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October 22: DeepSeek’s Reported Funding Round and Iran’s Oil Revenue Squeeze
In Chinese tech
DeepSeek has raised roughly fifteen billion dollars in one of China’s largest private funding rounds, Bloomberg reports, citing people familiar with the matter. Tencent and battery maker CATL were among the biggest investors, according to the report. DeepSeek has not confirmed the amount or commented.
Iran’s oil supplies
Iran exhausted its floating oil reserves in Asian waters by mid-October, according to analysts at Kpler. The Wall Street Journal reports that Tehran had steadily sold millions of barrels stored aboard tankers to China, bringing in billions of dollars. Kpler says a U.S. naval blockade prevented Iran from replenishing those supplies. The lost revenue adds pressure to an economy already facing runaway inflation and widespread shortages.
In U.S. news
The Trump administration is asking the Supreme Court to allow border wall construction in Big Bend, along the Texas-Mexico border. A federal judge blocked construction while the legal battle continues.
The administration has also dropped two of its three appeals over limits it sought to impose on Public Service Loan Forgiveness. The limits would have excluded some public servants from debt relief. They remain blocked, and the program continues.
The White House Correspondents’ Association condemned restrictions on Independent reporter Andrew Feinberg’s access to cover President Trump. Feinberg had been scheduled to serve as the print pool reporter. The restrictions followed Trump lashing out at him in the Oval Office.
Millions of Americans are expected to receive Amazon settlement checks crediting “President Trump’s Federal Trade Commission” ahead of the midterms, Politico reports. The payments stem from Amazon’s 2025 settlement over allegations of deceptive Prime sign-ups. Politico says an FTC refund has never before credited a specific president.
In Pennsylvania, lawmakers have passed a statewide school-day cellphone ban, and Governor Josh Shapiro says he will sign it. It would begin in the 2027–28 school year, with exceptions including medical needs and instructional use.
European Arctic security
Britain’s Defence Committee wants the government to reassess whether the Joint Expeditionary Force should focus more on threats in the European Arctic. The committee says America’s 2026 defense strategy gives no indication of greater engagement in European defense over the medium term. British defense officials caution that changes to U.S. basing do not necessarily determine what forces Washington would provide to NATO in a crisis.
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