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Ebola health screenings at Bush Airport for certain passengers begin Tuesday
Houston is one of three airports in the entire country that will accept travelers from the outbreak zone in Central Africa, and passengers from impacted areas are expected to arrive as early as Tuesday.
OGC Nice close in on new sporting director
In recent weeks, OGC Nice have been in the market for a successor for Florian Maurice, whose exit from the club is expected to be confirmed at the end of the season.However, the uncertainty looming ov...
Patriots' Christian Gonzalez Gets Record-Breaking Contract Projection
The New England Patriots have had a busy offseason, but have yet to complete one major transaction that many fans expected to get done by now.
Semiconductor decoupling. Powell's politics. Industrializing Ogaden. Free trade and the Magna Carta.
Thank you for opening your Chartbook email. Feliks Topolski, 1907-1989 8th Army’s Front, Italy 1944 Semiconductor decoupling Source: FT One thing that Jerome Powell deeply understood is that chairing the Fed under current conditions is a deeply political job. “Powell has successes and mistakes to his name. But he stands out as having thought more carefully about the Fed’s democratic legitimacy than any chair since Paul Volcker,” said Paul Tucker, a former deputy governor at the Bank of England, referring to the Fed chair who successfully fought the great inflation of the 1970s and early 1980s. … While Powell was at the Treasury in the early 1990s, he watched Alan Greenspan build relationships within the government. That convinced Powell he needed to follow the former Fed chair’s lead and spend more time in Congress than his predecessors Yellen and Bernanke. “The accountability for the Fed runs through Congress,” said Claudia Sahm, a former Fed official who is now chief economist at New Century Advisors. “That’s not just about having people on speed dial — it’s answering questions, explaining policy and getting feedback.” Source: FT Ethiopia’s PM Abiy and Nigerian business tycoon, with Chinese engineering, are driving industrialization in Ogaden/Somali region of Ethiopia. - Michael Masri’s reporting for Africa Report if fascinating. Ethiopia has launched a cluster of large industrial schemes in the Somali region, laying foundation stones for a urea plant and an oil refinery in Gode while opening the first two phases of the Ogaden LNG project. Abiy Ahmed framed the push as part of a broader strategy to link energy, agriculture and industry. “These projects embody more than industrial growth,” he said. “They represent our shared responsibility to harness opportunities, strengthen co-operation and promote peace.” The Gode urea plant, backed by Dangote Group and Ethiopian Investment Holdings (EIH), is designed for 3m tonnes a year. Dangote owns 60%, while EIH holds 40%. Officials say Dangote’s equity totals about $2.5bn, while the state provides land and implementation oversight. Gas from the Calub fields will be piped 108km to the site. Construction is slated for 40 months, with operations targeted for 2028. Ethiopia imports most of its fertiliser, spending more than $1.2bn a year for 1.5m–2m tonnes. Usage was roughly 1.7m tonnes in 2023, almost half of it urea, and demand for 2024–25 is put above 2.4m tonnes. If delivered on time, the Gode plant could cover domestic needs and allow exports to neighbours. Brook Taye, chief executive of EIH, called the venture “a significant milestone in the journey toward industrial self-sufficiency”. Dangote told the groundbreaking crowd that the complex would be integrated with gas supply and a polypropylene unit to support local inputs. He pointed to Ethiopia’s Grand Ethiopian Renaissance Dam (GERD), with a capacity of more than 5,000MW, and noted his group’s cement operations and expansion plans. The Gode refinery is being developed by Golden Concord Group of China. It is designed to process 3.5m tonnes a year of crude and condensate from the Hilala field, with associated storage. Backers say it will ease foreign-exchange pressure from fuel imports and anchor further industrial activity, including a proposed steel smelting site in Dire Dawa. GCL’s chair, Zhu Gongshan, cast the project as “a key step in Ethiopia’s path to energy sovereignty”, underscoring the Beijing–Addis ties. Financing details are still being finalised, but the refinery is central to the government’s energy-security narrative. Source: The Africa Report Dangote’s Ethiopian vision: Dangote began with cement. His crown jewel, Dangote Cement, dominates Nigeria’s market and has 10 operations in other nations in Africa. The formula has been consistent: identify sectors with chronic shortages – cement, fertiliser, sugar – commit massive local investments, and scale up to serve regional demand. Ethiopia was a natural extension of that model. In 2015, Dangote launched the Mugher Cement Plant outside Addis Ababa at a cost of $600m, with an annual capacity of 2.5 million tonnes. The investment gave him a firm foothold in one of Africa’s fastest-growing construction markets. But success came with risks. In May 2018, violent unrest led to the killing of Dangote’s country manager and temporary shutdowns at Mugher. While other investors might have retreated, Dangote doubled down. Today, he is preparing to spend $400m to expand Mugher’s capacity to 5 million tonnes, alongside a new grinding unit near Addis Ababa. Cement is just one market Dangote is targeting. Ethiopia’s enormous state-controlled sugar industry, long plagued by inefficiency and debt, has struggled for years to reform. Its Omo Kuraz Sugar Development Project, touted as one of the continent’s largest initiatives, continues to face delays and mismanagement. … The most ambitious venture of all is the planned fertiliser production complex in Gode, Somali region. Publicised on 28 August 2025, the Dangote Group and Ethiopian Investment Holdings (EIH) deal plans one of the world’s largest single-site urea manufacturing plants. The project costs an estimated $2.5bn and has an estimated capacity of 3 million metric tonnes annually, a rate that would not only render Ethiopia independent, but even a net exporter of fertiliser. EIH, the state wealth fund of Ethiopia, will hold 40%, while 60% is held by Dangote Group. … For Dangote, Ethiopia is a trifecta: Cement demand is projected to grow by 10% annually, its sugar consumption is growing with rapid urbanisation, and fertiliser demand is all but insatiable, given that farming supports the livelihood of 70% of Ethiopians. Source: The Africa Report The stakes for Abiy are high: For Addis Ababa, the $4bn fertiliser project in Ethiopia’s Somali region is no longer simply a manufacturing investment. It is increasingly being framed as a strategic state project tied to food sovereignty, import substitution and the government’s broader attempt to build economic resilience under mounting fiscal pressure. “Becoming self-sufficient in food is our main agenda,” Abiy says during the visit. “Land is needed; we have it. Water is needed; we have it. Human resources are needed; we have it.” The scale is enormous even by African industrial standards. Once operational, the plant is expected to produce three million metric tonnes of urea annually, potentially making it one of the continent’s largest fertiliser complexes. Ethiopian officials say the project now includes a 110km gas pipeline, a 120MW power plant, a polypropylene packaging facility and a two-million-tonne NPK blending plant. For a government grappling with chronic foreign exchange shortages, ballooning import bills and pressure on agricultural productivity, the numbers matter politically as much as they do economically. The decision to anchor the project in Gode is deliberate. Long viewed as peripheral to Ethiopia’s industrial economy, the Somali region is now being repositioned by the federal government as a future irrigation and agro-industrial corridor. Officials argue that the area’s vast land reserves and access to water could eventually support large-scale commercial farming capable of reshaping Ethiopia’s food economy. The government is simultaneously building housing infrastructure for about 5,000 residents near the plant, while officials project broader industrial expansion along the corridor. Abiy goes further, comparing the long-term revenue potential of the Gode development zone with Ethiopia’s flagship state enterprise. “The investments we are making in this Gode area, combined, will generate high revenue for Ethiopia, at par with Ethiopian Airlines,” he says. Source: The Africa Report Feliks Topolski 1907-1982 Topolski’s Chronicle, ‘Nazi Revival’, Vol. 8, Is. 1-2, 1960 HEY READERS, THANK YOU for opening the Chartbook email. I hope it brightens your day. I enjoy putting out the newsletter, but tbh, what keeps this flow going is the generosity of those readers who clicked the subscription button. Photo by Jakub Dziubak on Unsplash If you are persuaded to click, please consider the annual subscription of $50. It is both better value for you and a much better deal for me, as it involves only one credit card charge. Why feed the payments companies if we don’t have to. Subscribe Grim vision of drone warfare by Sylvie Kaufmann For contributing subscribers only. Subscribe The state of the art in Colbert-studies. Jean-Baptiste Colbert was Louis XIV chief minister from 1661 to 1683 and traditionally seen as an architect of absolutism and mercantilism. Alexander Hamilton later cited him as an inspiration in 1782. Now his legacy is disputed. Daniel Dessert, the chief critic, sees Colbert as the orchestrator not so much of an absolutist state as of an elite cabal. Would be great to have a good English-language review of this important debate. Source: lhistoire Didn’t know that the Magna Carta included free trade provisions Fighting for the right to the beach in Oregon in 1967: Source: Research Gate RAF Station – British and Polish Flags, c. 1940-45, The Ingram Collection Feliks Topolski, 1907-1989 ink and wash If you’ve scrolled this far, you know you want to click: Subscribe
Trump faces health questions ahead of another Walter Reed trip
President Donald Trump on Tuesday is expected to undergo his third scheduled medical checkup in 13 months, as outside physicians say they have persistent questions about the nearly 80-year-old preside...
Widow and widower find new love, good health in their 80s
For two widowed neighbors, a simple walk down the street led to something neither of them expected: a second chance at love.
Widow and widower find new love, good health in their 80s
For two widowed neighbors, a simple walk down the street led to something neither of them expected: a second chance at love.
Widow and widower find new love, good health in their 80s
For two widowed neighbors, a simple walk down the street led to something neither of them expected: a second chance at love.
Texas tabbed as regional host
As expected, the Horns will return to the Disch next weekend.
Allegri: ‘Nobody expected Milan defeat, but players gave everything’
Max Allegri admits ‘nobody expected’ Milan to lose at home to Cagliari and miss out on the Champions League, but insists his players ‘did everything they could.’The Rossoneri were in the stron...
Chad Tracy Discusses Brayan Bello's Role As Garrett Crochet's Return Looms
Boston is expected to get Crochet back in the near future.
New iOS 27 Rumors Include Revamped AirPods Settings Menu and More
Apple is set to unveil iOS 27 next month ahead of a September release. The update is expected to include a dedicated Siri app, expanded Apple Intelligence capabilities in apps like Wallet, Safari, and Shortcuts, an upgraded keyboard with improved autocorrect, the ability to use Apple Maps via satellite connection, and more. In his Power On newsletter today, Bloomberg's Mark Gurman revealed four additional iOS 27 changes related to AirPods, Genmoji, AirPlay, and Siri.
Nintendo maintenance schedule - May 24, 2026 - new Nintendo Switch 2 and Switch session on the docket
Nintendo has released its maintenance schedule for the week of May 24, 2026. One new session has been added in which will affect Nintendo Switch 2 and Switch. Thankfully, it won’t have too much of an impact as this is only expected to take place for an hour. Below is the full Nintendo maintenance schedule for the week of May...
California Politics 360 Full Episode | Key vote that could impact future gas prices, utility bills
The Air Resources Board is expected to vote on proposed updates to the state’s Cap-and-Invest program.
Traveling and living in a van alone has been better than I expected
The thought of traveling and living in a van alone scared me, but solo van life has been better than I expected because of the kindness of strangers.
Lenovo confirms to be working on NVIDIA N1x laptops
Lenovo internal portal confirms NVIDIA N1x name ahead of expected Legion 7 reveal Lenovo has a public sign-in result that references “NVIDIA N1x Portal”
Scientists discover atoms suddenly spinning backward in quantum experiment
Scientists have directly watched angular momentum move through a crystal for the very first time — and discovered a bizarre twist along the way. Using ultra-powerful terahertz laser pulses, researchers triggered tiny atomic rotations inside a quantum material and found that the direction of rotation can unexpectedly flip as momentum is transferred. The strange reversal happens because of the crystal’s underlying symmetry, creating an almost impossible-sounding effect where two rotations combine into one spinning the opposite way.
AI scans 400,000 Reddit posts and finds hidden Ozempic side effects
By analyzing over 400,000 Reddit posts, researchers discovered that users of popular GLP-1 weight-loss drugs frequently discussed unexpected symptoms like menstrual irregularities, chills, and hot flashes. The findings suggest AI could turn social media into a powerful early-warning system for spotting side effects that clinical trials may miss.
What time does the Indy 500 start on Sunday?
The Indy 500 is on Sunday! Here is the expected start time for the 110th Indianapolis 500 and how you can watch it.
Black Women, Beauty Politics and the Power of Rage in 'Is God Is'
In one of the film’s most surreal scenes, the twins at the center of *Is God Is*—Racine, “the Rough One,” and Anaia, “the Quiet One”—pretend to be strippers for a room full of men. But while Racine is welcomed, Anaia is rejected because her scarred face disrupts the men’s fantasies. That moment crystallizes one of the film’s central questions: What happens when Black women refuse to shrink themselves for the comfort of others? In Aleshea Harris’ Gothic revenge thriller, ugliness becomes both a burden and a source of power, as the film transforms into a stereotype-busting meditation on misogynoir, beauty politics and righteous rage. As the twins travel cross-country seeking vengeance against the father who burned their mother alive, Harris layers the conventions of the revenge genre with distinctly Black feminist aesthetics. The film moves between absurd comedy, trap music, intimate sisterhood and brutal violence while interrogating the ways Black women are expected to manage their pain, suppress their anger and perform acceptability. Anaia’s scarred face and Racine’s consuming rage become mirrors of the same misogynoir that shapes Black women’s lives—whether through beauty standards, domestic violence or the demand to remain silent. What makes *Is God Is* so striking is its refusal to look away from the “ugly.” Harris insists that Black women marked by violence, scars and fury still deserve visibility, complexity and even divinity. The film embraces the “angry Black woman” and the “ugly” Black woman as figures worthy of space, power and humanity. In doing so, it expands the tradition of Black feminist filmmaking by asking viewers to confront the realities dominant culture would rather ignore—and to recognize the beauty, dignity and selfhood that exist beyond respectability.
Novak Djokovic Won't Participate In French Open Boycott
Some of the top players in men's and women's tennis are expected to boycott the media at this year's French Open. With the tournament set to begin Sunday, the legendary Novak Djokovic offered his stance on this matter. Charlie Eccleshare and Ava Wallace of The Athletic reported earlier ...
The unexpected science hiding in Dante’s ‘Inferno’
The poem appears to have geophysics and geology that was not understood in medieval times.
Anavex Life Sciences Receives Expected Nasdaq Delinquency Notification
Anavex Life Sciences Corp. (“Anavex” or the “Company”)(Nasdaq: AVXL), a clinical-stage biopharmaceutical company focused on developing innovative treatments for central nervous system (CNS) disorders, today announced it received anexpected delinquency notification letter (the “Notice”) from the Listing QualificationsDepartment of The Nasdaq Stock Market LLC (“Nasdaq”) on May 20, 2026.
'We'll never know if he could have been saved.' The gaps in Trump's rural health fund
Republicans promise that $50 billion in new health funding will help rural America. But it's not expected to aid the years-long effort in North Carolina's Martin County to reopen its only hospital.
German Ifo business sentiment unexpectedly rises
German business morale unexpectedly rose in May, a survey showed on Friday, offering a glimmer of hope for Europe's largest economy.
UK borrowing hits higher than expected £24.3bn in April; retail sales drop as drivers cut back on fuel
Rolling coverage of the latest economic and financial news
£11m entertainment venue set to open in Slough
Mega City, opening on Slough High Street in June, is expected to create more than 80 jobs.
Pressure from Silicon Valley helped block Trump’s expected order on AI
Industry leaders warned in last-minute calls to the president that the proposed safety vetting system could inhibit development of the pivotal technology.
IoT gadget maker AcuRite shares reasoning for killing customers’ favorite app
The move to AcuRite NOW has not been as smooth as some customers expected ..."
Advocacy group wants TAVR changes, urging Trump admin to ‘stop getting in between patients and their doctors’
The Alliance for Aging Research wants CMS to go through with policy changes that could make many more patients eligible for TAVR. The agency is currently considering the changes, and a final decision is expected in June.
Take-Two Confirms November Debut for ‘Grand Theft Auto VI’
Take-Two Interactive Software Inc. confirmed a Nov. 19 release date for Grand Theft Auto VI, expected to be one of the biggest video-game titles ever.
New Iowa behavioral health hospital aims to address mental healthcare shortage
A state-of-the-art facility opening in Council Bluffs in June is expected to help boost services and inpatient psychiatric care beds in a more peaceful setting.
Quantum supremacy just ran into an unexpected rival: An ordinary laptop armed with new math
Using a conventional computer and cutting-edge mathematical tools and code, physicists at the Center for Computational Quantum Physics (CCQ) at the Simons Foundation's Flatiron Institute and collaborators ...
Downtown St. Louis entertainment district's added security expected to begin in July
Republicans expected to abandon $1B security proposal for White House and Trump's ballroom
WASHINGTON (AP) — Senate Republican leaders on Thursday are expected to abandon a proposal for $1 billion in security money for the White House complex and President Donald Trump’s ballroom amid backlash from members of their own party. Pressured by the White House, Republicans tried to add the money to a roughly $70 billion bill to restore funding to U.S. Immigration and Customs Enforcement and the Border Patrol. But the security proposal met with opposition
WATCH LIVE: Trump, Zeldin expected to announce looser rule on refrigerant greenhouse gases
Republicans expected to abandon $1B security plan for White House and ballroom
Republicans have tried to add the money to a roughly $70 billion bill to restore funding to U.S. Immigration and Customs Enforcement and the Border Patrol
Sterling steady but weak business activity data weighs
The pound was steady against the dollar on Thursday as broader currency markets focused on developments in the Iran war, while traders digested some worse-than-expected surveys of British business activity.
It's not just PS Plus Essential getting a price hike: Premium and Extra tiers are now more expensive too
Following its carefully worded PS Plus price increase announcement, Sony has confirmed what everybody already expected what it hadn't yet said out loud.
The Banks That Won a Piece of SpaceX’s Colossal I.P.O.
Across Wall Street, bankers have been clamoring to lead what is expected to be the biggest-ever initial public offering.
House expected to take another Iran war vote
The vote is the latest effort by Democrats to rein in Trump's military campaigns by using the War Powers Resolution of 1973
Democrats are hoping for a breakthrough as the House takes another Iran war vote
The House is expected to vote on legislation to compel President Donald Trump to withdraw from the war with Iran.
World Cup expected to generate more in sports bets than the Super Bowl
Iran rebuilding military industrial base faster than expected, already producing drones, according to US intel
Iran has already restarted some of its drone production during the six-week ceasefire that began in early April, one sign it is rapidly rebuilding certain military capabilities degraded by US-Israeli strikes, according to two sources familiar with US intelligence assessments. Four sources told CNN that US intelligence indicates Iran’s military is reconstituting much faster than initially estimated.
Musk’s SpaceX discloses massive losses ahead of expected record-breaking IPO
The company, whose initial public offering is expected to attract record investment, had nearly $18.7 billion in revenue in 2025 but overall lost $4.9 billion.
Coverage is Care at Trinity Health Michigan - MHA | Michigan Health & Hospital Association
Chiquita Berg, MD, MBA, FACOG, vice president, Community Health & Well-Being, Trinity Health Michigan. Significant changes to Medicaid are expected to take effect in 2027, bringing new requirements and processes that could increase the risk of coverage loss for eligible individuals if systems are not prepared. While many details are…
Scientists uncover vast energy source underground—why this breakthrough changes everything - Futura-Sciences
The Unexpected Rise of White Hydrogen For a long time, it was believed that hydrogen (H2) does not naturally exist on Earth. However, traces of natural hydrogen started appearing here and there—some even detected in France as early as the beginning of the 20th century. Starting in the 1970s, researchers...
New York pension fund closes fiscal year at record high
The fund’s long-term expected rate of return is 5.9%, the comptroller said.
Samsung preps 6.47-inch Galaxy S27 ‘Pro’ to make 4 flagship models next year
Leaks allege that Samsung’s Galaxy S27 Pro will sport a 6.47-inch display. It’s expected to be shoehorned in as the...
Wellgistics Health and Datavault AI to Form DelivMeds AI via PharmacyChain™ License Expansion and Acquisitions of QOLPOM Biometric Health Data and Drone Logistics IP and Majority of Tollo Health
Formation of DelivMeds AI, Inc. (ticker reserved: NASDAQ:MEDS), with an expected approximate combined asset value of $4 billion, is subject to…...
Layoff day at Meta has arrived
Meta has begun sending layoff emails to roughly 10% of its workforce. The cuts are expected to eliminate around 8,000 roles.
Samsung One UI 9 Beta eligible devices: Android 17 beta expected list
Samsung just kicked off the One UI 9 beta program for the Galaxy S26 series in mid-May 2026. If you own one of those new flagships, you can already sign up through the Samsung Members app in countries like the US, UK, Germany, Korea, and soon India and Poland. But what about the rest of […]
In Memoriam: S. "Soma" Somasegar
We are heartbroken to share that our dear friend and colleague Soma Somasegar passed away unexpectedly.
Seminole County approved indoor sports complex expected to generate $2.4B
Seminole County commissioners have approved plans for a new indoor sports complex that officials say could generate an estimated $2.4 billion in economic impact over the next 30 years.
Local business news: 7 Brew, CGI construction, Temple Bar ownership change
ROCHESTER, N.Y. (WROC) – In Webster, construction on a new 7 Brew is underway on Empire Boulevard. The drive-thru coffee chain is being bult next to Baytowne Plaza and is expected to open this summer....
NCAA takes big step toward adding flag football as championship sport by 2028
Formal approval of the sport by each of the three NCAA divisions is expected in 2027
Lewis Steele: Liverpool to sign ‘top winger’ this summer
Liverpool Target Elite Winger as Yan Diomande and Bradley Barcola Links GrowLiverpool are expected to prioritise the signing of a “top winger” this summer, according to Lewis Steele, with conversa...
Google, Samsung unveil Android XR smart glasses at Google I/O 2026
Billed as "intelligent eyewear," the upcoming smart glasses are expected to arrive later this year.
The unexpected health benefits of a 'hockey butt' — and how to get it
Munson Army Health Center trains staff and patients during full-scale fire drill
FORT LEAVENWORTH, Kansas – Delivering safe healthcare includes preparing for the unexpected. That preparation was on display May 13 as Munson Army Health Center conducted a full-scale fire drill during normal patient care hours.
Acting attorney general expected to face questions about compensation fund for Trump allies
Solar to dominate energy by 2035, but AI data centers will keep fossil fuels in business
Costs for solar panels are expected to drop another 30% in the coming decade, helping the tech cement its lead in energy markets.
Millions expected to lose Affordable Care Act coverage as costs spike
Congress’s refusal to continue pandemic-era subsidies for ACA beneficiaries is taking a big bite out of consumers’ pocketbooks.
Women in Science: Dr Lauren Snyder - TIB-Blog
The blog series “Women in Science” introduces women from the TIB who give insights into their careers and personal experiences in science. Dr Lauren Snyder studied Ecology and Conservation Biology at Boston University and earned her PhD in Ecology & Evolutionary Biology at Cornell University. Now, she is the co-founder of the TIB Knowledge Loom, an Open Science digital library. In this interview, she talks about why having clear goals is just as important as being open to the unexpected, and why the people you work with play such an important role.
UK wage growth slows and unemployment rate rises as companies react to Iran war
Jobless rate unexpectedly rises to 5% with businesses squeezed by war in Middle East
UK unemployment unexpectedly rises to 5% as firms squeezed by Iran war
Pay growth eases to 3.4% as businesses face pressure from soaring energy costs
Lenovo intros Wildcat Lake laptops as new MacBook Neo alternatives
The new Lenovo Lecoo Air 13, Air 14, and Air 15 have been introduced in China. These are powered by the Intel Wildcat Lake processors, and the laptop line is expected to rival the MacBook Neo in terms of price.
NASA’s MAVEN Makes 1st Discovery of Atmospheric Effect at Mars
In December 2023, scientists looking at Mars data stumbled across something completely unexpected — observations of an atmospheric effect never before seen in
Sony's 10th Anniversary 'Collexion' Over-Ear Headphones Leaked
Sony's latest noise-canceling headphones have been leaked. Images of the 10th anniversary models, called 1000X "The Collexion" Edition, were shared online today by OnLeaks. They're expected to launch tomorrow, coming just a year after the company's WH-1000XM6 series. From what we can tell based on the leaked materials, the changes are largely design-based.
Northport considers new hotel fee agreement tied to River Run Park sports tourism
NORTHPORT, Ala. (WBMA) - Northport leaders are expected to consider a new hotel fee agreement Monday night tied to the city’s growing sports tourism efforts at
Galaxy S27 Ultra May Finally Address Battery Complaints, As A Design Change And Specifications Upgrade Are In Tow
Samsung could finally address the battery life concerns with the Galaxy S27 Ultra launch, as a new design and upgrade are expected to happen next year
Carrick made himself the 'only candidate'
BBC Senior football correspondent Sami Mokbel says Michael Carrick's impact and record as interim Manchester United boss made him the "only candidate" to be given the permanent role. United secured their 11th victory in 16 games under Carrick against Nottingham Forest on Sunday and his appointment on a two-year deal, with a one-year extension, is expected from the club imminently. "Carrick has taken that job in his stride so impressively," Mokbel told BBC Radio 5 Live's Football Daily podcast.
Amazon's Kindle shutdown is sending users down the jailbreak rabbit hole
Amazon is retiring support for these Kindle models, and many users are finding unexpected ways to keep them alive.
Jack’s Deli ‘unexpectedly’ closing for 4-6 months
After 40 years, Jack’s Deli and Restaurant in University Heights abruptly closed its doors on May 17.
Bills tipped to reclaim AFC East throne in 2026
The Bills are expected to be a top contender in 2026.
UNC basketball expected to get visit from top five recruit
Michael Malone and the UNC basketball program are projected to get a visit from this top five player.
Analysis: Fulham's European hopes peter out
After beating Aston Villa at the end of April, Fulham were firmly in the mix not only for European qualification but potentially for a Champions League spot. A loss at Arsenal was not unexpected, the manner of the defeat by Bournemouth was hugely frustrating but victory at the league's bottom side would have kept Marco Silva's side in contention going into the final day. A huge swing in goal difference and the most unlikely sequence of results would now be needed for Fulham to make the top eight.
Crowds pack into Washington's National Mall for prayer rally
President Donald Trump was expected to address the gathering, which got underway as a light rain fell, in a video message. Other top Republicans, including Defense Secretary Pete Hegseth, Secretary of State Marco Rubio and House Speaker Mike Johnson, R-La., were also on the schedule as part of the celebrations this year marking 250 years of U.S. independence.
GTA 6 Pre-Orders Are Not Opening Monday and Review Copies Won’t Be Sent to Press, According to Insiders
GTA 6 pre-orders are not expected to open on Monday, and review copies won't be sent to press ahead of launch, according to insiders.
Barcelona consider Julian Alvarez signing “practically impossible”
Barcelona intend to sign a new striker this summer, especially now that Robert Lewandowski’s expected exit has been confirmed. They want to bring in a big-money number nine to compete alongside Ferr...
Story to be placed on injured list by Red Sox (report)
Trevor Story is expected to be placed on the injured list before the Red Sox's game against the Braves on Saturday night, according to a report from MassLive.com's Chris Cotillo. The club has not confirmed the news. The 33-year-old shortstop is believed to have been dealing with a groin issue
Bullpen falters in extra innings loss: Rays 5, Marlins 10
The Rays were unable to continue their 10-game winning streak at the Trop on Saturday afternoon as they dropped the second game of the three-game set to the Miami Marlins by a score of 10-5 in extra innings. Early on this was the pitching due we all expected it to be with Nick Martinez facing […]
Now What? With Carbon Pricing Eroded and Pipeline Politics Advancing, Here Are the Pathways for Climate Success
At the end of a whirlwind week of news on carbon pricing and electricity strategy, capping a madcap year of pretty much non-stop, dramatic change, the word across much of Canada’s climate and energy transition community is that climate policy in this country has been shredded. Eviscerated. Hit with a sledgehammer by policy rollbacks that have pushed the country’s 2050 net zero target “well out of reach”. That means it’s never been more important to look for the rays of hope and glimmers of possibility. To glimpse the seeds of the next set of strategies to get Canada’s climate pollution under control and the country into the accelerating global dash away from fossil fuels. And then, once we’ve spotted those possibilities, get on with the hard, day-to-day slog of trying to make them a reality. Nothing takes away from the frustration and the deep disappointment so many climate and energy hawks are expressing, the sense of betrayal by the author of Value(s) and the former UN special envoy for climate action and finance. But we knew two things as the week drew to a close. We’re looking at the world as it most definitely is. And we don’t get to give up finding the pathways to confront climate change and deliver faster, deeper carbon cuts that leave no one else behind. So really, the first question we all have to ask ourselves is: What’s next? Subscribe All the Oxygen in the Room The outpouring of anger and grief over the carbon pricing deal between Prime Minister Mark Carney and Alberta Premier Danielle Smith has been absolutely understandable. So much of the climate community poured years, more than a decade, into dragging the current federal pricing regime across the finish line, then defending it from a deluge of three-syllable rhymes after the Trudeau government proved utterly incapable of delivering its own message. The policy foisted on us by neo-classical economists took up all the oxygen in the room, burned through years of climate response time that we won’t get back, while cornering climate hawks into the position that the best response to the crisis of our lifetimes is a new tax…in an era of historic anti-tax sentiment. I mean, really—what could possibly have gone wrong? Against that history, let’s appreciate columnist Max Fawcett’s point that even a modest carbon pricing agreement with a government as off-the-wall libertarian/conspiracist as Danielle Smith’s—those adjectives are mine, not Max’s—is a win worth savouring (as long as Smith keeps her promises for a change). But part of living in the world as it is (no, I’m not letting that go) is to be clear-headed about what we can and can’t control. And one thing we get to decide, after seeing this week’s carbon price festivities take up all the oxygen yet again, is whether we want to keep letting that happen. Particularly when success down that road depends on a factor that no one with a climate agenda can control or influence—a provincial carbon pricing mechanism that has been manipulated and eroded beyond its lowest possible denominator. Thankfully, that’s not the way it has to go. Not when we have so many other powerful, practical tools at our disposal, including the ones still available to us through this abominable Memorandum of Understanding (MOU) between Canada and Alberta. Tools In Our Toolbox When I started roughing out this list, I didn’t expect it to grow to nearly a dozen bullet points. It’s probably still incomplete. Some of the greatest hits in today’s climate solutions toolbox include: • No Carbon Capture, No Pipeline: On Friday, Prime Minister Mark Carney explicitly stated that there’s been no change to the MOU provision that there will be no West Coast pipeline without an industry commitment to build its massive, $16.5-billion carbon capture and storage (CCUS) hub in Northern Alberta, and vice versa. The two megaprojects were joined at the hip when the MOU was signed Nov. 27, and the implementation agreement this week affirmed that they still are. A parade of independent analysts have spent years pointing to the economic and technical flaws in CCUS, while the industry kept postponing its investment decision until it could arm-twist the government for more “clarity” (by which it meant even more lavish taxpayer subsidies) on the project. Now the industry itself is running away from the CCUS hub and insisting the pipeline should proceed without it, but Carney doesn’t seem to be budging from a central tenet of the MOU to which Smith has signed on. • No Subsidies, No Investors: Climate analysts and advocates have quite rightly been hammering away at Carney and his team, insisting that any new capacity the industry wants to build must proceed without new subsidies. The government has responded with a growing collection of funding and financing mechanisms for the very wide menu of industrial development and nation-building projects they say they want to take on, and that menu always includes fossil fuel infrastructure. But it’s hard to see how even the combined fiscal clout of the federal and supportive provincial governments will deliver the financial backing private investors would need when the business case for new fossil fuel development is evaporating before their eyes. Particularly when… • No Market, No Demand, No Investors: As our friend Markham Hislop at Energi Media (our apparently sleepless friend, given the massive volume of great material he’s been churning out) points out this morning, the biggest vulnerability in any pipeline deal is the assumption that Asian buyers will want the oil or liquefied natural ga that our fossil industry is so keen to send them. Hislop writes in part: Ottawa and Alberta are effectively betting that countries like China and India will continue increasing oil imports for decades as their economies grow and energy consumption rises. That assumption underpins the entire economic rationale for expanding oil sands production and building billions of dollars in new export infrastructure. But Asian energy systems are changing rapidly… China, India, South Korea, and other major hydrocarbon importers are now investing hundreds of billions of dollars into electricity systems built around wind, solar, batteries, nuclear, hydro, and expanded transmission infrastructure. Domestic “energy sovereignty” is increasingly replacing the old energy-security model based on stable oil and gas imports. Those investments are expected to sharply slow oil demand growth and eventually reverse it, even as overall energy consumption continues rising. There are also refining constraints. Many Asian refineries and petrochemical complexes are already optimized to process discounted heavy crude from the Middle East and Latin America. That raises serious questions about how much additional Canadian bitumen Asian markets can absorb at profitable prices. Small wonder that there’s still no private sector investor for the project, despite Smith’s government desperately beating the bushes to put together a deal. For now, Alberta is acting as proponent and covering early start-up costs for a pitch to the federal Major Projects Office, which could actually turn into the next tough hurdle for Smith and her pipeline to jump. • Canada Day Looms: How ironic that Canada’s birthday this year could become a major chokepoint for the provincial premier who’s been working so diligently to tear the country apart! The July 1 target date for Alberta’s pipeline proposal is baked into the MOU, was reaffirmed by the implementation plan, but it hadn’t dawned on me that it cuts both ways. As one very smart colleague wrote in an email yesterday, “they’ve thrown the ball into Alberta’s court to get the project proposal on the table really quickly and to have to do a whole pile of work to put together a massive, complicated project that would typically take years to assemble, and they’ve given them weeks to do it.” That makes July 1 a looming deadline that Smith won’t be able to run away from politically, especially with the separatists in her party and her caucus breathing down her neck. (See previous ref to off-the-wall.) But if Alberta comes in with a sloppy, incomplete submission, even after Carney bent over backwards to simplify the application process and the rules that govern it, it may be harder for the province or the industry to blame Ottawa and insist on the faster process they claim their investors are demanding. (Oh, wait—which investors would those be??) • We’ll See You In Court (Then We’ll See You Again): If Carney did cave, that would be just one more reason for Indigenous and other affected communities to take the government and the process to court—Just as Alberta First Nations did, successfully, in response to Smith’s half-baked separation referendum. Veterans of the Harper era have been warning that a shoddy process around fossil fuel infrastructure or other major projects will be a recipe for the very delays that process seeks to avoid. And now more than ever, with renewable energy and energy storage eating fossil fuels’ lunch in import markets around the world, a delayed pipeline or LNG terminal may be as good as a cancelled one. • Charged Up, Ready to Go: With its goal of doubling Canada’s electricity supply to meet a doubling of demand by 2050, the national electricity strategy that Carney unveiled Thursday has a lot to like. With its explicit language about speeding the shift from fuels to more efficient and affordable electricity, global investment and deployment patterns that already favour that shift, an emerging bidirectional power grid, the role of front-line options like rooftop solar and heat pumps, the emergence of electric vehicles as behind-the-meter energy storage, and the domestic jobs and manufacturing to make it all happen, the document doubles down on the essential cornerstone of a faster shift off fossil fuels. The strategy envisions a more prominent role for gas and nuclear power. But some of those provisions were already in the Clean Electricity Regulations that climate hawks are now fighting so hard to defend, inserted as a compromise in a futile attempt to mollify the industry and its political representatives in Alberta and Saskatchewan. But once again, gas will be a tougher sell when it’s more expensive and now so much more unpredictable than the clean alternatives. The new nuclear technologies are still speculative and deeply vulnerable to cost overruns. Increasingly, utilities, developers, and investors know it. Carney declared Thursday that “it doesn’t do us good to be sitting in court all the time with provinces. It doesn’t do us good to be talking past each other. What does do us good is to come together with specific projects.” There are no guarantees, but so much of the language and narrative-building in the electricity strategy suggests the lion’s share of those projects will be renewable. • The Party Has Already Started: The electricity strategy only rarely digs down to specific projects, but provinces representing three-quarters of Canada’s population are already embracing a faster transition. Hydro-Québec is working on a 10-year, $185-billion renewable energy and grid buildout by 2035. Ontario recently brought 10 provinces and territories together in a National Energy Corridor Agreement to boost interprovincial and -territorial transmission infrastructure. And the MOU implementation agreement commits Alberta to facilitate investment in renewable energy projects, a big step back from its continuing, punitive restrictions on renewables development. The electricity strategy envisions much of the financing and infrastructure that will be needed to pull those advances together into an integrated whole. • Delivering on Affordability: The MOU implementation plan has little or nothing to say about affordability (are you surprised?), but the electricity strategy does, with a top-line pledge to reduce home energy costs for seven out of 10 Canadian households by 2050, a total saving of $15 billion across the board. It’s just a start, but it puts affordability on the government’s narrative map. If they’re serious and deliberate about patching together a least-cost energy strategy, it’ll have little if any room for oil, gas, or nuclear—not with powerful evidence, for example, that electricity prices are higher when those prices are set by gas. • Smith Proves that Canada Works: By signing a deal that makes it harder to claim the federal government is blocking a new pipeline, Smith has helped prove Carney’s constant anti-separatist refrain that “Canada works”—incurring the rage, no doubt, of her own political base. Canada also needs to work for anyone who depends on a clean environment, healthy and thriving ecosystems, and safe, stable climate. But with Smith and her separatist constituents setting up as a fifth column for annexation by Donald Trump’s United States, let’s set aside any notion that 51st state status for Canada is a recipe for anything other than climate disaster (and so much else). Resisting and withstanding Trump (just 170 more sleeps until mid-term elections, which is a damn sight better than the 730 we started with) doesn’t mean a free pass for a pipeline, but we can still appreciate it that keeping Canada whole and sovereign is still Carney’s Job One. • The Words Not Spoken: Apart from a commitment to export a million barrels of “low-emission” Alberta bitumen per day (memo to Smith and Carney: You realize that that’s less than the industry is already exporting??), the MOU implementation plan says nothing about the international trade and economic sovereignty deals that Carney has been travelling the world to negotiate. It didn’t have to. Carney doesn’t need permission from Danielle Smith, her American enablers, or her separatist allies to continue building the alliances that will ratchet down our economic dependency on our unstable, unreliable neighbour to the south. But every connection he builds with countries outside North America helps align our economy and our future with a faster shift off fossil fuels. Little if any of this was on our bingo cards a year or two ago. But it’s the pathway that has opened up to us. And if it gives Canada any climate or energy gains at all in an era still dominated by Trump and his increasingly ridiculous tariffs, his loutish trade negotiations and his continuing annexation threats, we have to take the wins. Not least because they’ll be the point of departure for what we can achieve in 2027, 2029, and beyond, as Trump’s grip and this era begin to loosen and then fade. What is Carney Doing? If this line of thought is right—and it’s a possibility, not a prediction—it means that Carney’s actions and decisions are largely about buying time. Time for Trump’s power to wane. Time for Alberta’s separatist/conspiracist virus to spread, mutate, die out, or at least die back, with help from a vaccine of federal steadiness and calm (appropriate enough, for a movement populated largely by vaccine deniers) that no conspiracy theory can dismiss. And time for the government’s trade and investment agenda to deliver results—even knowing that some of those results will bring impacts that front-line communities will not and should not accept. In the immediate moment, none of this changes the way the wider climate community has to respond, from campaigners to investors to front-line practitioners. All of our voices are still essential. But those voices will be stronger and more confident if we have a clearer sense of the brutal game we’ve been pulled into, and a plausible path (or two it three) for playing it to the win we need. This conversation also underscores our biggest task for the remaining years of what was supposed to be the “decisive” decade for climate response: if we can shift the energy narrative in Canada, make it a mainstream view that the country’s preoccupation with oil and gas has us falling farther behind a changing world, we’ll see far better results in the 2030s and beyond. For many veteran climate advocates, taking on that part of the fight will begin with recognizing that most of our friends and family, neighbours and colleagues already understand that climate change is real and right in front of us: they’re looking away and staying silent because they don’t have what climate communicator Katharine Hayhoe calls “efficacy”. As Hayhoe recently pointed out in a feature interview with The Energy Mix, it amounts to science denial to keep hammering away at the dire news about global warming without also helping audiences understand what they can do about it, with multiple studies telling us why that won’t work. Far better to open those conversations with the dominant crises like energy security, food security, emergency preparedness and business continuity, affordability, and financial security that have knocked climate change far lower on the list of public priorities, and will likely keep it there. We Knew This Would Happen Climate hawks have always known this day would come. For decades, we warned that everyone had to pay attention to climate change right now, because it would be much tougher to respond once the crisis itself started affecting our daily lives. We were right, and here we are. But now, thanks to decades of hard work, communities and countries have an alternative to doubling down on fossil fuels. “In 10 years everyone will have ‘always known’ that solar and batteries were going to win,” Morgan Solar Executive Chair Mike Andrade writes on LinkedIn. With the disruption in the Strait of Hormuz roiling energy priorities around the world, Canada and the United States are among the shrinking number of countries that are still very keen on fossil fuel development. Understanding that gap is a first, essential step in spotting the opportunities ahead, and averting the deep economic as well as environmental and social risk we face if we don’t seize them. Thanks for reading The Energy Mix Weekender! Subscribe for free to receive new posts and support our work. Subscribe Mitchell Beer traces his background in renewable energy and energy efficiency back to 1977, in climate change to 1997. Now he and the rest of the Energy Mix team scan 1,200 news headlines a week to pull together The Energy Mix and The Energy Mix Weekender. Chart of the Week BYD Eyes 20 Dealership Locations After Canada Greenlights Chinese EV Imports ‘Sledgehammer’ Carbon Price Deal Boosts Emissions by 230Mt, Aims for Fall 2027 Pipeline Approval ‘Worse Than Harper’: Regulatory Rollback Would Stop Canada from Assessing Project Impacts, Critics Warn Electricity Strategy Aims for Doubling by 2050, Allows ‘Flexibility’ for Gas Power Plants Opposition Mounts as O’Leary’s Data Centre Approved in Drought-Stricken Utah Diluted Carbon Price Misses ‘Reality of the World We’re In’, Could Impede Diversified Trade: Climate Institute $200B in Clean Energy Investment Will Need On-Time Delivery, Reliable Policies, Trade Association Says ‘Sovereign Pipeline’: CEO Pitches to Keep Trans Mountain in Government Hands What a Supercharged El Niño Could Mean for Canada Canada’s future is electric, and here’s how a power grid superhighway would get us there (Toronto Star) The Perilous Waters of Hecate Strait (Globe and Mail) Saudi Aramco profits jump despite conflict in Middle East (The Guardian) Farmers confront rising cost of fertilizer and fuel as spring seeding under way (Canadian Broadcasting Corporation) Clarkson forecasts 24% decline in offshore oil, gas capital expenditures (Oil & Gas Journal) Pipe Dreams: How Oil and Gas Fail to Deliver Economic Development in Africa (Oil Change International) Developing countries must hold the pen to script the fossil fuel transition (Climate Home News) Iran war threatens the dream of a post-oil economy in the Gulf (Washington Post) U.S. Oil, Gas Work Force Hits Lowest Level Since 2022 (Rigzone) Why Polestar Is Doubling Down on Net Zero as Rivals Pull Back on EVs (Bloomberg) Why this Michigan utility plans to sell its hydro dams for $13 (E&E News/Politico) Levees can no longer save New Orleans (Vox)
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Chartbook 449: Voldemort on Threadneedle street. The Bank of England and the "haunted house" of English politics.
Imagine the scene: In some Harry Potter version of 21st-century London, a group of deathless UK Treasury officials gathered from across the last century huddle over warm pints and glasses of Chardonnay. Around the table there are officials from the 1920s, the 1930s, the 1970s, 2022 and today. Inevitably, in May 2026, the subject of conversation is the disintegration of the current Labour government. Despite its huge majority in parliament, it has been reduced to tatters by catastrophic local election result. These exposed the fact that rather than having a government with a clear popular majority, the UK is like most other modern societies divided into 5 segments each of which commands between 26 and 16 percent of the vote. Perhaps unsurprisingly, the leadership at Nos 10 and 11 Downing Street - where the Prime Minister and the Chancellor (Treasury Secretary) work - seem paralyzed. They are caught between mounting discontent over unfairness and the cost of living, and tough fiscal strictures that push them into making unpopular spending decisions. In the London pub, the Treasury officials from across the ages, can barely hide their satisfaction at the latest display of democratic politics caught in the vice-grip of financial logic. “Remember the mur d’argent and the banker’s ramp?” “Just like yesterday!” There are smirks around the table. Then the representative of 2026 pipes up: “One thing you have to say about the current lot (referring to the latest hapless Labour government), you don’t have to teach them about the bond market!” There is a murmur of ascent from the Treasury Mandarins. The trauma of the fiscal crisis of September-October 2022 sits deep. Back then, in the final stages of Tory decay, a ‘mini budget’ that challenged fiscal orthodoxy led to a brief but fierce panic in one of the oldest government bond markets in the world (aka gilt market). Now all you have to do is to mention the “bond market” to hush debate. [ Paul Mason@paulmasonnews In the name of public service, and as ex-economics editor of BBC Newsnight, I offer to do a zoom call, tonight, with any Labour MP who wants to understand why bond markets do not "fall into line" with governments. 1/ 3:57 PM · May 12, 2026 · 466K Views 224 Replies · 674 Reposts · 3.93K Likes ](https://x.com/paulmasonnews/status/2054229532404519082?s=20) “And the funny thing is”, the young man in the huddle continues, “they don’t even want to talk about … ”. There is a sudden hush. Significant looks are exchanged around the table. About? One of the senior figures puts down his glass with a decisive “clink”. He-Who-Must-Not-Be-Named has entered their thoughts. Meanwhile, a few miles away in a grubby pub in Bloomsbury, two conspirators from the camp of Critical Macrofinance huddle over cans of low-alcohol IPA. They look at each other and blurt out loud: “The Bank!” “Everyone in the bloody Labour party is talking about the bond market. But why aren’t they even mentioning … the Bank of England!?” “Why is no one talking about Voldemort?” In Paul Mason’s blogpost, after much chest-thumping about basic fiscal logic, the basic point about the Bank of England is buried in the fine print at #3 in his list of suggestions as to what a radical Labour government might actually be able to do! [ Conflict & Democracy Down with the bond market! Down with gravity! It may seem unfair to focus on Labour MP Paula Barker for her off-the-cuff assertion that the bond market would have to “fall in line” with Andy Burnham, should he replace Keir Starmer as prime minister. But Burnham himself told the New Statesman that Labour had to “get beyond this thing of being in hock to the bond markets… Read more 2 days ago · 100 likes · 3 comments · Paul Mason ](https://htsf.substack.com/p/down-with-the-bond-market-down-with?utm_source=substack&utm_campaign=post_embed&utm_medium=web) Back in Bloomsbury they shake their heads and ask: “Didn’t we learn anything from the Eurozone crisis?” Meanwhile, as if summoned to the conversation by some higher force, the “pink pages” announce: “The days of ultra-cheap government borrowing have come to an end” and Martin “Whizzard” Wolf publishes the graph of the season Look at the UK in 2026, perilously positioned on the upper edge of the pack. No wonder no one in London needs any lessons about the “bond market”. But, look again. Imagine how they feel in Rome. What is London’s nightmare in 2026? The nightmare is that you end up like Italy in the early 2010s during the Eurozone crisis. Once comfortably situated in the middle of the pack, watching with horror as your ten-year yields explode to 7 percent and “spreads” become a national nightmare. One of the largest economies in Europe, a founding member of the euro, stigmatized. But the message of the Italian experience is ambiguous. After all, the stigma didn’t last. In 2026, Italy borrows at rates lower not only than the UK but the US. The US, which, as everyone knows, enjoys the “exorbitant privilege” of being the issuer of reserve, safe asets. What kind of magic is this? How did Italy, in the space of fifteen years, go from being good, to bad and back again? Which brings us back to our dissident friends in their Bloombury boozer and their memories of the Eurozone crisis. Italy never was Britain - with its ongoing fiscal deficits. Without interest payments, on primary balance, from 2000 to 2020 Italy ran a tight fiscal ship. Even in 2008 it barely went into deficit and when it was being put on the rack in the early 20210s its primary surplus matched that of austere Germany. So, what happened? How did it end up stigmatized? Of course Italian politics didn’t help. Berlusconi was at the helm and he had legal issues. But amongst friends in the Bloomsbury pub, Berlusconi is a sideshow, the name we whisper to each other is “Trichet”. From 2004 to 2011 the ECB was headed by Jean-Claude Trichet, ex of the French Treasury, more German than the Germans. After 2009 as the news of the Greek fiscal disaster broke, the European bond markets wento into panic mode and Trichet began a brutal game of cat and mouse. Between 2009 and 2011, Trichet intervened in the bond market to help, only when he thought he had compliance with austerity. When he thought they were uncooperative, he withdrew. In the summer of 2011, he even made direct suggestions to his Italian counterparts in Rome, as to how Italy should be governed. It was this cat and mouse game that drove the bond markets crazy and exposed Italy to a violent squeeze. When Mario Draghi took over the ECB at the end of 2011 and declared “whatever it takes”, the pressure on Italy, gradually eased. It is that starring role that has made Draghi into the towering figure in European politics that he remains today. So now you see why voices in London hush when it comes to the Bank of England. “The bond market” isn’t an irresistible objective force like the weather or an avalanche. It can appear like that. But that depends on the way it is being handled, or not handled by the central bank. Which is why the silence about the Bank of England in London right now is so significant. If you think this all sounds a bit fishy, coming from a left-liberal Keynesian like myself, well, let me introduce you to Robin Brooks, who, to put it mildly, plays on a different quidditch team to me. Here, from the position of a fiscal hawk is Robin’s celebratory account of the Bank of England’s role since 2022; In October 2022, at the height of the bond market blow-up in the UK, something incredible happened. Governor Andrew Bailey told British pension funds the Bank of England would end its support program for the country’s fragile gilt market, drawing a line under how much help the central bank was willing to give to exposed pension funds and - implicitly - the government. By the end of that week, Kwasi Kwarteng - the finance minister - had resigned. Prime Minister Liz Truss would soon follow. This episode is so incredible because it contrasts with what happened in the Euro zone earlier that year. Bond markets in Spain and Italy were under pressure amid high inflation and rising interest rates. In the middle of this, Mario Draghi - Italy’s Prime Minister - resigned, compounding pressure on bond markets of high-debt countries on the Euro periphery. Unlike the Bank of England, the ECB caved. It bought Italian and Spanish government bonds in an effort to cap yields and introduced a new tool that signaled to markets it might do such caps more frequently going forward. Faced with pressure on bond markets, the ECB capitulated to political pressure from high-debt countries like Italy and Spain. The Bank of England stood its ground and toppled the Truss government. This kind of thing has long-lasting consequences. It means markets price a higher probability of yield caps in the Euro zone, which keeps Italian and Spanish yields artificially low, while markets feel free to push up UK yields without fear of central bank intervention. As I flagged in yesterday’s post, this means you really can’t compare UK yields to those of other high-debt countries. The UK looks worse, but only because its central bank isn’t interfering with markets. There’s more to this than just that 2022 episode. The Bank of England has also been much more aggressive in its quantitative tightening (QT) than other central banks. If one motivation for quantitative easing (QE) is to lower bond yields - especially longer-dated ones - then it stands to reason QT pushes yields up. The left chart above shows a four-quarter moving average of UK government debt issuance (black line) in percent of GDP and which sectors absorb this issuance, including the Bank of England (blue bars). The right chart above compares the Bank of England’s accumulation or run-off of government bonds (blue line) with that of other central banks, where this blue line is the same as the blue bars in the left chart. The Bank of England was quicker and more aggressive than other central banks in downsizing its bond holdings, so UK yields will have risen more than elsewhere also for this reason, not just because of Governor Andrew Bailey’s remarks in October 2022. Back in October 2025, after a conversation in New York with friends in British politics, my sense of dysphoria was such that I raised the issue of the Bank of England openly in the FT Since 2008, the UK has slid into a deep economic and political predicament. Growth has stagnated to a degree far worse even than in the 1970s. The Tory leadership’s wager on the Brexit referendum spectacularly backfired, leaving the UK isolated from Europe and at the mercy of its special relationship with the US, many of whose political class regard the UK as a basket case. After years of austerity, the Labour party lurched to the left and then back to the centre. The Tory party has been eclipsed by the populist nationalism of Reform. Any British government should be worrying first and foremost about how to restart growth. Instead, Keir Starmer is beset by shades of the gilt market panic triggered by the Liz Truss government in 2022. The debt level is higher than in recent years, but there is no cause for panic. UK debt is at far from critical levels and of long duration. Whether you want to “take back control” or launch progressive economic policy, a democracy dogged by fear of bond market vigilantes is unhealthy. In a country that is a monetary sovereign, this climate points to one thing: a disconnect between the government and the central bank. Since 1997, the independence of the Bank of England has become a sacred cow. But independence is what you make of it. And in the wake of the gilt market crisis of September 2022, relations between the Bank of England and the UK government need a reset. In normal times, there is no doubt that an inflation-targeting independent central bank can serve a country well. But since 2008, the UK and other advanced economies have not had the luxury of such simple problems. To their credit, central bankers around the world have not stood on orthodoxy. After 2008, the US Federal Reserve rescued the global banking system and, through quantitative easing, it stabilised the Treasury market in the face of huge deficits. In Europe, things were trickier. Both the Bank of England under Mervyn King and Jean-Claude Trichet’s European Central Bank played cat and mouse with national governments. This was a high stakes wager that between 2010 and 2012 escalated bond market tension and triggered a disastrous turn to austerity. Shaken by the impact of those shocks, their successors, Mark Carney and Mario Draghi adopted a more protective stance (assuming you were not the government of Greece). Recall that Draghi’s legendary slogan, “Whatever it takes”, was uttered to face down the City of London’s bond vigilantes. In 2015, Draghi launched QE — financial repression by another name. In 2016, Carney used the authority of the Bank of England to stabilise markets following the vote for Brexit, an exemplary demonstration of how central banks can underpin democratic choice, even when those choices are wrong headed. All these were independent central bankers steeped in the best practice of the 1990s, who recognised that historic crises demanded radical action. It was the price surge of 2021-2023 that poisoned the atmosphere. Though the shock came mainly from the supply side, central banks ended up in the dock. Nowhere more so than in the UK. The Bank of England reacted with aggressive normalisation. Faced with a cost of living crisis, the governor called for workers to accept real wage cuts. In early 2022, as gas prices were at record levels and Russia’s army was poised to invade Ukraine, the Bank adopted a stringent programme of quantitative tightening, elevating interest rates. When the Truss government got itself in trouble, the Bank took almost a week to come to the rescue. Rather than enacting a charade of normality, it is time to recognise that in 2025 the UK faces a period of historic transition. To meet this challenge, what is needed is a new concordat with the Bank. This should not ignore inflationary pressures or the long-run trajectory of debt, but should affirm the priority of reviving investment-led growth. One could follow Donald Trump in demanding interest rate cuts. The Bank could shadow the ECB in its commitment to capping Eurozone yields. But the top priority should be to lay the ghost of September 2022. The Bank’s slowing of QT last month was a concession. An immediate and complete end would send the right signal. Such a concordat will not by itself restore sanity to politics, solve the housing problem or rebuild the NHS. But it would help to lift the fear of bond market crisis, which is paralysing the effort by democratic politicians to answer the fundamental questions facing the nation. Now, that call for a new concordat between government and Bank of Englands seems more urgent than ever. The problem is that in October 2025, Starmer still had some authority. Today the government is in tatters. And when you are the “under the harrow” - to echo a phrase of Montagu Norman’s from the 1920s - it is the worst possible time to consider institutional change. To make general arguments at a time of crisis can only seem like special pleading rather than a general argument for long-term change. The same, unfortunately, is also true for the other basic institutional reform that Britain urgently needs i.e. the abolition of the out-dated first past the post electoral system and its replacement by a moderated form of proportional representation. And thirdly - whilst we are saying the quiet parts out loud - Britain needs to reopen the question of EU membership. What the local election results of 2026 show is that this remains a key issue. And what they also show is that there is a clear majority that would favor a return. Until these basic features of Britain’s political economy are addressed the country will carry on its politics as though in a haunted house, governed by governments that lack actual majorities, conjuring up false constraints whilst ignoring the real ones. This one is for DG and MI. I love writing the newsletter. If you enjoy it too and fancy buying me a coffee once a month, you know what to do. Click below! Subscribe
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The Philadelphia Flyers’ list of injuries may be longer than expected. Thursday morning, before GM Danny Briere addresses the media […] The post Bruised and Banged Up: Briere Reveals Flyers Postseason Injuries appeared first on Philly Hockey Now.
UK health secretary resigns, creating a potential power struggle with PM Keir Starmer
Health Secretary Wes Streeting became the first senior minister to quit Starmer ’s Cabinet on Thursday in what is expected to be a precursor to challenging his leadership.
Seaport Entertainment Group and the Team Behind Public Records Announce Partnership to Open New Project in New York City’s Seaport Neighborhood
NEW YORK, May 14, 2026--Seaport Entertainment Group (NYSE: SEG) today announced a partnership with Public Service, the organization behind Public Records, to develop a new project in the Seaport in Lower Manhattan. The restaurant concept, which will involve the revitalization of a historic building, is expected to open in 2027. This addition brings an exciting new dimension to one of the most iconic waterfront neighborhoods in New York City.