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THE FINANCIAL TIMES
The Financial Times is an English-language international daily newspaper with a special emphasis on business and economic new. It was founded in London in 1888.
Zelensky at the Ukrainian Parliament
Ukraine
Anna Akage

The Enemy Within: Why Zelensky Must Take On Ukraine's Oligarchs To Defeat Russia

Ukraine has long had an issue with oligarchs standing in the way of progress, and they have almost always been linked to the Kremlin. Now in the context of the war with Russia, President Zelensky has no choice but to tackle this problem.

When Volodymyr Zelensky was first elected president, he had two defining challenges, one from home and one from abroad: Russia’s continued aggression; taking on Ukraine’s oligarchs.

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Back then, it may have seemed like the domestic challenge was the more imposing of the two, with the deep-seated corruption and grip on power of his country’s own lineup of cynical multi-millionaires and billionaires. That all changed with Russia’s all-out invasion, and Zelensky has risen to the challenge of a war leader of historic proportions.

Yet over the past few weeks, accelerated by the close-up scrutiny of Ukraine’s candidacy for EU membership, it seems that the dual challenges of Russian aggression and domestic corruption are ultimately bound together.

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Photo of F-16 Fighting Falcons line up on the runway before taking off during Surge Week at Kunsan Air Base, Republic of Korea
Geopolitics
Dan Wu

Old Witch Farce, No Fly Zone:  Specter Of Pelosi Taiwan Trip Raises Heat In Region

A phone call Thursday between Presidents Xi and Biden may have avoided adding tensions to U.S.-China relations, but now all attention will be back on the question of whether Nancy Pelosi lands in Taipei next month for a meeting that Beijing has been warning against and the Chinese media stirs the pot.

It's not quite "Nixon goes to China," but the question of whether U.S. House Speaker Nancy Pelosi will visit Taiwan is already stirring geopolitical tensions, and sparking rhetorical bluster from Beijing's official channels, as well as media and social networks.

Following The Financial Times' report on July 19 of a planned trip, Pelosi herself has still not confirmed whether she will be the most senior Congressional figure to make an official visit to Taiwan in 25 years. But that hasn't stopped continuous speculation and threats, and even insults, coming from mainland China.

The possibility of a visit also further complicated an already highly charged call Thursday between U.S. President Joe Biden and Chinese President Xi Jinping, the first since March.

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Photo of a person walking in a supermarket with empty shelves
Economy
Lila Paulou and McKenna Johnson

Food Shortages Around The World, Product By Product

The war in Ukraine and the climate crisis have been devastating for food production. Here's a look at some of the traditional foods from around the world that might be hard to find on supermarket shelves.

The consequences of the invasion of Ukraine by Russia have been far-reaching. A Russian blockade of the Black Sea has meant Ukraine, known as “Europe’s breadbasket,” has been unable to export much of its huge harvests of wheat, barley and sunflower oil.

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So even those thousands of miles from the battlefields have been hit by the soaring prices of basic necessities.

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Russia-Ukraine War Begins: 24 Newspaper Front Pages
Geopolitics

Russia-Ukraine War Begins: 24 Newspaper Front Pages

Tensions culminated this week with Russian President Vladimir Putin launching a large-scale invasion of Ukraine, a move widely opposed by world leaders that made virtually every front page around the world.

"THIS IS WAR," reads the front page ofGazeta Wyborcza. Alongside the terse, all-caps headline, the Polish daily features a photo of Olena Kurilo, a teacher from Chuguev whose blood-covered face has become one of the striking images of the beginning of the Ukraine invasion.

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A day after simultaneous attacks were launched from the south, east and north of the country, by land and by air, some press outlets chose to feature images of tanks, explosions, death and destruction that hit multiple cities across Ukraine, while others focused on the man behind the so-called "special military operation": Putin.

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Private flights have soared in demand for their ability to skirt certain travel issues
Society
Hannah Steinkopf-Frank

How The Pandemic Spread Private Jet Travel Beyond The Super-Rich And Powerful

Once the reserve of the super-rich and famous, private jet travel has soared during the pandemic. Amid border closures and travel restrictions, private charter flights are sometimes the only option to get people — and their pets!? — home.

PARIS — Traveling by private jet has long been a mode of transportation long exclusively reserved for the super rich, extremely powerful and very famous. This article will not report that it is, er, democratizing....but still.

During the pandemic, a surprisingly wide demographic have turned to private jets not because it was a luxury they could afford, but out of desperation, trying to reach a destination in the face of border closures and widespread flight cancellations. Last year, private jet hours were close to 50% higher than in 2020, according to the Global Business Aviation Outlook. While some of the increase can be attributed to more travel in 2021 because of COVID-19 vaccination, it still amounts to 5% more hours than before the pandemic, as Deutsche Welle reports.

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The Latest: Kabul Airport Gunfight, NZ Extends Lockdown, Bye Bye Don
WORLDCRUNCH

The Latest: Kabul Airport Gunfight, NZ Extends Lockdown, Bye Bye Don

Welcome to Monday, where chaos continues at Kabul airport, flooding kills at least 22 in Tennessee, and Taiwan hisses at the culling of smuggled cats. Meanwhile, Les Echos invites you to mind the gap and hop on Europe's rekindled love for overnight rail travel.


• Kabul airport clash: A firefight erupted at the Kabul airport Monday between unidentified gunmen and U.S., German, and Afghan guards. One guard was killed during the clash and three others were wounded. Thousands of Afghans and foreigners have been at the airport for days, hoping to flee Kabul after the Taliban conquered virtually all of the country last week. So far, 20 people have been killed in the chaos, mostly during shootings and stampedes.

• Turkey reinforces Iran border to block Afghan refugees: New border measures in Turkey are being imposed as the Taliban regain power in Afghanistan. By the end of the year, Turkish authorities hope to add another 64 kilometers to the border wall for fear that Afghan refugees traveling through Iran will attempt to move westward through Turkey.

• COVID-19 update: The nationwide lockdown in New Zealand has been extended again as another 35 COVID cases were reported. Prime Minister Jacinda Ardern believes the outbreak has not reached its peak yet. The health ministry of Iran reported more than 680 daily coronavirus-linked deaths, a new daily record, just as nationwide restrictions were lifted. Meanwhile, China has reported no new locally transmitted cases for the first time since July.

• Solar power in Australia (momentarily) overtakes coal: This weekend in Australia, low energy demand and sunny skies led to a drop in coal-generated energy and a slight increase in solar energy, meaning that for the first time, more than half of the nation's electricity came from solar power rather than coal. In those few minutes, low demand and a first for the country, although according to experts, Australia is still far away from peak renewable energy.

• Deadly Tennessee floods: At least 22 people are confirmed dead as rescue crews searched shattered homes after heavy rainfall caused flash floods in the rural town of Waverly, Tennessee.

• Taiwan outraged over cat euthanizations: Animal activists in pet-loving Taiwan are criticizing the decision by authorities to put down 154 cats for public health reasons after the felines were found in an attempted smuggling operation.

• Don Everly dies: The surviving member of influential rock 'n' roll duo the Everly Brothers, died on Sunday at 84. Don Everly and his brother Phil, famous for their close harmonies, were behind 1950s and 1960s hits like "Bye Bye Love", "Wake Up Little Susie" and "All I Have To Do Is Dream".


The city of Gijón in northern Spain has cancelled its traditional bullfighting festival, after the names of two recently salin bulls ("Feminist" and "Nigerian") sparked outrage. The cancellation was met with "indignant silence" by Gijon's bullfighting organizers, as shown on today's front page of Spanish daily ABC.

All aboard Europe's night-train revival

After years of letting overnight rail travel fade into oblivion, France and other European countries are rushing to reverse course. Doing so will be easier said than done, however, reports Les Echos.

The rebound follows a long period of neglect. In the early 1980s, France had up to 550 stations served by several dozen night routes. Across the continent, only a handful of central European countries kept a network worthy of the name. Austria in particular stands out in this regard, with a network of lines that connect to a multitude of destinations: Prague, Warsaw, Hamburg, Rome and even Kiev.

To get a sense of Austria's persistent love for a mode of transport that was said to have no future, last October I boarded a Nightjet train operated by the ÖBB, the Austrian national railway company.The cabin was new and comfortable and the bathroom well equipped with towels and shampoo, even if the hot water didn't seem to work. The welcome pack included a bottle of water, a mini-bottle of sparkling wine, cookies, slippers and earplugs. The dinner, served hot on a tray, at a reasonable price (less than 10 euros) was surprisingly good.

The Austrian company intends to take advantage of the public's renewed interest in night trains. "For the past three years, we have seen a strong demand for night travel," says spokesman Bernhard Rieder. In 2019, the ÖBB welcomed 1.5 million passengers on its Nightjets. "In good years, we don't necessarily lose money on night trains," he adds. "2019 was a very good year."

France is eager to get on board the trend as well. Still, there are obstacles to how far France can go with the revival. "Given the major work to be done on the network, it will be complicated to open many other lines until 2025," Transport Minister Jean-Baptiste Djebbari said in an interview with Le Parisien. Orders for new cars from Bombardier or Alstom could take years to complete — at a cost potentially exceeding 1 billion euros.

Read more on Worldcrunch.com



-73%

A recent New Street Consulting Group study shows that although the number of female board members in UK's biggest companies (FTSE 100) has increased sharply since 2015, they still hold non-executive jobs, and are paid 73% less than their male counterparts on average.

Gas cannot be used as a weapon.

— German Chancellor Angela Merkel said on Sunday, after a meeting with Ukraine President Volodymyr Zelensky in Kiev. She was seeking to calm Ukrainian concerns over the nearly completed $11 billion Nord Stream 2 Pipeline, which will provide Europe with Russian gas. If Russia would use this project as a weapon, Merkel would be in favor of new sanctions, she promised.

Newsletter by Meike Eijsberg, Laure Gautherin and Bertrand Hauger

Cafe Florian reopened in June, but it's future is very much in doubt
Coronavirus
Benjamin Witte

Six Iconic Landmarks That May Be Shuttered By COVID-19

Founded a century (or centuries) ago, these businesses survived world wars and economic depressions. Now the pandemic could close them forever.

PARIS — New York City's Roosevelt Hotel, a midtown mainstay that first opened to the public in the roaring 1920s, is now a not-so-distant memory after closing its doors — permanently — just before Christmas.

Like so many businesses around the world, the nearly century old facility — famous, among other things, as the place where then New York state governor Thomas Dewey erroneously declared victory over President Harry Truman in the 1948 U.S. presidential election — is a victim of the times. The grand old hotel survived the Great Depression but not, as it turns out, the revenue loss caused by the ongoing COVID-19 pandemic.

The economic and financial costs of the current health crisis are being felt far and wide. But there's something particularly poignant about the demise of businesses that enjoy true landmark status, places that are cultural cornerstones in our communities.

Owners and employees pay the heaviest cost, of course. But for clients, culture and the public as a whole, what's at stake in each case is also a tangible piece of history that, once gone, is gone for good:

Is the festa in Venice over forever?

By the time the Roosevelt Hotel opened, in 1924, Venice's venerable Café Florian had already been going strong for more than 200 years. And this past December, it officially reached the three-century mark. That's a lot of candles!

But rather than mark the milestone with some kind of celebratory festa, all was eerily quiet. Sadly, the doors of Café Florian's elegant lounge — whose famous clients included Nietzsche, Grace Kelly and Margaret Thatcher — were closed to the public, as ordered by the government. More troubling still is that they could remain that way even if Italy's current lockdown measures are lifted.

"We pay around a million (euros) a year in rent to a private landlord and the State. The private sector has exempted us from half of the part of it, the State nothing," the owner told La Vanguardia. "We will stay open as long as we can, but more than that we cannot guarantee."

A Mexican treasure

Across the Atlantic, the pandemic has also forced the closure — for now at least — of another historic hangout spot with a penchant for attracting celebrity guests.

Mexico City's Sálon Los Angeles, the country's oldest dance hall, was founded in the 1930s during the height of the swing and Charleston dances, and its famous patrons include Diego Rivera, Leon Trotsky and Celia Cruz.

The ballroom was redecorated in the late 1940s — the era of chachachá and mambo — with mirrored columns and neon colors. Then owner Miguel Nieto Hernández also gave the sálon its iconic motto: "Who does not know Sálon Los Angeles, does not know Mexico."

And yet, there's real concern now that the place may not survive. Current owner Miguel Nieto is struggling to keep up with expenses, despite receiving some aid money from the government. Dedicated customers are also helping in the form of small donations. "In the Sálon Los Angeles, we have learned that we must live life as intensely as if we were to die tomorrow and as prudently as if we were going to survive," Nieto told the Mexican daily El Universal.

The meter is running in London

Survival is also the name of the game these days for London's iconic black cabs, which were facing an existential crisis even before the pandemic due to stiff competition from ride-hailing apps like Uber.

Now, with few tourists and many Londoners working from home, they're struggling even more. According to the Licensed Taxi Drivers Association, the number of active black cab licenses has fallen from more than 18,000 to just over 14,300 since June.

London black cab — Photo: Hanno Rathmann

The so-called "army of black cabs' is now pinning its hopes on the UK's vaccine rollout — and in more ways than one. As reported in the Financial Times, drivers are offering fixed price-rides for vulnerable and elderly to medical centers.

So far it's unclear if the government will take them up on the offer. The other question mark is just how long the classic cabs can hold out. "I can't even begin to describe it to you; dead is underplaying it," Howard Taylor, a taxi driver for 33 years, told the newspaper. "The city is bereft, it is desolate. It is like tumbleweed."

Going down the drain in Hungary

London isn't the only place lamenting the loss of tourists. Hungary is hurting too, especially its network of thermal baths, which have been an integral part of the country's culture since the Romans invaded.

Now, with border closures limiting the number of foreign visitors, and older clients reluctant, for safety's sake, to return, as many as two thirds of these spas might be facing closure.


"By the summer, 40% of our yearly revenue was gone, and by the end of the year, 70% of the revenues will disappear at some of the spas," Attila László Boros, head of the Hungary Spa Association, told the Chinese media outlet CGTN. Estimates are that of the 18,000 people employed in the industry, up to 4,700 face layoffs.

A San Francisco treat

Across the world, the COVID-19 outbreak has also pushed countless restaurants over the proverbial precipice, including the famous Cliff House Restaurant in San Francisco, California.

Known for its stunning view of the Pacific Ocean, the iconic eatery weathered many storms since it first opened more than 150 years ago. It even caught fire — twice — including once on Christmas Day.

But what it couldn't cope with, in the end, was the ongoing coronavirus crisis. Unable to sell it's high-priced seafood, the Cliff House closed its doors for good last month. More than 100 gathered to watch the restaurant's iconic sign being taken down. Somewhere, Mark Twain, who dined there on multiple occasions, is turning in his grave.

The future of the building itself is unclear, and will depend on the National Park Service, which had leased the land to the Cliff House owners since the 1970s.

U.S. Senator Dianne Feinstein of California is lobbying for the structure to be preserved. In a statement, she encouraged "the National Park Service to explore all possible opportunities to maintain the historic role of this building as a restaurant and visitor destination. Our history is too important to set aside so readily."

True indeed. Even if responding to today's emergency is the first priority, we should remember that history can never be rewritten.

After huge storms, the banks of the Kyll in Germany have flooded adjacent towns. Villages in Belgium and The Netherlands are also experiencing severe flooding.
CLARIN

The Latest: Deadly Floods In Europe, Bolsonaro Surgery, Lego Guns

Welcome to Thursday, where severe flooding in Germany and Belgium has left dozens dead, Brazil's Bolsonaro is in the hospital and a gun that looks like a children's toy sparks backlash. Independent Egyptian media Mada Masr also tells us about a high-end supermarket that's transforming Egypt's grocery lists.

• Dozens feared dead in European floods: After days of heavy rain, intense flooding in Germany and Belgium has left dozens of people dead and several others missing. The worst of the deluge has taken place in Germany's western Rhineland-Palatinate state, while the Liège province of Belgium has also reported two casualties.

• Cuba lifts import duties following unrest: Starting Monday, there will be no limits or custom duties on food, medicine and other essentials visitors bring into the country. The measure is an attempt to quell the public anger that led to recent protests, the largest Cuba has seen in decades.

• Bolsonaro hospitalized for chronic hiccups: After experiencing chronic hiccups for ten days, President Bolsonaro was transferred to a hospital in São Paulo to undergo tests for an obstructed intestine. The president, who blames the issue on a 2018 assassination attempt that severely wounded him, may need to undergo emergency surgery.

• New EU climate plan announced: The European Union will continue efforts toward becoming carbon neutral by 2050, namely via several draft proposals announced Wednesday that intend to tax aviation and maritime fuel, as well as effectively ban the sale of petrol and diesel powered cars within 20 years. Car manufacturers and airlines have already responded, warning the proposals will "imperil innovation."

• US to evacuate endangered Afghani translators: As US forces withdraw from Afghanistan well ahead of the original September 11 target, several Afghanis who offered assistance to the US military fear retaliation as the Taliban gains territory throughout the country. "Operation Allies Refuge" will begin the final week of July to evacuate those deemed at-risk.

• Amazon rainforest emits more CO2 than it absorbs: Known as a ‘carbon sink," the Amazon rainforest was previously reputed for its important role in absorbing harmful emissions. However, deforestation and forest fires have now made the Amazon a source of carbon dioxide rather than a relief, with the forest emitting 1.5bn tonnes of CO2 a year.

• Backlash over ‘Lego" themed weapon: The Danish toymaker, Lego, has sent a cease and desist letter to US gun company, Culper Precision, after it created a custom glock weapon, which appears to be covered in colorful Lego bricks. Both the toymaker and gun control activists have highlighted the danger of producing a pistol that strongly resembles a children's toy.

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