Crypto News: Turkey the mediator

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More than a century after a US naval strategist first coined the term "Middle East," the region remains a high-stakes arena for great-power rivalry.

Turkey under President Recep Tayyip Erdoğan is making its presence as a player felt, developing ties with Saudi Arabia, Pakistan, Qatar and Egypt to slowly increase its influence from Syria to Somalia.

With a US armada sitting off Iran, Ankara is signaling to Washington that military action is unlikely to bring regime change in Tehran— and could instead undermine prospects for a deal to curb the Islamic Republic's pursuit of weapons-grade uranium.

Recep Tayyip Erdogan and Vladimir Putin in Tianjin, China, in this photo released by Russian state media on Sept. 1. Photographer: Alexander Kazakov/Sputnik/AFP/Getty Images — Erdoğan and Russian President Vladimir Putin in China on Sept. 1.

President Donald Trump appears determined to push ahead with talks despite deep reservations from Benjamin Netanyahu. The Israeli premier has long argued that diplomacy alone cannot neutralize the threat, but appeared to come away with little from his White House meeting yesterday.

While a military strike remains a last resort, it is unclear whether a narrower agreement focused primarily on Iran's nuclear program would ease broader regional anxieties — including Tehran's ballistic-missile arsenal and its network of proxy forces, both of which remain central to Middle East security calculations.

Erdoğan has cast himself as a mediator, with Foreign Minister Hakan Fidan engaging regional and Western counterparts in an effort to prevent a wider conflict.

Rising tensions have pushed oil prices higher as investors weigh the risk of disruption amid reports the Pentagon has ordered a second aircraft-carrier strike group to prepare for possible deployment to the region.

The anxiety extends beyond Iran.

Turkey, already hosting nearly 3 million Syrian refugees — has updated contingency plans to prevent a potential new wave of displacement in the event of a major conflict.

A fresh influx could inflame domestic political tensions ahead of parliamentary and presidential elections expected within the next two years.

Even for Turkey's longest-serving leader — widely seen positioning his son as a potential successor — that's an unwelcome prospect. — Selcan Hacaoglu

A protester holds a 'Freedom for Iran' sign with the Iranian Lion and Sun flag at a rally in support of Iran's anti-government protests, in Yalova, Turkey, on Friday, Jan. 16, 2026. The violent crackdown of weeks on protests in Iran has drawn international condemnation. Photographer: Emre Caylak/Bloomberg — A rally in support of Iran's anti-government protests in Yalova, Turkey, on Jan. 16.

Global Must Reads

Trump's tariff policies suffered their biggest political blow yet, with the Republican-led US House passing legislation aimed at ending his levies on Canadian imports just months before midterm elections that are expected to focus heavily on affordability. The president is privately musing about exiting the North American trade pact, sources say, injecting further uncertainty about the deal's future into pivotal renegotiations involving the US, Canada and Mexico.

French President Emmanuel Macron returned to his "Made in Europe" push on the eve of a key European Union meeting, putting him at odds with German Chancellor Friedrich Merz over how best to tackle regional economic woes. Macron urged EU countries to prioritize local resources in strategic sectors like chemicals, chips and tech, while Merz wants preference rules for critical strategic industries and only as a last resort. UK Chancellor of the Exchequer Rachel Reeves took a swipe against plans for the law.

France's President Emmanuel Macron holds a glass of wine as he visits the Wine Paris 2026 fair at the Porte de Versailles exhibition center in Paris on February 9, 2026. (Photo by Yoan VALAT / POOL / AFP via Getty Images) Photographer: YOAN VALAT/AFP — Macron at the Wine Paris 2026 fair on Monday.

China condemned Taiwan after it congratulated Japanese Prime Minister Sanae Takaichi on her big election victory, highlighting its testy relationship with Tokyo that has deteriorated since Takaichi implied that a Chinese invasion of Taiwan could prompt Japan to deploy its military. Taiwan's "obsequious and sycophantic attitude is despicable," said Zhu Fenglian, a Beijing spokesperson on issues related to the island.

Prime Minister Keir Starmer risks a rebellion within his Labour Party over efforts to counter Nigel Farage's Reform UK on immigration. Home Secretary Shabana Mahmood has made it tougher for people to claim permanent residency, a stance popular with many voters, but Labour lawmakers are wary of punishing families who have come to the nation legally and integrated well. Starmer called on billionaire Manchester United co-owner Jim Ratcliffe to apologize for saying Britain has been "colonized" by immigrants draining resources from the state.

Bangladeshis are voting in an election that will shape its transition following the 2024 student-led revolution that ended Sheikh Hasina's 15-year rule. All but one of 300 seats in parliament are up for grabs in a contest that has coalesced around two rival blocs: the mainstream Bangladesh Nationalist Party and an unlikely alliance of student leaders and Islamist groups.

A woman casts her ballot at a polling station during Bangladesh's general election in Dhaka on February 12, 2026. (Photo by Sajjad HUSSAIN / AFP via Getty Images) Photographer: SAJJAD HUSSAIN/AFP — A woman votes at a polling station in Dhaka today.

Democratic lawmakers accused Attorney General Pam Bondi of using the US Justice Department to target Trump's enemies and of bungling the release of files on disgraced financier Jeffrey Epstein during a fiery hearing yesterday.

The US can help Venezuela drive a "dramatic increase" in output of oil, natural gas and electricity this year, Trump energy chief Chris Wright said as Washington works to issue new licenses aimed at "setting free" the South American country's economy.

President Luiz Inácio Lula da Silva holds a five-point advantage over right-wing Senator Flávio Bolsonaro ahead of Brazil's October election, a new poll showed.

A bill that could see LGBTQ people jailed for three years is back before lawmakers in Ghana, despite the earlier version risking retaliation from global lenders including the World Bank.

Trump says his new Fed chair could help deliver 15% growth — but what will Kevin Warsh actually do when he takes the helm? On this week's Trumponomics, Stephanie Flanders and Evercore ISI's Krishna Guha unpack how markets are *sizing up the nominee* *and why investors may be over-interpreting Warsh's hawkish reputation. Listen on* *Apple*, *Spotify* *or wherever you get your podcasts.*

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Chart of the Day

The US unemployment rate unexpectedly fell in January, suggesting the labor market continued to stabilize at the start of 2026 after the most anemic year for hiring outside of a recession since 2003. While economists expect employment to remain generally sluggish, more clarity around the impact of Trump's economic policies and lower interest rates could encourage some employers to boost jobs this year.

And Finally

In the country of 1MDB, where billions of dollars were looted from a state fund and spent on a luxury yacht and Hollywood movies, the attempted takeover of a $12 million company sounds like no big deal. But when it's carried out by a man brandishing a gun, and allegedly backed by the government agency that's supposed to prevent graft, it shows that corruption persists in Malaysia — often upending people's lives, as this Big Take explains.