Update XI - January 1, 1941 - July 1, 1941
The only annextion for update 11 occurs in Asia. After Holding out against attacks from China, India, and Japan for the last year or so, Thailand finally gets annexed by Japan. And so now Japan has complete control of Southeast Asia, freeing up troops that were guarding the Thai border to move to the fronts with China and India.
In Europe, France continues to push Russia, having taken Finland. In the Baltic region, French forces have reached Estonia and into northwestern Russia proper. In the south, the French continue to move eastwards, and are now on the northern border of Stalingrad. French troops are now within striking distance of the big three of Russian cities, Leningrad, Moscow, and Stalingrad, and there appears to be very little to stop them if they choose to advance. Additionally, Russian forces in the south are in danger of being cut off. You may notice that Ireland no longer controls Ulster. The UK didn't retake it, but rather those jerks went and signed a peace treaty right before July, so the update ended with the border like that. Russia also appears to be having mixed success against India, who continue to occupy parts of European Russia, but are also losing some ground as Russian forces are pushed eastwards by the French. France continues to advance into Arabia and Egypt, with no British forces whatsoever to resist. Finally, France has taken Tehran, and continues to slowly push the Indians out of Persia.
China is continuing to hold Japan to a relative stalemate. While Japan has yet to collapse on the Chinese front, they are definitely losing some ground. On the map of Asia I have labeled Japanese gains in red, and Chinese gains in blue, and China has a net gain of 2 for this update. India seems to have contained the Japanese landing in the south, though whether or not they can contain to hold them back remains to be seen. In Burma, the lines have not changed in at least 6 months. And the Australians have completely kicked the Japanese off of the continent once again. So all in all, things aren't going great for Japan. China and India remain relatively the same, with India losing some ground in Russia and France, while China continues into Siberia.
Finally South America. Basically Argentina is left with just a few territories left, so I expect them to be annexed in the next update.