China Is Prepared to Reap the Strategic Rewards of Its Relationship With Russia

Moscow has transferred more than five hundred aircraft—large military transports, early warning aircraft, refueling aircraft, attack jets, and fighter interceptors—to Beijing since 1990. Chinese air power these days is something to behold. In the course of just about thirty years, Beijing’s aerial inventory has gone from quite obsolete to cutting edge. It’s worth noting, moreover, that Chinese airpower is but one tool that Beijing can wield in the skies. If its massive missile forces perform as expected, destroying adversary runways, then there will be few enemy aircraft getting into the air to contest the supremacy of China’s fighters and bombers—or at least very few of them will be able to gain access to much of the western Pacific. The Russia-China military cooperation has already fundamentally altered the balance in the Asia-Pacific region more than once. Moscow sold to Beijing four rather advanced destroyers and twelve extremely capable diesel submarines with all the related armament during the 1990s. This arms sale was facilitated by a relationship that existed between the two countries in the 1950s, which is when hundreds of vessels (and designs) were transferred from Rus...

Private equity is snapping up refrigerated warehouses. That could make it harder for small food makers to

Private equity is snapping up refrigerated warehouses. That could make it harder for small food makers to sell their wares. While his friends played in the Florida sunshine, Elliot Greenbaum, then 11, was often bundled up in coat and hat, sweeping the floors in his dad’s refrigerated warehouse. As a teenager, he drove the forklift, loading Danish canned hams into station wagons bound for Cuban sandwich shops. Now 73, he’s closing the business he inherited from his Polish immigrant father, unable to compete in a $6 billion refrigerated storage industry dominated by institutional investors scaling up to serve the needs of food giants such as Unilever NV and Nestle SA. As a result, some of his smaller customers—which recently included a specialty frozen dog-food maker and a kombucha startup—are at risk of getting shut out of the cold. “We’re losing the exotic things that make America great,” says Greenbaum, who just sold his last warehouse. “Now other people far away are deciding how your ice cream should taste.” Cold storage is the kind of niche business that Wall Street long ignored—it amounts to just 3% of public warehouses—but now it has become its latest darling. Roughly two d...