CL Hong Kong's GDP grew 5.9 percent in the first quarter, the strongest result in five years, and the fiscal surplus has stretched to eleven billion dollars. The HKEX chief offered a direct read: geopolitical disorder is funneling capital here, not away. On the street, a surplus this large does not land as celebration so much as a standing question: where does it go.-- CL

MB North Korea struck unification from its constitution today, formalizing what the peninsula has understood for thirty years, while elsewhere a head of state declared a war concluded as ordnance was still in the air. When institutions update their founding documents to match realities they have been quietly living with for years, the correct word for that is not reform. It is housekeeping.-- MB