Weekend Roundup: Monkey and Cobalt Oversupply

ASIA

Monkey prices collapse in China — The price of lab monkeys used for medical research in China has fallen significantly as drug development has slowed in the country following the COVID-19 pandemic. The slowdown in drug development is linked to reduced funding as COVID vaccine development winds down, and an anti-corruption crackdown on Chinese healthcare companies takes its toll. The plunging monkey prices are an indicator that the future pipeline of new drugs in clinical trials in China may be smaller than anticipated. (FT)

U.S. troops permanently training Taiwanese forces — The U.S. has reportedly stationed Green Berets in Taiwan for the first time to conduct continuous training of the country's special forces units. This marks the first reported permanent stationing of U.S. military personnel in Taiwan. Kinmen and Penghu — two of the outlying islands likely to come under attack first — will each host three American trainers. (Taiwan News)

Backgrounder: South Korea's Worker Shortage — Last week, South Korea hit a bleak milestone by beating its own dire record for low fertility. The costs are felt across the economy. Hundreds of thousands of migrants come to South Korea from countries like Vietnam, Cambodia, Nepal, the Philippines, and Bangladesh each year. Many face exploitation and abuse, including unsafe working conditions, wage theft, discrimination, and inadequate housing. (NYT, Reuters)

AFRICA

China tanks the cobalt market in bid to dominate — Chinese producer CMOC raised the volumes of cobalt being produced and exported from the Democratic Republic of Congo by 17 percent year-on-year in 2023, leading to an oversupply that analysts say could last through 2028. China is increasing its dominance over the cobalt supply chain and may control over 60% of global supply by 2025. Major cobalt producers like Glencore are reducing production targets in response to low prices. (FT)

EUROPE

Backgrounder: Inside Ukraine's big loss in Avdiivka — Contrary to official statements from Kyiv, Ukraine's withdrawal from the embattled city of Avdiivka was anything but orderly, according to seven soldiers interviewed about the ordeal. They tell of being overwhelmed by Russian human wave assaults, and blame the loss on a lack of supplies. A lot of equipment was destroyed in the hasty retreat, and Ukraine sustained high casualties. (WaPo)

AMERICAS

Colombian boat companies restart migrant flow — A series of arrests of captains of migrant-trafficking boat companies by Colombian authorities earlier this week led to the firms stopping work. On Friday, representatives from the boat companies met with local governments, the Colombian national migration office and other agencies, including someone from the U.S. Embassy in Colombia. Shortly thereafter, they resumed operations, ferrying desperate people seeking to get to the United States to the so-called Darien Gap. (NYT)