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Semiconductor decoupling. Powell's politics. Industrializing Ogaden. Free trade and the Magna Carta.

Thank you for opening your Chartbook email. Feliks Topolski, 1907-1989 8th Army’s Front, Italy 1944 Semiconductor decoupling Source: FT One thing that Jerome Powell deeply understood is that chairing the Fed under current conditions is a deeply political job. “Powell has successes and mistakes to his name. But he stands out as having thought more carefully about the Fed’s democratic legitimacy than any chair since Paul Volcker,” said Paul Tucker, a former deputy governor at the Bank of England, referring to the Fed chair who successfully fought the great inflation of the 1970s and early 1980s. … While Powell was at the Treasury in the early 1990s, he watched Alan Greenspan build relationships within the government. That convinced Powell he needed to follow the former Fed chair’s lead and spend more time in Congress than his predecessors Yellen and Bernanke. “The accountability for the Fed runs through Congress,” said Claudia Sahm, a former Fed official who is now chief economist at New Century Advisors. “That’s not just about having people on speed dial — it’s answering questions, explaining policy and getting feedback.” Source: FT Ethiopia’s PM Abiy and Nigerian business tycoon, with Chinese engineering, are driving industrialization in Ogaden/Somali region of Ethiopia. - Michael Masri’s reporting for Africa Report if fascinating. Ethiopia has launched a cluster of large industrial schemes in the Somali region, laying foundation stones for a urea plant and an oil refinery in Gode while opening the first two phases of the Ogaden LNG project. Abiy Ahmed framed the push as part of a broader strategy to link energy, agriculture and industry. “These projects embody more than industrial growth,” he said. “They represent our shared responsibility to harness opportunities, strengthen co-operation and promote peace.” The Gode urea plant, backed by Dangote Group and Ethiopian Investment Holdings (EIH), is designed for 3m tonnes a year. Dangote owns 60%, while EIH holds 40%. Officials say Dangote’s equity totals about $2.5bn, while the state provides land and implementation oversight. Gas from the Calub fields will be piped 108km to the site. Construction is slated for 40 months, with operations targeted for 2028. Ethiopia imports most of its fertiliser, spending more than $1.2bn a year for 1.5m–2m tonnes. Usage was roughly 1.7m tonnes in 2023, almost half of it urea, and demand for 2024–25 is put above 2.4m tonnes. If delivered on time, the Gode plant could cover domestic needs and allow exports to neighbours. Brook Taye, chief executive of EIH, called the venture “a significant milestone in the journey toward industrial self-sufficiency”. Dangote told the groundbreaking crowd that the complex would be integrated with gas supply and a polypropylene unit to support local inputs. He pointed to Ethiopia’s Grand Ethiopian Renaissance Dam (GERD), with a capacity of more than 5,000MW, and noted his group’s cement operations and expansion plans. The Gode refinery is being developed by Golden Concord Group of China. It is designed to process 3.5m tonnes a year of crude and condensate from the Hilala field, with associated storage. Backers say it will ease foreign-exchange pressure from fuel imports and anchor further industrial activity, including a proposed steel smelting site in Dire Dawa. GCL’s chair, Zhu Gongshan, cast the project as “a key step in Ethiopia’s path to energy sovereignty”, underscoring the Beijing–Addis ties. Financing details are still being finalised, but the refinery is central to the government’s energy-security narrative. Source: The Africa Report Dangote’s Ethiopian vision: Dangote began with cement. His crown jewel, Dangote Cement, dominates Nigeria’s market and has 10 operations in other nations in Africa. The formula has been consistent: identify sectors with chronic shortages – cement, fertiliser, sugar – commit massive local investments, and scale up to serve regional demand. Ethiopia was a natural extension of that model. In 2015, Dangote launched the Mugher Cement Plant outside Addis Ababa at a cost of $600m, with an annual capacity of 2.5 million tonnes. The investment gave him a firm foothold in one of Africa’s fastest-growing construction markets. But success came with risks. In May 2018, violent unrest led to the killing of Dangote’s country manager and temporary shutdowns at Mugher. While other investors might have retreated, Dangote doubled down. Today, he is preparing to spend $400m to expand Mugher’s capacity to 5 million tonnes, alongside a new grinding unit near Addis Ababa. Cement is just one market Dangote is targeting. Ethiopia’s enormous state-controlled sugar industry, long plagued by inefficiency and debt, has struggled for years to reform. Its Omo Kuraz Sugar Development Project, touted as one of the continent’s largest initiatives, continues to face delays and mismanagement. … The most ambitious venture of all is the planned fertiliser production complex in Gode, Somali region. Publicised on 28 August 2025, the Dangote Group and Ethiopian Investment Holdings (EIH) deal plans one of the world’s largest single-site urea manufacturing plants. The project costs an estimated $2.5bn and has an estimated capacity of 3 million metric tonnes annually, a rate that would not only render Ethiopia independent, but even a net exporter of fertiliser. EIH, the state wealth fund of Ethiopia, will hold 40%, while 60% is held by Dangote Group. … For Dangote, Ethiopia is a trifecta: Cement demand is projected to grow by 10% annually, its sugar consumption is growing with rapid urbanisation, and fertiliser demand is all but insatiable, given that farming supports the livelihood of 70% of Ethiopians. Source: The Africa Report The stakes for Abiy are high: For Addis Ababa, the $4bn fertiliser project in Ethiopia’s Somali region is no longer simply a manufacturing investment. It is increasingly being framed as a strategic state project tied to food sovereignty, import substitution and the government’s broader attempt to build economic resilience under mounting fiscal pressure. “Becoming self-sufficient in food is our main agenda,” Abiy says during the visit. “Land is needed; we have it. Water is needed; we have it. Human resources are needed; we have it.” The scale is enormous even by African industrial standards. Once operational, the plant is expected to produce three million metric tonnes of urea annually, potentially making it one of the continent’s largest fertiliser complexes. Ethiopian officials say the project now includes a 110km gas pipeline, a 120MW power plant, a polypropylene packaging facility and a two-million-tonne NPK blending plant. For a government grappling with chronic foreign exchange shortages, ballooning import bills and pressure on agricultural productivity, the numbers matter politically as much as they do economically. The decision to anchor the project in Gode is deliberate. Long viewed as peripheral to Ethiopia’s industrial economy, the Somali region is now being repositioned by the federal government as a future irrigation and agro-industrial corridor. Officials argue that the area’s vast land reserves and access to water could eventually support large-scale commercial farming capable of reshaping Ethiopia’s food economy. The government is simultaneously building housing infrastructure for about 5,000 residents near the plant, while officials project broader industrial expansion along the corridor. Abiy goes further, comparing the long-term revenue potential of the Gode development zone with Ethiopia’s flagship state enterprise. “The investments we are making in this Gode area, combined, will generate high revenue for Ethiopia, at par with Ethiopian Airlines,” he says. Source: The Africa Report Feliks Topolski 1907-1982 Topolski’s Chronicle, ‘Nazi Revival’, Vol. 8, Is. 1-2, 1960 HEY READERS, THANK YOU for opening the Chartbook email. I hope it brightens your day. I enjoy putting out the newsletter, but tbh, what keeps this flow going is the generosity of those readers who clicked the subscription button. Photo by Jakub Dziubak on Unsplash If you are persuaded to click, please consider the annual subscription of $50. It is both better value for you and a much better deal for me, as it involves only one credit card charge. Why feed the payments companies if we don’t have to. Subscribe Grim vision of drone warfare by Sylvie Kaufmann For contributing subscribers only. Subscribe The state of the art in Colbert-studies. Jean-Baptiste Colbert was Louis XIV chief minister from 1661 to 1683 and traditionally seen as an architect of absolutism and mercantilism. Alexander Hamilton later cited him as an inspiration in 1782. Now his legacy is disputed. Daniel Dessert, the chief critic, sees Colbert as the orchestrator not so much of an absolutist state as of an elite cabal. Would be great to have a good English-language review of this important debate. Source: lhistoire Didn’t know that the Magna Carta included free trade provisions Fighting for the right to the beach in Oregon in 1967: Source: Research Gate RAF Station – British and Polish Flags, c. 1940-45, The Ingram Collection Feliks Topolski, 1907-1989 ink and wash If you’ve scrolled this far, you know you want to click: Subscribe

May 25 • 6:23 AM EDT • Politics • adamtooze.substack.com

Public Invited to Business Expo at ATU May 6

The 2026 Russellville Area Chamber of Commerce Business Expo is scheduled for Wednesday, May 6, at Arkansas Tech University's John E. Tucker Coliseum. Entitled "Decades of Success," the business expo will be open from 9 a.m.-3 p.m. Admission will be free and open to the public. The Russellville Area Chamber…

Apr 30 • 9:30 AM EDT • Business • arkansastechnews.com

Tucker’s first of hopefully many walk-offs for the Dodgers

In a game with both sides taking advantage of walks, Dodgers got the last laugh, walking it off on a Kyle Tucker single

Apr 28 • 1:29 AM EDT • Sports • sports.yahoo.com

'Losers.' Trump jabs MAGA media figures critical of his Iran threats

The president slammed Tucker Carlson, Megyn Kelly, Candace Owens and Alex Jones, who raised concerns about the president's threats against Iran.

Apr 10 • 12:19 AM EDT • Politics • detroitnews.com

Dodgers notes: Shohei Ohtani shines, Miguel Rojas gets apology

Shohei Ohtani did Ohtani things in his first pitching outing, plus details on Kyle Tucker and Miguel Rojas

Mar 19 • 8:06 AM EDT • Sports • sports.yahoo.com

Indiana moves on to crucial closing stretch, starting vs. Northwestern

Indiana forward Tucker DeVries described the Hoosiers' last four regular-season games as "massive for us trying to make that NCAA Tournament."

Feb 23 • 6:41 PM EST • Sports • cbssports.com

Vanderbilt Health remembers C. Leon Partain, former chair of Radiology

Clarence Leon Partain, MD, PhD, professor emeritus of Radiology and Radiological Sciences, whose work in nuclear medicine and magnetic resonance imaging helped shape the field of academic radiology, died Jan. 28 in Brentwood, Tennessee. He was 85. After beginning his career as a nuclear engineer at Oak Ridge National Laboratory and as faculty at the University of Missouri and the University of North Carolina, Dr. Partain joined the ranks at Vanderbilt Radiology in 1980 and was promoted to professor in 1984. He later became the first Carol D. and Henry P. Pendergrass Professor of Radiology and Radiological Sciences and chair of the department (1992-2000), and subsequently the director of the Center for Imaging Research. Shortly after arriving in Nashville, Dr. Partain began to lead Vanderbilt Radiology’s nuclear medicine division. He remained in this role until he was named the department chair. Dr. Partain specialized in multiple fields, including nuclear medicine, magnetic resonance imaging and positron emission tomography. Following his time as chair, Dr. Partain shifted his focus to research and spent time working clinically with radiology’s chest imaging section. In 2015, he retired and was honored for his years of service and named as emeritus faculty. Dr. Partain also held an appointment as professor of Biomedical Engineering. A Tennessee native, Dr. Partain was born in Memphis and later graduated from high school in Clarksville. He then received his BS in nuclear engineering from the University of Tennessee, his MS and PhD in nuclear engineering from Purdue University and his MD from Washington University. He completed his residency training in diagnostic radiology and nuclear medicine at the University of North Carolina. Dr. Partain was clinically trained and certified in diagnostic radiology and nuclear radiology by the American Board of Radiology (ABR) and the American Board of Nuclear Medicine. Throughout his career, Dr. Partain contributed to the growth of Vanderbilt Radiology and received many academic and research accolades across the specialty through various associations. During his time leading the department, clinical studies increased from 180,000 to 260,000 cases per year, emerging technological imaging equipment expanded the department’s capabilities, and units for angiography and fluoroscopy were added to the tool kit. The department also expanded its footprint with outpatient imaging in Nashville, Bedford County and more. Research continued to expand with continued growth in scientific findings and millions in grant funding for radiopharmaceuticals, functional MRI, nuclear medicine, X-ray, ultrasound and more. Dr. Partain is celebrated for being instrumental in bringing the first MRI and PET/CT machines to the Medical Center. His efforts helped build Vanderbilt Radiology’s prestige in the world of academics and research both nationally and internationally. His society affiliations included the American College of Radiology, the American College of Nuclear Medicine, and the International Society of Magnetic Resonance in Medicine (ISMRM). He served as president of the Radiological Research Alliance of the Association of Academic Radiologists and has held executive roles as a member of many radiological society boards. Dr. Partain was editor-in-chief of the Journal of Magnetic Resonance Imaging from 2000 to 2013 and a member of the editorial boards of Magnetic Resonance in Medicine, Magnetic Resonance Imaging, the American Journal of Roentgenology, Academic Radiology, the Journal of Nuclear Medicine and Investigative Radiology. He has authored/co-authored/edited six textbooks, including one of the first comprehensive textbooks on MRI, “Nuclear Magnetic Resonance (NMR) Imaging.” Dr. Partain has also authored/co-authored/edited approximately 100-plus book chapters and 200-plus journal articles. In 2000, Dr. Partain received the Distinguished Service Award from the ABR. In 2014, he received the Distinguished Service Award from the ISMRM. In 2016, he received the Alumni Achievement Award from Washington University for his “contributions to advance the fields of nuclear medicine and medical imaging.” Dr. Partain served the ABR as an examiner for 20 years, the Accreditation Council for Graduate Medical Education as a member of the Nuclear Medicine Residency Review Committee, and Vanderbilt University School of Medicine in multiple capacities. A devout Baptist deacon and man of committed faith, he is survived by his wife of 62 years, Judy; children, David (Rebecca), Teri (Bland), and Amy; brother, Larry (Deb); brother-in-law, Tom (Cathy); grandchildren, Sarah (Brandon), Amy, Luke, Tucker, Alex, Ryan and Jake; cousins and a host of nieces and nephews. Vanderbilt Health is grateful to Dr. Partain for his decades of service and major contributions to clinical and research imaging.

Feb 18 • 1:10 PM EST • Health • news.vumc.org

Unpacking Future Packers: No. 77, Western Michigan DE Nadame Tucker

Up next in the Unpacking Future Packers Countdown is Western Michigan defensive end Nadame Tucker

Feb 6 • 9:19 PM EST • Sports • packerswire.usatoday.com

Zulay Henao Joins Billy Bob Thornton In ‘Somedays’ From Director Brian Klugman

EXCLUSIVE: Zulay Henao is set to join Billy Bob Thornton, Ariana Greenblatt and Pamela Anderson in Somedays, a feature film that Brian Klugman is writing and directing. Tucker Tooley Entertainment is financing and producing. Joining Tooley as financiers are Streamline Global, Eighteen 88 and Three Point Capital. The film follows a weary delivery driver with months to …

Feb 4 • 3:18 PM EST • Entertainment • deadline.com

Islanders shut out by Sabres in 5-0 loss

Jason Tucker scored twice and Alex Lyon stopped 26 shots and tied a Buffalo record with his ninth straight victory as the Sabres beat the New York Islanders 5-0 Saturday.

Jan 24 • 4:38 PM EST • Sports • sports.yahoo.com

Spears Business announces 2026 Cumulus Award winners ahead of MSIS Cloud of Honor Celebration

Holt Calder, Alex Evers, Katie O’Neil and Matt Tucker will receive Cumulus Awards at Oklahoma State University’s fifth annual Cloud of Honor Celebration. The Cumulus Award goes to recent MSIS graduates making a significant impact early in their careers.

Jan 20 • 10:19 AM EST • Business • news.okstate.edu

The 4 most stunning things about Kyle Tucker's Dodgers deal

Kyle Tucker to the Dodgers is a deal that should reverberate for years. What's the most shocking part?

Jan 16 • 12:29 AM EST • Sports • usatoday.com

3 big questions for the Chicago Cubs: How will they replace Kyle Tucker? Will they add to the rotation?

Dec 26, 2025 • 5:09 PM EST • Sports • sports.yahoo.com