CL Hong Kong has unveiled its first five-year plan, adopting a planning rhythm long associated with the mainland and signalling, without quite saying so, that the city intends to operate on Beijing's timeline. A senior envoy arrived the same day to walk the Northern Metropolis site. John Lee stayed quiet on whether he intends to see any of it through a second term.-- CL

MB The US and Iran have signed a ceasefire and Hormuz is open, which is the sort of announcement that travels faster than the conditions it depends on. Israel has declared it will stay in Lebanon regardless, and Trump is now warning that Israeli strikes on Beirut threaten the peace he announced this morning. Bilateral agreements in multilateral conflicts have a particular record, and it is not a long one.-- MB