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Scientists Discovered Remains of the Earliest Animals on Earth. They May Have Made a Big Mistake.
They looked like traces left behind by tiny creatures, but were most likely microbes.
Politics & Power: How thousands of departures from the DOJ are reshaping justice
A rapid, high‑profile exodus of experienced DOJ attorneys has drained legal expertise, shifted enforcement priorities, strained remaining staff, and prompted growing concern from judges, former officials and legal observers about the department’s capacity and credibility.
Trump’s advanced age and threats to his life serve as reminders of his own mortality
When President Donald Trump’s doctors release a summary of the physical exam he is scheduled to undergo Tuesday, the document is almost certain to conclude he remains in excellent health, if his previous assessments offer any indication.
NASA just gave SpaceX more crew missions because Boeing can’t certify
NASA has filed a procurement notice announcing its intent to add six post-certification missions to SpaceX’s existing Commercial Crew Transportation Capability contract. The agency said it would order up to three of those missions immediately upon adding them to the contract, with the remaining three available as needed through the end of the International Space […]
Teladoc Health Faces Flat Sales And Weaker Revenue Per User Trends
Teladoc Health (NYSE:TDOC) is reporting flat sales over consecutive years, despite continued investment in its virtual care platform. Average revenue per user has been declining, pointing to weaker consumer monetization and softer engagement levels. Management has focused on broadening services, but this has not translated into stronger top line growth or higher earnings quality. The outlook for the next twelve months remains subdued, highlighting ongoing challenges for the...
Patrick Mahomes, Chiefs linked to A.J. Brown
Philadelphia Eagles wide receiver A.J. Brown was one of the most disgruntled players in the league last season, as he struggled to consistently be on the same page as quarterback Jalen Hurts. Although Brown remains a rostered member of the Eagles, Philadelphia is widely expected to trade the wideout, with ESPN’s senior NFL insider Adam…
Leeds 'remain ambitious' but transfer plans 'strategic and disciplined'
It will take "three long-fought seasons" before Leeds can "truly operate like an established Premier League side", chairman Paraag Marathe has said. The club statement comes just 10 days after Whites boss Daniel Farke said he is "not the right choice" to remain in charge if the club failed to match his ambition in the summer, after achieving survival and an impressive 14th-place finish on the Leed's return to the top flight. "While this year brought memorable highs and difficult moments, Daniel and the squad delivered a special campaign," he said.
Pat Murphy Shares Brewers Decision After Loss to Dodgers
Brandon Sproat will remain in Milwaukee’s rotation despite the rookie’s recent struggles against the Dodgers.
All of the best Apple Memorial Day deals 9to5Mac
The clock is now ticking with less than 24 hours remaining in the Amazon 2026 Memorial Day sale alongside sale events...
Latino-owned businesses grow, but venture capital remains an issue
“Latino-owned businesses rose by nearly 48% between 2017 and 2023,” said Marketplace senior economics contributor Chris Farrell.
Common heart drug taken by millions found useless
A massive international study could upend 40 years of heart attack treatment. Researchers found that beta blockers—routinely prescribed after uncomplicated heart attacks—offered no real benefit for patients whose heart function remained normal, despite being given to millions worldwide. Even more surprising, women taking the drugs faced a higher risk of death, repeat heart attack, or hospitalization for heart failure compared to women who didn’t receive them.
The World Health Assembly adopts updated Global Action Plan on Antimicrobial Resistance (2026–2036)
Geneva, 23 May 2026 – Member States at the Seventy-ninth World Health Assembly (WHA79) adopted the updated Global action plan on antimicrobial resistance (GAP-AMR) 2026–2036, marking a major milestone in the global response to antimicrobial resistance (AMR) and delivering on a key commitment contained in the 2024 United Nations General Assembly Political Declaration on AMR. The updated plan was developed through a consultative process led by the Quadripartite organizations – FAO, UNEP, WHO and WOAH – with extensive engagement of Member States and stakeholders across sectors. AMR remains one of the most significant global health and development challenges, affecting humans, animals, plants, food systems and the environment. The updated GAP-AMR provides a comprehensive One Health framework to guide coordinated global, regional and national action over the next decade. It builds on the foundation established by the original GAP-AMR adopted by the World Health Assembly in 2015 while reflecting evolving evidence, lessons learned, and the commitments made at the 2024 UN High-Level Meeting on AMR. During the Assembly, Member States expressed broad support for the updated plan and its strengthened multisectoral and One Health approach. Delegates highlighted the importance of prevention-first interventions, including infection prevention and control, water, sanitation and hygiene (WASH), vaccination, biosecurity, and environmental measures. They also highlighted the need for responsible, equitable and sustainable use of antimicrobials, strengthened surveillance, innovation, and sustainable agrifood systems. The updated GAP-AMR is intended to serve as the global framework for coordinated action against AMR through 2036. It aims to accelerate global progress towards the commitments and targets agreed by Member States and support countries in developing, implementing and financing ambitious multisectoral national action plans. The plan also reinforces the importance of accountability, monitoring and reporting, sustainable financing, and international cooperation to address AMR through a One Health approach. The adoption of the updated GAP-AMR reflects renewed global commitment to preserving the effectiveness of antimicrobials and safeguarding advances in human, animal and plant health, food security, economic development and environmental sustainability. As implementation begins, continued collaboration among governments, international organizations, civil society, academia and the private sector will be critical to translating commitments into measurable impact. The Quadripartite organizations will continue supporting Member States and partners in operationalizing the updated GAP-AMR and advancing coordinated One Health action against AMR at country, regional and global levels.
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
3 players Cowboys need to remain healthy in 2026
Hopefully the Cowboys can remain healthy this season.
Pirates Surprisingly Remain One Of Baseball's Top Offenses This Season
The Pittsburgh Pirates' offense continues to perform at a high level this season after being one of the lowest-scoring teams in the league last season.
Carrick confident Bruno Fernandes will stay at Man Utd
Manchester United boss Michael Carrick is confident skipper Bruno Fernandes will remain at the club next season. Fernandes ended the campaign by claiming a Premier League record 21st assist of the season to start the scoring in United's 3-0 win at Brighton. The 31-year-old's contract is due to expire next summer, although United do have an option to extend it by another year.
Number of suspected Ebola cases in DR Congo passes 900 as health workers face attacks and shortages
World Health Organization says outbreak poses ‘very high’ risk for Congo, but risk of disease spreading globally remains low
State unemployment numbers steady for April
North Carolina’s jobless rate was in line with the nation’s, which also remained unchanged for April, state officials said.
How to watch Euphoria tonight on Sling with HBO Max
Only two episodes remaining! Euphoria comes to its highly-anticipated end soon. Stream tonight's new episode on Sling with HBO Max.
Here are the remaining sub-$25k cars as cheap models vanish
There are only a handful of low-cost cars available on the US market. Business Insider compiled the 10 cheapest starting prices in America.
Trump says U.S., Iran are 'getting a lot closer,' but questions remain about concessions
Iran reportedly says the draft pact will be a “framework agreement” that defers talks toward limiting Iran’s nuclear program until later.
BYU’s final uncommitted portal departure has found a new home
Since BYU's first round NCAA tournament loss to Texas, eight Cougars players with remaining eligibility have entered the transfer portal. Only Rob Wright has withdrawn from the portal to stay at BYU, with each of the other seven players now having found new homes. The latest former Cougar to land elsewhere is guard Tyler Mrus, who announced his commitment to the Citadel Saturday via social media.
Jets fans have a clear choice for backup quarterback
Geno Smith is set to start at quarterback for the Jets in 2026. It still isn’t clear who QB2 will be for the team. Bailey Zappe was signed early in the offseason. The team picked Cade Klubnik out of Clemson in the fourth round of the NFL Draft. And former All Pro Russell Wilson remains […]
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.
Lawsuits and political blowback don’t dim interest in $1.8B ‘Anti-Weaponization Fund’
Trump allies, Jan. 6 defendants and those pardoned for crimes during the Biden administration say they’d like a piece of the massive money pot. But challenges remain.
Get Real With SOMD Politics: Delegate Todd Morgan Discusses Housing, State Budgets And Representing Southern Maryland In Annapolis
ST. MARY’S COUNTY, Md. — Maryland Delegate Todd Morgan says collaboration, fiscal restraint and protecting Southern Maryland’s interests remain key priorities as he seeks another term representing District 29C in Annapolis, according to a recent appearance on The BayNet’s podcast “Get Real With SOMD Politics” hosted by Chris Hill. Morgan, a former three-term St. Mary’s […]
Appeals court reverses Albert Lea’s rejection of cannabis business
The court ruled that the council broke its own ordinance and arbitrarily rejected the application by the Smoking Tree, but the future of the business remains in question.
Politics Friday: Walz weighs in on the work left to do for the remainder of his term
MPR News politics editor Brian Bakst interviews Gov. Tim Walz about the 2026 session and his remaining time in office as Minnesota’s two-term governor.
Valve Remains Silent As Racist Plantation Sim Game Trolls Everyone
Steam guidelines claim to ban 'content that is patently offensive or intended to shock or disgust viewers'
World Health Assembly endorses resolution on precision medicine
At the Seventy-ninth World Health Assembly, Member States endorsed a new resolution on Precision medicine: a path towards targeted, personalized and equitable care, taking an important step towards advancing precision medicine as part of efforts to strengthen equitable, effective and sustainable health systems. Precision medicine refers to the use of clinical, molecular, genomic and other health data to inform prevention, diagnosis and treatment, taking into account variability while applying appropriate ethical and legal safeguards. When integrated responsibly into health systems, precision approaches can improve outcomes across different disease areas and across the life course – from cancer and rare diseases to infectious diseases, maternal, newborn and child health, mental health and noncommunicable diseases. The resolution reflects rapid advances in genomics, diagnostics, data science and digital health, alongside widening global inequities in access to these innovations. Many populations – particularly in low- and middle-income countries – remain underrepresented in data and research, limiting the public health impact of precision medicine and risking the widening of health disparities if action is not taken now. "Precision medicine is not an aspirational idea for health delivery in the future – it is already transforming lives across the world. But its benefits remain out of reach for too many and the research driving progress is concentrated in high income countries. This WHA resolution gives global health leaders, ministries of health, and WHO a clear mandate: to act. From infant screening to setting up genomic databases WHO will work with countries to bring about the power of these innovations." Dr Meg Doherty, Director Science for HealthThrough the resolution, Member States commit to developing and strengthening national policies, infrastructure, workforce capacity and governance frameworks to support the safe, ethical and equitable integration of precision medicine into health systems, aligned with universal health coverage. This includes promoting affordability, ensuring inclusive research and data systems, strengthening regulation and data governance, and fostering collaboration across sectors and regions.WHO is requested to provide technical and normative support, review and coordinate existing guidance, facilitate global and regional collaboration, and develop a Global Strategy on Precision Medicine to guide equitable and context‑appropriate implementation. WHO stands ready to support Member States through tools such as a country maturity model for countries to self-assess capacity in implementing precision medicine depending on their context. In the immediate term WHO will map all existing guidance and frameworks and host extensive consultations with interest holders globally.By placing equity, inclusion and public value at the centre of precision medicine, the resolution reinforces WHO’s commitment to ensuring that scientific advances benefit all people, everywhere, and that no one is left behind in the next era of health innovation."By uniting people-centered healthcare with innovation, precision medicine has the potential to transform lives. This resolution helps ensure those advances serve the shared goal of health for all." Dr Sylvie Briand, Chief Scientist For further information please visit the Health Topic: Genomics
In Democratic runoff, Reps. Al Green and Christian Menefee clash over influence of big money in politics
The clash embodies the tension for Democrats who rely on large fundraising hauls to remain competitive, even as they denounce the outsized political influence of corporate cash.
German Business Confidence Edges Higher Though War Concerns Still Weigh
Sentiment rebounded marginally this month, though remained near multiyear lows, as companies adapted to the energy shock prompted by the closure of the Strait of Hormuz.
French Business Confidence Languishes Below Long-Term Average
French business confidence remained weak in May, adding to evidence that the fallout from the Iran war is weighing on domestic demand in the euro area’s second-largest economy.
Congress revives stalled housing legislation, though snags remain
A rare show of bipartisanship before midterm elections while the country is short millions of units for people to live
Beloved Italian restaurant in Mass. closing after almost 100 years in business
[This story first appeared on Boston Restaurant Talk.] A longtime Italian restaurant in the western suburbs of Boston that appeared to be closing around the start of the pandemic only to remain open is now closing for real. According to a source, Carbone’s Restaurant in Hopkinton is shutting down, with a MassLive article mentioning that the Cedar Street dining spot…
‘Still shakes me’: Contractor recounts finding human skull in S.C. business
A contractor found human remains on Tuesday in the crawl space of a South Carolina business.
Net migration at new low – so why is immigration such a hot topic?
Despite latest evidence of falling migration numbers, debate around the subject remains ‘hostile’
What Scientists Are Saying About the Future of Virus Control
New breakthroughs offer hope, yet global pandemic readiness remains a work in progress.
What the Indy 500 Reveals About the Future of Live Sports
Darden professor Anthony Palomba discusses he economics behind the Indy 500’s resurgence, what broadcasters are learning about Gen Z audiences and why live sports remain one of television’s most valuable assets.
Ebola case sparks stricter health checks in Goma
Residents entering the eastern Congolese city of Goma from government-controlled areas were subjected to tighter health checks on Wednesday (May 20) as authorities sought to contain the spread of Ebola after one confirmed case was detected in the city, which remains under M23 occupation. Blanch Ancla has more.
NC officials: Nebraska hantavirus quarantine extended through end of month
North Carolina health officials say passengers quarantined in Nebraska after potential exposure to the deadly hantavirus outbreak aboard the MV Hondius will remain there through at least the end of the month.
Ex-prosecutor charged over handling of sealed Smith report on Trump classified files probe
A former federal prosecutor in Florida sent to her personal email account a special counsel report from the investigation into President Donald Trump's hoarding of classified documents despite a judge's order that it remain sealed, according to an indictment made public on Wednesday.
Watsco: A Great Business That's Still Priced Expensively
Watsco remains the leading HVAC distributor with a debt-free balance sheet, a robust technology platform, and a strong market position. Read more on WSO stock.
Browns quarterback competition may come down to one shocking factor
The Cleveland Browns quarterback situation remains a big question mark as the summer months approach.
‘Still shakes me’: Contractor recounts finding human skull in crawl space of Rock Hill business
The remains were discovered around 11:30 a.m. on Tuesday at a business along Oakland Avenue near North Trade Street.
What’s next for Stephen Colbert after ‘The Late Show’?
Stephen Colbert’s final “Late Show” broadcast on Thursday will close out his run in the storied CBS late-night chair once occupied by David Letterman. What comes next remains an open
Phoenix Suns, Phoenix Mercury and Gray Media double down on fan investment and the future of sports media
The extension ensures Suns, Mercury and Valley Suns games remain free over-the-air across Arizona through 2030 while also introducing a digital streaming option through Arizona’s Family.
A Physical Warp Drive Was Supposed to Be Impossible. Then These Scientists Found a Loophole.
Scientists proposed a physical warp drive model that may avoid exotic negative energy in some cases, but faster-than-light travel remains far from buildable.
Student researcher examines how mental health affects first responder job performance
For first responders, no two days are the same, but one thing remains constant: the pressure to make split-second decisions that can save a life. Kennesaw State University research suggests that mental health challenges like depression, anxiety, and insomnia may significantly impact how well first responders can do their jobs. Mahita Polineni, a third-year psychology student in KSU’s Norman J. Radow College of Humanities and Social Sciences, is studying how these factors affect cognitive functioning including memory, concentration, and decision-making among emergency medical responders.
TV shows are embracing L.A. as a main character
A slew of new series showcasing the many facets of Los Angeles provide a tangible reminder of why Hollywood became, and should remain, the capital of the entertainment business.
When is the 'Survivor 50' final and who are the 5 finalists battling for the $2m prize?
After a season packed with twists, celebrity cameos and returning legends, just five castaways remain ahead of Wednesday's live finale.
Three Eagles free agents remain unsigned ahead of OTAs
The Philadelphia Eagles continue preparing for OTAs while several former veterans, including Adoree' Jackson and Ogbo Okoronkwo, remain unsigned in free agency.
Business Uncertainty Costs Middle Market Companies Up to 6% of Revenue
Business uncertainty remained elevated in March, with 27% of payment executives reporting high uncertainty levels even as optimism about the next 12
Highway 178 closure from River Fire could threaten Kern River Valley Memorial Day business
KERNVILLE, Calif. (KBAK/KBFX) Highway 178 remains closed at both ends of the canyon because of the River Fire, raising concerns for businesses in the Kern River
Possible human remains found in crawl space of Rock Hill business
Officers were called around 11:30 a.m. to a business in the 300 block of Oakland Ave. after workers renovating the property found the remains in the crawl space.
Possible human remains discovered at Rock Hill business: Police
The Rock Hill Police Department is investigating the discovery of possible human remains in the crawl space of a business on Oakland Ave.
Affordable Care Act enrollment projected to plunge by 5 million as costs spike, analysis shows
The report found that ACA program enrollment could shrink by more than 20% and that those who remain covered are paying more, with average deductibles growing by over $1,000.
✍🏼Galván confirms new River deal until 2028
The 26-year-old midfielder will remain tied to the Millonario for two more seasons. With president Stefano Di Carlo leading the way, Tomás Galván has confirmed his contract renewal with River until ...
UPDATE: ONLY Youth and Social Services, and Health Department Offices Closed Thursday, May 21st
UPDATE: PARKS AND RECREATION OFFICES WILL REMAIN OPENParks and Recreation, Youth and Social Services, and the Health Dep
Trump picks Paxton over Cornyn in Texas’ GOP Senate primary runoff as early voting is underway
The Republican president had repeatedly teased his intention to endorse a candidate in the race, starting soon after Ken Paxton and John Cornyn emerged as the remaining contenders from the first round of primary voting in March.
Giants' Jaxson Dart intends to balance caution, aggression in 2026
New York Giants QB Jaxson Dart knows he must stay on the field, but remains intend on being aggressive in big moments.
Accel Entertainment: All Eyes On Chicago
Accel Entertainment maintains steady earnings growth but remains rangebound. Click here to read more on ACEL stock and why it is a Hold.
Report: Suns will explore trading into draft's 1st round
The Phoenix Suns enter the 2026 NBA Draft with the 47th pick. A path to moving into the first round remains hard to see.
Illinois resident suspected of hantavirus infection tested negative for illness
The risk for hantavirus to spread in Illinois remains very low, state health officials emphasized.
Starz Entertainment: Even After The Sharp Rally, Upside Remains
Starz Entertainment remains a compelling Buy with strong tailwinds and an attractive valuation despite doubling YTD. Read more on STRZ stock here.
Microsoft admits faulty drivers were killing Windows 11 battery life for years
Microsoft is changing how Windows evaluates third-party drivers as bad ones were silently draining batteries and tanking performance for years.
New MatterChat Model Helps AI to ‘See’ the Language of Science
From writing emails to generating computer code, much of the artificial intelligence prevalent in our daily lives has succeeded by mastering one domain: text. However, this leaves a major blind spot in the physical sciences, where models depend on the high-resolution, three-dimensional data of the physical world, like the intricate lattice of atoms in a crystal. Delivering on the promise of using AI for science requires teaching these data-driven text models to seamlessly “talk to” physics-based models. Now, a new AI framework from Lawrence Berkeley National Laboratory (Berkeley Lab), called MatterChat, solves this problem by creating a specialized “bridge.” It connects the conversational power of a Large Language Model (LLM) with a physics-based AI that models “interatomic potentials”: the complex physical forces between atoms. The resulting system already significantly outperforms general-purpose AI tools like GPT-4 at predicting material properties, and the team hopes it can accelerate scientific discovery by serving as a robust research partner that provides grounded insights and generates step-by-step instructions for synthesizing novel materials. A paper describing this work was recently published in Nature Machine Intelligence. “Traditional simulations can provide the physical rigor required for materials science, yet their computational cost remains prohibitive for high-throughput screening. Conversely, while LLMs excel at rapid knowledge synthesis, they inherently lack the ‘structural vision’ to interpret materials directly from their underlying atomic coordinates,” said Yingheng Tang, a postdoctoral researcher in Berkeley Lab’s Applied Math and Computational Research Division (AMCR) and lead author on the paper. “MatterChat was built to solve this dilemma, empowering LLMs with a structural ‘vision’ that allows researchers to leverage their full potential for solving complex, real-world materials challenges.” Empowering language models to solve complex challenges in materials science To build MatterChat, the Berkeley Lab team drew inspiration from technologies like Vision Question Answering (VQA) and Text-to-Image (T2I) generation. In these tasks, AI must translate high-level text concepts into visual images, or vice versa. Doing so requires developers to build tools that “bridge” two fundamentally different forms of data. The researchers adapted this concept to the physical sciences. With MatterChat, they created a “bridge model” that successfully connects an LLM’s general knowledge with the deep understanding of the atomic-scale world encoded in scientific interatomic potentials. Until now, researchers using LLMs to solve materials problems usually had to feed them raw data files as if they were just strings of text. It’s like asking an AI to understand a complex 3D engine based only on a parts list: the LLM can read the names, but it can’t “see” how the atoms fit together in space. MatterChat solves this by training a specialized AI bridge model, pre-trained on millions of crystal structures and an LLM, to align the LLM’s representation of the world with the interatomic potential’s representation of the world. The bridge model can translate physical insights into a format the LLM can actually understand. By giving the LLM these “scientific eyes”— a scientific “inductive bias” in the terminology of AI — the Berkeley Lab team has transformed it into a robust research tool capable of providing grounded scientific insights into complex materials challenges, such as predicting thermal stability or analyzing electronic band gaps. “We think of atoms as living in a physical space, but from a machine learning perspective, they are just vectors living in some very non-trivially structured manifold in a high-dimensional Euclidean space; and, of course, the same is true for the sentences and paragraphs that we use to express our ideas about those atoms,” said co-author Michael Mahoney, Berkeley Lab’s Scientific Data Division (SDD) AI Initiative Research Lead. “The bridge model basically gets those two structures to ‘talk with’ each other.” As a proof-of-concept of this general approach, the team trained their bridge model on a dataset curated by pairing nearly 143,000 stable atomic structures from the Materials Project with their corresponding physical properties. This training data was automatically assembled using the Materials Project’s API and deliberately enriched with properties fundamental to microelectronics design — like formation energy and bandgap — allowing MatterChat to learn the complex patterns connecting a material’s atomic blueprint to its functional performance. To validate their model, the researchers benchmarked MatterChat against a suite of other AI systems, from general-purpose LLMs to other specialized scientific AI methods. The results show that MatterChat consistently outperformed its competitors across a range of tasks. The model was more accurate in classifying material types and demonstrated superior precision in predicting numerical properties. For example, it excelled at predicting a material’s bandgap, a property critical for designing new electronics from high-capacity energy storage to next-generation computer chips. “Our design is significantly more efficient because we don’t have to build a massive AI model from the ground up,” said co-author Zhi (Jackie) Yao, a research scientist in Berkeley Lab’s AMCR. “Instead, we take two powerful, pre-trained models — a structural encoder for materials physics and an open-source LLM — and use them off-the-shelf. The only component we actually train is the lightweight ‘bridge model’ that translates between them. It’s the difference between building an entire car factory and simply designing a smart adapter that connects a world-class engine to a world-class navigation system. This approach is not only computationally efficient, but also makes the system modular, so we can easily upgrade components or adapt the bridge for other scientific domains in the future.” Crucially, this modular design highlights exactly how institutions like Berkeley Lab and the Department of Energy are carving out a highly valuable niche in the booming AI landscape. Rather than competing with Silicon Valley tech giants to build ever-larger language models from scratch, the lab is focusing on the specialized connective tissue that makes commercial AI useful for hardcore science. Because the bridge model approach underlying MatterChat is forward-compatible, it is perfectly positioned to leverage these parallel tracks of innovation. As Mahoney pointed out, “We expect that industry will continue to develop improved LLMs, and we expect domain scientists and facilities will continue to generate new data. An important part of scientific machine learning is not simply to solve problems on today’s data, but instead to develop general methods that will be forward-compatible with orders of magnitude more data, whether from scientific domains or from LLMs.” According to Yao, the MatterChat project, which was initially developed and enhanced with funding from a Berkeley Lab Laboratory Directed Research & Development (LDRD) Program, will now expand its capabilities. In a collaboration with Fermilab, MatterChat is already contributing to a U.S. Department of Energy Genesis Mission project — called Accelerating eXtreme Environment Specs-to-Silicon (AXESS) — that aims to speed up the development of next-generation, high-speed, radiation-hardened detectors for challenging particle physics experiments by using advanced 3D integrated circuits (chiplets) and AI-driven data analysis. In addition to the LDRD support, the team also credits supercomputing resources at the National Energy Research Scientific Computing Center (NERSC), located at Berkeley Lab, with MatterChat’s success. “We are incredibly grateful to NERSC; this research simply would not have happened without access to the Perlmutter supercomputer through their AI for Science program,” said Tang. Wenbin Xu, a NERSC postdoctoral fellow at the time, was also a major co-author of the work, as was Benjamin Erichson, a research scientist in Berkeley Lab’s SDD, highlighting the benefits of AMCR-SDD collaboration on AI for science. ### Lawrence Berkeley National Laboratory (Berkeley Lab) is committed to groundbreaking research focused on discovery science and solutions for abundant and reliable energy supplies. The lab’s expertise spans materials, chemistry, physics, biology, earth and environmental science, mathematics, and computing. Researchers from around the world rely on the lab’s world-class scientific facilities for their own pioneering research. Founded in 1931 on the belief that the biggest problems are best addressed by teams, Berkeley Lab and its scientists have been recognized with 17 Nobel Prizes. Berkeley Lab is a multiprogram national laboratory managed by the University of California for the U.S. Department of Energy’s Office of Science. DOE’s Office of Science is the single largest supporter of basic research in the physical sciences in the United States, and is working to address some of the most pressing challenges of our time. For more information, please visit energy.gov/science.
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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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