War in Ukraine Skyrocketing Oil Company Profits, US Countering China, FBI Searches Biden's House, Myanmar Coup Anniversary

War in Ukraine Skyrocketing Oil Company Profits

Next up, with wholesale gas prices skyrocketing as a result of Putin's invasion of Ukraine, it appears that some have benefitted quite generously as a result. It's been reported today that Shell made profits of nearly $40 billion in 2020 to more than double their profits in 2021. Clearly, that's a lot of money, but it's made even more suspect by the fact that this increase in profits is likely a direct result of the increase in price for liquefied natural gas at the end of 2022, something itself, which is intrinsically linked to the war in Ukraine. And as such, these profits have almost immediately come under fire. Here in the UK for example, the general Secretary of the Trade Union, Congress or TUC, said that these profits were an insult to working families and added that as households up and down Britain struggle to pay their bills and make ends meet, Shell are enjoying a cash bonanza. The time very excuse is over, the government must impose larger windfall taxes on energy companies. Billions are being left on the table.

US Countering China

The Asia Pacific has for some time now been a strategically crucial part of the world. The US and China continue to vie for influence in the region. In the latest news in this geopolitical battle, the United States has secured greater access to military bases in the Philippines, according to the two countries defence chiefs. The US Defence Secretary Lloyd Austin and his Filipino counterpart said at a press conference in Manila that the US will be getting access to four additional military bases in the Philippines. That's on top of the five sites they already had limited access to under the 2014 Enhanced Defence Cooperation Agreement, or Edca. Austin called this news a big deal and said that these efforts are especially important as the People's Republic of China continues to advance its illegitimate claims in the West Philippine Sea, which you might know better as the South China Sea. In response, China said that the agreement escalates tensions in the region and endangers regional peace and stability.

But just looking at a map, you can see why the Philippines is an essential part of the US's strategy. From the Philippines. You can look north to Taiwan and west to the disputed South China Sea. It also forms part of the arc of US alliances along the Asia Pacific Seafront from Japan and South Korea in the north down to the Philippines and through to Australia. Now the EDCA does not give the US a permanent presence in the Philippines as it does in places like Japan, but it does give the US access to Philippine military bases for things like joint training, prepositioning of equipment and the building of things like runways, fuel storage, military housing and more. This isn't the first time this kind of thing has happened though. Back in the 1980s, the US had thousands of troops stationed in two of the largest Asian military bases in the Philippines. Back then under the dictatorship of Ferdinand Marcos. But in 1991, after Marcos dictatorship had fallen, these bases were closed and the US withdrew. Decades later, Ferdinand Bongbong Marcos Junior, the son of the late dictator, is now in power after having been elected president last year. Since then, he's overseen the warming of relations with the US after a strained period under his predecessor Rodrigo Duterte, who had looked to pivot the country towards China. President Marcos told the US Defense Secretary this week that I have always said it seems to me that the future of the Philippines and for that matter the Asia Pacific, will always involve the United States. This is evidently not how China sees it, though, with China's Foreign Ministry saying this week that regional countries should remain vigilant and avoid being used by the United States.

FBI Searches Biden's House

In the latest updates from the classified document saga, it seems that incumbent President Joe Biden has had his Delaware home searched as part of an ongoing FBI investigation. Over the last few months, it's been revealed that the president's team have found a number of classified documents from Biden's time as vice president in one of his garages and in a private office space. Now, the president has handed these documents over to authorities, but in response to this, the FBI have already conducted two searches of other Biden properties over the last two months. The third, which took place yesterday, was conducted at his home in Delaware with his full support and cooperation. It was announced following this search, though, that the FBI didn't find any new classified documents. It kind of goes without saying, though, that Biden isn't the only public figure to have been found with classified documents from their time in office. Former President Donald Trump and former Vice President Mike Pence have both also been found to have retained classified documents and this entire saga doesn't look likely to wrap up any time soon.

Myanmar Coup Anniversary

Wednesday marked the second anniversary of the military coup in Myanmar, which overthrew the elected government of Aung San Suu Kyi. And on the day of the anniversary, the country's military regime announced that its state of emergency will be extended for another six months, effectively pushing back the date by which elections, according to the constitution, must be held. Now, it goes without saying that Myanmar has been in turmoil since the coup first took place. The new government has launched a widespread crackdown on dissent, sparking a resistance movement across the country that continues fighting to this day. In the two years since the coup, aerial bombardments have become an increasingly common tactic used by the military against the rebels. And just this week, the US, UK and Canada imposed fresh sanctions on the military regime with the aim of preventing the supply of aviation fuel to its air force. And they've got good cause for doing so because, according to the Assistance Association for Political Prisoners, 2940 civilians have been killed since the February 2001 coup began and another 17,572 have been arrested, of which 13,763 remain detained.

Sources:

• https://www.reuters.com/world/philippines-grants-us-greater-access-bases-amid-china-concerns-2023-02-02/
• https://www.bbc.com/news/world-asia-64479712
• https://www.france24.com/en/asia-pacific/20230202-us-philippines-agree-to-larger-american-military-amid-china-concerns
• https://www.bbc.com/news/world-us-canada-64488011
• https://apnews.com/article/myanmar-military-rule-2-years-later-9698704efa41d106e07dfdea0d820e83
• https://www.theguardian.com/world/2023/feb/02/myanmar-junta-extends-state-of-emergency-delaying-promised-elections
• https://www.theguardian.com/business/2023/feb/02/shell-profits-2022-surging-oil-prices-gas-ukraine