will state again, has his tiny, bruised fingers on the nuclear launch button."


White has regularly made his distaste for Trump's presidency known.



In 2024 he threatened to sue Trump over the Republican Party candidate's unauthorised use of The White Stripes Seven Nation Army in a campaign video, writing, "Don’t even think about using my music you fascists."

Last December, White labelled Trump a "disgusting, vile, egomaniac loser" after the US President implied that the murder of film director Rob Reiner and his wife Michele may have been triggered by Reiner's criticism of his presidency, adding that Reiner was "very bad for our country".

The abuse has not been one way traffic. Earlier in 2025, White House Communications Director Steven Cheung called White "a washed-up, has-been loser."

AMERIKA; DEADBEAT NATION

UN is waiting to see how much the US intends to pay of the nearly $4 billion it owes

EDITH M. LEDERER
Mon, February 9, 2026 
AP


UN Secretary General António Guterres is welcomed by Britain's Prime Minister Keir Starmer to 10 Downing Street, London, Friday, Jan. 16, 2026. (Henry Nicholls/Pool Photo via AP)(ASSOCIATED PRESS)More


UNITED NATIONS (AP) — The United Nations said Monday it’s waiting to find out how much of the nearly $4 billion the United States owes the world organization the Trump administration intends to pay and when the money will arrive.

U.N. Secretary-General Antonio Guterres warned last week that the world body faces “imminent financial collapse” unless its financial rules are overhauled or all 193 member nations pay their dues, a message clearly directed at the United States.

The U.S. owes $2.196 billion to the U.N.’s regular operating budget, including $767 million for this year, according to a U.N. official. The U.S. also owes $1.8 billion for the separate budget for the U.N.’s far-flung peacekeeping operations, and that also will rise.

The U.S. Mission to the United Nations confirmed that U.S. Ambassador Mike Waltz said the Trump administration planned to make a significant down payment on its arrears in a matter of weeks, with the final amount still to be determined. His comments were first reported by Reuters.

U.N. spokesman Stephane Dujarric told reporters Monday that Guterres has been in touch with Waltz “for quite some time,” and the U.N.’s controller also has been in touch with U.S. officials.

”We’re waiting to see exactly when payments will be made and in what amount,” Dujarric said.

Guterres said in a letter to all member nations last week that cash for the U.N.'s regular operating budget could run out by July, which could dramatically affect its operations.

President Donald Trump has said the United Nations has not lived up to its potential. His administration did not pay anything to the United Nations in 2025, and it has withdrawn from U.N. organizations, including the World Health Organization and the cultural agency UNESCO, while pulling funding from dozens of others.

U.N. officials have said 95% of the arrears to the U.N.’s regular budget is from the United States.

The country second on the list for not paying its mandatory regular dues is Venezuela, which owes $38 million, the U.N. official said. The South American nation, whose economy was struggling before the U.S. military raid in January that deposed then-President Nicolás Maduro, has lost its right to vote in the General Assembly for being two years in arrears.

China might be beginning to back away from U.S. debt as investors get nervous about overexposure to American assets

Eleanor Pringle
Mon, February 9, 2026

FORTUNE

If there’s one thing that catches the attention of the second Trump administration, it’s how foreign investors behave toward U.S. assets. Perhaps most notably, it’s their attitude toward the safe haven of U.S. Treasuries.

Last month, Deutsche Bank earned the ire of Treasury Secretary Scott Bessent after one of its analysts suggested foreign investors may leverage their holdings of U.S. borrowing and equities against the White House’s threats over the sovereignty of Greenland. While Bessent dismissed the “irrelevance” of Denmark’s holdings of American debt, Trump eased up on his tariff rhetoric after the bond markets hiccuped.

The Trump administration is therefore unlikely to be pleased with reports this week that Chinese banks had been urged to limit their holdings of U.S. Treasuries. Bloomberg reported this morning, citing unnamed sources, that Chinese regulators had advised financial institutions against holding large amounts of U.S. government debt because of questions about volatility and security.

Minding the Bloomberg report, UBS’s Paul Donovan noted this morning that it is nevertheless of note that foreign investors are being advised to rethink their strategy. He said the report “does not include the official holdings, and China’s banks are not major players in the U.S. Treasury market. Nonetheless, the idea that international investors may be less inclined to buy U.S. Treasuries in the future (without dumping existing holdings) is getting attention in markets.” (China is the third-largest holder of U.S. Treasuries.)

Indeed, any jitters in China are only playing into wider questions about whether investors should be hedging themselves against headwinds to the dollar. As Chris Turner, ING’s global head of markets wrote this morning: “Mainland China and Hong Kong together held $938 billion of U.S. Treasuries as of last November. Comments like these come at a vulnerable time for the dollar, when the dollar diversification theme is rife.”

China could not inflict the level of damage on the U.S. bond market that other nations theoretically may wield. Japan, for example, holds nearly double the amount of Treasuries that China owns, with the U.K. also owning some $888 billion in U.S. borrowing as well.

But this morning’s report does speak to a trend emerging from the BRIC (Brazil, Russia, India, China) nations in the second Trump presidency: the selling off or rolling over of America’s debt. The latest data from the Treasury for November 2025 shows holdings by these nations are generally on a downward trajectory.

Brazil, for example, held $229 billion in American Treasuries in November 2024, and 12 months later, this had slipped to $168 billion. In India, November 2024 saw the nation holding $234 billion in Treasury holdings and by November 2025, this had reduced to $186.5 billion.

China has followed a similar, but not identical, path. In November 2024 it owned $767 billion in U.S. Treasuries, which steadily increased to more than $900 billion in August 2025. A run-down then ensued, to $888.5 as of November 2025.

As Turner observed in November, BRIC countries are “quietly leaving the Treasury market.” He added: “We think the decline in India’s holdings probably relates to FX intervention to support the rupee, but suspect there are also geopolitical factors at play too. However, this year has shown that the private sector is more than willing to buy Treasuries, and our call for a weaker dollar in 2026 is based on foreign investors increasing their hedge ratios on U.S. assets rather than selling them outright.”

Hedging to exposure

There’s also little evidence to suggest that foreign investors have, or would, use their holdings in American assets as a tool to discipline the Oval Office.

As Innes McFee, CEO of Oxford Economics, exclusively told Fortune at the end of January: “It’s a convenient story aligned to political narratives, but the reality is there’s no real evidence of capital outflows out of U.S. assets. What there is evidence of is that the rest of the world is hugely exposed to U.S. assets and historically much more exposed than it’s ever been, partly because of the Magnificent Seven and the AI trade and all of that sort of stuff.”

He continued: “I think what happened last year was a sudden realization of, ‘We still want to be exposed to the U.S., we don’t want to sell our holdings in such a fast-growing economy, but we do want to hedge our exposure.’ And so what you saw amongst a lot of pension funds around the world that invest in U.S. assets was a hedging of that exposure. That’s how you can have a situation where the dollar falls, but there’s no capital outflow. For years, people have talked about China weaponizing its holdings of U.S. Treasuries—I don’t think that there’s much credibility in those sorts of statements.”

This story was originally featured on Fortune.com