The long-trailed counter-offensive to retake the Russian-occupied regional powerhouse and symbolically powerful provincial capital has begun. But Ukraine’s forces are in no hurry. Visa and Mastercard are two of the world’s most profitable companies; we look at efforts to break their iron grip on the payments market. And the blue-blooded horseshoe crabs that are needlessly bled in their millions.For full access to print, digital and audio editions of The Economist, subscribe here www.economist.com/intelligenceoffer Hosted on Acast. See acast.com/privacy for more information.

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