Gulf

♦ The value of the drone market has soared to more than $5bn in just a few years, helped by Pentagon and CIA reliance. However, privacy worries are threatening the burgeoning domestic market.
♦ The fourth-largest auction house in the world is run by Wang Yannan, the daughter of former Chinese leader Zhao Ziyang and child of the cultural revolution. Its success has come from Chinese collectors and investors seeking art that might have destroyed lives during the cultural revolution.
♦ The “Death to America” slogan has been a feature of public life in Iran for more than three decades, but Hassan Rouhani’s push for moderation has prompted calls for the slogan to be dropped.
♦ Some Republicans are sceptical that a default would actually be a catastrophe for the US.
♦ David Gardner thinks Bashar al-Assad’s diplomatic luck could run out as the “killing machine grinds forward”.
♦ Islamists entering Syria are starting to prefer transit towns, with good food and video games, to the fighting front.
♦ Gulf states are going to test people to “detect” homosexuals entering their countries.
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♦ A recent ECB study asked what effect policy makers’ comments had on euro area sovereign bond yields: the FT’s Michael Steen thinks “it is hard to resist the temptation of wondering whether senior central bankers have heeded the warning.”
♦ The assertiveness of the Gulf petrostate monarchies over Egypt is a sign of their restored political confidence, but such a position is not without its problems, says Michael Peel.
♦ Morocco is cited as a model for Arab monarchies facing demands for democratic change, but critics argue that it illustrates how elites can maintain power behind the scenes.
♦ Foreigners earned less than 1 percent a year investing in Chinese stocks, a sixth of what they would have made owning US Treasury bills. Quartz, however, broke down the components of the stocks: “Companies that cater toward the Chinese consumer, which represent just under 11% of the MSCI and 6% of the HSCE index, tend to be a much more profitable, and they’re better performers than SOEs.” The upshot? China’s population has benefited, even if foreign investers haven’t.
♦ Latvia’s new tax laws mean it could be a “Luxembourg for the poor.”
♦ The custom of forcibly marrying girls off to resolve family and tribal disputes is continuing on an alarming scale across all provinces of Pakistan.

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