CL Horse racing in Hong Kong has never needed to announce itself. The Jockey Club's revenues, now topping both the English Premier League and Formula 1 globally, confirm what any Tuesday evening at Happy Valley already makes plain: this is a city that takes its betting seriously, and the scale of that seriousness turns out to be world-class.-- CL

MB Ceasefire language and nuclear alerts ran in parallel today, which is less contradiction than habit. The Strait sealed, warheads go to full alert, a summit gets announced as "wild" while the mediators still hold their phones. Institutions manage their continuity first; they address the underlying problem when the cost of inaction finally exceeds everything else.-- MB