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Thursday, 5:12 AM

March 12, 2026

Good morning news friend! Discover today’s defining stories and the future they set in motion. 📰🌟

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War in Iran Price Tag

The US-Israeli war against Iran has cost over $11.3 billion in six days, mainly for munitions, excluding infrastructure damage.

The US spent $5.6 billion on munitions in the first two days, using expensive glide bombs up to $836,000 each, then shifted to cheaper JDAMs at $80,000.

Casualties exceed 1,300 in Iran, including senior officials and the Supreme Leader, with deaths also in Israel, UAE, Lebanon, and the US. About 2,000 munitions were fired in four days, with daily costs near $1 billion, including $1.6 billion on missile interceptors.

US naval operations add $15.4 million daily. Lawmakers expect requests for over $50 billion in emergency funding soon.

Sources: Nbcnews, Caspianpost, Usatoday, AA

Strait of Hormuz Under Siege

Iran launched attacks on at least six commercial vessels near the Strait of Hormuz and supported threats to close the Red Sea’s southern straits, disrupting key oil shipping lanes.

Regional drone strikes targeted Bahrain, Saudi Arabia, Dubai, Kuwait, and Oman. The U.S. refused to escort civilian ships, focusing on neutralizing Iranian missile threats.

Brent crude rose nearly 5%, prompting the IEA to release 400 million barrels from reserves, and the U.S. plans to tap its Strategic Petroleum Reserve.

Maritime incidents have surged, with two foreign tankers hit in Iraqi waters, causing oil leaks and casualties. Iran demands no future U.S.-Israel attacks for truce talks, while fighting and tensions persist across the Gulf.

Sources: WallStreetJournal, Bloomberg, AP News

Private Credit Reckoning

In Q1 2026, major private credit funds faced redemption requests well above usual limits, prompting caps to manage liquidity.

Cliffwater’s $33 billion fund received 14% redemption demands but capped withdrawals at 7%. Morgan Stanley’s $8 billion North Haven Fund capped redemptions at 5% amid 11% requests. BlackRock and Blackstone also limited withdrawals amid high redemptions.

Investor concerns focus on loan quality, especially exposure to AI-vulnerable software firms. Pimco cites poor underwriting as a cause of market strain. Despite pressure, Cliffwater posted 8.9% returns in 2025 with low leverage and near-zero realized losses.

JPMorgan restricted lending to private credit funds amid markdowns. The $1.8 trillion private credit market faces liquidity challenges and potential return compression from 10% to 6%.

Sources: Bloomberg, Klsescreener, FinancialTimes, Bloomberg

Live Nation Monopoly

Two Live Nation executives admitted in 2022 Slack messages to charging fans excessive fees, calling them “stupid” and saying they were “robbing them blind.”

They discussed raising ancillary fees for parking, lawn chair rentals, and VIP access, with VIP parking reaching $250. These messages emerged during a federal antitrust trial accusing Live Nation of monopolizing the live events market.

The DOJ settled with Live Nation, but state attorneys general continue litigation. Live Nation claims the chats don’t reflect company policy and only learned of them when public.

A judge ordered the messages unsealed, revealing concerns about fee exploitation harming fans while boosting profits.

Sources: Bloomberg

Rethinking Berry Safety

Australia has suspended dimethoate use on blueberries, raspberries, and blackberries for one year due to a sharp rise in berry consumption—up to 962% since 2017—raising concerns about pesticide residue exposure in young children.

Dimethoate, used since 1956, blocks an enzyme critical to insect nervous systems but can harm humans at high levels. Australia’s residue safety limit is 0.02 mg/kg body weight/day with a tenfold margin.

Current residues in toddlers approach unsafe levels when accounting for increased berry intake.

The Australian Pesticides and Veterinary Medicines Authority called the suspension a precaution; residue levels are unlikely to cause serious health issues. Washing berries reduces pesticide residues and risk.

Sources: SciTechDaily

Stem Cell Therapies for Parkinson’s and Heart Failure

Japan approved the first commercial stem cell therapies using induced pluripotent stem (iPS) cells worldwide.

Sumitomo Pharma’s Amchepry treats Parkinson’s by implanting 5 to 10 million iPS cells to replace dopamine-producing brain cells. A trial with seven patients showed safety and symptom improvement over two years.

Cuorips’ ReHeart uses heart muscle sheets from iPS cells to restore function in severe heart failure patients. Both received conditional, time-limited approval to speed patient access, potentially by summer 2026.

Parkinson’s affects 10 million globally, with current treatments only managing symptoms. iPS cells are adult cells reprogrammed to develop into various cell types without using embryos, offering new therapeutic options.

Sources: Sciencealert

“There ain't a calamity in the book that doesn't come with some kind of rebate attached to it.”

Baked with love,

Anna Eisenberg ❤️