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Inside the Broligarchy: Is Big Tech running politics?
Citing US President Donald Trump's alliances with tech billionaires and the pressure on US media outlets, investigative journalist Carole Cadwalladr tells DW we are accelerating towards "a techno‑fascist future.”
Climate Standard Setter SBTi Pivots to Advisory Role as It Targets Growth
The Science Based Targets initiative has traditionally focused on validating emissions-reduction goals.
Chase Travel plays a starring role when entertainment clients seek VIP treatment
Chase Travel Entertainment Solutions specializes in high-stakes, customized and discreet travel arrangements for A-list celebrities and entertainment clients, leveraging its scale and focus for growth in the entertainment sector.
Who Gets to Shape Healthcare?
Howie and Harlan discuss how AI is transforming medical research and publishing, the growing role of consumer health platforms and wearables, new advances in stroke treatment, and the debate over rising hospital costs. They also examine the FDA’s approval of flavored vaping products and the nomination of a new surgeon general.
Where do citizen science data come from?
Citizen science projects are playing an increasingly important role in ecological and conservation research worldwide. In these programs, members of the public support researchers by submitting photographs, audio recordings, observations, or even by contributing to data analysis. In Hungary, no fewer than 17 such initiatives combined their datasets in a joint study. The authors aimed to understand which socio-economic and environmental factors influence participation patterns in Hungary. By comparing the spatial distribution of citizen science data with an independent administrative dataset (municipality level data on income, education, demography, density and protected areas), the researchers identified several general trends as well as numerous project-specific relationships. For example, they found more per capita observations from municipalities with higher proportions of protected natural areas and lower population densities. Furthermore, excluding Budapest, the capital, both the proportion of people with diplomas and the proportion of elderly people showed a positive correlation with participation activity. In contrast, no consistent general pattern emerged regarding wealth or the proportion of children, although several project-specific relationships were observed. The study not only reveals how citizen science data are distributed across Hungary, but also provides robust support for the view that various biases must be taken into account when analyzing such data. The authors hope that their findings will help researchers in other countries design more effective projects and produce more accurate analyses by accounting for some of these or similar biases.
MAD: Apple's Cue Is Cannes Lions' Entertainment Person Of The Year
Created in 2019 (Lorne Michaels was the first recipient) the award recognizes the important role that entertainment plays in the marketing and communications landscape, according to the organization.
After Eurovision Final, Dismay That Politics Didn’t Play a Bigger Role
Politics isn’t supposed to influence the international song contest, but more than one official commented on how countries voted this year.
RFK Jr. fires leaders in charge of your health screenings
The U.S. Preventive Services Task Force, or USPSTF, has a major role in choosing what preventive health services are covered by insurance.
Landon Jackson’s new role equates to best-case scenario
The second-year Bills defender now fits into a role best suited for him
Common asthma drug helps fight hard-to-treat cancers, including aggressive breast cancers, early study finds
Scientists found that blocking a protein best known for its role in asthma enhances cancer immunotherapy in preclinical models.
Omar breaks silence on alleged fraud connections in statement pointing to Trump admin: 'Flat out false'
Rep. Ilhan Omar claims she had no knowledge of the Feeding Our Future fraud scandal, pointing to Trump's role in signing the MEALS Act into law.
Entry List Notebook – Chevrolet Detroit Sports Car Classic
IMSA GTP, GTD PRO Classes Head to Downtown Detroit
Xbox expands leadership team with major hires
Xbox has added two big names to its leadership team: Matthew Ball and Scott Van Vliet. The new recruits are part of an on-going drive from Xbox CEO Asha Sharma to move faster, build better products, and make more focused business decisions. The Game Business can reveal that Ball is joining as Chief Strategy Officer. He is a popular industry analyst who is responsible for the annual The State of Video Gaming report, which is widely read across the business. His first job will be to strengthen the console side of Xbox, which is facing significant pressures, not least from the rising costs of memory and storage. In an interview with The Game Business earlier in the year, he admitted he was “pretty frightened” by the situation for the console sector. Ball had previously worked as head of strategy and planning for Amazon Studios, and wrote the 2022 international best-seller The Metaverse. He is currently CEO of Epyllion, a venture partner at investment group Makers Fund and senior advisor at KKR & Co. Meanwhile, Scott Van Vliet joins as Chief Technology Officer. He was previously in charge of Azure OpenAI and AI Core infrastructure at Microsoft, and he also led engineering for Microsoft Teams during the COVID 19 pandemic. But he has a games background. He previously worked across games for Amazon, including Alexa, Amazon Game Studios and the Amazon App Store. He directly worked on the Minecraft: Fire TV Edition. Prior to that, he was VP of Digital Play at Mattel, and worked across brands such as Batman, Barbie, Angry Birds, Fruit Ninja and Cut The Rope. His job will be to improve how Xbox builds products so teams can move faster and deliver stronger results. For more breaking stories, sign-up to The Game Business today Subscribe In addition to these new hires, Xbox has promoted Chris Schnakenberg to Corporate Vice President, Partnerships & Business Development. He was previously VP of partnerships and business development, and joined from Activision Blizzard, where he spent 12 years in various strategy, business development and partner relations role. His focus is on third-party games, publishers and developers working with Xbox. The news follows a number of new hires and promotions earlier in the month, including Jason Ronald taking leadership over Xbox’s upcoming Project Helix console. “These changes are about strengthening our foundation by creating more clarity and improving execution,” Sharma said in an email to staff. “As we head toward Showcase and beyond, we’ll continue making the changes needed to position XBOX for the future.” Matthew Ball is speaking with Christopher Dring at The Game Business Live on Monday, June 8. More details on the event can be found here.
Xbox expands leadership team with major hires
Xbox has added two big names to its leadership team: Matthew Ball and Scott Van Vliet. The new recruits are part of an on-going drive from Xbox CEO Asha Sharma to move faster, build better products, and make more focused business decisions. The Game Business can reveal that Ball is joining as Chief Strategy Officer. He is a popular industry analyst who is responsible for the annual The State of Video Gaming report, which is widely read across the business. His first job will be to strengthen the console side of Xbox, which is facing significant pressures, not least from the rising costs of memory and storage. In an interview with The Game Business earlier in the year, he admitted he was “pretty frightened” by the situation for the console sector. Ball had previously worked as head of strategy and planning for Amazon Studios, and wrote the 2022 international best-seller The Metaverse. He is currently CEO of Epyllion, a venture partner at investment group Makers Fund and senior advisor at KKR & Co. Meanwhile, Scott Van Vliet joins as Chief Technology Officer. He was previously in charge of Azure OpenAI and AI Core infrastructure at Microsoft, and he also led engineering for Microsoft Teams during the COVID 19 pandemic. But he has a games background. He previously worked across games for Amazon, including Alexa, Amazon Game Studios and the Amazon App Store. He directly worked on the Minecraft: Fire TV Edition. Prior to that, he was VP of Digital Play at Mattel, and worked across brands such as Batman, Barbie, Angry Birds, Fruit Ninja and Cut The Rope. His job will be to improve how Xbox builds products so teams can move faster and deliver stronger results. For more breaking stories, sign-up to The Game Business today Subscribe In addition to these new hires, Xbox has promoted Chris Schnakenberg to Corporate Vice President, Partnerships & Business Development. He was previously VP of partnerships and business development, and joined from Activision Blizzard, where he spent 12 years in various strategy, business development and partner relations role. His focus is on third-party games, publishers and developers working with Xbox. The news follows a number of new hires and promotions earlier in the month, including Jason Ronald taking leadership over Xbox’s upcoming Project Helix console. “These changes are about strengthening our foundation by creating more clarity and improving execution,” Sharma said in an email to staff. “As we head toward Showcase and beyond, we’ll continue making the changes needed to position XBOX for the future.” Matthew Ball is speaking with Christopher Dring at The Game Business Live on Monday, June 8. More details on the event can be found here.
Local beekeeping business celebrates National Bee Day by supporting pollinators and veterans
National Bee Day celebrates the tiny pollinators that play a huge role in our environment and the bee keepers that continue to support them.
Politics Is a Mother
Across New Jersey and around the country, more women are stepping into leadership roles and using their voices to help shape policies that impact families,
Where Data Meets Care: Advancing Medicine Through Research
Research presented at a national healthcare conference this past month may already be shaping the care patients receive today. From safer opioid prescribing after surgery to better understanding cardiovascular risk and the role of mental health support in cancer care, Sutter Health researchers shared studies at the 2026 Health Care Systems Research Network Conference in […]
Apple’s Eddy Cue to Receive Entertainment Person of the Year Honor at Cannes Lions Festival
Apple’s Eddy Cue will be honored next month at Cannes Lions with the festival’s Entertainment Person of the Year Award. The nod comes as recognition for Cue’s role in steering the tech giant’s enterta...
David Raum discusses RB Leipzig future
David Raum played a key role in RB Leipzig securing a place in next season’s UEFA Champions League. The German, who has a contract with the Saxony club until 2027, discussed his future.Speaking to B...
Pep Guardiola’s future plans after leaving Manchester City
Pep Guardiola will reportedly leave Manchester City at the end of the season.The Spaniard’s contract doesn’t expire until June 2027, but he has decided the time is right to step down from his role...
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.
Three men headed to prison for $2B healthcare fraud – but kingpin is in the wind
Three men are headed to prison for their roles in an elaborate international scheme to con health insurers by sending $2 billion of phony telemedicine prescriptions – but the plot's alleged kingpin...
Bellingham woman shares late husband's mental health journey, her role as caregiver
'Harry Potter' TV show recasting: Gracie Cochrane leaves series
Gracie Cochrane will depart from her role as Ginny Weasley due to 'unforeseen circumstances.' The character will be recast for Season 2 of HBO's 'Harry Potter' TV show.
Blanche faces senators on new Trump ‘weaponization’ fund, Epstein, budget cuts
Acting Attorney General Todd Blanche faced lawmakers Tuesday for the first time since taking the role, answering to bipartisan questions about his department’s newly created “Anti-Weaponization Fund.”
Brown University names Francesca Beaudoin as public health dean
An alumna, Beaudoin has led the School of Public Health on an interim basis since January, and played a leadership role in the university’s healing and recovery effort in the aftermath of the campus shooting in December.
Johnson’s Cindy Evans Prepares Artemis Teams for Lunar Science
NASA’s Artemis II crew had many technical and operational responsibilities during their historic mission to the Moon, but they also served an important role
‘The Pitt’ star Noah Wyle to lead healthcare rally on Capitol Hill
Noah Wyle is taking on the real-life role of advocate — “The Pitt” star is making a return trip to Capitol Hill to lead a rally pushing for bipartisan legislation focused on healthcare …
4 Takeaways From Portugal's World Cup Roster Selection
Cristiano Ronaldo eyes World Cup history with Portugal. But the real story is what should his role be on this team.
Why CMOs must become enterprise growth leaders
CMOs must reclaim their role as enterprise growth leaders by connecting marketing to business outcomes, proving impact, and embracing AI and analytics.
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.
Enhancing hospital discharge management around the world
For hospital discharge management, policy clarifies roles, operational teams plan ahead, and digital tools can make execution faster, safer and scalable.
Traditional Medicine Innovation for Health Impact: Financing, Collaboration, and Future Pathways
This session brings together WHO, Member States, innovators, regulators and private sector partners to explore the role of integrating and advancing traditional medicine to improve health outcomes, while accelerating innovation, partnerships and collaboration. Discussions will focus on translating evidence and innovation into implementation, addressing financing and policy barriers, and identifying practical pathways to scale credible, community-rooted traditional medicine approaches to expand access, equity and health impact.Watch live on YouTube
Which Rams players have most to gain during OTAs?
Puka Nacua headlines a group of Rams players entering OTAs with contracts, roster spots, and starting roles on the line
Gaming firm Inspired promotes Craig Wilson after CFO steps down
After CFO James Richardson steps down, Inspired promotes finance VP Craig Wilson to the role effective May 14, with a three‑month transition period.
New Exhibit at International Museum of Surgical Science Highlights Role of Filipino Nurses in Healthcare
“Unheard Voices of Care: Filipino Nurses in America” runs until Aug. 2 at the International Museum of Surgical Science. The exhibit highlights stories of Filipino nurses from the 1940s to present day.
Meta to lay off 8,000 employees, move 7,000 to new initiatives related to AI
As part of the restructuring, the company will also be eliminating managerial roles....
Cohutta mayor cites family health issues in resignation letter as town weighs next steps
The mayor of Cohutta says family health concerns played a major role in his decision to step down.NewsChannel 9 obtained a copy of Mayor Ron Shinnick’s resignat
Tudor Dixon returns to Michigan politics with new PAC aimed at boosting Republicans in key battleground
Tudor Dixon announces her role leading United We Fund, a new multi-million dollar PAC aimed at boosting Republicans in battleground state Michigan.
World Health Assembly opens with focus on equity, resilience, and global health cooperation; Region of the Americas plays active role
Geneva, Switzerland, 18 May 2026 (PAHO) — The Seventy-ninth World Health Assembly (WHA79) opened today at the Palais des Nations, bringing together delegations from more than 190 countries to define global health priorities and advance discussions on some of the world’s most pressing health challenges.
Supreme Court ruling throws Alabama politics into turmoil
A renewed redistricting fight deepened uncertainty over election maps, voting rights and Republican divisions, underscoring Alabama’s outsized role in national political battles.
Bolton to step down as All England Club chief
Sally Bolton will step down as the All England Lawn Tennis Club's (AELTC) chief executive after Wimbledon following six years in the role.
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.
Allianz Partners names four senior leaders in health overhaul
Segment-led model gets fresh firepower as global and regional health roles are reshuffled at the top
Scientists Discover Ancient “Language Switches” Hidden in Human DNA
Researchers have identified tiny genetic “switches” that appear to play a surprisingly large role in human language ability.
How Penn’s Penn Interactive Layoffs and Restructuring Will Impact PENN Entertainment (PENN) Investors
Penn Entertainment recently cut more than 75 jobs in its Penn Interactive division, affecting theScore Bet, online casino, and social gaming operations as part of a broader restructuring following pressures in the sports betting market and the fallout from its ESPN Bet branding deal. The layoffs, including several senior roles, highlight management’s push to streamline a loss-making digital segment even as online sports betting and iGaming revenues have been improving. Next, we’ll examine...
Are Seattle Mariners Developing Next 'Breakout' Reliever Right Now?
Casey Sadler, Eduard Bazardo, Justin Topa, Paul Sewald and Drew Steckenrider have all played big roles for the Mariners. Who is going to be that guy this year?
Yankees news: Bombers shuffle rotation, Cole sharp in rehab outing
Yankees shuffle rotation after Fried injury, Cole solid in Triple-A appearance; Jones adjusts to the majors; Schlittler filling the role of ace.
Gaming operator Affinity Interactive hires Chad Brown
Gaming operator Affinity Interactive has appointed Chad Brown as chief marketing officer. In this role, Brown will lead marketing strategy and brand development at Affinity and across the broader A...
How Investors May Respond To PENN Entertainment (PENN) Cutting Jobs In Its Interactive Division
PENN Entertainment recently announced it will cut more than 75 roles in its Interactive division, as operators across the sports betting industry respond to competitive and technological pressures including AI-enabled platforms and prediction markets drawing customers away from traditional sportsbooks. This restructuring highlights how PENN is reassessing the cost structure and scale of its digital betting operations at a time when its long-term plans rely heavily on improving profitability...
Giants hire former Texans, Cardinals executive for front-office role
Giants add exec with ties to Joe Schoen, Dawn Aponte.
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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