UK Business Secretary Kemi Badenoch has maintained the problems facing the British automotive industry — particularly electric vehicle (EV) production — are not related to Brexit. Her comments come in response to Vauxhall parent Stellantis's claims that it may not be able to continue manufacturing in Britain without changes to Prime Minister Boris Johnson's trade deal with the EU as well as the 2024 deadline for new "rules of origin", which would require carmakers to include more UK-built batteries in their vehicles. Schellings called on the government to maintain existing rules until 2027 to allow EV manufacturers more time to adjust.
The UK government has said it believes problems for automakers caused by a trade agreement deadline can be resolved. Business Secretary Kemi Badenoch and UK officials have met with their Brussels counterparts to discuss concerns over the upcoming deadline relating to new regulations for electric vehicles (EVs) that come into effect in 2024. Under the deal, 45% of an EV’s value must originate in the UK or EU to qualify for tariff-free trade. Vauxhall’s parent Stellantis has said Brexit agreements risk investments in the UK by disadvantaging its export business.
A conference attended by thousands of academics, trade unionists, green lobbyists, campaigners and fellow travelers discussed how de-growth, a concept aimed at shrinking the economy deliberately, was necessary to avoid societal collapse. Many of the participants come from the EU, and Brussels, where the conference was held, is renowned for its progressive policy views. Several different tiers of "growth-sceptics" were represented at the conference: challenges to GDP as the primary gauge of a society’s success; post-growth supporters, who believe society can be just as happy with economies going up or down; and actual de-growers who want to shrink the pie on purpose. Political leaders in the EU have already recognised that the abstract concepts of growth as the root of all problems during the conference do not find easy applications in practical solutions. The decline of economies cannot be beneficial for any ill of society. Instead, the governments must look to making the economic system greener, not avoiding economic growth altogether.
Italy's central bank has warned that government proposals to establish a single income tax band and reduce the tax burden may be unworkable because of a lack of finances and the extensive welfare system. The nationalist prime minister, Giorgia Meloni, approved a bill in March to lower the number of income tax bands from four to three and convert to a "flat tax" model ahead of national elections in 2027. The right-wing ruling party stated it aims to keep the budget deficit down at a time when new EU budget rules are increasing pressure on the government to maintain a cautious approach to public finances.
Stellantis, formerly PSA, has warned that if the UK and EU do not adjust the so-called rules of origin requirements for the automotive industry, they may be forced to close their factory at Ellesmere Port in north-west England. These tariffs are set to rise to 10% for exports next year. This story shows that Brexit is becoming a ‘live’ issue again, especially as Sir Keir wants to arrest the slow death of the car industry, but doesn’t want to join a customs union with the EU? It raises broader questions about how ambitious the UK should be in the five-year review of the TCA in 2025, and with EU relations more generally. The Windsor framework deal has unblocked relations with Brussels but the Windsor framework still needs to be delivered in practice.
Overnight missile strikes against Ukraine by Russia failed, with the Ukrainian military stating it had shot down 29 Russian cruise missiles out of 30. The strikes targeted areas including Kyiv and the southern city of Odessa. The National Security and Defence Council of Ukraine has described Kyiv as "Putin's relentless and unachievable target". The council also claimed that the fact the hypersonic missiles have been neutralised so easily served "to burst the nuclear bubble."
Oxford University has pushed back against allegations that it is restricting freedom of speech. The University issued a statement saying that both the university and its associated colleges hold “hundreds of events each term” and that freedom of speech is “alive and well at Oxford,” with a policy of allowing “difficult views” to be heard. The statement added that although student union had concerns about the activities of the Oxford Union debating society, it would continue to encourage open discussion and dialogue. The remarks followed a letter from former Oxford Union President Nick Gallagher, who said that the union had been barred from last year’s freshers fair because of action by the student union.
The US, EU and Japan are putting forward a strategy of cooperating with China but adopting a "de-risking" approach to sensitive sectors such as quantum computing and artificial intelligence. This stance appears designed to avoid full decoupling with China and maintain economic interests while also protecting national security. The approach is backed by Ursula von der Leyen of the European Commission and the UK, Japan and the US. However, each country has adopted its own version of the strategy shaped by its exposure to the Chinese economy. The G7 has stressed the need to protect critical technologies and supply chains.
UK's Labour Party leader, Sir Keir Starmer, proposes reducing trade barriers with the European Union within 18 months of entering Downing Street, if it wins power, and make trading of food, medicines and animals seamless between the UK and the EU. The proposal would enable European farmers to sell their products into the UK, just as British farmers would find it easier to export into the bloc. It is expected to be a major talking point of the next general election campaign, as the ruling Conservative Party attempts to hold on to traditional Labour-voting constituencies it acquired in 2019.
As China, Russia, and Trump challenge the old rules of global politics, G7 aims to shore them up
CNN
23-05-18 20:47
This year’s G7 summit in Japan will focus on dealing with the war in Ukraine, the threat from China, climate change and international trade, all in an effort to solidify international rules and practices which are under serious threat. Similarly, although less prominently, the G7 will also deal with the struggle of many Western nations to resist populist, anti-democratic movements which may hinder their efforts to hold on to power that has become increasingly fragile. These problems are causing a new “Great Game” which could write new global rules over the course of decades.
Italy's conservative government, led by Giorgia Meloni, must decide whether or not to renew the country's memorandum of understanding (MOU) with China regarding the Belt and Road Initiative. The MOU, signed in 2019 by former Prime Minister Giuseppe Conte, promises closer ties and investments to build trade between East and West; however, it has delivered little for Italy, and the current Italian government is far less favourably disposed towards Beijing. National security risks and opposition support for Chinese investments in Italian ports are also factors. Italy's final decision will have implications beyond its borders, particularly for US- and India-Italy relations.
The post-Brexit trade deal agreed between the UK and EU, known as the Windsor Framework, is heavily flawed and leaves the EU and its courts wielding power over a part of the UK, according to an op-ed in The Washington Examiner. The piece also says that the US played a key role in pressuring the UK into signing the deal, with President Joe Biden unwilling to contemplate a US/UK trade deal unless the British government negotiated an agreement with the EU that was sanctioned by the White House.
US President Joe Biden's decision to prioritize Ireland and skip the coronation of King Charles III is no surprise, according to Tim Montgomerie in The Telegraph. He argues that Biden's attitude toward the UK has been sneering, arrogant and disrespectful, with deep roots in Ireland. Biden's animosity toward Brexit and adoration of the European Union also influence his treatment of Britain. Montgomerie concludes by saying that Biden is putting two fingers up to the monarchy, Great Britain, and its illustrious history and is no friend of the British people.
Oxford University has pushed back against allegations that it is restricting freedom of speech. The University issued a statement saying that both the university and its associated colleges hold “hundreds of events each term” and that freedom of speech is “alive and well at Oxford,” with a policy of allowing “difficult views” to be heard. The statement added that although student union had concerns about the activities of the Oxford Union debating society, it would continue to encourage open discussion and dialogue. The remarks followed a letter from former Oxford Union President Nick Gallagher, who said that the union had been barred from last year’s freshers fair because of action by the student union.
A recent article in Sydney Morning Herald extols the pleasures and vitality of stews and notes that they are coming back into vogue as people search for dishes that connect them to their grandmothers and the past. With more time available these days to cook hearty dishes, stews have been rediscovered as an essential part of the household culinary mix. Stews are also seen as a way to use less expensive cuts of meat. The article recalled the writer's recent trip through some of Europe's most charming smaller cities where she researched the local stews, including the carbonnade in Brussels cooked in the local beer and the waterzooi in Ghent, which comprises a chicken stew studded with carrots, leeks and potatoes in a creamy sauce thickened with egg yolks. At a time of year when cold and flu risk is heightened, stews are seen as a valuable addition to the menu, with their reputation as an immune-boosting comfort food.
City after city around the world have seized the opportunity presented by the pandemic to improve conditions for cycling, launching new bike lanes and expanding existing networks. While many have since phased out, many are now permanent features and the scientific evidence shows an increase in the use of bikes for commuting and recreation. Examples include Washington DC, which now has over 100 miles of networked bike lanes. Austin Texas doubled its amount of protected bike lanes during the pandemic, while in the five years before the pandemic Montreal's cycling network grew by 34%. Paris was considered unfriendly to cyclists 25 years ago but has since turned that around, banning cars and offering subsidies to buy bikes. Incumbent mayor of Montreal, Valérie Plante, recently won reelection on a pro-green platform involving a plan to double the existing cycling network through the Réseau Express Vélo.
Billionaire investor Carl Icahn has lost money every year since 2014, mostly due to hedges made against a fast-rising market to protect his investment empire against another financial crisis, according to analysis by the Financial Times. Since 2017, the prominent activist investor has lost around $9bn due to hedges which would have paid out if asset prices had collapsed. According to the analysis, Icahn lost approximately $1.8bn in 2017 on hedging positions and $7bn between 2018 and Q1 2019. Icahn has bet on a market collapse since the aftermath of the 2008 financial crisis, deploying a strategy that involved shorting broad market indices, corporations, commercial mortgages and debt securities. At times, the notional exposure of his trades surpassed $15bn. This has neutralised approximately $6bn in gains from his activist wagers.
An exhibition at Le Stanze del Vetro in Venice, co-curated by Sylva Petrová, a curator at Prague’s Museum of Decorative Arts, has shed light on Czechoslovakia’s autonomous tradition of fine art in glass. Bohemian Glass: The Great Masters showcases six pioneers of Czech glass art from the 20th century. Designers of the period experimented with glass as a medium of art, exploring artistic creativity beyond the decorative or functional. More than 150 exhibits feature in the show, with around 80 from Caterina Tognon’s Venice-based private collection of about 1,000 pieces, and 40 from UPM. Some exhibits are on loan from artists’ estates. Over 41 years of communist rule, glass was the only medium possible to artists. Private enterprise was banned and fine artists had to embrace socialist realism as a requirement. For this reason, many artists turned to the glass factories to experiment and work, while officially designing useful items such as ashtrays. Landau compares the function of glass art in Czechoslovakia's communist-era to that of jazz music, in that it formed "an underground" movement, however he conceded this was allowed to surface on the world stage.
Local elections are set to take place in Northern Ireland, which could see power-sharing return after the trade barriers that separate the province from the rest of the UK were removed under the new Northern Ireland protocol. However, in order for this to happen, the Democratic Unionist Party (DUP) must end their boycott of Stormont and Northern Ireland’s republican lawmakers Sinn Fein must be reconciled with the unionist. Polls suggest that hardline unionists will desert the DUP for the Traditional Ulster Vote (TUV), which is virulently anti-Protocol and anti-Windsor Framework. The DUP is expected to delay any decision to return to Stormont until after the local elections, and support for the party will be influential in determining whether or not they drop their boycott over the Irish Sea border.
Li Hui, China’s envoy to Ukraine, has been told by Polish deputy foreign minister Wojciech Gerwel that the only legitimite way to end the 15-month Ukrainian-Russian conflict is with Russia’s withdrawal from the country and the return of “unlawfully seized territories”. Gerwel also warned Li that providing military assistance to Russia would have “grave consequences for the bilateral relationship between Europe and China”. Li was also told there is no easy solution to the war in Ukraine, which he acknowledged and pointed to the need for a ceasefire and return to peace talks.
