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Showing posts sorted by date for query P3. Sort by relevance Show all posts

Saturday, October 31, 2026

Has A Mysterious Gamma-Ray Powerhouse Revealed Its Smoking Gun?

Composite optical and X-ray image showing the location of LMC P3 (circled dot) within the DEM L241 supernova remnant. Credit By Chandra X-ray Observatory Center/NASA's Goddard Space Flight Center - This image or video was catalogued by Goddard Space Flight Center of the United States National Aeronautics and Space Administration (NASA) under Photo ID: deml241_lmc_p3_circled., 
Public Domain, https://commons.wikimedia.org/w/index.php?curid=175790940


October 31, 2026

By Eurasia Review

Key Takeaways:

Astronomers using ALMA have detected a straight, 26-light-year-long trail of heated molecular gas in the Large Magellanic Cloud that points to jets from the microquasar LMC P3 as the source of its unusually strong gamma-ray emission.

The jet signature, warmer (35–60 K) than the surrounding gas, strengthens the microquasar interpretation over the competing pulsar-wind model and suggests the compact object is more likely a stellar-mass black hole than a neutron star.

The finding, published in The Astrophysical Journal Letters, provides one of the clearest extragalactic examples of a microquasar powering high-energy emission.


In 2016, a binary star system emitting unusually strong gamma-rays was discovered in our galactic neighborhood. Now, astronomers have found the smoking gun, or rather, a smoking trail of cool molecular gas that suggests the source responsible are jets emanating from a microquasar — one of the few known outside the Milky Way.

Unlike the Milky Way which shrouds objects behind dust when looking towards the galactic core, the Large Magellanic Cloud (LMC), a dwarf satellite galaxy to our own, offers unhindered views to interesting and relatively nearby astrophysical phenomenon.

LMC P3 is one such stellar puzzle. It is the most luminous gamma-ray binary star system, composed of a compact object — either a black hole or a neutron star — alongside a massive star that is more than 30 times heavier than the Sun. The two stars take roughly 10 days to orbit each other.


It lies within the ashes left behind by the supernova that created its compact object. This optically attractive cloud of molecular gas, also known as a supernova remnant, is called DEM L241.
A smoking radio trail

Ever since its discovery, unusually strong gamma ray emission from LMC P3 has puzzled astronomers. Gamma rays lie at the highest energy limit of the electromagnetic spectrum. But an important clue to LMC P3’s mystery was hidden in the other end of the spectrum: radio waves.

Starting in 2022, a team led by astronomers from Nagoya University and Gifu University in Japan recorded observations of DEM L241/LMC P3 using the ALMA observatory in Chile, one of the largest radio telescopes in the world.

Specifically, they used ALMA bands 6 and 7 to measure carbon monoxide (CO) emission from the surrounding cold molecular gas, at wavelengths around 1.3 mm and 0.87 mm. This helped researchers measure the gas’s structure and motion and estimate its temperature.

What they saw was revealing. “We discovered a gigantic molecular jet,” said Yasuo Fukui, professor emeritus at Nagoya University and lead author of this new discovery, which has been published in The Astrophysical Journal Letters.


The newly discovered jet signature is a strikingly straight and narrow trail of “heated” molecular gas about 26 light-years long and three light-years wide. Even though very cold compared to room temperature, this gas trail stands out because it is considerably hotter, at a temperature of 35 to 60 Kelvin, compared to 15 Kelvin for the surrounding gas.

Fukui said the relatively high temperature observed over a large fraction of the molecular cloud makes it “a very strong case” that the gas is interacting with a high energy jet coming from the compact object — precisely the kind of jet that can also power LMC P3’s gamma rays.
Microquasar mechanism

The new study, which was co-led by Bhuvana Gadikere Rajendra, a researcher, and Kisetsu Tsuge, a designated assistant professor, both at the Institute for Advanced Study at Gifu University, together with Hidetoshi Sano, an associate professor at the Graduate School of Natural Science and Technology at Gifu University, strengthens support for one of two competing theories of gamma-ray binary emission for LMC P3: Microquasar jets.

Previously, pulsar winds were thought to be a possible mechanism. This scenario requires the LMC P3’s compact object to be a pulsar or a rapidly spinning neutron star that sends out a wind of energetic particles that in turn collides with its companion star’s own stellar wind. This creates a shock wave that accelerate particles to produce gamma rays.

But the newly found jet signature indicates quasar-like mechanism is the driving process. Quasars are some of the universe’s most luminous objects found in distant galaxies, powered by supermassive black holes at galactic cores accreting material and unleashing powerful jets of matter.

In LMC P3’s case, the compact object could be a stellar mass black hole or neutron star that draws in material from its companion to form an accretion disk. This is a small-scale version of a quasar, hence termed microquasar, that can power jets of high-speed particles that can similarly produce gamma rays.

Since black holes drive more powerful jets than neutron stars, the fact that LMC P3’s gamma ray emission is particularly high “provides a very strong support for the possibility that its central object is a black hole” instead of a neutron star, Fukui said.


Tuesday, October 27, 2026

 

Australian Fund Manager Buys Majority Stake in UK’s Largest Port Operator

Hull UK British port
ABP operates 19 ports including in the industrial area in the east at Hull (ABP)

IFM Investors, an Australia-based global fund manager with a focus on UK infrastructure, emerged as the winning bidder in the sale of Associated British Ports (ABP). The company, which was formed through a government privatization effort in the early 1980s, reportedly handles approximately a quarter of the UK’s seaborne trade.

The Financial Times had first reported in February that the Canada Pension Plan Investment Board and OMERS (Ontario Municipal Employees Retirement System) were planning to sell their stakes, which collectively represent approximately 64 percent ownership of ABP. In August, Bloomberg reported the final round of bidding had been narrowed to three investment fund managers, Apollo Global Management, KKR, and IFM Investors. India’s Adani Group had reportedly also expressed interest but was not identified as one of the finalists.

Terms of the deal were not reported, but Bloomberg cites sources saying ABP was valued at approximately £10 billion ($13.4 billion). Bloomberg calls the deal one of the largest in the UK this year.

“This transaction represents an attractive opportunity to realize the value of our long-term investment and recycle capital into new opportunities,” said James Bryce, Managing Director, Head of Infrastructure, CPP Investments.

ABP currently operates 19 ports around the UK, including in England, Scotland, and Wales. Its locations include Southampton, the UK’s third-largest container port, Humber, which is a major industrial area in the east around Hull and Immingham, and South Wales. In announcing the sale, OMERS also highlighted that ABP has continued to invest in its ports, support UK trade and develop new opportunities linked to the energy transition, including through major projects such as the Immingham Renewable Fuels Terminal, Green Port Hull, and Southampton's Horizon cruise terminal.

The company was formed to take over the British Transport Docks Board during the wave of privatizations during the era of UK Prime Minister Margaret Thatcher in the early 1980s. It remained a public company until 2006, when a group of investors, including Goldman Sachs and OMERS, acquired the company for £2.8 billion. The Canadian Pension Plan acquired its stake in 2015. CPP held 33.9 percent while OMERS held 30 percent. Other investors include Singapore’s sovereign wealth fund and Kuwait Investment Authority’s Wren House Infrastructure.

IFM is reported to manage more than US$100 billion in infrastructure equity and debt. It says it has a “longstanding commitment to mobilizing pension capital into UK infrastructure.” It manages assets from Australian pension funds along with Britain’s NEST (National Employment Savings Trust). Other investments are reported to include Manchester Airports Group and Anglian Water.

“Attracting investment from a fund managed by IFM Investors is a powerful endorsement of our business, our people, and our strategy. We are excited to unlock further growth opportunities, together with IFM Investors and our other shareholders, continuing ABP's long-term investment benefitting our customers, our local communities, and the UK,” said Henrik L. Pedersen, CEO of Associated British Ports.

IFM cited ABP’s position serving some of the country’s most important trade and industrial regions. It said it would support continued development of ABP’s infrastructure and operations. 
Ports and logistics infrastructure has become a sought-after investment. In addition to the shipping lines, which are working to increase their shore operations and protect routes, investors have been competing for the investments. A.P. Moller Capital recently announced several large investments, including a Singapore-based port operator and an agreement to acquire a majority stake in Euroports Group, which has operations in Europe and China. 

Friday, October 02, 2026

 

Humanoid robots: China builds them, but Germany could supply the joints and hands

Germany's future in humanoid robots may lie in the details, as German automotive suppliers are top-class in joints and motors for tiny components.
Copyright Copyright 2026 The Associated Press. All rights reserved


By Franziska Müller
Published on


Europe has so far built few humanoid robots, yet could profit from each one. German car part suppliers may play a key role in joints, says a Fraunhofer study.

At first glance, humanoid robots look like a field dominated by the big tech corporations: artificial intelligence, cameras, sensors, software.

But beneath their casing lies a great deal of traditional industry.

Every leg, every arm and every hand contains motors, gearboxes, bearings and sensors — components European companies have been producing for decades.

German research is still at the starting point in the race to develop humanoid robots, but industrial suppliers are already far ahead when it comes to specialised parts.

Researchers are now asking whether Europe even needs to build humanoid robots itself in order to benefit from a potential boom in the technology.

Could conventional industrial companies simply become suppliers to a new robotics sector? Or will this value creation also relocate to China or the United States?

Europe so far plays hardly any role in finished machines

China currently dominates deliveries by a clear margin and has overtaken the United States. Europe so far plays hardly any role in finished machines. Yet German companies could still profit from their potential march to victory.

An unusual strategy could emerge for Europe: not building the robot itself, but supplying the parts it is made of.

According to a specialist report by the Fraunhofer Institute for Manufacturing Engineering and Automation IPA, this component business could be much easier for Germany in particular to capture.

"In principle, the potential along the German and European supply chain is very large," says the author of the paper, Vincent Bezold, head of the Automated Manufacturing Systems business segment at IPA.

Together with consultancy P3, IPA has examined what opportunities this opens up for industrial suppliers.

They already have the expertise and production facilities for the components humanoids urgently need — and, according to recent comparisons, a specific advantage over Chinese parts of this kind.

IPA expects the market to be worth around 30 billion dollars by 2030.

China dominates global deliveries of humanoid robots

Around 19,100 humanoid robots were delivered in the first half of 2026. A huge share of them — 97 percent — came from China, according to data from research company Smart Analytics Global (SAG) published in August 2026.

For the whole of 2026, researchers expect around 60,000 robots to be shipped, rising to half a million by 2030.

According to SAG, China is currently winning the race to develop AI-powered humanoids. Agibot, a company based in the greater Shanghai area, alone has delivered 8,400 robots. US firms such as Tesla, Figure AI and Agility Robotics are lagging behind.

However, the number of humanoid robots in commercially productive use is still low. Mass production off the assembly line has not yet been reached, and despite China’s high shipping volumes the market is far from settled.

With government backing, China’s industry is working hard to accelerate the rollout of humanoid robots into widespread use.

The goal is clear: humanoid robots in manufacturing, logistics and warehousing. In these areas, robots could perform clearly defined tasks, SAG notes.

Their profitability and productivity can be easily compared and optimised here. Even so, the leap from "robots that can put on a show" to "robots that can work reliably" has yet to be made, SAG adds.

Humanoid robots need more than 40 joints

Behind every AI robot sits a classic mechanical engineering industry. Before the software can link all the components together, they have to be mechanically and technically sound.

Conventional industrial robots manage with seven joints, while humanoid robots need more than 40. Each joint means a motor, gearbox, bearing and sensor.

While Chinese companies such as Agibot are already shipping thousands of humanoids, several of the firms producing crucial components for these machines are based in Germany.

Gearboxes, motors, sensors and grippers are part of the traditional business of German and European automotive suppliers. These include German companies such as Schaeffler, Bosch, Schunk, Wittenstein and Neugart. They could also sell these parts to robot manufacturers.

China is producing these components as well, but so far with significantly shorter lifetimes.

"They don’t happen to run, as recently in Beijing, a half marathon as a PR stunt by chance. They do it because they wouldn’t withstand a full marathon," explains Sebastian Reitelshöfer, head of robotics research at the University of Erlangen–Nuremberg, in an interview with the ARD-Finanzredaktion.

According to Reitelshöfer, some components in these flagship models would only last "one or two weeks".

In his assessment, some showcase models developed in China still have durability problems in certain parts: individual components can only be operated for a few weeks under heavy load

By contrast, some European designs from the automotive sector would last far longer.

That, however, is precisely where one of the difficulties lies, Bezold tells Euronews. Supply chains are primarily developed locally around the original manufacturers.

"As a large proportion of humanoids currently comes from China, corresponding supplier structures are likely to form there as well, just as they did in Germany around the automotive industry," Bezold estimates. There are particular gaps in specialised components.

Not all components are competitive yet

In August, Schaeffler unveiled a new gearbox developed specifically for humanoid robots. The company’s name also appears in the white paper by the Fraunhofer Institute for Manufacturing Engineering and Automation.

The automotive supplier based in Herzogenaurach specialises in motors and drive technology. Its new strain wave gear – a high-precision specialist gearbox for industrial robots – is designed to transmit movements as accurately and powerfully as possible in the smallest installation space. According to the company, the new gearbox meets the core requirements of humanoid robot joints.

Schaeffler develops and supplies key components for scaling up humanoid robotics.
Schaeffler develops and supplies key components for scaling up humanoid robotics. Bild: Schaeffler

A new production method could also cut manufacturing costs by more than 25 percent and reduce material consumption by over 75 percent. That makes the strain wave gear competitive.

"The re-shaped strain wave gear is another example of how we are industrially advancing core robotics components and preparing them for high-volume series production," says Schaeffler’s President Humanoid Robotics, David Kehr. The company is creating solutions "designed for quality, cost-effectiveness and scalability". Series production is expected to start in mid-2027.

At the Hannover Messe in April 2026, the company received the Hermes Award for its development of humanoid robot joints. The prize underscores Schaeffler’s key role as a component supplier in the field of humanoid robotics, the company said in a subsequent statement.

The award specifically recognised the actuators platform used in shoulder, elbow and knee joints in robots. According to Schaeffler, actuators account for around 50 percent of the total cost of a humanoid. They are therefore a central lever for competitiveness.

Schaeffler is thus not simply trying to sell a single part for a robot. The company is looking to define part of the robot’s architecture.

Robot hands from Germany

How far this approach can go is illustrated by a partnership between Bosch and Schunk, two other German firms. Since June 2026, the two companies have been working together on a robot hand that can be integrated into different humanoid robot systems. This moves beyond individual parts such as gearboxes or motors to a complete key component of the humanoid robot.

Schunk has spent around 20 years developing robot hands and specialises in gripping technology. Bosch contributes precision mechanics, electronics and software, and is expected to manufacture the hand in series later on.

For Bosch Connected World 2026, Bosch and Schunk jointly integrated a robot hand into a humanoid robot system.
For Bosch Connected World 2026, Bosch and Schunk jointly integrated a robot hand into a humanoid robot system. Foto: Bosch

"Robot hands are a key component in advancing humanoid robotics in production and enabling more flexible and precise work than with conventional gripping systems," said Mathias Pillin, Chief Technology Officer at Robert Bosch GmbH, when the collaboration was announced.

The hand is particularly crucial for industrial use: it has to grip different workpieces, modulate force and operate reliably over long periods. At the same time, it should be compatible with as many robot platforms as possible. Hands are also among the hardware elements that most strongly influence the cost of a humanoid robot.

Supplying parts does not mean controlling the whole production

But a strong components business does not in itself amount to a robotics industry. The key question, therefore, is how much value creation remains in Europe if Chinese or US companies control the robot platforms, the software and access to customers.

For Fraunhofer IPA and P3, the crucial issue is not only whether Europe produces its own humanoid robot, but also where the industrial value chain takes shape. This is the core business of many European suppliers, who could reap substantial profits by entering the market.

From Bezold’s perspective, "access to manufacturers of humanoid robots" is the biggest shortcoming, because there are relatively few manufacturers in Europe and, as things stand today, only a small number of humanoid robots are actually built there. "That makes it harder for European suppliers to become part of the relevant value chains at an early stage."

According to the specialist report, hardware is just as decisive as software development for the economic viability, scalability and industrial impact of humanoid robots. IPA and P3 see an opportunity here for European suppliers and call for coordinated action by industry, policymakers and researchers.

"Suppliers who engage early with actuators, gearboxes, batteries, dexterous hands and lightweight structures can help shape future reference architectures and secure long-term positions in emerging supply chains," the study says. IPA considers the opportunity tangible if action is taken immediately. The authors criticise funding policies that focus exclusively on artificial intelligence.

The humanoid robots that will one day work in factories do not necessarily have to come from a single European plant. Europe may instead be hidden in their joints, hands and drives.

The crucial question is who sets the technical standards

Whether this will develop into an industrial strength of its own, or whether Europe will simply become a supplier of parts for robots from China and the US, is still unclear. What is likely to be decisive is who not only delivers individual components, but also helps define the standards and architectures of the next robot generation.

In its study "Humanoid Robotics 2040", Germany’s mechanical and plant engineering association VDMA argues that the entire production and supply chain should also be brought to Europe.

Over the coming years, VDMA expects a mass market for humanoid robots. Its study (source in German) "Humanoid Robotics 2040", published in April 2026, considers annual sales in the millions to be possible by 2042.

If Europe wants to help shape these markets, the study says it will need "far more capital, stronger support for start-ups and bolder industrial steps". Bezold also argues: "We ourselves need more manufacturers of humanoid robots in Europe." The industry association recommends treating humanoid robots as a priority and getting involved in the supply chain as early as possible. "That also means telling users that they should not be afraid to back projects even if the precise outcome is not entirely clear at the beginning," Bezold explains.

Wednesday, June 24, 2026

Fauci Summoned To Testify Before Powerful Senate Committee In July

SENATOR RAND PAUL PERSECUTES THE HERO OF COVID


Dr. Anthony Fauci. Official White House photo by Tia Dufour/Wikimedia Commons


June 24, 2026
 The Center Square
By Thérèse Boudreaux

(The Center Square) – The Republican head of a powerful U.S. Senate committee has subpoenaed Dr. Anthony Fauci, demanding the former chief medical advisor testify before lawmakers about his response to the COVID-19 pandemic.

“For six months, I have been negotiating with Anthony Fauci’s lawyers over a date to testify before my Homeland Security Committee. He finally agreed to appear this month. Then he backed out. So I subpoenaed him,” Senate Homeland Security and Government Affairs Committee Chairman Rand Paul, R-Ky., posted on social media Tuesday. “He will testify in July.”

In a separate post, Paul outlined some of the questions he intends to ask Fauci, who headed the nation’s pandemic response.

“Did Dr. Fauci fund gain-of-function research while telling Congress he didn’t? Why were records destroyed? And why did he need a presidential pardon? The American people deserve answers, and I am going to make sure they get them during our hearing next month,” Paul said.

Fauci, who received a preemptive pardon from former President Joe Biden, has faced criticism over his handling of the pandemic response.

Paul and other Republicans have accused Fauci of covering up the true origins of the virus after a National Institutes of Health official revealed in 2024 that U.S. taxpayer dollars had indeed funded what many would term “gain of function” research at the Wuhan Institute of Virology in the area where the virus was first discovered.

The admission contradicted Fauci’s assertion to Congress in 2021, under oath, that the “NIH has not ever and does not now fund gain-of-function research in the Wuhan Institute of Virology,” a statement Republicans considered intentionally misleading.

Paul’s subpoena Monday came just days after former Director of National Intelligence Tulsi Gabbard declassified hundreds of documents, which she claims “expose Fauci’s direct role in influencing and manipulating IC assessments on COVID-19.”

Among other records, Gabbard declassified the U.S. taxpayer-funded research on coronaviruses, which analyzed the risks of coronavirus spreading from bats to humans, that NIH had admitted to funding. The controversy-ridden nonprofit EcoHealth Alliance conducted those studies, some of which dated back to 2014.

During the pandemic, Fauci repeatedly discouraged the idea that the virus originated from a lab.

But the other documents Gabbard declassified, which largely consist of email exchanges between federal health and IC officials, fall short of proving that he “worked with politicized career leadership in the Intelligence Community (IC) to suppress the truth about his actions” and the lab leak theory.

The declassified information shows Fauci was included in the communications between federal health agencies and the Intelligence Community, both involved with pandemic research and response and both attempting to clear up conflicting information.

Per the emails, Fauci often advised IC officials – who specifically asked health officials for advice and clarification on how to interpret virus-related research and other theories – and recommended they consult certain health experts for additional information. He also provided his opinion that the virus was zoonotic in origin when asked.

Most health officials in the emails, whose names were largely redacted, emphasized caution related to assertions that the virus was created in a lab.

One email written by an IC official read “Hi team – Is anyone looking at the open source report that a Chinese virologist claims to have proof that COVID-19 was made in a Wuhan lab? We’re getting questions from our leadership and I figured those with more technical expertise probably have already evaluated this report.”


A recipient – presumably from the NIH, but both the name and office of the respondent are redacted – informed the IC official that the study in question had numerous errors and was published by a pair of nonprofit groups, which had never before released any medical research, linked to political strategist Steve Bannon.

Some of the health officials acknowledged that coronaviruses were likely studied in the WIV lab. They also confirmed that a lab analysis found that “all of the necessary conditions for an accidental release of a laboratory-modified coronavirus — specifically a coronavirus adapted to recognize human cell receptors” were present at the WIV in 2019.

However, they pointed out to IC officials that the authors of the report determined the findings “place equal weight on the hypothesis” of an accidental lab leak versus the virus emerging naturally in Wuhan.

“I’ve been tracking this pretty closely in the literature, and would advise to set a very high threshold for any GOF [gain of function] interpretation as an origin of SAR COV-2,” a health official whose name is redacted said. “Not saying it is impossible, but I think Occam’s razor is the best guidance here. […] To be honest – I cannot imagine the Chinese NOT doing this type of research, but an escaped P3+/P4 LAI would be extraordinary.”

While the origins of the virus still remain under debate, the White House has officially endorsed the lab leak theory.


Wednesday, May 27, 2026

P3 PUBLIC PENSIONS FUND PRIVATIZATION

AustralianSuper says possible Glencore listing on ASX would be positive

Stock image.

Pension fund AustralianSuper on Wednesday said if Glencore decides to list shares on the Australian Securities Exchange, it would be “positive” for both the bourse and the Swiss-based commodities trader and miner.

“If they were to list here we think it would be positive for Glencore and for the Australian stock exchange,” AustralianSuper portfolio manager Luke Smith said at the Australian Financial Review mining summit in Perth.\

The move would suit Glencore because “we believe the Australian share market is the best and most informed mining share market in the world,” Smith said, which would offer its shares a better chance to reflect the company’s worth. He added the fund had discussed the topic with Glencore and a listing on the ASX would offer more choice to investors such as itself.

Glencore has said it is open to considering a secondary listing in Australia.

Glencore and Rio Tinto earlier this year explored a possible merger that would have forged a $240 billion company, but Rio walked away saying it could not see sufficient cost advantages. There is speculation that Glencore is still interested in a tie-up.

Some mining CEOs like Glencore CEO Gary Nagle have argued that the industry needs to grow in size to become more relevant and influential – and to attract interest from a wider audience.

Smith said AustralianSuper was cautious about mining companies getting bigger because even if a large company emerged, “it’s still not going to be anywhere near the major tech companies.”

“We always approach cautiously, M&A, and if we can see it’s going to create value, we’ll be open-minded about it,” he said.

BlackRock portfolio manager Olivia Markham earlier said that she saw merit in “sensible” M&A as a way for miners to grow and attract generalist investors to fund large and complex projects.

“Australian Super has got a bit of a track record of sometimes saying yes and sometimes saying no, but it’s all about not looking just to this transaction and instant gratification of maybe a share price rise of 20% or 30%,” Smith said.

“We’re always looking for three to five years. What is the company’s … intrinsic worth in three to five years’ time? And is this appropriate price being paid today?”

(By Helen Clark; Editing by Christian Schmollinger and Thomas Derpinghaus)


 

BlackRock sees merit in large-scale mining M&A

Credit: Rio Tinto

BlackRock would back consolidation among large miners because it would open the sector to generalist investors at a scale that would make it easier to bring on large and complex projects needed for new supply, a portfolio manager said on Wednesday.

The mining industry has an issue around scale, especially compared to other sectors such as technology, said Olivia Markham, speaking at the Australian Financial Review (AFR) conference in Perth.

“When you speak to a US generalist investor, they want large, liquid equities to invest in. Bigger companies have better access to capital, they typically trade at a better multiple, and I think within the context of the mining sector, bigger companies have also got the teams and the people to go and build all these complex projects,” she said.

“We’ve had a wave of M&A, but I see merit in more,” she said.

Among major miners, Glencore and Rio Tinto explored a possible merger earlier this year that would have forged a $240 billion company and tied together Glencore’s marketing business and copper assets with Rio Tinto’s operational expertise.

Rio Tinto walked away saying it could not see sufficient cost advantages for the deal. However, there is speculation that Glencore CEO Gary Nagle is still interested in in the Anglo-Australian miner and may look to reopen talks if the Swiss miner’s share price continues to outpace Rio’s.

BlackRock holds stakes in both miners, as well as top global miner BHP.

Demand accelerating

Major investments in supply are needed as commodity demand speeds up, underpinned by trends including electrification, AI and defence spending, Markham said.

“Commodity demand is simply accelerating, and the commodity intensity of GDP growth continues to go up, and when you look at every exciting theme that’s going on in the market… it all leads back to mining,” she said.

“At the same time, you’ve got a supply side that is massively underinvested, so there’s just no immediate supply response…. we’re going to have to keep having commodity prices move up to incentivize more and more supply to come on line,” she said.

Markham also said that the closure of the Strait of Hormuz was driving a push towards energy independence that would support alternative energy sources. “We are going to be thinking much more about uranium,” she added.

BlackRock’s exposure to Australia has declined across the past five years as it has looked to invest in jurisdictions that have greater copper exposure and as Australia becomes less cost competitive with other countries since Covid, she added.

(By Helen Clark and Melanie Burton; Editing by Stephen Coates and Lincoln Feast)

Sunday, April 26, 2026

Demonized Iran: A Tale Told By An Idiot



 April 24, 2026

A map of West Asia in 1872, with “Iran or Persia”, ruled by the Qajar dynasty, shaded in pink – Public Domain

The current failing effort to make Iran out to be a major threat to world peace starts the clock at 1979 in its propaganda effort to justify U.S. aggression against Teheran, which deliberately overlooks the events of 1953, when a joint U.S.-British effort overthrew the then secular Iranian government in order to take over the country’s oil industry.

Much like John Foster Dulles and his brother Allen, who successfully plotted the U.S. coup against him, Mohammad Mossadegh (Time’s Man-of-the-Year in 1952) came from an affluent background, welcomed the principles of capitalist democracy, and loathed Marxism. What set the three men on a collision course was not their political values, but the radically unequal world around them.[1]

Mossadegh grew up watching foreigners loot his defenseless country. Nourished by corruption, predatory foreign companies bought up rights to establish Iranian banks and run its post office, telegraph service, railroads, and ferry lines. Other Western firms took over the caviar industry and tobacco trade. When oil was discovered at the beginning of the twentieth century, British officials just bribed a puppet monarch – Mozaffar al-Din Shah – to sign Iran’s rights away to foreign investors. The ocean of oil underfoot became the property of the Anglo-Iranian Oil Company, mostly owned by the British government.

Thus it was that in his short span of years Mossadegh witnessed a stupendous source of national wealth siphoned off to benefit distant foreigners while Iranian peasants lived in hovels and a quarter of the population consisted of nomadic bands. The country suffered a ninety-percent illiteracy rate, an incredible fifty-percent infant mortality rate, and saw seventy percent of its land monopolized by two percent of its population. Iran exported $360 million worth of oil a year, but only received $35 million in royalties from the Anglo-American Oil Company.[2]

Educated Iranians of Mossadegh’s era faced a choice of continuing this humiliating submission to foreign exploitation or launching a rebellion doomed to failure. Mossadegh chose to rebel, demanding full Iranian control of the nation’s resources, which made him a target for Anglo-American imperialism.

Following World War II Mossadegh had emerged as the leader of the nationalists in the Iranian Parliament, with a reputation for being an honest patriot.[3] He not only denounced British control of the oil industry, but also opposed a vast, mega-profit development scheme Allen Dulles had negotiated for Overseas Consultants Inc., a group of eleven American engineering firms with massive construction plans, including hydroelectric plants, rebuilt cities, and industries imported from abroad. Mossadegh denounced it as a sellout to foreign interests, a judgment that found favor in the Iranian Parliament, which killed the project by refusing to appropriate funds for it in December, 1950.

After delivering this heavy blow to foreign capital, Mossadegh was chosen to be prime minister in April 1951. Before accepting, he asked for a vote in favor of nationalizing Iran’s oil industry, and the vote was unanimous. From that moment on he was regarded in Washington and London as the worst sort of enemy, a populist rabble-rouser who stirred the masses with appeals to independent nationalism, which was effectively treason to transnational capital.

In 1953, with the unanimous backing of the Iranian Parliament and overwhelming public support, Mossadegh proceeded with the nationalization, expropriating the Anglo-American Oil Company. In an impassioned address to the nation he warned that Iran was taking control of “a hidden treasure upon which lies a dragon.”[4]

The dragon retaliated by CIA coup, overthrowing Mossadegh in favor of Shah Reza Pahlavi. General Fazollah Zahedi, a Nazi collaborator and staunch partisan of American oil, became the new prime minister. [5]  President Eisenhower quickly extended him “sympathetic consideration.”

The CIA’s Kermit Roosevelt emerged as vice-president of Gulf Oil. U.S. Secretary of State John Foster Dulles refused to divulge details of the new arrangements, because “making them public would affect adversely the foreign relations of the United States.”[6]

President Eisenhower told the American people that the Iranian people had “saved the day,” owing to their “revulsion against communism,” and “their profound love for their monarchy.”[7]

The New York Times hailed the destruction of Iranian democracy as “good news indeed,” calling the putsch an “object lesson in the heavy cost that must be paid” by a country that “goes berserk with fanatical nationalism.”[8]

Thousands of Mossadegh supporters were dispatched to jail, torture chambers, and graveyards.[9]

A deeply grateful Shah thanked U.S. Ambassador Loy Henderson and Kermit Roosevelt, telling them the he owed his throne to God, the Iranian people, the army, and to Washington.[10]

Gripped by megalomania, the Shah ruled for the subsequent quarter century in a romantic haze built on a fantasy version of Iran and also of himself. He told Italian journalist Oriana Fallaci that he was guided by visions and messages from God, as well as Imam Ali. “I am accompanied by a force that others can’t see, my mythical force, I get messages, religious messages.”[11]

Instead of seeking psychological help, the Shah went for armaments and the technology of repression, soon becoming the central U.S. military and economic partner in the Middle East. Portrayed in the West as a far-seeing moderate in a land teeming with swarthy medievalists, he remained deeply unpopular at home due to his policies of super-militarization, forced modernization, and systematic torture. Powerful Ayatollahs bitterly objected to his rule, and as they amassed a huge popular following the Shah grew increasingly isolated, clinging to power with an avalanche of weapons sent on by Washington.

By the mid-seventies the Shah’s throne sat atop a veritable powder keg. Two-thirds of the population was under thirty. Cities were hideously unlivable, as urban settlements had quadrupled to twenty million in the previous twenty years. Fifteen percent of the entire country lived around Teheran in shanty dwellings lacking sewage or other water facilities. The nation’s incalculable oil wealth reached few hands, and a restless student generation had no prospects. The bloated bureaucracy was totally corrupt.[12]

Hatred of the military surged as the economy gagged on $18 billion in Western arms imports (mostly from the U.S.) between 1974 and 1978, including air-to-air missiles, smart bombs, and aerial tankers, “everything but the atomic bomb,” according to a State Department official. While Shiite leaders rallied massive popular support, the Shah eliminated civilian courts, held 100,000 political opponents in jail, and carried out more official executions than any other country in the world, in addition to using methods of torture that Amnesty International called “beyond belief.”[13]

Nevertheless, enthroned as he was atop an ocean of oil, the staunchly anti-communist Shah was a greatly admired leader of the “Free World.”[14]

For New Year’s Eve in 1977 Jimmy Carter flew to Teheran to celebrate the 2500th anniversary of the Persian Empire with the Shah. The two heads of state dined in the Niyavaran Palace surrounded by obscene luxury in a city teeming with hideous slums.

In his after dinner speech Carter all but buried his face in the Shah’s lap, displaying a stomach-turning capacity for obsequious flattery. He praised the “great leadership of the Shah,” and proclaimed Iran a “great island of stability” in a “troubled” region of the world, which, he gushed, was a great tribute to “you, Your Majesty,” and to “the respect and admiration and love” which, he alleged, the Iranian people felt for their King, though at that very moment thousands of them were political prisoners suffering Nazi torture techniques in Iranian jails.[15] Continuing in the same vein, Carter declared that “the cause of human rights is one that also is shared deeply by our people and by the leaders of our two nations.” He concluded on a note of utter devotion: “There is no leader with whom I have a deeper sense of personal friendship and gratitude.”

A beaming Shah leaped to his feet in applause, grasping Carter’s right hand in both of his.

On the route to the airport the next morning the mutual admirers failed to notice thousands of young Iranians pelting the army with rocks along the side streets. Soon, nationwide riots would break out.[16]

Nine months later, Carter phoned the Shah during the worst crisis of his entire rule (“Black Friday”), expressing support following his machine-gunning of dozens of demonstrators (thousands according to Iranian dissidents) by troops that had been armed and trained by the United States. The following month Carter received the Shah’s son (who was undergoing training at the United States Air Force Academy at the time) in Washington and told him: “Our friendship and our alliance with Iran is one of our important bases on which our entire foreign policy depends.” Speaking of the Shah’s liberalization policies, he added, “We’re thankful for this move towards democracy. We know it is opposed by some who don’t like democratic principles, but his progressive administration is very valuable, I think, to the entire Western world.”

By that point, of course, nearly the entire Iranian population was fed up with the Shah’s blood-soaked “progressive administration” and its boundless corruption. Graft and bribery were so endemic under his rule that he had amassed a personal fortune worth billions of dollars, still a large sum today, and a gargantuan one in the late 1970s.[17]

There can be little doubt that Carter’s complete lack of concern for democracy, in spite of protestations of the centrality of “human rights” to his administration, was helping provoke an explosion of popular revulsion at the Shah’s misrule.

By January, 1979 the breaking point had been reached. Everyone was cursing the cold, the snow, and the Shah, and strikes paralyzed the country. As power cuts plunged the capital into darkness, food supplies ran out and long lines formed for resupplies of paraffin. Roaming gangs stopped fancy cars to siphon what they needed while oil production stopped and the army went to work the fields. With gas lines backing up for hours, soldiers kept order firing automatic weapons in the air.

The Shah’s henchmen fled like startled cockroaches. Ministers carted away bags stuffed with bank notes; ladies made off with jewelry boxes; masterless butlers wandered around in a daze. Suitcases and crates crammed with paintings, Persian rugs, and precious jewelry, found their way to Europe and America, leaving palaces and elegant homes suddenly eerily empty. Bombarded by money transfers, Central Bank workers went out on strike, refusing to process the deluge.

At Niyavaran palace the Shah sat behind a bank of guards and surveillance equipment wondering what went wrong. Surrounded by gilt, beveled mirrors, chandeliers, gold-plated telephones and jewel-studded gold cigarette boxes, he was plunged into gloom. Anwar Sadat beckoned him to exile in Egypt.

He fled, and Teheran erupted in joy.[18]

Two weeks later the Ayatollah Khomeini returned from fifteen years of exile, greeted by a joyous crowd of three million at the airport.[19] Two months after that, 99% of the adult population voted for an Islamic Republic in an extraordinary 95% turnout.[20] The U.S. client state was no more.

At every stage of its confrontation with the Islamic Revolution, the U.S. response appeared to be tone deaf and inept. A little over eight months after Khomeini’s return to Iran, Carter allowed admission of the ailing ex-Shah to a New York hospital for cancer treatment, and enraged Iranian protesters poured over the U.S. Embassy walls in Teheran, seizing 66 Americans trapped inside. Telling a lurid tale of America-backed torture, murder, and looting, they announced themselves as “followers of the Imam’s line,” and demanded the return of “the criminal Shah.”

Effigies of President Carter and Uncle Sam were set aflame. American flags were spat on, trampled, and burned in the street. Blindfolded Marines, handcuffed behind their backs, were paraded before TV cameras surrounded by vengeful, chanting mobs. “Death to America! Death to Carter! Death to the Shah!”

The Pope, offering to mediate the crisis, was rebuffed by an angry Ayatollah Khomeini: “Where was the Vatican, when the Shah put our youth in frying pans and sawed off their legs?”[21]

Although the U.S. media offered extensive and dramatic coverage of events in Teheran, the non-stop chatter of the pundits did nothing to enlighten the viewing audience. Terms like Mohamedanism, Mecca, purdah, chador, Sunni, Shiite, mullah, imam, Ayatollah Khomeini, militant Islam were packaged up for American viewers in absurd three minute summaries of the meaning of Islam, which only conveyed the mis-impression that Islam was inherently violent, dangerous, and anti-American, a view that persists to this day.

Interviews with Iranian officials alternated with comments from the hostages’ parents, bulletins on the ex-Shah’s failing health, and footage of emotional street demonstrations in Iran. The rituals of the Iranian crowds were cast as though they were sick imitations of Nuremberg, circuses manipulated by mad dictators caught up in religious frenzy, in stark contrast to the level-headed millionaires psychoanalyzing their behavior in American T.V. studios.

Not a single establishment journalist found the U.S. responsible in any way for its Iran predicament. No one offered to make amends for the coup of 1953. The Washington Post dismissed the Shah’s use of systematic torture as inconsequential, since “it can be argued that it was entirely in the tradition of Iranian history.”[22]

In the middle of the hostage crisis another one occurred in neighboring Iraq, where Saddam Hussein overthrew General Ahmed Hassan Bakr and executed all his political rivals. A short time later, president Carter’s national security adviser Zbigniew Brzezinski publicly encouraged him to attack Iran, which he promptly did, invading in September, 1980 with “strong U.S. backing,” according to war correspondent Robert Fisk.

For Saddam the goal was to seize the Shatt al-Arab waterway and Iran’s oil-rich southwestern Khuzestan region; for Iran, it was to survive an existential war and defend the Islamic Revolution.

The war lasted eight long years and featured horrifying trench warfare similar to battles in WWI, with maimings and killings well into the hundreds of thousands on both sides, while the combined population of Iran and Iraq was only fifty-seven million. Iraq repeatedly used nerve and mustard gas thanks to a Department of Commerce license that allowed an American company to ship Saddam a smorgasbord of deadly agents for years, and both sides freely bombed civilian populations.[23]

Washington also provided Hussein with battle plans and satellite data. Over the course of the war, Iraq-U.S. relations became so close that the Reagan administration barely reacted when Iraqi missiles hit the USS Stark in the Gulf, killing several dozen U.S. servicemen. Only when it became convenient following Iraq’s 1990 invasion of Kuwait did Washington criticize Iraq’s appalling human rights record, omitting mention of the U.S.’s starring role in his worst crimes.

One of the most gruesome atrocities of the war period occurred in 1988, when the U.S.S. Vincennes shot down Iran Air Flight 655 in an ascending flight path over civilian airspace in the Persian Gulf, killing 290 people on board. The American commander knew at the time that he was shooting down a civilian plane.

Admiral William J. Crowe, Chairman of the Joint Chiefs of Staff, established the U.S. official line on the horror, accusing the Iranians of having brought the attack on themselves with irresponsible behavior.

The U.S. establishment media suggested that the Airbus might have been on a suicide mission, that the pilot may have been deliberately trying to crash his passenger-packed plane into the American frigate that shot it down. Articles focused on the commander’s anguish in having shot the plane down, reporting the event as a tragic error. President Reagan called it an “understandable accident.” Vice-President Bush declared he would “never apologize for the United States of America. I don’t care what the facts are.”

This was all self-serving nonsense.

In an article in the September 1989 issue of the U.S. Naval Institute’s Proceedings, Edward Herman reported in his 1992 book, “Beyond Hypocrisy,” David R. Carlson, commander of the USS Sides, an escort frigate in the vicinity of the USS Vincennes when it shot the Iranian Airbus down, wrote that he was disgusted with the U.S. excuses for this act, as well as the attempt to blame it on the Iranians. He added that the idea that the Vincennes was attempting to defend itself against Iranian attack was based on a series of lies. “When the decision was made to shoot down the Airbus, the airliner was climbing, not diving; it was showing the proper identification friend or foe – IFF (Mode III); and it was in the correct flight corridor from Bandar Abbas to Dubai. The Vincennes was never under attack by Iranian aircraft. There was no targeting being done by the Iranian P3. The conduct of Iranian military forces in the month preceding the incident was profoundly nonthreatening.” According to Carlson’s account, Herman wrote, for a considerable time before the shootdown the Vincennes’ actions “appeared to be consistently aggressive, and had become a topic of wardroom conversation.” Someone had even jokingly come up with the nickname “Robo Cruiser” for the Vincennes, and it apparently stuck.

Nevertheless, the New York Times continued to support the official story that the Iranians were to blame for the “accidental” shoot-down and never reported on Commander Carlson’s correction.

Adding to the horror, the personnel on the Vincennes were given a hero’s welcome when they returned to the dock in San Diego, and later made it onto national TV and became celebrities. In April, 1990, Herman wrote, the commander of the Vincennes was given the Legion of Merit award for “exceptionally meritorious conduct in the performance of outstanding service” and for “the calm and professional atmosphere” under his command.  The destruction of the Airbus and the killing of 290 passengers was not explicitly mentioned in the citation.[24]

Nearly forty years later, Washington is still attacking Iran, based largely on the same highly caricatured image of the country it has held since 1979, and has learned nothing about the reality of its own relations with Teheran. The U.S. continues to be in the Iranians’ back yard – relentlessly – supporting dictatorships, overthrowing regimes, backing genocidal Israel to the hilt, all of which results in a horrifying record of slaughtered civilians that has literally appalled the entire world.

Meanwhile, the Iranian proxy states Washington accuses of terrorism are all products, directly or indirectly, of its own foreign policy. It was Israel and the United States, after all, who took a small, Islamic group offshoot from the Muslim Brotherhood in Egypt called Hamas in the early eighties and built it up and funded it to counteract the secular Palestine Liberation Organization with a religious group. Hizbollah arose because the U.S. backed Israel’s 1982 invasion of Lebanon, killing thousands of Shiites who had no real stake in the Israel-Palestinian conflict. The rise of ISIS a generation later is directly attributable to the Bush-Cheney invasion of Iraq in 2003. And Al Qaeda, which preceded it, grew out of U.S. support for the mujahedeen in Afghanistan after the Soviets invaded that country in 1979.

Aside from the obvious fact that the U.S. is far and away the world leader in committing acts of terrorism, the bungling incompetence at protecting its own declared interests is staggering.

Meanwhile, to this day, a bipartisan consensus reigns in Washington that the U.S. somehow has the moral standing to judge Teheran for its human rights record. But as is so often the case with imperial moralizing, the crimes of the accused pale in comparison to the horrors perpetrated by those who wish to see them self-righteously judged.

Notes

[1]All biographical data on Mossadegh is from “The Brothers – John Foster Dulles, Allen Dulles, And Their Secret World War,” (Holt, 2013), pps.119-24
[2] Lawrence S. Wittner, “Cold War America – From Hiroshima To Watergate,” (Holt, 1978) p. 151
[3] William Blum, “Killing Hope – U.S. Military And CIA Interventions Since World War II,” (Common Courage, 1995) p. 70
[4] Lawrence S. Wittner, “Cold War America – From Hiroshima To Watergate,” (Holt, 1978) p. 151
[5] William Blum, “Killing Hope – U.S. Military And CIA Interventions Since World War II,” (Common Courage, 1995) p. 67
[6] Lawrence S. Wittner, “Cold War America – From Hiroshima To Watergate,” (Holt, 1978) p. 153
[7] Medea Benjamin, “Inside Iran – The Real History And Politics Of The Islamic Republic Of Iran,” (OR Books), p. 27
[8] Noam Chomsky, “Towards A New Cold War,” (Pantheon, 1978) p. 99; William Blum, “Killing Hope – U.S/ Military And CIA Interventions Since World War II, (Common Courage, 1995) p. 71
[9] Cedric Belfrage, “The American Inquisition 1945-1960,” (Monthly Review, 1973)  p. 202
[10] Arash Norouzi, “I owe my throne to God, my people, my army, and to you,” www.mohammadmossadegh.com
[11] Medea Benjamin, “Inside Iran – The Real History And Politics Of The Islamic Republic Of Iran,” (OR Books, 2018) p. 30
[12]Walter LaFeber, “The American Age – United States Foreign Policy at Home and Abroad since 1750,”(Norton, 1989) pps. 659-61
[13] Medea Benjamin, “Inside Iran – The Real History And Politics Of The Islamic Republic Of Iran,” (OR Books, 2018) p. 29.
[14] Lawrence S. Wittner, “Cold War America – From Hiroshima To Watergate,” (Holt, 1978) p. 393
15 On CIA torture techniques derived from the Nazis and taught to the Shah’s SAVAK, see Noam Chomsky, “Towards A New Cold War,” (Pantheon, 1979) p. 455-6n
[16] William Shawcross, “The Shah’s Last Ride,” (Simon and Schuster, 1988), p. 130; Pierre Salinger and Eric Laurent, “America Held Hostage,” (Doubleday, 1981) pps. 3-7
[17] Noam Chomsky and Edward S. Herman, “The Washington Connection and Third World Fascism” (South End, 1979) pps. 64, 292-3
[18] William Shawcross, “The Shah’s Last Ride, (Simon and Schuster, 1988) pps. 15-37, 275
[19] Medea Benjamin, “Inside Iran – The Real History And Politics Of The Islamic Republic of Iran,” (OR Books, 2018) p. 37
[20] Medea Benjamin, “Inside Iran – The Real History And Politics Of The Islamic Republic Of Iran,” (OR Books, 2018) p. 39
[21] William Shawcross, “The Shah’s Last Ride,” (Simon and Schuster, 1988) p. 278 Khomeini quoted in Clifton Daniel, ed., “Chronicle of America,” (DK Publishing, 1997) p. 865
[22] Edward Said, “Covering Islam,” (Vintage, 1981) pps. 95-133 passim
[23] Robert Fisk, “The Great War For Civilisation – The Conquest of the Middle East,” (Knopf, 2005) pps. 210-12
[24] Edward S. Herman, “Beyond Hyprocrisy – Decoding The News In An Age of Propaganda,” (Common Courage, 1992) pps, 31-2. See also, Alexander Cockburn, “Corruptions of Empire,” (Verso, 1988) pps. 515-18, and Noam Chomsky, “Class Warfare,” (Common Courage, 1996) pps. 69-90. For a very detailed account, see Robert Fisk, “The Great War For Civilisation – The Conquest of the Middle East,” (Knopf 2005) Chapter 8.

Michael K. Smith is the author of  The Madness of King George, and Portraits of Empire