Economist
Sir Keir Starmer has vowed to continue despite mounting pressure to resign. Nearly 100 Labour MPs, including ministers, have publicly called for his resignation by Tuesday morning. Senior cabinet members like Home Secretary Shabana Mahmood have privately expressed similar demands. Most observers expect Starmer will not remain prime minister much longer, though he has committed to fighting on.
Tom Homan, Trump's border czar, claimed at the Border Security Expo in Phoenix that the nation has achieved its most secure border ever. He credited President Trump and Border Patrol agents for this accomplishment. The expo attracted industry representatives seeking to sell technology and tools to the federal government for deterring migrants and smugglers.
Labour suffered significant losses in local elections on May 7th, triggering two key contests: replacing Prime Minister Keir Starmer and a struggle between leadership candidates and bond markets. Candidate Andy Burnham criticized Britain's dependence on bond markets, with supporters suggesting markets should comply with his policies. In response, gilt investors raised borrowing costs, with ten-year gilt yields increasing nearly 0.2 percentage points on May 11th-12th, demonstrating market concerns about Labour's economic direction.
Ten weeks into the Iran war, the Strait of Hormuz remains closed, eliminating 14% of global oil output daily. Production delays suggest 2 billion barrels will disappear from annual supplies even if the strait reopens immediately. Despite these disruptions and stalled US-Iran negotiations, Brent crude trades at $107 per barrel—significantly below 2022 levels and well below analyst predictions of $150-200, defying expectations for an extended conflict.
Indonesian stocks, South Korean bonds, and Robinhood users have experienced similar tremors from a shared source: the growing influence of financial indices. Over the past year, these seemingly unrelated markets have been shaped by index-tracking investments and their widespread adoption. As more investors passively follow indices rather than actively picking securities, the indices themselves have gained substantial power to move markets, affecting diverse asset classes and regions simultaneously.
Approximately 90% of mothers in wealthy countries begin breastfeeding, but about 25% quit within weeks, fearing inadequate milk supply. Medical professionals have long believed true milk supply deficiency affects fewer than 5% of mothers. Consequently, health authorities in England and America typically advise concerned parents to increase milk production by nursing more frequently or using breast pumps.
In 2011, Atef Najib, Deraa's security chief, exemplified Assad's brutality by dismissing parents of arrested protest children, telling them to forget their sons and have new ones. This cruelty in Deraa escalated into nearly 14 years of widespread repression and violence across Syria, ultimately leading to Assad's 2024 overthrow.
The Philippine House of Representatives voted overwhelmingly to impeach Vice President Sara Duterte on May 11th, sparking a political battle over the 2028 presidential succession. Duterte, daughter of former strongman Rodrigo Duterte and heir to one of the country's two most powerful political clans, previously allied with President Ferdinand "Bongbong" Marcos, whose father was a dictator. The two leaders have since experienced a dramatic falling out.
The EU faces a significant risk of trade conflict with China that Europeans underestimate. Brussels insiders attribute this complacency to the Trump effect, where political and business leaders focus excessively on American provocations while overlooking Chinese threats. Unlike Trump's public provocations, China's aggressive tactics remain subtle and discreet. If Chinese leadership openly expressed their intentions as visibly as Trump does, European leaders would likely recognize China as a more pressing threat than America.
The World Bank's latest report on industrial policy represents a notable shift in its stance, though not a complete reversal. A recent Free Exchange column questioned whether this constitutes a full U-turn in the institution's approach. While the World Bank has moved considerably from its previous position, experts contend that these changes remain insufficient to fully address contemporary economic challenges and policy needs.
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A journalist visiting the West Bank observed a young Palestinian man named Ali undergoing a dramatic personal transformation. Previously apolitical and focused solely on supporting his family, Ali was becoming radicalized and considering taking up arms. The writer uses this encounter to illustrate how rapidly political consciousness and militant commitment can develop in individuals, comparing it to biological mutation occurring within a single generation rather than over extended time periods.
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Under Xi Jinping's leadership, China's media landscape has grown increasingly restrictive, with journalists experiencing surveillance and intimidation while some foreign media outlets have been expelled. This Asia Society discussion examines the contemporary challenges faced by reporters covering China and explores how journalists both within and outside the country are adapting and responding to these constraints.
This podcast episode examines three diverse topics: the potential misuse of artificial intelligence by terrorists to create dangerous biological weapons and humanity's defense strategies; stock market resilience despite oil price shocks, reflecting investor confidence in traditional assets; and the cultural significance and production standards of German bread. The episode runs twenty minutes and features various guests discussing these global issues spanning security, economics, and food culture.
Europe's economy faces challenges from excessive regulation, which impedes growth and competitiveness. While European officials recognize the need for regulatory simplification and reform, they encounter significant political obstacles. The continent's regulatory burden, stemming from various environmental, labor, and business rules, complicates business operations. Reformers attempting to streamline these regulations must navigate complex political dynamics and resistance from stakeholders who benefit from existing rules or prioritize other regulatory goals.
Foreign Policy
Mohsen Rezaei, a hard-line Iranian official now advising Supreme Leader Mojtaba Khamenei, has declared Iran's era of "strategic patience" with the United States over. However, in 2007, Rezaei openly promoted compromise with Washington and endorsed a nuclear pause proposal. Recent U.S.-Israeli military actions have strengthened Iran's hard-line position domestically and internationally, particularly through control of the Strait of Hormuz. Experts believe Trump's inconsistent negotiating stance and calls for regime overthrow have eliminated remaining Iranian hopes for diplomatic settlement, making sustained conflict more likely than a workable deal.
China controls approximately 85 percent of rare earth processing and over 90 percent of magnet production globally, giving it significant leverage in trade negotiations with the United States. Despite Washington's efforts to diversify its rare earth supply chains through billions in investment and strategic partnerships, experts warn that meaningful alternatives will take years to develop. Japan's 15-year diversification effort demonstrates this challenge, as it remains heavily dependent on Chinese rare earth imports. As Trump prepares to meet with Xi Jinping, Beijing's rare earth dominance will likely play a crucial role in trade discussions.
President Trump is visiting Beijing this week, returning to China nearly a decade after his previous trip. While the visit emphasizes business deals and peaceful coexistence, Trump's approach has notably shifted from his first term. Initially hawkish on China through tariffs and tech restrictions, Trump has softened his stance after China retaliated with rare earth mineral export controls. His second-term administration, led by Treasury Secretary Scott Bessent advocating stability, prioritizes pragmatic dealmaking over confrontation. Trump will promote business deals with executives like Elon Musk accompanying him, though some hawkish measures continue in the background.
British Prime Minister Keir Starmer refused to resign despite approximately 90 Labour MPs calling for his removal following Labour's poor performance in recent local elections, where the party lost 1,229 council seats while right-wing Reform UK and the Green Party gained ground. Four junior ministers resigned on Tuesday. Starmer's dramatic fall contrasts sharply with Labour's landslide victory less than two years ago. Removing him requires 81 MPs to unite around a replacement, complicated by internal party divisions. Potential successors include Greater Manchester Mayor Andy Burnham, currently Labour's most popular politician.
President Trump arrives in Beijing for a two-day summit with President Xi Jinping, their first meeting since 2017. Trump seeks a high-profile trade deal to boost his approval ratings, with Treasury Department officials and CEOs leading negotiations. Xi prioritizes security concessions, including ending the Iran conflict, pressuring Japan on Taiwan intervention, and securing permanent U.S. policy changes regarding Taiwan arms sales. While substantial concessions on Taiwan remain unlikely, China may achieve symbolic linguistic victories on terminology. Congressional support for Taiwan and Trump's unpredictable nature create uncertainty about potential outcomes.
The author previously argued that Chinese regional hegemony in Asia was unlikely due to strong balancing coalitions among Asian nations and U.S. support. However, he now questions this assessment given Trump administration policies that inadvertently strengthen China's position. These include undermining U.S. scientific institutions, ceding green technology dominance to China, poorly executing tariffs, straining Asian alliances through bullying and diplomatic neglect, withdrawing from international organizations, and becoming distracted by Middle East conflicts. Combined, these actions damage U.S. credibility and military readiness in Asia, potentially making Asian allies more vulnerable to Chinese influence.
The top 10 percent of U.S. earners now account for over 49 percent of consumer spending, illustrating a K-shaped economy where economic growth diverges rather than benefits all. Economists debate whether the Cantillon Effect—how monetary policy distributes credit unevenly—drives this inequality. The phenomenon extends globally, with similar patterns in China and concerning stagnation in fragile economies. This divergence complicates economic analysis, as aggregate data masks sharp sectoral differences. Politically, the struggling middle class may voice frustrations through elections, though widespread alienation remains a chronic democratic concern.
As Trump and Xi prepare to meet, the Indo-Pacific faces mounting tensions despite appearing relatively stable compared to conflicts elsewhere. China's military assertiveness around Taiwan, the South China Sea, and North Korea's nuclear expansion are increasing militarization across the region. U.S. credibility is eroding due to Middle Eastern focus and depleted munitions, while Washington's economic engagement with China risks sidelining security concerns. The Strait of Hormuz closure has economically devastated Asian nations, allowing China to expand influence through energy deals. Regional stability depends on preventing accidental escalation amid deteriorating international norms and waning U.S. commitment to Asia.
President Trump's 2018 withdrawal from the Iran nuclear deal (JCPOA) remains contentious in Washington. While supporters argue the agreement would have constrained Iran's nuclear program through international inspections, the author contends this overlooks fundamental flaws. The deal relied on optimistic assumptions that sanctions relief would improve U.S.-Iranian relations and Iranian domestic politics—hopes unsupported by evidence. More critically, the agreement's restrictions expired in 2030, after which Iran would likely resume uranium enrichment. Though the JCPOA delayed Iran's nuclear advancement, it essentially preserved the pre-2015 situation temporarily. The author suggests deterrence and containment would have been preferable to both the deal and current conflict.
Periodic rumors of Putin's vulnerability circulate from Moscow, including reports of elite dissent, arrests, and defections. However, after 25 years consolidating power, Putin has constructed a robust authoritarian system specifically designed to survive such challenges. His background as a KGB officer gave him deep expertise in surveillance and coercion. Multiple overlapping security agencies—the FSB, Rosgvardia, and FSO—remain fiercely loyal through personal incentives and fear. Rather than signaling regime weakness, current discord likely represents Putin-orchestrated operations justifying further repression, echoing Stalin's tactics. Putin remains far better positioned to suppress opposition than observers acknowledge.
Secretary of State Marco Rubio is traveling to India this month to attend a Quad foreign ministers meeting and repair strained U.S.-India relations. Tensions escalated after Trump disputed India's account of a Pakistan crisis resolution, imposed tariffs on Indian goods, restricted H-1B visas affecting Indian workers, and made derogatory comments about India. Despite economic and security partnerships worth significant investment and job creation, considerable damage to decades of bilateral trust has occurred. Rubio faces a challenging diplomatic task in rebuilding confidence while navigating Trump's "America First" foreign policy approach.
At an ASEAN summit in Cebu, Philippines, leaders addressed multiple regional challenges. The bloc seeks coordinated responses to the fuel crisis through the ASEAN Petroleum Security Agreement and plans for a regional power grid, though implementation faces obstacles. ASEAN softened its stance on Myanmar's junta, scheduling talks despite the military regime's non-compliance with peace plans. Progress on a South China Sea code of conduct with China was reported. Additionally, Thai-Cambodian border peace talks remain stalled, while Malaysia faces political controversy over proposed pig farming restrictions in Selangor.
India faces a disordered international system where institutions are ineffective and powerful states ignore norms. This instability threatens India's development goals. Rather than intervening in others' conflicts, India should focus on managing its own security and development while working with neighbors to provide regional stability. India's strategic autonomy positions it well to build coalitions on critical issues like renewable energy and maritime security, helping Asia navigate great-power rivalries while maintaining the peace and economic growth the region requires.
Politico
Jordan Bardella, leader of France's far-right National Rally, is attempting to rebuild relationships with Germany ahead of a potential 2027 presidential bid. He recently met secretly with Germany's ambassador to France and plans potential visits to Germany. Bardella seeks to position himself as a pragmatic leader capable of managing EU relations, citing the working relationship between German Chancellor Friedrich Merz and Italy's Giorgia Meloni as a model. He has publicly expressed willingness to collaborate with Berlin on migration, business regulation, and green policy, hoping to appeal to economically conservative voters while overcoming Germany's traditional reluctance to engage with far-right parties.
Eurovision faces crisis as five countries boycott due to Israel's participation in protest over the Gaza war. The European Broadcasting Union maintains the contest is nonpolitical, but organizers increased security significantly. Voting rule changes followed allegations of manipulation in last year's contest. Some former winners have distanced themselves from the competition. The boycott represents the lowest participation level in over two decades, unprecedented in Eurovision's 70-year history.
Spain's Foreign Minister José Manuel Albares has defended Madrid's refusal to allow U.S. military planes to use Spanish air bases for operations against Iran, citing international law and the UN Charter. Despite U.S. threats of trade embargoes and troop withdrawals, Albares maintains Spain won't abandon its principles. He argues Spain's positions on Middle East policy align with emerging European sentiment. Albares calls for greater EU military independence and sovereignty as geopolitical instability increases, while emphasizing this wouldn't undermine NATO.
King Charles III will deliver the legislative agenda for Prime Minister Keir Starmer's government at Parliament Wednesday, despite significant internal Labour turmoil. Starmer faces calls for resignation from over 90 MPs and Cabinet pressure following poor midterm election results. A formal leadership challenge hasn't materialized, partly because Labour's fractured factions lack unified support for an alternative and wish to avoid disrespecting the monarchy during the king's speech. The crisis may resume afterward, with potential challengers like Health Secretary Wes Streeting considering action.
King Charles III will deliver a speech Wednesday outlining Prime Minister Keir Starmer's legislative agenda for parliament's second session, featuring over 35 bills. The government plans to focus on economic growth, energy independence, NHS reforms, and strengthening ties with the European Union. However, following Labour's poor performance in recent local elections, questions loom about implementation. Bills include digital identity systems, police reform, immigration changes, and financial services deregulation. Seven bills carry over from the previous session, including electoral reforms extending voting rights to 16-year-olds.
Israel's contestant Noam Bettan qualified for Saturday's Eurovision Song Contest final, but the participation has sparked controversy. Five countries are boycotting the contest in protest of Israel's ongoing military operations in Gaza and the resulting humanitarian crisis. These boycotting nations cite the war's devastating impact on Palestinian civilians. Despite the unprecedented boycott, the contest will proceed with qualified acts from two semifinals, plus automatic entries from Austria and the "Big Four" countries competing in the final.
German lawmaker Roderich Kiesewetter stated he is unconcerned about U.S. troop withdrawals from Germany, suggesting they will relocate eastward to Poland or Romania as a deterrent. However, he expressed concern about halting Tomahawk missile deployments, noting Europe won't develop alternatives until 2030. Kiesewetter criticized German leaders for poorly calibrating criticism of Iran policy, arguing they should have offered support instead. He also warned that U.S. willingness to negotiate between NATO and Russia undermines the alliance's credibility and predictability.
The U.K. pledged to provide autonomous vessels to protect the Strait of Hormuz if a stable Middle East ceasefire is achieved. Defence Secretary John Healey made the commitment at a London defense ministers meeting, offering British-built uncrewed surface vessels alongside autonomous minehunting systems and warship deployment. The pledge depends on establishing a durable ceasefire between the U.S. and Iran, though negotiations remain contentious with both sides rejecting recent proposals. The announcement occurs amid political turmoil in the U.K., with Prime Minister Keir Starmer facing internal party pressure.
Buckingham Palace privately questioned whether King Charles III should proceed with Wednesday's ceremonial state opening of parliament amid Prime Minister Keir Starmer's leadership crisis. The Palace expressed concern about protecting the monarch from appearing politically involved, emphasizing that politicians must manage the crisis independently. Though constitutionally required, Palace officials acknowledged the ceremony's awkwardness given the government's instability. Charles will fulfill his constitutional duties as planned, delivering the speech outlining the government's legislative agenda.
A corruption scandal involving Volodymyr Zelenskyy's former aide Andriy Yermak has emerged just as Ukraine seeks fast-track EU membership. Prosecutors charged Yermak with corruption and money laundering, following leaked phone transcripts implicating other senior officials in kickback schemes. While anti-corruption bodies argue the independent system is functioning properly, opposition lawmakers question whether Zelenskyy knew about alleged illegal activities. The scandal complicates Ukraine's EU integration push, though supporters contend it demonstrates institutional independence from authoritarian regimes.
Five Eastern European NATO countries—Poland, Lithuania, Latvia, Estonia, and Romania—are competing to host additional U.S. troops after President Trump announced plans to withdraw 5,000 soldiers from Germany. These nations, bordering Russia, view American military presence as essential for security and deterrence. They've leveraged their support for U.S. policies and defense spending to strengthen their cases through public statements and private diplomacy. However, practical challenges exist: only Poland and Romania have sufficient infrastructure capacity, while Baltic states would require construction. Trump indicated he might move troops to Poland, but implementation remains uncertain and could conflict with administration expectations for European self-defense.
Greece is protesting after a Ukrainian naval drone carrying explosives was discovered in its territorial waters near a tourist island. Athens fears the Ukraine-Russia conflict is expanding into the Mediterranean as Ukraine targets "shadow fleet" tankers transporting Russian oil. Ukraine denies operating the drone, but Kyiv has previously criticized Greek shipping companies for supporting Russia's economy. The incident threatens Greece's support for Ukraine and raises concerns about territorial security, while also complicating joint drone production agreements between the nations.
French MEP Raphaël Glucksmann's presidential campaign is facing scrutiny after an internal memo recommended limiting outreach to working-class voters, single parents, and youth. The confidential document suggested focusing instead on affluent, retired white-collar workers over 50. Glucksmann's team dismissed the memo as a preliminary working document, with his strategist claiming Glucksmann rejected its conclusions and emphasized speaking to all voters. The leak risks reinforcing perceptions of Glucksmann as elitist, contrasting with rival Jean-Luc Mélenchon's strategy of mobilizing low-propensity voters and working-class communities.
The EU has agreed to incentivize domestic pharmaceutical manufacturing through state aid and procurement reforms. The Critical Medicines Act prioritizes supply security over lowest cost, aiming to reduce dependence on India and China for medicines and ingredients exposed during the Covid-19 pandemic. The compromise allows procuring bodies optional preferences for EU-made products with sliding reward scales based on production location. The law establishes funding for manufacturing capacity projects and expands joint procurement among member states. Orphan medicines are now eligible for state aid. The agreement must be endorsed by health ministers and Parliament.
Spanish envoy Belén Martínez Carbonell is departing her role as secretary-general of the EU's European External Action Service after two years, intensifying concerns about the diplomatic body's declining influence. The EEAS faces a turf war with the European Commission, which increasingly leads on geopolitical issues. Officials warn the service lacks perceived added value and risks losing staff and competencies to the Commission. Finding a strong replacement is deemed critical to preserving the EEAS's relevance as Europe's geopolitical voice globally.
Rod Stewart criticized Donald Trump during a meeting with King Charles, calling him a "ratbag" after the king pushed back against Trump's attacks on Britain and NATO. Stewart, who previously knew Trump in Florida, said the former president changed after becoming president and treated women poorly. The rocker has been vocal about his political views, supporting Nigel Farage and defending British armed forces against Trump's Afghanistan troop criticisms.
German Chancellor Friedrich Merz faced hostile reception at a trade union congress in Berlin, with delegates heckling him over austerity and pension reforms. Merz argued Germany must modernize its economy and social system, calling pension reform "the toughest nut to crack." His popularity has plummeted, with only 13 percent of Germans satisfied with his coalition government. The far-right AfD has surged past Merz's conservatives in polls, capitalizing on economic frustration and unpopular reforms. Merz urged unions to collaborate on necessary changes to advance the country.
French far-right leader Jordan Bardella expressed willingness to collaborate with German Chancellor Friedrich Merz on reducing bureaucracy, strengthening European competitiveness, and addressing migration concerns. Bardella, potentially his party's future presidential candidate, has been expanding his international profile through recent travels. However, his conciliatory tone toward Germany contrasts with earlier statements criticizing the EU for serving German interests. He maintains hardline migration positions, including advocating national preference for social benefits and proposing constitutional referendums to prioritize French migration rules over European law.
Romanian President Nicușor Dan says he will nominate a new prime minister as early as next week following the collapse of the centrist coalition government. Dan rejected reviving the previous administration, stating he won't "experiment" with weak candidates. He emphasized parties must negotiate a workable coalition before he formally names a candidate. Dan indicated openness to a technocratic government led by non-partisan experts and plans constitutional consultations with all political parties, including the far-right AUR party, later this week or early next week.
Prime Minister Keir Starmer faces mounting pressure to resign following poor election results. Home Secretary Shabana Mahmood urged him to plan an orderly exit, while four ministers resigned in protest. Over 90 Labour MPs have called for his departure. Despite the turmoil, Starmer told Cabinet colleagues the removal process has not been triggered and he will remain in office. Health Secretary Wes Streeting is expected to meet with Starmer, raising questions about potential leadership challenges.
European Commission President Ursula von der Leyen announced that the EU is considering raising the minimum age for social media use, potentially proposing legislation this summer. She cited Australia's recent increase to age 16 as a successful model. Von der Leyen emphasized that childhood is a formative period requiring protection and that tech companies must ensure platform safety by design under the Digital Services Act. She highlighted the importance of reliable age verification mechanisms, referencing a newly released EU age-verification app.
LRT
Lithuanian Social Democratic Party leader Mindaugas Sinkevičius proposed dialogue with Belarus if initiated by the United States, triggering criticism from government officials and opposition members. They argue Belarus has made no meaningful behavioral changes, citing ongoing hybrid attacks including irregular migration and balloon incidents. President Nausėda rejected claims of improving relations, while Foreign Minister Budrys cited unresolved issues including nuclear power plant safety concerns. Opposition figures compared dialogue attempts to negotiating with Putin's puppet state rather than independent Belarus.
Lithuania is preparing for its 26th Eurovision appearance as the contest marks its 70th edition. Since debuting in 1994 with zero points, the country has produced iconic moments including LT United's sixth-place finish in 2006—still Lithuania's best result. Notable performances include Donny Montell's distinctive "llama hairstyle" in 2016 and Monika Linkytė and Vaidas Baumila's memorable onstage kiss in 2015. The Roop achieved Lithuania's second-best result with eighth place in 2021, sparking the "Yellow Wave" phenomenon. Lion Ceccah represents Lithuania in Vienna's 2026 contest.
Lithuanian Health Minister Marija Jakubauskienė confirmed no hantavirus cases exist in Lithuania, assuring residents they can feel safe despite an international outbreak linked to cruise ship MV Hondius in the Atlantic. The ship experienced deaths and illnesses from the rare virus, typically spread through rodents. Over 120 passengers and crew were evacuated from Spain's Canary Islands, with at least seven testing positive. Lithuania maintains epidemiological monitoring under established procedures, with health authorities stressing low broader public health risk.
Kaunas is organizing its second LGBTIQ Pride march scheduled for September 12, with organizers expecting up to 5,000 participants, double the attendance from 2021. City authorities approved the permit in late April for the march along Laisvės Alėja, starting and ending at Nepriklausomybės Square. The first Pride parade in 2021 attracted around 2,000 people and resulted in 22 detentions and multiple investigations. Lithuania's LGBTIQ rights protections continue declining, ranking 37th of 49 European countries in 2026, down from 32nd in 2020.
The European Commission issued guidelines prohibiting airlines from retroactively raising ticket prices or denying compensation for cancellations due to fuel costs. Airlines can only avoid paying compensation for extraordinary circumstances involving actual fuel shortages, not high prices. Airlines must inform passengers of cancellations at least two weeks in advance and offer alternatives. Tour operators may increase package prices up to 8% for fuel costs without consent, but passengers can cancel penalty-free for increases exceeding 8%. The guidelines also allow European carriers to use alternative aviation fuel and relax refuelling requirements.
An investigation revealed that an EU-funded institution owned by a Social Democrat politician received nearly 299,000 euros for farmer training programs across Lithuania, but multiple training sessions had no attendees despite requiring minimum participation. Journalists found that 13 checked events lacked participants, with venue staff confirming registered participants often failed to appear. The institution implements two major EU projects covering 51 municipalities. Lithuania's National Paying Agency stated remote inspections found no serious violations but acknowledged potential sanctions if violations were confirmed.
Lithuania refuses to permit third-country drone operations in its airspace, according to presidential adviser Asta Skaisgirytė. Recent incidents involving Ukrainian drones deviating from their trajectories have occurred across the Baltic region due to Russian electronic warfare. Lithuania plans increased cooperation with Ukraine, including inviting specialists to counter incoming drones and establishing domestic drone manufacturing through technology transfer. This domestic production would serve Lithuania's defense needs while potentially supplying Ukraine and allied nations.
A Council of Europe information point for Belarusian citizens will open at Vilnius's Martynas Mažvydas National Library this summer. The office will inform Belarusians about the Council's work and support cooperation with democratic forces and civil society through the Contact Group program. Lithuania will provide 24 square meters of space under a five-year agreement and handle tax exemptions. The Council of Europe will fund installation, maintenance, staffing, and operations. The inauguration will be attended by Lithuanian officials and Belarusian opposition leader Sviatlana Tsikhanouskaya.
Barito Renewables, Chandra Asri Pacific and Dian Swastatika Sentosa among those ejected
Japanese lender in talks over risk transfer as private capital industry is under strain
Andy Burnham seen as biggest risk to UK government bonds
Investors hunt for winners in market that for years has lagged behind Wall Street’s rally
Diversification is the foundation of good investing
Proposal would boost Beijing’s drive to internationalise the renminbi and counter dominance of US dollar
Building schemes around the world are being held up by shortages of products derived from oil
Almost five years after launching its digital bank Chase in the UK, CEO Jamie Dimon is preparing to take on Germany
UK watchdog rules jewellers cannot use ‘diamond’ in isolation in synthetic stones’ adverts
Tencent and Alibaba left behind as investors focus on pure AI plays
What happens when a small company tries to buy a big company
UK investment trust’s valuation means its holding in Elon Musk’s company is worth £3bn
Fund it operates took in fraction of capital from year-ago level as worries mount over potential surge in loan defaults
Thirty-year gilt yield at highest this century as cabinet ministers pressure PM to consider his position
Cove Kaz Capital has already secured up to $1.6bn in government support for project in Kazakhstan
Policy indecision comes amid discontent over high prices which have contributed to fall in president’s approval ratings
New contracts will allow traders and companies to bet on and hedge future price of GPU rental
The bond vigilantes saddle up for Starmer
FTSE 100 testing group comes under mounting pressure from shareholders to engage with buyout firm
Yen swings as US Treasury secretary meets PM Sanae Takaichi following weeks of currency volatility
Calbee to drain colour from packaging in response to rising prices of petroleum-based inks
Damage to Habshan facility highlights lasting impact of Middle East conflict on Gulf energy exports
FRC wraps up outstanding investigation into 2018 collapse of outsourcing group
Plus, the ‘buy Europe’ trade
Bankers were on track for a bumper year until war broke out in February
The Wall Street Journal claimed European economies lag behind the U.S., but this reflects statistical misunderstanding rather than actual decline. While Americans have higher GDP per capita, they face worse outcomes in life expectancy, traffic safety, infant mortality, and violent crime compared to other advanced nations. Americans also receive less paid vacation and lack guaranteed healthcare. These disparities stem partly from decades of U.S. politics opposing shared responsibility and public goods investment, a trend accelerating since 1980. Economic growth should improve quality of life, but American prosperity hasn't translated into better living standards than wealthier counterparts abroad.
The author explains the apparent paradox that US GDP growth has outpaced Europe's since 2000 by conventional measures, yet European living standards haven't declined relative to the US. Using a two-country economic model, he demonstrates that US dominance in high-productivity-growth tech sectors inflates measured real GDP growth when calculated at constant prices, without actually improving relative living standards measured at current prices. Both regions experience equal wage growth, but the US's concentration in rapidly advancing tech creates the illusion of divergence.